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Czasopismo
2015 | 11 | nr 4 | 64--73
Tytuł artykułu

High Propensity to Pay Dividends by State-Controlled Companies in Poland : Tunneling or Maturity Effect?

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Usage of a random effects panel logit model have shown in this paper that the high propensity to pay dividends by the state-controlled companies quoted on the Warsaw Stock Exchange over the last years was not a result of the tunneling effect but was the maturity effect. The state-controlled companies which pay dividends fulfil the maturity effect criteria as they are big, profitable, have low investment opportunities and financial leverage, and are characterised by low risk associated with investing in their shares. The additional evidence of a reasonable and stable dividend policy pursued by the state-controlled companies are: payout ratio on the level of slightly more than 50% and lower by almost 8 percentage points than in the other companies; and relatively rare use of the reserve capital for dividends. However, state-controlled companies listed on the WSE are mostly commercial and of a fi scal nature for the state, which may create a temptation for tunneling. (original abstract)
Czasopismo
Rocznik
Tom
11
Numer
Strony
64--73
Opis fizyczny
Twórcy
  • University of Information Technology and Management in Rzeszów, Poland
Bibliografia
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Bibliografia
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