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2016 | nr 1 (79) Rynek kapitałowy i zarządzanie wartością | 159--169
Tytuł artykułu

Efekt klienteli dywidendowej - teoria i praktyka rozwiniętych rynków kapitałowych

Autorzy
Treść / Zawartość
Warianty tytułu
The Dividend Clientele Effect - Theory and Practice of Developed Capital Markets
Języki publikacji
PL
Abstrakty
Cel - Celem artykułu jest przedstawienie efektu klienteli dywidendowej, a w szczególności przybliżenie i omówienie jego teoretycznych podstaw oraz dokonanie przeglądu głównych obszarów badań empirycznych nad tym efektem. Metodologia badania - Przegląd literatury umożliwiający zidentyfikowanie i omówienie głównych prac teoretycznych i empirycznych dotyczących efektu klienteli dywidendowej. Wynik - Przeprowadzone studium literatury prowadzi do wniosku, że "zagadka dywidendy" wciąż pozostaje nierozwiązana, bowiem choć istnieje bardzo duża liczba badań analizujących różne aspekty klienteli, to jednak ich rezultaty przyniosły mieszane, czasami niejednoznaczne i nawet niekiedy sprzeczne wyniki. Oryginalność/wartość - Opisywane w polskiej literaturze teorie i hipotezy dywidendowe omawiane są najczęściej w sposób zbiorczy. Artykuł skupiając się tylko na jednym kontekście polityki dywidendowej, tj. efekcie klienteli, oferuje bardziej dogłębne i kompleksowe spojrzenie na prezentowane zagadnienie. (abstrakt oryginalny)
EN
Purpose -The purpose of this article is to present the dividend clientele effect, in particular to introduce and discuss its theoretical foundations and to review major areas of empirical studies on this effect. Design/methodology/approach - The literature review enabling to identify and discuss main theoretical and empirical works regarding the dividend clientele effect. Findings -The conducted study of literature leads to a conclusion that the dividend puzzle still remains unsolved because, despite the fact that there is a very large number of research analyzing various aspects of the clientele, their results, however, have produced mixed, sometimes ambiguous and even contradictory findings. Originality/value -Dividend theories and hypotheses described in Polish literature are discussed most often in a collective way. By focusing on only one dividend policy context i.e. the clientele effect, the article offers a more in-depth and comprehensive view on presented issues. (original abstract)
Twórcy
  • Uniwersytet Ekonomiczny w Krakowie
Bibliografia
  • Allen F., Bernardo A.E., Welch I. (2000), A Theory of Dividends Based on Tax Clienteles, "Journal of Finance" vol. 60, no. 6, s. 2499-2536.
  • Al-Malkawi H.N., Rafferty M., Pillai R. (2010), Dividend Policy: A Review of Theories and Empirical Evidence, "International Bulletin of Business Administration" no. 9, s. 171-200.
  • Baker H.K. (2009), Dividends and Dividend Policy, JohnWiley & Sons, Hoboken.
  • Becker B., Ivković Z., Weisbenner S. (2011), Local Dividend Clienteles, "The Journal of Finance" vol. LXVI, no. 2, s. 655-683.
  • Black F. (1976), The Dividend Puzzle, "The Journal of Portfolio Management" vol. 2, no. 2, s. 5-8.
  • Black F., Scholes M. (1974), The effects of dividend yield and dividend policy on common stock prices and returns, "Journal of Financial Economics" no. 1, s. 1-22.
  • Blouin J., Raedy J., Shackelford D. (2010), Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes, National Bureau of Economic Research, NBER Working Paper nr 16129, s. 1-43.
  • Brav A., Heaton J.B. (1998), Did ERISA's Prudent Man Rule Change the Pricing of Dividend OmittingFirms?, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=98568 (20.01.2016), s. 1-27.
  • Brav A., Graham J.R., Harvey C.R., Michaely R. (2003), Payout policy in the 21st century, National Bureau of Economic Research, NBER Working Paper nr 9657, s. 1-59.
  • Brealey R.A., Myers S.C., Allen F. (2011), Principles of Corporate Finance, 10th ed., McGraw-Hill/Irwin, New York.
  • Brigham E.F., Houston J.F. (2009), Fundamentals of Financial Management, 12th ed., South-Western Cengage Learning, Natorp Boulevard Mason.
  • Brigham E.F., Ehrhardt M.C. (2011), Corporate Finance: A Focused Approach, 4th ed., South-Western Cengage Learning, Natorp Boulevard Mason.
  • Dahlquist M., Robertsson G., Rydqvist K. (2014), Direct Evidence of Dividend Tax Clienteles, http://papers.ssrn. com/sol3/papers.cfm?abstract_id=945675 (20.01.2016), s. 1-29.
  • Dai Q. (2007), Influence of a Tax Reform on Dividend Clienteles, European Financial Management Association Conference Papers, Viena, s. 1-25.
  • Damodaran A. (2007), Finanse korporacyjne, Helion, Gliwice.
  • Daunfeldt S.O., Salender C., Wikstrom M. (2006), Taxation, dividend payments and ex-day price, "Umeå Economic Studies" no. 684, s. 1-28.
  • DeAngelo H., DeAngelo L., Skinner D.J. (2008), Corporate Payout Policy, "Foundations and Trends in Finance" vol. 3, no. 2-3, s. 95-287.
  • Dhaliwal D., Erickson M., Trezevant R. (1999), A Test of the Theory of Tax Clienteles for Dividend Policies, "National Tax Journal" vol. 52, no. 2, s. 179-194.
  • Elayan F.A., Li J., Donnelly M.E., Young A.W. (2009), Changes to Income Trust Taxation in Canada: Investor Reaction and Dividend Clientele Theory, "Journal of Business Finance & Accounting" vol. 36, no. 5-6, s. 725-753.
  • Elton E.J., Gruber M.J. (1970), Marginal Stockholder Tax Rates and The Clientele Effect, "Review of Economics and Statistics" vol. 52, no. 1, s. 68-74.
  • Ferreira M.A., Massa M., Matos P. (2010), Dividend Clienteles Around the World: Evidence from Institutional Holdings, Marshall School of Business Working Paper nr FBE 35-09, http://papers.ssrn.com/sol3/papers. cfm?abstract_id=1447573 (20.01.2016), s. 1-53.
  • Graham J.R., Kumar A. (2006), Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors, "The Journal of Finance" vol. LXI, no. 3, s. 1305-1336.
  • Grinblatt M., Titman S. (2002), Financial Markets and Corporate Strategy, McGraw-Hill/Irwin, New York.
  • Haesner C., Schanz D. (2013), Payout Policy Tax Clienteles, Ex-dividend Day Stock Prices and Trading Behavior in Germany: The Case of the 2001 Tax Reform, "Journal of Business Finance & Accounting" vol. 40, no. 3-4, s. 527-563.
  • Han K.C., Lee S.H., Suk D.Y. (1999), Institutional Shareholders and Dividends, "Journal of Financial and Strategic Decisions" vol. 12, no. 1, s. 53-62.
  • Horbaczewska B. (2012), Wypłaty dla akcjonariuszy a wycena akcji na rynku kapitałowym, Cedewu.pl, Warszawa.
  • Hotchkiss E.S., Lawrence S. (2007), Empirical Evidence on the Existence of Dividend Clienteles, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1001429 (20.01.2016), s. 1-44.
  • Jain R. (2007), Institutional and individual investor preferences for dividends and share repurchases, "Journal of Economics and Business" no. 59, s. 406-429.
  • Juan A., Gallagher D.R., Partington G.H. (2006), An Examination of Institutional Dividend Clienteles: Evidence from Australian Institutional Portfolio Holdings, http://wwwdocs.fce.unsw.edu.au/banking/staff/profiles/dgallagher/ InstitutionalDividendClienteles_Jan06.pdf (20.01.2016) , s. 1-32.
  • Kawano L. (2011), The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act, The Department of the Treasury, Office of Tax Analysis Working Paper no. 102, s. 1-64.
  • Korkeamaki T., Liljeblom E., Pasternack D. (2009), Tax Reform and Payout Policy: Do Shareholder Clienteles or Payout Policy, Adjust?, https://helda.helsinki.fi/handle/10227/778 (20.01.2016), s. 1-40.
  • Krieger K., Lee B., Mauck N. (2012), Do Senior Citizens Prefer Dividends? Local Clienteles vs. Firm Characteristics, Munich Personal RePEc Archive, MPRA Paper no. 41784, s. 1-44.
  • Lasfer M. (2008), Taxes and Ex-day Returns: Evidence from Germany and the U.K., "National Tax Journal" vol. LXI, no. 4, s. 721-742.
  • Lasher W.R. (2008), Practical Financial Management, 5th ed., Thomson Higher Education.
  • Miller M.H., Modigliani F. (1961), Dividend Policy, Growth, and the Valuation of Shares, "Journal of Business" vol. 34, no. 4, s. 411-433.
  • Mollah A.S. (2001), Dividend Policy and Behavior, and Security Price Reaction to the Announcement of Dividends in an Emerging Market; A Study of Companies Listed on the Dhaka Stock Exchange, PhD thesis, University of Leeds.
  • Ogden J.P., Jen F.C., O'Connor P.F. (2003), Advanced Corporate Finance: Policies and Strategies, Prentice Hall, Upper Saddle River.
  • Pérez-González F. (2003), Large Shareholders and Dividends Evidence From U.S. Tax Reforms, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=337640 (20.01.2016), s. 1-40.
  • Pettit R. (1977), Taxes, Transaction Costs and The Clientele Effect, "Journal of Financial Economics" vol. 5, no. 3, s. 419-436.
  • Rai Ch., Saez E. (2004), Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut, National Bureau of Economic Research, NBER Working Paper no. 10841, s. 1-71.
  • Rantapuska E. (2008), Ex-dividend day trading: Who, how, and why? Evidence from the Finnish market, "Journal of Financial Economics" vol. 88, no. 2, s. 355-374.
  • Ross S.A., Westerfield R.W., Jaffe J. (2013), Corporate Finance, 10th ed., McGraw-Hill/Irwin, New York.
  • Seaton J. (2006), Dividends, Payouts and Stock Returns in the United Kingdom, PhD thesis, University of Southampton.
  • Short H., Zhang H., Keasey K. (2002), The link between dividend policy and institutional ownership, "Journal of Corporate Finance" no. 8, s. 105-122.
  • Tai-Yuan Ch. (2006), Payout policy, signalling, and firm value, PhD thesis, Durham University.
  • Whitworth J., Rao R.P. (2010), Do Tax Law Changes Influence Ex-dividend Stock Price Behavior? Evidence from 1926 to 2005, "Financial Management" vol. 39, no. 1, s. 419-445.
  • Zhang Y., Farrell K., Brown T. (2008), Ex-dividend Day Price and Volume: The Case of 2003 Dividend Tax Cut, "National Tax Journal" vol. 61, no. 1, s. 105-127.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
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