The Determinants of Dividend Policy: A Comparison between Firms Listed on the Italian Stock Exchange and on the Warsaw Stock Exchange (2001-2014)

• Autorzy: Giusy Chesini , Aleksandra Staniszewska
• Języki publikacji: EN

Abstrakty

EN

Several theories have been documented on the relevance and irrelevance of dividend policy. Many researchers continue to come up with different findings on the relevance of dividend policy to the value of firms. In this paper, after an analysis of the different dividend pay-outs offered by Italian and Polish firms, we aim to understand the main factors that determine the dividend policies of listed companies in Italy and Poland. In order to analyse this policy, we extract data from a wide sample of firms selected from the equity markets of the Italian and Polish stock exchanges. We use descriptive statistics and statistical regressions. The analysis is developed using the Statistical Package for Social Sciences (SPSS). The study reaches findings that are of great relevance to scholars and investors investigating dividend issues. The paper finds that there are many differences between Italian and Polish dividend policies; in particular, the dividend pay-out is mostly determined by the dividend yield and liquidity in Polish firms, while it is heavily influenced by profitability and leverage in Italian firms.(original abstract)

Słowa kluczowe

EN

Dividend policy; Stock market companies; Enterprise finance; Financial leverage

PL

Polityka dywidend; Spółki giełdowe; Finanse przedsiębiorstwa; Dźwignia finansowa

• Czasopismo: Journal of Management and Financial Sciences
• Rocznik: 2017
• Tom: 10
• Numer: nr 30
• Strony: 77--90

Twórcy

autor

Giusy Chesini

• University of Verona

autor

Aleksandra Staniszewska

• Szkoła Główna Handlowa w Warszawie

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