Greedy State? : the Effect of the Government Shareholder on the Dividend Payout Ratio and Smoothing Levels

• Autorzy: Sabina Nowak , Magdalena Mosionek-Schweda , Urszula Mrzygłód , Jakub Kwiatkowski

Warianty tytułu

Czy państwo jest zachłanne? : wpływ obecności państwowego akcjonariusza na poziom i szybkość wypłacania dywidendy

• Języki publikacji: EN

Abstrakty

EN

Background. This study examines the dividend patterns among companies listed on the stock exchanges in selected countries from Europe, the Middle East, and Africa (EMEA), namely the Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, the Russian Federation, South Africa, Turkey, and the United Arab Emirates.
Research aims. Although the dividend policy has been examined in numerous empirical studies, this paper aims to address the differences in the dividend payout ratios between the companies with- and without state ownership with respect to agency theory and the shareholders' structure. Moreover, the smoothing pattern of dividends is investigated from the perspective of the government presence in the ownership structure.
Methodology. The research procedure comprises the ordinary least squares estimation of two separate dividend smoothing equations and the use of adequate parametric or non-parametric statistical tests.
Key findings. The obtained results indicate that the presence of the state in the shareholders' structure coexists with the high levels of dividend payout ratios. The analysis of dividend smoothing behaviour gives mixed results. Although many companies smooth dividends in the research sample, the mean levels of the dividend speed of adjustment (SOA coefficients) are rather high among the stock markets in the selected EMEA countries. However, the country smoothing levels differ depending on the version of the applied equation. Moreover, no significant differences are found in the SOA levels between the companies with- and without state ownership. (original abstract)

Tło badań. Badanie koncentruje się wokół wzorców wypłacania dywidendy przez spółki notowane na giełdach papierów wartościowych wybranych krajów Europy, Bliskiego Wschodu i Afryki (EMEA), mianowicie: Czech, Egiptu, Węgier, Polski, Kataru, Federacji Rosyjskiej, Republiki Południowej Afryki, Turcji oraz Zjednoczonych Emiratów Arabskich.
Cele badań. Teoria agencji i rola struktury akcjonariatu w kształtowaniu polityki dywidendy są przedmiotem licznych badań empirycznych. Celem niniejszego badania jest próba odpowiedzi na pytanie, czy występują różnice w poziomach współczynników wypłaty dywidendy pomiędzy spółkami z udziałem państwa w strukturze akcjonariatu i bez tego udziału. Ponadto celem badania jest ocena szybkości wygładzania dywidend przez spółki wybranych krajów EMEA, biorąc pod uwagę obecność w nich państwowego akcjonariusza.
Metodologia. W badaniu zastosowano metodę najmniejszych kwadratów do estymacji parametrów dwóch odrębnych równań odzwierciedlających szybkość wygładzania dywidendy. Dodatkowo do analizy statystycznej wykorzystano zestaw odpowiednich testów parametrycznych i nieparametrycznych.
Kluczowe wnioski. Wyniki badania wskazują, iż obecność państwa w strukturze akcjonariatu spółki idzie w parze z wysokim poziomem współczynnika wypłaty dywidendy. Wyniki analizy zjawiska wygładzania dywidendy są natomiast niejednoznaczne. Pomimo tego iż duża liczba badanych spółek wygładza dywidendy, przeciętny poziom współczynników dopasowania dywidendy do uzyskiwanych zysków (SOA) wśród wybranych krajów EMEA pozostaje relatywnie wysoki. Co więcej, poziom ten różni się w zależności od zastosowanej procedury badawczej (równania przyjętego do estymacji). Nie znaleziono natomiast istotnych różnic w przeciętnych poziomach SOA pomiędzy spółkami z udziałem państwa w strukturze akcjonariatu i bez tego udziału. (abstrakt oryginalny)

Słowa kluczowe

EN

Dividend; Dividend policy; Stock market companies; Stock market; Agency theory; Emerging markets

PL

Dywidenda; Polityka dywidend; Spółki giełdowe; Giełda papierów wartościowych; Teoria agencji; Rynki wschodzące

• Czasopismo: International Journal of Contemporary Management
• Rocznik: 2017
• Tom: 16
• Numer: nr 4
• Strony: 119--143

Twórcy

autor

Sabina Nowak

• University of Gdańsk, Poland

autor

Magdalena Mosionek-Schweda

• University of Gdańsk, Poland

autor

Urszula Mrzygłód

• University of Gdańsk, Poland

autor

Jakub Kwiatkowski

• University of Gdańsk, Poland

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Identyfikatory

DOI

10.4467/24498939IJCM.17.041.8264