Dywidenda a zmienność stóp zwrotu spółek z indeksów WIG20 i mWIG40

• Autorzy: Ewa Blaszke

Warianty tytułu

Dividend Payout and Stock Return Volatility of Companies from WIG20 and mWIG40 Indices

• Języki publikacji: PL

Abstrakty

Polityka wypłat dywidendy od lat pozostaje przedmiotem badań naukowych prowadzonych na szeroką skalę. Jednakże kwestia wpływu dokonywania wypłaty przez spółkę na zmienność stóp zwrotu z akcji pozostaje wciąż nierozwiązana. Celem artykułu jest zbadanie, czy polityka dywidendowa spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie wpływa na zmienność stóp zwrotu akcji. Próba badawcza dotyczy 60 przedsiębiorstw wchodzących w skład indeksów WIG20 oraz mWIG40. Wykorzystując 12 modeli regresji liniowej, udowodniono, że wypłata dywidend powoduje obniżenie zmienności stóp zwrotu spółki. Z drugiej jednak strony nie stwierdzono występowania statystycznie istotnego związku między wielkością stopy dywidendy a ryzykiem. Nie znaleziono zatem argumentów przemawiających za słusznością tezy, że wzrost korzyści z posiadania akcji otrzymywanych na bieżąco przez inwestora w stosunku do całkowitej wartości akcji powoduje ograniczenie zmienności stóp zwrotu.

EN

Dividend payout policy has been the subject of extensive research for years. However, the issue of the impact of dividend on company's return volatility remains unsolved. The purpose of the papier is to examine whether the dividend policy of companies listed on the Warsaw Stock Exchange affects the volatility of stock return. The research sample concerns 60 firms from WIG20 and mWIG40 indices. Using 12 econometric models, it was proved that the dividend payout reduces the volatility of the company's stock return. On the other hand, no statistically significant relationship was found between the dividend yield and the firm's risk. Therefore, no arguments were found to support the thesis that the increase in the part of benefits of owning shares that is currently received by an investor in the form of dividends in relation to the total value of shares reduces the company's risk.

Słowa kluczowe

PL

Polityka dywidend; Stopa zwrotu; Spółki

EN

Dividend policy; Rate of return; Companies

• Czasopismo: Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2020
• Numer: nr 5 (64)
• Strony: 5--17

Twórcy

autor

Ewa Blaszke

• Uniwersytet Ekonomiczny we Wrocławiu

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Identyfikatory

DOI

10.15611/pn.2020.5.01