Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia

ISSN: 2450-7741     eISSN: 2300-4460    OAI    DOI: 10.18276/frfu.2017.86-32
CC BY-SA   Open Access 

Issue archive / 2/2017 (86)
Migracja wartości w spółkach dywidendowych
(VALUE MIGRATION IN DIVIDEND COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE)

Authors: Mirosław Wypych
Społeczna Akademia Nauk w Łodzi
Keywords: value migration dividend stock – exchange company
Data publikacji całości:2017
Page range:12 (389-400)
Cited-by (Crossref) ?:

Abstract

Purpose –The purpose of the paper is research hypothesis verification, that companies which regularly sharing their profits with shareholders multiplying in a greater extent capital contributed to the company than companies which don’t share these profits. Design/Methodology/approach –Value migration that presents companies pricing results by capital market has been used to reach the goal of the paper. Market value migration and added value migration have been separated. The research covers regularly paying dividends companies, which were defined as dividend companies. Findings –The research results showed great differences between private companies and companies with state share. Formulated research hypothesis has been positively verified only for private companies. Originality/value –Contribution to the debate about the impact of the dividends on shares prices. Ownership structure is very important factor. Dividends’ importance theory has been confirmed referring to completely private companies.
Download file

Article file

Bibliography

1.Brabazon T.: Value Migration. Where is the Value in Your Industry Going, „Accountancy Ireland” 1999, v. 31, No 3, June.
2.Gordon M. (1959), The Savings, Earnings and Stock Prices, “Review of Economics and Statistics” vol. 41, no. 2, part 1.
3.Kowerski M. (2011), Ekonomiczne uwarunkowania decyzji o wypłatach dywidend przez spółki publiczne, Kraków – Rzeszów – Zamość,Konsorcjum Akademickie.
4.Lintner J. (1962), Dividends, Earnings, Leverage, Stock Prices and Supply of Capital to Corporation, “Review of Economics and Statistics” vol. 44, no. 3.
5.Marcinkowska M. (2000), Kształtowanie wartości firmy, Warszawa,Wydawnictwo Naukowe PWN,.
6.Michalski M. (2001), Zarządzanie przez wartość, Warszawa,WIG Press.
7.Miller M., Modigliani F. (1961), Dividend Policy. Growth and Valuation of Shares, “The Journal of Business”, vol. 34, issue 4.
8.Ostrowska E: (2007), Rynek kapitałowy,Warszawa,PWE, 2007.
9.Siudak D. (2013) Pomiar procesów migracji wartości przedsiębiorstwa na polskim rynku kapitałowym, Warszawa, C. H. Beck.
10.Siudak M. (2001), Zarządzanie wartością przedsiębiorstwa, Warszawa,Oficyna Wydawnicza Politechniki Warszawskiej, 2001.
11.Slywotzky A.J. (1966),Value Migration. How to Think Several Moves Ahead of the Competition, Harvard Business School Press, Boston, Massachusetts.
12.Zarzecki D. (2013), Współczesne wyzwania wyceny przedsiębiorstw, Szczecin, Zarzecki, Lasota i Wspólnicy.