Finanse, Rynki Finansowe, Ubezpieczenia

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

ISSN: 2450-7741     eISSN: 2300-4460    OAI    DOI: 10.18276/frfu.2016.4.82/2-13
CC BY-SA   Open Access 

Issue archive / 4/2016
Struktura własności a skłonność do wypłaty dywidendy
(Ownership Structure and Dividends Payments)

Authors: Bogna Kaźmierska-Jóźwiak
Keywords: ownership structure dividend payout dividend policy
Data publikacji całości:2016
Page range:8 (171-178)
Cited-by (Crossref) ?:

Abstract

The main goal of this paper is to investigate whether a company’s ownership structure influence the propensity to pay dividend. We employ three ownership variables, managerial ownership, institutional ownership and state ownership. We used data of selected companies listed on WSE in 2010–2015. Data were analyzed using logit regression.
Download file

Article file

Bibliography

1.Ambarish, R., John K., Williams J. (1987). Efficient signaling with dividends and investments. Journal of Finance, 42.
2.Benartzi S., Michael R., Thaler R.H. (1997). Do changes in dividends signal the future or the past? Journal of Finance, 52.
3.Bhattacharaya S. (1979). Imperfect Information, dividend policy and „the bird in the hand” fallacy. Bell Journal of Economics, 10.
4.Bhattacharya S. (1980). Nondissipative signalling structures and dividend policy. Quarterly Journal of Economics, 95.
5.Brzeszczyński J., Gajdka J. (2009). Wpływ polityki dywidend na stopę zwrotu z akcji na polskim rynku kapitałowym. Folia Oeconomica, 226.
6.DeAngelo H., DeAngelo L., Skinner D.J. (1996). Reversal of fortune: dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics, 70.
7.Eckbo B.E., Verma S. (1994). Managerial shareownership, voting power, and cash dividend policy. Journal of Corporate Finance, 1 (1).
8.Fenn G.W., Liang N. (2001). Corporate payout policy and managerial stock incentives. Journal of Financial Economics, 60.
9.Grinstein Y., Michaely R. (2005). Institutional holdings and payout policy. The Journal of Finance, 60 (3).
10.Grullon G., Michaelly R., Swaminathan B. (2002). Are dividend changes a sign of firm maturity? Journal of Business, 75.
11.Grullon G., Michaelly R., Benartzi S., Thaler R.H. (2005). Dividend changes do not signal changes in future profitability. Journal of Business, 78 (5).
12.Gugler K., Yurtoglu B.B. (2003). Corporate governance and dividend pay-out policy in Germany. European Economic Review, 47.
13.Jensen M.C., Meckling W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3.
14.Jensen M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76.
15.Jensen G.R., Solberg D.P., Zorn T.S. (1992). Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies. Journal of Financial and Quantitative Analysis, 27.
16.Jerzemowska M. (2005). Teoria sygnałów (signaling theory) a struktura kapitału przedsiębiorstwa. W: P. Karpuś, J. Węcławski (red.), Przekształcenia rynku finansowego w Polsce. Lublin: UMCS.
17.Kowalewski O., Stetsyuk I., Talaver O. (2007). Do Corporate Governance and Ownership Determine Dividend in Poland. Bank i Kredyt, 38.
18.Kowerski M. (2011). Ekonomiczne uwarunkowania decyzji o wypłatach dywidend przez spółki publiczne. Kraków– Rzeszów–Zamość: Konsorcjum Akademickie.
19.La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. (2000). Agency problems and Dividend Policies around the world. The Journal of Finance, 55.
20.John K., J. Williams (1985). Dividends, dilution and taxes: A signaling equilibrium. Journal of Finance, 40 (4).
21.Miller M.H., Rock K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40 (4).
22.Moh’d M.A., Perry L.G., Rimbey J.N. (1995). An Investigation of the Dynamic Relationship between Agency Theory and Dividend Policy. Financial Review, 30.
23.Nissim D., Ziv A. (2001). Dividend changes and future profitability. Journal of Finance, 56 (6).
24.Penman, S.H. (1983). The predictive content of earnings forecasts and dividends. Journal of Finance, 38 (4).
25.Rozef M.S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. The Journal of Financial Research, 5.
26.Short H., Zhang H., Keasey K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8.
27.Trojanowski G. (2004). Ownership structure and payout policy in the UK. EFMA 2004 Basel Meetings Paper. Pobrano z: http://dx.doi.org/10.2139/ssrn.498023.
28.Wypych M. (2015). Koncentracja własności a wypłata dywidend na przykładzie przemysłowych spółek giełdowych. Zeszyty Naukowe Uniwersytetu Szczecińskiego, 854. Finanse, Rynki Finansowe, Ubezpieczenia, 73.