scholarly journals Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange

2015 ◽  
Vol 15 (1) ◽  
pp. 69-82
Author(s):  
Bartłomiej Jabłoński ◽  
Jacek Kuczowic
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Investor Relations ◽  
Research Results ◽  
Dividend Policies ◽  
Dividend Payments ◽  
Warsaw Stock Exchange ◽  
Development Processes ◽  
Basic Determinant ◽  
The Way

Abstract Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.

How Moroccan institutional investors view dividend policy

2017 ◽  
Vol 43 (12) ◽  
pp. 1332-1347 ◽  
Author(s):  
H. Kent Baker ◽  
Imad Jabbouri
Keyword(s):  
Institutional Investors ◽  
Stock Prices ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Mail Survey ◽  
High Response Rate ◽  
Content Type ◽  
Listed Firms ◽  
Dividend Policies ◽  
Dividend Payments

Purpose The purpose of this paper is to examine how Moroccan institutional investors view dividend policy. It discusses the importance these investors attach to the dividend policy of their investee firms, how much influence they exercise in shaping investee firms’ dividend policies, their reactions to changes in dividends, and their views on various explanations for paying dividends. Design/methodology/approach A mail survey provides a respondent and firm profile and responses to 28 questions involving various explanations for paying dividends and 30 questions on different dividend issues. Findings Institutional investors attach substantial importance to dividend policy and prefer high dividend payments. Although liquidity needs are a major driver, taxes play little role in shaping dividend preferences. Respondents agree with multiple explanations for paying dividends giving the strongest support to catering, bird-in-the-hand, life cycle, signaling, and agency theories. Research limitations/implications Despite a high response rate, the number of respondents limits partitioning the sample and testing for significant differences between different groups. Practical implications The lack of communication between Casablanca Stock Exchange (CSE) listed firms and institutional investors may depress stock prices and increase volatility. The results suggest agency problems and a weak governance environment at the CSE. Originality/value This study documents the importance that institutional investors place on dividend policy, their reactions to changes in their investees’ dividend policy, and the methods used to influence these firms. It extends previous research by reporting the level of support Moroccan institutional investors give to various explanations for paying dividends.

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

2019 ◽  
pp. 77-90
Author(s):  
Giusy Chesini ◽  
Aleksandra Staniszewska
Keyword(s):  
Social Sciences ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Descriptive Statistics ◽  
Stock Exchanges ◽  
Dividend Policies ◽  
Warsaw Stock Exchange ◽  
Great Relevance ◽  
Main Factors ◽  
To Come

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 ofdividend 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 thatdetermine 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 andPolish 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 profitabilityand leverage in Italian firms.

scholarly journals Can Increasing Dividends be a Symptom of the Financialization of the Polish Economy?

e-Finanse ◽  
2017 ◽  
Vol 12 (4) ◽  
pp. 1-19
Author(s):  
Mieczyslaw Kowerski
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Equity Markets ◽  
Capital Gains ◽  
Dividend Payments ◽  
The Future ◽  
Warsaw Stock Exchange ◽  
Polish Economy

Abstract Because operationally financialization may be detected by the increase of interest, dividends, or capital gains, the paper tries to answer the question as to whether the increased dividend payments observed in Poland can be a symptom of financialization. Analysis of basic tendencies of changes in propensities to pay dividends, values, structures and payout ratios of companies quoted in the years 1992-2014 on the Warsaw Stock Exchange tend towards the conclusion that the increase of dividend payouts at this time is not a sign of financialization of the economy. But because most of the phenomena connected with the dividend policy of the companies quoted on the WSE show similar tendencies to those of the developed equity markets, this may be a symptom of the financialization of the Polish economy in the future.

scholarly journals Impact of a Company’s Dividend Policy on the Liquidity of Shares Listed on the Warsaw Stock Exchange

e-Finanse ◽  
2017 ◽  
Vol 13 (3) ◽  
pp. 24-32
Author(s):  
Agata Gniadkowska-Szymańska
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Information Environment ◽  
Stock Liquidity ◽  
Controlling Shareholders ◽  
Dividend Payments ◽  
Warsaw Stock Exchange ◽  
Alternative Measures ◽  
Informational Effect ◽  
A Company

AbstractThis study investigates the informational effect of stock liquidity on dividend payouts. Using a sample of Polish listed companies during 2000 - 2012, I do not find a relation between stock liquidity and dividend payouts. This result is robust to the use of alternative measures of liquidity, and holds after we control for endogeneity concerns. In accord with my hypothesis that stock liquidity provides information and increases insiders’ incentive to pay out dividends, I do not find that the relation between stock liquidity and dividend payouts is more pronounced when the information environment is opaque, and when conflict between controlling shareholders and minority investors is severe.The aim of this study is to show the dependencies occurring between dividend policy and the liquidity of shares of a company. The basic thesis of this study is that decisions on dividend payments positively affect the liquidity of the shares of a company.

Pengaruh Keputusan Investasi, Kebijakan Hutang Dan Kebijakan Dividen Terhadap Nilai Perusahaan

2019 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Ivan Somantri ◽  
Hadi Ahmad Sukardi
Keyword(s):  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Sampling Technique ◽  
Mining Sector ◽  
Dividend Policies ◽  
Negative Effect ◽  
Debt Policy ◽  
Debt Policies

This study aims to determine how to influence simultaneously and partially investment decisions, debt policy and dividend policy on firm value in mining sector companies listed on the Indonesia Stock Exchange for the period 2013-2017. The research method used in this study is descriptive and associative methods. The population in this study were mining sector companies listed on the Indonesia Stock Exchange in the period 2013-2017, which amounted to 43 companies. The sampling technique used in this study is non probability sampling with purposive sampling method, so that the number of samples obtained is 8 companies. While the data analysis used in this study is panel data regression analysis with the fixed effect method. The results of the study show that partially investment decisions and debt policies have a positive effect on firm value. While dividend policy has a negative effect on firm value. In addition, the results of the study simultaneously show that investment decisions, debt policies and dividend policies affect the value of the company. The amount of investment decisions, debt policy and dividend policy in contributing influence to earnings management is 34.14%.

The Effect of Earnings Management on Dividend Policy in Pakistan

2017 ◽  
Vol 9 (1-3) ◽  
Author(s):  
Faiza Saleem ◽  
Mohd Norfian Alifiah
Keyword(s):  
Earnings Management ◽  
Dividend Policy ◽  
Oil And Gas ◽  
Stock Exchange ◽  
Annual Data ◽  
Cross Sectional ◽  
Return On Equity ◽  
Dividend Payments ◽  
Oil And Gas Companies ◽  
The Impact

The aim of this study was to find out the impact of earnings management on dividend policy of oil and gas companies listed at the Karachi stock exchange. The study uses annual data of oil and gas companies for the period from 2008 to 2015. The dependent and independent variables are dividend policy and earnings management and the three control variables are leverage, return on equity and firm size. Modified cross sectional Jones model (1995) was used for calculating discretionary accruals which has been used as proxy for earnings management whereas measurement of dividend policy has been proxy by dividend payout. The findings from regression analysis indicate that earnings management has insignificant relationship with dividend policy of selected firms in Pakistan. Financial crisis in the world and economic decline period are the main reasons of this relationship. In the decline period the firms try to increase manipulation in earnings as a result the company starts reducing dividend payments. It is concluded that there are some other factors that may influence the pattern of dividend payment in the firms.

Assessing determinants of dividend policy of the government-owned companies in Indonesia

2019 ◽  
Vol 61 (5/6) ◽  
pp. 530-541
Author(s):  
Hasan Basri
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Annual Data ◽  
Financial Leverage ◽  
Content Type ◽  
Indonesian Government ◽  
Dividend Payments ◽  
Asset Growth ◽  
The Government

Purpose The purpose of this study is to examine the influences of financial leverage, profitability, the growth of assets and institutional ownerships on the dividend payout of the Indonesian Government-owned companies. Design/methodology/approach Annual data from the period 2007 to 2013 of the 15 listed government-owned companies on the main board in the Indonesian Stock Exchange were analyzed using the multiple regressions. Findings Except for the growth of assets that has an insignificant effect on the dividend policy, the financial leverage and institutional ownerships were documented to have negative and significant influences on the dividend policy, while the profitability has a positive and significant effect on the dividend policy. These findings imply that the profitability, financial leverage and institutional ownership should be considered as the important factors by the Indonesian Government-owned companies in determining their dividend policy. Originality/value Originality in this paper is to establish a model of leverage, profitability, asset growth and institutional ownership of dividend payments of Indonesian Government-owned companies with a panel regression approach.

Institutional perspectives of dividend policy in India

2018 ◽  
Vol 10 (3) ◽  
pp. 324-342 ◽  
Author(s):  
H. Kent Baker ◽  
Sujata Kapoor ◽  
Imad Jabbouri
Keyword(s):  
Institutional Investors ◽  
Dividend Policy ◽  
Mail Survey ◽  
Active Monitoring ◽  
Content Type ◽  
Dividend Policies ◽  
Dividend Payments ◽  
New Evidence ◽  
Level Of Importance ◽  
Practical Implications

Purpose This study aims to examine dividend policy from the perspective of institutional investors in India. It focuses on the level of importance these investors attach to the dividend policy of their investee firms, the level of influence they exercise in shaping such firms’ dividend policies and their reactions to changes in dividends. This study also reports how institutional investors view various explanations for paying dividends. Design/methodology/approach A mail survey provides a profile of respondents and their firms, as well as responses to 29 closed-ended questions involving various explanations for paying dividends and 22 closed-ended questions on various dividend issues. Findings The evidence shows that Indian institutional investors attach substantial importance to dividend policy and prefer high dividend payments. Their reactions to dividend changes are asymmetric. Taxes are a major driver for why they seek dividends, whereas liquidity needs to play little role in shaping their preferences. The two most commonly used methods of active monitoring are selling shares and communicating concerns to investee companies. Research limitations/implications The number of responses limits the ability to test for statistically significant differences between the various competing hypotheses. Practical implications The findings support multiple explanations for paying cash dividends and provide new evidence supporting the positive relation between inflation and dividend payments. Originality/value This study provides the first survey evidence on the views of institutional investors on dividend policy in India.

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