DETERMINANTS OF DIVIDEND POLICY– EVIDENCE FROM POLISH LISTED ENERGY COMPANIES
DOI:
https://doi.org/10.12775/TIS.2024.007Słowa kluczowe
dywidenda, polityka dywidend, spółki energetyczne, Giełda Papierów Wartościowych w WarszawieAbstrakt
W niniejszym artykule badamy politykę dywidendową spółek sektora energetycznego notowanych na Giełdzie Papierów Wartościowych w Warszawie. Testujemy związek między wartością dywidendy a wynikami finansowymi firmy i innymi jej chwrakterystykami (wielkością firmy, własnością Skarbu Państwa i przynależnością do podsektora) za pomocą modeli regresji. Nowatorstwo badania polega na tym, że do pomiaru wyników finansowych firm wykorzystujemy wielowymiarową wektorową syntetyczną miarę ich efektywności finansowej (VSMD). Dane empiryczne zostały zebrane z EMIS i Notoria Service. Wyniki badania pokazują, że determinantami wartości dywidendy są wielkość spółki oraz VSMD (im większa spółka i bardziej efektywna, tym wyższa wypłacana dywidenda).
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Prawa autorskie (c) 2024 Dorota Witkowska, Bogna Kaźmierska-Jóźwiak, Krzysztof Kompa
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