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).
Bibliografia
Aivazian, V., Booth, L., & Cleary, S. (2003). Do emerging market firms follow different dividend policies from US firms? Journal of Financial Research, 26(3), 371–387. https://doi.org/10.1111/1475-6803.00064
Adjaoud, F., & Ben‐Amar, W. (2010). Corporate governance and dividend policy: shareholders’ protection or expropriation? Journal of business finance & accounting, 37(5–6), 648–667. https://doi.org/10.1111/j.1468-5957.2010.02192.x
Al-Najjar, B., & Kilincarslan, E. (2016) The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance, 16(1), 135–161. https://doi.org/10.1108/CG-09-2015-0129
Aluchna, M., Berent, T., & Kamiński, B. (2019). Dividend Payouts and Shareholder Structure: Evidence from the Warsaw Stock Exchange. Eastern European Economics, 57(3), 227–250. https://doi.org/10.1080/00128775.2019.1568196
Bian, H., Kuo, J. M., Pan, H., & Zhang, Z. (2023). The role of managerial ownership in dividend tunneling: Evidence from China. Corporate Governance: An International Review, 31(2), 307–333. https://doi.org/10.1111/corg.12478
Black, F. (1976). The dividend puzzle. Journal of portfolio management, 2(2), 5–8. https://doi.org/ 10.3905/jpm.1976.408558
Bradford, W., Chen, C., & Zhu, S. (2013). Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China. International Review of Economics & Finance, 27(C), 445–464. https://doi.org/10.1016/j.iref.2013.01.003
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of financial economics, 77(3), 483–527. https://doi.org/10.1016/j.jfineco.2004.07.004
Chen, D. H., Jian, M., & Xu, M. (2009). Dividends for tunneling in a regulated economy: The case of China. Pacific-Basin Finance Journal, 17, 209–223.
Denis, D. J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial economics, 89(1), 62–82. https://doi.org/10.1016/j.jfineco.2007.06.006
Driver, C., Grosman, A., & Scaramozzino, P. (2020). Dividend policy and investor pressure. Economic Modelling, 89, 559–576. https://doi.org/10.1016/j.econmod.2019.11.016
Ellili, N. O. D. (2022). Impact of environmental, social and governance disclosure on dividend policy: What is the role of corporate governance? Evidence from an emerging market. Corporate Social Responsibility and Environmental Management, 29(5), 1396–1413. https://doi.org/10.1002/csr.2277
Gordon, M. J. (1959). Dividends, earnings, and stock prices. The Review of Economics and Statistics, 41(2), 99–105. https://doi.org/10.2307/1927792
Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are dividend changes a sign of firm maturity? The Journal of Business, 75(3), 387-424.
Ho, H. (2003). Dividend Policies in Australia and Japan. International Advances in Economic Research, 9 (2), 91–100. https://doi.org/10.1007/BF02295710
Hu, A., & Kumar, P. (2004). Managerial entrenchment and payout policy. Journal of Financial and Quantitative Analysis, 39(4), 759–790. https://doi.org/10.1017/S0022109000003203
Jaara, B., Alashhab, H., & Jaara, O. (2018). The determinants of dividend policy for non-financial companies in Jordan. International Journal of Economics and Financial Issues, 8(2), 198–209.
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283–298. https://doi.org/10.1016/j.ribaf.2016.01.018
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(2), 247–263.
Kaźmierska-Joźwiak, B. (2015). Determinants of dividend policy: evidence from Polish listed companies. Procedia Economics and Finance, 23, 473–477. https://doi.org/10.1016/S2212-5671(15)00490-6
Kaźmierska-Joźwiak, B. (2019). Corporate Payout Policy. Determinants – Market Reaction –Evaluation (Polityka wypłat na rzecz akcjonariuszy. Determinanty–reakcja rynku–ocena). Wydawnictwo Uniwersytetu Łodzkiego (in Polish). https://doi.org/10.18778/8142-541-4
Kien, D. T., & Chen, Y. P. (2020). Ownership structure impact on dividend policy of listed companies on Vietnamese securities market. Journal of Mathematical Finance, 10(2), 223–241. https://doi.org/10.4236/jmf.2020.102014
Kompa, K., & Witkowska, D. (2021). Synthetic measures in benchmarking of the New Silk Road countries. Procedia Computer Science, 192, 3617–3626. https://doi.org/10.1016/j.procs.2021.09.135
Kompa, K., & Witkowska, D. (2022). Vector Synthetic Measure of Firm Effectiveness. The case of Polish public companies. International Business Conference 2022 Sommerset West, Conference Proceedings.
Kompa, K., Witkowska, D., & Hewitt, L. M. (2023). Women’s Representation on Boards and the Financial Performance of Polish Public Companies in the pre-COVID Decade. Gospodarka Narodowa. The Polish Journal of Economics, 314(3), 34–47. https://doi.org/10.33119/GN/169434
Kowalewski, O., Stetsyuk, I., & Talavera, O. (2007). Corporate governance and dividend policy in Poland. DIW Discussion Papers, No. 702, Deutsches Institut fur Wirtschaftsforschung (DIW), Berlin. http://hdl.handle.net/10419/27227
Kowerski, M. (2013). Investment opportunities vs. a propensity to pay dividends (Możliwości inwestycyjne a skłonność do płacenia dywidend). Bank i Kredyt, 44(6), 623–646 (in Polish).
Kowerski, M. (2014). Are listed SOEs paying too much in dividends? (Czy społki giełdowe z udziałem Skarbu Państwa płacą zbyt duże dywidendy?) Research Papers of the Wroclaw University of Economics/Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu, (344) (in Polish). https://doi.org/10.15611/pn.2014.344.24
Kowerski, M. (2015). High Propensity to Pay Dividends by State-Controlled Companies in Poland. Tunneling or Maturity Effect? Financial Internet Quarterly, 11(4), 64–73. https://doi.org/10.1515/fiqf-2016-0130
Kowerski, M., & Kaźmierska-Joźwiak, B. (2022). The proposal of corporate payout decisions’ modelling. Engineering Economics, 33(1), 59–72. https://doi.org/10.5755/j01.ee.33.1.28496
Leary, M. T., & Michaely, R. (2011). Determinants of dividend smoothing: Empirical evidence. The Review of Financial Studies, 24(10), 3197–3249. https://doi.org/10.1093/rfs/hhr072
Lin, Y. H., Chiou, J. R., & Chen, Y. R. (2010). Ownership structure and dividend preference: Evidence from China’s privatized state-owned enterprises. Emerging Markets Finance and Trade, 46(1), 56–74. https://doi.org/10.2753/REE1540-496X460106
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American economic review, 46(2), 97–113.
Miller, M., & Modigliani, F. (1961). Dividend Policy, Growth and the Valuation of Shares. Journal of Business, 34, 411–433. https://doi.org/10.1086/294442
Nermend, K. (2017). Methods of Multicriteria and Multivariate Analysis in Decision Making Support (Metody Analizy Wielokryterialnej i Wielowymiarowej we Wspomaganiu Decyzji). PWN (in Polish).
Nyere, L., & Wesson, N. (2019). Factors influencing dividend payout decisions: Evidence from South Africa. South African Journal of Business Management, 50(1), 1–16. https://doi.org/10.4102/sajbm.v50i1.1302
Piotroski, J. (2000). Value investing: Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers. Journal of Accounting Research, 38, 1–41. https://doi.org/10.2307/2672906.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460.
Rozeff, M. S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. Journal of Financial Research, 5(3), 249–259.
Samet, M., & Jarboui, A. (2017). Corporate social responsibility and payout decisions. Managerial Finance, 43(9), 982–998. https://doi.org/10.1108/MF-01-2017-0020
Sierpińska, M. (2022). Dividend policy of listed energy companies in Poland. Inżynieria Mineralna, (1), 35–41. https://doi.org/10.29227/IM-2022-01-04
Sierpińska-Sawicz, A. (2014). Dividend policy of state treasury shareholding companies. Journal of Economics & Management, 18(4), 225–241.
Tarczyński W., & Tarczyńska-Łuniewska, M. (2018). The construction of fundamental portfolio with the use of multivariate approach. Procedia Computer Science, 126, 2085−2096. https://doi.org/10.1016/j.procs.2018.07.243
Pobrania
Opublikowane
Jak cytować
Numer
Dział
Licencja
Prawa autorskie (c) 2024 Dorota Witkowska, Bogna Kaźmierska-Jóźwiak, Krzysztof Kompa
Utwór dostępny jest na licencji Creative Commons Uznanie autorstwa – Bez utworów zależnych 4.0 Międzynarodowe.
Statystyki
Liczba wyświetleń i pobrań: 305
Liczba cytowań: 0
