The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland

Abstracts

EN

In the paper, we examine the impact of ownership structure on dividend policy and shareholder value in non-financial companies from construction sector in Poland. More specifically, by distinguishing between financial and non-financial shareholders, we verify the involvement of financial institutions in company ownership and how it translates into changes in major dividend and shareholder value indicators. Our results show that the presence of financial investors in the ownership structure has a positive impact on probability that the company will pay out dividends, what is symptomatic for financialisation. However, there is not enough evidence to support similar conclusion regarding shareholder value creation.

Keywords

EN

ownership structure; dividend policy; shareholder value; financialisation

• Publisher: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
• Journal: Central European Economic Journal
• Year: 2017
• Volume: 3
• Issue: 50

Dates

published

2018-12-18

Contributors

other

Paweł Oleksy

• Cracow University of Economics Department of Financial Markets Cracow, Poland

other

Andrzej Zyguła

• Cracow University of Economics Department of Financial Markets Cracow, Poland

Identifiers

DOI

10.1515/ceej-2017-0016