Share Repurchases Versus Dividends: A Comparison Between Poland And South Africa

• Authors: Bogna Kaźmierska-Jóźwiak , Nicolene Wesson , Gretha Steenkamp

Title variants

PL

Polityka w zakresie nabywania akcji własnych a polityka dywidend – analiza porównawcza Polski i RPA

Abstracts

PL

Głównym celem opracowania jest porównanie trendów w obszarze nabywania akcji własnych i wypłaty dywidendy przez spółki niefinansowe i niezasobowe notowane na giełdach w Polsce i RPA w latach 2005–2015. Chociaż RPA jest krajem rozwijającym się o dualistycznej gospodarce, kraj ten charakteryzuje się zaawansowaną giełdą papierów wartościowych, która jest porównywalna do większości zaawansowanych gospodarek. Natomiast Polska została przeklasyfikowana z rynku wschodzącego na status rynku rozwiniętego dnia 24 września 2018 r. Analiza porównawcza dostarcza wglądu w różnice regulacyjne i ich wpływ na zachowania spółek w obszarze polityki wypłat na rzecz akcjonariuszy (nabywanie akcji własnych i wypłaty dywidend) oraz pozwala określić, czy kraje te odzwierciedlają zachowania związane z payout policy obserwowane w Stanach Zjednoczonych. Wyniki badania pokazują, że w obu krajach dywidendy są dominującą formą wypłat dla akcjonariuszy. Ponadto w żadnym z badanych krajów nie zaobserwowano zachowań w zakresie wypłat na rzecz akcjonariuszy występujących w USA – ani w Polsce, ani w RPA środki wydane na nabycia akcji własnych nie przewyższały wartości wypłaconych dywidend. Różnice regulacyjne pomiędzy Polską a RPA wpłynęły jednak na obserwowane trendy w zachowaniach wypłat pomiędzy tymi dwoma krajami.

EN

The main aim of the study is to compare share repurchase and dividend payout trends of listed non-financial and non-resource companies in Poland and South Africa over the period 2005–2015. Although South Africa is a developing country with a dualistic economy, the country is characterized by a sophisticated stock exchange which is comparable to that of most advanced economies, while Poland was reclassified from emerging market to developed market status, effective as from 24 September 2018. Comparative analysis provides insights on the regulatory differences and the effect therefore on share repurchase and dividend behaviour, and whether these countries mirror the excessive payout behaviour observed in the United States of America (US). The study results show that in both countries dividends are the dominant form of payouts to shareholders. Moreover none of the examined countries mirrors the excessive payout behaviour observed in the US – neither in Poland, nor in South Africa did share repurchases surpass dividends. Regulatory differences between Poland and South Africa, however, affected the observed trends in payout behaviour between the two countries.

Keywords

PL

dywidenda; nabywanie akcji własnych; polityka wypłat; Polska; RPA

EN

dividend; share repurchase; payout policy; Poland; South Africa

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Ekonomia Międzynarodowa
• Year: 2022
• Issue: 38
• Pages: 72-89

Dates

published

2022

Contributors

author

Bogna Kaźmierska-Jóźwiak

• University of Lodz, Faculty of Management, Department of Corporate Finance Management

• https://orcid.org/0000000216927682

author

Nicolene Wesson

• Stellenbosch University, Business School

author

Gretha Steenkamp

• Stellenbosch University, School of Accountancy

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Identifiers

DOI

10.18778/2082-4440.38.01

Biblioteka Nauki

28407257