Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 7

first rewind previous Page / 1 next fast forward last

Search results

Search:
in the keywords:  share repurchase
help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

Determinants of payout policy and investment attractiveness of companies listed on the Warsaw Stock Exchange

100%
Pieloch-Babiarz A.
Equilibrium. Quarterly Journal of Economics and Economic Policy
|
2017
|
vol. 12
|
issue 4
675-691
EN
Research background: Making decisions concerning the payout policy depends on many diversified neoclassical and behavioral determinants. Although these factors are well-described in the literature, there is still a research gap concerning the lack of a comprehensive impact model of payout policy determinants on the investment attractiveness of shares. Purpose of the article: The aim of this paper is to present the diverse nature of the relationship between different forms of cash transfer to the shareholders and in-vestments attractiveness of public companies in the context of various determinants of payout policy. The possibility of achieving this objective was conditioned by the empirical verification of research hypothesis stating that the diversify of payout forms is accompanied by the different determinants of payout policy that condition an effective investment of stock investors' capital. Methods: The empirical research was conducted among the electromechanical companies listed on the Warsaw Stock Exchange in the years 2006-2015. The data for analysis were obtained from Notoria Service database and Stock Exchange Yearbooks. The calculations were carried out using the methodology of taxonomic measure of investment attractiveness, as well as dividend premium and share repurchase premium. Findings & Value added: The final conclusion of our research is that the companies con-ducting the payout policy in different forms of cash transfer differ in terms of many characteristics, such as: financial standing, market value, ownership structure, company's size and age. Moreover, their investment attractiveness differs according to regularity of payment, stock exchange situation and shareholders' preferences. The value added of this paper is a new approach to the evaluation of capital investment with a special emphasis on the determinants of payout policy.
2
Publication available in full text mode
Content available

Rozważania nad substytucyjnością wypłat dywidendy pieniężnej i wykupu akcji własnych na przykładzie polskich spółek publicznych

100%
Pieloch A.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2011
|
vol. 256
EN
The main goal of this article is to present preliminary results of empirical research on the substitutability of cash return to shareholders in companies listed on the Stock Exchange in the form of cash dividend and share buyback. For the realization of the objective it has been adopted to develop the research hypothesis stating that the shares repurchases done on the Warsaw Stock Exchange are – according to the cash dividend – more and more frequently used form of returning cash to shareholders. The paper is divided into two parts. In theoretical one, there are shown some views on substitution hypothesis and exhibited the results of surveys made by other researchers. The second part is practical research conducted among polish public companies.
3
Publication available in full text mode
Content available

SIGNALING HYPOTHESES OF SHARE REPURCHASE – LIFE CYCLE APPROACH. THE CASE OF POLISH LISTED COMPANIES

100%
Kazmierska-Jozwiak B., Wronska-Bukalska E.
Equilibrium. Quarterly Journal of Economics and Economic Policy
|
2017
|
vol. 12
|
issue 2
245-257
EN
Research background: Payout policy has attracted a great deal of research, how-ever it still has not been satisfactorily explained why corporations repurchase their shares. The most popular explanation for share repurchases is their signaling power. An alternative explanation for share repurchases is related to free cash flow. We assume that both theories are not competitive, due to the fact that the motives for share repurchases may differ depending on the firm’s life cycle stage. Purpose of the article: The aim of the paper is to test the hypotheses that companies in growth stage are more prone to repurchase their shares due to the their undervaluation. Methods: Our analysis focuses on 116 repurchase on WSE and 47 repurchase on NewCon-nect in Poland during the period 2004–2016 to test the hypothesis. We assume that companies listed on WSE are in their mature stage while listed on NewConnect are in the growth stage. We use market value to book the value ratio (M/BV) and the relation of M/BV ratio for the repurchasing company to the M/BV ratio for the whole market at the date of implementing share repurchase program as a proxies for firm valuation. Findings & Value added: Our study does not confirm that repurchased companies at a growth stage are more undervalued than repurchased companies at a mature stage (at statistically significant level), however there are more repurchased companies at a growth stage with lower M/BV value than repurchase companies in mature stage. Adding corporate life cycle theory into the study, our result can contribute to the literature by more distinctly understanding the motivation of share repurchases. The results might be helpful for companies to determine their financial policies and for investors to determine their investment decisions.
4
Publication available in full text mode
Content available

Share Repurchase as a Form of Payout for Shareholders

100%
Kowerski M.
Finansowy Kwartalnik Internetowy e-Finanse
|
2011
|
vol. 7
|
issue 4
37-54
EN
Share repurchase happens when a company repurchases its own shares for any purpose determined by the general meeting of shareholders, including their further sale. Share repurchase is like dividend payout a form of transferring profit to shareholders. However, contrary to dividends, it is quite a new legal institution, which gained importance in developed capital markets as late as in the last twenty years of the 20th century. This article presents the development of the institution of share repurchasing and changing relations between purchasing shares and paying out dividends in developed capital markets. It also presents the legal situation concerning share repurchase in Poland, pointing out that only the regulations introduced in 2008 adjusted Polish legal solutions to those valid in developed capital markets.
5
Publication available in full text mode
Content available

ANNOUNCED REASONS AND ANTICIPATED RESULTS OF SHARE REPURCHASE PROGRAMS – CASE OF WARSAW STOCK EXCHANGE COMPANIES

100%
Wrońska-Bukalska E.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2014
|
vol. 2
|
issue 301
EN
The article aims to present the meaning of the share repurchase (also called as buy backor buy-back) programmes and to identify the reasons announced and potential results of sharerepurchase made by firms listed on the Warsaw Stock Exchange (WSE) in Poland. The mainhypothesis to be verified states that there are more reasons to repurchase shares than just cashtransfer to shareholders and there are different results than just diminishing cash holding.The problem is significant enough because share repurchase in the literature is deemed asa substitute for dividends and as another way for cash transfer to shareholdersOn carrying out the research for the selected listed companies, I found that shares might berepurchased for many different reasons and not only to signal the excessive amounts of cash heldin the corporation. Viewing by the numbers it is possible to state that transferring cash is the leastimportant reason while repurchasing shares.
6
Publication available in full text mode
Content available

Wykupy akcji własnych jako sposób obrony przed wrogim przejęciem na przykładzie spółek notowanych na GPW w Warszawie

88%
Pieloch A.
Acta Universitatis Lodziensis. Folia Oeconomica
|
2011
|
vol. 256
EN
The main purpose of this article is to show place, role and meaning of the public polish companies' share repurchases in a defensive action against hostile takeover. The paper is divided into two main parts. The first one, constitutes the theoretical consideration which is scarified to hostile takeovers and share repurchases. The second part is an empirical material which is concentrated on: amount of polish companies caring out share repurchases, motives of conducting buy-backs and empirical experiences of polish entrepreneurs that used share repurchases as a method of defense against hostile takeovers.
7
Publication available in full text mode
Content available

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

63%
Kaźmierska-Jóźwiak B., Wesson N., Steenkamp G.
Ekonomia Międzynarodowa
|
2022
|
issue 38
72-89
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.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.