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  1. 1 Nauki o Finansach

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  1. 1 2016

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  1. 1 Gostkowska-Drzewicka M.

  2. 1 Majerowska E.

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The relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange

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Gostkowska-Drzewicka M., Majerowska E.
Nauki o Finansach
|
2016
|
issue 2(27)
9-22
EN
Dividend smoothing is a well-known empirical fact in developed countries. It is influenced by many factors. In this paper we analyse the relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange in 2000-2014. It is assumed that it is possible to estimate the level of dividend smoothing and to identify the factors determining this level. The implementation of the purpose and verification of the hypotheses required applying econometric models. The findings suggest that the Lintner model can be applied for construction companies listed on the Warsaw Stock Exchange because the smoothing effect was statistically significant in most cases. However, it was not possible to identify statistically significant smoothing factors, although these factors can be useful in order to estimate the logit model which is used to predict whether the company will pay a dividend or not
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