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

PL EN


2015 | 4(25) | 51-76

Article title

Dividend policy from the perspective of an individual investor – results of the research

Content

Title variants

PL
Polityka dywidend z perspektywy postaw inwestora indywidualnego – wyniki badań

Languages of publication

EN

Abstracts

EN
The article describes the issues of dividend policy from the perspective of the psychology of the individual investor. A questionnaire survey conducted on 115 Polish stock exchange investors of different age, education, investment goals and professional activity aimed primarily at verifying the behaviour of the respondents in relation to the behaviour of the investors acting on the international market. The findings of the research not only confirm the convergence of the behaviour of Polish capital market investors against the behavioural dogmas of finance, but they also present new patterns of behaviour, provided that factors influencing an investment the decision-making process are taken into account.

Contributors

References

  • Benartzi S.B., Thaler R.H., 1995, Myopic loss aversion and the equity premium puzzle, The Quarterly Journal of Economics, University of Southern California, http://www.uibk.ac.at/economics/bbl/lit_se/lit_se_ss06_papiere/benartzi_and_thaler_%281995%29.pdf (03.01.2014).
  • Brigham E.F., Houston J.F., 2005, Fundamentals of financial management, Vol. 1, PWE, Warszawa.
  • Cwynar A., Cwynar W., 2007, Creating a company’s value through long-term financial decisions, Publishing House of Warsaw School of Information Technology, Warsaw.
  • Dembny A., 2005, Construction of portfolios of limited risk, CeDeWu, Warszawa.
  • Fama E.F., 1995, Random walks in stock market process, Financial Analysts Journal, Vol. 51, No. 1, http://www.jstor.org/discover/10.2307/4479810?uid=2129&uid=2134&uid=2&uid=70&uid=4&sid=21103180223011 (30.12.2013).
  • Fama E.F., French K.F., 2001, Disappearing dividends. Changing firm characteristics or lower propensity to pay?, Journal of Financial Economics, Vol. 60.
  • Gurgul H., 2006, An analysis of the events on share markets, Economic Publishing House, Kraków.
  • Haugen R.A., 1999, New Science of Finance. Against Efficiency of the Market,WIG-Press, Warszawa, Jajuga K., 2000, Finance at the beginning of 21st century – new challenges for theory and practice, Finance, banks and insurance in Poland at the beginning of 21st century, AE, Poznań, Academic works of the Academy of Economics in Poznań, pp. 62-63.
  • Jajuga T., Słoński T., 1997, Companies’ finance. Long-term investment and finance decisions, Publishing House of the Academy of Economics in Wrocław, Wrocław.
  • Kahneman D., Tversky A., 1979, Prospect theory: An analysis of decision under risk, “Econometrica” vol. 47, no. 2, http://www.hss.caltech.edu/~camerer/Ec101/ProspectTheory.pdf (07.01.2014).
  • Koestler A.,1978, Janus: a Summing Up, Hutchinson, London.
  • Kowerski M., 2011, Economic conditioning of the decisions about dividend payments by public limited companies, Academic Consortium WSE Publishing House in Kraków, WSIiZ in Rzeszów and WSZiA in Zamość, Kraków-Rzeszów-Zamość.
  • Le Bon G., 1986, The Crowd. A Study of the Popular Mind, PWN, Warszawa.
  • Lea S.E.G, Tarpy R.M., Webley P., 1987, The Individual in the Economy, Cambridge University Press, Cambridge.
  • Nofsinger J.R., 2001, Investment Madness. How Psychology Affects your Investing… And What to Do About It, Prentice Hall, London.
  • Olsen R.A., 1998, Behavioral finance and its implications for stock-price volatility, Financial Analyst Journal, Vol. 54, No. 2, http://www.jstor.org/discover/10.2307/4480062?uid=3739256&uid=2129&uid=2&uid=70&uid=4&sid=21103304543423 (08.01.2014).
  • Plummer T., 1995, Forecasting financial markets. The psychology of successful investing, WIG-Press, Warszawa.
  • Razek Y.H.A., 2011, An overview of behavioral finance and revisiting the behavioral life cycle hypothesis, IUP Journal of Behavioral Finance, Vol. VIII, No. 3, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2098183 (07.01.2014).
  • Samuelson P.A., Nordhaus W.D., 1995, Economics, Vol. 1, PWN, Warszawa.
  • Shefrin H.M., Statman M., 1984, Explaining investor preferences for cash dividends, Journal of Financial Economics, Vol. 13, http://www.sciencedirect.com/science/article/pii/0304405X84900254 (03.01.2014).
  • Sierpińska M., 1999, Dividend policy in corporations, PWN, Warszawa, Singh S., 2012, Investor irrationality and self-defeating behavior: Insights from behavioral finance, The Journal of Global Business Management, Vol. 8, No.1, http://www.jgbm.org/page/16%20Sudhir%20Singh.pdf (08.01.2014).
  • Talbot M., 1981, Mysticism and the New Physics, Routledge and Kegan Paul, London.
  • Thaler R.H., 1999, The end of behavioral finance, Financial Analysts Journal, Vol. 55, No. 6, http://faculty.chicagobooth.edu/Richard.Thaler/research/pdf/end.pdf (02.01.2014).
  • Thaler R.H., 1999, The Winner’s Course. Paradoxes and Anomalies of Economic Life, Princeton University Press, New York.
  • Timmermann A., Granger C.W.J., 2004, Efficient market hypothesis and forecasting, International Journal of Forecasting, Vol. 20, http://www.forecasters.org/pdfs/ijf/TimmermannGranger.pdf (30.12.2013).
  • Zaleśkiewicz T., 2003, Psychology of a Stock Exchange Investor. An Introduction to Behavioural Finance, Gdańsk Psychological Publishing House, Gdańsk.

Document Type

Publication order reference

Identifiers

YADDA identifier

bwmeta1.element.desklight-42462585-39e4-4bc9-a8ce-7a7ff151bd43
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.