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1

Dividend policy theories

100%
Fazakas G., Kosarka J.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 9
782-806
EN
The main question in dividend-policy literature is whether there exists an optimal dividend policy for shareholders, i.e. whether it is possible to create extra value for the holders through decisions affecting dividend policy. The basis of this article about dividend policy is a 1961 paper by Modigliani and Miller that focuses on the irrelevancy of the dividend policy: in a perfect market, dividend policy is of no interest and does not generate extra value. Since that article was published, it has become a point of reference for the profession: the analysis focuses on how conditions differing from a perfect market affect the dividend policy of a firm, and how the dividend policies applied that take into account these imperfections are priced by the market. The literature presents a vast majority of the factors influencing dividend policy: willingness of investors to take risks and diversify portfolios, tax rates for different investor groups, the investment period, future reinvestment and profitability expectations, the policies of competitors in the same sector and differences between sectors, the cost of alternative financing opportunities, different transaction costs, information situations and information games, and the behavioural finance to describe decisions made in uncertainty. In practice, all seem to affect the dividend policy decided on by firms, the market reception of the decisions, and alterations in those.
2

The Assessment of the Dividend Policies Adopted by the Companies Listed on the Warsaw Stock Exchange

100%
Kazmierska-Jozwiak B.
Organization and Management
|
2008
|
issue 2(132)
141-157
EN
The authoress discusses the dividend policy, a subject which is very important not only from the financial, but also from the strategic point of view. In the first part of the article, readers are introduced to the theoretical aspects of the dividend policy. The second part is an attempt to assess the dividend policies of companies listed on the Warsaw Stock Exchange in the years 1995-2005, on the basis of the level of dividend per share and the dividend payout ratio.
3

THE ECONOMIC SENTIMENT AND DIVIDEND POLICY IN POLAND (Wplyw nastrojow gospodarczych na decyzje o wyplatach dywidend przez spolki publiczne)

51%
Kowerski M.
Barometr Regionalny. Analizy i prognozy
|
2012
|
issue 1(27)
13-27
EN
In previous research on determinants of company dividend-policy, a much higher significance was given to micro-economic factors describing the economic and financial situation of companies rather than to macro-economic factors. However, there is no analysis of the impact of economic sentiment on the dividend policy of companies. Moreover, companies do not operate in ‘a vacuum'. The economic situation in a certain country and even the global economic situation and its perception by entrepreneurs has a tremendous impact on their activities and decisions. To verify the hypothesis about the impact of economic sentiment on dividend policies of the companies listed on the Warsaw Stock Exchange in 1996-2009, logit pooled-regression models were applied. The dependent variable takes a value 1 if the company paid a cash dividend in year t and value 0 otherwise. As explanatory variables, we adopted the most common ones in this type of study, namely those describing the profitability, size, maturity, risk and investment opportunities as well as the dividend policy of the company in the year t - 1. Economic sentiment was measured using the Economic Sentiment Index, computed by the European Commission at monthly intervals. This allowed us to determine the period in which the changes in sentiment have the highest influence on dividend decisions. The estimated models allowed us to draw conclusions that apart from the economic and financial situation of a company in the year t - 1, dividend decisions made in year t are also affected by economic sentiment found in the Polish economy at the turn of the second quarter of year t. According to the Polish Code of Commercial Companies, it is understandable that the company should decide on the distribution of its profit within six months after the end of the business year. The research demonstrates, when making decisions, the boards of companies and shareholders take into account not only profits achieved in the previous year, but also the recent dividend and investment policy, and the current economic sentiment.
4

Agency Costs and the Firm's Optimum Capital Structure Under Separation between Ownership and Management

51%
Rychlowska-Musial E.
Ekonomista
|
2008
|
issue 4
499-520
EN
The article analyses relations that take place between the owner (inclusive of shareholders) of the firm and its management. This problem is known and well described in the literature of the subject, but attempts to measure the agency costs in real firms are quite rare and most frequently are conducted indirectly. We propose a new method of assessing agency costs, indicating that they depend on three main determinants: attitude of decision makers towards debt financing, dividend disbursement policy and the length of time horizon taken into account. Theoretical appraisals are supplemented by simulations that are based on the empirical data. The results show that there are two factors that have the decisive influence on the reduction of agency costs, namely the long term managerial contracts and the high financial leverage.
5

DIRECTIONS OF CHANGES IN DIVIDEND TAXATION SYSTEM IN POLAND (Kierunki zmian w systemie opodatkowania dywidend w Polsce)

51%
Sierpinska A.
Contemporary Economics
|
2009
|
issue 1(9)
53-64
EN
In the article, main directions of changes in dividend taxation system in Poland are presented. Actually dividend tax rate is equally for each type of shareholders - individual and institutional, but conditions of dividend policy for them are different. For example, Polish institutional investors are exempted from dividend tax, but foreign institutional investors must pay dividend tax. The information presented in the article are agreeable with European Union regulations.
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