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Author
Czerwonka Leszek (Uniwersytet Gdański)
Title
Wpływ zainicjowania wypłaty dywidendy na cenę akcji spółki
The Impact of Dividend Initiation on the Company's Value
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2010, nr 34, s. 67-85, rys., tab., bibliogr. 48 poz.
Issue title
Uwarunkowania wzrostu wartości przedsiębiorstw w warunkach konkurencji
Keyword
Efekt klienteli, Dywidenda, Wartość przedsiębiorstwa, Ceny akcji, Spółki giełdowe, Analiza zdarzeń, Efekt sygnalizacji
Clientele effect, Dividend, Enterprise value, Shares prices, Stock market companies, Event study, Signalling effect
Note
streszcz., summ..
Abstract
Dotychczasowe badania wskazują, że ogłoszenie przez spółkę zainicjowania wypłaty dywidend wywołuje pozytywną reakcję cenową na akcje tej spółki. Takie wyniki objaśniane są hipotezą zawartości informacyjnej dywidend, mówiącą, że wypłaty dywidend przekazują informacje o przyszłych zyskach spółek, jak też szczegółowymi efektami sygnalizacji oraz klienteli. Celem tego opracowania jest analiza wpływu komunikatu o zainicjowaniu wypłaty dywidendy na cenę spółki, przeprowadzona dla spółek notowanych na warszawskiej Giełdzie Papierów Wartościowych. Analiza została przeprowadzona metodą analizy zdarzeń (event study), z zastosowaniem skumulowanej nadzwyczajnej stopy zwrotu (CAR).(abstrakt oryginalny)

Previous studies have shown that dividend initiation announcements give positive common stock price changes. Such results are connected with "Information content of dividends", that is the hypothesis stating that dividends convey information about future earnings and with signaling and clientele effects. The objective of this study is to analyze the impact of the dividend changes announcements on the values of common stocks listed on the Warsaw Stock Exchange. The method of analysis is an event study, which assesses abnormal returns when companies announce dividend changes.(original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Szczecin University Main Library
Bibliography
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ISSN
1640-6818
1733-2842
Language
pol
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