BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Wrońska Elżbieta Maria (Uniwersytet Marii Curie-Skłodowskiej w Lublinie)
Testowanie teorii objaśniających politykę dywidend
Dividend Policy - Review of Empirical Test
Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia, 2011, vol. 45, nr 1, s. 141-149, tab., bibliogr. 22 poz.
Polityka dywidend, Dywidenda, Finanse przedsiębiorstwa, Wyniki badań
Dividend policy, Dividend, Enterprise finance, Research results
Celem niniejszego opracowania jest weryfikacja postrzegania potrzeby wypłaty dywidend oraz przesłanek wypłaty dywidend uwzględniających założenia najważniejszych teorii polityki dywidend z punktu widzenia dyrektorów finansowych podmiotów wypłacających dywidendy. (fragment tekstu)

This paper presents the outcome of the survey on dividend policy carried out in 7 companies. Corporate dividend policy has captured the interest of economists of this century and over the last five decades has been the subject of intensive theoretical modeling and empirical examination. A number of conflicting theoretical models define attempts to explain corporate dividend behavior. The survey showed that financial managers are convinced that investors want dividends. The managers are aware that there is short-term reaction of stock prices on dividends. Financial managers think that paying dividends gives good publicity. However, financial managers believe that not paying dividends could retain cash and increase equity. It is possible to picture a financial manager that is unwilling to pay dividends but aware that paying dividends is important for shareholders and important for company because of good publicity. The survey showed that assumptions mentioned in signaling theory, agency theory and behavioral finance theory are the most important factors taken into account by financial managers. The less important are assumptions connected with irrelevant theory and tax theory. (original abstract)
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Full text
  1. Bhattacharya S., Imperfect Information, Dividend Policy, and the Bird in the Hand Fallacy, "Bell Journal of Economics" 1979, vol 10.
  2. Bhattacharya S., Nondissipative Signaling Structures and Dividend Policy, "The Quarterly Journal of Economics" 1980, vol 95.
  3. Black F., The Dividend Puzzle, "The Journal of Portfolio Management" 1976, vol 2.
  4. Easterbrook F. H., Two Agency-Cost Explanations of Dividends, "American Economic Review" 1984, vol 74.
  5. Fama E. F., Miller M. H., The Theory of Finance, Holt, Rinehart and Winston, New York, 1972.
  6. Feldstein M. S., Green J., Why do Companies Pay Dividends?, "American Economic Review" 1983, vol 73.
  7. Gordon M. J., Dividends, Earnings, and Stock Prices, "The Review of Economics and Statistics" May 1959, No 41.
  8. Jensen M. C., Meckling W. H, Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure, "Journal of Financial Economics" 1976, vol 3.
  9. Jensen M. C., Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, "American Economic Review" May 1986, vol. 76, No 2.
  10. Jerzemowska M., Nadzór korporacyjny, PWE, Warszawa 2002.
  11. Kahneman D., Tversky A., The Psychology of Preferences, "Scientific American" 1982, vol 246.
  12. Lintner J., Optimal Dividends and Corporate Growth under Uncertainty, "Quarterly Journal of Economics" 1956, No 78.
  13. Litzenberger R. H., Ramaswamy K., The Effects of Dividends on Common Stock Prices Tax Effects or Information Effects, "Journal of Finance" 1982, vol 37.
  14. Masulis R. W., Trueman B., Corporate Investment and Dividend Decisions under Differential Personal Taxation, "Journal of Financial and Quantitative Analysis" 1988, vol 23.
  15. Miller M. H., Behavior Rationality in Finance: the Case of Dividends, "Journal of Business" 1986, vol 59.
  16. Miller M. H., Modigliani F., Dividend Policy, Growth, and the Valuation of Shares, "Journal of Business" 1961, No 34.
  17. Myers S. C., Determinants of Corporate Borrowing, "Journal of Financial Economics" 1977, vol 5.
  18. Rudolf S. (red), Nadzór właścicielski w .spółkachprawa handlowego, red., PWN, Warszawa 1999.
  19. Rudolf S., Janusz T., Stos D., Urbanek P., Efektywny nadzór korporacyjny. Teoria i praktyka, PWE, Warszawa 2002.
  20. Shefrin H. M., Statman M. S., Explaining Investor Preference for Cash Dividends, "Journal of Financial Economics" 1984, vol 13.
  21. Urbanek P., Nadzór właścicielskie a systemy motywowania zarządów spółek, [w:] Rudolf S. (red), Nadzór właścicielski w spółkach prawa handlowego, PWN, Warszawa 1999.
  22. Wrońska E. M., Przegląd teorii objaśniających politykę dywidend, "Annales UMCS", Sectio H, 2009.
Cited by
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu