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Author
Wrońska Elżbieta Maria (Uniwersytet Marii Curie-Skłodowskiej w Lublinie)
Title
Testowanie teorii objaśniających politykę dywidend
Dividend Policy - Review of Empirical Test
Source
Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia, 2011, vol. 45, nr 1, s. 141-149, tab., bibliogr. 22 poz.
Keyword
Polityka dywidend, Dywidenda, Finanse przedsiębiorstwa, Wyniki badań
Dividend policy, Dividend, Enterprise finance, Research results
Note
summ.
Abstract
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)
Accessibility
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
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Bibliography
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ISSN
0459-9586
Language
pol
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