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Author
Zyguła Andrzej (Uniwersytet Ekonomiczny w Krakowie / Kolegium Ekonomii, Finansów i Prawa)
Title
Efekt klienteli dywidendowej - teoria i praktyka rozwiniętych rynków kapitałowych
The Dividend Clientele Effect - Theory and Practice of Developed Capital Markets
Source
Finanse, Rynki Finansowe, Ubezpieczenia, 2016, nr 1 (79), s. 159-169, bibliogr. 47 poz.
Issue title
Rynek kapitałowy i zarządzanie wartością
Keyword
Dywidenda, Rynek kapitałowy, Polityka dywidend, Efekt klienteli
Dividend, Capital market, Dividend policy, Clientele effect
Note
streszcz., summ.
Abstract
Cel - Celem artykułu jest przedstawienie efektu klienteli dywidendowej, a w szczególności przybliżenie i omówienie jego teoretycznych podstaw oraz dokonanie przeglądu głównych obszarów badań empirycznych nad tym efektem. Metodologia badania - Przegląd literatury umożliwiający zidentyfikowanie i omówienie głównych prac teoretycznych i empirycznych dotyczących efektu klienteli dywidendowej. Wynik - Przeprowadzone studium literatury prowadzi do wniosku, że "zagadka dywidendy" wciąż pozostaje nierozwiązana, bowiem choć istnieje bardzo duża liczba badań analizujących różne aspekty klienteli, to jednak ich rezultaty przyniosły mieszane, czasami niejednoznaczne i nawet niekiedy sprzeczne wyniki. Oryginalność/wartość - Opisywane w polskiej literaturze teorie i hipotezy dywidendowe omawiane są najczęściej w sposób zbiorczy. Artykuł skupiając się tylko na jednym kontekście polityki dywidendowej, tj. efekcie klienteli, oferuje bardziej dogłębne i kompleksowe spojrzenie na prezentowane zagadnienie. (abstrakt oryginalny)

Purpose -The purpose of this article is to present the dividend clientele effect, in particular to introduce and discuss its theoretical foundations and to review major areas of empirical studies on this effect. Design/methodology/approach - The literature review enabling to identify and discuss main theoretical and empirical works regarding the dividend clientele effect. Findings -The conducted study of literature leads to a conclusion that the dividend puzzle still remains unsolved because, despite the fact that there is a very large number of research analyzing various aspects of the clientele, their results, however, have produced mixed, sometimes ambiguous and even contradictory findings. Originality/value -Dividend theories and hypotheses described in Polish literature are discussed most often in a collective way. By focusing on only one dividend policy context i.e. the clientele effect, the article offers a more in-depth and comprehensive view on presented issues. (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
2450-7741
Language
pol
URI / DOI
http://dx.doi.org/10.18276/frfu.2016.79-12
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