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Author
Gostkowska-Drzewicka Magdalena (University of Gdańsk, Poland), Majerowska Ewa (University of Gdansk, Poland)
Title
The Relevance of Dividend Smoothing in the Construction Companies Listed on the Warsaw Stock Exchange
Znaczenie efektu wygładzania dywidendy w spółkach budowlanych notowanych na GPW w Warszawie
Source
Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu, 2016, nr 2 (27), s. 9-22, rys., tab., bibliogr. 30 poz.
Financial Sciences / Uniwersytet Ekonomiczny we Wrocławiu
Keyword
Dywidenda, Polityka dywidend, Model logitowy, Przedsiębiorstwo budowlane
Dividend, Dividend policy, Logit model, Construction company
Note
streszcz., summ.
Company
Giełda Papierów Wartościowych w Warszawie
Warsaw Stock Exchange
Abstract
Efekt wygładzania dywidendy jest empirycznie potwierdzony na rynkach finansowych w krajach wysoko rozwiniętych. Efekt ten jest uwarunkowany wieloma czynnikami. W niniejszym artykule dokonano analizy znaczenia wygładzania dywidendy w spółkach budowlanych notowanych na GPW w Warszawie w latach 2000-2014. Zakłada się, że możliwe są zarówno określenie nasilenia efektu wygładzania dywidendy, jak i identyfikacja uwarunkowań tego efektu. Aby osiągnąć tak sformułowany cel i zweryfikować założoną hipotezę, należało zastosować modele ekonometryczne. Jak wynika z przeprowadzonych badań, model Lintnera może być użyty w przypadku spółek budowlanych. Analizowane czynniki, wpływające na wygładzanie dywidendy, okazały się nieistotne statystycznie. Jednakże te same czynniki znalazły zastosowanie w modelu logitowym, który jest użytecznym narzędziem do prognozowania, czy spółka wypłaci dywidendę, czy nie.(abstrakt oryginalny)

Dividend smoothing is a well-known empirical fact in developed countries. It is influenced by many factors. In this paper we analyse the relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange in 2000-2014. It is assumed that it is possible to estimate the level of dividend smoothing and to identify the factors determining this level. The implementation of the purpose and verification of the hypotheses required applying econometric models. The findings suggest that the Lintner model can be applied for construction companies listed on the Warsaw Stock Exchange because the smoothing effect was statistically significant in most cases. However, it was not possible to identify statistically significant smoothing factors, although these factors can be useful in order to estimate the logit model which is used to predict whether the company will pay a dividend or not.(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
The Main Library of the Wroclaw University of Economics
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Bibliography
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ISSN
2080-5993
Language
eng
URI / DOI
http://dx.doi.org/10.15611/nof.2016.2.01
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