BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Zyguła Andrzej (Uniwersytet Ekonomiczny w Krakowie / Kolegium Ekonomii, Finansów i Prawa)
Title
The Signalling Effect - Changes in the Current Dividend Policy and the Future Results of The Companies - Theory and Practice
Efekt sygnalizacji - zmiany w bieżącej polityce dywidendy a przyszłe wyniki spółek - teoria i praktyka
Source
Finanse, Rynki Finansowe, Ubezpieczenia, 2017, nr 5 (89) cz. 2, s. 351-360, bibliogr. 49 poz.
Issue title
Rynki kapitałowe
Keyword
Dywidenda, Polityka dywidend, Spółki giełdowe, Efekt sygnalizacji
Dividend, Dividend policy, Stock market companies, Signalling effect
Note
streszcz., summ., The publication was financed from resources allocated to the Faculty of Finance of Cracow University of Economics as part of the grant to maintain research capacity.
Abstract
Cel - Celem artykułu jest przedstawienie efektu sygnalizacji a w szczególności przybliżenie jego teoretycznych podstaw oraz dokonanie przeglądu głównych badań empirycznych nad tym efektem. Metodologia badania - Przegląd literatury umożliwiający zidentyfikowanie i omówienie głównych prac teoretycznych i empirycznych dotyczących efektu sygnalizacji. Wynik - Przeprowadzone studium literatury, dotyczącej efektu sygnalizacji, prowadzi do wniosku, że wśród naukowców tak jak zasadniczo jest zgoda co do tego, iż wypłaty dywidend niosą z sobą pewne informacje, tak nie ma zgody co do tego co one tak naprawdę sygnalizują. Oryginalność/wartość - Opisywane w polskiej literaturze teorie dywidendowe omawiane są na ogół w sposób zbiorczy. Artykuł skupiając się tylko na jednym kontekście polityki dywidendowej tj. efekcie sygnalizacji oferuje bardziej dogłębne i kompleksowe spojrzenie na prezentowane zagadnienie.(abstrakt oryginalny)

Purpose - The purpose of this article is to present the signalling effect, in particular, to introduce its theoretical foundations and to review major empirical studies on this effect. Design/methodology/approach - The literature review enabling to identify and discuss the main theoretical and empirical works regarding the signalling effect. Findings - The conducted study of the literature on the signalling effect leads to a conclusion that although researchers generally agree that dividend payments give some information, there is no consensus on what they really signal. Originality/value - Dividend theories described in the Polish literature are most often discussed in a collective way. By focusing on only one dividend policy aspect, i.e. the signalling effect, the article offers a more in-depth and comprehensive view of the presented issue.(original abstract)
Accessibility
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Full text
Show
Bibliography
Show
  1. Allen, F., Michaely, R. (2002). Payout Policy. The Wharton Financial Institutions Center, Working Paper Series 01-21-B.
  2. Al-Malkawi, H.N., Rafferty, M., Pillai, R. (2010). Dividend Policy: A Review of Theories and Empirical Evidence. International Bulletin of Business Administration, 9, 171-200.
  3. ap Gwilym, O., Clare, A., Seaton, J., Thomas, S. (2008). Dividend Resumptions, Future Profitability and Stock Returns. CAMR Working Papers, Cass Business School City University London. Retrieved from: http://www. cass.city.ac.uk/research-and-faculty/centres/camr/working-papers (12.11.2016).
  4. Benartzi, S., Michaely, R., Thaler, R. (1997). Do changes in dividends signal the future or the past? Journal of Finance, 3 (52), 1007-1034. DOI: 10.1111/j.1540-6261.1997.tb02723.x.
  5. Benhamouda, Z. (2007). UK corporate share repurchases: an empirical analysis of corporate motives and payout policies. Durham theses, Durham University. Retrieved from: http://etheses.dur.ac.uk/2137/ (12.11.2016).
  6. Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy. Bell Journal of Economics, 1 (10), 259-270. DOI: 10.2469/dig.v27.n1.3.
  7. Black, F. (1976). The Dividend Puzzle. The Journal of Portfolio Management, 2 (2), 5-8. DOI: 10.3905/jpm.1976.408558.
  8. Brealey, R.A., Myers, S.C., Allen, F. (2011). Principles of Corporate Finance 10th ed. New York: McGraw-Hill/Irwin.
  9. Brycz, B., Pauka, M. (2013). Dywidendy inicjalne jako sygnały o przyszłych wynikach na przykładzie spółek z GPW w Warszawie. Zarządzanie i Finanse, 2 (4), 19-29.
  10. Chen, S.-S., Fu, K.-C. (2011). An Examination of the Free Cash Flow and Information/Signaling Hypotheses Using Unexpected Dividend Changes Inferred from Option and Stock Prices: The Case of Regular Dividend Increases. Review of Pacific Basin Financial Markets and Policies, 3 ( 14), 563-600. DOI: 10.1142/S0219091511002329.
  11. Chen, T.-Y. (2006). Payout policy, signalling, and firm value. Durham theses, Durham University. Retrieved from: http://etheses.dur.ac.uk/2660 (12.11.2016).
  12. Choi, Y.M., Ju, H.K., Park, Y.K. (2011). Do dividend changes predict the future profitability of firms. Accounting and Finance, 51, 869-891. DOI: 10.1111/j.1467-629X.2010.00379.x.
  13. Chowdhury, R.H., Maung, M., Zhang, W. (2010). Information Content of Dividends: Evidence from China's Local and Cross-Listed Firms. Northern Finance Association Conference 2010. Retrieved from: http://www.northernfinance.org/2010/NFAPapers2010 (01.06.2015).
  14. Cwynar, A., Cwynar, W. (2007). Kreowanie wartości przez długoterminowe decyzje finansowe. Warszawa-Rzeszów: Polska Akademia Rachunkowości.
  15. DeAngelo, H., DeAngelo, L., Skinner, D.J. (1996). Reversal of Fortune: Dividend Signalling and the Disappearance of Sustained Earnings Growth. Journal of Financial Economics, 3 ( 40), 341-371. DOI: 10.1016/0304-405X(95)00850-E.
  16. Fairchild, R., Guney, Y., Thanatawee, Y. (2014). Corporate dividend policy in Thailand: Theory and evidence. International Review of Financial Analysis, 31, 129-151. DOI: 10.1016/j.irfa.2013.10.006.
  17. Frankfurter, G.M., Wood Jr., B.G., Wansley, J. (2003). Dividend Policy Theory and Practice. San Diego-London: Academic Press.
  18. Ghodrati, H., Hashemi, A. (2014). A study on relationship between dividend changes with future profitability. Management Science Letters, 4, 1043-1050. DOI: 10.5267/j.msl.2014.3.004.
  19. Gonedes, N.J. (1978). Corporate Signaling, External Accounting, and Capital Market Equilibrium Evidence on Dividends, Income, and Extraordinary Items. Journal of Accounting Research, 1 (16), 26-79. DOI: 10.2307/2490411.
  20. Grullon, G., Michaely, R., Benartzi, S., Thaler, R.H. (2005). Dividend Changes Do Not Signal Changes in Future Profitability. Journal of Business, 5 (78), 1659-1682. DOI: 10.1086/431438.
  21. Grullon, G., Michaely, R., Swaminathan, B. (2002). Are dividend changes a sign of firm maturity? The Journal of Business, 3 (75), 387-424. DOI: 10.1086/339889.
  22. Healy, P.M., Palepu, K.G. (1988). Earnings Information Conveyed by Dividend Initiations and Omissions. Journal of Financial Economics, 2 (21), 149-176. DOI: 10.1016/0304-405X(88)90059-1.
  23. Howatt, B., Zuber, R.A., Gandar, J.M., Lamb, R.P. (2009). Dividends, earnings volatility and information. Applied Financial Economics, 7 (19), 551-562. DOI: 10.1080/09603100802345397.
  24. John, K., Williams, J. (1985). Dividends, Dilution, and Taxes: A Signalling Equilibrium. The Journal of Finance, 4 (40), 1053-1070. DOI: 10.2307/2328394.
  25. Kadıoğlu, E., Öcal, N. (2016). Dividend Changes and Future Profitability: Evidence from the Turkish Stock Market. International Journal of Economics and Finance, 3 (8), 196-205. DOI: 10.5539/ijef.v8n3p196.
  26. Koch, P.D., Shenoy, C. (1999). The Information Content of Dividend and Capital Structure Policies. Financial Management, 4 (28), 16-35.
  27. Kowerski, M. (2011). Ekonomiczne uwarunkowania decyzji o wypłacie dywidend przez spółki publiczne. Kraków-Rzeszów-Zamość: Konsorcjum Akademickie.
  28. Laub, P.M. (1976). On the Informational Content of Dividends. Journal of Business, 1 (49), 73-80.
  29. Lease, R.C., John, K., Kalay, A., Loewenstein, U., Sarig, O.H. (2000). Dividend policy. Its impact on firm value. Boston: Harvard Business School Press.
  30. Lee, K.F. (2010). An Empirical Study of Dividend Payout and Future Earnings in Singapore. MPRA Paper, no. 23067. Retrieved from: https://mpra.ub.uni-muenchen.de/23067 (12.11.2016).
  31. Lee, S.-P., Isa, M., Lim, W.-L. (2012). Dvidend changes and future profitability evidence from Malaysia. Asian Academy of Management Journal of Accounting and Finance, 2 (8), 93-110.
  32. Liljeblom, E., Mollah, S., Rotter, P. (2015). Do dividends signal future earnings in the Nordic stock markets? Review of Quantitative Finance and Accounting, 3 (44), 493-511, DOI: 10.1007/s11156-013-0415-3.
  33. Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. American Economic Review, 2 (46), 97-113.
  34. Lipson, M.L., Maquieira, C.P., Megginson, W. (1998). Dividend Initiations and Earnings Surprises. Financial Management, 3 (27), 36-45.
  35. Miller, M.H., Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. Journal of Business, 4 (34), 411-433.
  36. Miller, M.H., Rock, K. (1985). Dividend Policy under Asymmetric Information. Journal of Finance, 4 (40), 1031-1051. DOI: 10.2307/2328393.
  37. Nissim, D., Ziv, A. (2001). Dividend changes and future profitability. Journal of Finance, 6 (56), 2111-2133. DOI: 10.1111/0022-1082.00400.
  38. Pettit, R.R. (1976). The Impact of Dividend and Earnings Announcements: A Reconciliation. The Journal of Business, 1 (49), 86-96.
  39. Pieloch-Babiarz, A. (2015). Dividend initiation as a signal of subsequent earnings performance - Warsaw trading floor evidence. In: K. Jajuga, W. Ronka-Chmielowiec (eds.), Financial Investments and Insurance - Global Trends and the Polish Market (pp. 301-313). Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 381. DOI: 10.15611/pn.2015.381.23.
  40. Quiry, P., Dallocchio, M., Le Fur, Y., Salvi, A. (2005). Corporate Finance Theory and Practice. Chichester: John Wiley & Sons Ltd.
  41. Seaton, J. (2006). Dividends, Payouts and Stock Returns in the United Kingdom. University of Southampton, Phd theses.
  42. Sierpińska, M. (1999). Polityka dywidend w spółkach kapitałowych. Warszawa-Kraków: Wydawnictwo Naukowe PWN.
  43. Soterennis, D., Brigham, E., Evanson, P. (1969). The Dividend Cut "Heard' Round The World": The Case of FPL. Journal of Applied Corporate Finance, 1 (9), 4-16. DOI: 10.1111/j.1745-6622.1996.tb00096.x.
  44. Stacescu, B. (2006). Dividend Policy in Switzerland. Financial Markets and Portfolio Management, 2 (20), 153-183. DOI:10.1007/s11408-006-0013-7.
  45. Tuzimek, R. (2013). Decyzje finansowe w spółkach giełdowych a wartość akcji. Warszawa: Oficyna Wydawnicza Szkoły Głównej w Warszawie.
  46. Vieira, E., Raposo, C.C. (2007). Signalling with Dividends? New Evidence from Europe. Retrieved from: https:// papers.ssrn.com/sol3/papers.cfm?abstract_id=1004523 (12.11.2016).
  47. Watts, R. (1973). The Information Content of Dividends. Journal of Business, 2 (46), 191-211.
  48. Wrońska, E.M. (2009). Zawartość informacyjna dywidend. Zeszyty Naukowe Uniwersytetu Szczecińskiego, 549, Ekonomiczne Problemy Usług, 39, 139-145.
  49. Zenonos, M. (2003). The Dividend Policy in Europe: the Cases of the UK, Germany, France and Italy. City University London, Phd theses. Retrieved from: http://openaccess.city.ac.uk/8404 (12.11.2016).
Cited by
Show
ISSN
2450-7741
Language
eng
URI / DOI
http://dx.doi.org/10.18276/frfu.2017.89/2-28
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu