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Author
Żyła Martyna (Uniwersytet Ekonomiczny we Wrocławiu)
Title
Teoria sygnalizacji w polityce dywidend na przykładzie spółek notowanych na NewConnect
Signalling Theory of Dividends Based on the Example of NewConnect Companies
Source
Ekonomia XXI Wieku, 2018, nr 4 (20), s. 100-117, rys., tab., bibliogr. 20 poz.
Economics of the 21st Century
Keyword
Rynek NewConnect, Efekt sygnalizacji, Dywidenda, Polityka dywidend
NewConnect market, Signalling effect, Dividend, Dividend policy
Note
JEL Classification: D82, G14, G35
streszcz., summ.
Abstract
Zgodnie z teorią sygnalizacji dywidendy mogą być dodatkowym sposobem na komunikowanie się spółki z inwestorami i przekazywanie im określonych informacji przez zarząd. Celem pracy jest sprawdzenie, czy za pomocą zmian w polityce wypłaty dywidend spółki notowane na rynku o wysokim poziomie asymetrii informacji - takim, którego przykładem jest alternatywny rynek akcji NewConnect, sygnalizują zmianę wyników i cen akcji. W konsekwencji dywidendy mogą być sposobem na ograniczanie kosztów agencji przez zarząd spółki. Początkowa próba wykorzystana w badaniach składała się ze wszystkich spółek, które były notowane na NewConnect w latach 2007-2015, z czego wyłoniono spółki regularnie wypłacające dywidendy. Jako regularną wypłatę dywidendy przyjęto płatności dokonywane przez minimum 5 lat z rzędu, jednak dozwolone było zawieszenie płatności na maksymalnie jeden rok.(abstrakt oryginalny)

According to the signaling theory, dividends can be an additional way for the company to communicate with investors and provide them with specific information by the management. The objective of the work is to check whether, through changes in the dividend policy, companies listed on the market with a high level of information asymmetry, such as alternative stock market NewConnect, signal changes in the financial results and share prices. Consequently, dividends can be used as a way to reduce agency costs by management of a company. The initial sample consisted of all companies that were listed on NewConnect in years 2007-2015, out of which there were selected companies that regularly (for a minimum of 5 years in a row) paid out dividends. Dividend payments that have been made for a minimum of 5 years in a row have been determined as regular payments, however it has been allowed to to suspend the payment for a maximum of one year.(original abstract)
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The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
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The Main Library of the Wroclaw University of Economics
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Bibliography
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Cited by
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ISSN
2353-8929
Language
pol
URI / DOI
http://dx.doi.org/10.15611/e21.2018.4.08
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