BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Kluzek Marta (Poznań University of Economics and Business), Schmidt-Jessa Katarzyna (Poznań University of Economics and Business)
Tytuł
Special State Aid Measures during COVID-19 and Corporate Dividend Policy: Early Evidence from Polish Public Companies
Źródło
Economics and Business Review, 2022, vol. 8 (22), nr 1, s. 72-89, tab., bibliogr. 34 poz.
Słowa kluczowe
COVID-19, Pomoc publiczna, Pomoc państwowa, Dywidenda, Polityka finansowa przedsiębiorstwa
COVID-19, Public aid, State aid, Dividend, Enterprise financial policy
Uwagi
Klasyfikacja JEL: G10, G35, H76
summ.
Abstrakt
The main aim of this paper is to verify whether companies that received special state aid as part of anti-crisis help to mitigate the negative effects of the coronavirus pandemic decided to pay dividends in 2020. The probability of paying dividend was lower for companies that were granted state aid, the variable was statistically significant and the impact was relevant. Among Polish listed companies those ones that received state aid and paid dividends were of average size and age but had the highest level of cash ratio and the lowest level of debt. If a similar crisis occurs in the future the main task for policymakers will be to provide more directed and unambiguous aid for companies in order to avoid unproductive spending as well as to provide general rules that will restrict dividend payment for beneficiaries of any state-aid. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Al-Malkawi, H.-A.N. (2007). Determinants of corporate dividend policy in Jordan: An application of the Tobit model. Journal of Economic and Administrative Sciences, 23(2), 44-70.
  2. Ali, H. (2021, July). Corporate dividend policy in the time of COVID-19: Evidence from the G-12 countries. Finance Research Letters.
  3. Andrzejczak, M. (2021). The impact of COVID-19 on the finances of multinational enterprises from the perspective of Balance of Payments transactions. In E. Mińska-Struzik, & B. Jankowska (Eds.), Toward the "new normal" after COVID-19 - a post-transition economy perspective (pp. 100-123). Poznań: Poznań University of Economics and Business Press. https://doi.org/10.18559/978-83-8211-061-6/I8
  4. Baker, H.K., & Powell, G.E. (2000). Determinants of corporate dividend policy: A survey of NYSE firms. Financial Practice & Education, 10(1), 29-41.
  5. Baker, M., & Wurgler, J. (2004). A catering theory of dividends. Journal of Finance, 59(3), 1125-1165. https://doi.org/10.1111/j.1540-6261.2004.00658.x
  6. Bernhardt, D., Douglas, A., & Robertson, F. (2005). Testing dividend signaling models. Journal of Empirical Finance, 12(1), 77-98. https://doi.org/10.1016/j.jempfin.2003.10.002
  7. Bhattacharya, S. (1979). Imperfect information, dividend policy, and "the bird in the hand" fallacy. The Bell Journal of Economics, 10(1), 259-270. https://doi.org/10.2307/3003330
  8. Brav, A., Graham, J.R., Harvey, C.R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527. https://doi.org/10.1016/j.jfineco.2004.07.004
  9. Chay, J.B., & Suh, J. (2009). Payout policy and cash-flow uncertainty. Journal of Financial Economics, 93(1), 88-107. https://doi.org/10.1016/j.jfineco.2008.12.001
  10. DeAngelo, H. & DeAngelo, L. (1990, December). Dividend policy and financial distress: An empirical investigation of troubled NYSE firms. The Journal of Finance, 45(5), 1415-1431. https://doi.org/10.1111/j.1540-6261.1990.tb03721.x
  11. DeAngelo, H., DeAngelo, L., & Skinner, D.J. (2000). Special dividends and the evolution of dividend signaling. Journal of Financial Economics, 57(3), 309-354. https://doi.org/10.1016/s0304-405x(00)00060-x
  12. DeAngelo, H., DeAngelo, L., & Stulz, R.M. (2006). Dividend policy and the earned/ contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254. https://doi.org/10.1016/j.jfineco.2005.07.005
  13. Denis, D.J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89(1), 62-82. https://doi.org/10.1016/j.jfineco.2007.06.006
  14. European Commission. (n.d.). State aid cases. https://ec.europa.eu/info/live-work-travel-eu/coronavirus-response/jobs-and-economy-during-coronavirus-pandemic/state-aid-cases
  15. European Commission. (2020). Communication from the Commission Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak 2020. Official Journal of the European Union, C/2020/1863.
  16. Fama, E.F., & French, K.R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay?. Journal of Financial Economics, 60(1), 3-43. https://doi.org/10.1016/S0304-405X(01)00038-1
  17. Fama, E.F., & French, K.R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 15(1), 1-33. https://doi.org/10.1093/rfs/15.1.1
  18. Hauser, R. (2013). Did dividend policy change during the financial crisis?. Managerial Finance, 39(6), 584-606. https://doi.org/10.1108/03074351311322861
  19. Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283-298. https://doi.org/10.1016/j.ribaf.2016.01.018
  20. KPMG. (2020). COVID-19 global tax developments summary. Retrieved from kpmg.com
  21. Krieger, K., Mauck, N., & Pruitt, S.W. (2020, December). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42, 101910. https://doi.org/10.1016/j.frl.2020.101910
  22. Lang, L.H.P., & Litzenberger, R.H. (1989). Dividend announcements. Cash flow signalling vs. free cash flow hypothesis?. Journal of Financial Economics, 24(1), 181-191. https://doi.org/10.1016/0304-405X(89)90077-9
  23. Leary, M.T., & Michaely, R. (2011). Determinants of dividend smoothing: Empirical evidence. Review of Financial Studies, 24(10), 3197-3249. https://doi.org/10.1093/rfs/hhr072
  24. Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113.
  25. Mazur, M., Dang, M., & Vo, T.T.A. (2020). Dividend policy and the COVID-19 crisis. SSRN Electronic Journal, 1-27. https://doi.org/10.2139/ssrn.3723790
  26. Miller, M.H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411-433. https://www.jstor.org/stable/2351143
  27. Orbis. (n.d.). Database. Retrieved April 10-15, 2021 from https://www.bvdinfo.com/en-gb/our-products/data/international/orbis
  28. Pettenuzzo, D., Sabbatucci, R., & Timmermann, A. (2021). Outlasting the pandemic: Corporate payout and financing decisions during COVID-19. (Swedish House of Finance Research Paper, 21-10). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823258
  29. Pieloch-Babiarz, A. (2021). The monitoring role of multiple large shareholders and the catering effect of dividends: Evidence from Poland. Economics and Business Review, 21(4), 72-93. https://doi.org/10.18559/ebr.2021.4.5
  30. Rozeff, M.S. (1982). Growth, beta and agency costs as determinants of Dividend Payout Ratio. Journal of Financial Research, 5, 249-259.
  31. SUDOP. (n.d.). Public aid data sharing system. Retrieved March 20, 2021 from https://sudop.uokik.gov.pl/search/aidBeneficiary
  32. Sullivan, A. (2020). Companies take coronavirus state aid yet still plan on paying billions in dividends. Deutsche Welle. Retrieved from https://p.dw.com/p/3bCb1
  33. Walkup, B. (2016). The impact of uncertainty on payout policy. Managerial Finance, 42(11), 1054-1072. https://doi.org/10.1108/MF-09-2015-0237
  34. Zechner, J., Cejnek, G., & Randl, O. (2020). The COVID-19 pandemic and corporate dividend policy. (Financial Economics, Discussion. Paper DP14571). Centre for Economic Policy Research.
Cytowane przez
Pokaż
ISSN
2392-1641
Język
eng
URI / DOI
http://dx.doi.org/10.18559/ebr.2022.1.5
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu