IMPACT OF FOREIGN OWNERSHIP ON DIVIDEND POLICY IN POLAND
Journal Title: e-Finanse - Year 2017, Vol 13, Issue 4
Abstract
The article analyses the impact of foreign investors, who were the majority shareholders of companies on the Warsaw Stock Exchange, on dividend policy of these companies in the years 2004-2014. An evaluation of the direction and strength of the influence of the analysed group of investors, using 2 models, was conducted applying logistic regression. The first – dividend payout policy based on the binary logit model - showed that along with a growing share of a foreign investor in a given company the probability of dividend payment by the company increased significantly. The second – dividend level change model based on the multinominal logit method - showed, however, that with an increasing share of foreign investors the probability that a given company will reduce the paid dividend level was enhanced significantly. Additionally, it should be stated that these results, irrespective of the model used, were to a very large extent in line with conclusions of the pecking order theory. However, in the case of signaling, free cash flow and maturity theories, these results only to a small extent provided evidence supporting these theories.
Authors and Affiliations
Andrzej Zyguła
Keywords
Related Articles
- EP ID EP324067
- DOI 10.1515/fiqf-2016-003
- Views 97
- Downloads 0
Should the paradigms of banking theory be redefined based on banking practice? (thoughts on the polarity of opinion concerning the polish banking sector)
In accordance with the principles of best academic practice, a research community is identified through an internalised paradigm comprising notions and theories that form the foundations of a given academic field or disc...
CORPORATE INCOME TAX RATES IN THE EU MEMBER STATES: WHY LOWER MEANS BETTER
Governments of EU Member States have been reducing statutory corporate income tax rates (“CIT”) for several years. What encourages them to take part in tax competition? The article discusses several issues which are in f...
ECONOMIC RELATIONS BETWEEN PERSONAL AND CORPORATE INCOME TAX
The main goal of this article is to discuss the mutual economic relations between personal and corporate income taxes. The article consists of three parts. The first is an introduction to these taxes and taxation. The se...
INFORMATION NEEDS OF FINANCIAL MARKET PROFESSIONALS IN THE BIG DATA AND SOCIAL MEDIA ERA. THE EMPIRICAL EVIDENCE FROM POLAND
To meet general objectives of the article, i.e. to check the extent to which the information needs of financial market institutions are satisfied, and to learn about whether there is a transition in this realm triggered...
Selection and assortment of the variables describing the relationship between the economy and the general government sector size by application of the LEM2 algorithm
This paper reverses the relatively frequent examined interrelation that links an impact of the public sector (and within it the general government sector) on the economy of the analyzed countries. The article analyses wh...