Greedy State? The Effect of the Government Shareholder on the Dividend Payout Ratio and Smoothing Levels

Nowak, Sabina; Mosionek-Schweda, Magdalena; Mrzygłód, Urszula; Kwiatkowski, Jakub

doi:10.4467/24498939ijcm.17.041.8264

Cited by 2 publications

(1 citation statement)

References 38 publications

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“…Interesting studies of the impact of state treasuries from emerging markets of the EMEA Group (Europe, the Middle East, and Africa) on dividend decisions using the Lintner model were conducted by Nowak et al (2017). The initial sample covered 2481 companies listed on the stock exchanges of 10 countries originating in the EMEA region (including Polish) over a period of twenty-two years: 1994-2015.…”

Section: Dividend Target Payout Ratio In Capital Markets Research Worldwide and In Polandmentioning

confidence: 99%

The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

Kowerski

Sowa

2021

ZN MWSE w Tarnowie

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Lintner’s (1956) partial adjustment model identifies the company’s long-term dividend policy by setting a dividend target payout ratio and the speed of adjustment. And although the model has undergone various modifications and methods of estimation over more than 60 years, it is still a good tool for analyzing dividend decisions made by companies. The aim of the article is to show the usefulness of the Lintner model for analyzing changes in the company’s dividend policy during the pandemic turmoil. For the illustration, Hydrotor SA was chosen, which, the longest time at the Warsaw Stock Exchange, continuously pays dividends. The calculations showed that the situation in 2020 resulted in a revision of the company’s long-term dividend strategy, which resulted in a lowering of the dividend target payout ratio and a greater attention to the current situation (current net profits)—an increase in the speed of adjustment.

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Section: Dividend Target Payout Ratio In Capital Markets Research Worldwide and In Polandmentioning

confidence: 99%

The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

Kowerski

Sowa

2021

ZN MWSE w Tarnowie

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Ownership structure, board characteristics and dividend policy: evidence from the Warsaw Stock Exchange

Pieloch-Babiarz

2019

EiP

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Motivation: The ownership structure is a frequently undertaken research issue on the dividend determinants. However, there are not many scientific studies conducted on the Warsaw Stock Exchange (WSE) which investigate the ownership structure of dividend payers in the context of board characteristics (i.e. board composition, board independence or chairman entrenchment). Therefore, a research gap has been observed in this area and an appropriate study has been conducted. Aim: The aim of the paper is to investigate the links between the ownership structure of publicly traded companies and the dividend pay-outs in the context of board characteristics. Results: Empirical research has been conducted on a group of 354 non-financial companies listed on the WSE. The results of the study indicate that in the companies that pay out dividend one can observe a greater share of both the institutional investors and the State Treasury. The board of such companies is bigger, the board members more often hold shares and the chairman occupies the position for a longer time. Moreover, the propensity to pay dividend and dividend amount increase if there is an increase in institutional ownership, board duality and chairman entrenchment.

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Greedy State? The Effect of the Government Shareholder on the Dividend Payout Ratio and Smoothing Levels

Abstract: Background. This study examines the dividend patterns among companies listed on the stock exchanges in selected countries from Europe, the Middle East, and Africa (EMEA), namely the Czech Republic,

Cited by 2 publications

References 38 publications

The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

Ownership structure, board characteristics and dividend policy: evidence from the Warsaw Stock Exchange

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