R&D activity and dividend policy of companies listed on the Warsaw Stock Exchange

Jakub Kwiatkowski ()
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Jakub Kwiatkowski: Economics of European Integration Division, Faculty of Economics, University of Gdañsk

No 1702, Working Papers of Economics of European Integration Division from The Univeristy of Gdansk, Faculty of Economics, Economics of European Integration Division

Abstract: For the last several decades, the rules determining dividend policy of companies have been questioned by researchers worldwide. Due to a variety of factors influencing managers’ decisions on dividend payouts, the issue has been named “the dividend puzzle”. The following research focuses on two determinants of dividend policy – research and development activity and government ownership of companies listed on the Warsaw Stock Exchange over the period 1992-2016. We utilize a non-parametric statistical approach to financial data obtained from 296 companies to verify how both factors influence the dividend policy of companies. We find that both, R&D activity and government ownership, have an adverse impact on dividend payouts. The first section of the paper presents the literature review and research hypotheses. The second section presents utilized methods and the data sample. Section three shows obtained results, and finally, the last section concludes.

Keywords: dividend policy; dividend determinants; R&D; government ownership (search for similar items in EconPapers)
JEL-codes: G35 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2017-12
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http://gnu.univ.gda.pl/~keie/aio43.pdf First version, 2017

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