EconPapers    
Economics at your fingertips  
 

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

Aleksandra Pieloch-Babiarz ()
Additional contact information
Aleksandra Pieloch-Babiarz: University of Lodz

Ekonomia i Prawo, 2019, vol. 18, issue 3, 317-330

Abstract: 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.

Keywords: dividend pay-out; ownership structure; board composition; board independence; chairman entrenchment (search for similar items in EconPapers)
JEL-codes: G11 G18 G35 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://dx.doi.org/10.12775/EiP.2019.022 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpn:umkeip:v:18:y:2019:i:3:p:317-330

Access Statistics for this article

Ekonomia i Prawo is currently edited by Barbara Polszakiewicz and Jerzy Boehlke

More articles in Ekonomia i Prawo from Uniwersytet Mikolaja Kopernika
Bibliographic data for series maintained by Miroslawa Buczynska ().

 
Page updated 2019-11-24
Handle: RePEc:cpn:umkeip:v:18:y:2019:i:3:p:317-330