The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland

Oleksy Paweł () and Zyguła Andrzej ()
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Oleksy Paweł: Cracow University of Economics, Department of Financial Markets, cracow, Poland
Zyguła Andrzej: Cracow University of Economics, Department of Financial Markets, cracow, Poland

Central European Economic Journal, 2017, vol. 3, issue 50, 41-52

Abstract: In the paper, we examine the impact of ownership structure on dividend policy and shareholder value in non-financial companies from construction sector in Poland. More specifically, by distinguishing between financial and non-financial shareholders, we verify the involvement of financial institutions in company ownership and how it translates into changes in major dividend and shareholder value indicators. Our results show that the presence of financial investors in the ownership structure has a positive impact on probability that the company will pay out dividends, what is symptomatic for financialisation. However, there is not enough evidence to support similar conclusion regarding shareholder value creation.

Keywords: ownership structure; dividend policy; shareholder value; financialisation (search for similar items in EconPapers)
JEL-codes: G19 G20 G32 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ceuecj:v:3:y:2017:i:50:p:41-52:n:3

DOI: 10.1515/ceej-2017-0016

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