Determinants of Corporate Dividend Policy in Polish Companies Listed on WSE

Gostkowska-Drzewicka Magdalena () and Majerowska Ewa ()
Additional contact information
Gostkowska-Drzewicka Magdalena: University of Gdańsk, Faculty of Management, Department of Corporate Finance
Majerowska Ewa: University of Gdańsk, Faculty of Management, Department of Econometrics

Financial Internet Quarterly (formerly e-Finanse), 2019, vol. 15, issue 3, 47-55

Abstract: The purpose of this paper is to identify the factors influencing the level of dividend payments in the companies listed on the Warsaw Stock Exchange in 1998-2017 as well as to provide empirical evidence for their significance, using a panel data approach. The object of research comprised the companies listed on WSE, as of February 01, 2019. The subject of the analysis are the dividends paid by the companies and the factors potentially influencing the decisions regarding profit distribution. The models estimated for the panel data, based on the theory, allowed selection of the best model, which is the random-effects model. Moreover, these models allowed identification of the factors determining the changes in the level of dividend per share. The best model was the random-effects model. This model allowed identification of the factors impacting the changes in the level of dividend per share, that is, the value of the company’s total assets and the history of the company’s operation on the stock exchange market. All structural parameters (except the intercept) were positive. It means that growth of each of these variables causes an increase in the dividend per share.

Keywords: dividend policy; economic factors; corporate payout; panel data modelling (search for similar items in EconPapers)
JEL-codes: C50 G35 L74 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/fiqf-2019-0019 (text/html)

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:vrs:finiqu:v:15:y:2019:i:3:p:47-55:n:8

DOI: 10.2478/fiqf-2019-0019

Access Statistics for this article

Financial Internet Quarterly (formerly e-Finanse) is currently edited by Tomasz Skica

More articles in Financial Internet Quarterly (formerly e-Finanse) from Sciendo
Bibliographic data for series maintained by Peter Golla ().