High propensity to pay dividends by state-controlled companies in Poland: Tunneling or maturity effect?

Artikel

Usage of a random effects panel logit model have shown in this paper that the high propensity to pay dividends by the state-controlled companies quoted on the Warsaw Stock Exchange over the last years was not a result of the tunneling effect but was the maturity effect. The state-controlled companies which pay dividends fulfil the maturity effect criteria as they are big, profitable, have low investment opportunities and financial leverage, and are characterised by low risk associated with investing in their shares. The additional evidence of a reasonable and stable dividend policy pursued by the state-controlled companies are: payout ratio on the level of slightly more than 50% and lower by almost 8 percentage points than in the other companies; and relatively rare use of the reserve capital for dividends. However, state-controlled companies listed on the WSE are mostly commercial and of a fi scal nature for the state, which may create a temptation for tunneling.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: e-Finanse: Financial Internet Quarterly ; ISSN: 1734-039X ; Volume: 11 ; Year: 2015 ; Issue: 4 ; Pages: 64-73 ; Rzeszów: University of Information Technology and Management

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Financial Markets and the Macroeconomy ; Financial Forecasting and Simulation ; Payout Policy
• Thema: Warsaw Stock Exchange ; state-controlled companies ; dividend policy ; maturity effect ; tunneling effect

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Kowerski, Mieczysław
• Ereignis: Veröffentlichung
• (wer): University of Information Technology and Management
• (wo): Rzeszów
• (wann): 2015

Weitere Informationen

• DOI: doi:10.14636/1734-039X_11_4_006
• Handle: http://hdl.handle.net/10419/147139
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ