عنوان انگلیسی مقاله:

Determinants of Dividend Policy: Evidence from Polish Listed Companies

ترجمه عنوان مقاله: عوامل تعیین کننده سیاست تقسیم سود: شواهد ذکر شده از شرکت های لهستانی

رشته: مدیریت مالی و حسابداری

سال انتشار: 2015

تعداد صفحات مقاله انگلیسی: 5 صفحه

منبع: الزویر و ساینس دایرکت

نوع فایل: pdf

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چکیده مقاله

Absract Determinants of Dividend Policy: Evidence from Polish Listed Companies

Dividend policy has been still a controversial issue in corporate finance. The question, when and why do firms pay dividends, is still valid. Vast literature has examined the dividend policies of firms from developed countries, especially  from U.S. Relatively little research has yet been published examining the dividend policies of companies from emerging countries. The main goal of this  paper  is  to  examine  cash  dividend  payments  of  Polish  listed  companies.  In  this  study,  panel  data  analysis  is  applied  to  investigate the determinants of dividend policies of Polish companies. The paper also explains the impact of different factors on dividend policy on Polish market. Moreover, it tries to examine whether the same factors (profitability, liquidity, size, leverage of the firm) affect dividend payout decisions on Polish market as on developed countries.

Keywords: corporate finance, dividend policy, emerging markets, Warsaw Stock Exchange

مقدمه مقاله

Introduction Determinants of Dividend Policy: Evidence from Polish Listed Companies

The notion that dividends policy is an important aspect of corporate finance and it has implications for many group of company’s stakeholders (investors, managers, lenders) is not new. The discussion on its relevance has been ongoing since the pioneering works of Gordon (1959), Lintner (1956, 1962) and Miller and Modigliani (1958, 1961). Black (1976) wrote that “the harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just do not fit together”. Since the mentioned work of Black, dividend payout policy has been the primary puzzle in corporate finance.

ترجمه مقاله عوامل تعیین کننده سیاست تقسیم سود: شواهد ذکر شده از شرکت های لهستانی

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