Zastosowanie modelu samoselekcji próby do opisu procesu podejmowania decyzji dywidendowych, na przykładzie spółek notowanych na GPW w Warszawie
The Application of the Self-Selection Model in the Description of the Dividend Decision-Making Process on the Example of the Companies Listed on the Warsaw Stock Exchange

Summary/Abstract: The Lintner partial adjustment model describes the relationship between the dividend paid for a given year and the income paid for that year, as well as the dividend paid for the previous year, in this way making it possible to identify the long-term dividend policy of a company. In most cases, the companies selected for study are those that regularly pay dividends throughout the analyzed period. Since sample selection is not random, the parameter estimator of the Lintner model is inconsistent. This is the problem of the self-selection of the sample, the solution to which, in the form of a two-equation model, was proposed by Heckman. In the case of dividend policy modelling, it consists of a selection equation, which is a probit panel model of the tendency to pay, and an outcome equation, which is the Lintner model. What is of vital importance here is the relationship between the errors of both the equations, which means that there was a problem of self-selection that “solved” the model. In the present article, the possibility of using the self-selection model in the description of the dividend decision-making pro-cess is discussed on the example of the companies listed on the WSE in the years 1998–2020.

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