Reakcja akcjonariuszy na decyzje o wypłacie dywidendy w spółkach publicznych – wyniki badań empirycznych
Market reactions to dividend announcements in public companies – empirical evidence

Summary/Abstract: The effects of the decisions concerning the distribution of profits on market value of a company have been addressed by numerous empirical studies. At the beginning of the paper an overview is provided of studies analysing how shareholders respond to changes in the dividend policy, which represents the market evaluation of the impact of event on the value of a company on developed and Polish markets. In order to identify similarities among the reactions of various shareholders and the impact of decisions related to dividend policies on the Polish capital market on the market value, abnormal returns have been studied out among companies listed on the Warsaw Stock Exchange.

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