Migracja wartości w spółkach dywidendowych
Value Migration in Dividend Companies Listed on the Warsaw Stock Exchange

Summary/Abstract: Purpose – The purpose of the paper is research hypothesis verification, that companies which regularly sharing their profits with shareholders multiplying in a greater extent capital contributed to the company than companies which don’t share these profits. Design/Methodology/approach – Value migration that presents companies pricing results by capital market has been used to reach the goal of the paper. Market value migration and added value migration have been separated. The research covers regularly paying dividends companies, which were defined as dividend companies. Findings – The research results showed great differences between private companies and companies with state share. Formulated research hypothesis has been positively verified only for private companies. Originality/Value – Contribution to the debate about the impact of the dividends on shares prices. Ownership structure is very important factor. Dividends’ importance theory has been confirmed referring to completely private companies.

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