W poszukiwaniu przyczyn inicjowania dywidend
In Search of Reasons Why Firms Begin Paying Regular Cash Dividend

Summary/Abstract: The research analyses dividend initiations and the reasons why firms begin paying regular cash dividend to shareholders in the context of signalling theory, agency theory, and life cycle theory. The research was conducted on the population of non-financial companies initiating dividends payments in the years 2009–2013 and listed on the Warsaw Stock Exchange at least 3 years before the event. Due to such assumptions, a small number of the population (27 firms) was obtained, which affects a limitation of the study. The study does not show statistically significant results of the analysis, therefore, we are not able to indicate the reasons why Polish nonfinancial firms did begin regular cash dividends in the years 2009–2013. We assume the necessity of further research in this area.

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