Reakcja inwestorów na politykę wypłat dywidendy, a zmiany koniunktury giełdowej
Investors` reaction to dividend announcement and stock market phases

Summary/Abstract: Purpose – The main aim of this paper was to test the relation between changes in dividends paid, and the amount of abnormal returns. The issue was empirically tested for companies listed on the Warsaw Stock Exchange between 1998 and 2014, so in a bull and a bear market phase. Design/methodology/approach – Event study analysis with the cumulative abnormal rate of return was used as a measure of investors’ reaction to the change in the value of dividends. Three models were used as a benchmark, namely: the index, the market and the mean-adjusted models. Findings – The results are ambiguous. However, in most of the cases they confirm the hypothesis on the informational content of dividends. Originality/value – The research study includes data on all dividend payments of companies listed on the Warsaw Stock Exchange in the period 1998–2014. The research concerns all of the cases, in which it was possible to calculate the increase or decrease in the value of dividends paid during the bull market and the bear market phase, respectively.

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