Zróżnicowanie determinant wypłaty dywidendy przez przemysłowe spółki notowane na Giełdzie Papierów Wartościowych w Warszawie w latach 2001-2017
Diversification of the determinants of dividend payout by industrial companies listed on the Warsaw Stock Exchange in the years 2001-2017

Summary/Abstract: Purpose – The aim of the paper is to show the diversified role and importance of micro- and macroeconomic factors affecting the dividend payments conducted by industrial companies listed on the Warsaw Stock Exchange. Design/methodology/approach – The empirical research was carried out on industrial companies listed on the WSE in the years 2001–2017. The research method was a cross-temporal logistic regression model (2209 observations), as well as pseudo-R2 coefficient, t-Student test and Cochran-Cox test. Findings – Dividend payment depended mainly on microeconomic factors, in particular on the return on total assets and dividend payment in previous years, and to a lesser extent it was conditioned by macroeconomic factors. The probability of dividend payment increased along with the increase of GDP growth, the dynamics of investment expenditures, the dynamics of WIG index and the increase of PMI. Originality/value – The added value of the article is to fill the gap in the literature by presenting the results of empirical studies containing a relatively broader spectrum of determinants, including quantitative and qualitative macroeconomic factors in the analysis.

• Details
• Contents