Polityka wypłat na rzecz akcjonariuszy. Determinanty – reakcja rynku - ocena
Corporate Payout Policy. Determinants – Market Reaction – Evaluation

Author(s): Bogna Kaźmierska-Jóźwiak
Subject(s): Economy, Financial Markets
Published by: Wydawnictwo Uniwersytetu Łódzkiego
Keywords: dividend; dividend policy; share repurchase; corporate payout policy; Warsaw Stock Exchange;
Summary/Abstract: The 20th century brought significant changes to capital markets these were triggered by transformations within the economic and legal-regulatory environment, including those concerning the politics of profit share with shareholders. The trend that had its beginning in developed capital markets, particularly those in the United States, concerned broadening the range of solutions in the scope of the financial possibilities of settlements by the company with its owners. Firstly, the concept of payout policy started in the United States and later around the world, which means switching from a one-sided dividend policy to a multi-component payout policy (corporate payout policy, distribution policy). Such a broad approach to the payment policy which takes into account various possible forms of payment to the owners has been assumed by the author in this work. It should be emphasized that the dividend is in the historical sense dominant in the payout policy not only in Poland but also around the world. It is worth noting that in many European markets, at the beginning of the 21st century, it was not possible for a company to repurchase its own shares. Over the years, the experience of enterprises provided examples that in certain situations the repurchase of one’s own shares is a tool that increases the value of the company and, as a result, the value for shareholders. The share repurchase began to be treated as a tool to expand the possibilities of implementing the policy of paying out companies listed on the stock exchange. The monograph presents a comprehensive look at the issue of payout policy of nonfinancial companies listed on the Warsaw Stock Exchange. The objectives of this work are twofold. On the one hand the analysis and synthesis of the world’s research on dividend policy, share repurchases and payout policy. On the other hand – three empirical aims. First of all, to examine cash dividends and share purchases of nonfinancial companies listed on the WSE over the period of 2004–2016, secondly, to analyse the determinants of the firm’s propensity to either pay cash dividend or to repurchase shares, thirdly – to examine stock market reaction to dividend initiations and share repurchases announcements.

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