scholarly journals Ownership structure, board characteristics and dividend policy: evidence from the Warsaw Stock Exchange

2019 ◽  
Vol 18 (3) ◽  
pp. 317
Author(s):  
Aleksandra Pieloch-Babiarz
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Board Characteristics ◽  
Warsaw Stock Exchange

Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach

2021 ◽  
Vol 3 (3) ◽  
pp. 288-308
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Two Stage ◽  
Second Stage ◽  
Negative Effect ◽  
Block Holders

The decision on the magnitude of dividend has been identified to be highly related to the decisions to pay or not to pay dividends in formulating dividend policy. However, literature seems to be homogeneous and focused on examining the effect of ownership structure on dividend level or probability of paying dividends. Therefore, the paper examines the effect of ownership structure on dividend policy using Heckman’s two-stage technique. Utilizing 304 firm-year observations from industrial and consumer goods firms listed in the Nigerian Stock Exchange for the period within 2009-2019, the result shows that in the first stage, only foreign ownership has a negative significant effect on the probability of paying dividends. However, after accounting for a possible correlation between the probability of paying dividends and dividend pay-out, the result on the second stage exhibits a significant negative effect with block-holders and foreign ownerships on dividend policy while institutional ownership reveals a positive significant effect. The overall results show that the lower the foreign ownership the higher the possibility of paying dividends. Also, higher dividend pay-out is associated with the lower level of block-holders and foreign ownerships coupled with higher institutional ownership in listed industrial and consumer goods firms in Nigeria.

scholarly journals Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange

2015 ◽  
Vol 15 (1) ◽  
pp. 69-82
Author(s):  
Bartłomiej Jabłoński ◽  
Jacek Kuczowic
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Investor Relations ◽  
Research Results ◽  
Dividend Policies ◽  
Dividend Payments ◽  
Warsaw Stock Exchange ◽  
Development Processes ◽  
Basic Determinant ◽  
The Way

Abstract Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.

scholarly journals Analisis Struktur Kepemilikan, Faktor Eksternal, Internal Terhadap Struktur Modal, Dividen, Nilai Perusahaan Manufaktur

2020 ◽  
Vol 30 (6) ◽  
pp. 1484
Author(s):  
Nurianah Nurianah ◽  
Muslich Anshori
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Firm Value ◽  
Structural Equation ◽  
Dividend Policy ◽  
Stock Exchange ◽  
External Factors ◽  
Equation Modeling ◽  
Internal Factors ◽  
Company Value

This study discusses and analyzes the Ownership Structure, External Factors, Internal Against Capital Structure, Dividends and Company Value. The population used in this study is companies listed on the Indonesia Stock Exchange using 37 companies. The data used are from 2010 to 2019, this study uses descriptive statistical analysis and inference with Structural Equation Modeling (SEM). The analysis shows: ownership structure does not oppose capital structure, dividend policy, and firm value, external factors affect internal factors, external factors do not oppose capital structure, external factors do not significantly influence firm value, internal factors related to capital structure, factors internal does not oppose dividend policy, internal factors oppose company value, capital structure opposes dividend policy, dividend policy has no effect on capital structure, capital structure is related to company value, and dividend policy is related to company value. Keywords: Ownership Structure; External and Internal Factors; Dividend Policy; Manufacture.

scholarly journals The Influence Of Profitability And Structure Of Ownership On Company Value With Dividend Policy As An Intervening Variable

2020 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Ulfah Setia Iswara ◽  
Teguh Gunawan Setyabudi
Keyword(s):  
Ownership Structure ◽  
Firm Value ◽  
Stock Price ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Research Data ◽  
Company Value ◽  
Report Data ◽  
A Company ◽  
Positive Effect

The established entity has the aim to increase the value of the company. the company's stock price can be a reference for valuing a company. This study aims to test and prove empirically the effect of profitability and ownership structure on firm value with dividend policy as an intervening variable. The research data is in the form of annual company report data listed on the Indonesia Stock Exchange from 2011 to 2016. Data analysis was performed using path analysis. The results showed that profitability and dividend policy had a significant positive effect on dividend policy, while the ownership structure had no effect on dividend policy. Profitability and dividend policy variables proved to have a significant effect on firm value, while ownership structure did not affect company value.

scholarly journals THE EFFECT OF AGENCY COSTS, OWNERSHIP STRUCTURE, SIGNALING, INVESTMENT OPPORTUNITIES, SIZE, FINANCIAL LEVERAGE, AND PROFITABILITY ON DIVIDEND POLICY OF COMPANIES LISTED IN INDONESIAN STOCK EXCHANGE

2021 ◽  
Vol 1 (2) ◽  
pp. 109-120
Author(s):  
Ferdi Nusaputra ◽  
Sautma Ronni Basana
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Agency Cost ◽  
Tobit Regression ◽  
Financial Leverage ◽  
Public Companies ◽  
Dividend Policies ◽  
Entire List ◽  
Investment Opportunities

The purpose of this research is to determine the effect of agency cost, ownership structure, signaling, investment opportunities, size, financial leverage, and profitability on dividend policies on public companies listed on the Indonesian Stock Exchange (IDX) period 2014 - 2019. This research sample uses the entire list of companies listed on the Indonesian Stock Exchange period 2014 - 2019. The data analysis method used is tobit regression. The results of this research analysis suggest that agency cost, ownership, investment opportunities, size, financial leverage, and profitability have a significant effect on dividend policy on companies listed in IDX period 2014 - 2019.

scholarly journals Impact of ownership structure on dividend policy: Case study of the listed oil and gas companies in Vietnam

2020 ◽  
Vol 6 (08) ◽  
Author(s):  
Hoang duc LE ◽  
Nguyen Tuan Anh ◽  
Nguyen Que Phuong ◽  
Ta Thu Phuong
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Oil And Gas ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
State Ownership ◽  
Financial Policies ◽  
Corporate Capital ◽  
Oil And Gas Companies

The study examines the effect of ownership structure on dividend policy in oil and gas companies listed on the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange. Using panel data from 21 oil and gas companies from 2010 to 2015, we find that dividend payout is negatively related to state ownership and institutional ownership. Our results show that state and institutions have unfavorable ties to cash dividends, indicating signs of corporate capital being expropriated by large shareholders. Moreover, we do not find a significant relation between foreign ownership and dividends. Overall, our findings suggest that oil and gas companies need adjustments in their ownership structure to reduce the concentration of state and institutional ownership to improve the effectiveness of business and financial policies.

scholarly journals Pengaruh Struktur Kepemilikan, Free Cash Flow terhadap Kebijakan Dividen pada Perusahaan Asuransi yang Terdaftar di BEI Tahun 2013-2017

2018 ◽  
Vol 17 (2) ◽  
pp. 94
Author(s):  
Deaninda Sekar Pembayun ◽  
Subarjo Subarjo
Keyword(s):  
Cash Flow ◽  
Ownership Structure ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Insurance Company ◽  
Beta Coefficient

This study aims to find out the Effect of Managerial Ownership Structure (MNJR), Institutional Ownership Structure (INST), Free cash flow (FCF), and the Ownership Structure on Dividend Policy of Insurance Company Registered on the Indonesia Stock Exchange 2013-2017. The population in this study amounted to 55 insurance companies listed on the Indonesia Stock Exchange in 2013-2017. The samples taken were 11 companies with purposive sampling techniques. Hypothesis testing is carried out using multiple linear regression analysis. The results of the study showed that (1) Managerial Ownership Structure does not affect the Dividend Policy as evidenced by the beta coefficient (B) of 0,000, t = -0,064 <t = 2,008, significance probability of 0,0950> 0,05 (2) ownership structure Institutional effect on Dividend Policy is proven by beta coefficient (B) of 0.020, t = 3.053> t = 2.008 and significance probability value of 0.004 <0.05 (3) Free cash flow does not affect Dividend Policy as evidenced by beta coefficient (B) 0,001, t = 1,904 <t = 2,008 and significance probability value of 0,063> 0,05 (4) probability Managerial Ownership Structure, Institutional Ownership Structure, Simultaneous Cash Flow affect the Dividend Policy as evidenced by the value F = 5,031> F = 4,238 , the significance probability value is 0.009 <0.05. Keywords: Managerial Ownership, Institutional Ownership, Free cash flow and Dividend Policy.

scholarly journals The Determinants of Corporate Dividend Policy in Poland

Ekonomika ◽  
2019 ◽  
Vol 98 (1) ◽  
pp. 96-110
Author(s):  
Justyna Rój
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Data Availability ◽  
Tobit Regression ◽  
Factors Affecting ◽  
Financial Firms ◽  
Investment Opportunities ◽  
Warsaw Stock Exchange ◽  
The Impact

[full article and abstract in English] The purpose of this research is to examine the factors that determine the dividend policy of non-financial firms listed on the Warsaw Stock Exchange (WSE) in Poland and that of the annually paid dividends. Up to now, many empirical studies related to dividend policy were carried out, showing the differentiation of factors affecting the dividend policy and their interaction. Thus, with this study, it would be possible to give a view on the dividend policy of corporations listed on the WSE for the period from 2008 to 2016. The study covers non-financial companies listed on the WSE in Poland. The Tobit regression is used to identify the impact of factors influencing the companies’ distribution of dividends. The variables that may explain a firm’s dividend decision and that were used in this study are selected based on the theory and available empirical researches and then also determined by data availability. These are profitability, investment opportunities, measures of size, leverage, and liquidity. As a result of this study, the factors that determine the dividend policy of companies were verified in the context of the companies listed on the WSE. Moreover, it indicates which of the existing theories on dividend policy could be applied to the capital markets of Poland. Thus, it provides new insights into the theory of dividend policy.

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