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Uniwersytet Gdański

ul. Bażyńskiego 1a 80-952 Gdańsk

Polska

ROR ID:

Ikona Research Organization Registry 011dv8m48

ISNI ID: 0000 0001 2370 4076

GRID ID: grid.8585.0

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Greedy State? The Effect of the Government Shareholder on the Dividend Payout Ratio and Smoothing Levels

Urszula Mrzygłód

International Journal of Contemporary Management, Numer 16(4), 2017, s. 119 - 143

https://doi.org/10.4467/24498939IJCM.17.041.8264

Background. This study examines the dividend patterns among companies listed on the stock exchanges in selected countries from Europe, the Middle East, and Africa (EMEA), namely the Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, the Russian Federation, South Africa, Turkey, and the United Arab Emirates.

Research aims. Although the dividend policy has been examined in numerous empirical studies, this paper aims to address the differences in the dividend payout ratios between the companies with- and without state ownership with respect to agency theory and the shareholders’ structure. Moreover, the smoothing pattern of dividends is investigated from the perspective of the government presence in the ownership structure.

Methodology. The research procedure comprises the ordinary least squares estimation of two separate dividend smoothing equations and the use of adequate parametric or non-parametric statistical tests.

Key findings. The obtained results indicate that the presence of the state in the shareholders’ structure coexists with the high levels of dividend payout ratios. The analysis of dividend smoothing behaviour gives mixed results. Although many companies smooth dividends in the research sample, the mean levels of the dividend speed of adjustment (SOA coefficients) are rather high among the stock markets in the selected EMEA countries. However, the country smoothing levels differ depending on the version of the applied equation. Moreover, no significant differences are found in the SOA levels between the companies with- and without state ownership.

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Government measures undertaken to facilitate access to finance for SME’s in Poland

Urszula Mrzygłód

International Business and Global Economy, Tom 33, 2014, s. 363 - 376

https://doi.org/10.4467/23539496IB.13.026.2411

The SME sector has been attracting attention of Polish and European public authorities for many years. In 2013 Polish government implemented the guarantees and sureties programmes designated particularly for the SMEs. The primary goal of these programmes is to improve the access to external financial sources for entrepreneurs, especially those who belong to the SMEs sector. The purpose of this article is to present those recent activities and, furthermore, to provide their preliminary assessment. The article is based on literature studies as well as on the analysis of the primary documents and operational framework of the selected programmes.

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Urszula Mrzygłód

Uniwersytet Gdański ( Polska)