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

Sabina Nowak; Magdalena Mosionek-Schweda; Urszula Mrzygłód; Jakub M. Kwiatkowski

Tytuły

Abstrakt

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.

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.

Słowa kluczowe

dividend smoothing, payout ratio, government shareholder, emerging stock markets, Europe, the Middle East, and Africa

Bibliografia

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Informacje

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

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

Typ artykułu: Oryginalny artykuł naukowy

Tytuły:

Polski:

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

Angielski:

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

Autorzy

Sabina Nowak

Wydział Zarządzania, Uniwersytet Gdański, Gdańsk, Polska

Magdalena Mosionek-Schweda

Katedra Finansów i Bankowości, Wyższa Szkoła Bankowa w Toruniu

Urszula Mrzygłód

Uniwersytet Gdański
ul. Bażyńskiego 1a 80-952 Gdańsk, Polska

Jakub M. Kwiatkowski

Wydział Ekonomiczny, Uniwersytet Gdański, Sopot, Polska

Publikacja: 26.03.2018

Status artykułu: Otwarte

Licencja: CC BY-NC-ND

Udział procentowy autorów:

Sabina Nowak (Autor) - 25%

Magdalena Mosionek-Schweda (Autor) - 25%

Urszula Mrzygłód (Autor) - 25%

Jakub M. Kwiatkowski (Autor) - 25%

Korekty artykułu:

-

Języki publikacji:

Angielski

Liczba wyświetleń: 1129

Liczba pobrań: 1051

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Tytuły

Abstrakt

Słowa kluczowe

Bibliografia

Informacje

Autorzy