TY - JOUR
TI - The ownership structure, R&D activity, and dividend policy of companies listed on the Warsaw Stock Exchange
AU - Kwiatkowski, Jakub M.
TI - The ownership structure, R&D activity, and dividend policy of companies listed on the Warsaw Stock Exchange
AB - 
	For almost seven decades, the rules determining the dividend policy of companies have been the subject of interest of researchers worldwide. Due to the variety of factors influencing managers’ decisions on dividend payouts, the issue has been named “the dividend puzzle”. The following research focuses on two determinants of dividend policy – research and development activity and government ownership of companies listed on the Warsaw Stock Exchange over the period 1992–2016. We utilize a non-parametric statistical approach to financial data obtained from 296 companies to verify how both factors are related to the dividend policy of companies. We find that both R&D activity and government ownership have an adverse impact on dividend payouts. The first section of the paper presents the literature review and research hypotheses. The second section presents utilized methods and the data sample. Section three shows the obtained results, and finally, the last section summarizes the research.
VL - 2018
IS - Volume 37
PY - 2018
SN - 2300-6102
C1 - 2353-9496
SP - 286
EP - 298
DO - 10.4467/23539496IB.18.020.9393
UR - https://ejournals.eu/en/journal/ibage/article/struktura-akcjonariatu-a-polityka-wyplacania-dywidend-spolek-prowadzacych-dzialalnosc-badawczo-rozwojowa-w-polsce
KW - R&D
KW - government ownership
KW - dividend policy
KW - dividend determinants