Signaling theory in dividend policy

• Autorzy: Bogołębska Justyna

Identyfikatory

DOI

10.29119/1641-3466.2022.158.6

• Języki publikacji: EN

Abstrakty

EN

Purpose: The purpose of this paper is to examine the signaling theory of dividend policy in companies that are listed on the Warsaw Stock Exchange. Design/methodology/approach: Based on the literature review of signaling theory in dividend policy, the research hypothesis was stated: There is no relationship between future earnings and current dividend payments in the financial statements of Warsaw listed companies during the studied period 2010-2021. Accordingly, an empirical model was built which consisted of an explanatory variable (dividend in subsequent years) and explanatory variables (earnings in subsequent years). In addition, a research questionnaire was conducted for individual investors who have been investing in the Warsaw Stock Exchange for more than one year. Findings: The estimation results of the econometric model confirmed that there is no relationship between the dividend paid and the profit of a given company. On the other hand, the survey results indicated that dividend policy is an important element in the decision-making process of individual investors in the stock market. Originality/value: The research in the paper is complementary in nature - the signaling theory in dividend policy was examined in a multifaceted manner - econometric testing of the model and qualitative research in the form of a survey among 100 investors.

Słowa kluczowe

EN

finance; signaling theory; dividend policy

PL

finanse; teoria sygnalizacji; polityka dywidendowa

• Wydawca: Wydawnictwo Politechniki Śląskiej
• Czasopismo: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
• Rocznik: 2022
• Tom: z. 158
• Strony: 85--94
• Opis fizyczny: Bibliogr. 22 poz.

Twórcy

autor

Bogołębska Justyna

• Uniwersytet Łódzki Wydział Zarządzania

• https://orcid.org/0000-0002-3730-1849

Bibliografia

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Uwagi

PL

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).