Wyniki wyszukiwania - BazTech

1

Investing in dividend vs. non-dividend stocks – efficiency assessment using fractal measures

Buła Rafał, Jabłoński Bartłomiej

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

|

2022

|

z. 160

109--128

EN

Purpose: The purpose of the paper is to reveal potential differences in risk and profitability of investment in dividend and non-dividend stocks. Design/methodology/approach: The scientific aim of the paper is achieved by conducting a scrupulous literature analysis. Moreover, the authors use methods of comparative analysis to investigate the characteristics of dividend and non-dividend stocks and reveal similarities and differences. Study of fractal features of chosen stocks and comparisons between abovementioned groups of shares are conducted using the ANOVA methods. Findings: The results of the empirical analyses conducted in this paper prove that dividends paid by US dividend companies grow at significantly lower rate than dividends distributed by Polish dividend stocks. Additionally, rates of return on Polish dividend stocks are more heavily influenced by dividend pay-outs than rates of return on US ones. Taking into account riskiness of investments there are no differences in risk level between dividend and non-dividend stocks in USA and Poland, independently whether the risk measure exploited is stock volatility or its fractal dimension. Research limitations/implications: The research was based on limited number of companies analyzed. As a result, there could be present a bias introduced by the deterministic method of choosing a sample of stocks. It is recommended to enlarge the analyzed set in future research. Practical implications: Knowledge about similarities and differences among dividend and non-dividend companies is highly relevant to investors as well as corporate managements. As a consequence, better financial decisions could be taken leading to increased final wealth. Social implications: Among the social implications of the paper the possible change in investors’ attitude towards dividend and non-dividend companies seems most important. This could influence companies’ boards to adjust their payout policies to satisfy the investors. Finally, the improvement in investor’s needs fulfillment can be achieved. Originality/value: The novelty of the paper is the comparison of dividend and non-dividend stocks taking into account classical and modern risk measures. Moreover, it compares the efficiency of investing in dividend and non-dividend stocks during period 2015-2021, i.e. partially catching the effect of SARS-CoV-2 pandemic filling a gap in our knowledge.

2

Determinants of Dividend Smoothing: Empirical evidence from non-financial firms listed on Vietnam stock exchanges

Tran Thanh Tat, Nguyen Dinh Van, Nguyen Yen Hai Thi

Annals of Computer Science and Information Systems

|

2021

|

Vol. 28

35--41

EN

This study considers the impact of different factors on the degree of dividend smoothing of non-financial firms listed in Vietnam during 2008 - 2018. We use two measures (Speed of Adjustment and Relative Volatility) to evaluate the degree of dividend smoothing. Using 2SLS estimation to solve endogenous issues in the model, we show that dividend smoothing is higher for firms with fragmented ownership structure, slim growth opportunities, large size, high-profit volatility and are in the highly competitive sector. We also contribute to the literature by the new finding that the firm age has a nonlinear relation (U-shaped) with the degree of dividend smoothing. Our results support the agency theory.

3

Optimal Parisian-Type Dividend Payments Penalized by the Number of Claims for the Classical and Perturbed Classical Risk Process

Czarna Irmina, Li Yanhong, Palmowski Zbigniew, Zhao Chunming

Probability and Mathematical Statistics

|

2020

|

Vol. 40, Fasc. 1

57--81

EN

We consider the classical risk process (the case σ = 0) and the classical risk process perturbed by a Brownian motion (the case σ > 0). We analyze the expected NPV describing the mean of the cumulative discounted dividend payments paid up to the Parisian or classical ruin time and further penalized by the number of claims that appeared up to that time. We identify this function for a constant barrier strategy and we find sufficient conditions for this strategy to be optimal. We also analyze a numerical example of exponential claim sizes.

4

Buy back, split, dywidenda a kurs akcji : wyniki badań spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie

Murawska M.

Nowoczesne Systemy Zarządzania

|

2014

|

T. 9, nr 1

291--300

PL

W artykule przedstawiono wyniki badań, których celem było określenie możliwości kształtowania wieloletniego, silnego, wzrostowego kursu akcji, począwszy od dnia debiutu danej spółki na giełdzie, z uwzględnieniem roli, jaką w tym procesie mogą odgrywać dywidenda oraz operacje splitu i skupu własnych akcji. W analizach uwzględniono spółki notowane na Giełdzie Papierów Wartościowych w Warszawie.

EN

The article presents the results of research, whose aim was to determine how companies build trend of shares in the long term, including the role of dividend, stock split and stock buy back. The analysis includes the data of companies listed on the Warsaw Stock Exchange.

5

Potrzeby inwestycyjne sektora elektroenergetycznego i możliwości ich sfinansowania przez koncerny energetyczne

Janik W., Kaproń H., Paździor A., Połecki Z.

Rynek Energii

|

2013

|

Nr 2

23--28

PL

Przestarzałość techniczna aparatu wytwórczego oraz polityka energetyczna Unii Europejskiej w istotnym stopniu określają potrzeby inwestycyjne polskiej elektroenergetyki. Wydatki inwestycyjne głównych grup kapitałowych ponoszone w latach 2008-2011 były średnio o połowę niższe niż środki finansowe pochodzące z zysku zatrzymanego i amortyzacji. Przyczyną tej sytuacji wydaje się być brak jednoznacznej strategii rozwojowej badanych podmiotów gospodarczych, związane z czynnikami ryzyka tego sektora wynikającymi m.in. z polityki klimatycznej UE, niepewności związanej z prywatyzacją sektora, przewidywanymi zmianami w prawie energetycznym.

EN

Investment needs in Polish electrical power engineering sector are largely determined by outdated technologies and production infrastructure, as well as current power engineering policies of the European Union. Investment outlays borne in 2008-2011 by major capital groups were on average lower by 50% than financial means coming from retained profit and amortization. It seems that the reason for this situation is the lack of clear-cut development strategies in surveyed entities addressing all identified risks that the electrical power engineering sector is facing resulting from climate policies adopted by the European Union, uncertainties associated with privatization of the power industry in Poland, and predicted changes in power engineering law.

6

Wycena przedsiębiorstw za pomocą metody zdyskontowanych dywidend

Zarzecki D.

Zeszyty Naukowe. Prace Instytutu Ekonomiki i Organizacji Przedsiębiorstw / Uniwersytet Szczeciński

|

2004

|

Nr 43, t. 1

191-203

EN

The dividend-discount method is based upon the premise that the only cash flow received by stockholders is dividends. While the model is often criticised as being of limited value, it has proven to be surprisingly adaptable and useful in a wide range of circumstances. It may be a conservative model that finds fewer and fewer undervalued firms as market prices rise relative to fundamentals (profits, dividends, etc.), but that can also be viewed as a strength. Tests of the model also seem to indicate its usefulness in gauging value. The model has not been applied in valuing Polish enterprises for privatisation purposes but in a new purely market environment ought to become much more popular.