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Do managers really care about shareholders’ expectations? Evidence on dividend smoothing on Latin American emerging stock markets

100%

Mosionek-Schweda M. , Mrzygłód U. , Nowak S.

2017

nr 2 (56)

67-91

The main goal of the paper is to examine dividend smoothing behaviour among companies listed on the stock markets in Brazil, Chile, Colombia, Mexico and Peru in the period of 1994-2015. The research sample consisted of 227 companies and 4968 observations. On the basis of Lintner’s dividend partial adjustment model, we calculated the speed of dividend adjustment (SOA) in response to the change in earnings. We found many companies with low SOA values, which on the grounds of the classic Linter’s approach implies the existence of dividend smoothing. However, the obtained average SOA values varied in four out of five analyzed stock markets from 0.731 for Chile to 0.914 for Brazil.This means that on selected emerging stock markets of Latin America – except Peru – the dividend smoothing has not been confirmed. Moreover, the obtained SOA levels varied among the selected stock markets, which implies that the differences in the speed of dividend adjustment may be driven by either national or stock markets characteristics.

What drives the dividend decisions in BRICS countries?

100%

Mrzygłód U. , Nowak S. , Mosionek-Schweda M. , Kwiatkowski J. M.

tom 12

nr 3

593-629

Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS' stock exchanges is scarce. Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995-2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends' levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.

Share Repurchases Versus Dividends: A Comparison Between Poland And South Africa

63%

Kaźmierska-Jóźwiak B. , Wesson N. , Steenkamp G.

2022

nr 38

72-89

Głównym celem opracowania jest porównanie trendów w obszarze nabywania akcji własnych i wypłaty dywidendy przez spółki niefinansowe i niezasobowe notowane na giełdach w Polsce i RPA w latach 2005–2015. Chociaż RPA jest krajem rozwijającym się o dualistycznej gospodarce, kraj ten charakteryzuje się zaawansowaną giełdą papierów wartościowych, która jest porównywalna do większości zaawansowanych gospodarek. Natomiast Polska została przeklasyfikowana z rynku wschodzącego na status rynku rozwiniętego dnia 24 września 2018 r. Analiza porównawcza dostarcza wglądu w różnice regulacyjne i ich wpływ na zachowania spółek w obszarze polityki wypłat na rzecz akcjonariuszy (nabywanie akcji własnych i wypłaty dywidend) oraz pozwala określić, czy kraje te odzwierciedlają zachowania związane z payout policy obserwowane w Stanach Zjednoczonych. Wyniki badania pokazują, że w obu krajach dywidendy są dominującą formą wypłat dla akcjonariuszy. Ponadto w żadnym z badanych krajów nie zaobserwowano zachowań w zakresie wypłat na rzecz akcjonariuszy występujących w USA – ani w Polsce, ani w RPA środki wydane na nabycia akcji własnych nie przewyższały wartości wypłaconych dywidend. Różnice regulacyjne pomiędzy Polską a RPA wpłynęły jednak na obserwowane trendy w zachowaniach wypłat pomiędzy tymi dwoma krajami.

The main aim of the study is to compare share repurchase and dividend payout trends of listed non-financial and non-resource companies in Poland and South Africa over the period 2005–2015. Although South Africa is a developing country with a dualistic economy, the country is characterized by a sophisticated stock exchange which is comparable to that of most advanced economies, while Poland was reclassified from emerging market to developed market status, effective as from 24 September 2018. Comparative analysis provides insights on the regulatory differences and the effect therefore on share repurchase and dividend behaviour, and whether these countries mirror the excessive payout behaviour observed in the United States of America (US). The study results show that in both countries dividends are the dominant form of payouts to shareholders. Moreover none of the examined countries mirrors the excessive payout behaviour observed in the US – neither in Poland, nor in South Africa did share repurchases surpass dividends. Regulatory differences between Poland and South Africa, however, affected the observed trends in payout behaviour between the two countries.