Determinanty wypłaty dywidendy na przykładzie polskiego sektora bankowego

Ivanova, Anastasiia

Abstrakt

Polityka dywidendowa jest jedną z najważniejszych kwestii dla zarządu spółki. Obecnie banki odgrywają kluczową rolę w rozwoju kraju, wzroście jego PKB i dobrobycie ludzi. Wypłata dywidend dla właścicieli jest bezpośrednio związana ze strategią i dalszym rozwojem banku, dlatego ważne jest zrozumieć determinanty wypłaty dywidendy. Głównym celem artykułu jest zbadanie czynników wpływających na wypłatę dywidendy przez banki w Polsce. Baza danych zawierała dane finansowe za lata 2014–2018 dla 15 banków notowanych na Giełdzie Papierów Wartościowych w Warszawie. W pracy wyestymowano parametry modelu regresji liniowej przy wykorzystaniu metody najmniejszych kwadratów (OLS model). Rozważono sześć modeli regresji. Rentowność, wielkość banku i poziom dźwigni są istotnie negatywnie powiązane z zakresem wypłacanej dywidendy. Płynność firmy, wysokość poprzednich dywidend, przepływy pieniężne i podatek od osób prawnych są nie rzutują istotnie na ustalanie polityki dywidendowej przez polskie banki.

Słowa kluczowe

polityka dywidendowa (1)wskaźnik wypłaty dywidend (1)determinanty (1)sektor finansowy (3)bank (3)

Powiązania

Afza, T. and Mirza, H. (2010). Ownership structure and cash Flows As Determinants of Corporate Dividend Policy in Pakistan. International Business Research. 210–221. https://doi.org/10.5539/ibr.v3n3p [Google Scholar]
AI-Malkawi, H., Rafferty, M. and Pillai, R. (2010). Dividend Policy: A Review of Theories and Empirical Evidence. International Bulletin of Business Administration, 1451-243X, 171–200. [Google Scholar]
Amidu, A. and Abor, J. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance, 136–145. idend Policy in Pakistan. International Business Research. 210–221. https://doi.org/10.1108/15265940610648580. [Google Scholar]
Badu, E. (2013). Determinants of Dividend Payout Policy of Listed Financial Institutions in Ghana. Research Journal of Finance and Accounting, 2222-2847, 185–191. [Google Scholar]
Basel Committee on Banking Supervision (2010). Basel III: A global regulatory framework for more resilient banks and banking system. Geneva: Bank for International Settlements Communications. [Google Scholar]
Black, F. and Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1–22. https://doi.org/10.1016/0304-405X(74)90006-3. [Google Scholar]
Cichy, J. (2017). Sytuacja finansowa polskiego sektora bankowego w warunkach wzrostu obciążeń finansowych i ich wpływ na ratingi banków. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach, 7–18. [Google Scholar]
Fitri, R., Hosen, M. and Muhari S. (2016). Analysis of Factors that Impact Dividend Payout Ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, 87–97. https://doi.org/10.6007/IJARAFMS/v6-i2/2074. [Google Scholar]
Franklin, J. and Muthusamy, K. (2010). Leverage, Growth and Profitability as Determinants of Dividend Payout Ratio-Evidence from Indian Paper Industry. Asian Journal of Business Management Studies, 26–30. [Google Scholar]
Imran, K. (2011). Determinants of Dividend Payout Policy: A Case of Pakistan Engineering Sector. The Romanian Economic Journal, 14(41), 47–60. [Google Scholar]
Kaźmierska-Jóźwiak, B. (2014). Determinants of Dividend Policy: Evidence from Polish Listed Companies. Procedia Economics and Finance, 473–477. [Google Scholar]
King'wara, R. (2015). Determinants of Dividend Payout Ratios in Kenya. Research Journal of Finance and Accounting, 48–52. [Google Scholar]
Maladjian, C. and Khoury, R. (2014). Determinants of the Dividend Policy: An Empirical Study on the Lebanese Listed Banks. International Journal of Economics and Finance, https://doi.org/10.5539/ijef.v6n4p240, 240–256. [Google Scholar]
Malik, F., Gul, S., Khan, M., Rehman, S. and Madina, K. (2013). Factors Influencing Corporate Dividend Payout Decisions of Financial and Non-Financial Firms. Research Journal of Finance and Accounting, 35–46. [Google Scholar]
Marfo-Yiadom, E. and Agyei, S. (2011). Determinants of Dividend Policy of Banks in Ghana. International Research Journal of Finance and Economics, 91–108. [Google Scholar]
Mehta, A. (2012). An Empirical Analysis of Determinants of Dividend Policy – Evidence from the UAE Companies. Global Review of Accounting and Finance, 18–31. [Google Scholar]
Murtaza, M., Iqbal, M., Ullah, Z., Rasheed, H., and Basit, A. (2018). An Analytical Review of Dividend Policy Theories. Journal of Advanced Research in Business and Management Studies, 62–76. [Google Scholar]
National Bank of Poland (2020). Innovations in the commercial bank sector in Poland. Research Report 2019. [Google Scholar]
Nuhu, E. (2014). Revisiting the Determinants of Dividend Payout Ratios in Ghana. International Journal of Business and Social Science, 5(8), 230–238. [Google Scholar]
Petit, R. (1972). Dividend announcements, security performance, and capital market efficiency. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1972.tb03018.x, 993–1107. [Google Scholar]
Priya, P. and Mohanasundari, M. (2016). Dividend Policy and Its Impact on Firm Value: A Review of Theories and Empirical Evidence. Journal of Management Sciences and Technology, 59–69. [Google Scholar]
Rafique, M. (2012). Factors Affecting Dividend Payout: Evidence From Listed Non-Financial Firms of Karachi Stock Exchange. Business Management Dynamics, 76–92. [Google Scholar]
Tanushev, C. (2016). Theoretical Models of Dividend Policy. Journal Economic Alternative, 299–331 [Google Scholar]

Kompletne metadane

Cytowanie zasobu

APA style

Ivanova, Anastasiia (2019). Determinanty wypłaty dywidendy na przykładzie polskiego sektora bankowego. (2019). Determinanty wypłaty dywidendy na przykładzie polskiego sektora bankowego. Zeszyty Programu Top 15, 11. (Original work published 2/2021n.e.)

MLA style

Ivanova, Anastasiia. „Determinanty Wypłaty Dywidendy Na Przykładzie Polskiego Sektora Bankowego”. 2/2021n.e. Zeszyty Programu Top 15, t. 11, 2019.

Chicago style

Ivanova, Anastasiia. „Determinanty Wypłaty Dywidendy Na Przykładzie Polskiego Sektora Bankowego”. Zeszyty Programu Top 15, Zeszyty Programu TOP 15, 11 (2019).

Prawa autorskie

CC-BY

[1] Afza, T. and Mirza, H. (2010). Ownership structure and cash Flows As Determinants of Corporate Dividend Policy in Pakistan. International Business Research. 210–221. https://doi.org/10.5539/ibr.v3n3p [Google Scholar]

[2] AI-Malkawi, H., Rafferty, M. and Pillai, R. (2010). Dividend Policy: A Review of Theories and Empirical Evidence. International Bulletin of Business Administration, 1451-243X, 171–200. [Google Scholar]

[3] Amidu, A. and Abor, J. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance, 136–145. idend Policy in Pakistan. International Business Research. 210–221. https://doi.org/10.1108/15265940610648580. [Google Scholar]

[4] Badu, E. (2013). Determinants of Dividend Payout Policy of Listed Financial Institutions in Ghana. Research Journal of Finance and Accounting, 2222-2847, 185–191. [Google Scholar]

[5] Basel Committee on Banking Supervision (2010). Basel III: A global regulatory framework for more resilient banks and banking system. Geneva: Bank for International Settlements Communications. [Google Scholar]

[6] Black, F. and Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1–22. https://doi.org/10.1016/0304-405X(74)90006-3. [Google Scholar]

[7] Cichy, J. (2017). Sytuacja finansowa polskiego sektora bankowego w warunkach wzrostu obciążeń finansowych i ich wpływ na ratingi banków. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach, 7–18. [Google Scholar]

[8] Fitri, R., Hosen, M. and Muhari S. (2016). Analysis of Factors that Impact Dividend Payout Ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, 87–97. https://doi.org/10.6007/IJARAFMS/v6-i2/2074. [Google Scholar]

[9] Franklin, J. and Muthusamy, K. (2010). Leverage, Growth and Profitability as Determinants of Dividend Payout Ratio-Evidence from Indian Paper Industry. Asian Journal of Business Management Studies, 26–30. [Google Scholar]

[10] Imran, K. (2011). Determinants of Dividend Payout Policy: A Case of Pakistan Engineering Sector. The Romanian Economic Journal, 14(41), 47–60. [Google Scholar]

[11] Kaźmierska-Jóźwiak, B. (2014). Determinants of Dividend Policy: Evidence from Polish Listed Companies. Procedia Economics and Finance, 473–477. [Google Scholar]

[12] King'wara, R. (2015). Determinants of Dividend Payout Ratios in Kenya. Research Journal of Finance and Accounting, 48–52. [Google Scholar]

[13] Maladjian, C. and Khoury, R. (2014). Determinants of the Dividend Policy: An Empirical Study on the Lebanese Listed Banks. International Journal of Economics and Finance, https://doi.org/10.5539/ijef.v6n4p240, 240–256. [Google Scholar]

[14] Malik, F., Gul, S., Khan, M., Rehman, S. and Madina, K. (2013). Factors Influencing Corporate Dividend Payout Decisions of Financial and Non-Financial Firms. Research Journal of Finance and Accounting, 35–46. [Google Scholar]

[15] Marfo-Yiadom, E. and Agyei, S. (2011). Determinants of Dividend Policy of Banks in Ghana. International Research Journal of Finance and Economics, 91–108. [Google Scholar]

[16] Mehta, A. (2012). An Empirical Analysis of Determinants of Dividend Policy – Evidence from the UAE Companies. Global Review of Accounting and Finance, 18–31. [Google Scholar]

[17] Murtaza, M., Iqbal, M., Ullah, Z., Rasheed, H., and Basit, A. (2018). An Analytical Review of Dividend Policy Theories. Journal of Advanced Research in Business and Management Studies, 62–76. [Google Scholar]

[18] National Bank of Poland (2020). Innovations in the commercial bank sector in Poland. Research Report 2019. [Google Scholar]

[19] Nuhu, E. (2014). Revisiting the Determinants of Dividend Payout Ratios in Ghana. International Journal of Business and Social Science, 5(8), 230–238. [Google Scholar]

[20] Petit, R. (1972). Dividend announcements, security performance, and capital market efficiency. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1972.tb03018.x, 993–1107. [Google Scholar]

[21] Priya, P. and Mohanasundari, M. (2016). Dividend Policy and Its Impact on Firm Value: A Review of Theories and Empirical Evidence. Journal of Management Sciences and Technology, 59–69. [Google Scholar]

[22] Rafique, M. (2012). Factors Affecting Dividend Payout: Evidence From Listed Non-Financial Firms of Karachi Stock Exchange. Business Management Dynamics, 76–92. [Google Scholar]

[23] Tanushev, C. (2016). Theoretical Models of Dividend Policy. Journal Economic Alternative, 299–331 [Google Scholar]

Zeszyty Programu TOP 15