Firm Performance and Dividends in State-owned Companies from CEE Countries – Are Polish SOEs Different?

Elżbieta Bukalska; Anita Peša

doi:10.18778/1508-2008.28.07

Autor

Elżbieta Bukalska Maria Curie-Sklodowska University, Lublin, Poland https://orcid.org/0000-0001-8097-5964
Anita Peša University of Zadar, Zadar, Croatia https://orcid.org/0000-0003-3767-0676

DOI:

https://doi.org/10.18778/1508-2008.28.07

Słowa kluczowe:

wyniki finansowe firm, wypłaty dywidend, firmy z własnością państwową, SOE

Abstrakt

W ostatnich latach wraca zainteresowanie firmami z własnością państwa. Szczególną rolę odgrywają te firmy w gospodarkach postsocjalistycznych Europy Środkowo-Wschodniej. Jednak dotychczas prowadzone badania nie dają jednoznacznego obrazu uzyskiwanych wyników finansowych i dywidend wypłacanych przez te firmy. Powszechnie uważa się, że firmy z własnością państwa osiągają niższe wyniki finansowe i wypłacają wyższe dywidendy. Niniejszy artykuł ma na celu zidentyfikowania wpływu własności państwowej na wyniki finansowe i wypłacane dywidendy w krajach Europy Środkowo-Wschodniej. Do próby włączono wszystkie firmy wchodzące w skład indeksów giełdowych z 12 krajów Europy Środkowo-Wschodniej w łącznej liczbie 132 firm z 743 obserwacjami dla lat 2017–2022. Dla badania stabilności wyników zastosowano różne miary udziału państwa we własności. Główną metodą badań był ogólny model liniowy z efektami stałymi (dla krajów i badanych lat). Wyniki badań wskazują, że w krajach Europy Środkowo- -Wschodniej własność państwa negatywnie oddziałuje na wyniki finansowe, ale pozytywnie na wypłacane dywidendy. Niemniej jednak dla grupy polskich podmiotów własność państwa pozytywnie wpływa na wyniki finansowe, ale nie ma wpływu na wypłacane dywidendy.

Pobrania

Brak dostępnych danych do wyświetlenia.

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