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

Bogna Kaźmierska-Jóźwiak; Nicolene Wesson; Gretha Steenkamp

doi:10.18778/2082-4440.38.01

Autor

Bogna Kaźmierska-Jóźwiak University of Lodz, Faculty of Management, Department of Corporate Finance Management https://orcid.org/0000-0002-1692-7682
Nicolene Wesson Stellenbosch University, Business School
Gretha Steenkamp Stellenbosch University, School of Accountancy

DOI:

https://doi.org/10.18778/2082-4440.38.01

Słowa kluczowe:

dywidenda, nabywanie akcji własnych, polityka wypłat, Polska, RPA

Abstrakt

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.

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