Dividend Payments in Listed Companies Partly Owned by Private Pension Funds (OFE)

Authors

  • Jacek Uchman Uniwersytet Ekonomiczny we Wrocławiu, Wydział Nauk Ekonomicznych, Katedra Finansów

DOI:

https://doi.org/10.18778/0208-6018.329.12

Keywords:

corporate finance, distribution of profits, dividend policy, institutional investors, private pensions funds

Abstract

The aim of the paper was to estimate the frequency of dividend payment made by com­panies partly owned by private pension funds (OFE). In other words, it concentrates on the effect for dividend payment resulting from the fact that OFE are shareholders of companies that is the most important group of institutional investors on Polish stock market. The basic research question is: do companies with OFE shares pay dividends more often than the average stock companies. The number of companies paying dividends was analysed. The empirical research was based on the data coming from the companies from stock market indexes. The results are not obvious, however, they show that the companies partly held by OFE paid dividends more often than all companies from the analysed indexes. OFE are the point of interest in the paper as long as they refer to the distribution of profits of companies.

Downloads

Download data is not yet available.

References

Blake D. (2014), Modelling Pension Funds Investment Behaviour (Routledge Revivals), Routledge, New York.
Google Scholar

Brycz B., Pauka M. (2013), Analiza polityki dywidend w polskich przedsiębiorstwach notowanych na Giełdzie Papierów Wartościowych w Warszawie, „Zeszyty Naukowe Uniwersytetu Szczecińskiego”, nr 768, s. 31–50.
Google Scholar

Glen J., Karmokolias Y., Miller R.R., Shah S. (1995), Dividend Policy and Behavior in Emerging Markets, To Pay or Not to Pay, International Finance Corporation, Discussion paper no. 26, The World Bank, Washington.
Google Scholar

Grinstein Y., Michaely R. (2005), Institutional Holdings and Payout Policy, „The Journal of Finance”, vol. 60, issue 3, s. 1389–1426.
Google Scholar

Jensen M.C. (1986), Agency Cost of Free Cash Flow, Corporate Finance and Takeovers, „American Economic Review Papers and Proceedings”, vol. 76, s. 323–324.
Google Scholar

Jensen M.C., Meckling W.C. (1976), Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, „Journal of Financial Economics”, vol. 3, s. 469–506.
Google Scholar

Kalay A. (1982), Stockholder – Bondholder Conflict and Dividend Constraints, „Journal of Financial Economics”, vol. 10, s. 211–232.
Google Scholar

Kowerski M. (2011), Ekonomiczne uwarunkowania decyzji o wypłatach dywidend przez spółki publiczne, Wydawnictwo Konsorcjum Akademickie WSE, Kraków.
Google Scholar

La Porta R., Lopez‑de‑Silanes F., Shleifer A., Vishny R.W. (2000), Agency Problems and Dividend Policies Around the World, „The Journal of Finance”, vol. 55, issue 3, s. 1–33.
Google Scholar

Rozporządzenie Rady Ministrów z dnia 17 stycznia 2014 r. w sprawie określenia maksymalnej części aktywów otwartego funduszu emerytalnego, jaka może zostać ulokowana w poszczególnych kategoriach lokat (Dz.U. z 2014 r., poz. 116).
Google Scholar

Short H., Zhang H., Keasey K. (2002), The Link Between Dividend Policy and Institutional Ownership, „Journal of Corporate Finance”, vol. 8, issue 2, s. 105–122.
Google Scholar

Sierpińska M. (1999), Polityka dywidend w spółkach kapitałowych, Wydawnictwo Naukowe PWN, Warszawa–Kraków.
Google Scholar

Uchman J. (2002), Podatkowe uwarunkowania polityki wypłat dywidend w spółkach kapitałowych, Uniwersytet Ekonomiczny, Wrocław.
Google Scholar

Ustawa z dnia 28 sierpnia 1997 r. o organizacji i funkcjonowaniu funduszy emerytalnych (Dz.U. z 1997 r. Nr 139, poz. 934 ze zm.).
Google Scholar

Published

2017-09-22

How to Cite

Uchman, J. (2017). Dividend Payments in Listed Companies Partly Owned by Private Pension Funds (OFE). Acta Universitatis Lodziensis. Folia Oeconomica, 3(329), [179]-192. https://doi.org/10.18778/0208-6018.329.12

Issue

Section

Articles

Similar Articles

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 > >> 

You may also start an advanced similarity search for this article.