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Dividend Payouts and Shareholder Structure: Evidence from the Warsaw Stock Exchange

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  • Maria Aluchna
  • Tomasz Berent
  • Bogumił Kamiński

Abstract

Using 3,297 observations covering 516 nonfinancial companies listed in 2005–2014 on the Warsaw Stock Exchange, we apply a principal–principal agency framework to construct a panel model on the magnitude of ownership concentration and collusion among blockholders to reduce dividend payouts. We show that ownership concentration by the largest and second-largest shareholders, as well as by the state, lowers dividend payouts, while stakes held by industrial concerns and financial institutions constrain the expropriation of minority shareholders. Our results demonstrate important implications for investors and others concerned with increasing transparency and attracting new capital.

Suggested Citation

  • Maria Aluchna & Tomasz Berent & Bogumił Kamiński, 2019. "Dividend Payouts and Shareholder Structure: Evidence from the Warsaw Stock Exchange," Eastern European Economics, Taylor & Francis Journals, vol. 57(3), pages 227-250, May.
    • Handle: RePEc:mes:eaeuec:v:57:y:2019:i:3:p:227-250
    DOI: 10.1080/00128775.2019.1568196
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    Cited by:

    1. Aleksandra Pieloch-Babiarz, 2022. "Catering to investor sentiment for dividends: contestability or collusion of the largest shareholders?," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(2), pages 435-457, June.
    2. Aleksandra Pieloch-Babiarz, 2019. "Ownership structure, board characteristics and dividend policy: evidence from the Warsaw Stock Exchange," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(3), pages 317-330, September.
    3. Tomasz Berent & Radosław Rejman, 2021. "Bankruptcy Prediction with a Doubly Stochastic Poisson Forward Intensity Model and Low-Quality Data," Risks, MDPI, vol. 9(12), pages 1-24, December.

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