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Net Profit Distribution Policy In Companies Using State–Owned Enterprises Against Payment

Author

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  • Agnieszka Matuszewska–Pierzynka

    (University of Lodz)

Abstract

The main objective of this paper is to present the results of empirical studies on net profit distribution in companies using state–owned enterprises against payment. The main research hypothesis states that the majority of companies using state–owned enterprises against payment waive their right to the dividend and transfer a major part of retained earnings to supplementary capital. The empirical investigation of the main hypothesis has been conducted among 21 companies based in Mazowieckie Province, which concluded privatisation agreements with the State Treasury in years 2000–2005. The analysis of net profit distribution in companies using state–owned enterprises against payment is based on data collected and processed by the author of the article from the National Court Register, for the period from the privatisation date of the surveyed enterprises to 2010, using measures of descriptive statistics. The paper consists of the following parts: the introduction, the essence of giving state–owned enterprise for use against payment, the characteristics of companies qualified to the research sample, net profit distribution policy in companies using state–owned enterprises against payment. Finally, it is concluded that over the first three years of operation every second company using a state–owned enterprise against payment did not pay a dividend transferring all of retained earnings to supplementary capital.

Suggested Citation

  • Agnieszka Matuszewska–Pierzynka, 2015. "Net Profit Distribution Policy In Companies Using State–Owned Enterprises Against Payment," Oeconomia Copernicana, Institute of Economic Research, vol. 6(2), pages 89-107, June.
  • Handle: RePEc:pes:ieroec:v:6:y:2015:i:2:p:89-107
    DOI: 10.12775/OeC.2015.014
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    Keywords

    privatisation process; direct privatisation; using state–owned enterprise against payment; net profit distribution policy; pecking order theory;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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