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The Impact of Macroeconomic Indicators on the Share Prices of Dividend Companies – A Comparative Analysis of Polish and US Issuers for the Period 2016–2020

Author

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  • Jabłoński Bartłomiej

    (Ph.D. Eng University of Economics in Katowice, College of Finance Department of Investment, 1 Maja 50, 40-287, Katowice)

  • Kika Dorota

    (Ph.D., University of Economics in Katowice, College of Finance Department of Investment, 1 Maja 50, 40-287, Katowice)

Abstract

Research background: The aim of the article is to compare Polish and US dividend companies with potential growth with dividend companies with potential value, including in the period of economic turbulence caused by the pandemic, and to identify macroeconomic determinants that affect changes in the level of share prices of dividend companies with potential value listed on the stock exchange in Poland and the US. An analysis of the literature and international studies conducted allows us to identify inflation, gross domestic product (GDP), interest rate levels, exchange rate changes, and market P/E and P/BV ratios, as well as the PMI index, as the most important macroeconomic factors.

Suggested Citation

  • Jabłoński Bartłomiej & Kika Dorota, 2022. "The Impact of Macroeconomic Indicators on the Share Prices of Dividend Companies – A Comparative Analysis of Polish and US Issuers for the Period 2016–2020," Folia Oeconomica Stetinensia, Sciendo, vol. 22(2), pages 78-96, December.
    • Handle: RePEc:vrs:foeste:v:22:y:2022:i:2:p:78-96:n:13
    DOI: 10.2478/foli-2022-0020
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    References listed on IDEAS

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    1. Pramod Kumar, Naik & Puja, Padhi, 2012. "The impact of Macroeconomic Fundamentals on Stock Prices revisited: An Evidence from Indian Data," MPRA Paper 38980, University Library of Munich, Germany.
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    4. Baker, Malcolm & Wurgler, Jeffrey, 2004. "Appearing and disappearing dividends: The link to catering incentives," Journal of Financial Economics, Elsevier, vol. 73(2), pages 271-288, August.
    5. DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene M., 2006. "Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory," Journal of Financial Economics, Elsevier, vol. 81(2), pages 227-254, August.
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    More about this item

    Keywords

    macroeconomic indicators; portfolio choice; return rate; dividend companies with potential value or growth; stock exchange; COVID-19 pandemic;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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