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Does Dividend Policy Follow the Capital Structure Theory?

  • Justyna Franc-Dabrowska

    (Warsaw University of Life Science, Poland)

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    Decisions concerning the most optimal choice of financing sources and dividend policy are some of the most difficult financial decisions. This article presents the results of research concerning relationships between two capital structure theories (hierarchy theory and substitution theory) and dividend payment policies in Polish stock companies of the agricultural and foodstuff sector (2001–2006). The research hypothesis was verified positively; company management limits dividend payment according to the hierarchy theory and prefers internal sources of financing economic activities. In order to verify the hypothesis, the methods of descriptive analysis, financial analysis and descriptive statistics were applied, together with a fixed effects model.

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    File URL: http://www.fm-kp.si/zalozba/ISSN/1581-6311/7_367-382.pdf
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    Article provided by University of Primorska, Faculty of Management Koper in its journal Managing Global Transitions.

    Volume (Year): 7 (2009)
    Issue (Month): 4 ()
    Pages: 367-382

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    Handle: RePEc:mgt:youmgt:v:7:y:2009:i:4:p:367-382
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    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Poterba, James M & Summers, Lawrence H, 1984. " New Evidence that Taxes Affect the Valuation of Dividends," Journal of Finance, American Finance Association, vol. 39(5), pages 1397-1415, December.
    3. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    4. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    5. Pierre Erasmus & Retha Scheepers, 2008. "The Relationship Between Entrepreneurial Intensity and Shareholder Value Creation," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 6(3), pages 229-256.
    6. Ian D. McManus & Owain ap Gwilym & Stephen H. Thomas, 2006. "Payment history, past returns and the performance of UK zero dividend stocks," Managerial Finance, Emerald Group Publishing, vol. 32(6), pages 518-536.
    7. Kinga Mazur, 2007. "The Determinants of Capital Structure Choice: Evidence from Polish Companies," International Advances in Economic Research, International Atlantic Economic Society, vol. 13(4), pages 495-514, November.
    8. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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