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Transfer of Profit to Shareholders at Warsaw Stock Exchange in the Period 2009–2013

Author

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  • Jabłoński Bartłomiej

    (University of Economics in Katowice, Investment and Real Estate Department, 1 Maja 50, 40-287 Katowice, Poland)

Abstract

The Author of the article presents the results of research devoted to the forms of transfer of profit to shareholders of the companies quoted at Warsaw Stock Exchange in the period 2009–2013. The Author concluded that there are features in the group of dividend companies and another group – that of dividend companies which additionally execute share redemption and cancellation – which make them different.

Suggested Citation

  • Jabłoński Bartłomiej, 2016. "Transfer of Profit to Shareholders at Warsaw Stock Exchange in the Period 2009–2013," Folia Oeconomica Stetinensia, Sciendo, vol. 16(1), pages 147-173, December.
    • Handle: RePEc:vrs:foeste:v:16:y:2016:i:1:p:147-173:n:9
    DOI: 10.1515/foli-2016-0009
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    References listed on IDEAS

    as
    1. Eugene F. Fama & Kenneth R. French, 2001. "Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(1), pages 67-79, March.
    2. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    3. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2005. "Payout policy in the 21st century," Journal of Financial Economics, Elsevier, vol. 77(3), pages 483-527, September.
    4. Matthew T. Billett & Hui Xue, 2007. "The Takeover Deterrent Effect of Open Market Share Repurchases," Journal of Finance, American Finance Association, vol. 62(4), pages 1827-1850, August.
    5. Comment, Robert & Jarrell, Gregg A, 1991. "The Relative Signalling Power of Dutch-Auction and Fixed-Price Self-Tender Offers and Open-Market Share Repurchases," Journal of Finance, American Finance Association, vol. 46(4), pages 1243-1271, September.
    6. Gustavo Grullon & Roni Michaely, 2004. "The Information Content of Share Repurchase Programs," Journal of Finance, American Finance Association, vol. 59(2), pages 651-680, April.
    7. Gustavo Grullon & David L. Ikenberry, 2000. "What Do We Know About Stock Repurchases?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 13(1), pages 31-51, March.
    8. John, Kose & Williams, Joseph, 1985. "Dividends, Dilution, and Taxes: A Signalling Equilibrium," Journal of Finance, American Finance Association, vol. 40(4), pages 1053-1070, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    dividend; share redemption and cancellation; dividend policy; Spearman’s rho;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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