IDEAS home Printed from https://ideas.repec.org/p/pes/wpaper/2014no39.html
   My bibliography  Save this paper

Net profit distribution policy in companies using state–owned enterprises against payment

Author

Listed:
  • Agnieszka Matuszewska–Pierzynka

    () (University of Lodz, Poland)

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, 2014. "Net profit distribution policy in companies using state–owned enterprises against payment," Working Papers 39/2014, Institute of Economic Research, revised Dec 2014.
  • Handle: RePEc:pes:wpaper:2014:no39
    as

    Download full text from publisher

    File URL: http://www.badania-gospodarcze.pl/images/Working_Papers/2014_No_39.pdf
    File Function: First version, 2014
    Download Restriction: no

    More about this item

    Keywords

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

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pes:wpaper:2014:no39. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Adam P. Balcerzak). General contact details of provider: http://edirc.repec.org/data/ibgtopl.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.