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Do Corporate Governance and Ownership Determine Dividend Policy in Poland?
Oskar Kowalewski
Warsaw School of Economics (SGH) - World Economy Research Institute
Ivan Stetsyuk
affiliation not provided to SSRN
Oleksandr Talavera
University of East Anglia
Bank i Kredyt, Nos. 11-12, November 2007
Abstract:
The goal of this paper is twofold. First, we explore the determinants of the dividend policy in Poland. Second, we test whether ownership and corporate governance practices determine the dividend policy in the non-financial companies listed on the Warsaw Stock Exchange. In order to test the impact of corporate governance we compose, for the first time, quantitative measures on the quality of the corporate governance standards for 110 non-financial companies listed on the WSE. Our results suggest that ownership as well as the increase in corporate governance standards controlling for other determinants bring about a statistically significant increase in the dividend payout ratio. The findings are based on the period 1998-2004.
Keywords: corporate governance, dividend policy, agency theory, ownership, transition economy
JEL Classifications: G30, G32, G35
Accepted Paper Series
Date posted: May 14, 2008
; Last revised: May 14, 2008
Suggested CitationKowalewski, Oskar, Stetsyuk, Ivan and Talavera, Oleksandr, Do Corporate Governance and Ownership Determine Dividend Policy in Poland?. Available at SSRN: http://ssrn.com/abstract=1133013
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