Do Corporate Governance and Ownership Determine Dividend Policy in Poland?

Bank i Kredyt, Nos. 11-12, November 2007

27 Pages Posted: 14 May 2008

See all articles by Oskar Kowalewski

Oskar Kowalewski

IESEG School of Management; LEM - CNRS 9221

Ivan Stetsyuk

affiliation not provided to SSRN

Oleksandr Talavera

University of Birmingham

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 Classification: G30, G32, G35

Suggested Citation

Kowalewski, Oskar and Stetsyuk, Ivan and Talavera, Oleksandr, Do Corporate Governance and Ownership Determine Dividend Policy in Poland?. Bank i Kredyt, Nos. 11-12, November 2007, Available at SSRN: https://ssrn.com/abstract=1133013

Narodowy Bank Polski (Contact Author)

Narodowy Bank Polski ( email )

ul. Swietokrzyska 11/21
Warsaw, 00-919
Poland
+48226531759 (Phone)
+48228269935 (Fax)

HOME PAGE: http://bankikredyt.nbp.pl/homen.aspx?f=/content/html/main_en.html

Narodowy Bank Polski ( email )

ul. Swietokrzyska 11/21
Warsaw, 00-919
Poland
+48226531759 (Phone)
+48228269935 (Fax)

HOME PAGE: http://bankikredyt.nbp.pl/homen.aspx?f=/content/html/main_en.html

Oskar Kowalewski

IESEG School of Management ( email )

1 Parvis de La Défense
Socle de la Grande Arche
Paris La Défense cedex, 92044
France

HOME PAGE: http://www.ieseg.fr/en/faculty-and-research/professor/?id=1740

LEM - CNRS 9221 ( email )

Lille
France

HOME PAGE: http://lem.cnrs.fr/

Ivan Stetsyuk

affiliation not provided to SSRN ( email )

Oleksandr Talavera

University of Birmingham ( email )

Edgbaston, Birmingham B15 2TT
United Kingdom

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