Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/197383
Authors: 
Gniadkowska-Szymańska, Agata
Year of Publication: 
2017
Citation: 
[Journal:] e-Finanse: Financial Internet Quarterly [ISSN:] 1734-039X [Volume:] 13 [Year:] 2017 [Issue:] 3 [Pages:] 24-32
Abstract: 
This study investigates the informational effect of stock liquidity on dividend payouts. Using a sam- ple of Polish listed companies during 2000 - 2012, I do not find a relation between stock liquidi- ty and dividend payouts. This result is robust to the use of alternative measures of liquidity, and holds after we control for endogeneity concerns. In accord with my hypothesis that stock liquidity provides information and increases insiders' incentive to pay out dividends, I do not find that the relation between stock liquidity and dividend payouts is more pronounced when the information environment is opaque, and when conflict between controlling shareholders and minority inve- stors is severe. The aim of this study is to show the dependencies occurring between dividend policy and the liqu- idity of shares of a company. The basic thesis of this study is that decisions on dividend payments positively affect the liquidity of the shares of a company.
Subjects: 
dividend policy
liquidity of shares
Agency Costs
JEL: 
G35
G02
G14
G12
Persistent Identifier of the first edition: 
Document Type: 
Article

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