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Alacsonyabb kockázat - nagyobb osztalék?. A részvénykockázat és az osztalékfizetési hányad kapcsolatának vizsgálata a Budapesti Értéktőzsdén (1997-2007)
[Lower risks - higher dividends?. Examining the relation of beta to dividend proportion on the Budapest Stock Exchange, 1997-2007]

Author

Listed:
  • Fazakas, Gergely
  • Juhász, Péter

Abstract

Az osztalékpolitikával foglalkozó szakirodalom eredményei szerint az osztalékkifizetési hányad és a vállalatok piaci kockázata között van összefüggés - a kockázatosabb cégek eredményük kisebb hányadát fizetik ki tulajdonosaiknak.Vizsgálatunk a magyar tőkepiacon hasonló eredményeket mutatott - mind a korrelációs, mind a faktor-, mind a klaszterelemzés azt mutatta, hogy tendenciában a társaságok a kevésbé kockázatos befektetések esetén nagyobb, a kockázatosabbak esetén pedig inkább alacsonyabb osztalékkifizetési rátával voltak jellemezhetők. Journal of Economic Literature (JEL) kód: JG35, G14.

Suggested Citation

  • Fazakas, Gergely & Juhász, Péter, 2009. "Alacsonyabb kockázat - nagyobb osztalék?. A részvénykockázat és az osztalékfizetési hányad kapcsolatának vizsgálata a Budapesti Értéktőzsdén (1997-2007) [Lower risks - higher dividends?. Examining ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 322-342.
    • Handle: RePEc:ksa:szemle:1089
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    References listed on IDEAS

    as
    1. Morgan, Ieuan G, 1982. "Dividends and Capital Asset Prices," Journal of Finance, American Finance Association, vol. 37(4), pages 1071-1086, September.
    2. Avner Kalay & Roni Michaely, 2000. "Dividends and Taxes: A Re-Examination," Financial Management, Financial Management Association, vol. 29(2), Summer.
    3. Miller, Merton H & Scholes, Myron S, 1982. "Dividends and Taxes: Some Empirical Evidence," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1118-1141, December.
    4. Poterba, James M & Summers, Lawrence H, 1984. "New Evidence that Taxes Affect the Valuation of Dividends," Journal of Finance, American Finance Association, vol. 39(5), pages 1397-1415, December.
    5. Litzenberger, Robert H. & Ramaswamy, Krishna, 1979. "The effect of personal taxes and dividends on capital asset prices : Theory and empirical evidence," Journal of Financial Economics, Elsevier, vol. 7(2), pages 163-195, June.
    6. Keim, Donald B., 1985. "Dividend yields and stock returns: Implications of abnormal January returns," Journal of Financial Economics, Elsevier, vol. 14(3), pages 473-489, September.
    7. Litzenberger, Robert H & Ramaswamy, Krishna, 1982. "The Effects of Dividends on Common Stock Prices: Tax Effects or Information Effects?," Journal of Finance, American Finance Association, vol. 37(2), pages 429-443, May.
    8. Litzenberger, Robert H & Ramaswamy, Krishna, 1980. "Dividends, Short Selling Restrictions, Tax-Induced Investor Clienteles and Market Equilibrium," Journal of Finance, American Finance Association, vol. 35(2), pages 469-482, May.
    9. Black, Fischer & Scholes, Myron, 1974. "The effects of dividend yield and dividend policy on common stock prices and returns," Journal of Financial Economics, Elsevier, vol. 1(1), pages 1-22, May.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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