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The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland

Author

Listed:
  • Oleksy Paweł

    (Cracow University of Economics, Department of Financial Markets, cracow, Poland)

  • Zyguła Andrzej

    (Cracow University of Economics, Department of Financial Markets, cracow, Poland)

Abstract

In the paper, we examine the impact of ownership structure on dividend policy and shareholder value in non-financial companies from construction sector in Poland. More specifically, by distinguishing between financial and non-financial shareholders, we verify the involvement of financial institutions in company ownership and how it translates into changes in major dividend and shareholder value indicators. Our results show that the presence of financial investors in the ownership structure has a positive impact on probability that the company will pay out dividends, what is symptomatic for financialisation. However, there is not enough evidence to support similar conclusion regarding shareholder value creation.

Suggested Citation

  • Oleksy Paweł & Zyguła Andrzej, 2017. "The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland," Central European Economic Journal, Sciendo, vol. 3(50), pages 41-52, December.
    • Handle: RePEc:vrs:ceuecj:v:3:y:2017:i:50:p:41-52:n:3
    DOI: 10.1515/ceej-2017-0016
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    References listed on IDEAS

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    More about this item

    Keywords

    ownership structure; dividend policy; shareholder value; financialisation;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G19 - Financial Economics - - General Financial Markets - - - Other

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