Wykup akcji własnych i dywidenda jako narzędzia obrony przed wrogim przejęciem
Shares repurchase and dividend payout as methods of defense against hostile takeovers

Summary/Abstract: The aim of this article is to analyze the role of own shares repurchase and dividend payout as methods of defense against hostile takeovers. Based on empirical study it is possible to state that share repurchase and dividend payout are one of many methods that might be used while defending a company. The analyzed methods are effective and at the same time costly for the company. They result in cash outflow, but cash is important in the time of financial crisis.

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