Reakcja inwestorów na decyzje o wypłacie dywidendy a kryzys finansowy
The reaction of investors to changesin the dividend policy and the financial crisis

Summary/Abstract: The relationship between decisions on profit distribution and their impact on the value of the company is the subject of many empirical studies. A lot of factors influence values of abnormal returns , including the financial situation on the capital market. The aim of this article is to present the preliminary results of current and future shareholders’ reaction to dividend initiation decisions and the impact of market cycles on the WSE. Observations carried out on the developed markets show that the dividend initiation decisions result in an increase of abnormal returns. A similar market assessment can be observed on the Polish capital market, where abnormal returns are positive. Moreover, the CAAR values indicate that the observed financial situation on the WSE affects the results.

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