COVID-19及其红利:来自波兰的证据

IF 1.4 4区 经济学 Q3 ECONOMICS E & M Ekonomie a Management Pub Date : 2022-06-01 DOI:10.15240/tul/001/2022-2-006
K. Gemra, Piotr Kwestarz, W. Rogowski, M. Lipski
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引用次数: 1

摘要

本文旨在研究冠状病毒(COVID-19)大流行导致的股息水平意外变化对波兰证券交易所股价的影响。我们的文章分析了2020年2月1日至2020年6月5日这段时间,这段时间在华沙证券交易所(WSE)一级市场上市的公司发布了有关董事会2019年股息建议的信息。最初的公司集团包括140家公司。56家公司(40%)符合所有研究标准,随后将这些公司分为两组。这些集团是根据利润分配的建议来定义的。第一组包括38家公司(占被调查公司的68%),这些公司出人意料地宣布计划保留公司所有利润或支付股息,但价值低于前一年(取消或减少股息金额)。第二组是18家公司(占被调查公司的32%),这些公司出人意料地宣布愿意支付更高水平的每股股息(增加股息金额)。研究证实,宣布股息水平的变化或取消支付利润是波兰证券市场上重要的价格创造信息,并对股价产生重大影响。在新冠肺炎疫情等外部因素带来不确定性的情况下,个别企业对封锁的敏感性以及能否恢复正常的不确定性,对市场产生了重大负面影响。它们导致股价下跌幅度高于预期,尤其是当它们伴随着来自公司的信息不足,以及建议暂停或减少股息支付时。
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COVID-19 AND DIVIDENDS: EVIDENCE FROM POLAND
This paper aims to examine the impact of an unexpected change in the level of dividend caused by the coronavirus (COVID-19) pandemic on share prices on the Polish stock exchange. Our article analyses the period from 1 February 2020 to 5 June 2020, which was when companies listed on the primary market of the Warsaw Stock Exchange (WSE) published information about Boards of Directors’ dividend recommendations for 2019. The original group of companies included 140 firms. 56 companies (40%) fulfilled all the study criteria, and these were subsequently divided into 2 groups. The groups were defined by the recommendations on profit distribution. The first group consisting of 38 companies (68% of the surveyed) consisted of firms which unexpectedly announced plans to retain all profits in the company or a dividend payment but with a lower value than in the previous year (cancellation or reduction of the dividend amount). The second group of 18 companies (32% of the surveyed) comprised those which unexpectedly announced willingness to pay a dividend per share at a higher level (increase in dividend amount). The research confirmed that the announcement of a change in the level of the dividend or the cancellation of the payment of profit is essential price-creating information on the Polish securities market and has a significant impact on the share prices. In a situation of uncertainty caused by external factors, such as the coronavirus pandemic, the sensitivity of individual companies to lockdown and uncertainty as to the return to normality have a significant negative impact on the market. They cause a fall in the share prices higher than expected, especially when they are accompanied by a shortage of information from the companies and a recommendation to suspend or reduce dividend payment.
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CiteScore
2.70
自引率
13.30%
发文量
35
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