Dividendų finansinis signalizavimas Lietuvos akcijų rinkoje
Date |
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2010 |
Straipsnyje nagrinėjamas dividendų kaip finansinio signalo nesųo vaidmuo Lietuvos akcijų rinkoje. Autorės, išanalizavusios mokslininkų atlikių dividendų signalinio efekto empirinių tyrimų rezultatus ir taikytas melodikas, paleikia metodiką, pagal kurią tiriamas dividendų finansinio signalizavimo stiprumas Lietuvos akcijų rinkoje. Atliklas empirinis tyrimas parodė, jog daugumoje Lietuvos įmonių dividendai neatlieka finansinio signalo nešėjo vaidmens, o į dividendų politiką Lietuvoje Žiūrima kaip į finansinį sprendimą.
There are a lol of discussions among scientists about the dividend role in stock market. Many scientific researches on the dividend signalling effect topic are performed in stable slock markets. The number of researches in markets where the business traditions arc not formed is little. The roie of dividends as financial signal in Lithuanian stock market is investigated in the article. Analysing the empirical research results about dividend signal effect and the employed methods in that researches, the authors propose the methods. On the ground of these methods, the dividend financial signalling strength in Lithuanian stock market is analyzed in the article. Analysing the elTect of the dividend signal effect on Lithuanian stock market, four propositions arc formulated. If at least one proposition is confirmed, it is possible to state that the dividend signal effect exists in the stock market: ■ dividends have the positive relation with profitability and stability indexes; " siock price increases, when dividends increase; • dividends decrease when company's investments increase, ■ with the increased dividends the larger future earnings as well as company's profit are expected. In order to reason or reject the propositions, the dependences between Lithuanian joint stock companies' paid dividends and these independent variables were analyzed: return on capital employed, leverage coefficient, future investments, future profit, profit for last period, stock market price and stock market price changes. The performed empirical iescarch revealed that the strength of dividend signal effect in Lithuanian stock market is low, and dividend payout is considered as a financial decision in Lithuanian companies.