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Dividendová politika ve vybraném podniku
Tejček, Martin
An optimal dividend strategy for joint stock companies is crucial for their long-term efficient earnings management. The choice of an adequate dividend strategy depends on several aspects such as: the life stage of the company, the value of re-tained earnings, the company's investment plan and, last but not least, the forecast of future earnings. Through financial analysis, it was found that the ROE of Lesy Beskydy, a.s. is decreasing year by year, despite relatively stable sales, which is one of the main indicators of of company´s inefficient profit management. The proposed dividend strategy envisages an increased one-off dividend pay-out of 30 % of retained earnings and a stable pro-dividend policy with an annual dividend pay-out of 40 % of EAT. The main objective of this strategy is to optimize the use of free capital in the company and to guarantee stable returns for shareholders in the form of return on equity at an average ROE = 16.28 % over the 2021-2025 fore-cast period. The strategy also allows shareholders to efficiently appreciate the cap-ital acquired from the company on the financial markets with a potential return of CZK 5,334,000 per year (by 2025) at an average financial market return of 5,5 % p.a.
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Signaling Effect of Dividends
Strnad, Jan ; Rippel, Milan (advisor) ; Vokatá, Petra (referee)
This thesis deals with the question of whether there is a positive relationship between dividend and firm's value. Thesis focuses on the signaling theory which states that dividends convey information from managers about the future performance of the company to investors. The first part covers theoretical background for determining the optimal level of dividends. It focuses on description of processes how firm's future profitability may be communicated via dividends and critical assessment of signaling models, particularly in respect to their assumptions and the relationship between dividends and stock repurchase. The second part verifies the signaling theory based on data from WSE (Warsaw Stock Exchange). It describes the specifics of Polish market and the methodology of data collection. Then hypotheses whether the amount of dividend has an impact on the stock price on the day of the announcement and whether announced dividend convey the information about firm's future profitability are tested. In the end there are presented the results. Analysis of the collected data gave mixed evidence for the signalling theory. Data confirmed the relationship between dividends and firms' future profitability, but not the relationship with stock prices. Based on the results I hypothesise that the information contained in...
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State ownership and ownership concentration as determinants of dividend policy
Picálek, Jan ; Čornanič, Aleš (advisor) ; Malinská, Barbora (referee)
This bachelor thesis complements the existing research on implications of various ownership structures on dividend policy. It extends the literature focused on state ownership and its impact on dividend amount paid out to shareholders for testing such relationship in the environment of EU listed stock market and EU government agencies, scope so far lacking in the scientific literature. Moreover, it provides new way of testing agency theory of dividends by adopting Herfindahl's index as proxy of ownership concentration. Therefore, interaction between shareholders is accounted for as opposed to the commonly used proxy largest shareholder. As a result, this thesis helps to explain relations between various ownership structure characteristics and dividend policies. Primary econometric methods, panel data estimation methods, of this thesis found significantly positive relationship between state owned enterprises and the amount of profit distributed among shareholders. Compared to existing research on emerging economy of China, less evidence is found. Therefore, I argue that tunnelling tendencies in EU are substantially lower due to level of market development and minority investor protection in EU. The results also back up the agency theory, however, its influence is found to be lower than proposed by...
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Signaling Effect of Dividends
Strnad, Jan ; Rippel, Milan (advisor) ; Vokatá, Petra (referee)
This thesis deals with the question of whether there is a positive relationship between dividend and firm's value. Thesis focuses on the signaling theory which states that dividends convey information from managers about the future performance of the company to investors. The first part covers theoretical background for determining the optimal level of dividends. It focuses on description of processes how firm's future profitability may be communicated via dividends and critical assessment of signaling models, particularly in respect to their assumptions and the relationship between dividends and stock repurchase. The second part verifies the signaling theory based on data from WSE (Warsaw Stock Exchange). It describes the specifics of Polish market and the methodology of data collection. Then hypotheses whether the amount of dividend has an impact on the stock price on the day of the announcement and whether announced dividend convey the information about firm's future profitability are tested. In the end there are presented the results. Analysis of the collected data gave mixed evidence for the signalling theory. Data confirmed the relationship between dividends and firms' future profitability, but not the relationship with stock prices. Based on the results I hypothesise that the information contained in...
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The process of distribution of the operating result in Czech Republic and Slovak Republic
Tyrpeklová, Eliška ; Marek, Petr (advisor) ; Kaiser, Libor (referee)
Annotation: This thesis is focus on process of distribution of the operating result in Czech Republic and Slovak Republic. The Czech Republic is presented as first, then the Slovak Republic. Both of this parts are divided into four chapters according to different legal forms of business. In these subchapters is described, how the process of distribution of the operating result works (Commercial Code), as well as how the operating result is taxed, eventually share of the profits (Law of income tax). Not only the differences between distribution of the operating result in the Czech Republic and in the Slovak Republic are the main points in this thesis, but as well the development of the laws in both countries. Since both of the countries used to have common rules till 1. 1. 1993, I considered only the laws from year 1992. Then I considered the main changes the rules went through and the current state. In the chapter "summary" are presented the current differences between the Czech and the Slovak laws. There are comments on the most significant differences discovered in the chapter "conclusion".
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Dividend Policy Development in the USA
Dezort, David ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
Thesis Dividend Policy Development in the USA is concerned with comprehensive analysis of dividend policy development in the United states of America for the past ten years. The thesis begins with definition of primary objective of company, income trading division, dividend concept, dividend division according to different factors, declaration and taxation of dividend. A part of the thesis is dedicated to dividend theories and desciption of elementary dividend models. The main objective of the work is to analyze the dividend policy in the USA for the past ten years based on the sample of the greatest companies quoteted in the New York Stock Exchange. The analysis is focused on calculations of correlations between dividend per share and other financial indicators. Horizontal and vertical analysis accompanied by fundamental analysis of dividend development depicts a comprehensive view of dividend policy in the USA. The conclusion consists of summarizing the results of investigations into dividend policy development, comparing the results with model interpretations and dividend doctrines and finally clarifying changes in awareness of dividend policy during the financial crisis.
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Počátky dividendové teorie
Paliculin, Marek ; Marek, Petr (advisor) ; Kraus, Pavel (referee)
Cílem této práce je přiblížit čtenářům počátky vývoje dividendové teorie a zhodnotit vliv dividendové politiky na hodnotu společnosti. První část je věnována počátkům výplaty dividend a historii dividendové politiky do druhé poloviny dvacátého století. Další část se věnuje ranným empirickým studiím a pro ? dividendové škole. Třetí část je zaměřena na vliv dividendové politiky v prostředí dokonalého kapitálového trhu a vznik neutrální dividendové školy. Další část se věnuje hodnocení vlivu daňového a informačního efektu na dividendovou politiku. V páté části jsou zmíněny modely optimalizace dividendové politiky a v šesté části jsou zmíněny další nedokonalosti trhu. Sedmá část se věnuje minimalizaci nákladů spojených s výplatou dividendy. Poslední část přináší shrnutí a vyhodnocení přínosu dividendové teorie pro stanovení optimální dividendové politiky firmy.
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