Lietuvos įmonėse vykdomos dividendų politikos tyrimai
LTNors pasaulyje dividendų politikos klausimais moksliniai tyrimai atliekami jau gana seniai, tačiau Lietuvoje šis klausimas menkai nagrinėtas. Todėl šio straipsnio tikslas - ištirti Lietuvos įmonėse vykdomą dividendų politiką ir nustatyti jos poveikį akcijų rinkos kainai. Straipsnyje nagrinėjamos praktikoje pasitaikančios dividendų politikos rūšys, jų privalumai ir trūkumai. Atlikus tyrimus, nustatytos Lietuvos įmonėse vykdomos dividendų politikos, ištirta, kokį poveikį daro pelno pasikeitimas dividendų išmokoms, koks išmokamų dividendų ir akcijų rinkos kainos ryšys. [Iš leidinio]Reikšminiai žodžiai: Akcijų kaina; Akcijų rinkos kaina; Dividendai; Dividendų politika; Dividendų politika praktikoje; Grynasis pelnas; Dividend policy; Dividend policy in practice; Dividends; Net profit; Share market price.
ENDividend payments may increase or reduce shareholder wealth. The dividend policy adopted should be aimed at maximizing shareholder wealth ш line with corporate objectives, and we need to examine whether there is any particular dividend policy which maximizes shareholder wealth. Is a high dividend payment policy better than a low payment policy? Dividend policy research is being done in the world for a long time, but practical issues in dividend policy is poorly investigated in Lithuania The purpose of this paper is to investigate dividend policy in Lithuanian companies and to estimate its impact on share market price. Dividend policy in practice in foreign countries, its necessities and shortcomings are investigated in the paper. During the research dividend policy in practice is determined in Lithuanian companies; the impact of net profit changes on dividends is investigated; the correlation between dividends payments and share market price is determined. There are four kinds of dividend policy in practice: residual dividend policy; stable or dividend growth policy; stable net profit/dividend payment ratio dividend policy; premium dividend policy. Carried out research has determined that even 75 per cent of Official List of the NSEL companies and 72.7 per cent of Current Trading List of the NSEL companies put into practice residual dividend policy; stable or dividend growth policy put into practice accordingly 25 and 18.2 per cent of companies. The two companies of Official List of the NSEL put into practice premium dividend policy. In order to acquire competitive advantage Lithuanian companies need new management ideas and technological innovations. Investment projects require a lot of financial sources, and the main of them is returned profit. Here is an explanation of why Lithuanian companies prefer residual dividend policy.Carried out the correlation analysis between dividends payments and share market price has revealed that positive strong correlation is 42.5 per cent and 57.1 per cent correlation does not exist in the companies of Official List of the NSEL. Only one company "Utenos trikotažas" puts into practice stable or dividend growth policy and the correlation is very strongly positive. Very strong, strong and medium strong positive correlation between dividend payments and share market price is 44.4 per cent in the companies of Current Trading List of the NSEL. It is interesting to notice that in the companies which put into practice premium dividend policy, have revealed strong negative correlation. It means that in certain cases the impact of the signal effect of dividends payments on share market price is week or does not exist. The investigation which has been carried out in Lithuanian companies reveals the impact of dividends payments on share market price. However, it is necessary not to forget that Lithuanian capital market is at the forming stage and most companies put into practice residual dividend policy in order to strengthen their position in the market. [From the publication]
