Capital structure and profitability of financial decisions in an enterprise
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The purpose of the article is to determine the influence of the first information about the planned dividend on the stock price in connection with the issuer’s capital structure and market segment. A research was conducted on the Warsaw Stock Exchange (GPW), concerning abnormal stock returns around the day when the information was published. The events considered were divided into groups according to the relation of net debt to equity of the issuer. In the group of all events the highest abnormal returns were to be observed among the companies from the first and fourth quartile of the sample (the least and the most indebted). In the research considering the issuers’ market segment the authors considered construction and IT companies. It was observed that the companies’ with lower net debt to equity ratio than the branch’s median stocks appear to have higher abnormal rates of return around the day when the information is published.
Authors and Affiliations
Rafał Tuzimek, Michał Wrzesiński
Keywords
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- EP ID EP131545
- DOI -
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