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Firm Performance and Dividends in State-owned Companies from CEE Countries – Are Polish SOEs Different?

dc.contributor.authorBukalska, Elżbieta
dc.contributor.authorPeša, Anita
dc.date.accessioned2025-03-10T11:20:39Z
dc.date.available2025-03-10T11:20:39Z
dc.date.issued2025-03-10
dc.identifier.issn1508-2008
dc.identifier.urihttp://hdl.handle.net/11089/54928
dc.description.abstractIn recent years, the focus on state-owned enterprises (SOE) has returned. SOEs are an important part of the post-socialist countries that comprise Central and Eastern Europe (CEE). However, there are still no consistent findings on SOEs’ performance and dividend payouts, although the popular perception is that they have lower firm performance and pay higher dividends. The paper aims to ascertain the level of firm performance of dividend payments made by these enterprises. The research includes 132 companies from 12 CEE stock markets, with 743 firm-year observations for the 2017–2022 period. For a robustness check, several measures of state ownership and dividend payouts are implemented. The main research method is a General Linear Model with country- and year-fixed effects. The research demonstrates that state ownership has a negative impact on firm performance in CEE countries but a positive on dividend payouts. However, for the Polish subsample, state ownership has had a positive impact on profitability and no impact on dividend payouts.en
dc.description.abstractW ostatnich latach wraca zainteresowanie firmami z własnością państwa. Szczególną rolę odgrywają te firmy w gospodarkach postsocjalistycznych Europy Środkowo-Wschodniej. Jednak dotychczas prowadzone badania nie dają jednoznacznego obrazu uzyskiwanych wyników finansowych i dywidend wypłacanych przez te firmy. Powszechnie uważa się, że firmy z własnością państwa osiągają niższe wyniki finansowe i wypłacają wyższe dywidendy. Niniejszy artykuł ma na celu zidentyfikowania wpływu własności państwowej na wyniki finansowe i wypłacane dywidendy w krajach Europy Środkowo-Wschodniej. Do próby włączono wszystkie firmy wchodzące w skład indeksów giełdowych z 12 krajów Europy Środkowo-Wschodniej w łącznej liczbie 132 firm z 743 obserwacjami dla lat 2017–2022. Dla badania stabilności wyników zastosowano różne miary udziału państwa we własności. Główną metodą badań był ogólny model liniowy z efektami stałymi (dla krajów i badanych lat). Wyniki badań wskazują, że w krajach Europy Środkowo- -Wschodniej własność państwa negatywnie oddziałuje na wyniki finansowe, ale pozytywnie na wypłacane dywidendy. Niemniej jednak dla grupy polskich podmiotów własność państwa pozytywnie wpływa na wyniki finansowe, ale nie ma wpływu na wypłacane dywidendy.pl
dc.language.isoen
dc.publisherWydawnictwo Uniwersytetu Łódzkiegopl
dc.relation.ispartofseriesComparative Economic Research. Central and Eastern Europe;1pl
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0
dc.subjectfirm performanceen
dc.subjectdividend payoutsen
dc.subjectstate-owned companiesen
dc.subjectSOEen
dc.subjectwyniki finansowe firmpl
dc.subjectwypłaty dywidendpl
dc.subjectfirmy z własnością państwowąpl
dc.subjectSOEpl
dc.titleFirm Performance and Dividends in State-owned Companies from CEE Countries – Are Polish SOEs Different?en
dc.title.alternativeWyniki finansowe i dywidendy w przedsiębiorstwach z własnością państwową w państwach Europy Środkowo-Wschodniej – czy polskie przedsiębiorstwa z własnością państwową są inne?pl
dc.typeArticle
dc.page.number119-132
dc.contributor.authorAffiliationBukalska, Elżbieta - Maria Curie-Sklodowska University, Lublin, Polanden
dc.contributor.authorAffiliationPeša, Anita - University of Zadar, Zadar, Croatiaen
dc.identifier.eissn2082-6737
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dc.contributor.authorEmailBukalska, Elżbieta - elzbieta.bukalska@mail.umcs.pl
dc.contributor.authorEmailPeša, Anita - apesa@unizd.hr
dc.identifier.doi10.18778/1508-2008.28.07
dc.relation.volume28


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