Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-04-01 DOI:10.18559/ebr.2022.1.5

Marta Kluzek, Katarzyna Schmidt-Jessa

引用次数: 0

Abstract

Abstract The main aim of this paper is to verify whether companies that received special state aid as part of anti-crisis help to mitigate the negative effects of the coronavirus pandemic decided to pay dividends in 2020. The probability of paying dividend was lower for companies that were granted state aid, the variable was statistically significant and the impact was relevant. Among Polish listed companies those ones that received state aid and paid dividends were of average size and age but had the highest level of cash ratio and the lowest level of debt. If a similar crisis occurs in the future the main task for policymakers will be to provide more directed and unambiguous aid for companies in order to avoid unproductive spending as well as to provide general rules that will restrict dividend payment for beneficiaries of any state-aid.

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2019冠状病毒病期间的国家特别援助措施与企业股息政策:来自波兰上市公司的早期证据

摘要本文的主要目的是验证作为抗危机帮助缓解冠状病毒大流行负面影响的一部分获得国家特殊援助的企业是否决定在2020年支付股息。获得国家援助的公司支付股息的概率较低，变量具有统计学显著性，影响是相关的。在波兰上市公司中，接受国家救助和支付股息的公司规模和年龄平均，但现金比率最高，债务水平最低。如果未来发生类似的危机，政策制定者的主要任务将是为企业提供更直接、更明确的援助，以避免非生产性支出，并制定一般性规则，限制任何国家援助受益者的股息支付。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.