Firms' Total Payout Characteristics in Visegrad Countries

Hanousek, Jan; Trešl, Jiří

doi:10.18267/j.polek.1252

Cited by 1 publication

(1 citation statement)

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“…This issue was extended by Fernau and Hirsch [14], who created a guide to future dividend smoothing research using the meta-regression analysis of the Lintner model. Hanousek and Tresl [15] deepened the existing research on the findings of overall characteristics of payments in private companies. They examined the payout behaviour, and the way in which private company shareholders' payouts were smoothed in four Central European countries, concluding that the Lintner model indicated a shift over time to a higher target payout ratio and the absence of payout payments for private companies.…”

Section: Literature Reviewmentioning

confidence: 99%

Application of the classical Payout Ratio Model and determination of the limitations of the Lintner Model demonstrated on the example of Komerční banka, PLC

Machová

Geierova

2021

SHS Web Conf.

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Initial determination of the payout ratio should be an integral part of each company strategy; it is a cornerstone of a long-term operation of any company. The aim of this contribution is to analyse the possibilities of determining the payout ratio of the company using dividend models and to design the most optimal application of the dividend model, and to define the limitations for the application. The data required for the application of the dividend models are obtained from the annual reports of Komerční banka, PLC. for the years of 2006-2018. The obtained data are used to calculate the classical payout ratio model, and subsequently to determine the payout ratio according to the Lintner model. Using the method of comparison, the obtained results for the application of the pay ratio are contrasted. The classic payout ratio model coincided directly with the results of the payout ratios of Komerční banka, PLC. and therefore turned out to be optimal for the application. The Lintner model is considered in literature to be very well functioning. However, this research confirmed that the resulting values of payout ratios after the application of the Lintner model are unacceptable in the long run.

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Section: Literature Reviewmentioning

confidence: 99%