Dividendų finansinis signalizavimas Lietuvos akcijų rinkoje
LTStraipsnyje nagrinėjamas dividendų kaip finansinio signalo nešėjo vaidmuo Lietuvos akcijų rinkoje. Autorės, išanalizavusios mokslininkų atliktą dividendų signalinio efekto empirinių tyrimų rezultatus ir taikytas metodikas, pateikia metodiką, pagal kurią tiriamas dividendų finansinio signalizavimo stiprumas Lietuvos akcijų rinkoje. Atliktas empirinis tyrimas parodė, jog daugumoje Lietuvos įmonių dividendai neatlieka finansinio signalo nešėjo vaidmens, o į dividendų politiką Lietuvoje žiūrima kaip į finansinį sprendimą.
ENThere are a lot of discussions among scientists about the dividend role in stock market. Many scientific researches on the dividend signalling effect topic are performed in stable stock markets. The number of researches in markets where the business traditions are not formed is little. The role of dividends as financial signal in Lithuanian stock market is investigated in the article. Analysing the empirical research results about dividend signal effect and the employed methods in that researches, the authors propose the methods. On the ground of these methods, the dividend financial signalling strength in Lithuanian stock market is analyzed in the article. Analysing the effect of the dividend signal effect on Lithuanian stock market, four propositions are formulated.If at least one proposition is confirmed, it is possible to state that the dividend signal effect exists in the stock market: dividends have the positive relation with profitability and stability indexes; stock price increases, when dividends increase; dividends decrease when company's investments increase; with the increased dividends the larger future earnings as well as company's profit are expected. In order to reason or reject the propositions, the dependences between Lithuanian joint stock companies' paid dividends and these independent variables were analyzed: return on capital employed, leverage coefficient, future investments, future profit, profit for last period, stock market price and stock market price changes. The performed empirical research revealed that the strength of dividend signal effect in Lithuanian stock market is low, and dividend payout is considered as a financial decision in Lithuanian companies.
