The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

Lintner’s (1956) partial adjustment model identifies the company’s long-term dividend policy by setting a dividend target payout ratio and the speed of adjustment. And although the model has undergone various modifications and methods of estimation over more than 60 years, it is still a good tool fo...

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Autores principales:	Mieczysław Kowerski, Marcin Sowa
Formato:	article
Lenguaje:	EN PL
Publicado:	Malopolska School of Economics in Tarnow, Poland 2021
Materias:	lintner model dividend target payout ratio coranavirus pandemic hydrotor sa Economics as a science HB71-74 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/3891334fe4ca42f78110b4ea0b269e22
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spelling	oai:doaj.org-article:3891334fe4ca42f78110b4ea0b269e222021-11-24T12:32:51ZThe impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA1506-26352658-181710.25944/znmwse.2021.03.1528https://doaj.org/article/3891334fe4ca42f78110b4ea0b269e222021-09-01T00:00:00Zhttps://zn.mwse.edu.pl/index.php/zn/article/view/801https://doaj.org/toc/1506-2635https://doaj.org/toc/2658-1817Lintner’s (1956) partial adjustment model identifies the company’s long-term dividend policy by setting a dividend target payout ratio and the speed of adjustment. And although the model has undergone various modifications and methods of estimation over more than 60 years, it is still a good tool for analyzing dividend decisions made by companies. The aim of the article is to show the usefulness of the Lintner model for analyzing changes in the company’s dividend policy during the pandemic turmoil. For the illustration, Hydrotor SA was chosen, which, the longest time at the Warsaw Stock Exchange, continuously pays dividends. The calculations showed that the situation in 2020 resulted in a revision of the company’s long-term dividend strategy, which resulted in a lowering of the dividend target payout ratio and a greater attention to the current situation (current net profits)—an increase in the speed of adjustment.Mieczysław KowerskiMarcin SowaMalopolska School of Economics in Tarnow, Polandarticlelintner modeldividend target payout ratiocoranavirus pandemichydrotor saEconomics as a scienceHB71-74Management. Industrial managementHD28-70ENPLZeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie, Vol 51, Iss 3, Pp 15-28 (2021)
institution	DOAJ
collection	DOAJ
language	EN PL
topic	lintner model dividend target payout ratio coranavirus pandemic hydrotor sa Economics as a science HB71-74 Management. Industrial management HD28-70
spellingShingle	lintner model dividend target payout ratio coranavirus pandemic hydrotor sa Economics as a science HB71-74 Management. Industrial management HD28-70 Mieczysław Kowerski Marcin Sowa The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA
description	Lintner’s (1956) partial adjustment model identifies the company’s long-term dividend policy by setting a dividend target payout ratio and the speed of adjustment. And although the model has undergone various modifications and methods of estimation over more than 60 years, it is still a good tool for analyzing dividend decisions made by companies. The aim of the article is to show the usefulness of the Lintner model for analyzing changes in the company’s dividend policy during the pandemic turmoil. For the illustration, Hydrotor SA was chosen, which, the longest time at the Warsaw Stock Exchange, continuously pays dividends. The calculations showed that the situation in 2020 resulted in a revision of the company’s long-term dividend strategy, which resulted in a lowering of the dividend target payout ratio and a greater attention to the current situation (current net profits)—an increase in the speed of adjustment.
format	article
author	Mieczysław Kowerski Marcin Sowa
author_facet	Mieczysław Kowerski Marcin Sowa
author_sort	Mieczysław Kowerski
title	The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA
title_short	The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA
title_full	The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA
title_fullStr	The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA
title_full_unstemmed	The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA
title_sort	impact of the coronavirus pandemic on the dividend target payout ratio. the evidence from hydrotor sa
publisher	Malopolska School of Economics in Tarnow, Poland
publishDate	2021
url	https://doaj.org/article/3891334fe4ca42f78110b4ea0b269e22
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The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

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