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Volume 8 (22) Number 1 pp. 72-89

Marta Kluzek1, Katarzyna Schmidt-Jessa2

1Department of Investment and Financial Markets, Poznań University of Economics and Business
2
Department of Money and Banking, Poznań University of Economics and Business

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

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.

pub/2022_1_72.pdf Full text available in Adobe Acrobat format:
http://www.ebr.edu.pl/volume22/issue1/2022_1_72.pdf
Keywords: COVID-19, state-aid, dividends, pay-out policy.

DOI: 10.18559/ebr.2022.1.5

For citation:

MLA Kluzek, Marta, and Katarzyna Schmidt-Jessa. "Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies." Economics and Business Review EBR 22.1 (2022): 72-89. DOI: 10.18559/ebr.2022.1.5
APA Kluzek, M., & Schmidt-Jessa, K. (2022). Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies. Economics and Business Review EBR 22(1), 72-89 DOI: 10.18559/ebr.2022.1.5
ISO 690 KLUZEK, Marta, SCHMIDT-JESSA, Katarzyna. Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies. Economics and Business Review EBR, 2022, 22.1: 72-89. DOI: 10.18559/ebr.2022.1.5