RELEVANCE OF DIVIDEND POLICY FOR FOOD INDUSTRY CORPORATIONS IN SERBIA

Authors

  • Vladimir Zaki?, PhD University of Belgrade, Faculty of Agriculture
  • Zorica Vasiljevi?, PhD University of Belgrade, Faculty of Agriculture
  • Vlade Zari?, PhD University of Belgrade, Faculty of Agriculture

Keywords:

dividend policy, corporations, food industry, institutional investors

Abstract

The subject of this paper is to analyze dividend policy of ten representative companies in the food industry sector. In the conditions of limited and expensive sources of fnancing, as a signifcant alternative to borrowing stands the stock market. In business of domestic corporations, however, the issue of new shares represents a rare event. A very important factor for future development of the primary equity market is an increase in volume of trading on the "asleep" secondary market. Lack of demand and falling trading volume prevents the growth of share prices, and thus the possibility of realizing capital gains from their sale. In such circumstances, the main reason of investment in shares can be dividend yield. The goal of this paper is to analyze the opportunities and to provide guidelines in formulating effective dividend policies in order to attract certain groups of shareholders, among which the most important are institutional investors, which in their portfolios do not usually hold more than a few percent of the shares of individual companies.

Downloads

Download data is not yet available.

References

1. Frankfurter, G., Wood, B., Wansley, J. (2003): Dividend Policy: Theory and Practice, Academic Press.
2. Lease, R. et al. (2000): Dividend Policy: Its Impact on Firm Value, Oxford University Press.
3. Milanović, M., Ljubić, M., Muminović, S. (2011): Uticaj cena hrane na ciljanu inflaciju u Republici Srbiji, Ekonomika poljoprivrede, IEP Beograd, vol. 58, br. 4, p. 547-562.
4. Miller, M., Modigliani, F. (1961): Dividend Policy, Growth and the Valuation of Shares, The Journal of Business, The University of Chicago Press, Vol. 34, No. 4, p. 411-433.
5. Pavlović, V., Muminović, S. (2011): Međuzavisnost berzanske vrednosti akcija, motiva I obima otkupa sopstvenih akcija, Ekonomika poljoprivrede, IEP Beograd, vol 58, br. 2, pp. 265-280.
6. Shapiro, A., Balbirer, S. (2000): Modern Corporate Finance, Prentice-Hall.
7. Zakić, V. (2005): Raspodela dobiti i politika dividendi (monografja), Viša poslovna škola, Novi Sad.
8. Zakić, V., Vasiljević, Z., Zarić, V. (2011): Tržište hartija od vrednosti kao faktor razvoja korporativnih preduzeća u Srbiji, Ekonomski vidici, Društvo ekonomista Beograda, vol. 16, br. 4, p. 735-746.
9. Beogradska berza, www.belex.rs
10.Centralni registar hartija od vrednosti, www.crhov.rs
11. Privredna komora Srbije, www.pks.rs
12.Agencija Beta, www.beta.co.rs

Downloads

Published

2012-12-31

How to Cite

Zakić, V., Vasiljević, Z., & Zarić, V. (2012). RELEVANCE OF DIVIDEND POLICY FOR FOOD INDUSTRY CORPORATIONS IN SERBIA. Ekonomika Poljoprivrede, 59(4), 809–822. Retrieved from https://ea.bg.ac.rs/index.php/EA/article/view/548

Most read articles by the same author(s)

1 2 3 > >>