@misc{Michałowski_Miłosz_Market_2025,
 author={Michałowski, Miłosz},
 identifier={DOI: 10.15611/fins.2025.1.04},
 year={2025},
 rights={Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy},
 description={Financial Sciences. Nauki o Finansach, 2025, vol. 30, no. 1, s. 35-45},
 publisher={Publishing House of Wroclaw University of Economics and Business},
 language={eng},
 abstract={Aim: This study examines how dividend increases and cuts influence stock prices on the Warsaw Stock Exchange over a decade, testing the signaling hypothesis and assessing market efficiency in an emerging market context. Methodology: Using an event study methodology, the author analysed 395 dividend increases and 232 decreases (2015-2024). Abnormal returns (AAR, CAAR) were calculated via the Market Model and Constant Mean Model, with statistical significance tested using one-tailed t-tests. Findings: Dividend increases triggered immediate positive reactions (+1.39% AAR on announcement day, p < 0.005), while cuts led to sharp declines (-1.23% AAR, p < 0.005). Cumulative effects were asymmetric: CAAR for decreases persisted at -2.97% (day +16), whereas post-announcement gains for increases partially reversed. Firms raising dividends exhibited higher yield (5.19%) and payout ratios (59.48%), signalling stability. Implications and recommendations: Practitioners should prioritise dividend policy as a strategic signal, particularly in emerging markets where reactions are amplified. Originality/value: This is the first decade-long event study on the WSE to compare dividend increases and cuts, offering insights into investor behaviour in Central and Eastern Europe. The dual-model approach strengthens reliability, while findings challenge assumptions about market efficiency in emerging economies.},
 type={artykuł},
 title={Market Reactions to Dividend Increases and Cuts: A Decade-Long Event Study Analysis of the Warsaw Stock Exchange},
 keywords={dividend policy, event study, Warsaw Stock Exchange, emerging markets, abnormal returns, polityka dywidendowa, badanie zdarzeniowe, Giełda Papierów Wartościowych, rynki wschodzące, nadzwyczajne stopy zwrotu},
}