<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>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.</p>
</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.

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

Department of Investment and Financial Markets

Poznań University of Economics and Business

Economics and Business Review

This work is licensed under the Creative Commons Attribution 4.0 International License.

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...

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

Published Online: May 09, 2022

Page range: 72 - 89

Received: Nov 04, 2021

Accepted: Mar 01, 2022

DOI: https://doi.org/10.18559/ebr.2022.1.5

Keywords
COVID-19, state-aid, dividends, pay-out policy

© 2022 Marta Kluzek et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

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

Published Online: May 09, 2022

Page range: 72 - 89

Received: Nov 04, 2021

Accepted: Mar 01, 2022

DOI: https://doi.org/10.18559/ebr.2022.1.5

KeywordsCOVID-19, state-aid, dividends, pay-out policy

© 2022 Marta Kluzek et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
COVID-19, state-aid, dividends, pay-out policy