Selected Elements of Strategic Organisational Management Dividend Policy Risk
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Organisation's financial risks vary in nature. Some of them need to be taken into account by the management every day, while some - such as the dividend policy risk - become visible once a year, when shareholders adopt a resolution concerning dividend payment and value policy. Nevertheless, even these actions, although taken once a year, bring both capital and financial effects, as it has been proved and therefore can not be ignored. The hypothesis formulated in the paper, which accepts a risk model construction where knowledge resources enabling risk measurement are opened, has been verified here. The reasoning presented in the paper shows an important element of the measurement conception - i.e. the contents of differing definitions of risk present in the literature of the subject has not been discussed, considered to be ineffective in terms of the theses at issue, as there is always some risk in any action taken - the axiom of risk existence. This intentional avoidance of search for an universal definition of risk enables one to construct models of risks of activities without taking into consideration very ambiguous restrictions which make it impossible to identify explicitly risks of explicitly specified activities. The random nature of risk which is perceived as a state related to activities being effected by the organization's management, enables one to describe risk formally as an element of the random vectors space with all consequences of this approach. Those really important apply to measures of risk space elements, to opportunities provided by the instruments of probability calculus and mathematical statistics. The paper addresses the basic measures, enabling one to describe changes that occur in the risk model structure. Definition of risk description and measurement tools supplemented with a description of the dividend policy mechanisms, with identification of effects of activities taken by the organization's management in the area of dividend policy, enable one to conclude that the conception of risk identification and measurement, supported by organisation's dividend policy example may be a significant element of the organisation's risk management system design.
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