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The dividend policy of real estate development companies listed on the WSE in Poland

100%
Gostkowska-Drzewicka M.
Finansowy Kwartalnik Internetowy e-Finanse
|
2016
|
vol. 12
|
issue 1
67-77
EN
The aim of the article is to analyze and identify the dividend policy adopted by real estate development companies listed on the WSE. The first regular dividend paid by these entities was in 2007. Only 12% of real estate companies listed on the WSE regularly paid dividends. 48% of the surveyed companies declared that their priority is development and recommended - due to the significant investment needs, and to provide liquidity - leaving their profits in the company. In 40% of the development companies, decisions regarding the distribution of profits bear the markings of residual dividend policy. The economic situation in the construction industry, observed in 2007-2013, was an important factor influencing the financial situation of these companies resulting in dividend policy decisions. Most realtor companies have taken the decision to pay dividends in the years 2008 and 2011. This means that the situation in the previous year was an important factor influencing the decisions regarding the distribution of real estate development company profit.
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Kondycja finansowa jako wyznacznik pozycji konkurencyjnej przedsiębiorstw deweloperskich

100%
Gostkowska-Drzewicka M.
Nauki o Finansach
|
2015
|
issue 1(22)
49-68
EN
The aim of the article is to analyse the financial standing of real estate development companies listed on WSE and to fix on this basis their competitive position in Poland in the years 2007-2013. Liquidity, debt, turnover, profitability and market efficiency ratios were used to construct the taxonomic measure of investment attractiveness (TMAI). It was the basis for a comparative assessment of the companies financial condition. The financial condition of the company determines its survival and development opportunities in a competitive and changing market environment, and therefore – it is an indicator of competitive position. The group of companies with a stable competitive position and good financial condition is small. Most companies showed frequent changes in the ranking. Entities whose financial condition underwent systematic deterioration dominated in the examined population. TMAI indicator has a generally low value, which means that the financial condition of the realtors is weak.
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