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EN
Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.
PL
W artykule przedstawiono problemy związane z tworzeniem wartości przedsiębiorstwa, uwzględniającej potencjał społeczny tkwiący w interesariuszach, który do tej pory często był niewykorzystywany, a przecież stanowi ważny element stymulacji rozwoju biznesu. Zatem kształtowanie odmiennych niż dotychczas umiejętności menadżerów stanowi kolejne wyzwanie dla szkół nauczających biznesu, gdyż uwadze menadżerów często uchodziło to, jak ogromny wpływ na produktywność i innowacyjność przedsiębiorstwa, cechy decydujące o konkurencyjności, może mieć wykorzystanie potencjału otoczenia biznesowego, w którym dokonują się ich najważniejsze działania operacyjne. To nowe spojrzenie na proces zarządzania biznesem i rola, którą pełni w nim tworzenie wartości ekonomiczno-społecznej, wymusza na szkołach biznesu nie tylko rozszerzenie programów nauczania w wielu dziedzinach, ale także zaadaptowanie nowych koncepcji i sposobów ich wdrażania o takie zagadnienia, jak: nowe myślenie o łańcuchach wartości aby efektywnie wykorzystywać wszelkiego rodzaju zasoby i lepiej gospodarować nimi czy też głębsza analiza potrzeb ludzkich i sposoby docierania do nietradycyjnych grup konsumentów.
EN
In their article, the authors presented the problems connected with creating total corporate value taking into account the social potential sticking in stakeholders, which so far has often not been exploited, though it is an important element of stimulation of business development. Therefore, shaping different than so far managerial skills is a further challenge for schools teaching business as managers were often missing how immense impact on enterprise’s productivity and innovativeness, the features deciding its competitiveness, may have the use of potential of the business environment where their most important operating activities take place. This new look at the process of business management and the role played in it by creation of the socio-economic value impels the business schools not only to extent their curricula in many fields but also adaptation of new concepts and ways of implementation thereof with such issues as new thinking of the value chains to effectively use assets of all types and to better manage them, or also a deeper analysis of human needs and ways of reaching non-traditional groups of consumers.
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