The article takes up the issue of the characteristics and the implementation of the dividend policy of companies quoted on the Warsaw Stock Exchange in Warsaw for the period 2008-2017. The purpose of the research is the characteristics of dividend policy company satisfaction mechanism, including an assessment of its actual implementation. To study the characteristics and implementation of the dividend policy by the company’s dividend, eventually it was necessary to classify the companies that during the period of 2009-2018 paid dividends for the period 2008-2017 without a break (at 31.07.2018). The test results indicate a high average annual growth rate of paid dividends. Unfortunately, more than half of the companies developed a dividend policy and those that have it as the basis for their decision on the amount of payment of dividends indicate net profit and investment needs.
Celem artykułu było przedstawienie badań dotyczących charakterystyki polityki dywidendowej grup kapitałowych i innych spółek dywidendowych notowanych na Giełdzie Papierów Wartościowych w Warszawie, które wypłacały dywidendy w latach 2012-2019, oraz podjęcie krytycznej oceny. Badania dotyczą sposobów opisu polityki dywidend realizowanej przez spółki notowane na Giełdzie Papierów Wartościowych w Warszawie, które publikują skonsolidowane sprawozdania finansowe (grupy kapitałowe), oraz mierników systemu wypłaty dywidend przez te podmioty. Na podstawie przeprowadzonych badań należy stwierdzić, że grupy kapitałowe charakteryzują się wyższą średnią roczną stopą wzrostu dywidendy niż spółki publikujące jedynie jednostkowe sprawozdania finansowe, natomiast te ostatnie mogą pochwalić się wyższą średnią skumulowaną stopą dywidendy. Z przeprowadzonych badań wynika, że spółki dominujące nie wykazują, czy otrzymują dywidendy od spółek zależnych. Jednak na podstawie analizy współczynnika Rho Spearmana oraz współczynnika korelacji liniowej Pearsona dla analizowanych spółek stwierdzono, że dla grup kapitałowych i pozostałych spółek istnieje statystycznie istotny związek pomiędzy średnioroczną stopą zwrotu a skumulowaną stopą dywidendy, a jedynie dla pozostałych spółek pozytywny związek pomiędzy średnioroczną stopą wzrostu dywidendy a skumulowaną stopą dywidendy (nie zostało to jednak potwierdzone współczynnikiem korelacji liniowej Pearsona). Wartością dodaną i aplikacyjną są rekomendacje dotyczące atrakcyjności inwestowania w spółki dywidendowe – grupy kapitałowe lub spółki bez podmiotów powiązanych.
EN
The aim of the article was to present research on the characteristics of the dividend policy of capital groups and other dividend companies listed on the Warsaw Stock Exchange that paid dividends in 2012-2019 and to undertake a critical evaluation. The research relates to the methods of describing the dividend policy implemented by companies listed on the Warsaw Stock Exchange, which publish consolidated financial statements (capital groups) and measures of the system of payout of dividends by these entities. Based on the conducted research, it should be stated that capital groups are of a higher average annual dividend growth rate than companies publishing only separate financial statements, whilst the latter boast a higher average cumulative rate of dividends. The conducted research shows that the parent companies do not show whether they receive dividends from their subsidiary companies. However, based on the Spearman’s Rho analysis and the Pearson linear correlation coefficient for the analysed companies, it was found that there was a statistically significant link for capital groups and other companies between the average annual rate of return and the cumulative rate of dividends, and only for the remaining companies, a positive link between the average annual dividend growth rate and the cumulative rate of dividends (yet, this has not been confirmed by the Pearson’s linear correlation coefficient). The added value and application value are recommendations regarding the attractiveness of investing in dividend companies – capital groups or companies without related entities.
This article describes the problem of using fuzzy logic in the forecasts of variants of the results of implemented investment projects. It also shows the possibility of using calculations with the application of fuzzy triangular numbers L-R in the variants of results: an optimistic result, a pessimistic result and the most probable result (the central result). Moreover, the article draws attention to the possibility of using fuzzy numbers to estimate fuzzy risk of a forecasted financial result of a company. In addition, the article presents how a dividend may be shaped in consideration of multiplicity of variants if dividend policy takes into account dependence on company results as well as implemented investment projects.
The article discusses the issue of a model approach to dividend policies from the point of view of an investor and an emitent. The point of view of the investor was presented as a possibility of creating portfolios of securities made only of dividend companies in comparison to a popular method of creating dividend portfolios: the Markowitz method. On the other hand, an approach to dividend policies from the point of view of an emitent of securities was described as a possibility of applying fuzzy numbers and logit models in creating the strategy of the division of a company's profit. In addition, in the article the specificity of dividends and a potential influence of the paid out dividend on the behavior of the listings of shares of the companies was described
The article describes the issue of factors influencing the decisions about the pay out of dividends by companies listed on the capital market. The micro- and macroeconomic determinants of dividend policies of companies listed on developed and emerging markets have been discussed. In the study the topic of the emission of new shares in order to finance dividend payout from the perspective of a conflict between new and present shareholders of a company has been emphasised. In addition, the author shows mutually excluding results of research of Polish and foreign authors concerning selected factors influencing dividend policy.
This paper discusses the issue of the dividend distribution from the perspective of capital market investors and dividend distributing companies, listed on the largest stock exchanges. The goal of the study is to demonstrate the specificity of the dividend policy of companies functioning on the world’s most developed capital markets – the USA and Western Europe. The study covers 150 companies, their dividend policy, as well as the regularity and dynamics of dividend distribution in the period 2011-2015. The results of the study indicate that in companies listed on the developed capital markets, systematic dividend distribution constitutes a stable element of remunerating investors. The analysis also pointed to the considerable differences between the dividend policy adopted by companies listed on the Warsaw Stock Exchange and the dividend policy of companies which are components of the S&P500, FTSE100, DAX, and CAC40 indices
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.
The article presents the results of research aiming at the identification of financial determinants of the dividend policy of companies. The analysis covered financial reports of companies quoted on Warsaw Stock Exchange in 2002–2013. The study focused on the relations between the amounts of the paid-out dividend and the share of the dividend in the profit to be distributed on one hand, and the selected financial parameters describing the company’s operations in the year for which the dividend was paid-out and in the year of the dividend payout. The results of the study were confronted with the theory and conclusions from research carried out in other research centres.
PL
W artykule przedstawiono wyniki badań mających na celu określenie uwarunkowań finansowych polityki dywidendowej firm. Analizie poddano sprawozdania finansowe spółek notowanych na GPW w latach 2002–2013. Badanie z jednej strony koncentruje się na związku między kwotami wypłaconych dywidend i udziałem dywidendy w zysku do podziału, a z drugiej na wybranych parametrach finansowych opisujących działalność firmy w roku, dla którego dywidenda została wypłacona i w roku wypłaty dywidendy. Wyniki badań zostały skonfrontowane z teorią i wnioskami z badań prowadzonych w innych ośrodkach badawczych.
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.