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.
The Author of the article presents the results of research devoted to the forms of transfer of profit to shareholders of the companies quoted at Warsaw Stock Exchange in the period 2009–2013. The Author concluded that there are features in the group of dividend companies and another group – that of dividend companies which additionally execute share redemption and cancellation – which make them different.
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 describes the issue of inflation and its influence on the value of dividends received by investors. In addition, the topic of dividend policy in the conditions of high (double-digit) inflation is discussed. The impact of inflation on the real rate of return from investments should be taken into consideration by investors who invest both in bonds and in shares. Research shows that, whereas bond market investors understand the impact of inflation on discount rates, stock market investors do not account for the impact of inflation on future earnings growth (Chordia et al, 2005, p.554).
On the basis of the conducted analyses the author concluded that in the 2000-2012 period, investors generally suffered a loss on the received dividend, if we quantified their size and attractiveness by means of a dividend rate.
The objective of the article is the presentation of the issue of inflation from the point of view of dividends paid out by companies (Hazlitt, 2007, p.90, Rutkowski, 2007, p. 245, Sayek, 2009, p. 441) and an investor allocating financial means on the capital market (in shares of companies listed on the capital market and not in bonds. (Laatsch, 2013, pp. 54-59)).
The following hypothesis was accepted in the article:
H1: in the period 2000-2012 an effective real dividend rate for companies quoted on Warsaw Stock Exchange had a negative value.
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.