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.
Cwynar A. & Cwynar W. (2007). Creating the company’s value by means of long-term financial decisions. Warsaw: The Publishing House of Warsaw School of Information Technology.
DeAngelo H. DeAngelo L. & Stulz R.M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics 81.
Duraj A.N. (2002). Factors of realizing the policy of dividend payments by the public limited companies. Łódź: The Publishing House of the University of Lodz.
Fama E.F. & French K.F. (2001). Disappearing Dividends. Changing Firm Characteristics or Lower Propensity to Pay? 509 from CRSP Working Paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=203092 (2.05.2014).
Guay W. & Harford J. (2000). The Cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics 57.
Jagannathan M. Stephens C.P. & Weisbach M.S. (2000). Financial Flexibility and The Choice between Dividends and Stock Repurchases. Journal of Financial Economics 57.
Jajuga T. & Słoński T. (1997). The companies’ finance. Long-term investment and financial decisions. Wrocław: The Publishing House of the University of Economics in Wrocław.
Kowerski M. (2011). Economic conditioning of the decisions about dividend payments by public limited companies. Kraków-Rzeszów-Zamość: Academic Consortium WSE Publishing House in Kraków WSIiZ in Rzeszów and WSZiA in Zamość.
Miller M. & Modigliani F. (1961). Dividend Policy Growth and the Valuation of Shares. Journal of Business 4 (34).
Sierpińska M. (1999). Dividend policy in the capital companies. Warszawa-Kraków: Wydawnictwo Naukowe PWN.
Szablewski A. (2000). Management of the company’s value. The essence and directions of the evolution. In: The strategies of increasing the company’s value. The case study. Ed. A. Szablewski. Warszawa: Poltext.
Szczepankowski P.J. (1999). The company’s finance. Theory and practice Vol. II. Warsaw: The Publishing House of the School of Entrepreneurship and Management.
Wilimowska Z. & Wilimowski M. (2001). The art of finance management Part 2. Bydgoszcz: The Publishing House of the Centre of Organizational Progress.
Szablewski A. (2007). Maximizing the company’s value and a social resposibility of the company. In: Evaluation and management of the company’s value. Eds. A. Szablewski R. Tuzimek. Warszawa: Poltext.