The Determinants of Corporate Dividend Policy in Poland

Justyna Rój


The purpose of this research is to examine the factors that determine the dividend policy of non-fnancial frms listed on the Warsaw Stock Exchange (WSE) in Poland and that of the annually paid dividends. Up to now, many empirical studies related to dividend policy were carried out, showing the diferentiation of factors afecting the dividend policy and their interaction. Thus, with this study, it would be possible to give a view on the dividend policy of corporations listed on the WSE for the period from 2008 to 2016. The study covers non-fnancial companies listed on the WSE in Poland. The Tobit regression is used to identify the impact of factors infuencing the companies’ distribution of dividends. The variables that may explain a frm’s dividend decision and that were used in this study are selected based on the theory and available empirical researches and then also determined by data availability. These are proftability, investment opportunities, measures of size, leverage, and liquidity. As a result of this study, the factors that determine the dividend policy of companies were verifed in the context of the companies listed on the WSE. Moreover, it indicates which of the existing theories on dividend policy could be applied to the capital markets of Poland. Thus, it provides new insights into the theory of dividend policy.
Author Justyna Rój (WIiGE / KBO)
Justyna Rój,,
- Department of Operations Research
Journal seriesEconomics, ISSN 1392-1258, (0 pkt)
Issue year2019
Publication size in sheets0.7
Keywords in Polishpolityka dywidend, finanse przedsiębiorstw, GPW
Keywords in Englishdividend policy, corporate fnance, dividend payout; Warsaw Stock Exchange
Languageen angielski
Score (nominal)5
Score sourcejournalList
ScoreMinisterial score = 5.0, 06-04-2020, ArticleFromJournal
Citation count*1 (2020-09-19)
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