Wypłaty dywidend spółek notowanych na GPW w Warszawie w latach 1993-2014

Leszek Czapiewski , Jarosław Kubiak

Abstract

Purpose - The objective of this paper is to characterise the dividend policy of listed companies in Poland and its comparison with the dividend policy of listed companies on the other European markets. Design/methodology/approach - The study covers all companies whose shares were listed on the Warsaw Stock Exchange between 1993 and 2014. Dividend policy was characterized by the dividend yield and by gathering information on the frequency of dividend payments. Findings - The study concludes that admittedly, an average dividend yield of companies listed on the WSE was higher than the average in Europe, but Polish companies were significantly less likely to pay dividends, and dividend payments were rarely continued. Originality/value - The research study includes data on all dividend payments of companies listed on the Warsaw Stock Exchange in the period 1993-2014. The paper should inspire further study on dividend policy of Polish firms.