Wpływ wysokości dywidendy na stopy zwrotu z akcji

Abstract

The dividend policy in the literature of the subject belongs to the main variables shaping the most important processes of a company’s growth strategy. These processes are oriented at maximization of a company’s value, and they are based on rates of return from shares fixed both for shareholders and for the entire capital of a company. Theoretically, there exist different possibilities of realizing the same rate of return from shares at different prices of a given security and dividend rates, which was shown on the example contained in the article. In the short practice of operation of joint stock companies listed on the Warsaw Stock Exchange, we do not find any foundations confirming this thesis. The emprical data coinlained in the article point at a marginal influence of the dividend amount on rates of return from shares in relation to joint stock companies existing at the present time.