Całkowita stopa zwrotu z akcji w spółkach kontrolowanych przez inwestorów zagranicznych
Total shareholder return in companies controlled by foreign investors

Summary/Abstract: The paper aims at presenting the influence of foreign investors’ trade on shaping the total shareholder return (taking as an example the companies listed on Warsaw Stock Exchange in the years 2004-2008). It has been established that the companies controlled by foreign investors’ trade achieved a positive value of TSR more often than the other listed companies. Nevertheless, their advantage concerning the TSR level was not unequivocal and did not cover the entire examined period. Between 48 percent to 63 percent of the examined companies with foreign capital paid dividends. Those companies’ high dividend rate was con¬spicuous and it determined the TRS level to a much higher extent than in other groups of companies.

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