Polityka dywidend w świetle teorii finansów behawioralnych
Behavioural finance explanation of dividend policy

Summary/Abstract: The subject of this article is to test whether the behavioural finance provides a good explanation of the dividend policy. According to the behavioural finance, firms pay out dividends because of investors’ consumption preferences, transaction costs and tightening connection between investors and the company. On the basis of the survey results, it is possible to state that according to the financial managers, investors are interested in obtaining dividends to finance consumption expenses. Investors use this source of money (dividends) to avoid transaction costs of selling shares. The financial managers are convinced that dividends are not an important factor used by investors while creating investment portfolio but that dividends can be a measure to make connections with investors more stable. One can state that the behavioural finance ideas play an important role in creating and explaining dividend policy.

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