Uwagi dotyczące sposobu liczenia stopy wypłaty dywidendy
Some remarks on the calculation of the dividend payout ratio

Summary/Abstract: The analysis of the decisions of general meetings on the distribution of profits of domestic companies quoted on the Warsaw Stock Exchange shows that the increasing number of companies pay dividends not only using net profits in the last fiscal year but also reserve capitals or (and) undistributed earnings of previous periods. Several companies pay dividends despite noted losses in the last fiscal year. This is the reason why the dividend payout ratio calculated as the quotient of the dividend per share to net profit per share in the last fiscal year is not a proper indicator of the dividend policy. Therefore the modification of the dividend payout ratio which takes into consideration all sources of dividend financing was proposed. Proposed modified dividend payout ratio was calculated for all payouts (1282) which were done on the Warsaw Stock Exchange in the years 1992-2012. The analysis of the impact of macroeconomic factors on the share of companies which pay dividends not only using net profits in the last fiscal year in all paying companies and on the modified dividend payout ratio was also done.

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