Efekt klienteli dywidendowej – teoria i praktyka rozwiniętych rynków kapitałowych
The Dividend Clientele Effect – Theory and Practice of Developed Capital Markets

Summary/Abstract: Purpose –The purpose of this article is to present the dividend clientele effect, in particular to introduce and discuss its theoretical foundations and to review major areas of empirical studies on this effect. Design/methodology/approach – The literature review enabling to identify and discuss main theoretical and empirical works regarding the dividend clientele effect. Findings –The conducted study of literature leads to a conclusion that the dividend puzzle still remains unsolved because, despite the fact that there is a very large number of research analyzing various aspects of the clientele, their results, however, have produced mixed, sometimes ambiguous and even contradictory findings. Originality/value –Dividend theories and hypotheses described in Polish literature are discussed most often in a collective way. By focusing on only one dividend policy context i.e. the clientele effect, the article offers a more in-depth and comprehensive view on presented issues.

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