Struktura akcjonariatu a polityka wypłacania dywidend spółek prowadzących działalność badawczo-rozwojową w Polsce
The ownership structure, R&D activity, and dividend policy of companies listed on the Warsaw Stock Exchange

Summary/Abstract: For almost seven decades, the rules determining the dividend policy of companies have been the subject of interest of researchers worldwide. Due to the variety of factors influencing managers’ decisions on dividend payouts, the issue has been named “the dividend puzzle”. The following research focuses on two determinants of dividend policy – research and development activity and government ownership of companies listed on the Warsaw Stock Exchange over the period 1992–2016. We utilize a non-parametric statistical approach to financial data obtained from 296 companies to verify how both factors are related to the dividend policy of companies. We find that both R&D activity and government ownership have an adverse impact on dividend payouts.

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