Jakub M. Kwiatkowski
International Journal of Contemporary Management, Issue 16(4), 2017, pp. 119-143
https://doi.org/10.4467/24498939IJCM.17.041.8264Jakub M. Kwiatkowski
International Business and Global Economy, Volume 37, 2018, pp. 286-298
https://doi.org/10.4467/23539496IB.18.020.9393For 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. The first section of the paper presents the literature review and research hypotheses. The second section presents utilized methods and the data sample. Section three shows the obtained results, and finally, the last section summarizes the research.