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The dividend policy of real estate development companies listed on the WSE in Poland

Author

Listed:
  • Magdalena Gostkowska-Drzewicka

    (University of Gdañsk)

Abstract

The aim of the article is to analyze and identify the dividend policy adopted by real estate development companies listed on the WSE. The first regular dividend paid by these enti ti es was in 2007. Only 12% of real estate companies listed on the WSE regularly paid dividends. 48% of the surveyed companies declared that their priority is development and recommended - due to the signifi cant investment needs, and to provide liquidity - leaving their profi ts in the company. In 40% of the development companies, decisions regarding the distributi on of profi ts bear the markings of residual dividend policy. The economic situati on in the construction industry, observed in 2007-2013, was an important factor influencing the fi nancial situati on of these companies resulti ng in dividend policy decisions. Most realtor companies have taken the decision to pay dividends in the years 2008 and 2011. This means that the situati on in the previous year was an important factor infl uencing the decisions regarding the distribution of real estate development company profit.

Suggested Citation

  • Magdalena Gostkowska-Drzewicka, 2016. "The dividend policy of real estate development companies listed on the WSE in Poland," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 12(1), pages 67-77, June.
    • Handle: RePEc:rze:efinan:v:12:y:2016:i:1:p:67-77
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    More about this item

    Keywords

    profit distribution; real estate developer; the payout policy principles; economic cycle in construction;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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