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Research background: The aim of the article is to compare Polish and US dividend companies with potential growth with dividend companies with potential value, including in the period of economic turbulence caused by the pandemic, and to identify macroeconomic determinants that affect changes in the level of share prices of dividend companies with potential value listed on the stock exchange in Poland and the US. An analysis of the literature and international studies conducted allows us to identify inflation, gross domestic product (GDP), interest rate levels, exchange rate changes, and market P/E and P/BV ratios, as well as the PMI index, as the most important macroeconomic factors.

Research background: This article describes the issue of dividend companies that are components of the WIG index and S&P 500 during the period 2009–2017.

Purpose: This paper attempts to reveal, on the one hand, whether dividend paid by dividend10 paying companies from the WIG, DAX and S&P500 indices for the period 2017-2022 were characterized by positive dynamics of change in real terms, and whether decisions on the level of dividends recommended for payout are more determined by macroeconomic factors from the end of the year, in which the company generated financial results, or from the period, in which dividend decisions were made. Design/methodology/approach: The research objective of this paper is accomplished by means of a thorough literature analysis. In the area of statistical methods, the authors refer to classical methods of correlational analysis, with a focus on non-parametric methods (Spearman’s rho and Kendall’s tau). Findings: The analyses carried out made it possible to indicate that, for companies listed on the FSE and WSE, the only quantity correlated with changes in dividends paid is the PMI index, with a negative correlation for Polish companies and a positive one for German companies. This correlation occurs only if one considers December macroeconomic data readings. On the other hand, for NYSE-listed entities, statistically significant relationships were obtained for the PMI index (negative), the inflation rate (negative) and interest rates (positive). With the exception of interest rates, the correlations apply to both December readings and those from May of the dividend payout year. At the same time, the results indicate different decisions made by the boards of US, German and Polish companies in the face of the SARS-CoV-2 pandemic. Research limitations/implications: The study was conducted on a limited number of analyzed companies and for a limited time range. Therefore, it could be biased, due to the deterministic stock sampling method and the research period. Practical implications: Expanded knowledge of the impact of the timing of publication of macroeconomic parameters on decisions on dividend payouts and their amount. This knowledge is important for both investors and investment funds’ boards. Consequently, one can make better investment decisions. Social implications: Among the paper’s social implications, the most important appears to be a possible change in the investors’ attitude towards dividend-paying companies that not only pay dividends systematically, but also have positive dynamics of change, and the realization that dividend decisions are affected not only by a number of determinants, but also by the timing of their occurrence. Ultimately, investors’ needs could be better addressed. Originality/value: The paper evaluates the impact of macroeconomic determinants on changes in dividend payouts by companies for the period 2017-2022. What is new in the paper is the analysis of whether the timing of the publication of macroeconomic parameters significantly affects the level of dividends paid, thereby filling our knowledge gap. [ABSTRACT FROM AUTHOR]

Purpose: This paper attempts to reveal the potential differences between the portfolios of dividend-paying companies with growth or value potential and the same portfolios fortified with the financial instruments replicating precious metals or real estate price behavior in a turbulent global economy. Design/methodology/approach: The research objective of this paper is accomplished by means of a thorough literature analysis. Moreover, the authors employ comparative analysis methods to explore the features of stock portfolios held by dividend-paying companies with value or growth potential and portfolios of the companies that are fortified with financial instruments replicating the price behavior of precious metals or real estate and uncover the similarities and differences. Research of the characteristics of financial instrument portfolio variants and comparison between them is conducted by means of standard deviation of the rate of return, coefficient of variation, the Pearson correlation coefficient and the Spearman's rank correlation coefficient. It was also assessed whether the estimated correlation coefficients were statistically significant through the use of a non-parametric correlation coefficient significance test. Findings: The results of the empirical analyses conducted here reveal that the average annual return of portfolios held by dividend-paying companies with value and growth potential is lower than ETFs replicating precious metals. Furthermore, during the turbulent economy of 2020, the inclusion of precious metal assets boosted the rates of return of the Polish dividend-paying companies portfolios. Research limitations/implications: The research was carried out on a limited number of the analyzed companies. Therefore, it could be biased, due to the deterministic stock sampling method. Practical implications: Knowledge of the similarities and differences between dividend-paying companies with value or growth potential and the risk diversification of such companies9 stock portfolios by means of instruments replicating the price behavior of precious metals or real estate is of great importance to both the investors and investment funds' boards. Consequently, one can make better investment decisions. Social implications: Among the paper's social implications, the most important appears to be a possible change in the investors' attitude towards dividend-paying companies with value potential and financial instruments replicating the price behavior of precious metals or real estate. Ultimately, investors9 needs could be better addressed. Originality/value: What is new in the paper is the stock comparison of dividend-paying companies' with value and growth potential with precious metals and real estate-based instruments. The paper also attempts to compare efficiency of investing in the portfolio variants, capturing the effect of the SARS-CoV-2 pandemic, thereby filling our knowledge gap. [ABSTRACT FROM AUTHOR]

The Author of the article presents the results of research devoted to the forms of transfer of profit to shareholders of the companies quoted at Warsaw Stock Exchange in the period 2009–2013. The Author concluded that there are features in the group of dividend companies and another group – that of dividend companies which additionally execute share redemption and cancellation – which make them different.

Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.

Purpose: This paper attempts to reveal the potential differences between the portfolios of dividend-paying companies with growth or value potential and the same portfolios fortified with the financial instruments replicating precious metals or real estate price behavior in a turbulent global economy. Design/methodology/approach: The research objective of this paper is accomplished by means of a thorough literature analysis. Moreover, the authors employ comparative analysis methods to explore the features of stock portfolios held by dividend-paying companies with value or growth potential and portfolios of the companies that are fortified with financial instruments replicating the price behavior of precious metals or real estate and uncover the similarities and differences. Research of the characteristics of financial instrument portfolio variants and comparison between them is conducted by means of standard deviation of the rate of return, coefficient of variation, the Pearson correlation coefficient and the Spearman's rank correlation coefficient. It was also assessed whether the estimated correlation coefficients were statistically significant through the use of a non-parametric correlation coefficient significance test. Findings: The results of the empirical analyses conducted here reveal that the average annual return of portfolios held by dividend-paying companies with value and growth potential is lower than ETFs replicating precious metals. Furthermore, during the turbulent economy of 2020, the inclusion of precious metal assets boosted the rates of return of the Polish dividend-paying companies portfolios. Research limitations/implications: The research was carried out on a limited number of the analyzed companies. Therefore, it could be biased, due to the deterministic stock sampling method. Practical implications: Knowledge of the similarities and differences between dividendpaying companies with value or growth potential and the risk diversification of such companies’ stock portfolios by means of instruments replicating the price behavior of precious metals or real estate is of great importance to both the investors and investment funds' boards. Consequently, one can make better investment decisions. Social implications: Among the paper's social implications, the most important appears to be a possible change in the investors' attitude towards dividend-paying companies with value potential and financial instruments replicating the price behavior of precious metals or real estate. Ultimately, investors’ needs could be better addressed. Originality/value: What is new in the paper is the stock comparison of dividend-paying companies' with value and growth potential with precious metals and real estate-based instruments. The paper also attempts to compare efficiency of investing in the portfolio variants, capturing the effect of the SARS-CoV-2 pandemic, thereby filling our knowledge gap. [ABSTRACT FROM AUTHOR]

Purpose: Financial crises, stock market crashes and consequently bursts of speculative enthusiasm have been accompanying investors since the 17th century. The first speculative bubble, so-called “tulip mania”, occurred in the Netherlands between 1636 and 1637, while a speculative “fever” spread among the shareholders of the Dutch East India Company from 1636 to 1640. Those events exposed remarkable possibilities and complexity of the financial markets, and later encouraged investors to explore a variety of investment strategies bringing above-average rates of return. However, the question remains: how do modern-day investors react to the market disruptions and which investment strategies are popular among them. The purpose of this paper is to provide an understanding of how and why the COVID-19 pandemic affected the investors’ behavior and the rates of return earned by selected WSE listed companies. An attempt was also made to estimate the sensibility of investing in selected stocks through the use of the basic and most popular fundamental analysis market ratios, i.e. P/E and P/BV. Furthermore, based on selected companies, semi-strong information efficiency of the Polish stock market was assessed, with a particular focus on the COVID-19 pandemic period. Methodology: The paper assesses the rates of return of companies constituting the WIG20 index and selected “covid” companies and calculates P/E and P/BV market ratios to verify how the fundamentals of a given company affect its rates of return. As a measure of relationship strength between the market value and rate of return indicators, the Spearman's rank correlation coefficient and a significance test for the Spearman's rank correlation coefficient were selected. Findings: The research reveals that, during times of violent turmoil and massive panic on the stock markets, an interesting investment strategy that brings above-average rates of return is to build a stock portfolio based on a current trend. All hypotheses formulated were positively verified in the paper. Practical implications: The study's results provide a valuable source of information for stock market investors, particularly individual investors who, when making tough investment decisions, i. e. during stock market crashes or financial crises, can employ strategies that involve building an investment portfolio based on trending companies and achieve above-average rates of return. Furthermore, the suggested investment strategy is adaptable and, over centuries, still effective. Originality: The considerations concentrated not only on identifying an appropriate investment strategy in times of a stock market turmoil, but largely focused around behavioral aspects of investing, which represent an important addition to theories about rational decision-making by investors and the efficiency of financial markets. [ABSTRACT FROM AUTHOR]

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Copyright of Financial Sciences / Nauki o Finansach is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)