Determinanty polityki dywidend

The article describes the issue of factors influencing the decisions about the pay out of dividends by companies listed on the capital market. The micro- and macroeconomic determinants of dividend policies of companies listed on developed and emerging markets have been discussed. In the study the topic of the emission of new shares in order to finance dividend payout from the perspective of a conflict between new and present shareholders of a company has been emphasised. In addition, the author shows mutually excluding results of research of Polish and foreign authors concerning selected factors influencing dividend policy.