Dividend Policy of Listed Energy Companies in Poland

Abstract

The discussed problem of dividend policy in energy companies is extremely important in the context of the need to restructure the
sector and move away from coal as an energy carrier in favor of renewable sources. In this light, the strategy of distribution into profits
retained in the company and profit transferred to shareholders becomes important. The dividend policy is shaped by many macroand
microeconomic factors. In the current economic situation, factors such as the overall economic situation, inflation and the stock
market situation, the net profit generated, the level of corporate debt, or the need to maintain financial liquidity play a significant role
in it. The dividend policy affects the capital structure and the cost of its acquisition, which determines the profitability of restructuring
projects. The research hypothesis is that the lack of a stable dividend policy is a significant cause of the undervaluation of energy
companies on the stock exchange. The market valuation of the companies studied was much lower than their book value. However,
the calculated Pearson linear correlation coefficients do not confirm this hypothesis. The dividend rate is only one of many factors that
contribute to the undervaluation of energy companies on the stock exchange. It diminishes the possibility of obtaining equity capital on
the stock exchange in the form of a new series of shares, and at the same time maintains a rational capital structure.