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The Dividend Policy of Real Estate Development Companies Listed on the WSE in Poland

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 entities 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 significant investment needs, and to provide liquidity - leaving their profits in the company. In 40% of the development companies, decisions regarding the distribution of profits bear the markings of residual dividend policy. The economic situation in the construction industry, observed in 2007-2013, was an important factor influencing the financial situation of these companies resulting in dividend policy decisions. Most realtor companies have taken the decision to pay dividends in the years 2008 and 2011. This means that the situation in the previous year was an important factor influencing the decisions regarding the distribution of real estate development company profit.