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The Impact of Share Buyback Announcements and Dividend Policy on Companies Listed on Warsaw Stock Exchange - The Qualitative Analysis

Optimizing the means of wealth distriubution to shareholders is a fundamental issue for financial managers. Contemporary theory of finance tries to solve the problem of measuring the impact of shareholders' benefits (both cash and non-cash) on the value of the company. From the classical point of view this benefit is defined as an increase in wealth, in other words the transfer is equivalent to cashflow. Particular shareholders have different capabilities to influence the company's future and cashflows. From this reason the extent of benefits gained by different groups of shareholders may differ. European Union law regulations along with country specific regulations of capital marktets tend to equalize the rights of so called minority sharholders with the rights of key shareholders. Even more pressure on this effort is put on the case of listed companies. The dividend payment is the primary mean of transfer. In recent years managers of companies listed on WSE in Poland noticed the alternative in share buyback programs. The imminent effects of those programs are both the wealth transfer and the change in shareholders structure. The increasing number of share buyback programs allows to compare those two ways of distributing value. The statisical analysis of the dividend payments and share buyback programs should be preceded by qualitative analysis of those transactions. The analysis will result in formulating hypothesis concerning the potential influence of the intention of starting a buyback program on the investors' behaviour. The subjects of this study are: regulations, tax consequences, common practice for dividend payments policy and are buyback programs in different types of companies.