Dividend policy is a rarity

One of the basic criteria in assessing a company from the point of view of a shareholder is the dividend, or its availability, or the method of its payment. Although the dividend is not an unambiguous indicator of the company’s financial performance, it is nevertheless one of the factors influencing the share price. Abroad, companies try not to deviate from the introduction of dividend policy in order to maintain a good name, in our country, on the contrary, companies do not have a dividend policy at all.

We can define the dividend as the profit of the company pipadajc to one shares. However, this does not mean that when the company makes a profit, the shareholder automatically comes first dividend. Whether he will eventually receive it will be decided by the General Meeting, which, despite very good economic results, will accept that the dividend will not be paid.

The largest influence on the result is the largest investment in the form of large companies. Mal action | Of course, I must first enforce my opinion on general meetings, but its influence is minimal.

In the developed capital markets, the dividend is considered one of the most important features of the stock. Investors buy stocks not only with a duty achieved capital contribution (which is the difference between the purchase and sale price), but they also put emphasis on dividendov vnos, which is the first in dividends and is in a relationship with the company’s income. At present, it has not been seen in the shares of the company that pays dividends in such a way that they cannot find any other profits to which they would transfer their profits. Some investment strategies even look for the first companies for which there is a presumption of market growth, need and thus return. Nap. in the US, the shares of companies paying dividends are long-term in return, not the shares without dividends.

esk company and dividend policy, it does not go together

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In our case, investors usually buy shares only at the end of the return through capital input, ie the largest difference between the purchase and sale price. He sees the dividend only as a side income, associated with the drenm of the action. Rarely do domestic investors even in which the dividend is paid and for some companies the dividend is paid and others do not. Urit is the bottom of our situation capital market, where we only find a company that adheres to a stable dividend policy.

From tusk titles traded on the crack storms of valuable paprika (BCPP) shows a stable dividend policy Philip Morris, which strictly maintains a dividend yield of at least 10%. Thus, Erste Bank maintains a stable dividend of 1.24 euros, which was even increased to 1.5 euros this year. EZ has also regularly paid the dividend for the last 4 years and wants to continue this trend. Due to the claims of the recapitalization, an extraordinary dividend was also expected by the shares of Komern banka, but in 200 K per share it had a very positive effect on the market. At the other end is Unipetrol, which does not pay dividends in the traditional way, and the Czech Radiocommunications is in a similar situation.

Dividends paid to the nine largest companies on the PSE
by thorn capitalization (in K)






Erste Bank (v EUR)










esk Telecom




Komern bank




Philip Morris





esk pojiovna










esk radiocommunication


The reason why our companies do not rush to pay dividends is incl. This means that the first inefficiency is to pay dividends. Their payment is known to be expensive, as dividends are taxed twice. First, the company is taxed because they are paid from the same profit after tax. And then go pay the tax to the recipient of the dividend, who will receive a taxable 15 percent Serbian tax at source.

The reason for the non-payment of dividends is the obligation of each company to adhere to certain basic principles in the distribution of profits. The company must place a minimum of five percent in the reserve fund. Subsequently, the company decides whether to use the profit for deferred losses from previous periods, or whether the funds simply appear in the company’s financial statements as retained earnings. Maybe divide it by sending others fund tvoench from profit.

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Since the decision to pay dividends then means an apartment for the company liquidity, only a stable company long established in the market can afford this luxury. As companies develop, they need to strengthen their market position and reinvest profits in development.

It is important to note that the payment of a dividend is not a one-off matter, but a long-term process, as the shareholder has the first to pay the dividend for 4 years from its approval and receive the same value, or even the value of the dividend up to five years. It is therefore not surprising that in our conditions the regular dividend is the exception and it is not possible for us to invest in dividend shares with a duty of risk diversification.

Do you prefer a capital injection when investing in an action? Or is the company ‘s policy and dividends paid for all dividends? Share your views with them.

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