| Abstract [eng] |
The main purpose of this thesis is to determine main factors analysis of dividend policy of companies listed on the NYSE and NASDAQ and evaluate their links with companies financial and return on capital indicators in the 2021 - 2025 period. The problem of this thesis is modern market conditions, dividend policy is becoming increasingly uncertain and inconsistent, making it difficult for investors to assess the long-term financial stability and growth potential of companies. In the theoretical part, applying the methods of analysis, synthesis and comparative analysis of scientific literature, classical and contemporary theories of dividend policy are examined, capital allocation strategies, the interaction of dividends and share buybacks, the significance of macroeconomic factors, tax environment, ESG and investor behavior are reviewed. It is established that classical models, such as Miller and Modigliani's dividend irrelevance hypothesis and Lintner's dividend "stickiness" theory, no longer fully reflect the current dynamic market realities. The empirical part of the study analyzed 30 dividend paying companies from the technology, finance, energy, healthcare, consumer goods and real estate sectors. Using 150 observations were used for the period 2024 - 2025. Methods applied: descriptive statistics, Pearson correlation analysis, and panel regression models. Analyzed dividend index are: dividend ratio (DY, DPR, DPRfcf), financial ratios (EPS, ROE, ROA, FCF, D/E), macroeconomic factors (interest rate, inflation, VIX and EPU indexes) and ESG scores. Results of the study showed that dividend policy is no longer neutral and is significantly affected by the financial indicators of companies. The hypothesis that EPS, ROE and free cash flow have a statistically significant impact on dividend yield and payout ratios was confirmed, while reducing or stopping dividends negatively affects investor confidence. The conclusions of the work state that in the modern market, dividend policy must be assessed comprehensively, combining dividend payments with share buybacks and the financial condition of companies. The results of the study may be useful for investors, financial institutions and companies making strategic decisions regarding capital return policy. The results prepared on the basis of the work are suitable for publication in academic or practical financial market analysis publications, expanding the study to a larger sample or over a longer period. |
