JEL classification: G32, G35;
Keywords: ownership structure, dividends, foreign investors, payout policy;
Abstract: The article analyses the impact of foreign investors, who were the majority shareholders of companies
on the Warsaw Stock Exchange, on dividend policy of these companies in the years 2004-2014.
An evaluation of the direction and strength of the influence of the analysed group of investors,
using 2 models, was conducted applying logistic regression. The first – dividend payout policy based
on the binary logit model - showed that along with a growing share of a foreign investor in a given
company the probability of dividend payment by the company increased significantly. The second
– dividend level change model based on the multinominal logit method - showed, however, that
with an increasing share of foreign investors the probability that a given company will reduce the
paid dividend level was enhanced significantly. Additionally, it should be stated that these results,
irrespective of the model used, were to a very large extent in line with conclusions of the pecking
order theory. However, in the case of signaling, free cash flow and maturity theories, these results
only to a small extent provided evidence supporting these theories.