Acta Univ. Agric. Silvic. Mendelianae Brun. 2019, 67, 1515-1524
Published online 2019-12-22

Determinants of the Dividend Payout Policy of Stock Companies within the European Union

Patrick Arndt, Zuzana Kučerová

Department of Finance, Faculty of Business and Economics, Mendel University in Brno, Zemědělska 1, 613 00 Brno, Czech Republic

Received June 3, 2019
Accepted September 17, 2019

The problem-field dividend payout policy is a very complex issue. Particular within the low-interest phase in Europe, the significance of this issue is growing for all investors, equal to whether private or institutional investors. The aim of this study is to research the European area to provide a contribution to a region, which, unfortunately, has given sparse attention in the past. In order to ensure the relevance for this exploration, the major European stock index Euro Stoxx 600 has been used. The results of the multiple linear regression show the unequal dividend distribution between stock companies from the industrial sector and the service sector. Besides, it has shown that institutional investors play as well a significant role within the dividend policy in European public companies. Furthermore, the net income of a corporation influenced in all previous analysis the dividend reimbursement, which could be confirmed through this paper as well. Regarding the previous studies, this paper provides an additional source for further studies which also occupy with this complicated question.


“This research was funded by Internal IGA project no. PEF_TP_2018006 at Mendel University in Brno, Faculty of Business and Economic.”


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