Rozważania nad substytucyjnością wypłat dywidendy pieniężnej i wykupu akcji własnych na przykładzie polskich spółek publicznych

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The main goal of this article is to present preliminary results of empirical research on
the substitutability of cash return to shareholders in companies listed on the Stock Exchange
in the form of cash dividend and share buyback.
For the realization of the objective it has been adopted to develop the research
hypothesis stating that the shares repurchases done on the Warsaw Stock Exchange are –
according to the cash dividend – more and more frequently used form of returning cash to
The paper is divided into two parts. In theoretical one, there are shown some views on
substitution hypothesis and exhibited the results of surveys made by other researchers. The
second part is practical research conducted among polish public companies.
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