Streszczenie: Cel-Celem artykułu była ocena efektywności funduszy inwestycyjnych, które swoje aktywa inwestują w akcje małych i średnich spółek na rynku polskim. Metodologia badania-Zaprezentowano tradycyjne mierniki oceny efektywności funduszy inwestycyjnych-wskaźnik Sharpa, Treynora i Jensena. Tradycyjną grupę wskaźników efektywności porównano ze stopami zwrotu dla indeksów giełdowych-mWIG40 i sWIG80. Wynik-Osiągnięte przez fundusze wyniki należy ocenić negatywnie, mimo dodatnich wyników dla poszczególnych wskaźników. Wskazane jest ich również porównanie na tle innych instrumentów finansowych bądź innej grupy funduszy inwestycyjnych. Oryginalność/wartość-Przedstawione wyniki są kompendium wiedzy przede wszystkim dla inwestorów indywidualnych poszukujących różnych możliwości inwestowania.

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Purpose: The purpose of this paper is to examine the signaling theory of dividend policy in companies that are listed on the Warsaw Stock Exchange. Design/methodology/approach: Based on the literature review of signaling theory in dividend policy, the research hypothesis was stated: There is no relationship between future earnings and current dividend payments in the financial statements of Warsaw listed companies during the studied period 2010-2021. Accordingly, an empirical model was built which consisted of an explanatory variable (dividend in subsequent years) and explanatory variables (earnings in subsequent years). In addition, a research questionnaire was conducted for individual investors who have been investing in the Warsaw Stock Exchange for more than one year. Findings: The estimation results of the econometric model confirmed that there is no relationship between the dividend paid and the profit of a given company. On the other hand, the survey results indicated that dividend policy is an important element in the decision-making process of individual investors in the stock market. Originality/value: The research in the paper is complementary in nature – the signaling theory in dividend policy was examined in a multifaceted manner – econometric testing of the model and qualitative research in the form of a survey among 100 investors.

The article presents preliminary research on the financial strategy of enterprises in the process of internationalization. Using the survey as a research method, 25 enterprises that export their products outside Poland were examined. The main hypothesis is that the economic crisis caused by the pandemic will not lead to a change in the significance of factors influencing the enterprises' financial strategy, and in particular to the change in the relationship between internationalization and an enterprise's financial strategy.

Dividend policy is created and formulated by companies. For this reason, the focus of the analysis is on the message conveyed by the information on the dividend payout, the relationship between the dividend and financial indicators, the continuity of the payout and the amount of the dividend itself. Decisions on the dividend payment include two basic issues: what portion of profits should be paid out over a certain period of time and whether the company should maintain a steady and stable growth rate. If a steady and stable growth rate is maintained, then the level of earnings will increase from year to year. This phenomenon is confirmed by the growing number of companies paying dividends. The purpose of the article is to indicate significant differences in stock prices before the dividend payment and after the dividend payment, and to indicate significant differences in stock prices before the announcement of the dividend right and after the announcement of the dividend right.