English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

The article discusses the problem of the relationship between the life cycle of the company, dividend policy and its level of investments. These factors affect firm’s choice of financing sources for the development. In the first two phases of their life cycle (start and expansion) companies do not pay dividends. They allocate saved-up profits to equity in order to increase the capacity for incurring debt. In the phase of rapid growth dividends may amount to 5–15% of net profit and are paid as dividends in shares. Retained earnings and debts are targeted on investments. In the phase of stable growth companies may allocate 40–60% of net profit as dividends, as the pace of investment falls which reduces the need for capital and at the same time the company has a greater ability to use the debt market. In the last phase of the life cycle – the maturity, level of dividends depends on the scope of investments and restructuring that are made to avoid bankruptcy. Part of net profit is being redirected to investments in consolidation or diversification of activities. keywords: company’s life cycle, dividend policy, financing sources, investments

zeszyty naukowe wydziału nauk ekonomicznych i zarządzania uniwersytet szczeciński. finanse, rynki finansowe, ubezpieczenia/zeszyty naukowe. finanse, rynki finansowe, ubezpieczenia

Company’s life cycle, dividend policy and the level of realized investments