Abstract
The goal is to analyse the dividend policy of a particular company (CEZ a. s.), determine a dividend payout ratio and evaluate how far it is impacted by chosen factors. As a basis for the analysis, data from the company’s final accounts were used. Furthermore, correlation tools, the proportional indicators of ROA, ROCE and liquidity, the Lintner Model and the Gordon Growth Model were employed. Based on the results of correlation, it can be stated that retained earnings increase the value for shareholders, the given company makes rational decisions and the payout ratio is reasonable from the viewpoint of its management. Results of the Lintner Model and Gordon Growth Model show that the company does not employ any of these two models. According to the result of the payout ratio, it was determined that retained earnings generated benefits for the shareholders. The impact of the proportional indicators of ROA and ROCE on the payout ratio is negative. It is to be recommended to make more dividend models a subject for further research, namely across different types and sizes of enterprises, and provide a comprehensive overview of recommendations for enterprises in the field of dividend policy.
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