In the previous research (Kaźmierska-Jóźwiak, 2015) we analyzed determinants of dividend policy on the Polish capital market. Our results suggest that Polish nonfinancial firms listed on Warsaw Stock Exchange paying dividends tend to be more profitable, less leveraged and more liquid than firms nonpaying dividends to the shareholders. The main goal of this paper is to investigate whether dividend changes convey information about future profitability changes of a firm. We examine the relation between dividend changes and future profitability changes measured in terms of earnings per share payments of nonfinancial companies listed on Warsaw Stock Exchange paying dividends in 2006-2012 period using panel data analysis.

1. FULLTEXT: Dividend changes and future profitability changes - a case of Polish listed companies, Zip archive data, at least v2.0 to extract, 0MB

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