Lintner's Stylized Facts on Emergin Capital Markets

The work is dedicated to identifying and explaining the Lintner’s stylized facts (1965) in emerging capital markets. Stylized facts even today still are reflected in the payout policy. The confirmation of such facts may be an indication that the dividend policy is free from random events, it is inertia and predictable. Companies in developed markets are replaced dividends by a stock repurchase – as long as they are far from violating the tax legislation. However, the changing preferences of investors and the increasing demand for stocks with stable dividends, as well as changes in the structure of interest rates, making the action, bringing a steady income, subject to a plurality of interests of investors from the developed markets. The object of the study were companies from emerging markets - namely, the countries participating in the BRICS, as the most promising and major economies of the developing sector. Results of the analysis showed that the stylized facts take place in the dividend policy of the investigated companies in emerging capital markets.