Conflict of interests among shareholders – does it refer to dividend decisions?

Abstract Research background Agency theory refers to the conflict of interests between different groups involved in business. One aspect agency is among shareholders. areas potential dividend payment. Purpose The goal our paper was identify impact voting behaviour shareholders during Annual General Meetings on decisions. We make a comparison big and small companies. methodology included 20 biggest smallest companies from Warsaw Stock Exchange (WSE) sample over 2010–2022 period. collected 413 observations (shareholders’ presence, results annual general meetings, financial data). use statistical tests, correlation analysis, regression analysis. Results: found that there large payout decisions, while show their disappointment by against or abstaining for statement acceptance (but not decisions). Additionally, we higher presence at AGM lower is. Novelty: originality instead ownership structure took into account shareholders’ AGM’s. deal with unique set hand-collected data results. present new evidence (not only Although problem minority majority identified, scarcity research its implication.