The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

Lintner’s (1956) partial adjustment model identifies the company’s long-term dividend policy by setting a target payout ratio and speed of adjustment. And although has undergone various modifications methods estimation over more than 60 years, it is still good tool for analyzing decisions made companies. The aim article to show usefulness Lintner changes in during pandemic turmoil. For illustration, Hydrotor SA was chosen, which, longest time at Warsaw Stock Exchange, continuously pays dividends. calculations showed that situation 2020 resulted revision strategy, which lowering greater attention current (current net profits)—an increase adjustment.