Dywidendowi arystokraci jako składnik długoterminowego portfela emerytalnego. Przypadek Polski

Purpose - The first goal of the study was to examine whether, during the years 2009– 2024, companies listed on the Warsaw Stock Exchange met the criteria of dividend aristocrats – firms that paid out non-decreasing dividends for at least five years while maintaining adequate trading liquidity. The second objective was to determine whether a long-term retirement portfolio composed of such companies yielded higher returns than the broader market (WIG), thereby enabling the accumulation and growth of capital for retirement purposes within an Individual Retirement Account (IKE). Research method - In the first stage of the study, criteria were developed for select ing companies to include in a long-term retirement portfolio based on a dividend investing strategy. Using consistent, non-decreasing dividends and an appropriate level of trading volume, a list of dividend aristocrats listed on the main market of the Warsaw Stock Exchange (GPW) from 2009 to 2024 was compiled to form this portfolio. Subsequently, the portfolio’s performance was analyzed in both the short and long term using measures of portfolio effectiveness such as annual return, time-weighted return, and the average of cumulative returns, comparing its performance against the broad market index. Results - Between 2009 and 2024, a total of 51 dividend aristocrats, i.e. companies that consistently paid out non-decreasing dividends for at least five years, were listed on the Warsaw Stock Exchange. Over the long term, the dividend portfolio, managed according to the strategy proposed in the study, achieved higher returns than the broad market. Originality / value / implications / recommendations - The study presented in the paper is the first one that analyzes whether companies listed on a stock exchange with more than 30 years of history met the criteria of dividend aristocrats and whether a long term retirement portfolio based on such companies achieved higher returns than the broader market. The results suggest that the Polish market lacks an index equivalent to the S&P500 Dividend Aristocrats, which could serve as a base instrument for an ETF. This research should be further expanded, including an assessment of the risk associated with a portfolio composed of companies with a long history of dividend payouts, as well as comparing the returns of the proposed portfolio with those of non-dividend-paying companies or firms that, although they paid dividends over many years, saw their dividend values decrease