DYWIDENDOWI ARYSTOKRACI JAKO SKŁADNIK DŁUGOTERMINOWEGO PORTFELA EMERYTALNEGO. PRZYPADEK POLSKI
DIVIDEND ARISTOCRATS AS A COMPONENT OF A LONG-TERM PENSION PORTFOLIO. THE CASE OF POLAND

Summary/Abstract: 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 selecting 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.

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