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Beginning in 2017, stock-exchange-listed companies in Poland have been obliged to publish non-financial information. This is due to the implementation of Directive 2014/95/EU in Polish law, which requires the dis- closure of extended non-financial information on the part of specified large public-interest companies and capi- tal groups. Taking the above into consideration, the aim of this article is to answer the following questions: 1) What is the state of the non-financial disclosures made by stock-exchange-listed companies in Poland? 2) What are the differences in reporting non-financial information by companies from various industries? 3) What factors affect the disclosure of non-financial information? In total, 53 companies were researched. The results obtained indicate that the form of the disclosures varies. Most commonly, non-financial information was presented in management commentaries. The scope of the information presented was diverse. The most non-financial disclosures were made by companies from the chemical and the energy sectors. The following factors influenced the publication of this type of information: the entity’s size, its market value and the industry to which a given company belongs. In contrast, no positive associations between the economic performance of a company and non-financial disclosure, nor between the financial leverage of a company and non-financial disclosure have been found, with the exception of companies from the low-profile sector. The studies involved content analysis and the Tobit regression model. Existing results of research on non-financial reporting made by stock-exchange-listed companies in Poland did not en- compass the last reporting period prior to the introduction of the changes to the Act on Accounting. Therefore, the results obtained allow us to determine the degree of preparation on the part of the researched companies belonging to various sectors (of larger and smaller environmental nuisance).

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Summary: Dividend smoothing is a well-known empirical fact in developed countries. It is influenced by many factors. In this paper we analyse the relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange in 2000-2014. It is assumed that it is possible to estimate the level of dividend smoothing and to identify the factors determining this level. The implementation of the purpose and verification of the hypotheses required applying econometric models. The findings suggest that the Lintner model can be applied for construction companies listed on the Warsaw Stock Exchange because the smoothing effect was statistically significant in most cases. However, it was not possible to identify statistically significant smoothing factors, although these factors can be useful in order to estimate the logit model which is used to predict whether the company will pay a dividend or not.Keywords: dividend policy, economic factors, corporate payout, Lintner model, logit model. Streszczenie:Efekt wygładzania dywidendy jest empirycznie potwierdzony na rynkach finansowych w krajach wysoko rozwiniętych. Efekt ten jest uwarunkowany wieloma czynnikami. W niniejszym artykule dokonano analizy znaczenia wygładzania dywidendy w spółkach budowlanych notowanych na GPW w Warszawie w latach 2000-2014. Zakłada się, że możliwe są zarówno określenie nasilenia efektu wygładzania dywidendy, jak i identyfikacja uwarunkowań tego efektu. Aby osiągnąć tak sformułowany cel i zweryfikować założoną hipotezę, należało zastosować modele ekonometryczne. Jak wynika z przeprowadzonych badań, model Lintnera może być użyty w przypadku spółek budowlanych. Analizowane czynniki, wpły-wające na wygładzanie dywidendy, okazały się nieistotne statystycznie. Jednakże te same czynniki znalazły zastosowanie w modelu logitowym, który jest użytecznym narzędziem do prognozowania, czy spółka wypłaci dywidendę, czy nie.Słowa kluczowe: polityka dywidendy, czynniki ekonomiczne, wypłata dywidendy, model Lintnera, model logitowy.