LOWER RISKS - HIGHER DIVIDENDS? EXAMINING THE RELATION OF BETA TO DIVIDEND PROPORTION ON THE BUDAPEST STOCK EXCHANGE, 1997-2007 (Hungarian tite - below)

(Title in Hungarian - 'Alacsonyabb kockazat - nagyobb osztalek? A reszvenykockazat es az osztalekfizetesi hanyad kapcsolatanak vizsgalata a Budapesti Ertektozsden, 1997-2007'). According to results in the literature on dividend policy, there is a connection between firms' dividend payout ratio and their market risk of them - riskier companies pay out less of their profits to their shareholders. The authors' research into the Hungarian stock-market yields similar findings. With each method used, correlation, factor and cluster analysis shows that firms with lower beta typically pay higher dividends, while riskier stocks have a lower pay-out ratio.