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This article is aimed at evaluating the influence of the forms of controlling stock-listed companies upon the decisions being taken in regard of the distribution of profits and the payout of dividends in the unstable macro-economic environment. The form of the ownership supervision reflects the relations between shareholders and managers of the company. The conflicts resulting from the separation of ownership and management of a company concern, among others, the dividend payout. The dividenddoi:10.1515/eam-2015-0001 fatcat:blhq5eulbfa6dcegiunux5wxlm