We reckon dividend policy as a crucial factor in formation of corporate value. Different dividend payout strategies employed by various enterprises across three countries (Ukraine, Russia, Croatia) lead to various performances. Thus, we regard the effects spurred by paid dividend as a core of our study. Therefore, our aim is to identify the link connecting preferred strategy and final outcome in monetary terms. Our task is to point out the consequent benefits of prudent dividend policy. We model the profitability of the firm and endeavour to relate it to dividend policy, relying on ideas suggested by Fama and French (1995). We find a statistical evidence of positive dependence between portfolio return and income distributed among shareholders.