Yeah it purely depends on the companies policies and the nature of the HR manager or the reporting manager, there are cases wherein managers have included their personal feelings and given awards and recognitions to employees based on love, friendship, hatred, fear, etc...
I joined one MNC ltd co as HR asst for a contract period of one year @ Rs.5K pm and had a really good time with the company but since the company could not increase my salary after one year i decided to move on and had a nice relieving, my manager was very supportive and guided me as a mentor. Then after I left the company some 7-8 months after I received a call from my friend who worked in the company in admin and lived near my house, he mentioned that he will come and deliver the cheque to my house. The cheque was for bonus of employee for past year, all employees used to get past years bonus in next year, if the manager or company they would very well have stopped my bonus since I was no longer working with them and could not ask them.
But it is all a part of the policies and procedures, and depends on person to person. The bonus amount was more than my monthly salary, this did not just made me happy but increased the goodwill of the company.
We as Managers, are only expected to follow the rules of the company, if the company sets criteria as hardwork and dedication then we should follow it and as per our individual company policies take decisions.