Stylized facts of payout policy in companies in Russia, Eastern Europe and the BRICS countries

<p lang="en-US" style="margin-bottom: 0cm">&nbsp;</p><p lang="en-US" style="margin-bottom: 0cm">Abstract.</p><p lang="en-US" style="margin-bottom: 0cm">Kirill Fedyunin&#39;s thesis &quot;<font size="3">Stylized facts of payout policy in companies in Russia, Eastern Europe and the BRICS countries</font>.&quot; The subject of the thesis is the dividend policy in emerging markets. The main purpose of the work is to identify the factors that influence the dividend policy in the BRICS countries and Eastern Europe. In the research, there is a detailed study of the fundamental theoretical work, divided into two large groups, on the basis of the significance of the dividend policy. Tasks and findings of some empirical studies on the subject analyzed and allocated in both developed markets and emerging. In the course of the panel data analysis identified factors that have attention to dividend policy in the BRICS countries and Eastern Europe. The observation period covers 14 years , from 2000 to 2013 . The sample consists of 210 companies from the BRICS countries and Eastern Europe. Number of pages (without applications) of the thesis - 46 pages that contain 8 tables and 7 diagrams. 47 sources were used in the thesis. The thesis include: introduction, three chapters and a final conclusion. In the introduction, the study revealed the relevance of dividend policy in emerging markets are set tasks and indicate practical significance of the study. The first chapter describes the main theoretical papers on this subject in the global and Russian literature. The second chapter presents brief characteristics of the BRICS markets and Eastern Europe. The third chapter describes the empirical study, and draws conclusions based on its results. In conclusion, the main findings of the thesis are described and directions for further research suggested. According to the study, the main factors that have significant impact on the dividend policy on emerging markets studied , were factors of profitability and debt level. Profitability factor was significant in each of the country or market in the sample. Debt level factor was significant in Eastern Europe, as well as in Brazil, India and South Africa. In China proved Q- Tobin proved to be significant as a proxy investment opportunities of the firm. In Brazil size of companies proved to be significant. In Russia proved to be significant revenue growth and asset growth rates.</p>