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National Research University Higher School of EconomicsStudent ThesesAnalysis of Dividend Policy Influence on Share Prices Concerning Emerging Markets

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Anton Petrovtsev
Analysis of Dividend Policy Influence on Share Prices Concerning Emerging Markets
Economics
(Bachelor’s programme)
2016
Final qualifying work on the theme: Analysis of Dividend Policy Influence on Share Prices Concerning Emerging Markets is made on 51 sheets, contains 15 tables, 6 figures. 29 sources were used to write the work. Keywords: dividend, dividend policy, emerging markets, the value of shares. The relevance of the selected for the research paper topic is that due to the fact that in the process of transition of Russia and other countries with developing economies on the rails of developed market economy, an increasing number of joint stock companies (JSC), that are redistributing part of the earned income to owners in the form of dividends, the optimal value of which must be regularly set, and decisions taken, in turn, may directly or indirectly affect the value of the company and its maximization, in turn, it is the main task of the hired management. The object of the study are the large joint-stock companies in emerging markets, redistributing part of the profits for the benefit of its shareholders in the form of dividends. The subject of the study is to identify dependencies specific to the dividend policy of companies in emerging capital markets. Theoretical and methodological basis of the work made by the scientific works of russian and foreign authors and practitioners involved in the financial management, as well as statistical and econometric methods of data analysis. With the help of statistical methods and econometrics we investigated the relationship between share price and dividend policy options together with key indicators of successful business operation. As a result, there was found no statistically significant relationship based on data from a sample of 57 Russian companies. An interpretation of the results was given and recommendations to improve the model in future studies were made.

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