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National Research University Higher School of EconomicsStudent ThesesThe Analysis Of Russian Companies Dividend Policy

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Galina Berdnikova
The Analysis Of Russian Companies Dividend Policy
Finance
(Master’s programme)
2016
The research focuses on Russian companies’ dividend payments before and during the crisis. The major methods were Event study as well as factor analysis. It was identified that during 2010-2013 period companies overreacted about the payoffs and this correlates with residual principle. Moreover, various industries perceive these changes in different ways. In 2014-2016 fluctuation of dividend payoffs did not affect the stock prices. Apparently, dividend policy varies according to the certain economy period. Before crisis payoffs scale depended on company net income as well as retained revenue, while during the recession Return on assets also becomes significant. Obtained during current research results could be useful for both companies and investors. Market share price is perceived as major index that estimates company efficiency level and operational decisions. Company could adjust its market price according to the dividend payoffs fluctuations. Investors and other market participants could apply the obtained results for stock and divined prices forecasting.

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