Dividend and Investment Policy of Innovative Companies

This paper contains an analysis of the dividend policy of Russian innovation companies and the factors that influence its definition. The work begins with a detailed review of the most relevant studies on the factors determining dividend policy, the differences in dividends depending on the market and the economy, as well as work on the understanding of what distinguishes innovative companies and their leaders. The paper contains a number of theoretical premises designed to be tested on real samples in two markets: the positive effect of company size, the impact of the life cycle on dividend payments, the impact of the company's financing structure and, of course, the negative impact of investment and development costs on dividends. Particular attention is paid to the comparison of payment policies of Russian and American companies with the derivation of differences in the factors of influence and possible causes. Using the example of these samples, the hypotheses about influence on the dividend policy are tossed, including comparison of the effect of each hypothesis on the companies from the sample. In addition, the hypothesis about the negative impact of the crisis of 2014 on R & D costs of domestic companies and their dividend payments is tested.