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The Analysis of State and Private Companies` Dividend Policy in the Russian Federation

Student: Aleksandra Aleksandrova

Supervisor: Irina Khvostova

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

The question about factors affecting the dividend policy of companies is controversial for many decades and economists still can not form a unified opinion in this area. A huge number of studies on the determinants of dividend policy were conducted for companies of developed and emerging capital markets. Dividend policy of Russian companies was studied to a lesser extent. This paper discusses the traditional theory of dividend policy and reviews empirical studies dedicated to the dividend policy of foreign and domestic companies. The investigated sample of companies consists of 49 Russian public companies, the study examines the period from 2010 to 2015. In this paper the probit-model was built, according to which such factors as company size and return on assets positively influence the probability of a decision on payment of dividends of Russian companies. There was also identified a negative relationship between the probability of paying dividends and the availability of investment opportunities. It was concluded that the presence of the state in the form of majority shareholder does not affect the probability of paying dividends. It was also shown that the amount of dividends paying by public companies is affected by the investment opportunities, size and profitability of the company; the level of debt has no significant effect. The size of the dividend payouts of private companies is influenced by the level of debt, the size of the company and its profitability.

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