Year of Graduation
Investment and Dividend Policy of Russian Companies
Double degree programme in Economics of the NRU HSE and the University of London
Starting from 2017 year, Russian state-owned companies are obliged with no exception to pay in form of dividends 50% of net income. However, the majority of companies refused to pay the required sum, justifying this with conducted investment policy and limited funds. Thereby, the main purpose of this work is to reveal the interdependence between investment and dividend policies of Russian companies, using simultaneous equations. In the course of the work, it was revealed, that these policies are conducted independently of eqach other, which indicates expediency of the law, as it allows to replenish the budged with cash flows; insignificantly affects the conducted investment policy of state companies and their values; decreases the agency costs of free cash flows.