Companies` Financing with Regard to Dividend Smoothing Decisions

Student: Gladkikh Varvara

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2018

This study focuses on the analysis of capital structure decisions with regard to dividend smoothing policy. Considering the large public companies from the US, the UK, China, Russia and India, it was found that the highest dividends stabilization exists among firms from the first three markets, while the lowest smoothing is observed in India and Russia. In all countries, the target indicator for smoothing today is dividend on the number of shares not the payout coefficient. It is possible to speak about the firms preferences to apply short-term debt to finance stable dividend policy only in the US and China. In other countries, companies reduce short-term loans amount with the dividend payments increase.

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