Determinants of Dividend Policy in Russia

Student: Berdikova Nataliia

Faculty: Faculty of Management (Nizhny Novgorod)

Educational Programme: Global Business (Master)

Year of Graduation: 2018

We investigate the determinants of the dividend payout policy in Russia by analysing the behaviour of 422 Russian companies. We employ the econometric methods of analysis, the results of which principally support bird-in-the hand (Lintner) theory as well as the signalling theory, and stand in contrast to the life-cycle theory. Furthermore, in Russia high financial leverage does not lead to low dividends, i.e. financial leverage does not have a significant influence on the dividend policy of Russian companies. The results from the Hausman test lead us to conclude that individual characteristics of Russian companies significantly influence their dividend policy.

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