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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Anastasiia Makarova
The Relationship of Corporate Governance Characteristics and Dividend Policy of Shareholders
Economics
(Bachelor’s programme)
2019
In this paper, we test relationship between the components of corporate governance and their impact on the amount of dividend payments. As a dependent variable, we have chosen dividend payout ratio We use a sample consisting of 217 Russian companies in order to build the OLS model, all data collected from the official websites of the companies for the period 2016-2017 year.

This work consists of 72 pages and the structure of the work is as follows: introduction; Chapter 1 contains an analysis of studies on corporate governance and dividend policy; Chapter 2 devoted to the study of corporate governance and dividend policy; Chapter 3 presents the results of the models evaluation; conclusion. The paper also contains a bibliography, which consist of 63 sources. The work also includes 9 tables and 12 figures for visual confirmation of data and results, as well as 6 applications, which present additional graphs and results of the tests.

As a result, we have find a significant impact of ownership concentration, insider ownership, share of independent Directors, size of the Board of Directors, investment projects and amount of dividends paid in the previous period on the amount of dividend payments.

We have also built a model of dividend payments stability. We have got a significant impact of dividends paid in the previous period and leverage on the stability of dividend payments. Previously, foreign and Russian authors have not attempted to build a model of dividend sustainability, that is why our model is not ideal and it needs to be improved in the future.

This study is relevant for the company's management, as it allows them to choose the right structure of corporate governance in order to attract more investors. In addition, the study is also useful for shareholders, as they can be able to identify the stability of company’s dividend policy due to the second model.

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