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Characteristics of Dividend Policy of Russian Companies

Student: Shmanatova Aleksandra

Supervisor: Anna Novak

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

The aim of the paper is to determine the characteristics of Russian public companies and to identify the determinants of dividend policy of companies in Russia. The paper consists of three parts. The first part of the paper describes the analysis of classical theories of dividend payments and a review of current literature. The second part of the paper describes the data collection methods, methodology is considered in the paper and hypotheses are formulated. In the third part of the paper, a regression analysis of the dividend payout ratio and the probability of dividend payments of Russian companies is carried out, and the results are interpreted. The sample consists of 476 public Russian private companies and companies with state participation for 2017. As a result of regression analysis using Tobit – and Probit – models reveal that Russian companies adhere to the policy of minimizing dividend payments. The paper empirically proves that market capitalization has a negative impact on the dividend payout ratio of Russian companies. In addition, the state's participation in the company's share capital, the company's revenue and return on assets are statistically significant and have a positive impact on both the dividends and the probability of dividend payments in Russian companies. Moreover, the main determinants affecting the dividend policy of public Russian companies are both financial indicators - return on assets, revenue, market capitalization of the company-and non-financial indicators - state participation in the company's capital. However, in the developing capital market of Russia it is not possible to identify the importance quality of corporate governance indicators for the dividend policy of Russian companies.

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