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Analysis of the Relationship between the quality of Corporate Governance and Dividend Policy

Student: Arina Malysheva

Supervisor: Irina Khvostova

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

The purpose of this study is to analyze the relationship between the quality of corporate governance and dividend payments on the example of companies from the BRICS countries. The object of this study are the companies of the BRICS countries, which publish reliable information on the results of financial activities in open access for 2016. The subject of the study is the relationship between the indicators of quality of corporate governance and dividend payments to shareholders of the company. The work is structured as follows. Chapter 1 discusses the main directions of the company's dividend policy theories, corporate governance mechanisms, theoretical approaches and early studies of the relationship between the quality of corporate governance and dividend policy. Chapter 2 presents researches using regression and statistical analysis. The third Chapter contains an analysis of the country characteristics of the relationship under study. The final part summarizes the results and possible directions for further research. As a result of regression analysis using Tobit models proved that for developing markets characterized by the theory of the result, that is, a positive relationship between dividends and the quality of corporate governance. It was also found that the length of service of the Council does not affect the dividend payout ratio, as well as the share of institutional investors in the Council. We analyzed the impact of corporate governance indicators on dividend payments in Russia, Brazil, China, India and South Africa. On a representative sample of India, China and South Africa, we found confirmation of the result theory, that is, with the improvement of the quality of corporate governance, dividend payments are growing. These results coincide with those obtained earlier, in which the group of BRICS was considered.

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