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Dividend Policy of Russian Companies Under Exogenous Shocks

ФИО студента: Tatiana Ershova

Руководитель: Marina A. Zavertiaeva

Кампус/факультет: Faculty of Economics, Management, and Business Informatics

Программа: Finance (Master)

Оценка: 10

Год защиты: 2020

This work is dedicated to dividend policy of Russian companies and how dividend payments of Russian companies with different types of owners affected by exogenous shocks. The literature review provides an extensive review of dividend payments’ theories, and review of foreign and Russian practice on this topic. Government and influential businessmen were chosen as the most important types of owners in Russia, toughened state policies, personal and general economic sanctions were chosen as exogenous shocks. The results estimated by linear model with fixed effects and tobit model with random effects, showed that in general Russian state-owned companies tends to pay less dividends, but after 2014 they began to pay more. Personal sanctions does not affect state-owned companies. The opposite case with companies owned by influential businessmen: in general, this type of owner does not affect dividend payments, but when personal and general economic sanctions are applied, such companies begin to pay less dividends.

Full text (added May 15, 2020)

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