The Dividend Policy of the Organization and the Possibility of its Choice in Conditions of Financial Instability

In this graduate work, important factors and limitations affecting the formation of dividend policy are considered. Over the past few years, scientists and economists have conducted more than one study on this topic. However, in the Russian Federation most of the work is still missing for the right choice of dividend policy in economic instability. Therefore, the assessment of the effectiveness of the dividend policy is significant for the investment position of the company and its further development. In this regard, this study identifies the main ways to improve dividend policy in modern economic conditions. Based on the consolidated financial statements in accordance with IFRS of the public joint-stock company of long-distance and international telecommunications “Rostelecom” the main methods of financial analysis are used, that evaluate not only the financial condition of the company, but also its weaknesses. And finally, the application of general scientific and special methods helps to research the commercial activities of the company in question, predict its further development, determine the difference between PJSC “Rostelecom” business and its competitors, evaluate their dynamics, and increase the financial stability of the company. Using the calculation-constructive method, a model for choosing a dividend policy for the company under consideration is created taking into account all risks, and the possible benefits of paying dividends in the form of shares rather than in cash are analyzed. As a result of the study of the dividend policy of Russian companies in the period 2015-2019, the minimum size of the "dividend yield" coefficient was found at the level of 0.76% of the industry average for the previous five years.