The Influence of Controlling Shareholders on the Dividend Policy of Russian Companies

This study focuses on the definition of dependence of dividend policy on the type of corporate control, as well as determining the direction of this interconnection. The author of the study has analyzed the results of theoretical and empirical studies, which has enabled the author to identify particular features of such types of controlling shareholders as the state, a financial institution, a foreign investor and also make conclusions on their impact on the volume of dividend payments. The study is based on a selection of 146 non-financial Russian companies according to data for the years of 2010-2019. 3 parameters were used as an indicator of a dividend payment level, but the significance of the models was only confirmed in the options with dependent variables Dividends/Revenue and Dividends/Assets. As a result of the study, a negative influence of the presence of the state among controlling shareholders and its share on the dividend payments level has been confirmed; a beneficial effect of the presence of a foreign investor and its share in the share capital on the dividend payments level has been confirmed; a non-linear nature of influence of a foreign investor on the dividend level has been revealed.