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  • The Influence of the Level of Economical and Political Stability on the Dividend Payments of the Company on the Example of Developed and Developing Countries

The Influence of the Level of Economical and Political Stability on the Dividend Payments of the Company on the Example of Developed and Developing Countries

Student: Sadykov Roman

Supervisor: Viсtoria A. Cherkasova

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2020

This work is aimed at studying the impact of political and economic stability on the dividend policy of companies in developed and developing stock markets from January 2000 to April 2019. The data used in the study includes information on daily closing prices for shares of companies operating in the capital markets of the United States, Germany, Hong Kong, Russia, Brazil and Mexico. In the process of research, the following tasks were completed: the existing academic literature on a given topic was analysed and the main results and the methodological basis of research were identified; the main hypotheses are identified and the theoretical basis of the study is formed; an empirical analysis of regression models and a comparative analysis of the results of the study on the example of developed and developing countries were carried out, to identify similar properties and differences in the results. According to the results, in times of high political uncertainty, US firms tend to reduce dividend payments, while in other countries the opposite result was obtained; in times of high political uncertainty, the sensitivity of dividend payments by firms operating in countries with a relatively higher level of democracy is similar to companies from countries with a weak level of democracy; in times of high economic uncertainty, companies from countries other than the US and Russia tend to reduce dividend payments to their shareholders.

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