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Government Ownership and Payout Policy: Evidence from Russia and Germany

Student: Ablyatifova Khatidzhe

Supervisor: Aziza Erkinovna Ulugova

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2020

The aim of this paper is to study the relationship between payouts, government ownership and the way it affecs firms in different countries. We find a positive relationship between dividend payouts and government involvement, but no singificant relationship with share repurhcases. Dividends and repurchases are not found to have a significant relationship, thus suggesting that these two forms of cash distribution are not substitutes, and each plays a different role. Governments, in distributing cash, are more inclined to use dividends rather than share buybacks. In addition, we find that in low investor protection countries, governments can expropriate sareholders, while in countries with stronger investor protection, they act more as monitoring agents.

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