Do Mandatory Dividend Payout Ratios Benefit Minority Shareholders in State-owned Companies? The Case of Russia

Student: Uzkikh Georgii

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2021

In 2016 the Russian government has changed the payout policy of state-owned companies and obligate them to pay at least 50% of their net income as dividends. On the one hand, deviation from the efficient payout rate may decrease value of some companies. On the other hand, the reform partly solves agency problem in firms with low quality of corporate governance. Considering the attitude of investors to 12 news about changes in the payout policy, I show that their perception of these news is often negative. Moreover, the negative effect is larger for more profitable companies with the high quality of corporate governance.

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