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Determinants of Dividend Policy of Russian Companies

Student: Shmanatova Aleksandra

Supervisor: Anna Novak

Faculty: Faculty of Economics

Educational Programme: Finance (Master)

Year of Graduation: 2021

The aim of this work is to identify the determinants of the dividend policy of Russian companies and determine their characteristic features. The paper consists of three parts: the first part provides a detailed overview of the theories of dividend payments. The second part describes the methods of collecting data for the formation of a sample and puts forward research hypotheses. In the third part of the study, a regression analysis of the dividend payout ratio of Russian companies was carried out and areas for further research were identified. In this paper, data analysis methods are applied: theoretical analysis (review of studies, methods, articles) and econometric modeling (regression analysis of data). The study sample consists of 968 Russian private and state-owned companies for the period from 2015 to 2018. The scientific novelty of the work consists in identifying the statistically significant and negative impact of market capitalization and the positive impact of financial leverage on the dividend payout ratio of Russian companies and confirming that Russian companies with a higher share of state participation pay lower dividends for the reporting period. Moreover, the main determinants that affect the dividend payout ratio of public Russian companies are identified — the company's financial leverage, the company's return on assets, the company's market capitalization level, and the state's share in the company's share capital. However, in the emerging capital market, the statistical significance and impact of corporate governance quality indicators on the dividend policy of Russian companies could not be identified.

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