Influence of COVID-19 on Dividend Policies of Russian Companies

Student: Abramova Valeriya

Faculty: International College of Economics and Finance

Educational Programme: Financial Economics (Master)

Year of Graduation: 2021

The impact of COVID-19 pandemic on the world economies is unquestionable. Dividends as one of the indicators of company’s position are interesting to look at. Moreover, the ‘dividend puzzle’ of why dividends are paid and what are the main determinants of dividend payments is still unsolved. Therefore, in this thesis several most relevant theories of dividends are investigated and the influence of the pandemic on them is tested using panel data from Bloomberg. Signaling theory, Lintner partial-adjustment model, FCF hypothesis and primary Catering theory are found to be reliable for the dividend policies of Russian companies, while no evidence is found for the extension of the Catering theory before the COVID-19 pandemic. Significance of other theories also has some impact from the recent crisis.

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