Payout Policy Through the Financial Crisis: The Growth of Repurchases and the Resilience of Dividends

Student: Sukhneva Sofia

Supervisor: Dmitriy Alexandrovich Kachalov

Faculty: International College of Economics and Finance

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

Final Grade: 8

Year of Graduation: 2021

The main purpose of the work is to evaluate the impact the financial crisis of 2015 had upon dividend payout policy. The theoretical framework is based on the panel dataset collected for the financial indicators for the last decade among the 1836 firms in China, Japan and Hong Kong. The method of econometric analysis chosen is fixed effects with dummy variables and instrumental variables. Nevertheless, the model did represent significant results, it accounted for heteroskedasticity, for autocorrelation and eliminated problems of endogeneity. As a result, it was found that crisis not only affects the overall average payment of cash dividends, but also lowers payments of earnings per share after crisis. The model demonstrated consistent results.

Full text (added June 10, 2021)

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