The “dividend puzzle” and the Russian stock market. Part 2

Author:

Abramov Alexander E.1ORCID,Radygin Alexander D.1ORCID,Chernova Maria I.2ORCID,Entov Revold M.2

Affiliation:

1. Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy

2. Russian Presidential Academy of National Economy and Public Administration

Abstract

The article analyzes the features of the dividend policy of Russian companies. The first part has contained an overview of academic literature and current trends. In the second part we discuss the results of empirical analysis that is based on a sample of 236 joint-stock companies. The motivation of Russian companies for maintaining the attractiveness of their shares during the period of significant increase of risks and volatility led to the growth of dividend yield. However, the increase of allocated profits observed in the largest state-owned enterprises (SOEs) to a large extent resulted from escalation of the tension in government finances. The threat of budget deficit growth led to partial substitution of tax income for dividend income from SOEs. At the same time some factors of uncertainty for SOEs’ operational strategies were increasing, especially those concerning long-term decisions in capital expenditure programs. The results of our analysis reveal that in private companies or SOEs, where the state has a limited influence on the dividend policy, the size of dividend payments to a greater extent depends on their financial performance, cash flows and the availability of promising investment projects. Moreover, the article shows that such companies are more likely to follow dividend smoothing strategies.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Cited by 3 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Current trends in the formation of the dividend policy of Russian companies;Financial Analytics: Science and Experience;2024-08-29

2. Factors of the Dividend Policy Pursued by Russian Companies;Studies on Russian Economic Development;2023-06

3. Impact of Dividend Policy on the Market Value of the Company;SHS Web of Conferences;2021

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