Analysis of the Impact of the Ownership Structure of Russian Companies on Their Performance and Dividend Policy

Анализ влияния структуры собственности российских компаний на показатели их деятельности и дивидендную политику

Alexander Abramov, Alexander Radygin and Maria Chernova

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: Based on the sample numbers from 146 Russian public companies for the period from 2006 to 2016, in the article tendencies in the sphere of their dividend policy are investigated. Significant differences in the dividend policy of private companies and KSU were revealed. Since 2007, there has been a stable trend of postponing the payment of dividends for the last year for a later period of time within the current year. Different models of the dividend policy of private companies and KSU are shown in the paper, depending on changes in the profitability of capital and the level of debt load. At KGU, the relationship between the dividend payout ratio relative to net profit and the profitability of capital was significant and negative, while for private companies it was insignificant. It was established that the influence of direct or total state share is insignificant on the process of making a decision on making dividend payments in the current year, and the influence of the indirect share is significant and positive. Indirect ownership allows you to pay dividends, which are the result of more effective management and increased financial performance. Also, the results of the assessment confirm that financial efficiency and the availability of cash inflows after accounting for the investment program lead to an increase in the probability of dividend payments.

Pages: 27 pages
Date: 2018-03
New Economics Papers: this item is included in nep-cis
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://repec.ranepa.ru/rnp/wpaper/031817.pdf
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rnp:wpaper:031817

Access Statistics for this paper

More papers in Working Papers from Russian Presidential Academy of National Economy and Public Administration Contact information at EDIRC.
Bibliographic data for series maintained by RANEPA maintainer ().