THE IDIOSYNCRATIC PATTERN OF RUSSIAN CORPORATE DIVIDEND POLICY DURING ITS FORMATIVE ERA

Nadia Vanteeva and Charles Hickson

Annals of Public and Cooperative Economics, 2019, vol. 90, issue 3, 535-554

Abstract: In general, the dividend payout pattern for Russian corporations during their formative period from 1998 to 2006 was seemingly independent of company earnings, size, growth opportunities and capital structure, as such firm policies appear not to conform to any of the main extant dividend payout theories. The only exception we find is that of utility firms, which were inclined to pay consistent dividends. Utility firms tended to be partly owned by the state and were subject to price regulation. Consequently, they may have had limited investment prospects. Our findings suggest that dividend payout policies in non‐market economies may be driven by non‐traditional determinants, such as the state's overall industrial strategy.

Date: 2019
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