The Relationship between Corporate Governance Quality and Dividend Payments of Russian Stock Market Companies: A Quality Index Approach

Polina O. Shchukina (), Petr A. Lavrinenko (), Ashot G. Mirzoyan () and Anastasia A. Galich ()
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Polina O. Shchukina: Lomonosov Moscow State University, Moscow, Russian Federation
Petr A. Lavrinenko: Financial Research Institute, Moscow, Russian Federation; Institute of Economic Forecasting, Russian Academy of Sciences, Moscow, Russian Federation
Ashot G. Mirzoyan: Lomonosov Moscow State University, Moscow, Russian Federation
Anastasia A. Galich: Lomonosov Moscow State University, Moscow, Russian Federation

Finansovyj žhurnal — Financial Journal, 2025, issue 2, 122-136

Abstract: The article analyzes the relationship between the quality of corporate governance and the size of dividend payments. The purpose is to assess the relationship between the degree of compliance with the recommendations of the Bank of Russia on corporate governance and the size of dividend payments of companies on the Russian stock market. The novelty of this work lies in the use of an index that allows to assess the quality of corporate governance in Russian companies based on the degree of compliance with the requirements of seven sections of the Bank of Russia Corporate Governance Code. When analyzing a sample of 28 public companies on the Russian stock market for the period from 2010 to 2022 using fixed-effects regression models, a positive relationship between the degree of compliance with the recommendations of the Bank of Russia and dividend payments was found. This is consistent with the outcome model: the higher the quality of corporate governance, the higher the level of dividend payments.

Keywords: corporate governance; corporate governance code; dividend payments; dividend yield; company; result model (search for similar items in EconPapers)
JEL-codes: G34 G35 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:250208:p:122-136

DOI: 10.31107/2075-1990-2025-2-122-136

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