Factors of the Dividend Policy Pursued by Russian Companies

S. I. Dolgikh and B. S. Potanin ()
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S. I. Dolgikh: National Research University, Higher School of Economics
B. S. Potanin: National Research University, Higher School of Economics

Studies on Russian Economic Development, 2023, vol. 34, issue 3, 381-388

Abstract: Abstract— The article examines the determinants of the dividend policy pursued by Russian companies. Dividend policy is seen as a consistent adoption of two decisions: on the payment of dividends and on their amount. In order to assess the influence of various factors on both of these decisions, a semiparametric two-step procedure for evaluating models with nonrandom selection is proposed combining the advantages of the W.K. Newey and L.-F. Lee approaches. The proposed procedure demonstrated an advantage over classical approaches and made it possible to assess the impact of age, size, return on assets, form of ownership, and the share of fixed assets in the assets of firms, both on the probability and on the amount of dividend payments.

Keywords: dividend policy; nonrandom selection; semiparametric model (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1134/S1075700723030036

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