IDEAS home Printed from https://ideas.repec.org/a/scn/financ/y2017i2p23-29.html
   My bibliography  Save this article

Влияние Концентрации Собственности На Дивидендную Политику Российских Компаний // The Influence Of Ownership Concentration On The Dividend Policy Of Russian Companies

Author

Listed:
  • E. Fedorova A.

    (Financial University)

  • A. Voronkevich B.

    (Financial University)

  • C. Kameneva A.

    (Financial University)

  • Е. Федорова А.

    (Финансовый университет)

  • А. Воронкевич Б.

    (Финансовый университет)

  • Е. Каменева А.

    (Финансовый университет)

Abstract

The structure and concentration of ownership as one of the corporate governance mechanisms influence on decision-making process about dividends. The impact of the share capital structure for the payment or non-payment of dividends is important as owners under Russian corporate law ultimately affect the availability and amount of payments by making decisions at the meeting. The aim of the research is to evaluate the effect of an equity structure on the dividend policy of Russian public companies by means of economic and mathematical modeling techniques, exactly by the method of constructing a standard logistic regression model. The resulting model is formed on the basis of data about companies, representing 9 industries: mining, industry, electricity and gas supplies, construction, wholesale and retail trade, transport, agriculture, real estate and telecommunications. The research confirms the hypothesis, which suggest a relationship between the presence of the owner on the manager position and the fact of. Hypotheses about the impact the presence of the state, financial and non-financial institution in the structure of the share capital on dividend payments have not been confirmed and shown an inverse relationship. Effect of non-financial companies on the dividends turned out to be insignificant for the given model. Results of the study will allow managers, shareholders, potential investors and other stakeholders to monitor the company’s current situation and forecast the effects of corporate governance impact on its dividend policy. Структура и концентрация собственности как один из механизмов корпоративного управления, направленных на снижение агентских издержек и урегулирование агентского конфликта, оказывает влияние на принятие решений в области дивидендов. Влияние структуры акционерного капитала на выплату или невыплату дивидендов является значимым, прежде всего потому, что именно интересы собственников по российскому корпоративному законодательству в конечном счете влияют на наличие и размер выплат путем принятия решений на собрании акционеров. Целью работы является оценка влияния структуры акционерного капитала на дивидендную политику российских публичных компаний с помощью методов экономико-математического моделирования, в частности метода построения стандартной модели логистической регрессии. Полученная модель сформирована на основании данных о предприятиях, представляющих 9 отраслей: добыча полезных ископаемых, промышленность, поставка электроэнергии и газа, строительство, оптовая и розничная торговля, транспорт, сельское хозяйство, операции с недвижимостью и телекоммуникации. В ходе исследования подтвердилась только одна из поставленных гипотез, предполагающая зависимость между наличием крупного собственника-менеджера и выплатой дивидендов. Гипотезы о влиянии на вероятность дивидендных выплат доли государства, финансового и нефинансового института в структуре акционерного капитала не подтвердились и показали обратную зависимость. Влияние нефинансовых компаний на дивидендные выплаты оказалось незначимым для данной модели. Результаты исследования позволят менеджерам компании, акционерам, потенциальным инвесторам и другим стейкхолдерам производить мониторинг текущего положения компании и прогнозировать последствия влияния корпоративного управления на ее дивидендную политику.

Suggested Citation

  • E. Fedorova A. & A. Voronkevich B. & C. Kameneva A. & Е. Федорова А. & А. Воронкевич Б. & Е. Каменева А., 2017. "Влияние Концентрации Собственности На Дивидендную Политику Российских Компаний // The Influence Of Ownership Concentration On The Dividend Policy Of Russian Companies," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 21(2), pages 23-29.
    • Handle: RePEc:scn:financ:y:2017:i:2:p:23-29
    as

    Download full text from publisher

    File URL: https://financetp.fa.ru/jour/article/viewFile/339/266.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Duha Al-Kuwari, 2012. "Are Large Shareholders Conducting Influential Monitoring in Emerging Markets? An Investigation into the Impact of Large Shareholders on Dividend Decisions: The Case of Kuwait," Research in World Economy, Research in World Economy, Sciedu Press, vol. 3(2), pages 52-67, September.
    2. Truong, Thanh & Heaney, Richard, 2007. "Largest shareholder and dividend policy around the world," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(5), pages 667-687, December.
    3. Y. Subba Reddy & Subhrendu Rath, 2005. "Disappearing Dividends in Emerging Markets?: Evidence from India," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 41(6), pages 58-82, November.
    4. Short, Helen & Zhang, Hao & Keasey, Kevin, 2002. "The link between dividend policy and institutional ownership," Journal of Corporate Finance, Elsevier, vol. 8(2), pages 105-122, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eric Haye, 2015. "Hedge Fund Ownership, Board Composition and Dividend Policy in the Telecommunications Industry," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 6(1), pages 111-118, January.
    2. Renneboog, Luc & Szilagyi, Peter G., 2020. "How relevant is dividend policy under low shareholder protection?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 64(C).
    3. Duqi, Andi & Jaafar, Aziz & Warsame, Mohammed H., 2020. "Payout policy and ownership structure: The case of Islamic and conventional banks," The British Accounting Review, Elsevier, vol. 52(1).
    4. Renneboog, Luc & Szilagyi, Peter, 2020. "How relevant is dividend policy under low shareholder protection?," Other publications TiSEM 9fab895c-69f2-4056-8df8-8, Tilburg University, School of Economics and Management.
    5. Chai, D.H., 2010. "Foreign Corporate Ownership and Dividends," Working Papers wp401, Centre for Business Research, University of Cambridge.
    6. Faris Nasif AL- SHUBIRI & Ghassan AL TALEB & Abd AL – Naser AL- ZOUED, 2012. "The Relationship between Ownership Structure and Dividend Policy: An Empirical Investigation," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(4), pages 644-657, October.
    7. Berezinets, I. & Ilina, Y. & Alekseeva, L., 2014. "Ownership structure and dividend policy: A study of Russian public companies with dual class shares," Working Papers 6384, Graduate School of Management, St. Petersburg State University.
    8. Sana Charbti & Fabrice Hervé & Evelyne Poincelot, 2021. "Dividend Policy and Managerial Overconfidence: French Evidence," Post-Print hal-03199452, HAL.
    9. Gonzalez, Maximiliano & Molina, Carlos A. & Pablo, Eduardo & Rosso, John W., 2017. "The effect of ownership concentration and composition on dividends: Evidence from Latin America," Emerging Markets Review, Elsevier, vol. 30(C), pages 1-18.
    10. Erkan, Asligul & Fainshmidt, Stav & Judge, William Q., 2016. "Variance decomposition of the country, industry, firm, and firm-year effects on dividend policy," International Business Review, Elsevier, vol. 25(6), pages 1309-1320.
    11. Trien Vinh Le & Trang Huyen Le, 2017. "Ownership And Identities Of The Largest Shareholders And Dividend Policy: Evidence From Vietnam," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 8(1).
    12. Chen, Xiaoqi & Chih-Chieh Chris, Hsieh & Tsang, Albert & Xiang, Yi, 2022. "Cross-border enforcement of securities laws and dividend payouts," The British Accounting Review, Elsevier, vol. 54(6).
    13. Duha Al-Kuwari, 2012. "Are Large Shareholders Conducting Influential Monitoring in Emerging Markets? An Investigation into the Impact of Large Shareholders on Dividend Decisions: The Case of Kuwait," Research in World Economy, Research in World Economy, Sciedu Press, vol. 3(2), pages 52-67, September.
    14. John Elim, 2019. "Model of Firm Value Indonesian Stock Exchange Case," International Journal of Economics and Financial Issues, Econjournals, vol. 9(3), pages 154-162.
    15. Pantelis Longinidis & Panagiotis Symeonidis, 2013. "Corporate Dividend Policy Determinants: Intelligent Versus A Traditional Approach," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 20(2), pages 111-139, April.
    16. Young Mok Choi & Kunsu Park, 2019. "Foreign Ownership, Agency Costs, and Long-Term Firm Growth: Evidence from Korea," Sustainability, MDPI, vol. 11(6), pages 1-17, March.
    17. Sven-Olov Daunfeldt & Carina Selander & Magnus Wikstrom, 2009. "Taxation, Dividend Payments and Ex-Day Price-Changes," Multinational Finance Journal, Multinational Finance Journal, vol. 13(1-2), pages 135-154, March-Jun.
    18. Cao, Lihong & Du, Yan & Hansen, Jens Ørding, 2017. "Foreign institutional investors and dividend policy: Evidence from China," International Business Review, Elsevier, vol. 26(5), pages 816-827.
    19. Basil Al‐Najjar, 2009. "Dividend behaviour and smoothing new evidence from Jordanian panel data," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 26(3), pages 182-197, July.
    20. Dong, Bin & Chen, Yizi & Fan, Cunbin, 2022. "Local corruption and dividend policy: Evidence from China," Finance Research Letters, Elsevier, vol. 47(PB).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:scn:financ:y:2017:i:2:p:23-29. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Алексей Скалабан (email available below). General contact details of provider: http://financetp.fa.ru .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.