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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Polina O. Shchukina & Petr A. Lavrinenko & Ashot G. Mirzoyan & Anastasia A. Galich, 2025. "The Relationship between Corporate Governance Quality and Dividend Payments of Russian Stock Market Companies: A Quality Index Approach," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 122-136, April.
    • Handle: RePEc:fru:finjrn:250208:p:122-136
    DOI: 10.31107/2075-1990-2025-2-122-136
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    More about this item

    Keywords

    corporate governance; corporate governance code; dividend payments; dividend yield; company; result model;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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