Dividend Policy of Russian Companies and the Investors’ Interests
The paper concentrates on revealing basiс factors causing parameters of dividend policy. Analyzing practice of the Russian corporations, the authors conclude that, despite irregularity and in most cases refusal of payments by joint-stock companies, it is possible to determine similar features with the companies from the developed countries: concentration of dividends and circulation of the buy-back. Specific characteristics of dividend policy have become a consequence of poor quality of institutions leading to significant agency costs in firms: debt is not an essential restriction for payments of dividends; the effect of smoothing dividends is absent, the structure of ownership influences payments; large profitable companies pay dividends, also as a substitute for bad quality of corporate governance. Incentives of large shareholders reserving control over the companies are the main factor defining decisions on payment and the size of dividends.
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