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Factors of the Dividend Policy Pursued by Russian Companies

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  • S. I. Dolgikh

    (National Research University, Higher School of Economics)

  • B. S. Potanin

    (National Research University, Higher School of Economics)

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.

Suggested Citation

  • S. I. Dolgikh & B. S. Potanin, 2023. "Factors of the Dividend Policy Pursued by Russian Companies," Studies on Russian Economic Development, Springer, vol. 34(3), pages 381-388, June.
    • Handle: RePEc:spr:sorede:v:34:y:2023:i:3:d:10.1134_s1075700723030036
    DOI: 10.1134/S1075700723030036
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    References listed on IDEAS

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    1. Lee, Lung-Fei, 1983. "Generalized Econometric Models with Selectivity," Econometrica, Econometric Society, vol. 51(2), pages 507-512, March.
    2. DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene M., 2006. "Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory," Journal of Financial Economics, Elsevier, vol. 81(2), pages 227-254, August.
    3. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    4. Whitney K. Newey, 2009. "Two-step series estimation of sample selection models," Econometrics Journal, Royal Economic Society, vol. 12(s1), pages 217-229, January.
    5. Gallant, A Ronald & Nychka, Douglas W, 1987. "Semi-nonparametric Maximum Likelihood Estimation," Econometrica, Econometric Society, vol. 55(2), pages 363-390, March.
    6. Varouj Aivazian & Laurence Booth & Sean Cleary, 2003. "Do Emerging Market Firms Follow Different Dividend Policies From U.S. Firms?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(3), pages 371-387, September.
    7. Driver, Ciaran & Grosman, Anna & Scaramozzino, Pasquale, 2020. "Dividend policy and investor pressure," Economic Modelling, Elsevier, vol. 89(C), pages 559-576.
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