The Impact of Ownership on the Structures Based on Division Between Policies and Companies

The article reflects the features of dividend payments in large domestic companies. This implies the need to use econometric models to measure the quantitative and qualitative economic interrelationships of dividend payments and their growth factors. The result of the study is a methodical approach to assessing the growth factors of dividend payments based on linear multi-factor regression models. The authors propose the construction of a linear multi-factor regression in the Gretl software environment in order to identify the relationship between dividend payments and growth factors based on specific economic data. The study confirmed the hypothesis about the problem of agency conflict and payment of lower dividends in the conditions of concentration of shares in the hands of the majority owner. The empirical estimates of the parameters of the regression models presented in the article argued the hypothesis that public companies, which have a state as a majority shareholder send a smaller share of net profit to pay dividends than private companies, and an increase in borrowed funds in the company’s capital structure leads to a decrease in dividend payments. However, the hypothesis of a direct relationship between the size of the company and the size of dividend payments was rejected. This can be explained by the fact that the sample includes the largest Russian companies with a majority owner. In the future, researchers can perform more detailed measurements of the determinants of dividend policy, taking into account branch-wise and sectoral features of the economy.