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Analysis of the Impact of the Ownership Structure of Russian Companies on Their Performance and Dividend Policy
[Анализ Влияния Структуры Собственности Российских Компаний На Показатели Их Деятельности И Дивидендную Политику]

Author

Listed:
  • Abramov, Alexander E. (Абрамов, Александр)

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Radygin, Alexander (Радыгин, Александр)

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)

  • Chernova, Maria I. (Чернова, Мария)

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Abstract

Based on the sample numbers from 146 Russian public companies for the period from 2006 to 2016, in the article tendencies in the sphere of their dividend policy are investigated. Significant differences in the dividend policy of private companies and KSU were revealed. Since 2007, there has been a stable trend of postponing the payment of dividends for the last year for a later period of time within the current year. Different models of the dividend policy of private companies and KSU are shown in the paper, depending on changes in the profitability of capital and the level of debt load. At KGU, the relationship between the dividend payout ratio relative to net profit and the profitability of capital was significant and negative, while for private companies it was insignificant. It was established that the influence of direct or total state share is insignificant on the process of making a decision on making dividend payments in the current year, and the influence of the indirect share is significant and positive. Indirect ownership allows you to pay dividends, which are the result of more effective management and increased financial performance. Also, the results of the assessment confirm that financial efficiency and the availability of cash inflows after accounting for the investment program lead to an increase in the probability of dividend payments.

Suggested Citation

  • Abramov, Alexander E. (Абрамов, Александр) & Radygin, Alexander (Радыгин, Александр) & Chernova, Maria I. (Чернова, Мария), 2018. "Analysis of the Impact of the Ownership Structure of Russian Companies on Their Performance and Dividend Policy [Анализ Влияния Структуры Собственности Российских Компаний На Показатели Их Деятельн," Working Papers 031817, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:wpaper:031817
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    References listed on IDEAS

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