DIVIDEND POLICY OF RUSSIAN JOINT-STOCK COMPANY AS A FAC-TOR FORMING SHARE CAPITAL


Mikhailov A.M.

The study considers the problems of dividend policy of Russian companies. The rele-vance of the study is determined by the fact that dividend policy significantly affects the in-vestment attractiveness of companies and their ability to form share capital. A key problem in the formation of the basic principles and components of dividend policy is its dependence on factors affecting the payment of dividends. The purpose of the study is to determine what factors and to what extent affect the dividends paid. As part of the study, an econometric model has been compiled, which allows to identify the main factors affecting the payment of dividends by joint-stock companies. The study also used statistical, comparative, logical methods. Using an econometric model, a direct relationship was established between the amount of net profit and the amount of dividend payments. Significant influence is also ex-erted by such factors as the share of net profit allocated for the payment of dividends, the number of shares outstanding and the amount of dividend payments per share. At the same time, the dividends paid to the company does not depend significantly on the amount of loans received by the company. The conclusions obtained during the study enable joint stock com-panies to determine the optimal amount of share capital and dividend payments on shares for the most efficient implementation of their activities. These findings can also be used by inves-tors in determining the most attractive companies for investment. Keywords: equity, capital formation, dividend policy, stocks, dividends, joint stock companies, investment attractiveness, econometric model, net profit, factors affecting the payment of dividends. Highlights: the dividend policy has a serious impact on the investment attractiveness of the com-pany and its ability to successfully form equity capital; the amount of net profit is of paramount importance when companies decide on the payment of dividends, in contrast to the amount of loans received by the company, which practically does not affect the dividends paid; in addition to net profit, the number of dividends paid is also affected by its share in-tended for dividend payment, the number of shares outstanding and the number of dividends per share.

Alexander M. Mikhailov, Doctor of Economics, Professor of Samara State University of Economics.


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