Determinants of Russian Companies` Dividend Policy

The master’s research is devoted to investigation of different types of ownership influence on probability of dividend payments in Russian join-stock companies. The purpose of our research is to analyze the specific of dividend policy in Russian corporations through the model explaining dependence of probability of dividend payments on ownership structure in contemporary public companies in Russia. In research we test the hypothesis that various types of owners have a multidirectional influence on probability of dividend payments. The investigation takes into account special features of national economy, including a high ownership concentration and big share of state participation on organizations ownership. Among the selected categories of owners the reverse relationship between probability of dividend payments and presence of external investors was founded. Thus, the presence of external investors does not always mean increase of dividend payments probability as it is argued in Russian literature. Foreign investors might be not interested in short-term dividend payments. Despite of expectations, negative influence of large owner on the research probability was not proved. Positive coefficient value indicates that increase of shares proportion belonging to large owner is accompanied by increase of dividend payments probability. This output outlines bargaining power and of large owners and special role of dividend policy in corporative management as way to resolve agent conflicts. Practical significance of the study is forecasting of dividend policy of companies from the point of view of control on agent conflicts between different groups of owners. Such forecast allows improving investment attractiveness of Russian join-stock companies.