The Influence of Financial Indicators of Russian Companies on Dividend Payout Ratios

The financial markets of Russia are becoming increasingly attractive to investors due to the possibility of obtaining increased returns from diverse financial instruments. The stock market is recovering after events of 2022 year: more and more companies are going public and paying dividends. Consequently, it is crucial for investors to comprehend what factors may have an influence on the change in the dividend payments. This paper examines the impact of financial indicators of Russian non-financial companies for the period from 2018 to 2021 on dividend payout ratios. Regression models were built using panel data, and the model with random effects was recognized as the best one. Thus, the results of the study showed that the size of the companies, their current and last year's return on assets, last year's ratio of cash from operating activities to short-term liabilities affect the dividend payout ratios positively, whilst the interest coverage ratio and the share of cash in assets have a negative impact, and the level of capital expenditures is an insignificant factor.