The Impact of Dividend Policy Choice on the Investment Attractiveness of Russian Companies

The purpose of the paper is to analyze the impact of the choice of dividend policy on the investment attractiveness of Russian companies. The relevance of the study is due to the lack of access to capital from Western markets and, as a consequence, the need to develop the investment attractiveness of the Russian stock market. The study included the collection of data on dividends, their dynamics and regularity of payments, as well as the granulation of various aspects of dividend policy, such as the reporting base, the degree of adaptability, the possibility of periodic payments, the type of dividend policy and their combined impact on market capitalization as the main factor of investment attractiveness. The study used methods of econometric analysis: fixed and random effects modeling, Hausman-Taylor model of panel data, which allowed us to identify the relationship between dividend policy and market value of companies. Conclusions were drawn that IFRS dividend payout base, aggressive and moderate dividend policy positively affect the market value of the company. While periodic payout option and deterministic degree of adaptability did not show statistical significance. The results of the study emphasize the importance of dividend policy parameters in the formation of investment attractiveness.