Analysis of Macroeconomic Factors Affecting Companies Dividend Policy in the Middle Income Trap Countries

Student: Anna Likhanova

Educational Programme: Financial Engineering (Master)

Year of Graduation: 2024

The research shows the influence of major macroeconomic and institutional factors on middle-income trap countries dividend policy in 2000-2022. For the analysis different panel and linear regression were built with different dependent variables - market capitalization and stock trade volume. The main results are as follows: - delisting trend is evident in high income countries, and is relevant in upper-middle income countries - dividend yield is higher in middle-income countries during 2019-2021 - real interest rate, inflation level, freedom rate of trade, level of protection shareholders' interest, level of institutional development significantly affect market capitalization, stock trade volume and dividend policy.

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