Информация о статье

Авторы:
Baranova E.S., PhD in Economics, Associate Professor, Department of Economics and Accounting, Trans-Baikal State University, Chita, Russia

В рубрике:
УПРАВЛЕНИЕ И ФИНАНСЫ

Год: 2019 Том: 1 Номер журнала: 2

Страницы: 160-172

Тип статьи: Научная статья

УДК: 336.647.2

Аннотация:
The dividend policy of companies is directly related to the policy of using profits. The paper presents the results of the study of the influence of income and profit factors, as well as other factors related to them on the choice of dividend policy by Russian joint-stock companies in comparison with the policy of dividend payment by US corporations, since the authors believe that such a comparison will help to understand and evaluate some features and problems dividend policy of Russian societies. As a result, it was revealed that the factors of income and profits, industry characteristics, size and age of a company can have different effects in different economic condition. The main reasons for such differences are identified. The study was conducted on Russian and American companies from different industries, existing on the market for quite a long time, having a dividend history. The analysis of these companies showed that income as the main indicator that determines the size of the company, the size of which largely depends on the characteristics of the industry, thereby influencing the formation of dividend policy. Large companies pursue a more stable policy and may pay a larger dividend, which may also depend to a large extent on profit margins (Russia), or to a small extent (US). Therefore, a moderate dividend policy is more characteristic of Russian companies, while American companies take a more aggressive approach. Here, the interests of shareholders, business risk, and competitiveness are more taken into account. In Russia, the amount of net profit largely determines the size of dividend payments in most companies. US corporations pursue a more stable dividend policy, regardless of the size of profits and income, which is largely due to the level of development of the financial market, the intensity of competition on it. Therefore, Russian corporations can afford to bind the size of dividends to the level of income and profits in conditions of weak competition and underdeveloped stock market in Russia. As it develops, they will have to change the principles of their dividend policy.

Ключевые слова: dividend policy, dividend size, share, factor, income, profit, industry peculiarities, financial market, company growth, stock market