THE IDIOSYNCRATIC PATTERN OF RUSSIAN CORPORATE DIVIDEND POLICY DURING ITS FORMATIVE ERA | Zendy

VANTEEVA Nadia | Zendy; HICKSON Charles | Zendy

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THE IDIOSYNCRATIC PATTERN OF RUSSIAN CORPORATE DIVIDEND POLICY DURING ITS FORMATIVE ERA

Author(s) -

VANTEEVA Nadia,

HICKSON Charles

Publication year - 2019

Publication title -

annals of public and cooperative economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.526

H-Index - 37

eISSN - 1467-8292

pISSN - 1370-4788

DOI - 10.1111/apce.12215

Subject(s) - dividend , extant taxon , retained earnings , earnings , dividend payout ratio , dividend policy , economics , investment (military) , monetary economics , business , financial economics , accounting , finance , political science , evolutionary biology , politics , law , biology

In general, the dividend payout pattern for Russian corporations during their formative period from 1998 to 2006 was seemingly independent of company earnings, size, growth opportunities and capital structure, as such firm policies appear not to conform to any of the main extant dividend payout theories. The only exception we find is that of utility firms, which were inclined to pay consistent dividends. Utility firms tended to be partly owned by the state and were subject to price regulation. Consequently, they may have had limited investment prospects. Our findings suggest that dividend payout policies in non‐market economies may be driven by non‐traditional determinants, such as the state's overall industrial strategy.

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