Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation email@example.com
Komarova E.O. Financial University under Government of Russian Federation, Moscow, Russian Federation firstname.lastname@example.org
Importance In this article, we consider the dependence of dividend payments of Russian companies on foreign citizens among the stockholders, and the dividend policy of Russian companies. Objectives The purpose of the paper is to determine the correlation between the presence of foreign investors among stockholders and the dividend policy in Russia. Methods The research of the dependence was carried out with the help of logit model for binary variables and method of the least squares. The research empirical base consists of data of 122 the largest Russian listed companies. Results The main hypothesis of the direct correlation of dividends and the presence of foreign stockholders has not been confirmed. The study confirms the inverse dependence of dividend payments on the presence of foreign citizens among the stockholders. Conclusions and Relevance Nowadays Russia is not an attractive country for foreign investments which is connected with the unstable economic situation and political relations with other countries. The results of this work can be useful for managers of the Russian companies in the frame of studying benefits arising from the presence of foreign stockholders.
Lihong Cao, Yan Du, Jens Ording Hansen. Foreign Institutional Investors and Dividend Policy: Evidence from China. International Business Review, 2017, no. 1377, p. 12. URL: doi.org/10.1016/j.ibusrev.2017.02.001
Kim S., Sul W., Kang S.A. Impact of foreign institutional investors on dividend policy in Korea: A stock market perspective. Journal of Financial Management and Analysis, 2010, vol. 23, pp. 10–26.
Naohiko Baba. Increased Presence of Foreign Investors and Dividend Policy of Japanese Firms. Pacific-Basin Finance Journal, 2008, no. 17, pp. 163–174.
Jeon J.Q., Cheolwoo L., Moffett C.M. Effects of Foreign Ownership on Payout Policy: Evidence from the Korean market. Journal of Financial Markets, 2011, vol. 14, iss. 2, pp. 344–375. URL: https://doi.org/10.1016/j.finmar.2010.08.001
Buckley P.J., Munjal S., Enderwick P., Forsans N. Do foreign resources assist or impede internationalization? Evidence from internationalization of Indian multinational enterprises. International Business Review, 2016, no. 25(1), pp. 130–140.
Du J., Dai Y. Ultimate Corporate Ownership Structures and Capital Structures: Evidence from East Asian economies. Corporate Governance: An International Review, 2005, vol. 13, iss. 1, pp. 60–71. doi: 10.1111/j.1467-8683.2005.00403.x
Adjaoud F., Ben-Amar W. Corporate Governance and Dividend Policy: Shareholders' Protection or Expropriation? Journal of Business Finance & Accounting, 2010, no. 37, pp. 648–667. doi: 10.1111/j.1468-5957.2010.02192.x
Firth M., Lin C., Zou H. Friend or Foe? The Role of State and Mutual Fund Ownership in the Split Share Structure Reform in China. Journal of Financial and Quantitative Analysis, 2010, no. 45, pp. 685–706. doi: 10.1017/S0022109010000190
Ben-Nasr H. Government Ownership and Dividend Policy: Evidence from newly privatized firms. Journal of Business Finance & Accounting, 2015, vol. 42, iss. 5-6, pp. 665–704. doi: 10.1111/jbfa.12115
Turaev Kh.R. [The influence of dividend payment data on the investment attractiveness and potential investors]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2016, vol. 17, no. 13, pp. 1505–1528. URL: https://bgscience.ru/com/lib/7092/ (In Russ.)
Afanas'ev D.O., Fedorova E.A. [Econometric analysis of interaction between Russia and developed countries]. Ekonomika i matematicheskie metody = Economics and Mathematical Methods, 2016, vol. 52, iss. 3, pp. 36–49. (In Russ.)
Evy Mulyani, Harminder Singh, Sagarika Mishra. Dividends, Leverage, and Family Ownership in the Emerging Indonesian Market. Journal of International Financial Markets, Institutions and Money, 2016, vol. 43, pp. 16–29. URL: https://doi.org/10.1016/j.intfin.2016.03.004
Benavides Ju., Berggrun L., Perafan H. Dividend Payout Policies: Evidence from Latin America. Finance Research Letters, 2016, vol. 17, pp. 197–210. URL: http://www.sciencedirect.com/ science/article/pii/S1544612316300241
Dorsaf Ben Aissia. Home and Foreign Investor Sentiment and the Stock Returns. The Quarterly Review of Economics and Finance, 2016, no. 59, pp. 71–77. URL: https://doi.org/10.1016/ j.qref.2015.06.009
Andres Ch., Betzer A., Goergen M., Renneboog L. Dividend Policy of German Firms: A panel data analysis of partial adjustment models. Journal of Empirical Finance, 2009, vol. 16, iss. 2, pp. 175–187. URL: https://doi.org/10.1016/j.jempfin.2008.08.002