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Features and Risks of the Dividend Policy of Russian Joint-Stock Companies

Alexander E. Abramov – Head of Department for Analysis of Institutions and Financial Markets of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Yury A. Belyakov – Junior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Alexander D. Radygin – Chairman of the Scientific Council of the Gaidar Institute for Economic Policy; Director of the Institute of Economics, Mathematics and Information Technology, Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences, Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Maria I. Chernova – Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Russian joint-stock companies are actively using the dividend policy to increase the attractiveness of their stocks for private investors. The adoption of new, uniform rules for the payment of dividends by state-owned enterprises can not only attract investors but also solve the fiscal problems of the budget. At the same time, the policy of increasing dividend payouts is associated with increased risks of a slowdown in the growth of market capitalization and an underperforming of their stocks in terms of total return to investors. Constant monitoring of these risks is required.

Key words: payment of dividends, dividend policy, stock returns, Russian companies, SOE, IPO.

JEL-codes: E22, G32, G35, G38.