Some Trends in the Dividend Policy of Public Companies

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

Alexander Radygin – Chairman of Academic Board, Head of the Center for Institutional Development, Ownership and Corporate Governance of the Gaidar Institute; Director of the Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Maria Chernova – Research fellow of the Department for Analysis of Institutions and Financial Markets, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The analysis demonstrated that the public companies are increasingly apply dividend policy for the implementation of their strategies. This fact is revealed in the growth of the amount of dividend payments and drawing on intermediary dividends – in case of private companies to a larger extent, and in case of public companies to a lesser extent. Availability of both net profits and operating cash flow represent notable factors in deciding dividend payment. The index of debt burden and the size of indirect public share in the ownership structure represent another notable factor in positive decision on dividend payment.

Key words: dividends, dividend policy, public companies, companies with state participation.