The idiosyncratic pattern of Russian corporate dividend policy during its formative era

Vanteeva, Nadia; Hickson, Charles

Abstract

© 2018 The Authors Annals of Public and Cooperative Economics © 2018 CIRIEC 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.

Citation

Vanteeva, N., & Hickson, C. (2019). The idiosyncratic pattern of Russian corporate dividend policy during its formative era. Annals of Public and Cooperative Economics, 90(3), 535-554. https://doi.org/10.1111/apce.12215

• Journal Article Type: Article
• Acceptance Date: May 8, 2018
• Online Publication Date: Jun 21, 2018
• Publication Date: Sep 1, 2019
• Deposit Date: Feb 25, 2019
• Publicly Available Date: Feb 26, 2019
• Journal: Annals of Public and Cooperative Economics
• Print ISSN: 1370-4788
• Electronic ISSN: 1467-8292
• Publisher: Wiley
• Peer Reviewed: Peer Reviewed
• Volume: 90
• Issue: 3
• Pages: 535-554
• DOI: https://doi.org/10.1111/apce.12215
• Public URL: https://uwe-repository.worktribe.com/output/866323
• Publisher URL: https://doi.org/10.1111/apce.12215
• Additional Information: Additional Information : This is the peer reviewed version of the following article: [Vanteeva, N. and Hickson, C. (2018) The idiosyncratic pattern of Russian corporate dividend policy during its formative era. Annals of Public and Cooperative Economics. ISSN 1370-478], which has been published in final form at https://doi.org/10.1111/apce.12215. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.