Economic Analysis: Theory and Practice
 

Abstracting and Indexing

РИНЦ
Referativny Zhurnal VINITI RAS
Worldcat
Google Scholar

Online available

EBSCOhost
Eastview
Elibrary
Biblioclub

Archiving

Cyberleninka (12 month OA embargo)

Analyzing the distributive policy within the framework of fundamental analysis of the company

Vol. 15, Iss. 2, FEBRUARY 2016

PDF  Article PDF Version

Received: 22 January 2016

Accepted: 29 January 2016

Available online: 4 March 2016

Subject Heading: ANALYSIS OF FINANCIAL CAPITAL

JEL Classification: G11, G32

Pages: 4-12

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation
kogdenko7@mail.ru

Subject The article considers the typology and analysis of the distributive policy of the company.
Objectives The aim of the study is to review the effect of various types of distributive policy on the company's financial condition.
Methods The methodological framework includes objective principles of systems approach, the economic analysis, a logical and comprehensive approach to economic phenomena and processes assessment.
Results The paper distinguishes two types of distributive policy: dominant and subordinate, presents key characteristics of the types of distributive policy, specifics of dominant and subordinate policies. It substantiates that the subordinate policy has a positive effect on sustainable growth and return on invested capital over the long term; identifies positive impact the dominant policy has on short-term performance of the company and the weighted average cost of capital due to lowering the required return on equity and involvement of the lower-cost debt capital. The paper also presents a flow chart to analyze the distributive policy consisting of four phases.
Conclusions The findings provide a rationale for two types of distributive policy and enable to offer a methodology to analyze the policy. The article can be useful for experts of financial services, who are involved in financial decision-making under economic crisis.

Keywords: payout policy, distributive policy, fundamental analysis

References:

  1. Brealey R., Myers S. Printsipy korporativnykh finansov [Principles of Corporate Finance]. Moscow, Olimp-Biznes Publ., 2007, 592 p.
  2. Pike R., Neale B. Korporativnye finansy i investirovanie [Corporate Finance and Investment: Decisions and Strategies]. St. Petersburg, Piter Publ., 2006, 784 p.
  3. Graham B., Zweig J. Razumnyi investor [The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel]. Moscow, Vil'yams Publ., 2009, 672 p.
  4. Breg S. Nastol'naya kniga finansovogo direktora [Handbook of Finance Director]. Moscow, Al'pina Pablisher Publ., 2015, 606 p.
  5. Buffett W.E. Esse ob investitsiyakh, korporativnykh finansakh i upravlenii kompaniyami [The Essays of Warren Buffett: Lessons for Corporate America]. Moscow, Al'pina Biznes Buks Publ., 2009, 268 p.
  6. Lukashov A.V. Povedencheskie korporativnye finansy i dividendnaya politika firmy [Behavioral corporate finance and dividend policy of the company]. Upravlenie korporativnymi finansami = Corporate Finance Management, 2004, no. 3, pp. 12–16.
  7. Arnold G. Investirovanie. Putevoditel' ot Financial Times [The Financial Times Guide to Investing: The Definitive Companion to Investment and the Financial Markets]. Moscow, Delo i Servis Publ., 2007, 496 p.
  8. Faerber E. Vse ob aktsiyakh. Legkii sposob nachat' svoi put' [All About Stocks: The Easy Way to Get Started]. Moscow, Mann, Ivanov i Ferber Publ., 2013, 336 p.
  9. Ivashkovskaya I.V., Grigor'eva S.A., Kokoreva M.S., Stepanova A.N. et al. Empiricheskii analiz rossiiskikh kompanii (korporativnye finansovye resheniya na razvivayushchikhsya rynkakh kapitala): monografiya [Corporate financial solutions in developing capital markets: an empirical analysis of Russian companies: a monograph]. Moscow, INFRA-M Publ., 2012, 281 p.
  10. Ivashkovskaya I.V. Finansovye izmereniya korporativnykh strategii. Steikkholderskii podkhod: monografiya [Financial measurement of corporate strategies. A stakeholder approach: a monograph]. Moscow, INFRA-M Publ., 2013, 320 p.
  11. Kogdenko V.G. Korporativnaya finansovaya politika: monografiya [Corporate financial policy: a monograph]. Moscow, YUNITI-DANA Publ., 2014, 615 p.
  12. Bodie Z., Merton R. Finansy [Finance]. Moscow, Vil'yams Publ., 2004, 347 p.
  13. Kovalev V.V. Finansovyi analiz. Metody i protsedury: monografiya [Financial analysis. Methods and procedures: a monograph]. Moscow, Finansy i statistika Publ., 2005, 560 p.
  14. Bernstein L. Analiz finansovoi otchetnosti: teoriya, praktika i interpretatsiya [Financial Statement Analysis: Theory, Application and Interpretation]. Moscow, Finansy i statistika Publ., 2003, 624 p.
  15. Plaskova N.S. Teoriya i praktika strategicheskogo ekonomicheskogo analiza rezul'tativnosti biznesa: monografiya [Theory and practice of strategic economic analysis of business performance: a monograph]. Moscow, MAKS Press Publ., 2007, 368 p.
  16. Antill N., Lee K. Otsenka kompanii: analiz i prognozirovanie s ispol'zovaniem otchetnosti po MSFO [Company Valuation Under IFRS: Interpreting and Forecasting Accounts Using International Financial Reporting Standards]. Moscow, Al'pina Pablisher Publ., 2013, 440 p.
  17. Damodaran A. Investitsionnaya otsenka: Instrumenty i metody otsenki lyubykh aktivov [Investment Valuation: Tools and Techniques for Determining the Value of Any Asset]. Moscow, Al'pina Biznes Buks Publ., 2007, 1316 p.
  18. Copeland T., Koller T., Murrin J. Stoimost' kompanii: otsenka i upravlenie [Valuation: Measuring and Managing the Value of Companies]. Moscow, Olimp-Biznes Publ., 2005, 576 p.
  19. Siegel J. Dolgosrochnye investitsii v aktsii. Strategii s vysokim dokhodom i nadezhnost'yu [Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies]. St. Petersburg, Piter Publ., 2010, 416 p.
  20. Hagstrom R. Uorren Baffett. Kak 5 dollarov prevratit' v 50 milliardov. Prostye pravila velikogo investora [The Warren Buffett Way]. Moscow, Mann, Ivanov i Ferber, Eksmo Publ., 2014, 352 p.
  21. Teplova T.V. Vliyanie dividendnykh vyplat na rynochnuyu otsenku rossiiskikh kompanii: empiricheskoe issledovanie metodom sobytiinogo analiza na rossiiskikh i zarubezhnykh torgovykh ploshchadkakh [The impact of dividend payout on market valuation of Russian companies: an empirical study based on the event analysis on Russian and foreign trading platforms]. Audit i finansovyi analiz = Audit and Financial Analysis, 2008, no. 2, pp. 9–13.

View all articles of issue

 

ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 18, Iss. 11
November 2019

Archive