Financial Analytics: Science and Experience

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Financial Analytics: Science and Experience

12(150) - 2013 March

Dividend policy and major shareholders' interest

Vol. 6, Iss. 12, MARCH 2013

Available online: 27 March 2013

Subject Heading: Stock market

JEL Classification:

Vinokurov S.S. PhD in Economic Sciences, Associate Professor, Department "Economic Theory and World Economy", the St. Petersburg State University of Economics and Finance
stepan_vinokurov@mail.ru

Guryanov P.P. PhD in Economic Sciences, Assistant of Department "Economic Theory", the National Mineral and Raw University "Mining"
d1d1@pochta.ru

In the article the results of empirical research of dividend policy of the Russian companies in 2006-2010y are presented. Basis of future dividend policy is not so much asymmetry of information as specific interest owners of large blocks of shares related to its profitability from goodwill. Connection of dividend payments and share price will be not direct as it assumes discounting of a flow of dividends, and mediated by deviations of coefficient of dividend payments and course profitability from demanded sizes.

Keywords: asymmetry, information, goodwill, dividend policy, equity stake, stock market

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ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

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