Nesterenko E.A.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ekanest11@yandex.ru
Kozlova A.S.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation alina.brosalova@yandex.ru
Importance The scientific community has fundamentally different views on the motivation and drivers that force companies to pay dividends. At present, the volume of studies on basic parameters of the dividend policy is rather limited. Objectives The study aims to identify the main parameters of the dividend policy that are based on both the scientific and applied research in the sphere of companies' dividend policy. Methods We apply the dialectical method and systems approach to present the main parameters of the dividend policy. Results The review of the existing approaches to dividend policy implementation enabled to distinguish its certain types, i.e. the minimum dividend policy, the conservative policy, the moderate policy, the aggressive policy, and the super-aggressive policy. Dividend payments may be either fixed or variable, and be paid both in cash and in kind at year-end or at intervals. The financial base formation to implement the dividend policy by Russian companies depends on the use of Russian Accounting Standards (RAS) and International Financial Reporting Standards (IFRS); meanwhile, companies can create the financial base from both the income generated by all operations and from core operations. Both the shareholders and the company's management may initiate the dividend policy. Conclusions The main parameters of the dividend policy include its type, nature of dividend payment, form and frequency of payment, accounting standards applied, a degree of adaptability, degree of normalization, and initiative of formation.
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