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Finance and Credit

37(517) - 2012 October

Modern approach to dividend policy of company

Vol. 18, Iss. 37, OCTOBER 2012

Available online: 9 October 2012

Subject Heading: Financial management

JEL Classification:

Brusov P.N. Doctor of Physics and Mathematics, Professor of department "Applied Mathematics", the Financial University under the Government of the Russian Federation
pnb1983@yahoo.com

Filatova T.V. PhD in Economics, Professor of department "Financial Management", the Financial University under the Government of the Russian Federation
mfilatova@fa.ru

Orekhova N.P. PhD in Physics and Mathematics, Leading Researcher, the Financial University under the Government of the Russian Federation
Natali_orehova@bk.ru

Brusov P.P. Leading Researcher, the Southern Federal University
ppb@bmail.ru

Brusova A.P. Head of department "Financial Settlements and Risks", MTS
flowerik1@yandex.ru

In the article the modern approach to dividend policy of the company, based on real estimation of cost of own capital of the company, its comparison with profitability of planned investments is offered. It will allow to return to economic essence of dividends as payments to shareholders for use of the share capital. In this case, the existing theories of dividend policy (the theory of irrelevance of dividends, preferred dividends, tax differentiation, signaling theory of dividends, etc.) undergo modification.

Keywords: dividend policy of company, equity capital cost, Modigliani-Miller theory, Brusov - Filatova - Orekhova theory

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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