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Comparison of dividend policy of state and private companies on example of companies of oil and gas sector of the Russian Federation

Nikolashina H.H. Senior Lecturer of the Department of Financial Management, the Russian Economic University named after G.V. Plekhanov ( nnn478@mail.ru )

Journal: Finance and Credit, #26, 2013

In the article it is noted that the dividend policy is one of the major questions in the field of management of company finance. Features of this policy pursued by the largest companies of oil and gas sector of Russia are considered. Comparison of dividend policy of the state and private companies is carried out. In the course of the analysis it is established that in 2006-2010 of the company with a big share of the state participation chose passive dividend policy, had the lowest indicators of dividend profitability and coefficient of dividend payments. The private companies of oil and gas sector opposite pursued active dividend policy, adhering to the theory of importance of dividend payments and the alarm theory.


Analyzing the efficiency of the Dogs of the Dow strategy in the Russian stock market for the period from 2005 through 2018

Nikolashina N.N. Plekhanov Russian University of Economics (PRUE), Moscow, Russian Federation ( nnn478@mail.ru )

Journal: Finance and Credit, #7, 2019

Subject The research investigates the Dog of the Dow strategy implying the formation of a portfolio of stocks yielding high dividends.
Objectives The study evaluates the efficiency of the Dog of the Dow strategy with respect to the Russian stock market for the period from 2005 through 2018.
Methods The methodological framework includes methods of statistical and comparative analysis.
Results I formed classical and modified portfolios as per the Dog of the Dow strategy. The article compares the return on such portfolios and the return on the market index, considering the capitalization of dividends and omitting them. The Dog of the Dow strategy was evaluated also through the risk to return test measured with the Sharpe ratio.
Conclusions and Relevance The Dog of the Dow strategy was found to be more efficient in comparison with investment in the index portfolio in terms of return and risk to return test. My conclusions are valid with or without the capitalization of dividends. Based on the Russian stock market data, the investment strategy is proved to be efficient, implying the formation of a portfolio of stocks yielding the highest dividends. The findings can be relevant to would-be investors when forming their portfolio of securities.


An empirical analysis of dependence of the dividend policy on the company's life cycle stage

Nikolashina N.N. Plekhanov Russian University of Economics, Moscow, Russian Federation ( nnn478@mail.ru )

Journal: Financial Analytics: Science and Experience, #23, 2015

Importance An analysis of the dividend policy is an actual and necessary line of research into any corporate development strategy of any company that plans its long-term presence in the market with some competitive advantages.
     Objectives The purpose of this paper is to test basic assertions of the life cycle theory in relation to the dividend policy in the Russian market over the 2004-2012 period. To meet the objective, the following tasks were formulated: to systematize theoretical and empirical works, which investigate the effect of the company's life cycle stages on the dividend policy; to analyze dividend policies of Russian companies in the context of their life cycle; to reveal the factors influencing the dividend policy of companies.
     Methods The methodological basis of the research consists of the methods of statistical and comparative analysis.
     Results The analysis of dividend policies showed that most Russian companies had been paying dividends up to 2007. The crisis affected dividend policies. The number of dividend payers decreased dramatically. The research showed that the main factor influencing dividend policies of companies was companies' life cycle stages and companies' ability to generate positive cash flow.
     Conclusions and Relevance The analysis of dependence of dividend policies on the company's life cycle stage showed that dividends were paid by more profitable and mature companies. As an indicator reflecting the stage of the life cycle, I use a percentage of retained earnings in equity (total assets) of the company. As the company becomes more mature, this indicator increases and the company is more likely to pay dividends. The hypothesis that dividend nonpayers are companies with high investment opportunities was not confirmed in relation to the Russian companies. The conclusions obtained in this research can be used by investors to form an investment portfolio.


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