Dividend payouts and company ownership structure amid the global financial crisis: evidence from Russia

Ankudinov, Andrei B.; Lebedev, Oleg V.

doi:10.1080/14631377.2016.1196882

Cited by 18 publications

(9 citation statements)

References 57 publications

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“…Following Ankudinov and Lebedev (2016) and Setiawan et al (2016), ownership structure is here implemented as binary variables, such that if family owners represent over 20 percent of firm ownership, firms are categorized as 1, otherwise zero. Moreover, if the state owns over 20 percent of the firm, it is categorized as 1, otherwise zero.…”

Section: Ownership Structurementioning

confidence: 99%

Determinants of dividend policy: evidence from an emerging and developing market

et al. 2019

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Purpose The purpose of this paper is to identify the determinants of dividend policy in an emerging and developing market. Design/methodology/approach The study employs a quantitative approach using 191 Sri Lankan firms and 1,337 firm-year observations as the sample. The authors apply a Binary Logistic Regression model to uncover the determinants of the propensity to pay dividends, and a Fixed Effect Panel Regression to investigate the determinants of dividend payout. Findings The authors identify past dividend decision, earnings, investment opportunities, profitability, free cash flow (FCF), corporate governance, state ownership, firm size and industry influence as the key determinants of propensity to pay dividends. In addition past dividends, investment opportunities, profitability and dividend premium are identified as the determinants of dividend payout. Moreover, there is a feedback between dividend yield and profitability in one lag and between dividend yield and dividend premium in two lags, as short-term relationships. Hence, past dividend decision or payout, profitability and investment opportunities are a common set of determinants with implications for both propensity to pay dividends and its payout. The findings support theories of dividends such as signaling, outcome, catering, life cycle, FCF and pecking order. Practical implications The findings are important for investors, managers and future research. Investors should focus on the determinants identified by our study when making investment decisions whereas managers should practice the same when formulating appropriate dividend policies for their firms. Future research should rely on propensity to pay dividends and its payout simultaneously to promote a theoretical consensus on the dividend determinant puzzle. Originality/value This is the first study that investigates determinants of propensity to pay dividends and dividend payout along with short-term relationships in a single study.

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Section: Ownership Structurementioning

confidence: 99%

Determinants of dividend policy: evidence from an emerging and developing market

et al. 2019

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“…Moreover, Liljeblom and Maury () find that between 1998 to 2003 state‐controlled firms paid more frequent dividends than private firms. Similarly, Ankudinov and Lebedev () find that, though state firms tended to pay fewer dividends during the financial crisis than private firms, public firms in the preceding period typically payed more frequent dividends. More interestingly, the authors argue that their results are consistent with the view that the interests of the state as a stakeholder took precedence over its interests as a shareholder.…”

Section: The Traditional Determinants Of Dividend Policymentioning

confidence: 92%

The Idiosyncratic Pattern of Russian Corporate Dividend Policy During Its Formative Era

Vanteeva

Hickson

2018

Ann Public Coop Econ

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In general, the dividend payout pattern for Russian corporations during their formative period from 1998 to 2006 was seemingly independent of company earnings, size, growth opportunities and capital structure, as such firm policies appear not to conform to any of the main extant dividend payout theories. The only exception we find is that of utility firms, which were inclined to pay consistent dividends. Utility firms tended to be partly owned by the state and were subject to price regulation. Consequently, they may have had limited investment prospects. Our findings suggest that dividend payout policies in non-market economies may be driven by non-traditional determinants, such as the state's overall industrial strategy.

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“…For them, the speed of adjustment in the companies' dividend payout policy increases after the crisis, above pre-crisis levels, indicating a greater concentration on investments and cash reserves. Ankudinov and Lebedev (2016) find that, after the referred crisis, the companies that most reduce their dividend payout are those with the highest leverage level, the greatest investment opportunities and cash restriction or low liquidity.…”

Section: Literature Reviewmentioning

confidence: 97%

Brazilian Companies’ Dividend Payout in a Political Uncertainty Scenario

Peixoto¹,

Jucá²

2021

OJBM

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The analysis of the determinants of the dividend payout policy becomes even more relevant in a context of crisis. In this scenario, companies wonder which strategy shall prevail-either to keep the payout ratio constancy to signal to the market positive aspects about themselves or to adapt it to the external conjuncture, protecting themselves from future uncertainties. This being so, this study aims at identifying the determinants of the dividend payout policy, in the period before and after the former President Dilma Rousseff's impeachment, by using logarithmic and probabilistic regression models. To this end, a sample of Brazilian non-financial publicly-held companies is considered, whose data are obtained from the Capital IQ base. As a result, the corporate dividend policy is identified as not being affected by the market environment. Such a fact indicates that Brazilian companies choose to maintain their dividend payout policy, even in scenarios of political uncertainty. This study differs from the others for analyzing the relationship between dividend payout decisions, whether in times of stability or in political and economic crisis.

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Dividend payouts and company ownership structure amid the global financial crisis: evidence from Russia

Cited by 18 publications

References 57 publications

Determinants of dividend policy: evidence from an emerging and developing market

Determinants of dividend policy: evidence from an emerging and developing market

The Idiosyncratic Pattern of Russian Corporate Dividend Policy During Its Formative Era

Brazilian Companies’ Dividend Payout in a Political Uncertainty Scenario

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