| Issue |
SHS Web Conf.
Volume 91, 2021
Innovative Economic Symposium 2020 – Stable Development in Unstable World (IES2020)
|
|
|---|---|---|
| Article Number | 01013 | |
| Number of page(s) | 13 | |
| Section | Stable Development in Unstable World | |
| DOI | https://doi.org/10.1051/shsconf/20219101013 | |
| Published online | 14 January 2021 | |
Impact of Dividend Policy on the Market Value of the Company
Financial University under the Government of the Russian Federation, Moscow, Russia
* Corresponding author: ivan-erx@yandex.ru
The article is devoted to the analysis and assessment of the impact of dividends on the market value of the company. The study is based on data from company reports and statistics from the Moscow Exchange. This paper presents a regression analysis of a choice consisting of 1) 20 systems of Russian companies and 2) 5 largest companies in the oil and gas sector for the period 2013-2019. The regression results show that dividends have a positive effect on capitalization only if the policy is based on the residual principle. The conclusions made in the work, which provide recommendations and a statistical assessment of dependence, can find practical application in determining the dividend policy of an organization and predicting changes in the capitalization of companies.
Key words: dividend policy / capitalization / discount rate / dividends / regression analysis / capital structure / shares
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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