TY - JOUR

T1 - Dividend policy and ownership structure

T2 - A study of Russian dual-class stock companies

AU - Berezinets, Irina V.

AU - Ilina, Yulia B.

AU - Alekseeva, Liudmila

N1 - Berezinets, I., Ilina, Y., & Alekseeva, L. (2017). Dividend policy and ownership structure: A study of Russian dual-class stock companies. Corporate Ownership & Control, 15(1-1), 199-212.

PY - 2017

Y1 - 2017

N2 - This paper explores the relationship between ownership structure and dividend policy in Russian public companies with dual-class shares. The sample includes all companies issuing both ordinary (voting) and preferred (non-voting) shares traded on the Russian Trading System (RTS) in the period of 2003-2009. Using panel data and employing both linear and nonlinear regression modeling approach, we tested the relationship between ownership structure and dividend payout. One of the major conclusions is the existence of a negative relationship between the dividend payout on ordinary shares and institutional ownership, as well as between dividend payout on ordinary shares and offshore ownership. Unlike for ordinary shares, ownership structure is not related to dividend payments on preferred shares. Dividend policy on preferred shares is, instead, essentially related to a company’s performance.

AB - This paper explores the relationship between ownership structure and dividend policy in Russian public companies with dual-class shares. The sample includes all companies issuing both ordinary (voting) and preferred (non-voting) shares traded on the Russian Trading System (RTS) in the period of 2003-2009. Using panel data and employing both linear and nonlinear regression modeling approach, we tested the relationship between ownership structure and dividend payout. One of the major conclusions is the existence of a negative relationship between the dividend payout on ordinary shares and institutional ownership, as well as between dividend payout on ordinary shares and offshore ownership. Unlike for ordinary shares, ownership structure is not related to dividend payments on preferred shares. Dividend policy on preferred shares is, instead, essentially related to a company’s performance.

KW - ownership

KW - agency problem

KW - dividend policy

U2 - 10.22495/cocv15i1c1p4

DO - 10.22495/cocv15i1c1p4

M3 - Article

VL - 15

SP - 199

EP - 212

JO - Corporate Ownership and Control

JF - Corporate Ownership and Control

SN - 1727-9232

IS - 1

ER -