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2218-5003

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10.29141/2218-5003-2023-14-3-6

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https://upravlenets.usue.ru/ru/-2023/1300

Дивидендная политика и структура собственности российских компаний: эмпирический анализ кризисных лет

Dividend policy and ownership structure of Russian companies: An empirical analysis of the crisis years

Анкудинов

Андрей Борисович

Анкудинов

Андрей Борисович

Ankudinov

Andrey B.

abankudinov@kpfu.ru

Kazan Federal University (Kazan, Russia)Казанский федеральный университет (г. Казань, РФ)

06072023

14371850303202302052023

CC BY-NC 4.0

На фоне кризисов различной природы, преследующих отечественную экономику, и ограничения доступа на глобальные финансовые рынки вследствие беспрецедентного санкционного давления на первый план выходит необходимость обеспечения инвестиционной активности за счет внутренних источников финансирования. Существенную роль в этом процессе может сыграть продуманная дивидендная политика российских публичных компаний, позволяющая привлечь неспекулятивные ресурсы сберегателей-резидентов. Статья посвящена эмпирическому анализу детерминант дивидендной политики указанных компаний с учетом специфики кризисных лет. Особое внимание уделено влиянию на размер дивидендного выхода состава и структуры собственности компаний. В качестве базовой методологии исследования выступили теории дивидендной политики. Использовались методы одномерного анализа зависимости характеристик российских компаний и величины дивидендных выплат, а также многомерный анализ с применением регрессионных моделей на основе панельных данных. Информационную базу работы составили данные о 1 500 самых крупных по выручке российских компаний нефинансового сектора за период 2012–2021 гг. Результаты тестирования позволяют заключить, что величина дивидендных выплат не имеет статистически значимой связи с взаимодействием фиктивных переменных структуры собственности и кризисных лет. Это может означать, что схожие по указанной структуре компании в кризисные годы не характеризуются достаточно однородной стратегией в области дивидендных выплат. В то же время дамми-переменные государственного участия и наличия иностранного акционера значимы во всех моделях. Статус публичности и наличие биржевых котировок не продемонстрировали значимого влияния на дивидендный выход российских компаний. Полученные в рамках эмпирического анализа результаты вносят вклад в формирование эффективной дивидендной политики этих компаний в кризисные годы с учетом возможных изменений в составе и структуре собственности, а также дополнительных финансовых ограничений, связанных с затруднением доступа к глобальным рынкам.

Amid various crises plaguing the Russian economy and limited access to global financial markets due to unprecedented sanctions pressure, it is becoming increasingly important to ensure investment activity through internal sources of financing. A well-thought-out dividend policy of Russian public companies, which makes it possible to attract non-speculative resources of resident savers, can play a significant role in this process. The article empirically analyzes the determinants of the companies’ dividend policy with the crisis period specificities considered. Particular attention is paid to the impact made by companies’ composition and ownership structure on dividend payouts. The research methodology is based on dividend policy theory. Among the methods used are univariate analysis of the relationship between Russian companies’ characteristics and the amount of dividends, as well as multivariate analysis using regression models based on panel data. The empirical evidence was data on 1,500 Russian companies with the largest revenue in the non-financial sector in 2012–2021. The test results show that the amount of dividends does not have a statistically significant relationship with the interaction of dummy variables of the ownership structure and crisis years. This can mean that in the crisis period companies identical in terms of this kind of structure do not employ sufficiently homogeneous strategies in the field of dividend payouts. At the same time, dummy variables of state participation and the presence of foreign shareholder are significant in all models. The status of publicly traded company and availability of exchange quotations did not have a significant impact on the dividend payouts of Russian companies. The results obtained as part of the empirical analysis help to frame an effective dividend policy in the crisis years, taking into account possible changes in the composition and structure of ownership, as well as additional financial restrictions associated with limited access to global markets.

дивидендный выход;дивидендная политика;российские компании;панельные данные;финансовый кризис;государственные компании.

dividend payout;dividend policy;Russian companies;panel data;financial crisis;public companies.

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