voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-1-66-92voprecotest-2600Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICS«Загадка дивидендов» и российский рынок акций. Часть 1The “dividend puzzle” and the Russian stock market. Part 1https://orcid.org/0000-0003-4285-9115АбрамовА. Е.AbramovA. E.

Абрамов Александр Евгеньевич, к. э. н., завлабораторией анализа институтов и финансовых рынков Института прикладных экономических исследований (ИПЭИ)

abramov-ae@ranepa.ruhttps://orcid.org/0000-0003-2242-9994РадыгинА. Д.RadyginA. D.

Радыгин Александр Дмитриевич, д. э. н., проф., директор Института экономики, математики и информационных технологий (ЭМИТ)

член совета директоров Института Гайдара

arad@ranepa.ruhttps://orcid.org/0000-0003-0144-1820ЧерноваМ. И.ChernovaM. I.

Чернова Мария Игоревна, н.  с.  лаборатории анализа институтов и финансовых рынков ИПЭИ

chernova-mi@ranepa.ruЭнтовР. М.EntovR. M.

Энтов Револьд Михайлович, академик РАН, гл.  н.  с. Центра макроэкономических исследований ИПЭИ

entov@iep.ruРоссийская академия народного хозяйства и государственной службы при Президенте РФРоссияRussian Presidential Academy of National Economy and Public AdministrationRussian FederationРоссийская академия народного хозяйства и государственной службы при Президенте РФ; Институт экономической политики имени Е. Т. ГайдараРоссияRussian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic PolicyRussian Federation202008012020016692Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2600

Статья посвящена изучению отношений, связанных с дивидендной политикой и проблемой «загадки дивидендов», в общем контексте закономерностей развития фондового рынка в России. Работа состоит из двух частей.

В первой части рассматриваются важнейшие направления исследования дивидендной политики в современной экономической теории (нейтральность дивидендов Модильяни—Миллера, агентская и сигнальная гипотезы, модель сглаживания, теория кейтеринга и др.). Особое внимание уделено теоретическому исследованию мотиваций крупнейших российских компаний относительно распределения прибыли и выплаты дивидендов на основе выборки из 236 акционерных обществ. С 2012 г. выявлен устойчивый рост дивидендных выплат как в частных компаниях, так и в компаниях с государственным участием (КГУ). Основная масса дивидендных выплат у КГУ приходится на 12 крупнейших компаний. Наряду с ростом курсовой стоимости дивиденды стали важным фактором совокупной доходности акций. В текущих условиях вероятность выплаты дивидендов зависит не только от размеров компаний и показателей их финансовой устойчивости, но и от участия государства в капитале компаний. Однако связь между вероятностью выплаты дивидендов и государственным участием в структуре собственности не универсальная и может объясняться специфическими факторами, выходящими за пределы классических дивидендных теорий.

Во второй части будут проанализированы закономерности функционирования рынка акций и дивидендной политики крупнейших российских компаний, мотивы выплаты дивидендов и особенности поведения КГУ.

This article analyzes the key patterns of the dividend policy and the problem of the “dividend puzzle” in the general context of the development of the stock market in Russia. The article consists of two parts.

In the first part we summarize main research trends of dividend policy in modern economic theory (the classical Modigliani—Miller theory of dividend irrelevance, agent and signal hypotheses, the smoothing model, the catering theory, etc.). We emphasize the theoretical analysis of motivation of the largest Russian companies for profit allocation and dividend payout, based on a sample of 236 joint stock companies. Since 2012, a steady increase in dividend payments has been revealed in both private and state-owned enterprises (SOEs). The bulk of dividend payments from SOEs accounts for only 12 major companies. Along with an increase in the market value, dividends have become an important factor in the total return on shares. Under current conditions, the probability of paying dividends depends not only on the size of the company and indicators of its’ financial stability, but also on the presence of the state in the capital of companies. However, the relationship between the probability of paying dividends and state participation in the ownership structure is not universal and can be explained by specific factors that go beyond the classical dividend theories.

In the second part we will analyze the patterns of stock market performance and dividend policy of the largest Russian companies, motivation for dividend payouts and special aspects of SOEs policy.

дивидендная политикакомпании с государственным участиемсглаживание дивидендовгосударственная собственностьdividend policystate-owned enterprisesdividend smoothingstate ownershipReferencesАбрамов А., Радыгин А., Чернова М., Энтов Р. (2017). Государственная собственность и характеристики эффективности // Вопросы экономики. № 4. С. 5—37. https://doi.org/10.32609/0042-8736-2017-4-5-37Abramov A., Radygin A., Chernovа M., Entov R. (2017). State ownership and efficiency characteristics. Voprosy Ekonomiki, No. 4, pp. 5—37. (In Russian). https://doi.org/10.32609/0042-8736-2017-4-5-37Вальрас Л. (2000). Элементы чистой политической экономии. М.: Изограф.Valras L. (2000). Elements of pure political economy. Moscow: Izograf. (In Russian).Радыгин А. Д. (ред.) (2009). Внутренние механизмы корпоративного управления: некоторые прикладные проблемы. М.: Дело.Radygin A. D. (ed.) (2009). Internal corporate governance mechanisms: Some applied issues. Moscow: Delo. (In Russian).Сток Д., Уотсон М. (2015). Введение в эконометрику. Учеб. издание / Под ред. М. Ю. Турунцевой. М.: Дело.Stock J. H., Watson M. W. (2015). Introduction to econometrics. Moscow: Delo. (In Russian).Тироль Ж. (2017). Теория корпоративных финансов: в 2 кн. Кн. 1. М.: Дело.Tirole J. (2017). The theory of corporate finance, in 2 books, Book 1. Moscow: Delo. (In Russian).Aivazian V., Booth L., Cleary S. (2003). Dividend policy and the organization of capital markets. Journal of Multinational Financial Management, Vol. 13, No. 2, pp. 101—121. https://doi.org/10.1016/S1042-444X(02)00038-5Aivazian V., Booth L., Cleary S. (2003). Dividend policy and the organization of capital markets. Journal of Multinational Financial Management, Vol. 13, No. 2, pp. 101—121. https://doi.org/10.1016/S1042-444X(02)00038-5Al-Gharaibeh M., Zurigat Z., Al-Harahsheh Z. (2013). The effect of ownership structure on dividends policy in Jordanian companies. Interdisciplinary Journal of Contemporary Research in Business, Vol. 4, No. 9, pp. 769—796.Al-Gharaibeh M., Zurigat Z., Al-Harahsheh Z. (2013). The effect of ownership structure on dividends policy in Jordanian companies. Interdisciplinary Journal of Contemporary Research in Business, Vol. 4, No. 9, pp. 769—796.Allen F., Bernardo A. E., Welch I. (2000). A theory of dividends based on tax clienteles. Journal of Finance, Vol. 55, No. 6, pp. 2499—2536. https://doi.org/10.1111/0022-1082.00298Allen F., Bernardo A. E., Welch I. (2000). A theory of dividends based on tax clienteles. Journal of Finance, Vol. 55, No. 6, pp. 2499—2536. https://doi.org/10.1111/0022-1082.00298Allen F., Michaely R. (2003). Payout policy. In: G. M. Constantinides, M. Harris, R. Stulz (eds.). Handbook of the economics of finance, Vol. 1. Amsterdam: NorthHolland, pp. 337—429.Allen F., Michaely R. (2003). Payout policy. In: G. M. Constantinides, M. Harris, R. Stulz (eds.). Handbook of the economics of finance, Vol. 1. Amsterdam: NorthHolland, pp. 337—429.Amihud Y., Murgia M. (1997). Dividends, taxes, and signaling: Evidence from Germany. Journal of Finance, Vol. 52, No. 1, pp. 397—408. https://doi.org/10.1111/j.1540-6261.1997.tb03822.xAmihud Y., Murgia M. (1997). Dividends, taxes, and signaling: Evidence from Germany. Journal of Finance, Vol. 52, No. 1, pp. 397—408. https://doi.org/10.1111/j.1540-6261.1997.tb03822.xAndres C., Doumet M., Fernau E., Theissen E. (2015). The Lintner model revisited: Dividends versus total payouts. Journal of Banking and Finance, Vol. 55, pp. 56—69. https://doi.org/10.1016/j.jbankfin.2015.01.005Andres C., Doumet M., Fernau E., Theissen E. (2015). The Lintner model revisited: Dividends versus total payouts. Journal of Banking and Finance, Vol. 55, pp. 56—69. https://doi.org/10.1016/j.jbankfin.2015.01.005Ang A., Bekaert G. (2003). How do regimes affect asset allocation? NBER Working Paper, No. w10080. https://doi.org/10.3386/w10080Ang A., Bekaert G. (2003). How do regimes affect asset allocation? NBER Working Paper, No. w10080. https://doi.org/10.3386/w10080Asquith P., Mullins D. (1983). The impact of initiating dividend payments on shareholders’ wealth. The Journal of Business, Vol. 56, No. 1, pp. 77—96. https://doi.org/10.1086/296187Asquith P., Mullins D. (1983). The impact of initiating dividend payments on shareholders’ wealth. The Journal of Business, Vol. 56, No. 1, pp. 77—96. https://doi.org/10.1086/296187Baker H. K., Farrelly G. E., Edelman R. B. (1985). A survey of management views on dividend policy. Financial Management, Vol. 14, No. 3, p. 78—84. https://doi.org/10.2307/3665062Baker H. K., Farrelly G. E., Edelman R. B. (1985). A survey of management views on dividend policy. Financial Management, Vol. 14, No. 3, p. 78—84. https://doi.org/10.2307/3665062Baker M., Wurgler J. (2004). A catering theory of dividends. Journal of Finance, Vol. 59, No. 3, pp. 1125—1165. https://doi.org/10.1111/j.1540-6261.2004.00658.xBaker M., Wurgler J. (2004). A catering theory of dividends. Journal of Finance, Vol. 59, No. 3, pp. 1125—1165. https://doi.org/10.1111/j.1540-6261.2004.00658.xBalachandran B., Krishnamurti C., Theobald M., Vidanapathirana B. (2012). Dividend reductions, the timing of dividend payments and information content. Journal of Corporate Finance, Vol. 18, No. 5, pp. 1232—1247. https://doi.org/10.1016/j.jcorpfin.2012.08.002Balachandran B., Krishnamurti C., Theobald M., Vidanapathirana B. (2012). Dividend reductions, the timing of dividend payments and information content. Journal of Corporate Finance, Vol. 18, No. 5, pp. 1232—1247. https://doi.org/10.1016/j.jcorpfin.2012.08.002Barclay M. J., Holderness C. G., Sheehan D. P. (2009). Dividends and corporate shareholders. Review of Financial Studies, Vol. 22, No. 6, pp. 2423—2455. https://doi.org/10.1093/rfs/hhn060Barclay M. J., Holderness C. G., Sheehan D. P. (2009). Dividends and corporate shareholders. Review of Financial Studies, Vol. 22, No. 6, pp. 2423—2455. https://doi.org/10.1093/rfs/hhn060Baskin J. B. (1988). The development of corporate financial markets in Britain and the United States, 1600—1914: Overcoming asymmetric information. Business History Review, Vol. 62, No. 2, pp. 199—237. https://doi.org/10.2307/3115999Baskin J. B. (1988). The development of corporate financial markets in Britain and the United States, 1600—1914: Overcoming asymmetric information. Business History Review, Vol. 62, No. 2, pp. 199—237. https://doi.org/10.2307/3115999Bernheim B. D. (1991). Tax policy and the dividend puzzle. Rand Journal of Economics, Vol. 22, pp. 455—476. https://doi.org/10.2307/2600982Bernheim B. D. (1991). Tax policy and the dividend puzzle. Rand Journal of Economics, Vol. 22, pp. 455—476. https://doi.org/10.2307/2600982Bhattacharya S. (1979). Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics, Vol. 10, No. 1, pp. 259—270. https://doi.org/10.2307/3003330Bhattacharya S. (1979). Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics, Vol. 10, No. 1, pp. 259—270. https://doi.org/10.2307/3003330Black F. (1976). The dividend puzzle. Journal of Portfolio Management, Vol. 2, No. 2, pp. 5—8. https://doi.org/10.3905/jpm.1976.408558Black F. (1976). The dividend puzzle. Journal of Portfolio Management, Vol. 2, No. 2, pp. 5—8. https://doi.org/10.3905/jpm.1976.408558Black F., Scholes M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, Vol. 81, No. 3, pp. 637—654. https://doi.org/10.1086/260062Black F., Scholes M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, Vol. 81, No. 3, pp. 637—654. https://doi.org/10.1086/260062Booth L., Zhou J. (2017). Dividend policy: A selective review of results from around the world. Global Finance Journal, Vol. 34, pp. 1—15. https://doi.org/10.1016/j.gfj.2017.07.002Booth L., Zhou J. (2017). Dividend policy: A selective review of results from around the world. Global Finance Journal, Vol. 34, pp. 1—15. https://doi.org/10.1016/j.gfj.2017.07.002Borokhovich K. A., Brunarski K. R., Harman Y., Kehr J. B. (2005). Dividends, corporate monitors and agency costs. The Financial Review, Vol. 40, No. 1, pp. 37—65. https://doi.org/10.1111/j.0732-8516.2005.00092.xBorokhovich K. A., Brunarski K. R., Harman Y., Kehr J. B. (2005). Dividends, corporate monitors and agency costs. The Financial Review, Vol. 40, No. 1, pp. 37—65. https://doi.org/10.1111/j.0732-8516.2005.00092.xBozos K., Nikolopoulos K., Ramgandhi G. (2011). Dividend signaling under economic adversity: Evidence from the London Stock Exchange. International Review of Financial Analysis, Vol. 20, No. 5, pp. 364—374. https://doi.org/10.1016/j.irfa.2011.07.003Bozos K., Nikolopoulos K., Ramgandhi G. (2011). Dividend signaling under economic adversity: Evidence from the London Stock Exchange. International Review of Financial Analysis, Vol. 20, No. 5, pp. 364—374. https://doi.org/10.1016/j.irfa.2011.07.003Brav A., Graham J. R., Campbell R. H., Michaely R. (2005). Payout policy in the 21st century. Journal of Financial Economics. Vol. 77, No. 3, pp. 483—527. https://doi.org/10.1016/j.jfineco.2004.07.004Brav A., Graham J. R., Campbell R. H., Michaely R. (2005). Payout policy in the 21st century. Journal of Financial Economics. Vol. 77, No. 3, pp. 483—527. https://doi.org/10.1016/j.jfineco.2004.07.004Brav A., Heaton J. B. (1997). The economic effects of prudent man laws: Empirical evidence from stock ownership dynamics. Unpublished manuscript, Duke University.Brav A., Heaton J. B. (1997). The economic effects of prudent man laws: Empirical evidence from stock ownership dynamics. Unpublished manuscript, Duke University.Brennan M. J., Thakor A. V. (1990). Shareholder preferences and dividend policy. Journal of Finance, Vol. 45, No. 4, pp. 993—1018. https://doi.org/10.1111/j.1540-6261.1990. tb02424.xBrennan M. J., Thakor A. V. (1990). Shareholder preferences and dividend policy. Journal of Finance, Vol. 45, No. 4, pp. 993—1018. https://doi.org/10.1111/j.1540-6261.1990. tb02424.xCampbell J., Yogo M. (2003). Efficient tests of stock return predictability. NBER Working Paper, No. 10026. https://doi.org/10.3386/w10026Campbell J., Yogo M. (2003). Efficient tests of stock return predictability. NBER Working Paper, No. 10026. https://doi.org/10.3386/w10026Copeland T., Koller T., Murrin J. (2000). Valuation — Measuring and managing the value of companies. 3rd ed. New York: Wiley & Sons.Copeland T., Koller T., Murrin J. (2000). Valuation — Measuring and managing the value of companies. 3rd ed. New York: Wiley & Sons.Crane A. D., Michenaud S., Weston J. (2013). The effect of institutional ownership on payout policy: A regression discontinuity design approach. Unpublished manuscript, Rice University. Damodaran A. (2008). Dealing with risk: Investment analysis. Lecture Notes, New York University, Leonard N. Stern School of Business.Crane A. D., Michenaud S., Weston J. (2013). The effect of institutional ownership on payout policy: A regression discontinuity design approach. Unpublished manuscript, Rice University. Damodaran A. (2008). Dealing with risk: Investment analysis. Lecture Notes, New York University, Leonard N. Stern School of Business.DeAngelo H., DeAngelo L., Skinner D. J. (2009). Corporate payout policy. Foundations and Trends in Finance, Vol. 3, No. 2—3, pp. 95—287. https://doi.org/10.1561/0500000020DeAngelo H., DeAngelo L., Skinner D. J. (2009). Corporate payout policy. Foundations and Trends in Finance, Vol. 3, No. 2—3, pp. 95—287. https://doi.org/10.1561/0500000020Denis D. J., Osobov I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, Vol. 89, No. 1, pp. 62—82. https://doi.org/10.1016/j.jfineco.2007.06.006Denis D. J., Osobov I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, Vol. 89, No. 1, pp. 62—82. https://doi.org/10.1016/j.jfineco.2007.06.006Dewenter K. L., Warther V. A. (1998). Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. firms. Journal of Finance, Vol. 53, No. 3, pp. 879—904. https://doi.org/10.1111/0022-1082.00038Dewenter K. L., Warther V. A. (1998). Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. firms. Journal of Finance, Vol. 53, No. 3, pp. 879—904. https://doi.org/10.1111/0022-1082.00038Dhaliwal D., Erickson M., Trezevant R. (1999). A test of the theory of tax clienteles for dividend policies. National Tax Journal, Vol. 52, No. 2, pp. 179—194.Dhaliwal D., Erickson M., Trezevant R. (1999). A test of the theory of tax clienteles for dividend policies. National Tax Journal, Vol. 52, No. 2, pp. 179—194.Donaldson G. (1963). Financial goals: Management versus stockholders. Harvard Business Review, Vol. 41, pp. 116—129.Donaldson G. (1963). Financial goals: Management versus stockholders. Harvard Business Review, Vol. 41, pp. 116—129.Farinha J. (2003). Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis. Journal of Business Finance & Accounting, Vol. 30, No. 9—10, pp. 1173—1209. https://doi.org/10.1111/j.0306-686X.2003.05624.xFarinha J. (2003). Dividend policy, corporate governance and the managerial entrenchment hypothesis: An empirical analysis. Journal of Business Finance & Accounting, Vol. 30, No. 9—10, pp. 1173—1209. https://doi.org/10.1111/j.0306-686X.2003.05624.xFarre-Mensa J., Michaely R., Schmalz M. (2014). Payout policy. In: A. W. Lo, R. C. Merton (eds.). Annual review of financial economics, Vol. 6. Palo Alto, CA: Annual Reviews, pp. 75—134.Farre-Mensa J., Michaely R., Schmalz M. (2014). Payout policy. In: A. W. Lo, R. C. Merton (eds.). Annual review of financial economics, Vol. 6. Palo Alto, CA: Annual Reviews, pp. 75—134.Firth M., Gao J., Shen J., Zhang Y. (2016). Institutional stock ownership and firms’ cash dividend policies: Evidence from China. Journal of Banking & Finance, Vol. 65, No. C, pp. 91—107. https://doi.org/10.1016/j.jbankfin.2016.01.009Firth M., Gao J., Shen J., Zhang Y. (2016). Institutional stock ownership and firms’ cash dividend policies: Evidence from China. Journal of Banking & Finance, Vol. 65, No. C, pp. 91—107. https://doi.org/10.1016/j.jbankfin.2016.01.009Frankfurter G. M., Wood B. G. (2006). Dividend policy: Theory and practice. London: Academic Press.Frankfurter G. M., Wood B. G. (2006). Dividend policy: Theory and practice. London: Academic Press.Gill S., Obradovich D. J. (2012). Corporate governance, institutional ownership, and the decision to pay the amount of dividends: Evidence from USA. International Research Journal of Finance and Economics, Issue 97, pp. 60—71.Gill S., Obradovich D. J. (2012). Corporate governance, institutional ownership, and the decision to pay the amount of dividends: Evidence from USA. International Research Journal of Finance and Economics, Issue 97, pp. 60—71.Graham J. R., Kumar A. (2006). Do dividend clienteles exist? Evidence on dividend preferences of retail investors. Journal of Finance, Vol. 61, No. 3, pp. 1305—1336. https://doi.org/10.1111/j.1540-6261.2006.00873.xGraham J. R., Kumar A. (2006). Do dividend clienteles exist? Evidence on dividend preferences of retail investors. Journal of Finance, Vol. 61, No. 3, pp. 1305—1336. https://doi.org/10.1111/j.1540-6261.2006.00873.xGrinstein Y., Michaely R. (2005). Institutional holdings and payout policy. Journal of Finance, Vol. 60, No. 3, pp. 1389—1426. https://doi.org/10.1111/j.1540-6261.2005.00765.xGrinstein Y., Michaely R. (2005). Institutional holdings and payout policy. Journal of Finance, Vol. 60, No. 3, pp. 1389—1426. https://doi.org/10.1111/j.1540-6261.2005.00765.xGrullon G., Michaely R. (2012). Payout policy and product market competition. Unpublished manuscript, Cornell University. Grullon G., Michaely R., Swaminathan B. (2002). Are dividend changes a sign of firm maturity? Journal of Business, Vol. 75, No. 3, pp. 387—424. https://doi.org/10.1086/339889Grullon G., Michaely R. (2012). Payout policy and product market competition. Unpublished manuscript, Cornell University. Grullon G., Michaely R., Swaminathan B. (2002). Are dividend changes a sign of firm maturity? Journal of Business, Vol. 75, No. 3, pp. 387—424. https://doi.org/10.1086/339889Gugler K. (2003). Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, Vol. 27, No. 7, pp. 1297—1321. https://doi.org/10.1016/S0378-4266(02)00258-3Gugler K. (2003). Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, Vol. 27, No. 7, pp. 1297—1321. https://doi.org/10.1016/S0378-4266(02)00258-3Guttman I., Kadan O., Kandel E. (2010). Dividend stickiness and strategic pooling. Review of Financial Studies, Vol. 23, No. 12, pp. 4455—4495. https://doi.org/10.1093/rfs/hhq096Guttman I., Kadan O., Kandel E. (2010). Dividend stickiness and strategic pooling. Review of Financial Studies, Vol. 23, No. 12, pp. 4455—4495. https://doi.org/10.1093/rfs/hhq096Hail L., Tahoun A., Wang C. (2014). Dividend payouts and information shocks. Journal of Accounting Research, Vol. 52, No. 2, pp. 403—456. https://doi.org/10.1111/1475-679X.12040Hail L., Tahoun A., Wang C. (2014). Dividend payouts and information shocks. Journal of Accounting Research, Vol. 52, No. 2, pp. 403—456. https://doi.org/10.1111/1475-679X.12040Harada K., Nguyen P. (2009). Ownership concentration and dividend policy in Japan. Managerial Finance, Vol. 37, No. 4, pp. 362—379. https://doi.org/10.1108/03074351111115313Harada K., Nguyen P. (2009). Ownership concentration and dividend policy in Japan. Managerial Finance, Vol. 37, No. 4, pp. 362—379. https://doi.org/10.1108/03074351111115313Healy P. M., Palepu K. G. (1988). Earnings information conveyed by dividend initiations and omissions. Journal of Financial Economics, Vol. 21, No. 2, pp. 149—176. https://doi.org/10.1016/0304-405X(88)90059-1Healy P. M., Palepu K. G. (1988). Earnings information conveyed by dividend initiations and omissions. Journal of Financial Economics, Vol. 21, No. 2, pp. 149—176. https://doi.org/10.1016/0304-405X(88)90059-1Hoberg G., Phillips G., Prabhala N. (2014). Product market threats, payouts, and financial flexibility. Journal of Finance, Vol. 69, No. 1, pp. 293—324. https://doi.org/10.1111/jofi.12050Hoberg G., Phillips G., Prabhala N. (2014). Product market threats, payouts, and financial flexibility. Journal of Finance, Vol. 69, No. 1, pp. 293—324. https://doi.org/10.1111/jofi.12050Hossain F., Rashel S., Akterujjaman S. M. (2014). Impact of firm specific factors on cash dividend payment decisions: Evidence from Bangladesh. International Review of Business Research Papers, Vol. 10, No. 2, pp. 62—80. https://doi.org/10.21102/irbrp.2014.09.102.05Hossain F., Rashel S., Akterujjaman S. M. (2014). Impact of firm specific factors on cash dividend payment decisions: Evidence from Bangladesh. International Review of Business Research Papers, Vol. 10, No. 2, pp. 62—80. https://doi.org/10.21102/irbrp.2014.09.102.05Hotchkiss E. S., Lawrence S. (2002). Empirical evidence on the existence of dividend clienteles. Unpublished manuscript, Boston College.Hotchkiss E. S., Lawrence S. (2002). Empirical evidence on the existence of dividend clienteles. Unpublished manuscript, Boston College.Huang T., Wu F., Yu J., Zhang B. (2015). Political risk and dividend policy: Evidence from international political crises. Journal of International Business Studies, Vol. 47, No. 1, pp. 574—595. https://doi.org/10.1057/jibs.2015.2Huang T., Wu F., Yu J., Zhang B. (2015). Political risk and dividend policy: Evidence from international political crises. Journal of International Business Studies, Vol. 47, No. 1, pp. 574—595. https://doi.org/10.1057/jibs.2015.2Huda N., Abdullah M. N. (2014). Relationship between ownership structure and dividend policy: Empirical evidence from Chittagong Stock Exchange. World Review of Business Research, Vol. 4, No. 3, pp. 14—34.Huda N., Abdullah M. N. (2014). Relationship between ownership structure and dividend policy: Empirical evidence from Chittagong Stock Exchange. World Review of Business Research, Vol. 4, No. 3, pp. 14—34.Jensen M. C., Meckling W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Vol. 3, No. 4, pp. 305—360. https://doi.org/10.1016/0304-405X(76)90026-XJensen M. C., Meckling W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Vol. 3, No. 4, pp. 305—360. https://doi.org/10.1016/0304-405X(76)90026-XJensen M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, Vol. 76, No. 2, pp. 323—329.Jensen M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, Vol. 76, No. 2, pp. 323—329.Jinho J. (2013). Determinants of dividend smoothing in emerging market: The case of Korea. Emerging Markets Review, Vol. 17, pp. 76—88. https://doi.org/10.1016/j.ememar.2013.08.007Jinho J. (2013). Determinants of dividend smoothing in emerging market: The case of Korea. Emerging Markets Review, Vol. 17, pp. 76—88. https://doi.org/10.1016/j.ememar.2013.08.007Joliet R., Muller A. (2015). Dividends and foreign performance signaling. Multinational Finance Journal, Vol. 19, No. 2, pp. 77—107. https://doi.org/10.17578/19-2-1Joliet R., Muller A. (2015). Dividends and foreign performance signaling. Multinational Finance Journal, Vol. 19, No. 2, pp. 77—107. https://doi.org/10.17578/19-2-1Khan T. S. (2006). Company dividends and ownership structure: Evidence from UK panel data. Economic Journal, Vol. 116, No. 510, pp. 172—189. https://doi.org/10.1111/ j.1468-0297.2006.01082.xKhan T. S. (2006). Company dividends and ownership structure: Evidence from UK panel data. Economic Journal, Vol. 116, No. 510, pp. 172—189. https://doi.org/10.1111/ j.1468-0297.2006.01082.xKim S., Park S. H., Suh J. (2018). A J-shaped cross-sectional relation between dividends and firm value. Journal of Corporate Finance, Vol. 48, pp. 857—877. https://doi.org/10.1016/j.jcorpfin.2016.09.010Kim S., Park S. H., Suh J. (2018). A J-shaped cross-sectional relation between dividends and firm value. Journal of Corporate Finance, Vol. 48, pp. 857—877. https://doi.org/10.1016/j.jcorpfin.2016.09.010Kose J., Williams J. (1985). Dividends, dilution, and taxes: A signalling equilibrium. Journal of Finance, Vol. 40, No. 4, pp. 1053—1070. https://doi.org/10.1111/j.1540-6261.1985.tb02363.xKose J., Williams J. (1985). Dividends, dilution, and taxes: A signalling equilibrium. Journal of Finance, Vol. 40, No. 4, pp. 1053—1070. https://doi.org/10.1111/j.1540-6261.1985.tb02363.xKumar P. (1988). Shareholder-manager conflict and the information content of dividends. Review of Financial Studies, Vol. 1, No. 2, pp. 111—136. https://doi.org/10.1093/rfs/1.2.111Kumar P. (1988). Shareholder-manager conflict and the information content of dividends. Review of Financial Studies, Vol. 1, No. 2, pp. 111—136. https://doi.org/10.1093/rfs/1.2.111La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. (2000). Agency problems and dividend policy around the world. Journal of Finance, Vol. 55, No. 1, pp. 1—33. https://doi.org/10.1111/0022-1082.00199La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. (2000). Agency problems and dividend policy around the world. Journal of Finance, Vol. 55, No. 1, pp. 1—33. https://doi.org/10.1111/0022-1082.00199Lie E. (2000). Excess funds and agency problems: An empirical study of incremental cash disbursements. Review of Financial Studies, Vol. 13, No. 1, pp. 219—248. https://doi.org/10.1093/rfs/13.1.219Lie E. (2000). Excess funds and agency problems: An empirical study of incremental cash disbursements. Review of Financial Studies, Vol. 13, No. 1, pp. 219—248. https://doi.org/10.1093/rfs/13.1.219Lintner J. (1956). Distribution of incomes of corporations among dividends, retained earnings and taxes. American Economic Review, Vol. 46, No. 2, pp. 97—113.Lintner J. (1956). Distribution of incomes of corporations among dividends, retained earnings and taxes. American Economic Review, Vol. 46, No. 2, pp. 97—113.Loderer C., Mauer D. C. (1992). Corporate dividends and seasoned equity issues: An empirical investigation. Journal of Finance, Vol. 47, No. 1, pp. 201—225. https:// doi.org/10.1111/j.1540-6261.1992.tb03983.xLoderer C., Mauer D. C. (1992). Corporate dividends and seasoned equity issues: An empirical investigation. Journal of Finance, Vol. 47, No. 1, pp. 201—225. https:// doi.org/10.1111/j.1540-6261.1992.tb03983.xMagni C., Velez-Pareja I. (2009). Potential dividends versus actual cash flows in firm valuation. The ICFAI Journal of Applied Finance, Vol. 15, No. 7, pp. 51—66.Magni C., Velez-Pareja I. (2009). Potential dividends versus actual cash flows in firm valuation. The ICFAI Journal of Applied Finance, Vol. 15, No. 7, pp. 51—66.Mann S. V. (1989). The dividend puzzle: A progress report. Quarterly Journal of Business and Economics, Vol. 28, No. 3, pp. 3—35.Mann S. V. (1989). The dividend puzzle: A progress report. Quarterly Journal of Business and Economics, Vol. 28, No. 3, pp. 3—35.Miller M., Modigliani F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, Vol. 34, No. 4, pp. 411—433. https://doi.org/10.1086/294442Miller M., Modigliani F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, Vol. 34, No. 4, pp. 411—433. https://doi.org/10.1086/294442Miller M., Rock K. (1985). Dividend policy under asymmetric information. Journal of Finance, Vol. 40, No. 4, pp. 1031—1051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.xMiller M., Rock K. (1985). Dividend policy under asymmetric information. Journal of Finance, Vol. 40, No. 4, pp. 1031—1051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.xMiller M., Scholes M. (1978). Dividends and taxes. The Journal of Financial Economics, Vol. 6, No. 4, pp. 333—364. https://doi.org/10.1016/0304-405X(78)90009-0Miller M., Scholes M. (1978). Dividends and taxes. The Journal of Financial Economics, Vol. 6, No. 4, pp. 333—364. https://doi.org/10.1016/0304-405X(78)90009-0Mirza H. H., Azfa T. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, Vol. 3, No. 3, pp. 210—221. https://doi.org/10.5539/ibr.v3n3p210Mirza H. H., Azfa T. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, Vol. 3, No. 3, pp. 210—221. https://doi.org/10.5539/ibr.v3n3p210Nissim D., Ziv A. (2001). Dividend changes and future profitability. Journal of Finance, Vol. 55, No. 6, pp. 2111—2133. https://doi.org/10.1111/0022-1082.00400Nissim D., Ziv A. (2001). Dividend changes and future profitability. Journal of Finance, Vol. 55, No. 6, pp. 2111—2133. https://doi.org/10.1111/0022-1082.00400Perez-Gonzalez F. (2002). Large shareholders and dividends: Evidence from U.S. tax reforms. Available at SSRN: http://dx.doi.org/10.2139/ssrn.337640Perez-Gonzalez F. (2002). Large shareholders and dividends: Evidence from U.S. tax reforms. Available at SSRN: http://dx.doi.org/10.2139/ssrn.337640Sсhiller R. J. (1981). Do stock prices move too much to be justified by subsequent changes in dividends? American Economic Review, Vol. 71, No. 3, pp. 421—436. https://doi.org/10.3386/w0456Sсhiller R. J. (1981). Do stock prices move too much to be justified by subsequent changes in dividends? American Economic Review, Vol. 71, No. 3, pp. 421—436. https://doi.org/10.3386/w0456Seida J. A. (2001). Evidence of tax-clientele-related trading following dividend increases. Journal of the American Taxation Association, Vol. 23, No. 1, pp. 1—21. https:// doi.org/10.2308/jata.2001.23.s-1.1Seida J. A. (2001). Evidence of tax-clientele-related trading following dividend increases. Journal of the American Taxation Association, Vol. 23, No. 1, pp. 1—21. https:// doi.org/10.2308/jata.2001.23.s-1.1Shefrin H. M., Thaler R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, Vol. 26, No. 4, pp. 609—643. https://doi.org/10.1111/j.1465-7295.1988.tb01520.xShefrin H. M., Thaler R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, Vol. 26, No. 4, pp. 609—643. https://doi.org/10.1111/j.1465-7295.1988.tb01520.xShort H., Zhang H., Keasey K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, Vol. 8, No. 2, pp. 105—122. https:// doi.org/10.1016/S0929-1199(01)00030-XShort H., Zhang H., Keasey K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, Vol. 8, No. 2, pp. 105—122. https:// doi.org/10.1016/S0929-1199(01)00030-XWang M.-H., Ke M.-C., Lin F.-Y., Huang Y.-S. (2016). Dividend policy and the catering theory: Evidence from the Taiwan Stock Exchange. Managerial Finance, Vol. 42, No. 10, pp. 999—1016. https://doi.org/10.1108/MF-05-2015-0132Wang M.-H., Ke M.-C., Lin F.-Y., Huang Y.-S. (2016). Dividend policy and the catering theory: Evidence from the Taiwan Stock Exchange. Managerial Finance, Vol. 42, No. 10, pp. 999—1016. https://doi.org/10.1108/MF-05-2015-0132

The authors declare that there are no conflicts of interest present.