Determinants of Dividend Payments of Russian Companies

The Russian stock market is one of the leaders in terms dividend yield among developed and developing countries. Against this background, it appropriate to study determinants that affect decisions on implementation payments their amount. literature topic emerging markets general specifically Russia has anumber gaps contradictions determine scientific novelty work – analysis regard impact probability carried out simultaneously; contradictory are examined.
 In markets, relationship between dividends age members Board Directors personal income tax rate taken into account, number Directors, ownership stake CEO institutional shareholders, company’s life cycle stage (LC), dual role chairman executive director. conducted 2012–2019 data for a sample 40 companies listed Moscow Exchange. method incorporates two regression models linear with random effects probit model. As result analysis, manifestation agencyeffect was confirmed by significant positive dependence director, portion shares held CEO, negative liquidity. agency behavioral profitability. influence client profitability dividends, as well share institutions ownership. It also mature more likely pay do often. general, there non-financial variables financial profitability.
 results can be used private investors, banks, investment funds brokerage form expectations companies’ specifics market.