Dividend policy in Russia: theory and applications

In this paper the research concentrated on the divident policy of Russian firms. The Modigliani-Miller issue whether dividends are irrelevant was subject to empirical abalysis which has shown that MM is wrong and that dividend policy does have impact on the performance of companies and stock price/ Another issue raised was the dividend policy per se. The factors which can have impact on dividends policy were focused on and analzed. Among the most importamt factores influencing the divident policy were the sector in which a company operates, ownerhsip structure, together with current indicators of performance such as current profit and the amount fo long-term debt a company attracts for financing.