Issue 3, 2011

Alexeeva L. V., Berezinets I. V., Ilina Yu. B. Ownership Concentration and Dividend Policy: A Study of Russian Public Companies.

This article investigates the relationship between the dividend policy and ownership structure in Russian public companies. A study of the link between dividends and ownership concentration is based on the sample of public companies with dual class share structure. These shares were traded on the Russian Trading System (RTS) in the period of 2003–2009. The authors explore a broad range of factors related to the ownership concentration. This study allows making conclusions on the impact of the ownership concentration on the dividend policy. Moreover, there is evidence that this impact differs for the dividends on common and preferred shares. Keywords: Dividends, Corporate Governance, Public Companies, Dual Class Shares, Ownership Concentration.

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