Дивидендная политика российских компаний: влияние совета директоров

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Исследование изучает взаимосвязь между корпоративным управлением и дивидендной политикой российских компаний на основе двух теоретических моделей: модели результата и модели замещения, которые предполагают противоположный характер связи между корпоративным управлением и дивидендными выплатами. Рассматриваются основные характеристики совета директоров как ключевого механизма корпоративного управления: представленность женщин в совете, независимость совета, доля директоров с зарубежным опытом, частота заседаний, стабильность состава совета, средний срок пребывания членов совета в должности, совмещение роли независимого директора и членства в совете, а также совмещение постов генерального директора и председателя совета директоров. Новизна исследования заключается в анализе широкого спектра характеристик советов директоров российских публичных компаний, акции которых торгуются на Московской бирже. На основе выборки из 31 российской компании за период с 2010 по 2022 год модели регрессии с фиксированными эффектами показали, что представленность женщин в совете директоров, совмещение роли независимого директора и членства в совете, а также стабильность состава совета положительно связаны с дивидендными выплатами российских компаний. Значимая связь между дивидендными выплатами и такими характеристиками корпоративного управления, как независимость совета, доля директоров с зарубежным опытом, частота заседаний совета и членство генерального директора в совете директоров, выявлена не была. Это может свидетельствовать о специфике управления в российских компаниях, где высокая концентрация мажоритарных акционеров и участие государства могут ограничивать влияние независимых органов управления. Результаты исследования могут быть полезны для менеджеров компаний, инвесторов и регуляторов при оптимизации корпоративного управления и принятии решений в области дивидендной политики.

Об авторах

Полина Щукина

Московский государственный университет имени М. В. Ломоносова

Email: polina.schuckina@yandex.ru
ORCID iD: 0009-0007-8314-1165

Employee of the Department of Finance and Credit

Россия, Москва

Ашот Мирзоян

Московский государственный университет имени М. В. Ломоносова

Email: kell56@yandex.ru
ORCID iD: 0009-0005-9275-0099

Senior professor, Department of Innovation Economics

Россия, Москва

Анастасия Галич

Московский государственный университет имени М. В. Ломоносова

Автор, ответственный за переписку.
Email: nastyagalich02@mail.ru
ORCID iD: 0009-0001-1773-6378

Employee of the Department of Finance and Credit

Россия, Москва

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