Dividend Policy of State-Owned Companies: Evidence from the Russian Federation

This paper analyzes the features of the dividend policy of companies in emerging capital markets. State ownership in the capital structure of large corporations is considered as one of the major features. The paper specifies the features of the dividend policy and provides a statistics analysis of dividend payout ratio and dividend yield of Russian state-owned joint stock companies. The recommendations presented in the study apply to government regulation of the dividend policy in Russian state-owned joint stock companies.