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Влияние корпоративного управления на дивидендные выплаты на разных стадиях жизненного цикла корпорации
The modern model of the corporation involves the separation of property and control, which
often leads to the emergence of corporate conflicts, which are a serious obstacle to the effec
tive distribution of capital. The study of the relationship of dividend policy and the quality of
corporate governance is an important task. On the one hand, decisions on payout policy and
capital structure can be viewed as mechanisms for resolving agency conflicts or substitutes for
best corporate governance practices. On the other hand, the quality of corporate governance
itself is a determining factor in financial decisions. This paper attempts to explain previously
obtained contradictory empirical results using the theory of the corporate life cycle. The dir
rection of the relationship between dividend payments and quality of corporate governance at
different stages in the life cycle may vary. For the ISS index, the outcome theory better explains
the payout policy in later stages of the life cycle for mature, stable companies that have signifi
cant resources to resolve agency conflicts. The model of substitutes, in turn, explains the use
of the payout policy at the early stages of the life cycle, when the cost of building high-quality
corporate governance far exceeds potential losses from dividend payments.