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  • Влияние корпоративного управления на дивидендные выплаты на разных стадиях жизненного цикла корпорации

Article

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.