Модель Линтнера: пример развивающихся рынков капитала
The Lintner's model is one of classical model for analysis of didivend policy. In the paper the model was estimated for 4 the most growing country: Brazil, Russia, India, China. The results were compared with the estimation of Lintner's model for the USA. One of main results of work that dividends policy in emerging country has similar tendencies (high the speed of adjustment coefficient,low target payout ratio), but differ from its in developed market the USA.
The topic of payout policy significance in terms of value creation has been developing for 50 years already. This development has led to the establishment classic theories that explain different patterns in the companies’ payout policy choices: signaling, agency costs theory, clientele theory and catering theory. However, tests results are not always consistent among different authors, which means that these theories cannot be used universally. Classic theories assume that all agents on the market are fully rational, which is rather unrealistic. These two facts led to the development of behavioral explanation of the payout policy choice. This approach focuses on the behavioral characteristics of managers that are responsible for the decision-making process in the company. Thus, the payout policy according to this approach is considered as the function of behavioral characteristics of managers (overconfidence, optimism, risk preferences, etc.) rather than the function of the financial variables.
This particular article is the review of researches that cover classic and modern theories of payout policy. The article covers the logic of the development of different views on the payout policy. The author covers articles that test different theories, analyzes main results and conclusions, investigates the reasons for the development of these theories. The main focus has been made on the behavioral approach which is considered as the most fruitful direction for the future research. The authors also cover the methodology of existing papers, variables that measure behavioral characteristics and results.
This article is devoted to review research in field of payout policy which is widely known as dividend policy among Russian scientists. We structure logical connections among most sufficient papers, devoted to explaining payout policy by signaling theory.
A variety of researches were devoted to dividend payments in the developed markets. Nevertheless several new approaches to identifying the determinants of dividend policy were proposed in the last decade. Since the dividend policy of Russian companies is studied to a much lesser extent, this paper attempts to reveal factors that determine it. Namely, it checks the applicability of the catering theory and Lintner model to the Russian market. Also it tests the dependence of the quantitative indicators of dividend policy on the broadest possible set of explanatory variables, including financial and macroeconomic factors and the ownership structure.