Факторы дивидендной политики российских компаний
The study is devoted to the analysis of dividend policy of Russian firms. This policy is considered as a two-step process. First, firm makes a decision whether to pay dividends. Second, it decides how much to pay. To estimate the influence of various factors on these decisions we have proposed a two-step estimation procedure that combines the advantages of Newey and Lee sample selection models. This procedure has demonstrated an advantage over classical alternatives. It has been used to estimate the effect of firm’s age, size, returns on assets, property form and tangibility on the decision whether to pay dividends and on the amount of corresponding payment.