Anna Bykova participated in the EACES Workshop

Anna Bykova has presented “The Relationship between market value and dividend policy in Russia: the effect of state investments”In the EACES workshop “Russian Firms in Comparative Perspective”, a study done in co-authorship with Prof. Felix Iturriagahich, at the XVII HSE International Academic Conference on Economic and Social Development.

The results consistently support the association between ownership structure and dividend payout policy. Consistent with the rent expropriation hypothesis, companies with government involvement pay less dividends than firms with private investors. More precisely, the results support the assumption that there is a significantly positive effect of government ownership on firm value and dividend payout as was predicted by the signal theory of dividends. The research project is supported by Russian Science Foundation, grant № 15-18-20039.
Paper presentation_21 April 2016.pptx