Prasolov I. Dividends Policy of Joint-Stock Companies: Financial Theory and Practice

This dissertation is dedicated to the research of the joint-stock companies dividends policy problems in the context of state macrofinancial policy and corporate financial strategy. The question of dividends policy essence is discovered, the development of dividends policy theoretical conceptions in financial science is analyzed. Theoretical approaches to the establishing of aims of corporate management different subjects during dividends payout are defined and also the content of different methods of dividends policy from the point of view of the state is revealed, as a regulator of financial relations, and other subjects of corporate management. It is proved, that external financial environment commits, in general, negative influence on the dividends policy of domestic joint-stock companies and reduces the efficiency of any decisions concerning the share-out. The general trends in the dividends pay-out by domestic public joint-stock companies are discovered. It is defined, that characteristics of corporate management national model lead to dominating of "residual" principle of dividends pay-out. The realization peculiarities of the rights of state shareholder during the dividends pay-out by enterprises of economics state sector are determined. It is argued, that at the present stage, usage efficiency of dividends policy in the context of macrofinancial stabilization is too low. The recommendations, directed on the optimization of legislature on the questions of dividends pay-out, as for joint-stock companies of economics state sector, and so for other enterprises, are worked out.