title: Dividend policy as a factor for managing company value: Comparing trends in emerging markets
metadata.name: dc.contributor.author
metadata.value: Kovalev, Vitaly V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Drachevsky, Ilya S.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2020-04-28T14:25:37Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2020-04-28T14:25:37Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2020-03
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Kovalev Vit. V., Drachevskiy I. S. (2020) Dividend policy as a factor for managing company value: Comparing trends in emerging markets. St Petersburg University Journal of Economic Studies, vol. 36, iss. 1, pp. 95–116.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2020.105
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/17421
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Stock markets, which are a kind of catalyst for the level of development and dynamics of
  national and regional economies, have attracted the attention of researchers and practitioners,
  especially in emerging markets. The gradual transformation of emerging to developed
  market in terms of basic parameters cannot, by definition, be standardized and homogeneous
  from a regional aspect. The subject of this article is the formulation and testing of hypotheses
  about the influence of various dividend policy options on the value of oil and gas
  companies in emerging markets. In particular, we compare two estimates: (a) actual value of
  the company according to market data; and (b) theoretical (intrinsic) value of the company
  calculated on the basis of forecast data on systematic dividend payments using the simulation
  method (Monte Carlo method). The identification of statistically significant relationships between
  these estimates allows us to build a real mechanism for managing the company’s value
  in the context of the Value-Based Management (VBM) model. The logic and methodology of
  modeling and assessing the intrinsic value of the company, substantiated by the authors, was
  tested on actual publicly reported data of the largest listed companies in the oil and gas sector
  in a number of emerging markets in various regions of the world. The choice of sector was determined
  by particularities of the development of these companies, in particular the existence
  and certain continuity of the dividend policy. In developed markets, modeling business value
  in conjunction with dividend payments has been studied since the mid 1970s. The specifics of
  emerging markets (including the Russian case) are such that in fact only in recent years it has
  become possible to conduct research aimed at identifying the characteristics of the dividend
  policy of companies represented in these markets. Until recently, a relatively small history of dividend payments did not allow the construction of more or less reasonable hypotheses about
  trends and features. Moreover, results obtained were largely insignificant from the standpoint
  of statistical methods (an extremely small amount of data). It was not necessary to talk about
  a certain continuity of the dividend policy in the context of a rather stochastic procedure for
  accruing dividends at an early stage of public business in emerging markets. The situation has
  begun to change in recent years. The authors of this article substantiate the assumption that
  the existence of a successive dividend policy is an indispensable condition for the transition of
  the emerging stock market to the developed category.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 36; Issue 1
metadata.lang: -
metadata.name: dc.subject
metadata.value: emerging markets
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: Intrinsic (fundamental) value
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: company value
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: equity
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: market capitalization
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: CAPM
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: dividend policy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: VBM
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: ROE
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: Monte Carlo method
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Dividend policy as a factor for managing company value: Comparing trends in emerging markets
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 95-116.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/17421/1/95-116.pdf
resources.format: Adobe PDF
resources.size: 727,87 kB