title: How Corporate Governance Influence Dividends on Different Corporation Lifecycle Stages
metadata.name: dc.contributor.author
metadata.value: Larin, Alexander V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Novak, Anna E.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Khvostova, Irina E.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2020-02-06T16:42:43Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2020-02-06T16:42:43Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2019-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Larin A. V., Novak A. E., Khvostova I. E. (2019). How Corporate Governance Influence Dividends on Different Corporation Lifecycle Stages. St Petersburg University Journal of Economic Studies, vol. 35, iss. 4, pp. 569–587.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2019.404
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/17023
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: The modern model of the corporation involves the separation of property and control, which
  often leads to the emergence of corporate conflicts, which are a serious obstacle to the effective
  distribution of capital. The study of the relationship of dividend policy and the quality of
  corporate governance is an important task. On the one hand, decisions on payout policy and
  capital structure can be viewed as mechanisms for resolving agency conflicts or substitutes for
  best corporate governance practices. On the other hand, the quality of corporate governance
  itself is a determining factor in financial decisions. This paper attempts to explain previously
  obtained contradictory empirical results using the theory of the corporate life cycle. The direction
  of the relationship between dividend payments and quality of corporate governance at
  different stages in the life cycle may vary. For the ISS index, the outcome theory better explains
  the payout policy in later stages of the life cycle for mature, stable companies that have significant
  resources to resolve agency conflicts. The model of substitutes, in turn, explains the use
  of the payout policy at the early stages of the life cycle, when the cost of building high-quality
  corporate governance far exceeds potential losses from dividend payments.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: The article was prepared within the framework of the Academic Fund Program at the National
  Research University Higher School of Economics (HSE University) in 2019 — 2020 (grant N 19–04–039)
  and by the Russian Academic Excellence Project “5–100”.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
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 35; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: agency conflict
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: corporate governance
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: payout policy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: life-cycle theory
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: panel data
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: Tobit-model
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: How Corporate Governance Influence Dividends on Different Corporation Lifecycle Stages
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 569_587.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/17023/3/569_587.pdf
resources.format: Adobe PDF
resources.size: 791,68 kB