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Formation of the Joint-stock Company Dividend Policy


Work number - M 46

Gorova K. Kharkiv National Automobile and Highway University

 

The work is devoted to the complex issues related to the formation of effective dividend policy of Ukrainian motor car companies. The aim of this study is theoretical substantiation and development of methodical and practical recommendations on the formation of joint-stock company's dividend policy, which effectively distribute income between consumption and reinvestment given the current conditions of the stock market and increase the market value of the company, which ensure a balance of interests of all participants of corporate relations and sustainable development of the company.

To reach the goal we considered a system of categories and concepts associated with the formation of the company's dividend policy; clarified the definition of the category "Dividend Policy" in corporate governance. The analysis of the practice of stock dividend payments of Ukraine and the main reasons why companies refuse to pay dividends were realized. The method of dividend policy analysis is developed oriented to interests of investors at the entity selection of investing, and the basic types of dividend policy of motor-transport enterprises  in Ukraine are certain on the basis of it.

The application of substantive provisions of catering theory of dividends is proved in the conditions of domestic economy. The dividend premium of fund market of Ukraine is certain. Methodical recommendations are developed concerning to forming the effective dividend policy with the use of multicriterion optimization method  for the optimization the size of dividend payments.

 The main scientific result is the development of concepts and methodological support of the formation of the dividend policy of the company, the essence of which is to determine the amount of dividend payments, satisfying the expectations of shareholders and potential investors. It provides an increase of the market value of the enterprise and attract additional investment resources without compromising its financial condition, and changes ownership structure. The practical significance of the results is that the use of the proposed methodology for determining the amount of dividend payments, which provides stimulation of demand for shares of the company on the stock market, allowing businesses in the economic crisis to support the share price at a high level.

According to the study werepublished 2 monographs, 11 articles, 15 abstracts at conferences, received 1 certificate of copyright registration. The total number of links to the author's publications - 18, h-index according to Google Shcolar data is 3.

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