Dividend Payments and Cross-country Differences in the Choice of Dividend

One of the hallmarks of good corporate governance is a well built and complies with the dividend policy, taking into account the interests of both the majority and minority shareholders, companies need to preserve and accrued competitive position in the market. Companies that pay dividends pay attention to credit rating agencies. A comparative analysis of the main indicators of dividend in the emerging markets of Russia and Poland with the performance of the developed markets of France and Germany. In the Russian data tested Lintner model describes well the trajectory of dividend payments in the developed markets. Isolated set of financial results of Russian companies that have an impact on their decision to pay dividends on the selected size of payments, revealed differences in dividend-making companies that have carried out cross-listing from making dividend companies whose shares are listed in Russia. This paper discusses mainly observed the company's decision to pay or not to pay dividends and the establishment of the amount of dividends in each year separately. For a description of such decisions used the term “dividend of choice” or “dividend decisions”. It also shows that dividend decisions of companies can vary significantly in different countries. Keywords: Financial capital structure, dividend policy, financial markets, dividend option JEL Classifications: G32, F62, D5

The Structure of the Share Capital and the Interests of the Majority Shareholder

Smoothing the contradictions between shareholders and managers - the main task of the members of the Board of Directors. That is why the Board of Directors lays down the task of developing a system of prevention and settlement of corporate conflicts. However, it should be noted that in order to solve this problem, the board should not be formal, but actually separated and independent from both the shareholders and managers of. The most “conflict” in the field of corporate law is the relationship, which is on the different interests of different stakeholders. Federal Law “On Joint Stock Companies” sets a sufficiently rigid canvas, within which can be built into the control system of a particular company. Based on this essential element of the concept of corporate legislation should be to identify the vectors improving the management model proposed by the Federal Law “On Joint Stock Companies” (Legislative Assembly 1996, Legislative Assembly 1995). Such analysis should be conducted for, firstly, the body of each company, and secondly, the distribution of competence between all bodies. Only such an analysis is twofold will create legal prerequisites for the creation of effective interaction of organ systems in Russian companies. Keywords: capital structure, majority shareholder, retail, conflict of interest JEL Classifications: D74, H70, K2