PurposeThis study examines the impact of influential shareholders, namely, state and influential businessmen, on the dividend policies of firms. A special focus is made on the causal effect of exogenous changes: general and personal economic sanctions leading to toughened state policies concerning dividends.Design/methodology/approachRussian firms included into the Moscow Stock Exchange Broad Market Index were examined for a period from 2009 to 2019 using a generalized method of moments and a tobit model. The effect of personal sanctions was elucidated with the use of difference-in-differences method with multiple time periods.FindingsThe analysis showed that government or businessmen's ownership does not affect dividend payments. However, after 2014, state-owned companies began to increase their payments. At the same time, owing to a series of changes triggered by general economic sanctions, businessmen-owned companies decrease their dividends payout ratio. Personal sanctions imposed do not have long-term effect on Russian companies' dividends.Originality/valueThis study estimates the effect of ownership structure on dividend payouts after an exogenous change. The results show that there is heterogeneity in influential owners' decisions regarding dividends and changes strengthening it.
Previous papers provide evidence that psychological characteristics such as personal masculinity are related to performance. Although relationships have been well established on an individual level, there has been little attempt to analyze the performance of teams that diverge in terms of masculinity. This paper studies the impact of team masculinity on its performance, paying particular attention to the connection between masculinity and cooperative behavior within a team. We use data on Major League Soccer teams because sports competitions represent a good ground for demonstrating masculinity and provide open data. Our results suggest a positive connection between the group’s average masculinity and its performance. We test whether this fact can be explained by increased in-group cooperation, first revealed in Stirrat and Perrett’s experimental study (2012) but do not find any relationship. As for the team’s diversity in masculinity, we do not find any impact on team performance.
The purpose of this article is to identify and estimation of factors affecting tax revenues to the Russian’s regional budgets. The study identifies the following factors: gross regional product, average wage level, inflation rate, share of unprofitable organizations in the region, employment rate, share of agricultural sector, investment in fixed assets and share of exports. The model includes information on the areas of advanced socio-economic development in the region. The study is based on open data from 83 regions of the Russian Federation from 2010 to 2017, the total of 664 observations. Through the least-squares estimate of a model with fixed effects, a significant impact of the studied parameters is established. Thus, the paper identifies common features for all regions in the context of the analyzed indicators’ impact. The results of this study may be used in forecasting the revenue of regional budgets.
The paper is aimed to analyse the most recent and relevant research on boards of directors in BRIC. Existent reviews on the board of directors do not focus on BRIC and do not consider the specifics of their corporate governance model. Therefore, the current review fills this gap by analysing 111 research papers from Scopus/Web of Science published between 2015 and 2020. Firstly, we provide a content analysis of abstracts to find the most frequent research topics and compare them to the developed countries’ studies. Secondly, based on the content analysis findings, we provide a qualitative analysis of three research directions: board composition, social capital, and board functioning, divided further into ten smaller research topics. Thirdly, we compare the research output with the developed countries’ studies and the statistics provided by the Spencer Stuart Board Indexes to analyse whether they are coherent. The results confirm the topicality of board research in BRIC and overlapping topics between the BRIC and the more developed countries. As a result, we formulate a research agenda for further studies on boards in BRIC.
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