Modern dividend policy strategies for sustainable socio-economic development

Abstract

The present time needs additional drivers for economic growth and market stabilization instruments which could be represented by dividend and tax policies. The main priority today (not only in Russia, but worldwide) is stability. Many companies form target groups of minority, institutional and majority shareholders and investors and motivate their specific fiscal behavior towards the company. All of this requires financial and social innovations and dividend strategies. The purpose of the article is identification of dependence between the dividend policy, key company performance parameters and investment behavior of the public. Whereas in the past, according to the firm value theory, companies tried to extend capitalization of companies and thus increase the shareholders’ yield, presently shareholders are interested in creating a profitable dividend portfolio, since the returns on it have become comparable to deposits and bond investments. As far as the sources of income have changed, the tax policy is changing too. The financial behavior of market participants has changed; the disintermediation is fining off; further differentiation of tax and non-tax revenue rates has taken place. It is necessary to optimize the tax burden on investors, to differentiate them into financial groups and to ensure adequate dividend payments for each group.