Company value management strategy development
Khafizov, Marat (2022)
Diplomityö
2022
School of Engineering Science, Tuotantotalous
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe2022062148299
https://urn.fi/URN:NBN:fi-fe2022062148299
Tiivistelmä
The purpose of the research work was to establish the impact of dividend payments on the value of joint-stock companies and to develop recommendations to increase the effectiveness of value-oriented management.
The analysis and formation of the dividend policy is one of the most important issues of corporate finance. In order to identify the determinants that determine the formation of the shareholder value of public Russian companies, and to determine the nature of their impact on the value, a study was conducted of the dependence of the variable "Market-to-book ratio", which acts as a financial multiplier equal to the ratio of the market value of the company to its accounting value, on variables such as Return on Invested Capital (ROIC) – return on invested capital ratio; the growth rate of fixed assets; the presence of state ownership; the size of the company; financial leverage; the presence of foreign ownership; the age of the company and the Dividend Payout Ratio (DPR) is a variable showing the share of profit paid in the form of dividends.
Based on the research carried out, it is necessary to take measures to improve the quality of the dividend policy. These measures are proposed by the author and are purely advisory.
The analysis and formation of the dividend policy is one of the most important issues of corporate finance. In order to identify the determinants that determine the formation of the shareholder value of public Russian companies, and to determine the nature of their impact on the value, a study was conducted of the dependence of the variable "Market-to-book ratio", which acts as a financial multiplier equal to the ratio of the market value of the company to its accounting value, on variables such as Return on Invested Capital (ROIC) – return on invested capital ratio; the growth rate of fixed assets; the presence of state ownership; the size of the company; financial leverage; the presence of foreign ownership; the age of the company and the Dividend Payout Ratio (DPR) is a variable showing the share of profit paid in the form of dividends.
Based on the research carried out, it is necessary to take measures to improve the quality of the dividend policy. These measures are proposed by the author and are purely advisory.