ВПЛИВ ДИВІДЕНДНОЇ ПОЛІТИКИ НА РИНКОВУ КАПІТАЛІЗАЦІЮ КОМПАНІЙ

Abstract

Dividend policy plays a leading role in the system of measures for managing the market value of a company. The main objective of developing a dividend policy is to strike a balance between the current consumption of profit by owners and its growth in the future, thereby maximizing the market value of the company and ensuring its strategic development. The article summarizes the types of dividend policy of companies with reference to three dividend payment methods: conservative, compromise and aggressive, and identifies their advantages and disadvantages. The conservative approach to forming the company's dividend policy includes a zero dividend policy, which means the termination of dividend payments. The compromise approach to the company's dividend policy provides for stable and guaranteed dividend payments at the minimum level expected, depending on the company's performance. The company's aggressive approach to dividend policy is complemented by a "100%" dividend policy, i.e. the allocation of the entire amount of the company's net profit to the payment of dividends. The article notes that, despite the various theories of dividend policy, financial managers usually try to maintain a balance between paying sufficient dividends (to maintain shareholder confidence) and reinvesting profits (to maintain a certain rate of corporate development). It is clear that every company, in its practical financial activities, seeks to achieve an optimal balance between paying sufficient dividends and reinvesting profits. The specific motivation of each of the participants and their interaction determine the peculiarities of the model of the company's dividend policy, which is an external implementation of corporate conflicts. At present, Ukrainian companies take a conservative approach to the formation of dividend policy, applying a zero dividend policy or a residual dividend policy. We believe that a steady increase in the market capitalization of companies, including through an effective dividend policy, should be seen as a criterion for the success of the corporate reform strategy.