employee from 01.01.2024 until now
Plekhanov Russian University of Economics (kafedra finansov ustoychivogo razvitiya, Associate Professor)
employee from 01.01.2015 until now
Russian Federation
Russian Federation
UDC 33
The relevance of the topic is due to the fact that dividend policy is an integral part of the company's management structure, ensuring the development of the enterprise and influencing the market value of the company. The oil and gas sector is the largest in the Russian economy, and a large number of oil and gas companies that pay dividends to their shareholders are represented on the stock market. The article is devoted to the study of the dividend policy of oil and gas companies and assessing the impact on shareholder income. The work considers various theoretical approaches to the formation of dividend policy, including the concepts of dependence of the company's value on dividend payments (B. Graham, D. Dodd), inverse dependence (R. Litzenberger, K. Ramaswamy) and the independence hypothesis (Modigliani and Miller). Also presented are types of dividend policy, methods for assessing its effectiveness and shown are practical aspects of implementing the profit distribution policy in a large Russian oil and gas company. The dividend policy of PJSC Lukoil is analyzed. The conducted analysis shows that PJSC LUKOIL follows a compromise, shareholder-oriented approach, combining stable dividend payments with flexibility in responding to external shocks. At the same time, the company demonstrates high values of key financial indicators, including dividend yield and the dividend coverage ratio with free cash flow. The results of the study confirm the positive impact of a transparent and predictable dividend policy on the market value of the enterprise and its competitiveness in the stock market.
dividend, dividend policy, oil and gas companies, Gordon model, dividend payments.
1. Abalakina T.V., Abalakin A.A. Dividend policy and its impact on the company's value. Dividendnaya politika i ee vliyanie na stoimost' kompanii. [Bulletin of Eurasian Science], 2013. - no 5 (18) (In Russian).
2. Vesnin, V. R., Kafidov, V. V. Korporativnoe upravlenie: uchebnik. [Corporate Governance: a Textbook] . — Moscow: INFRA-M, 2021. — P. 167.
3. Garnov, A. P., Garnova, V. Yu. Akcionernoe delo i korporativnyj kontrol' : uchebnoe posobie. [Stock Market and Corporate Control: a Study Guide] . — Moscow: Rusains, 2025. — P. 37.
4. Ginzburg, M. Yu., Krasnova, L. N., Sadykova, R. R. Finansovyj menedzhment na predpriyatiyah neftyanoj i gazovoj promyshlennosti : uchebnoe posobie. [Financial Management in Oil and Gas Industry Enterprises: a Study Guide] . — Moscow: INFRA-M, 2019. — P. 159.
5. Gryzunova, N. V. Profit distribution control in the process of forming dividend policy. Kontrolling raspredeleniya pribyli v processe formirovaniya dividendnoj politiki. [Plekhanov Russian University of Economics Bulletin]. — 2022. — No. 5. — P. 13. (In Russian). DOI: https://doi.org/10.21686/2413-2829-2022-5-12-22; EDN: https://elibrary.ru/HGAFWZ
6. Gubernatorov A.M. Korporativnye finansy. [Corporate finance] — Moscow: INFRA-M, 2024. — P. 232.
7. Gukovskaya A. A., Koltsova D. I. Dividend policy and corporate value. Dividendnaya politika i stoimost' korporacij [Management accounting] – 2023. – No.. 2 — P. 52. (In Russian). DOI: https://doi.org/10.25806/uu2202352-57; EDN: https://elibrary.ru/CMVSEH
8. Korshunova, N.A. Prodanova, E.I. Zatsarinnaya L.N. Osnovy finansovogo menedzhmenta [Fundamentals of financial management: a textbook]. — Moscow: INFRA-M, 2019. — P. 184. (In Russian). DOI: https://doi.org/10.12737/textbook_5d3961a55db7f9.62246330; EDN: https://elibrary.ru/JTGLCE
9. LUKOIL - Dividend policy of PJSC LUKOIL. Terms of payment of dividends on shares. (In Russian). Available at: https://lukoil.ru/InvestorAndShareholderCenter/Securities/Dividends?ysclid=lfuqrx6tys112223233 (accessed 20.06.2025)
10. Reporting of the company PJSC Lukoil. Information disclosure server. (In Russian). Available at: https://www.e-disclosure.ru/portal/files.aspx?id=17&type=5 (accessed 20.06.2025)
11. Official website of PJSC Gazpromneft. (In Russian). Available at: https://www.gazprom-neft.ru/ (accessed 20.06.2025)
12. Official website of PJSC Lukoil. (In Russian). Available at: https://lukoil.ru/(accessed 20.06.2025)
13. Official website of PJSC Novatek. (In Russian). Available at: https://www.novatek.ru/ru/(accessed 20.06.2025)
14. Official website of PJSC Rosneft. (In Russian). Available at: https://rosneft.ru/ (accessed 20.06.2025)
15. Regulation on the dividend policy of PJSC LUKOIL (In Russian). Available at: https://lukoil.ru/Company/InternalDocuments (accessed 20.06.2025)
