THE DIVIDEND POLICIES AS A MECHANISM OF CORPORATE GOVERNANCE IN UZBEKISTAN

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【作者】 Narzullo Oblomurodov 

【关键词】joint-stock companies  minority shareholders  shareholders' meeting  income distribution  dividend policies  dividend payments  stock exchange 

【出版日期】2015-01-01

【摘要】Distribution of profits is one of the important issues for most investors, especially for minority shareholders and individuals. For private investors it is particularly important to be aware of dividend policies of joint-stock companies. This study deals with the regulation of the process and payment of dividends in joint-stock companies in Uzbekistan and, analyzes recent trends in the payment of dividends in companies representing various sectors of the economy. It should be noted that the legislation of Uzbekistan, sets a number of requirements for public companies to ensure timely provision of information to all shareholders with respect to distribution of profits and payment of dividends. However, as analyzed the quality and scope of information provided by joint–stock companies in practice does not meet the regulatory requirements. The analysis shows that dividends are paid by most companies, although amount of dividends differs. As expected, private joint-stock banks tend to deliver higher dividend yield ratio. In my opinion, the level of dividends in the Uzbekistan's banking sector is largely affected by a number of factors, including the shareholders structure, profitability of banking operations, level of state intervention as well as track record of dividend payments. This is also in line with some other authors, who find that banks with higher profitability or performance pay more dividends in Korea (S. Lee, 2009) as well as large and more profitable companies have a higher dividend payout ratio in Poland (O. Kowalewski et all, 2007). The paper suggests that stock exchange, investment advisors and credit rating agencies should play an increasingly important role in monitoring market trends, ensuring compliance with regulatory requirements and to identify best practices in the activities of joint-stock companies, especially in the areas of investor relations, disclosure of information to shareholders and implementing clear dividend policies.

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