ABSTRACT
The concept of maximizing the welfare of owners, on the basis of which financial theory justifies decisions in the field of corporate finance management, involves the use of all available levers of value creation for investors in the company's equity. Developing a consistent and transparent dividend payment policy can be one of these tools. Changes in dividends significantly affect the market value of Russian public companies, and investors are interested in predicting the company's dividend decisions as accurately as possible. In order to improve the quality of the forecast, it is necessary to use not only the directions announced by management in choosing the dividend policy, but also various characteristics of the company, which include financial indicators and the share capital structure. The aim of the study is to determine the impact of the size of the dividend yield on the value of Russian public companies and develop recommendations for improving the efficiency of value management based on the application of a dividend policy that is adequate to modern conditions.