Yaroslavl, Yaroslavl, Russian Federation
JEL G31 Capital Budgeting • Fixed Investment and Inventory Studies • Capacity
JEL G35 Payout Policy
JEL L96 Telecommunications
JEL M21 Business Economics
The purpose of the research is to identify the features of the financial policy of the largest Russian telecommunications companies and assess the impact of financial decisions on their sustainability and development. The objects of the study are MTS, Megafon, and VimpelCom. The methodological basis of the work was the methods of comparative, financial, economic, analysis of accounting (RAS), and consolidated (IFRS) financial statements of these companies, 2018-2025. The study analyses revenue dynamics, profitability indicators, cash flows, debt structure, investment activity, and dividend policy of mobile operators. The companies under study have steady revenue growth at relatively low growth rates. However, MTS has a tendency to increase the debt burden through the cost of servicing borrowed capital and raise of financial risks. The telecommunications companies have a high level of capital investments due to continuous infrastructure modernisation. Nevertheless, significant investment costs, high dividend burden, and higher cost of credit resources limits the possibilities of their financing development from internal sources. The research identifies key features of the financial policy of Russian telecommunications companies, the main factors affecting their financial stability, and practical importance for improving financial resource management, investment and dividend policy in an unstable macroeconomics.
financial policy; telecommunications companies; financial stability; debt burden; investment activity; dividend policy; mobile operators
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