Dividend policy in Nordic listed firms

Tor Brunzell, Eva Liljeblom, Anders Löflund, Mika Vaihekoski

Research output: Contribution to journalArticleScientificpeer-review

16 Citations (Scopus)


In this paper we analyze the results from a survey among all publicly listed Nordic firms on their dividend payout policy. The results show that 72% of the Nordic companies have a specified dividend policy. Larger andmore profitable companies aremore likely to have a defined dividend policy in place. The dividend policy is mostly influenced by capital structure considerations and the outlook of future earnings. We also find that the likelihood for a firm having an explicit dividend policy is positively related to ownership concentration as well as to the presence of large long-term private or industrial owners. Our results
support the use of defined dividend policies for agency or monitoring reasons rather than signaling reasons.
Original languageEnglish
Peer-reviewed scientific journalGlobal Finance Journal
Issue number2
Pages (from-to)124-135
Number of pages12
Publication statusPublished - 08.2014
MoE publication typeA1 Journal article - refereed


  • 512 Business and Management
  • Corporate finance
  • Dividend policy
  • Payout
  • KOTA2014


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