Dividend policy in Nordic listed firms

Tor Brunzell, Eva Liljeblom, Anders Löflund, Mika Vaihekoski

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10 Citeringar (Scopus)

Sammanfattning

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.
OriginalspråkEngelska
Referentgranskad vetenskaplig tidskriftGlobal Finance Journal
Volym25
Utgåva2
Sidor (från-till)124-135
Antal sidor12
ISSN1044-0283
DOI
StatusPublicerad - 08.2014
MoE-publikationstypA1 Originalartikel i en vetenskaplig tidskrift

Nyckelord

  • 512 Företagsekonomi
  • KOTA2014

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