Dividend policy in Nordic listed firms
Eva Liljeblom; Anders Löflund; Mika Vaihekoski; Tor Brunzell
Dividend policy in Nordic listed firms
Eva Liljeblom
Anders Löflund
Mika Vaihekoski
Tor Brunzell
Elsevier BV
Julkaisun pysyvä osoite on:
https://urn.fi/URN:NBN:fi-fe2021042714489
https://urn.fi/URN:NBN:fi-fe2021042714489
Tiivistelmä
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 and more profitable companies are more 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.
Kokoelmat
- Rinnakkaistallenteet [19207]