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Capital Structure Policy Decisions in Nordic Listed Firms
Stockholm University, Faculty of Social Sciences, School of Business, Finance.
Hanken School of Economics, Finland.
Hanken School of Economics, Finland.
University of Turku, Finland.
2013 (English)In: Proceeedings, Eurofidai , 2013, 1-27 p.Conference paper (Other academic)
Abstract [en]

In this paper we report the results from a survey among all publicly listed Nordic firms on their policy decisions concerning their capital structure. We find that more than 60 percent of the companies have rather or relatively flexible debt target, whereas a strict target or no target at all is approximately equally common. We also study the determinants for the strictness of the debt target, and find support for both firm characteristics as well as behavioral variables. We also study the link between capital structure policy and dividend policy, and find that dividend paying firms - firms with a definite dividend policy are more likely to have a stricter debt target. These results indicate that more research should be done on the joint setting of capital structure and dividend policies.

Place, publisher, year, edition, pages
Eurofidai , 2013. 1-27 p.
, Working Paper Series
Keyword [en]
corporate finance, dividend policy, payout, debt target, capital structure, Nordic, Nasdaq OMX
National Category
Economics and Business
Research subject
Business Administration
URN: urn:nbn:se:su:diva-90520DOI: 10.2139/ssrn.2274548OAI: diva2:626094
Available from: 2013-06-06 Created: 2013-06-06 Last updated: 2013-07-11Bibliographically approved

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