Capital Structure Policy Decisions in Nordic Listed Firms
2013 (English)In: Proceeedings, Eurofidai , 2013, 1-27 p.Conference paper (Other academic)
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
corporate finance, dividend policy, payout, debt target, capital structure, Nordic, Nasdaq OMX
Economics and Business
Research subject Business Administration
IdentifiersURN: urn:nbn:se:su:diva-90520DOI: 10.2139/ssrn.2274548OAI: oai:DiVA.org:su-90520DiVA: diva2:626094
10th INTERNATIONAL PARIS FINANCE MEETING PARIS December 2012 by EUROFIDAI - AFFI