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Dividend policy in Nordic listed firms
Stockholm University, Faculty of Social Sciences, Stockholm Business School, Finance.
2014 (English)In: Global Finance Journal, ISSN 1044-0283, E-ISSN 1873-5665, Vol. 25, no 2, 124-135 p.Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Amsterdam: Elsevier, 2014. Vol. 25, no 2, 124-135 p.
Keyword [en]
Corporate finance; Dividend policy; Payout; NASDAQ OMX
National Category
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-112788DOI: 10.1016/j.gfj.2014.06.004OAI: oai:DiVA.org:su-112788DiVA: diva2:780869
Available from: 2015-01-15 Created: 2015-01-15 Last updated: 2017-12-05Bibliographically approved

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