Dividend policy in Nordic listed firms
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
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.
Corporate finance; Dividend policy; Payout; NASDAQ OMX
IdentifiersURN: urn:nbn:se:su:diva-112788DOI: 10.1016/j.gfj.2014.06.004OAI: oai:DiVA.org:su-112788DiVA: diva2:780869