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Hög utdelningsandel = högre framtida vinsttillväxt?
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2017 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Higher dividends = higher future earnings growth? (English)
Abstract [sv]

Den allmänna synen antyder att det föreligger ett negativt samband mellan utdelningsandel och framtida vinsttillväxt, där en hög utdelningsandel antas begränsa investeringsmöjligheter och således också vinsttillväxten. Senare tidens forskning har med stöd i empiri funnit att det i ett flertalet industrialiserade länder råder ett positivt samband mellan utdelningsandel och framtida vinsttillväxt både på företags- och marknadsnivå.Den här studien avser att undersöka om det föreligger ett positivt samband mellan utdelningsandel och framtida vinsttillväxt för svenska företag noterade på Stockholmsbörsen mellan år 1995 – 2011. Urvalet består av företag som är eller varit noterade på Stockholmsbörsen i minst fem år mellan dessa år.Studiens resultat visar att det skett en ökning av både utdelningsandelen och företagens vinster under de senaste decennierna. Resultatet bekräftar även senare tidens forskning att det råder ett positivt samband mellan utdelningsandel och framtida vinsttillväxt men också att det finns andra faktorer som påverkar vinsttillväxten. Studiens slutsats är att företag med en hög utdelningsandel tenderar att uppvisa en högre framtida vinsttillväxt.

Abstract [en]

The general view suggests that there is a negative correlation between dividend payout ratio and future earnings growth, where a high dividend payout ratio is assumed to limit investment opportunities and thus also limit earnings growth. In recent years, research has found that in a majority of industrialized countries there is a positive correlation between dividend payout ratio and future earnings growth, both at company and market level.This study aims to examine whether there is a positive correlation between dividend payout ratio and future earnings growth for Swedish companies listed on the Stockholm Stock Exchange between 1995 and 2011. The sample consists of companies that have or have been listed on the Stockholm Stock Exchange for at least five years between these years.The results of the study indicate that there has been an increase in both the dividend payout ratio and corporate profits in recent decades. The results also reaffirm recent research in that there is a positive correlation between dividend payout ratio and future earnings growth, but also that there are other factors that affect earnings growth. The study concludes that companies with a high dividend payout ratio tend to show higher future earnings growth.

Place, publisher, year, edition, pages
2017. , 32 p.
Keyword [en]
Payout Ratio, Earnings Growth, Stockholm Stock Exchange
Keyword [sv]
Utdelningsandel, Vinsttillväxt, Stockholmsbörsen
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-325223OAI: oai:DiVA.org:uu-325223DiVA: diva2:1113538
Subject / course
Business Studies
Educational program
Bachelor Programme in Business Studies
Supervisors
Examiners
Available from: 2017-07-04 Created: 2017-06-21 Last updated: 2017-07-04Bibliographically approved

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