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Dividend Policy in Nordic Listed Firms
Stockholm University, Faculty of Social Sciences, School of Business, Finance.
Hanken School of Economics, Department of Finance and Statistics.
(Hanken School of Economics, Department of Finance and Statistics)
(University of Turku, Turku School of Economics)
2013 (English)Conference paper, Oral presentation only (Refereed)
Abstract [en]

In this paper we analyze the results from a survey among all publicly listed Nordic firms on their dividend payout policy. A number of interesting results are found. The results show e.g. that 72 percent 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 the considerations of company’s capital structure and future earnings. We get indirect support for agency / monitoring motives, or the need for a stable cash flow, rather than for the signaling motive, since the likelihood for a firm having an explicit dividend policy is positively related to ownership concentration as well as to large long-term, private or industrial owners.

Place, publisher, year, edition, pages
Keyword [en]
corporate finance, dividend policy, payout, Nordic, OMX
National Category
Business Administration
URN: urn:nbn:se:su:diva-87538OAI: diva2:604381
The annual EFMA (European Financial Management Association) 2013 conference. June 26-29, 2013 Reading, UK

Financial supportfrom NASDAQ OMX NordicFoundation

Available from: 2013-02-11 Created: 2013-02-10 Last updated: 2013-02-11Bibliographically approved

Open Access in DiVA

Fulltext(584 kB)