uu.seUppsala University Publications
Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Payout policy in industrial and financial firms
Amer Univ, Kogod Sch Business, Dept Finance & Real Estate, 4400 Massachusetts Ave NW, Washington, DC 20016 USA..
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2018 (English)In: Global Finance Journal, ISSN 1044-0283, E-ISSN 1873-5665, Vol. 37, p. 138-151Article in journal (Refereed) Published
Abstract [en]

Using a sample of Swedish publicly listed firms between 1970 and 2013, we examine whether payout policy differs between industrial and financial firms. Specifically, we investigate whether payouts and their composition (primarily dividends and stock repurchases) differ between firms. We find that dividends are the major vehicle in distributing earnings to shareholders and also that payouts are more frequent for financial than industrial firms. Stock repurchases have not replaced dividends in Sweden. The total payout ratio, including dividends, stock repurchases, and other forms of cash distributions to shareholders relative to earnings are roughly the same for industrial and financial firms. Financial firms are more reluctant to cut or omit dividends than industrial firms. Our examination of dividend smoothing shows that although both industrial and financial firms smooth dividends, they tend to smooth less during the last two decades as indicated by an increase in the speed of adjustment.

Place, publisher, year, edition, pages
JAI PRESS INC , 2018. Vol. 37, p. 138-151
Keywords [en]
Payout policy, Dividend smoothing, Sweden
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-364993DOI: 10.1016/j.gfj.2018.05.005ISI: 000441299800008OAI: oai:DiVA.org:uu-364993DiVA, id: diva2:1261423
Available from: 2018-11-07 Created: 2018-11-07 Last updated: 2018-11-07Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full text

Authority records BETA

de Ridder, Adri

Search in DiVA

By author/editor
de Ridder, Adri
By organisation
Department of Business Studies
In the same journal
Global Finance Journal
Business Administration

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 65 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf