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Utdelningspolitiken i familjeägda företag: En studie om utdelningar och aktivt ägande i svenska familjeägda börsföretag
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.
2015 (Swedish)Independent thesis Basic level (degree of Bachelor), 180 HE creditsStudent thesis
Abstract [sv]

Följande studie analyserar utdelningspolitiken hos familjeföretag under åren 2004-2014. Studien är uppdelad i två steg. Första steget syftar till att svara på frågan om familjeföretag har en högre utdelningsnivå än icke-familjeföretag. Steg två undersöker huruvida ett aktivt ägande påverkar utdelningarna hos familjeföretag. Studien baseras på en totalundersökning av företag som under våren 2015 var noterade på Nasdaq OMX Stockholms Large-, Mid- och Small-Cap. Vi finner inga belägg för att den genomsnittliga utdelningen är högre hos familjeföretag, något som tidigare studier har gjort. Dock ser vi hur aktivt ägande påverkar utdelningarna, där fler familjemedlemmar i verksamhetens styrande organ i genomsnitt innebär en högre grad av utdelning. Det senare resultatet ligger i linje med agent-principal teorin, där en hög grad av aktivt ägande innebär lägre agentkostnader som i sin tur ger upphov till högre utdelningar.

Abstract [en]

This paper analyzes the dividend policy of family firms during the years 2004-2014. The study is divided in two stages. The first stage aims to answer the question whether family firms have higher dividends than non – family firms. Stage two investigates whether active ownership affects the dividends in family firms. Our paper consists of a comprehensive survey of firms that were listed on the Nasdaq OMX Stockholm Large, Mid- and Small Cap in the spring 2015. We find no evidence that the average dividends are higher in family firms, something that previous studies have shown. However, active ownership tends to affect the dividends in family firms, where more family members in the firm's board of directors or management lead to a higher level of dividends. The latter result is in line with the agent -principal theory, where a high degree of active ownership means lower agency costs, which in turn gives rise to higher dividends.

Place, publisher, year, edition, pages
2015. , 35 p.
Keyword [en]
Family firms; dividend policy; ownership structure
Keyword [sv]
Familjeföretag; utdelningspolitik; ägarstruktur
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-256720OAI: oai:DiVA.org:uu-256720DiVA: diva2:826588
Educational program
Bachelor Programme in Business and Economics
Supervisors
Available from: 2015-06-25 Created: 2015-06-25 Last updated: 2015-06-25Bibliographically approved

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CiteExportLink to record
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