Skip to main content

LUP Student Papers

LUND UNIVERSITY LIBRARIES

What Does the Board Say?

Bengtsson, Lucas LU ; Christensson, Astrid LU and Tysk, Andreas LU (2022) FEKH89 20212
Department of Business Administration
Abstract
Methodology
A quantitative study with a deductive approach. Panel data are used in the multiple linear regression to analyse and investigate relationships between dividend payout ratio and the independent variables.

Theoretical Perspectives
Main theoretical frameworks of the study are the Outcome Hypothesis and Substitution Hypothesis. In addition, Agency Theory, Stewardship Theory, Stakeholder Theory, as well as traditional dividend hypotheses are discussed.

Empirical Foundation
The data consists of 803 dividend paying firms listed on NYSE and NASDAQ between 2015-2019. The data has been collected from Bloomberg Terminal.

Result
The empirical evidence documents that board director age, frequency of board meetings and CEO... (More)
Methodology
A quantitative study with a deductive approach. Panel data are used in the multiple linear regression to analyse and investigate relationships between dividend payout ratio and the independent variables.

Theoretical Perspectives
Main theoretical frameworks of the study are the Outcome Hypothesis and Substitution Hypothesis. In addition, Agency Theory, Stewardship Theory, Stakeholder Theory, as well as traditional dividend hypotheses are discussed.

Empirical Foundation
The data consists of 803 dividend paying firms listed on NYSE and NASDAQ between 2015-2019. The data has been collected from Bloomberg Terminal.

Result
The empirical evidence documents that board director age, frequency of board meetings and CEO duality have a significant positive impact on the level of dividend payout ratio.

Conclusions
The analysis shows that high dividends are a substitute for weak governance, in accordance with the Substitution Hypothesis. (Less)
Please use this url to cite or link to this publication:
author
Bengtsson, Lucas LU ; Christensson, Astrid LU and Tysk, Andreas LU
supervisor
organization
alternative title
A Study of Board Influence on Dividend Payout Policy
course
FEKH89 20212
year
type
M2 - Bachelor Degree
subject
keywords
Dividend Policy, Dividend Payout Ratio, Board Quality, Board Characteristics, Corporate Governance, NYSE, NASDAQ
language
English
id
9074948
date added to LUP
2022-02-11 09:20:17
date last changed
2022-02-11 09:20:17
@misc{9074948,
  abstract     = {{Methodology
A quantitative study with a deductive approach. Panel data are used in the multiple linear regression to analyse and investigate relationships between dividend payout ratio and the independent variables.

Theoretical Perspectives
Main theoretical frameworks of the study are the Outcome Hypothesis and Substitution Hypothesis. In addition, Agency Theory, Stewardship Theory, Stakeholder Theory, as well as traditional dividend hypotheses are discussed.

Empirical Foundation
The data consists of 803 dividend paying firms listed on NYSE and NASDAQ between 2015-2019. The data has been collected from Bloomberg Terminal.

Result
The empirical evidence documents that board director age, frequency of board meetings and CEO duality have a significant positive impact on the level of dividend payout ratio.

Conclusions
The analysis shows that high dividends are a substitute for weak governance, in accordance with the Substitution Hypothesis.}},
  author       = {{Bengtsson, Lucas and Christensson, Astrid and Tysk, Andreas}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{What Does the Board Say?}},
  year         = {{2022}},
}