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Utdelningspolicy – En kvantitativ och kvalitativ studie om utdelningspolicyn bland bolag inom fastighetssektorn

Oredsson, Daniel LU ; Horvath, Alexander LU and Jigmalm, Freddie LU (2015) FEKH89 20142
Department of Business Administration
Abstract (Swedish)
Syfte: Studien syftar till att undersöka vilka kvantitativa och kvalitativa faktorer som påverkar utdelningsnivån bland fastighetsbolag listade på Stockholmsbörsens Large- och Mid Cap-listor.

Metod: Uppsatsen utförs utifrån en deduktiv ansats och bygger dels på en kvantitativ studie där multipel regressionsanalys används som huvudverktyg, dels på en innehållsanalys där företagens årsredovisningar studeras samt på en kvalitativ studie där underlaget består av primärdata som inhämtats via intervjufrågor.

Teoretiska perspektiv: Ett flertal utdelningsbaserade teorier ligger till grund för studiens teoretiska perspektiv. De centrala är utjämningsteorin, irrelevansteorin, agentteorin och signaleringsteorin, som tillsammans med tidigare... (More)
Syfte: Studien syftar till att undersöka vilka kvantitativa och kvalitativa faktorer som påverkar utdelningsnivån bland fastighetsbolag listade på Stockholmsbörsens Large- och Mid Cap-listor.

Metod: Uppsatsen utförs utifrån en deduktiv ansats och bygger dels på en kvantitativ studie där multipel regressionsanalys används som huvudverktyg, dels på en innehållsanalys där företagens årsredovisningar studeras samt på en kvalitativ studie där underlaget består av primärdata som inhämtats via intervjufrågor.

Teoretiska perspektiv: Ett flertal utdelningsbaserade teorier ligger till grund för studiens teoretiska perspektiv. De centrala är utjämningsteorin, irrelevansteorin, agentteorin och signaleringsteorin, som tillsammans med tidigare forskning används som grund för denna studie.

Empiri: Studien baseras på data från 15 företag inom fastighetssektorn som är registrerade på Stockholmsbörsens (OMX) Large Cap- och Mid Cap-listor under åren 2009 till 2013. Data har hämtats från företagens årsredovisningar och från databasen Thomson Reuters Datastream.

Resultat: Regressionsanalysen visar att förvaltningsresultat och tidigare års utdelning har en signifikant inverkan på fastighetsföretagens direktavkastning. Sambandet mellan direktavkastning och de oberoende variablerna företagsstorlek, belåningsgrad, kassaflöde, market to book, omsättningstillväxt samt nettomarginal går däremot inte att statistiskt säkerställa. Till följd av ett fåtal specifika omständigheter som det i studien redogörs för, går det heller inte att säkerställa sambandet mellan återköp och direktavkastning. Innehållsanalysen samt korrespondens med företagsrepresentanter visar att kvalitativa faktorer såsom mål, tillväxtstrategier, traditioner och löften gentemot aktieägarna har en stor betydelse vid fastighetsföretagens val av utdelningspolicy. (Less)
Abstract
Purpose: This study aims to investigate the quantitative and qualitative factors affecting the level of dividends among real estate companies listed on the Stockholm Stock Exchange Large and Mid Cap lists.

Methodology: The thesis has a deductive approach based on a quantitative study in which multiple regression analysis were used as the main tool and on a content analysis in which the companies' annual reports were studied, as well as on a qualitative study in which interview questions via e-mail were sent to and answered by some of the companies.

Theoretical perspectives: A number of dividend-based theories underlie the study's theoretical perspective. The most central is balancing theory, irrelevance theory, agent theory and... (More)
Purpose: This study aims to investigate the quantitative and qualitative factors affecting the level of dividends among real estate companies listed on the Stockholm Stock Exchange Large and Mid Cap lists.

Methodology: The thesis has a deductive approach based on a quantitative study in which multiple regression analysis were used as the main tool and on a content analysis in which the companies' annual reports were studied, as well as on a qualitative study in which interview questions via e-mail were sent to and answered by some of the companies.

Theoretical perspectives: A number of dividend-based theories underlie the study's theoretical perspective. The most central is balancing theory, irrelevance theory, agent theory and signaling theory, which together with previous research is used as the basis for this study.

Empirical foundation: The study is based on data from 15 companies in the real estate sector, which is listed on the Stockholm Stock Exchange (OMX) Large Cap and Mid Cap lists during the years 2009 to 2013. The data is taken from annual reports and from the database Thomson Reuters Datastream.

Conclusions: The regression analysis shows that EPRA Earnings and the previous year's dividends have a significant impact on the real estate companies’ dividend yields. The relationship between dividend yield and the independent variables, firm size, loan to value ratio, cash flow, market to book, revenue growth and net margin, however, are not statistically significant. Due to a few specific circumstances, which are described in the study, nor is it possible to ensure the link between repurchases and dividend yield. The content analysis and correspondence with company representatives indicate that qualitative factors such as goals, growth strategies, traditions and promises to shareholders have a major impact on the real estate companies’ choice of dividend policy. (Less)
Please use this url to cite or link to this publication:
author
Oredsson, Daniel LU ; Horvath, Alexander LU and Jigmalm, Freddie LU
supervisor
organization
alternative title
Dividend policy - A quantitative and qualitative study on the dividend policy among companies in the real estate sector
course
FEKH89 20142
year
type
M2 - Bachelor Degree
subject
keywords
Signaleringsteorin, Utjämningsteorin, Fastighetsbolag, Utdelning, Multipel regression, Direktavkastning
language
Swedish
id
5049927
date added to LUP
2015-02-25 13:23:35
date last changed
2015-02-25 13:23:35
@misc{5049927,
  abstract     = {Purpose: This study aims to investigate the quantitative and qualitative factors affecting the level of dividends among real estate companies listed on the Stockholm Stock Exchange Large and Mid Cap lists.

Methodology: The thesis has a deductive approach based on a quantitative study in which multiple regression analysis were used as the main tool and on a content analysis in which the companies' annual reports were studied, as well as on a qualitative study in which interview questions via e-mail were sent to and answered by some of the companies.

Theoretical perspectives: A number of dividend-based theories underlie the study's theoretical perspective. The most central is balancing theory, irrelevance theory, agent theory and signaling theory, which together with previous research is used as the basis for this study.

Empirical foundation: The study is based on data from 15 companies in the real estate sector, which is listed on the Stockholm Stock Exchange (OMX) Large Cap and Mid Cap lists during the years 2009 to 2013. The data is taken from annual reports and from the database Thomson Reuters Datastream.

Conclusions: The regression analysis shows that EPRA Earnings and the previous year's dividends have a significant impact on the real estate companies’ dividend yields. The relationship between dividend yield and the independent variables, firm size, loan to value ratio, cash flow, market to book, revenue growth and net margin, however, are not statistically significant. Due to a few specific circumstances, which are described in the study, nor is it possible to ensure the link between repurchases and dividend yield. The content analysis and correspondence with company representatives indicate that qualitative factors such as goals, growth strategies, traditions and promises to shareholders have a major impact on the real estate companies’ choice of dividend policy.},
  author       = {Oredsson, Daniel and Horvath, Alexander and Jigmalm, Freddie},
  keyword      = {Signaleringsteorin,Utjämningsteorin,Fastighetsbolag,Utdelning,Multipel regression,Direktavkastning},
  language     = {swe},
  note         = {Student Paper},
  title        = {Utdelningspolicy – En kvantitativ och kvalitativ studie om utdelningspolicyn bland bolag inom fastighetssektorn},
  year         = {2015},
}