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Leder investerares höga efterfrågan på direktavkastning till lägre avkastning på sikt?

Åström, Dag LU (2017) NEKH01 20171
Department of Economics
Abstract (Swedish)
Syfte: Studien syftar till att undersöka ifall företag delar ut för mycket av sina vinster.

Metod: Data har hämtats från Thomson Reuters Datastream, Multipl och Crunchbase för att sedan sammanställas i Microsoft Excel. Regressioner på den sammanställda datan har sedan körts i STATA.

Teoretiska perspektiv: Den bakomliggande teorin utgörs av den effektiva marknadshypotesen, utdelningar och aktieåterköp, utdelningspolitik, signaleringshypotesen samt tidigare studier om utdelningar.

Resultat: Studiens regressionsmodell består av direktavkastning som beroende variabel och sex förklarande variabler; likviditet, avkastning på eget kapital, PE-kvot, ålder, börsvärde samt en dummyvariabel. Flera tester har körts med andra variabler i... (More)
Syfte: Studien syftar till att undersöka ifall företag delar ut för mycket av sina vinster.

Metod: Data har hämtats från Thomson Reuters Datastream, Multipl och Crunchbase för att sedan sammanställas i Microsoft Excel. Regressioner på den sammanställda datan har sedan körts i STATA.

Teoretiska perspektiv: Den bakomliggande teorin utgörs av den effektiva marknadshypotesen, utdelningar och aktieåterköp, utdelningspolitik, signaleringshypotesen samt tidigare studier om utdelningar.

Resultat: Studiens regressionsmodell består av direktavkastning som beroende variabel och sex förklarande variabler; likviditet, avkastning på eget kapital, PE-kvot, ålder, börsvärde samt en dummyvariabel. Flera tester har körts med andra variabler i åtanke, den slutgiltiga modellen gav tydligast resultat.

Slutsats: Regressionens resultat visar att det inte går att observera ett signifikant samband mellan direktavkastning och avkastning på eget kapital/PE/dummyvariablen. (Less)
Abstract
Purpose: The study aims to investigate if companies are paying too much in dividends to their shareholders.

Methodology: Data was collected from Thomson Reuters Datastream, Multipl and Crunchbase and then compiled with Microsoft Excel. Regressions of the compiled data were carried out in STATA.

Theoretical perspectives: The underlying theory consists of the efficient market hypothesis, dividends and buybacks, dividend policy, dividend signaling and previous research about dividends.

Empirical foundation: The regression model consists of one dependent variable (dividend yield) and six explaining variables (Liquidity, Return on Equity, PE, Age, Market Value and a Dummy variable). Several regressions were made with different... (More)
Purpose: The study aims to investigate if companies are paying too much in dividends to their shareholders.

Methodology: Data was collected from Thomson Reuters Datastream, Multipl and Crunchbase and then compiled with Microsoft Excel. Regressions of the compiled data were carried out in STATA.

Theoretical perspectives: The underlying theory consists of the efficient market hypothesis, dividends and buybacks, dividend policy, dividend signaling and previous research about dividends.

Empirical foundation: The regression model consists of one dependent variable (dividend yield) and six explaining variables (Liquidity, Return on Equity, PE, Age, Market Value and a Dummy variable). Several regressions were made with different variables, the final regression being the most accurate.

Conclusions: The results from the regression shows that there is no significant relationship between dividend yield and return on equity/PE/the dummy variable. (Less)
Please use this url to cite or link to this publication:
author
Åström, Dag LU
supervisor
organization
alternative title
Does investor’s high demand for dividend yield lead to lower returns in the long run?
course
NEKH01 20171
year
type
M2 - Bachelor Degree
subject
keywords
Direktavkastning, aktieutdelning, tvärsnittsanalys, avkastning, regressionsanalys.
language
Swedish
id
8911377
date added to LUP
2017-07-11 11:13:42
date last changed
2017-07-11 11:13:42
@misc{8911377,
  abstract     = {Purpose:	The study aims to investigate if companies are paying too much in dividends to their shareholders.

Methodology:	Data was collected from Thomson Reuters Datastream, Multipl and Crunchbase and then compiled with Microsoft Excel. Regressions of the compiled data were carried out in STATA.

Theoretical perspectives:	The underlying theory consists of the efficient market hypothesis, dividends and buybacks, dividend policy, dividend signaling and previous research about dividends.

Empirical foundation:	The regression model consists of one dependent variable (dividend yield) and six explaining variables (Liquidity, Return on Equity, PE, Age, Market Value and a Dummy variable). Several regressions were made with different variables, the final regression being the most accurate.

Conclusions:	The results from the regression shows that there is no significant relationship between dividend yield and return on equity/PE/the dummy variable.},
  author       = {Åström, Dag},
  keyword      = {Direktavkastning,aktieutdelning,tvärsnittsanalys,avkastning,regressionsanalys.},
  language     = {swe},
  note         = {Student Paper},
  title        = {Leder investerares höga efterfrågan på direktavkastning till lägre avkastning på sikt?},
  year         = {2017},
}