 The impact of ownership concentration on payout across Nordic firmsTwahir M. Khalfan and Stefan Wendt Journal of Multinational Financial Management, 2020, vol. 56, issue C Abstract: We investigate whether ownership concentration influences payout policy and which effect foreign institutions and government as large shareholders have on payout across firms listed in the Nordic countries. We find that the impact of ownership concentration on payout largely differs among the countries. Higher ownership concentration leads to lower propensity to pay dividends in Finland and to repurchase shares in Norway and Sweden, while higher ownership concentration increases the propensity to dividend payment in Denmark and Norway. We show that ownership concentration has a negative impact on dividend amounts in Sweden and on repurchase amounts in Denmark, Finland and Sweden. We also find that the impact of ownership concentration on propensity to payout and on the payout amount is influenced by foreign institutions and governments as large shareholders. Our findings imply that the impact of ownership concentration on payout is significantly influenced by the context behind ownership concentration. Keywords: Dividends; Repurchases; Concentrated ownership; Large shareholders; Nordic listed firms (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:mulfin:v:56:y:2020:i:c:s1042444x20300293 DOI: 10.1016/j.mulfin.2020.100640 Access Statistics for this article Journal of Multinational Financial Management is currently edited by I. Mathur and G. G. Booth More articles in Journal of Multinational Financial Management from Elsevier |
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