Är utdelningspolicyn pålitlig? -En studie på Stockholmsbörsens bolag

Abstract

With today’s decreasing savings rates and the possibility that account holders will have to pay to keep their money in the bank could lead to increased opportunities to invest in funds and shares. Interest in high-yield shares increasing in line with the newly opened savings accounts and for the future this may be a substitute to savings accounts. This means that stocks with high dividends at low risk is desirable by investors in order to achieve the same functions as savings accounts, i.e. a regular and stable dividends are desirable, which an investor can take part of through a company's dividend policy. For an investor's understanding of the dividend level to be reliable, the information must be accurate to be able to rely on the company's dividend policy. Since the subject is unexplored the study intend to investigate and answer whether companies listed at the Stockholm Stock Exchange at large, mid and small cap follows their dividend policy, and if it is possible to encounter differences between companies with different sizes. In order to meet the objective of the study, we have answered the questions: What is the dividend policy among companies? Does size differs among companies regarding their dividend policy? Which leads to the main question; Does the companies at Stockholm Stock Exchange follow their dividend policy? The study's theoretical framework is constructed of only peer review material that examines the most important parts of dividend policy. Together with secondary data from public documents in the form of annual reports has formed the analysis of the study. The survey is based on Stockholm Stock Exchange, in order to create a trustworthy analysis, the companies listed on the small, mid or large cap list since 2005 is included and the companies that do not fulfill the criteria is ignored. The result presents a variety of policies among the companies where most of the companies have unique levels that cannot be linked to any other. However, the conclusions are that 50 %, 30 %, and "decisions after financial position" is the most represented in general. It is noticeable that the size of the company has a large impact where the dividend opportunities as well as dividend increase in line with growth in size of the company. Finally, the study points out that the dividend policies among the listed companies at the Stockholm Stock Exchange cannot be trusted. This is based on that 41- and 34 % over respectively business cycle does not reach its stated policy. The study says that this could be because of the most companies do not choose their dividend policy carefully in view of following it.