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Purpose: This paper aims to examine the determinants of the Price Earning Ratio of LQ45 Companies listed on the Indonesia Stock Exchange 2016-2021.   Theoretical framework: Price Earning Ratio (PER) is a comparison between market price per share and earnings per share, PER is the ratio used by investors to value a company's shares, Price Earning Ratio (PER ) as a way of valuation to find out the true value of shares of a company. This PER is used to analyze stock prices that show unreasonable prices, (Fahmi, 2016) . Meanwhile, (Wahyudiono, 2014) Price Earning Ratio (PER) is a ratio that shows the comparison between the price of shares in the primary market offered compared to the income received.   Design/Methodology/Approach: Sampling in this study was carried out by purposive sampling, meaning that the sample selection method was selected based on judgment sampling, which means the selection of samples was not random, the information obtained with certain considerations. Using Panel Data regression to determine the determinants of the Price Earning Ratio in LQ45 companies in Indonesia from 2016 to 2021.   Findings: This study reveals that the five determinants of the Price Earning Ratio (Debt to Equity Ratio, Return On Assets, Firm Size, Sales, and Dividend) have a significant effect on the price earning ratio. The Debt to Equity Ratio has a positive correlation with the Price Earning Ratio, while Return On Assets, Firm Size, Sales and Dividend has a negative correlation with the Price Earning Ratio. In addition, one other variable, the current ratio, has no significant effect on the Price Earning ratio. The shares of SMGR, ASII, HMSP, TLKM, BBCA are the most expensive shares when viewed from the ratio of share prices to earnings, and shares of TKIM, ITMG, INKP, ADRO, PGAS are the cheapest share prices when viewed from the ratio of share prices to company profits period 2016-2021   Research, practical & social implications: where the findin

We consider a dual risk model with constant expense rate and i.i.d. exponentially distributed gains C i (i = 1, 2, . . . ) that arrive according to a renewal process with general interarrival times. We add to this classical dual risk model the proportional gain feature; that is, if the surplus process just before the ith arrival is at level u, then for a > 0 the capital jumps up to the level (1 + a)u + Ci. The ruin probability and the distribution of the time to ruin are determined. We furthermore identify the value of discounted cumulative dividend payments, for the case of a Poisson arrival process of proportional gains. In the dividend calculations, we also consider a random perturbation of our basic risk process modeled by an independent Brownian motion with drift.

The goal of this thesis is to answer the question: Will a special cash dividend announcement from a company on NASDAQ GS create abnormal returns? This thesis will therefore find and measure abnormal returns surrounding a special cash dividend announcement. This is done by performing an event study, following the market model, consisting of 96 announcements from companies listed on the Nasdaq GS. The returns of each observation were then calculated for every day of the event-time and then compared to its expected return, giving me the abnormal returns. These abnormal returns were then averaged for every day in the event-time. The abnormal returns were then tested, and the results showed that they were statistically significantly positive on the day of the announcement and the day after. A cumulative sum of the abnormal returns was also calculated, this result was also statistically significantly positive the day after the announcement. By returning to the question above, it would appear that special cash dividend announcements do create abnormal returns.

This study examines the effect of sustainability reporting (SR) on financial-performance of listed manufacturing firms in Nigeria from 2010 to 2020. Ex-post facto research design was employed and 24 firms form 8 sectors were sampled. Data were sourced from their annual report and analysed using Panel-regression technique. The study found positive significant connection linking DP, ERS and R&D and financial performance while CRS has negative insignificant effect on financial-performance. Base on the findings, the study concluded that SR has positive influence on financial-performance of listed manufacturing firms in Nigeria. The study recommended that relevant authorities should encourage firms to report SR on real-time and make reporting compulsory and not voluntary. There should be strict enforcement on firms to increase investment in R&D as this will increase profitability and help climate change.

This study examines the effect of sustainability reporting (SR) on financial-performance of listed manufacturing firms in Nigeria from 2010 to 2020. Ex-post facto research design was employed and 24 firms form 8 sectors were sampled. Data were sourced from their annual report and analysed using Panel-regression technique. The study found positive significant connection linking DP, ERS and R&D and financial performance while CRS has negative insignificant effect on financial-performance. Base on the findings, the study concluded that SR has positive influence on financial-performance of listed manufacturing firms in Nigeria. The study recommended that relevant authorities should encourage firms to report SR on real-time and make reporting compulsory and not voluntary. There should be strict enforcement on firms to increase investment in R&D as this will increase profitability and help climate change.

Studien syftar till att undersöka sambandet om huruvida bolag ökar eller minskar sin utdelning när olika styrelse och VD specifika variabler förändras. Undersökta variabler avser andel kvinnor i styrelsen, styrelsens storlek och styrelsemedlemmars interna aktieinnehav. Med tillämpning av en kvantitativ panelstudie baserad på en deduktiv ansats ämnar studien belysa hur sambanden ser ut för svenska börsnoterade bolag som inkluderas i OMXS30 under åren2009–2021. Genom ordinal probit regressioner kommer studiens empiriska resultat jämföras mot ett teoretiskt ramverk i syfte att förkasta eller bekräfta studiens hypoteser. Det teoretiska ramverket består av irrelevansteorin, agentteorin och Lintners utdelningspolicy.Resultatet finner skiftande stöd i studiens teoretiska ramverk. Andelen kvinnor uppvisar ett negativt samband, vilket står i kontrast till övervägande del av teorier och tidigare forskning. Styrelsens storlek uppvisar ett positivt samband gentemot utdelningsförändring, vilket går i linje med tidigare forskning. För internt innehav som förväntas vara negativt, återfinns ett svagt negativt samband för värdet på aktieinnehav för VD och styrelseordförande. Styrelseledamöternas aktieinnehav uppvisar i motsats ett positivt samband och styrka innehav visar ingen riktning i sitt samband., The aim of this study is to explore the relationship between companies’ decision to increase or decrease their dividend and changes in board and CEO specific variables. The specificvariables refer to the proportion of women on the board, the size of the board and the internal shareholding of the board. Using a quantitative panel study with a deductive approach, the study explores this relationship by looking at companies included in the stock market indexOMXS30 during the years 2009–2021. The empirical results are compared against a theoretical framework to reject or confirm the study's hypotheses using ordinal probit regressions. The theoretical framework consists of the irrelevance theory, the agency theory and Lintner's dividend policy.The results show varied support in the theoretical framework. The proportion of women shows a negative relationship, which is inconsistent with most theories and previous research. The size of the board shows a positive relationship to dividend change, which is in line with previous research. For internal holdings, which are expected to be negative, a weak negative correlation is found for the value of shareholdings with the CEO and chairman of the board. In contrast, the board members' shareholdings show a positive relationship and strength holdings show no direction in their relationship.

Studien syftar till att undersöka sambandet om huruvida bolag ökar eller minskar sin utdelning när olika styrelse och VD specifika variabler förändras. Undersökta variabler avser andel kvinnor i styrelsen, styrelsens storlek och styrelsemedlemmars interna aktieinnehav. Med tillämpning av en kvantitativ panelstudie baserad på en deduktiv ansats ämnar studien belysa hur sambanden ser ut för svenska börsnoterade bolag som inkluderas i OMXS30 under åren2009–2021. Genom ordinal probit regressioner kommer studiens empiriska resultat jämföras mot ett teoretiskt ramverk i syfte att förkasta eller bekräfta studiens hypoteser. Det teoretiska ramverket består av irrelevansteorin, agentteorin och Lintners utdelningspolicy.Resultatet finner skiftande stöd i studiens teoretiska ramverk. Andelen kvinnor uppvisar ett negativt samband, vilket står i kontrast till övervägande del av teorier och tidigare forskning. Styrelsens storlek uppvisar ett positivt samband gentemot utdelningsförändring, vilket går i linje med tidigare forskning. För internt innehav som förväntas vara negativt, återfinns ett svagt negativt samband för värdet på aktieinnehav för VD och styrelseordförande. Styrelseledamöternas aktieinnehav uppvisar i motsats ett positivt samband och styrka innehav visar ingen riktning i sitt samband., The aim of this study is to explore the relationship between companies’ decision to increase or decrease their dividend and changes in board and CEO specific variables. The specificvariables refer to the proportion of women on the board, the size of the board and the internal shareholding of the board. Using a quantitative panel study with a deductive approach, the study explores this relationship by looking at companies included in the stock market indexOMXS30 during the years 2009–2021. The empirical results are compared against a theoretical framework to reject or confirm the study's hypotheses using ordinal probit regressions. The theoretical framework consists of the irrelevance theory, the agency theory and Lintner's dividend policy.The results show varied support in the theoretical framework. The proportion of women shows a negative relationship, which is inconsistent with most theories and previous research. The size of the board shows a positive relationship to dividend change, which is in line with previous research. For internal holdings, which are expected to be negative, a weak negative correlation is found for the value of shareholdings with the CEO and chairman of the board. In contrast, the board members' shareholdings show a positive relationship and strength holdings show no direction in their relationship.

Bakalářská práce se zabývá investováním do akcií technologických společností. V teoretické části jsou popsány akciové trhy, druhy akcií a akciových trhů, dále je zde uveden význam burz cenných papírů, účastníků obchodů a dividend. Praktická část se skládá ze tří modelových příkladů, které jsou vyhodnoceny z hlediska času. Dále jsou tyto příklady investování porovnány a analyzovány. Na závěr je sepsáno doporučení pro investory., The bachelor thesis deals with investing in shares of technology companies. In the theoretical part, stock markets, types of shares and stock markets are described, the importance of stock exchanges, participants in trades and dividends is given. The practical part consists of three model examples that are evaluated in terms of time. Further, these examples of investing are compared and analyzed. Finally, a recommendation for investors is written., Fakulta ekonomicko-správní, Student přednesl téma své BP Investování do akcií technologických společností Otázky vedoucího BP: 1. Považujete za správné, kdyby investor investoval své volné peněžní prostředky pouze do odvětví informačních technologií? 2. V tabulce č. 14 na straně 44, uvádíte společnosti, které vyplatily dividendy např. Apple. Na druhou stranu ve své práci zkoumáte další globální společnosti, které ale dividendu nevyplatily jako např. AMD. Považujete vyplácení dividend za klíčové rozhodovací kritérium pro investory? Otázky komise: 1. Která odvětví vnímáte jako vhodná k investování z pohledu diverzifikace rizika? 2. Jak jste zjistil výnos včetně dividend? Student na otázky částečně reagoval., Dokončená práce s úspěšnou obhajobou

Este trabajo presenta la evaluación de diferentes opciones de inversión en empresas con dividendos crecientes como alternativa o complemento a la pensión, con el fin de evaluar la conveniencia de la estrategia para inversionistas que están en etapa de acumulación de capital para la jubilación, de acuerdo a los resultados obtenidos. Para esto se conformaron cinco portafolios con diferentes periodos de tiempo, integrados por empresas pertenecientes a diferentes sectores, con el objetivo de revisar la rentabilidad en términos de flujos de caja generados para el inversionista, y el retorno de la acción en el periodo de tiempo comprendido entre la hipotética conformación del portafolio y marzo del año 2021. Así mismo, se hizo el backtesting para este mismo periodo de tiempo y la evaluación del portafolio en el mercado, mediante la comparación con 3 instrumentos financieros, permitiendo plantear una estrategia que si bien es cierto tiene mayor riesgo, también genera mayor rentabilidad que las alternativas convencionales de renta fija, que debe ser tenida en cuenta como una buena opción de inversión para la etapa de pensión., This paper presents the evaluation of different investment options in companies with increasing dividends as an alternative or complement to the pension, in order to evaluate the suitability of the strategy for investors who are in the capital accumulation stage for retirement according to the results obtained. For this, were formed seven portfolios with different periods of time and different selection characteristics in order to review the profitability in terms of cash flows generated for the investor, as well as the return of the share in the period of time between the hypothetical conformation of the portfolio and March 2021, likewise a backtesting was carried out for this same period of time and an evaluation of the behavior of the portfolio in the market was carried out by comparing it with 3 financial instruments and based on this evaluation, a strategy is established that, although it is true, has greater risk, it also generates greater profitability than conventional fixed-income alternatives and that should be taken into account as a very good investment option for the pension stage.

Maqolada tijorat banklari dividend siyosatining rolini oshirishda xorijiy va mahalliy adabiyotlar o‘rganilib, muntazam dividend siyosatining afzallik jihatlari tadqiq qilingan. Ayniqsa, tadqiqotchilarning ilmiy fikrlarini o‘rganish natijasida tijorat banklarining dividend siyosatida uchraydigan bir qancha kamchilik va muammolar aniqlandi. Shuningdek, tijorat banklari fond bozorining faol ishtirokchisi sifatida tadqiq qilinib, ularning dividend to‘lovlari yuzasidan moliyaviy ma’lumotlari o‘rganildi. Amalga oshirilgan tadqiqot asosida xulosalar va amaliy tavsiyalar shakllantirilgan.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

Dividends effect on stock prices and shareholders return is a disputed subject in finance. The purpose of this thesis is to expand on the existing research both the effect of dividends in general and on stocks on the Swedish market in particular. This thesis establishes an index of stocks with 5 or more years of dividend growth for at least the last 5 years on the Swedish market, by comparing this index to the entire Swedish stock market, we see there are bigger excess returns to be earned with these types of dividend growth stocks compared to the market. Using a multivariate regression model, it is however clear that the number of accumulated years of dividend growth, although significant, has a very marginal negative effect on stock excess return. The percentage increase of dividend per share from the previous year did not have a significant effect on the stock excess return. These two findings are shown both in years were the market had a negative excess return and, in the years when the market had positive excess returns., Dividends effect on stock prices and shareholders return is a disputed subject in finance. The purpose of this thesis is to expand on the existing research both the effect of dividends in general and on stocks on the Swedish market in particular. This thesis establishes an index of stocks with 5 or more years of dividend growth for at least the last 5 years on the Swedish market, by comparing this index to the entire Swedish stock market, we see there are bigger excess returns to be earned with these types of dividend growth stocks compared to the market. Using a multivariate regression model, it is however clear that the number of accumulated years of dividend growth, although significant, has a very marginal negative effect on stock excess return. The percentage increase of dividend per share from the previous year did not have a significant effect on the stock excess return. These two findings are shown both in years were the market had a negative excess return and, in the years when the market had positive excess returns.

Maqolada tijorat banklari dividend siyosatining rolini oshirishda xorijiy va mahalliy adabiyotlar o‘rganilib, muntazam dividend siyosatining afzallik jihatlari tadqiq qilingan. Ayniqsa, tadqiqotchilarning ilmiy fikrlarini o‘rganish natijasida tijorat banklarining dividend siyosatida uchraydigan bir qancha kamchilik va muammolar aniqlandi. Shuningdek, tijorat banklari fond bozorining faol ishtirokchisi sifatida tadqiq qilinib, ularning dividend to‘lovlari yuzasidan moliyaviy ma’lumotlari o‘rganildi. Amalga oshirilgan tadqiqot asosida xulosalar va amaliy tavsiyalar shakllantirilgan.

Bostadsbolag i Sverige kan vara kommunalt eller privat ägda och styrs utifrån olika lagarberoende på ägarform. Deras olika förutsättningar till värdeöverföring gör det intressant att undersöka skillnader mellan ägarform i bostadsbolag. Kommunala bostadsbolag ska finnas för att verka för allmännyttan samtidigt som de ska drivas under affärsmässiga principer. Syftet med studien är att jämföra kommunala och privata bostadsbolag när det kommer till deras redovisning av värdeöverföringar och investeringar. För att besvara studiens två frågor om hur det skiljer sig mellan kommunalt respektive privatägda bostadsbolag när det kommer till värdeöverföring och investering och hur redovisningen av värdeöverföring och investering kan tolkas utifrån intressenternas kontra ägarnas perspektiv, har en kvalitativinnehållsanalys valts som metod. Det insamlade materialet kommer vara både kvalitativ och kvantitativ data som hämtas från bostadsbolagens årsredovisningar. Resultatet visar på att kommunala och privata bostadsbolag investerar mer än vad de delar ut. Däremot delar kommunala bostadsbolag ut mer än vad de enligt lag får göra om undantagbortses. Vilket innebär att kommunala bostadsbolag använder sig utav undantagsregel för att få dela ut mer än vad som först är tillåtet. Både kommunala och privata bostadsbolag väljer att beskriva sin utdelning på liknande sätt hänfört till lag. Däremot vad gäller investeringar beskrivs det mer fritt vad de gör för investeringar och varför. Det varierar därför betydligt mer i hur de uttrycker sig kring investeringar än vad det gör med värdeöverföringar. Resultatet visar även att företagsledningar prioritera sina intressenter efter deras grad av kontroll på bolagets resurser. Detta uppmärksammas tydligast vid redovisning av investeringar eftersom bolagens olika sätt att beskriva dessa kan tyda på att de försöker tillgodose olika intressenter. Utifrån ägarperspektivet prioriteras utdelning i störst grad av de privata bolagen än det kommunala. Medan, Housing companies in Sweden can be municipal or private owned and are regulated by different laws depending on ownership. Their different presumptions make it interesting to investigate the differences between ownership in housing companies. The municipal housing companies purpose is to work for the public good and simultaneously operate under business principles. The aim with this study is to compare municipal and private housing companies regarding their reporting of value transfers and investments. The study aims to answer the two questions: How do municipal and private owned housing companies differ in their value transfer and investments? How can the accounting of value transfers and investment be interpreted from the stakeholders versus the owners perspective? To answer the questions a qualitative content analysis has been chosen as a method. The collected data will be both qualitative and quantitative and will be retrieved from the housing companies annual reports. The results show that municipal and private housing companies invest more than they are transferring. However the municipal housing companies are also transferring more than they are able to according to the law, if exceptions are ignored. This means that municipal housing companies are using the exception rule to transfer more than what is allowed according to the main rule. Both municipal and private housing companies are describing their value transfers in a similar way with reference to law. On the contrary investments are usually described more openly about what kind of investments they are doing and why. Therefore, it varies considerably more in how they express themselves in terms of investments compared to value transfers. The results also show that company managements prioritize their stakeholders according to their degree of control over the company's resources. This is more clear when reporting investments, as the companies different ways of describing these may indicate that they try to

Background: Dividend and dividend policy is a research topic that is well known and frequently studied in financial economics. However there is no definite answer to if the dividend has an effect on the firm's value. The research surrounding dividend and its effect on firms value have shown a variety of different results. Aim: The purpose of this paper is to analyze the impact of the main independent variable dividend and control variables; total assets, revenue and Earnings Before Interest and Taxes (EBIT) on the dependent variable stock price. Method: The paper will be done in a quantitative approach based on a deductive research approach. The sample data of 60 companies for this study will be collected through Business Retriever, Orbit, Morningstar and annual reports of each company between the years 2011 to 2020. Results: The results in this study show that dividend has a statistically significant effect on the stock price of the companies observed. Furthermore the results indicate that Earnings Before Interest and Taxes, EBIT, has amedium-strong relationship with stock price, which shows a small significant association. The study could not prove that revenues and total assets have an effect on stock price in the regression analysis. However in the correlation analysis it was shown that there was a reasonable relationship between the dependent variable and the independent variables.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.

Dividends effect on stock prices and shareholders return is a disputed subject in finance. The purpose of this thesis is to expand on the existing research both the effect of dividends in general and on stocks on the Swedish market in particular. This thesis establishes an index of stocks with 5 or more years of dividend growth for at least the last 5 years on the Swedish market, by comparing this index to the entire Swedish stock market, we see there are bigger excess returns to be earned with these types of dividend growth stocks compared to the market. Using a multivariate regression model, it is however clear that the number of accumulated years of dividend growth, although significant, has a very marginal negative effect on stock excess return. The percentage increase of dividend per share from the previous year did not have a significant effect on the stock excess return. These two findings are shown both in years were the market had a negative excess return and, in the years when the market had positive excess returns., Dividends effect on stock prices and shareholders return is a disputed subject in finance. The purpose of this thesis is to expand on the existing research both the effect of dividends in general and on stocks on the Swedish market in particular. This thesis establishes an index of stocks with 5 or more years of dividend growth for at least the last 5 years on the Swedish market, by comparing this index to the entire Swedish stock market, we see there are bigger excess returns to be earned with these types of dividend growth stocks compared to the market. Using a multivariate regression model, it is however clear that the number of accumulated years of dividend growth, although significant, has a very marginal negative effect on stock excess return. The percentage increase of dividend per share from the previous year did not have a significant effect on the stock excess return. These two findings are shown both in years were the market had a negative excess return and, in the years when the market had positive excess returns.

Maqolada tijorat banklari dividend siyosatining rolini oshirishda xorijiy va mahalliy adabiyotlar o‘rganilib, muntazam dividend siyosatining afzallik jihatlari tadqiq qilingan. Ayniqsa, tadqiqotchilarning ilmiy fikrlarini o‘rganish natijasida tijorat banklarining dividend siyosatida uchraydigan bir qancha kamchilik va muammolar aniqlandi. Shuningdek, tijorat banklari fond bozorining faol ishtirokchisi sifatida tadqiq qilinib, ularning dividend to‘lovlari yuzasidan moliyaviy ma’lumotlari o‘rganildi. Amalga oshirilgan tadqiqot asosida xulosalar va amaliy tavsiyalar shakllantirilgan.

Maqolada tijorat banklari dividend siyosatining rolini oshirishda xorijiy va mahalliy adabiyotlar o‘rganilib, muntazam dividend siyosatining afzallik jihatlari tadqiq qilingan. Ayniqsa, tadqiqotchilarning ilmiy fikrlarini o‘rganish natijasida tijorat banklarining dividend siyosatida uchraydigan bir qancha kamchilik va muammolar aniqlandi. Shuningdek, tijorat banklari fond bozorining faol ishtirokchisi sifatida tadqiq qilinib, ularning dividend to‘lovlari yuzasidan moliyaviy ma’lumotlari o‘rganildi. Amalga oshirilgan tadqiqot asosida xulosalar va amaliy tavsiyalar shakllantirilgan.

Bostadsbolag i Sverige kan vara kommunalt eller privat ägda och styrs utifrån olika lagarberoende på ägarform. Deras olika förutsättningar till värdeöverföring gör det intressant att undersöka skillnader mellan ägarform i bostadsbolag. Kommunala bostadsbolag ska finnas för att verka för allmännyttan samtidigt som de ska drivas under affärsmässiga principer. Syftet med studien är att jämföra kommunala och privata bostadsbolag när det kommer till deras redovisning av värdeöverföringar och investeringar. För att besvara studiens två frågor om hur det skiljer sig mellan kommunalt respektive privatägda bostadsbolag när det kommer till värdeöverföring och investering och hur redovisningen av värdeöverföring och investering kan tolkas utifrån intressenternas kontra ägarnas perspektiv, har en kvalitativinnehållsanalys valts som metod. Det insamlade materialet kommer vara både kvalitativ och kvantitativ data som hämtas från bostadsbolagens årsredovisningar. Resultatet visar på att kommunala och privata bostadsbolag investerar mer än vad de delar ut. Däremot delar kommunala bostadsbolag ut mer än vad de enligt lag får göra om undantagbortses. Vilket innebär att kommunala bostadsbolag använder sig utav undantagsregel för att få dela ut mer än vad som först är tillåtet. Både kommunala och privata bostadsbolag väljer att beskriva sin utdelning på liknande sätt hänfört till lag. Däremot vad gäller investeringar beskrivs det mer fritt vad de gör för investeringar och varför. Det varierar därför betydligt mer i hur de uttrycker sig kring investeringar än vad det gör med värdeöverföringar. Resultatet visar även att företagsledningar prioritera sina intressenter efter deras grad av kontroll på bolagets resurser. Detta uppmärksammas tydligast vid redovisning av investeringar eftersom bolagens olika sätt att beskriva dessa kan tyda på att de försöker tillgodose olika intressenter. Utifrån ägarperspektivet prioriteras utdelning i störst grad av de privata bolagen än det kommunala. Medan, Housing companies in Sweden can be municipal or private owned and are regulated by different laws depending on ownership. Their different presumptions make it interesting to investigate the differences between ownership in housing companies. The municipal housing companies purpose is to work for the public good and simultaneously operate under business principles. The aim with this study is to compare municipal and private housing companies regarding their reporting of value transfers and investments. The study aims to answer the two questions: How do municipal and private owned housing companies differ in their value transfer and investments? How can the accounting of value transfers and investment be interpreted from the stakeholders versus the owners perspective? To answer the questions a qualitative content analysis has been chosen as a method. The collected data will be both qualitative and quantitative and will be retrieved from the housing companies annual reports. The results show that municipal and private housing companies invest more than they are transferring. However the municipal housing companies are also transferring more than they are able to according to the law, if exceptions are ignored. This means that municipal housing companies are using the exception rule to transfer more than what is allowed according to the main rule. Both municipal and private housing companies are describing their value transfers in a similar way with reference to law. On the contrary investments are usually described more openly about what kind of investments they are doing and why. Therefore, it varies considerably more in how they express themselves in terms of investments compared to value transfers. The results also show that company managements prioritize their stakeholders according to their degree of control over the company's resources. This is more clear when reporting investments, as the companies different ways of describing these may indicate that they try to

Background: Dividend and dividend policy is a research topic that is well known and frequently studied in financial economics. However there is no definite answer to if the dividend has an effect on the firm's value. The research surrounding dividend and its effect on firms value have shown a variety of different results. Aim: The purpose of this paper is to analyze the impact of the main independent variable dividend and control variables; total assets, revenue and Earnings Before Interest and Taxes (EBIT) on the dependent variable stock price. Method: The paper will be done in a quantitative approach based on a deductive research approach. The sample data of 60 companies for this study will be collected through Business Retriever, Orbit, Morningstar and annual reports of each company between the years 2011 to 2020. Results: The results in this study show that dividend has a statistically significant effect on the stock price of the companies observed. Furthermore the results indicate that Earnings Before Interest and Taxes, EBIT, has amedium-strong relationship with stock price, which shows a small significant association. The study could not prove that revenues and total assets have an effect on stock price in the regression analysis. However in the correlation analysis it was shown that there was a reasonable relationship between the dependent variable and the independent variables.

Dividend policy is about a company’s decision related to the retention of profit and distribution of profit. In this study, the objective is to understand the effects of dividend policy on share prices for the selected companies in the Indonesian stock exchange. The findings of the study are that higher dividend yield stocks along with higher pre-tax risk adjusted returns give investor some compensation for the disadvantageous position of tax return. The findings are matching with the Brennan’s model (Brennan, 1970). The findings of the study also pointed out that increase in a company’s stock trading volume influence the share prices and investors who wanted current investment income owned shares in high dividend payout firms. Free cash flow is causing conflict between management and shareholders and this is another important finding of the study. Overall, results shows that a company’s dividend policy influence its share prices.

Den 10 mars 2000 blev det lagligt för publika aktiebolag att köpa tillbaka sina egna aktier i Sverige. Företag har därefter tagit tillfället i akt och använt detta distributionssätt. Denna studie syftar till att undersöka huruvida det finns skillnader i olika branscher gällande aktieåterköp under tidsperioden 2011–2019. Branscherna som studerades var industri, läkemedel, fastigheter, dagligvaror och telekommunikation. Undersökningen utfördes för att se om branschtillhörighet hade en inverkan på företag som använder sig av aktieåterköp. Samtliga företag som ingår i undersökningen är noterade på Nasdaq OMX Stockholm, Large-Cap. Studien använde en kvantitativ metod med en deduktiv ansats. Ett hypotestest utfördes som sedan prövades med en regressionsanalys för att se om det fanns signifikanta skillnader på aktieåterköp i olika branscher. Resultatet påvisade att det inte fanns några signifikanta branschskillnader, och branschtillhörighet har därför ingen inverkan på huruvida ett företag använder sig av aktieåterköp. Resultatet i denna studie går i linje med Higgins (1972) studie The corporate dividend-saving decision som menade att valet av utdelningspolitik inte påverkas av branschen företaget befinner sig i., On March 10, 2000, it became legal for public limited companies to buy back their own shares in Sweden. Companies have since taken the opportunity and used this method of distribution. This study aims to examine whether there are differences in different industries regarding share repurchases during the period 2011-2019. The industries studied were pharmaceuticals, real estate, industry, consumer goods and telecommunications. The survey was conducted to see if industry affiliation had an impact on companies that use share repurchases. All companies included in the survey are listed on Nasdaq OMX Stockholm, Large-Cap. The study used a quantitative method with a deductive approach. A hypothesis test was performed which was then tested with a regression analysis to see if there were significant differences in share repurchases in various industries. The results showed that there were no significant industry differences, and industry affiliation therefore has no effect on whether a company uses share repurchases. The results of this study are in line with Higgins' (1972) study the corporate dividend-saving decision, which stated that the choice of dividend policy is not affected by the industry the company operates in.

Intäktsredovisning har länge varit ett omdebatterat problemområde inom redovisning. Under 1990- och 2000-talet utspelades redovisningsskandaler inom intäktsredovisning vilket startade utvecklingen av en ny internationell intäktsstandard. Den nya intäktsstandarden, IFRS 15 Intäkter från avtal med kunder, antogs år 2014 av både IASB och FASB. Syftet med IFRS 15 var att skapa en allt mer jämförbar och transparent finansiell rapportering. Företag har därmed möjlighet att tillämpa regelverket K3 alternativ intäktsstandarden IFRS 15 genom Rådet för finansiell rapporterings rekommendation RFR 2. Standarden IFRS 15 trädde i kraft den 1 januari 2018.Syftet med studien är att undersöka ifall det förekommer skillnader mellan regelverken RFR2/IFRS 15 och K3 vid intäktsredovisning avseende informationsvärde, särskilda nyckeltal och utdelningsmöjligheter. Vidare utreds vilket regelverk som är mest fördelaktigt utifrån ett intressentperspektiv och borgenärsperspektiv. För att uppnå studiens syfte har tre typfall konstruerats som berör entreprenadbranschen, fastighetsbranschen och IT branschen. Metoden som tillämpas i studien är en kvalitativ innehållsanalys med en abduktivforskningsansats. Resultatet av typfallen visar att det förekommer en viss skillnad mellan regelverken RFR 2/IFRS 15 och K3 men att i majoriteten av våra typfall sker redovisningen av intäkterna på samma sätt. I typfall 1 uppstår det skillnader i tidpunkten och fördelningen vid redovisning av intäkter vilket får effekter på nyckeltal och utdelning. Syftet med studien är att jämföra regelverken och se om något av dessa är mer fördelaktigt än det andra. Slutsatsen är att det finns för och nackdelar med båda regelverken och det är svårt att utifrån dessa typfall konstatera att det ena regelverket skulle vara mer fördelaktigt än det andra, det är helt situationsbaserat. Utifrån ett borgenärsperspektiv kan vi inte heller dra någon slutsats att något av regelverken skulle vara mer gynnsamt för denna intressentgrupp uti, Revenue accounting has long been a debated issue in accounting. During the 1990s and 2000s accounting scandals in revenue accounting were played out, this led to the development of anew international revenue recognition standard. This new revenue recognition standard called IFRS 15 Revenue from contracts with customers was approved in 2014 by both IASB and FASB Board. The purpose of IFRS 15 is to create an increasingly comparable and transparent financial reporting. Companies can choose between the regulation K3 alternative the standard IFRS 15 by applying the recommendation RFR 2. The revenue standard IFRS 15 entered into force on January 1, 2018.The purpose of this study is to investigate if there are differences between RFR 2/ IFRS 15 and K3 in revenue recognition relating to information value, special key figures and dividend opportunities. Furthermore, this study will investigate and show which regulation is most beneficial from a stakeholder and creditor perspective. To achieve the purpose of this study, three hypothetical cases have been designed based on three different industries. The methodology for this study is a qualitative content analysis with a abductive approach. The result from our three hypothetical cases indicate that there are some difference between the standards RFR 2/ IFRS 15 and K3 but in the majority of our cases they recognize the revenue in the same way. In hypothetical case 1 there are a difference in when and how the revenue is allocated, which has an effect on financial ratios and dividens. The purpose of the study is to compare the two different standards and examine if one is more beneficial than the other. The conclusion is that there are both pros and cons with both regulations, therefore it is difficult to conclude which regulation is the most beneficial. Neither from a creditors perspective can we make the conclusion that one of the standards are more favorable based on our hypothetical cases for these group of interests. To be a

Bakgrund: Hållbarhet har blivit ett allt mer aktuellt ämne och kan ge effekter på ett företags finansiella utveckling. Tidigare forskning har studerat inverkan av denna effekt på ett finansiellt plan. På senare tid har forskning inom ämnet studerat specifika finansiella aspekter av hållbarhet. Ett av dessa ämnen är sambandet mellan hållbarhet och utdelning, vilket denna uppsats kommer behandla. Detta är ett intressant ämne bland annat för den enskilda investeraren som sannolikt undrar om det går att maximera sin vinst samtidigt som investeringen är hållbar. Syfte: Syftet med denna uppsats är att analyserasambandet mellan svenska mid-samt large cap-bolags ESG-poäng och deras utdelningspolicy. Detta är av intresse då företagen är i en position där de måste ta ansvar för sitt hållbarhetsarbete, något som kan ha betydelse för bolagets finanser men även investerarens. Författarna avser att uppfylla syftet genom att testa om det finns ett samband mellan ett företags ESG-poäng och storleken samt stabiliteten i utdelningar. Metod: Uppsatsens metod är kvantitativ med en deduktiv ansats. Datamaterialet har inhämtats från Thomson Reuters och de statistiska modeller som tillämpas är univariat analys, multivariatanalys samt robusta standard error test. Resultat: Utifrån den insamlade data och genomförda statistiska testernakan författarna se ett positivt samband mellan ett företags ESG-poäng och storleken på deras utdelning. Vidare anser författarna att det inte finns ett tydligt samband mellan ett företags ESG-poäng och dess stabilitet i utdelningen., Title: Sustainability, a factor affecting a company’s dividends policy? Authors: Klas Bergquist and Amel Skrijelj Supervisor: Katarina Eriksson Background: One of the trending subjects the last couple of years that companies have had to adapt to is sustainability. Sustainability has affected organizations in many ways, one being their financial development. Previous studies have shown interest within the subject. However, they have only considered the financial aspect from a general perspective. In recent years the perspective has changed, and new studies have considered the relationship between sustainability and the dividend policy. This is of great interest for companies as well as for private investors, given that investors are in a position where they can choose between maximizing their profit only or also invest sustainable. Purpose: The purpose of this study is to analyze the relationship between ESG score and dividend policy for mid- and large cap companies on the Swedish market. This is of interest for both the company and the investors. To fulfill the aim of the study, the authors are going to test the relationship between a company`s ESG score and dividend policy, the size as well as the stability. Methodology: The methodology applied is a quantitative study with a deductive approach. Thomson Reuters has been used to collect the data sample and to analyze the data we applied a univartiate analysis, multivariate analysis and robust standard error test. Results: The authors have found a positive relationship between a company ́s ESG score and the size of the company ́s dividend. Furthermore, there is no strong connection between the stability of its dividend and their ESG score.

One of the most fundamental issues in the accounting area is when an income is to be reported.Depending on the time at which an income is reported, the income can have a significant rolefor what a company's financial reports will look like. In 2002, the IASB and FASB agreed tojointly develop a common international revenue standard. The aim of the collaboration was todevelop a more robust and consistent framework, in order to increase comparability in revenuerecognition between different companies, markets and countries. Basically, all Swedishunlisted companies that are classified as larger companies must prepare their accounts inaccordance with the Swedish regulations K3. However, Swedish major unlisted companies canvoluntarily choose to apply the international accounting standard IFRS by applying theSwedish recommendation RFR 2.The purpose of this study is to investigate and account for the similarities and differences thatarise in the income statement for Swedish unlisted companies through the voluntary applicationof the international standard RFR 2/IFRS 15 versus the Swedish counterpart in the regulatoryframework K3. By applying three self-constructed typing cases, the study aims to clarify thesimilarities and differences that arise between income recognition according to RFR 2/IFRS 15versus K3 with regard to income taxation, dividend possibilities and key figures linked toprofitability and capital structure.The results of the study show that there are both similarities and differences between the RFR2/IFRS 15 and K3 regulations. In the three typical cases, differences arise between the timewhen the income is to be reported and the amounts to which it is accounted for at eachindividual time. This, in turn, means that differences arise with regard to income taxation,dividend opportunities and key figures linked to profitability and capital structure. However,based on the three types of cases that have been constructed, it is not possible to identify whichregulatio, En av de mest fundamentala frågorna inom redovisningsområdet är när en intäkt ska redovisas.Beroende vid vilken tidpunkt som en intäkt redovisas så kan intäkten ha en betydande roll förhur ett företags finansiella rapporter kommer att se ut. Under 2002 kom IASB och FASBöverens om att tillsammans utveckla en gemensam internationell intäktsstandard. Målet medsamarbetet var att utveckla ett mer robust och konsekvent ramverk, för att öka jämförbarheteninom intäktsredovisningen mellan olika företag, marknader och länder. I grund och botten skaalla svenska onoterade företag som klassificeras som större företag upprätta sin redovisningenligt det svenska regelverket K3. Svenska större onoterade företag kan emellertid frivilligtvälja att tillämpa den internationella redovisningsstandarden IFRS genom att tillämpa densvenska rekommendationen RFR 2.Syftet med denna studien är att undersöka och redogöra för vilka likheter och skillnader somuppstår vid intäktsredovisningen för svenska onoterade företag genom frivillig tillämpning avden internationella standarden RFR 2/IFRS 15 kontra den svenska motsvarigheten i regelverketK3. Genom tillämpning av tre egenkonstruerade typfall så syftar studien till att tydliggöra vilkalikheter och skillnader som uppstår mellan intäktsredovisning enligt RFR 2/IFRS 15 kontra K3med hänseende till inkomstbeskattning, utdelningsmöjligheter och nyckeltal kopplade tillräntabilitet och kapitalstruktur.Resultatet av studien visar att det existerar både likheter och skillnader mellan regelverken RFR2/IFRS 15 och K3. I de tre typfallen uppstår skillnader mellan tidpunkten då intäkterna skaredovisas och till vilka belopp de ska redovisas till vid varje enskild tidpunkt. Detta medför isin tur att skillnader uppstår med hänseende till inkomstbeskattning, utdelningsmöjligheter ochnyckeltal kopplade till räntabilitet och kapitalstruktur. Utifrån de tre typfall som harkonstruerats så går det dock inte att identifiera vilket regelverk som är mest fördelaktigt för d

Dividend policy is about a company’s decision related to the retention of profit and distribution of profit. In this study, the objective is to understand the effects of dividend policy on share prices for the selected companies in the Indonesian stock exchange. The findings of the study are that higher dividend yield stocks along with higher pre-tax risk adjusted returns give investor some compensation for the disadvantageous position of tax return. The findings are matching with the Brennan’s model (Brennan, 1970). The findings of the study also pointed out that increase in a company’s stock trading volume influence the share prices and investors who wanted current investment income owned shares in high dividend payout firms. Free cash flow is causing conflict between management and shareholders and this is another important finding of the study. Overall, results shows that a company’s dividend policy influence its share prices.

The article is devoted to the formation of the electrical industry in Russia and its development in the regions, in particular - in the Urals. It is this industry that is innovative for Russia in the context of the country’s transition to economic modernization at the turn of the 19th-20th centuries developed the most intensively. The leading form of association is becoming joint-stock companies, which have shown steady growth in the manufacturing sector. The article discusses the activities of electrical companies presented in the collection: “Joint-stock enterprises in Russia according to the official data of the Ministry of Trade and Industry and the Ministry of Finance” and other statistical collections. These sources contain important information about the founders of joint-stock companies, the amount of capital and reserve capital, dividends paid, etc. The analysis made it possible to establish that on the eve of 1917, out of 54 major enterprises in this industry, six leading electrical engineering firms had their branches or departments, as well as warehouses in the Urals, mainly in Yekaterinburg. It is concluded that electrical engineering enterprises in Yekaterinburg begin to develop quite actively already at the end of the 19th century, which corresponds to the all-Russian indicators., Статья посвящена становлению электротехнической отрасли в России и ее развитию в регионах, в частности на Урале. Именно эта инновационная для России отрасль производства в условиях перехода страны к экономической модернизации на рубеже XIX-XX вв. развивалась наиболее интенсивно. Ведущей формой объединения становятся акционерно-паевые предприятия, которые демонстрировали устойчивый рост в производственном секторе. В статье рассмотрена деятельность электротехнических компаний, представленных в сборнике «Акционерные предприятия в России по официальным данным Министерства торговли и промышленности и Министерства финансов» и других статистических сборниках. Эти источники содержит важную информацию об учредителях акционерных компаний, размерах основного и запасного капитала, выплачиваемых дивидендах и т.п. Проведенный анализ позволил установить, что накануне 1917 г. из 54 основных предприятий этой отрасли шесть ведущих электротехнических фирм имели свои филиалы или отделения, а также склады на Урале, в основном в Екатеринбурге. Сделан вывод о том, что электротехнические предприятия в Екатеринбурге начинают достаточно активно развиваться уже в конце XIX в., что соответствует общероссийским показателям.

This paper examines investor preferences for holding stocks with different dividend yields in a low market interest rate environment. Using a unique dataset reflecting the ultimate stock ownership in publicly traded Swedish firms, we examine if different categories of investors have specific preferences for dividends and the size of the dividend yield. We find that domestic institutional investors, unlike foreign investors, have higher holdings in stocks with a high dividend yield. Using multivariate analysis, we document that stock portfolios with dividend-paying stocks outperform those with non-dividend-paying stocks. After controlling for the size of the dividend yield, we obtain mixed results involving stock performance for dividend-paying stocks and the results indicate no strong difference in the period following cuts in market interest rates.

Den 10 mars 2000 blev det lagligt för publika aktiebolag att köpa tillbaka sina egna aktier i Sverige. Företag har därefter tagit tillfället i akt och använt detta distributionssätt. Denna studie syftar till att undersöka huruvida det finns skillnader i olika branscher gällande aktieåterköp under tidsperioden 2011–2019. Branscherna som studerades var industri, läkemedel, fastigheter, dagligvaror och telekommunikation. Undersökningen utfördes för att se om branschtillhörighet hade en inverkan på företag som använder sig av aktieåterköp. Samtliga företag som ingår i undersökningen är noterade på Nasdaq OMX Stockholm, Large-Cap. Studien använde en kvantitativ metod med en deduktiv ansats. Ett hypotestest utfördes som sedan prövades med en regressionsanalys för att se om det fanns signifikanta skillnader på aktieåterköp i olika branscher. Resultatet påvisade att det inte fanns några signifikanta branschskillnader, och branschtillhörighet har därför ingen inverkan på huruvida ett företag använder sig av aktieåterköp. Resultatet i denna studie går i linje med Higgins (1972) studie The corporate dividend-saving decision som menade att valet av utdelningspolitik inte påverkas av branschen företaget befinner sig i., On March 10, 2000, it became legal for public limited companies to buy back their own shares in Sweden. Companies have since taken the opportunity and used this method of distribution. This study aims to examine whether there are differences in different industries regarding share repurchases during the period 2011-2019. The industries studied were pharmaceuticals, real estate, industry, consumer goods and telecommunications. The survey was conducted to see if industry affiliation had an impact on companies that use share repurchases. All companies included in the survey are listed on Nasdaq OMX Stockholm, Large-Cap. The study used a quantitative method with a deductive approach. A hypothesis test was performed which was then tested with a regression analysis to see if there were significant differences in share repurchases in various industries. The results showed that there were no significant industry differences, and industry affiliation therefore has no effect on whether a company uses share repurchases. The results of this study are in line with Higgins' (1972) study the corporate dividend-saving decision, which stated that the choice of dividend policy is not affected by the industry the company operates in.

Intäktsredovisning har länge varit ett omdebatterat problemområde inom redovisning. Under 1990- och 2000-talet utspelades redovisningsskandaler inom intäktsredovisning vilket startade utvecklingen av en ny internationell intäktsstandard. Den nya intäktsstandarden, IFRS 15 Intäkter från avtal med kunder, antogs år 2014 av både IASB och FASB. Syftet med IFRS 15 var att skapa en allt mer jämförbar och transparent finansiell rapportering. Företag har därmed möjlighet att tillämpa regelverket K3 alternativ intäktsstandarden IFRS 15 genom Rådet för finansiell rapporterings rekommendation RFR 2. Standarden IFRS 15 trädde i kraft den 1 januari 2018.Syftet med studien är att undersöka ifall det förekommer skillnader mellan regelverken RFR2/IFRS 15 och K3 vid intäktsredovisning avseende informationsvärde, särskilda nyckeltal och utdelningsmöjligheter. Vidare utreds vilket regelverk som är mest fördelaktigt utifrån ett intressentperspektiv och borgenärsperspektiv. För att uppnå studiens syfte har tre typfall konstruerats som berör entreprenadbranschen, fastighetsbranschen och IT branschen. Metoden som tillämpas i studien är en kvalitativ innehållsanalys med en abduktivforskningsansats. Resultatet av typfallen visar att det förekommer en viss skillnad mellan regelverken RFR 2/IFRS 15 och K3 men att i majoriteten av våra typfall sker redovisningen av intäkterna på samma sätt. I typfall 1 uppstår det skillnader i tidpunkten och fördelningen vid redovisning av intäkter vilket får effekter på nyckeltal och utdelning. Syftet med studien är att jämföra regelverken och se om något av dessa är mer fördelaktigt än det andra. Slutsatsen är att det finns för och nackdelar med båda regelverken och det är svårt att utifrån dessa typfall konstatera att det ena regelverket skulle vara mer fördelaktigt än det andra, det är helt situationsbaserat. Utifrån ett borgenärsperspektiv kan vi inte heller dra någon slutsats att något av regelverken skulle vara mer gynnsamt för denna intressentgrupp uti, Revenue accounting has long been a debated issue in accounting. During the 1990s and 2000s accounting scandals in revenue accounting were played out, this led to the development of anew international revenue recognition standard. This new revenue recognition standard called IFRS 15 Revenue from contracts with customers was approved in 2014 by both IASB and FASB Board. The purpose of IFRS 15 is to create an increasingly comparable and transparent financial reporting. Companies can choose between the regulation K3 alternative the standard IFRS 15 by applying the recommendation RFR 2. The revenue standard IFRS 15 entered into force on January 1, 2018.The purpose of this study is to investigate if there are differences between RFR 2/ IFRS 15 and K3 in revenue recognition relating to information value, special key figures and dividend opportunities. Furthermore, this study will investigate and show which regulation is most beneficial from a stakeholder and creditor perspective. To achieve the purpose of this study, three hypothetical cases have been designed based on three different industries. The methodology for this study is a qualitative content analysis with a abductive approach. The result from our three hypothetical cases indicate that there are some difference between the standards RFR 2/ IFRS 15 and K3 but in the majority of our cases they recognize the revenue in the same way. In hypothetical case 1 there are a difference in when and how the revenue is allocated, which has an effect on financial ratios and dividens. The purpose of the study is to compare the two different standards and examine if one is more beneficial than the other. The conclusion is that there are both pros and cons with both regulations, therefore it is difficult to conclude which regulation is the most beneficial. Neither from a creditors perspective can we make the conclusion that one of the standards are more favorable based on our hypothetical cases for these group of interests. To be a

Bakgrund: Hållbarhet har blivit ett allt mer aktuellt ämne och kan ge effekter på ett företags finansiella utveckling. Tidigare forskning har studerat inverkan av denna effekt på ett finansiellt plan. På senare tid har forskning inom ämnet studerat specifika finansiella aspekter av hållbarhet. Ett av dessa ämnen är sambandet mellan hållbarhet och utdelning, vilket denna uppsats kommer behandla. Detta är ett intressant ämne bland annat för den enskilda investeraren som sannolikt undrar om det går att maximera sin vinst samtidigt som investeringen är hållbar. Syfte: Syftet med denna uppsats är att analyserasambandet mellan svenska mid-samt large cap-bolags ESG-poäng och deras utdelningspolicy. Detta är av intresse då företagen är i en position där de måste ta ansvar för sitt hållbarhetsarbete, något som kan ha betydelse för bolagets finanser men även investerarens. Författarna avser att uppfylla syftet genom att testa om det finns ett samband mellan ett företags ESG-poäng och storleken samt stabiliteten i utdelningar. Metod: Uppsatsens metod är kvantitativ med en deduktiv ansats. Datamaterialet har inhämtats från Thomson Reuters och de statistiska modeller som tillämpas är univariat analys, multivariatanalys samt robusta standard error test. Resultat: Utifrån den insamlade data och genomförda statistiska testernakan författarna se ett positivt samband mellan ett företags ESG-poäng och storleken på deras utdelning. Vidare anser författarna att det inte finns ett tydligt samband mellan ett företags ESG-poäng och dess stabilitet i utdelningen., Title: Sustainability, a factor affecting a company’s dividends policy? Authors: Klas Bergquist and Amel Skrijelj Supervisor: Katarina Eriksson Background: One of the trending subjects the last couple of years that companies have had to adapt to is sustainability. Sustainability has affected organizations in many ways, one being their financial development. Previous studies have shown interest within the subject. However, they have only considered the financial aspect from a general perspective. In recent years the perspective has changed, and new studies have considered the relationship between sustainability and the dividend policy. This is of great interest for companies as well as for private investors, given that investors are in a position where they can choose between maximizing their profit only or also invest sustainable. Purpose: The purpose of this study is to analyze the relationship between ESG score and dividend policy for mid- and large cap companies on the Swedish market. This is of interest for both the company and the investors. To fulfill the aim of the study, the authors are going to test the relationship between a company`s ESG score and dividend policy, the size as well as the stability. Methodology: The methodology applied is a quantitative study with a deductive approach. Thomson Reuters has been used to collect the data sample and to analyze the data we applied a univartiate analysis, multivariate analysis and robust standard error test. Results: The authors have found a positive relationship between a company ́s ESG score and the size of the company ́s dividend. Furthermore, there is no strong connection between the stability of its dividend and their ESG score.

One of the most fundamental issues in the accounting area is when an income is to be reported.Depending on the time at which an income is reported, the income can have a significant rolefor what a company's financial reports will look like. In 2002, the IASB and FASB agreed tojointly develop a common international revenue standard. The aim of the collaboration was todevelop a more robust and consistent framework, in order to increase comparability in revenuerecognition between different companies, markets and countries. Basically, all Swedishunlisted companies that are classified as larger companies must prepare their accounts inaccordance with the Swedish regulations K3. However, Swedish major unlisted companies canvoluntarily choose to apply the international accounting standard IFRS by applying theSwedish recommendation RFR 2.The purpose of this study is to investigate and account for the similarities and differences thatarise in the income statement for Swedish unlisted companies through the voluntary applicationof the international standard RFR 2/IFRS 15 versus the Swedish counterpart in the regulatoryframework K3. By applying three self-constructed typing cases, the study aims to clarify thesimilarities and differences that arise between income recognition according to RFR 2/IFRS 15versus K3 with regard to income taxation, dividend possibilities and key figures linked toprofitability and capital structure.The results of the study show that there are both similarities and differences between the RFR2/IFRS 15 and K3 regulations. In the three typical cases, differences arise between the timewhen the income is to be reported and the amounts to which it is accounted for at eachindividual time. This, in turn, means that differences arise with regard to income taxation,dividend opportunities and key figures linked to profitability and capital structure. However,based on the three types of cases that have been constructed, it is not possible to identify whichregulatio, En av de mest fundamentala frågorna inom redovisningsområdet är när en intäkt ska redovisas.Beroende vid vilken tidpunkt som en intäkt redovisas så kan intäkten ha en betydande roll förhur ett företags finansiella rapporter kommer att se ut. Under 2002 kom IASB och FASBöverens om att tillsammans utveckla en gemensam internationell intäktsstandard. Målet medsamarbetet var att utveckla ett mer robust och konsekvent ramverk, för att öka jämförbarheteninom intäktsredovisningen mellan olika företag, marknader och länder. I grund och botten skaalla svenska onoterade företag som klassificeras som större företag upprätta sin redovisningenligt det svenska regelverket K3. Svenska större onoterade företag kan emellertid frivilligtvälja att tillämpa den internationella redovisningsstandarden IFRS genom att tillämpa densvenska rekommendationen RFR 2.Syftet med denna studien är att undersöka och redogöra för vilka likheter och skillnader somuppstår vid intäktsredovisningen för svenska onoterade företag genom frivillig tillämpning avden internationella standarden RFR 2/IFRS 15 kontra den svenska motsvarigheten i regelverketK3. Genom tillämpning av tre egenkonstruerade typfall så syftar studien till att tydliggöra vilkalikheter och skillnader som uppstår mellan intäktsredovisning enligt RFR 2/IFRS 15 kontra K3med hänseende till inkomstbeskattning, utdelningsmöjligheter och nyckeltal kopplade tillräntabilitet och kapitalstruktur.Resultatet av studien visar att det existerar både likheter och skillnader mellan regelverken RFR2/IFRS 15 och K3. I de tre typfallen uppstår skillnader mellan tidpunkten då intäkterna skaredovisas och till vilka belopp de ska redovisas till vid varje enskild tidpunkt. Detta medför isin tur att skillnader uppstår med hänseende till inkomstbeskattning, utdelningsmöjligheter ochnyckeltal kopplade till räntabilitet och kapitalstruktur. Utifrån de tre typfall som harkonstruerats så går det dock inte att identifiera vilket regelverk som är mest fördelaktigt för d

This study examines how the relation of earnings and payout is influenced by country-level moderators of investor protection and creditor rights. By using an international sample with 42,148 firm-year observations in 3,658 firms during the years 2001-2017, I find that earningspayout relation is strong. Further, I present evidence that the earnings-payout relation is alleviated in weak investor protection and creditor right countries due to the negative influence of dividends. Although share repurchases positively impact the strong earnings-payout relation, the positive effect of share repurchases is weaker compared to the negative one of dividends. As a consequence, in weak investor protection and creditor right countries, the strong earnings-payout relation is alleviated when it is tested with the logit regression.

This study examines how the relation of earnings and payout is influenced by country-level moderators of investor protection and creditor rights. By using an international sample with 42,148 firm-year observations in 3,658 firms during the years 2001-2017, I find that earningspayout relation is strong. Further, I present evidence that the earnings-payout relation is alleviated in weak investor protection and creditor right countries due to the negative influence of dividends. Although share repurchases positively impact the strong earnings-payout relation, the positive effect of share repurchases is weaker compared to the negative one of dividends. As a consequence, in weak investor protection and creditor right countries, the strong earnings-payout relation is alleviated when it is tested with the logit regression.

La obtención de ganancias es uno de los motivos por los cuales los socios constituyen una sociedad, pero en la práctica societaria, estas pretensiones pueden quedar anuladas por la mayoría de la Junta General. El artículo 348 bis LSC viene a instaurar medidas protectoras al socio minoritario, aunque lo hace de forma deficiente por la redacción del propio artículo, Profit-making is one of the reasons why people constitute a company, but on corporate practice, these objectives can be cancelled by the rest of the Shareholders Meeting. The Article 348 bis LSC comes to instituting protective measures to the minority shareholder, although it is deficient due to the wording of the article itself.

Föreliggande uppsats avser bidra till att fylla gapet till den svenska forskningen om utdelningspolitiken för familjeföretag i Sverige. Studier om utdelningspolitik i familjeföretag och vilka faktorer som påverkar den är förhållandevis marginell. Studien analyserar familjeföretag listade på OMX Stockholm under tidsperioden 2005-2018. Ett urval om 25 företag har inkluderats i studien och bortfallen summeras till 11 företag. Ett av studiens t-test fördelade familjeföretagen i två grupper, de som ägde över och under 50 procent av de röstberättigade aktierna. t-testet undersöker hypotes 1. Resultatet visar att det inte är statistiskt säkerställt att majoritetsägande påverkar utdelningsnivån. Hypotes 2 undersöks genom ett t-est. Vid genomförandet av t-testet utformades subgrupper till de två ovannämnda grupperna. Subgrupperna ställdes mot varandra för att undersöka en skillnad i utdelningsnivå. Hypotes 1 och 2 accepterades för båda t-testen som undersöktes med en signifikansnivå på 5 procent. Utöver t-testen har det genomförts en multivariat analys. Med hjälp av den multivariata analysen identifierades ett negativt samband mellan ägarkoncentration och utdelningsnivå, samt ett positivt samband mellan lönsamhet och utdelningsnivå., This paper seeks to fill the gap in Swedish research about dividend policy. Studies about which key numbers that affect the dividend policy in family firms are marginal. The study involves family firms listed on OMX Stockholm between 2005 til 2018. One of the studies t-tests examine families that have majority positions and minority positions. The result is not statistical reliable. Therefore the t-test cannot show a difference in the average dividend payout ratio with a significance level at 5 percent. A Multivariate analysis has been made. It shows a negative correlation between ownership and dividend payout ratio. The variables profit and dividend payout ratio has a positive correlation.

Titel: Sambandet mellan en goodwillnedskrivning och framtida ekonomiska utfall Nivå: C-uppsats i ämnet företagsekonomi Författare: Anna Gullholm och Malin Karlsson Handledare: Fredrik Hartwig Datum: Juni - 2019 Syfte: Syftet med studien är att identifiera om en nedskrivning av goodwill enligt IAS 36 har effekter på framtida utfall såsom kassaflöde, resultat och utdelning i svenska företag noterade på Nasdaq Stockholm och NGM. Metod: Denna kvantitativa studie tillämpar en hypotetisk-deduktiv forskningsansats och har ett positivistiskt synsätt som vetenskaplig utgångspunkt. Den data studien baseras på samlas in från databasen Thomson Reuters Eikon och bearbetas sedan i SPSS där korrelations- samt regressionsanalyser genomförs. Utifrån dessa analyser besvaras studiens syfte. Resultat och slutsats: Studien finner inte några statistiskt signifikanta resultat som ger belägg för att en nedskrivning av goodwill leder till ett lägre framtida kassaflöde eller en lägre framtida utdelning. Däremot visar studiens resultat att en goodwillnedskrivning påverkar företags resultat negativt året efter nedskrivningen. Uppsatsens bidrag: Studien ger ett teoretiskt bidrag genom att belysa att det föreligger samband mellan en nedskrivning av goodwill och framtida ekonomiska utfall. Resultaten avseende kassaflöde och utdelning skiljer sig från tidigare forskning medan studien kan bekräfta tidigare forskningsresultat som finner att en nedskrivning av goodwill har en negativ påverkan på företags resultat. Vidare ger studien ett praktiskt bidrag då resultaten kan vara användbara för investerare och analytiker., Title: The relationship between a goodwill impairment and future financial outcomes Level: Final assignment for Bachelor Degree in Business Administration Author: Anna Gullholm and Malin Karlsson Supervisor: Fredrik Hartwig Date: June - 2019 Aim: The purpose of the study is to identify whether an impairment of goodwill according to IAS 36 has effects on future outcomes such as cash flow, earnings and dividends in Swedish companies listed on Nasdaq Stockholm and NGM. Method: This quantitative study applies a hypothetical-deductive research approach and has a positivistic approach as a scientific starting point. The data this study is based on is gathered from the database Thomson Reuters Eikon and is then processed in SPSS where correlation and regression analyses are performed. Based on these analyses, the purpose of the study is answered. Result and conclusions: The study does not find any statistically significant results that provide evidence that an impairment of goodwill leads to a lower future cash flow or a lower future dividend. On the other hand, the results from the study show that a goodwill impairment affects companies' earnings negatively the year after the impairment. Contribution of the thesis: The study gives a theoretical contribution by illustrating that there is a correlation between an impairment of goodwill and future financial outcomes. The results relating to cash flow and dividends differ from previous research while the study can confirm previous research results that finds that an impairment of goodwill has a negative impact on companies' earnings. Furthermore, the study provides a practical contribution, as the results can be useful for investors and analysts.

Trenden med stort fokus på utdelning bland investerare håller i sig år 2019 och storbolagen förväntas betala ut över 250 miljarder svenska kronor. Bolag undviker att sänka sin utdelning, oavsett om det går bra eller dåligt, för att inte ge signaler om negativa framtidsutsikter. Den aktuella studien undersöker om den svenska aktiemarknaden, i enlighet med signaleringsteorin, följer de signaler som bolagsledningen sänder ut genom sin utdelning. Studien är en eventstudie och har en kvantitativ ansats med ett eventfönster på 11 dagar och en estimeringsperiod på 120 dagar. Urvalet består av 89 bolag från Stockholmsbörsens Large Cap lista. Resultatet visar en signifikant abnormal avkastning vid sänkt utdelning i linje med signaleringsteorin. Vid oförändrad eller höjd utdelning återfinns ingen signifikant abnormal avkastning och därmed finns inget stöd för signaleringsteorin. Slutsatsen är att den svenska aktiemarknaden följer signaleringsteorin vid sänkt utdelning men inte vid höjd., The trend with a strong focus on dividends among investors is continuing in 2019 and the major companies are expected to pay out over SEK 250 billion. Companies avoid reducing their dividends in order to prevent signals of negative prospects. The current study investigates whether the Swedish stock market, in accordance with the signaling theory, follows the signals that corporate management sends out through its dividend. This study is an event study and has a quantitative approach with an event window of 11 days and an estimation period of 120 days. The sample consists of 89 companies from the Stockholm Stock Exchange's Large Cap list. The result show a significant abnormal return on reduced dividends in line with the signaling theory. With unchanged or increased dividends there is no significant abnormal return, hence there is no support for the signaling theory. The conclusion is that the Swedish stock market follows the signaling theory when the dividend is reduced, but not when increased.

This paper examines the effect of corporate governance quality on firms’ payout policy. We analyze a global sample of 3,904 firms (25,773 firm-year observations) over the period 2002-2016. I find that corporate governance quality is positively related to payout ratios, consistent with the perspective of the free cash flow hypothesis (Jensen, 1986) and the outcome dividend model (LLSV, 2000). Moreover, consistent with findings of Mitton (2004) the positive relationship between firm’s corporate governance and dividend payout mainly holds for countries with strong shareholder or creditor protection, suggesting that firm-level corporate governance and country-level protection rights are complements rather than substitutes. This study also shows that firms with high corporate governance quality are less likely to disburse cash to their shareholders when controlling for country-level shareholder rights. Furthermore, this study contributes to the existing literature by investigating share repurchases and finds that well governed firms distribute less cash through share repurchases and total payout when they experience high growth opportunities. Moreover, the results suggest that countries that experience stronger shareholder and creditor rights reduce the positive impact that corporate governance quality has on share repurchases and total payout.

Bakalářská práce se zabývá obchodováním s akciemi podle odvětví. V teoretické části je přiblížena problematika finančních a kapitálových trhů a základní kritéria hodnocení investic. Praktická část se skládá z modelových příkladů, ve kterých je porovnávána výnosnost investic do zástupců energetického, finančního a telekomunikačního odvětví na trzích v České republice, USA a Německu. Na závěr práce jsou všechny modelové investice porovnávány a zhodnoceny., This bachelor thesis is applied on stock trading according to branch. In the theoretical part there are described financial and capital markets and basic criterion of investment valuation. Practical part of this thesis is consisted of invest examples into the representatives of energy, financial and telecommunication branch on markets in the Czech Republic, USA and Germany. All investments are compared and evaluated at the conclusion of this bachelor thesis., Fakulta ekonomicko-správní, Student prezentoval výsledky své bakalářské práce na téma Investování do akcií podle odvětví. Komise položila následující otázky: Která rizika považujete za více významná podle zemí či odvětví? Jaká je smysluplná minimální výše počáteční investice pro drobného investora? Student na otázky odpověděl. Jaká je výše transakčních nákladů investice? Proč nebyly v konkrétních případech uvažovány transakční náklady? Student na otázky odpovídal.

Föreliggande uppsats avser bidra till att fylla gapet till den svenska forskningen om utdelningspolitiken för familjeföretag i Sverige. Studier om utdelningspolitik i familjeföretag och vilka faktorer som påverkar den är förhållandevis marginell. Studien analyserar familjeföretag listade på OMX Stockholm under tidsperioden 2005-2018. Ett urval om 25 företag har inkluderats i studien och bortfallen summeras till 11 företag. Ett av studiens t-test fördelade familjeföretagen i två grupper, de som ägde över och under 50 procent av de röstberättigade aktierna. t-testet undersöker hypotes 1. Resultatet visar att det inte är statistiskt säkerställt att majoritetsägande påverkar utdelningsnivån. Hypotes 2 undersöks genom ett t-est. Vid genomförandet av t-testet utformades subgrupper till de två ovannämnda grupperna. Subgrupperna ställdes mot varandra för att undersöka en skillnad i utdelningsnivå. Hypotes 1 och 2 accepterades för båda t-testen som undersöktes med en signifikansnivå på 5 procent. Utöver t-testen har det genomförts en multivariat analys. Med hjälp av den multivariata analysen identifierades ett negativt samband mellan ägarkoncentration och utdelningsnivå, samt ett positivt samband mellan lönsamhet och utdelningsnivå., This paper seeks to fill the gap in Swedish research about dividend policy. Studies about which key numbers that affect the dividend policy in family firms are marginal. The study involves family firms listed on OMX Stockholm between 2005 til 2018. One of the studies t-tests examine families that have majority positions and minority positions. The result is not statistical reliable. Therefore the t-test cannot show a difference in the average dividend payout ratio with a significance level at 5 percent. A Multivariate analysis has been made. It shows a negative correlation between ownership and dividend payout ratio. The variables profit and dividend payout ratio has a positive correlation.

Titel: Sambandet mellan en goodwillnedskrivning och framtida ekonomiska utfall Nivå: C-uppsats i ämnet företagsekonomi Författare: Anna Gullholm och Malin Karlsson Handledare: Fredrik Hartwig Datum: Juni - 2019 Syfte: Syftet med studien är att identifiera om en nedskrivning av goodwill enligt IAS 36 har effekter på framtida utfall såsom kassaflöde, resultat och utdelning i svenska företag noterade på Nasdaq Stockholm och NGM. Metod: Denna kvantitativa studie tillämpar en hypotetisk-deduktiv forskningsansats och har ett positivistiskt synsätt som vetenskaplig utgångspunkt. Den data studien baseras på samlas in från databasen Thomson Reuters Eikon och bearbetas sedan i SPSS där korrelations- samt regressionsanalyser genomförs. Utifrån dessa analyser besvaras studiens syfte. Resultat och slutsats: Studien finner inte några statistiskt signifikanta resultat som ger belägg för att en nedskrivning av goodwill leder till ett lägre framtida kassaflöde eller en lägre framtida utdelning. Däremot visar studiens resultat att en goodwillnedskrivning påverkar företags resultat negativt året efter nedskrivningen. Uppsatsens bidrag: Studien ger ett teoretiskt bidrag genom att belysa att det föreligger samband mellan en nedskrivning av goodwill och framtida ekonomiska utfall. Resultaten avseende kassaflöde och utdelning skiljer sig från tidigare forskning medan studien kan bekräfta tidigare forskningsresultat som finner att en nedskrivning av goodwill har en negativ påverkan på företags resultat. Vidare ger studien ett praktiskt bidrag då resultaten kan vara användbara för investerare och analytiker., Title: The relationship between a goodwill impairment and future financial outcomes Level: Final assignment for Bachelor Degree in Business Administration Author: Anna Gullholm and Malin Karlsson Supervisor: Fredrik Hartwig Date: June - 2019 Aim: The purpose of the study is to identify whether an impairment of goodwill according to IAS 36 has effects on future outcomes such as cash flow, earnings and dividends in Swedish companies listed on Nasdaq Stockholm and NGM. Method: This quantitative study applies a hypothetical-deductive research approach and has a positivistic approach as a scientific starting point. The data this study is based on is gathered from the database Thomson Reuters Eikon and is then processed in SPSS where correlation and regression analyses are performed. Based on these analyses, the purpose of the study is answered. Result and conclusions: The study does not find any statistically significant results that provide evidence that an impairment of goodwill leads to a lower future cash flow or a lower future dividend. On the other hand, the results from the study show that a goodwill impairment affects companies' earnings negatively the year after the impairment. Contribution of the thesis: The study gives a theoretical contribution by illustrating that there is a correlation between an impairment of goodwill and future financial outcomes. The results relating to cash flow and dividends differ from previous research while the study can confirm previous research results that finds that an impairment of goodwill has a negative impact on companies' earnings. Furthermore, the study provides a practical contribution, as the results can be useful for investors and analysts.

Trenden med stort fokus på utdelning bland investerare håller i sig år 2019 och storbolagen förväntas betala ut över 250 miljarder svenska kronor. Bolag undviker att sänka sin utdelning, oavsett om det går bra eller dåligt, för att inte ge signaler om negativa framtidsutsikter. Den aktuella studien undersöker om den svenska aktiemarknaden, i enlighet med signaleringsteorin, följer de signaler som bolagsledningen sänder ut genom sin utdelning. Studien är en eventstudie och har en kvantitativ ansats med ett eventfönster på 11 dagar och en estimeringsperiod på 120 dagar. Urvalet består av 89 bolag från Stockholmsbörsens Large Cap lista. Resultatet visar en signifikant abnormal avkastning vid sänkt utdelning i linje med signaleringsteorin. Vid oförändrad eller höjd utdelning återfinns ingen signifikant abnormal avkastning och därmed finns inget stöd för signaleringsteorin. Slutsatsen är att den svenska aktiemarknaden följer signaleringsteorin vid sänkt utdelning men inte vid höjd., The trend with a strong focus on dividends among investors is continuing in 2019 and the major companies are expected to pay out over SEK 250 billion. Companies avoid reducing their dividends in order to prevent signals of negative prospects. The current study investigates whether the Swedish stock market, in accordance with the signaling theory, follows the signals that corporate management sends out through its dividend. This study is an event study and has a quantitative approach with an event window of 11 days and an estimation period of 120 days. The sample consists of 89 companies from the Stockholm Stock Exchange's Large Cap list. The result show a significant abnormal return on reduced dividends in line with the signaling theory. With unchanged or increased dividends there is no significant abnormal return, hence there is no support for the signaling theory. The conclusion is that the Swedish stock market follows the signaling theory when the dividend is reduced, but not when increased.