University of Twente Student Theses
The firm-specific determinants of dividend payout policy for German listed firms
Hübers, Nick (2022) The firm-specific determinants of dividend payout policy for German listed firms.
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| Abstract: | This study investigates which firm-specific determinants affect the dividend payout policy of German listed firms in the time before the Covid-19 pandemic and during the Covid-19 pandemic. Therefore, financial and non-financial data about 301 German listed firms are exported from ORBIS. The firm-specific determinants are derived from the information asymmetry theory, the agency cost theory, and the life cycle theory. Both the propensity of dividend payout and the level of dividend payout are analyzed by a logit regression and an OLS regression, respectively. Overall, the results show that the propensity of dividend payout is dependent on the profitability, ownership structure, and firm size in both time periods. Second, the level of dividend payout is dependent on profitability and ownership structure between 2015-2018 and dependent on profitability and firm size between 2019-2021. For all other variables, firm age, leverage, and growth opportunities, no significant relation is found. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 85 business administration, organizational science |
| Programme: | Business Administration MSc (60644) |
| Link to this item: | https://purl.utwente.nl/essays/90771 |
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