Vad förklarar förändringen i nästa års utdelning? - En undersökning av kreditbetygets påverkan
Sammanfattning: Purpose: The main purpose of this thesis is to examine what explains cor-porations’ future dividend change. More explicit this thesis in-tends to examine the effects of a change in credit rating as well as examine if previously observed relationships holds on the Euro-pean market. Methodology: This quantitative study has an explorative orientation with a de-ductive approach. Secondary cross-sectional data is being ana-lyzed with both OLS and logistic regressions. Theoretical perspective: The underlying theories for this thesis are the irrelevance theory, signal theory, pecking order theory, free cash flow theory and the observed phenomenon stickiness of dividend. Empiric foundation: The data consists of 955 observations of corporations on the Eu-ropean market (STOXX 600) collected during the fiscal years 2010 - 2014. Conclusion: Compared with companies that have not experienced a change in credit rating, upgraded companies are more probable to increase their dividends and less probable to reduce it, while downgraded companies are less probable to reduce their dividends. These re-sults differ from previous research. On the European market, sig-nal theory and the phenomena stickiness of dividend are consid-erable factors in companies’ dividend decisions.
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