| Abstract [eng] |
The main subject of corporate finance studies dividend policy because it produces instant effects which affect company value and investor investment decisions. The research investigates how dividend policy affects the firm value of non-financial US companies during 2015-2024, which included unstable economic conditions and changing corporate dividend distribution methods. The research investigates how dividend policy affects firm value by studying particular characteristics of companies. The research will reach its goal through a detailed analysis of existing theoretical and empirical studies and by creating a panel data set that includes 25 U.S.-listed non-financial companies and using panel data econometric methods to analyze the results against current dividend theory knowledge. The research design uses quantitative methods that analyze data from Yahoo Finance, NASDAQ, and Macrotrends databases. Fixed effects and random effects panel regression models are estimated, with the Hausman specification test used to determine the appropriate model. The research uses diagnostic tests to solve problems with heteroskedasticity and serial correlation and to validate the stability of the obtained results. The research data shows that dividend payments create positive value for firms, which is statistically significant according to dividend signaling theory. The relationship between dividend yield and firm value shows a negative pattern because this metric moves in the opposite direction of stock market prices. The research findings demonstrate that dividend policy maintains its significance as a value driver for U.S. stock market companies even though share repurchase activities have become more prominent. The research findings from this master's thesis exist for educational use only. |
