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State or Private ownership - The impact on performance and dividend payout

Dihle, Didrik Enger; Nilsson, Vegard Cordes
Master thesis
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URI
http://hdl.handle.net/11250/2577638
Date
2018
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  • Master of Science [1116]
Abstract
This paper explores the impact state and private ownership have on return on

assets and dividend payouts on a large sample of private and public limited

liability companies in Norway. We test the impact using random-effects models

on data for the time period 2002-2015. Our results are consistent with theory,

which suggests that state ownership offers lower profitability and dividend

payouts. We find that state-owned enterprises offer an average return on assets of

4.3192% while private-owned enterprises offer an average return on assets of

8.4738%. State-owned enterprises yield an average dividend payout ratio of

10.8798% while privately owned enterprises yield 24.4069%. By controlling for

other factors, we find that state ownership negatively impacts return on assets and

dividend payouts.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018
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Handelshøyskolen BI

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