Dividend Policy Features of Family-Owned Companies in Western Europe

Student: Chebotareva Vlada

Supervisor: Pavel Malyshev

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2020

This paper examines how family ownership influences the payout of dividends. Using a sample of Western European pubic companies over the period 2015-2019, we find that family-owned companies do not tend to pay less dividends, but the dividends are higher among non-family firms. Moreover, we have found that dividends are more stable for non-family firms. We also confirmed that, if compared to non-family companies, family companies are reluctant to have high leverage. Our analysis reveals that possession of company shares by CEO increases dividend payments. Keywords: Dividend policy, CEO, ownership structure, family ownership, leverage, Western Europe

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