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The thesis is a quantitative study examining the correlation between IPO underpricing andinside ownership and whether subgroups' significance has a greater effect on underpricing.The methodology of this study involved employing OLS regression analysis. Literature on IPO underpricing and ownership is primarily focused on the relationship between institutionalinvestors. Furthermore, previous literature on IPOs and ownership have been conducted onthe dilution of inside ownership post-introduction and retention rate concerning the firm's quality. The contribution of the study is to the literature on IPO underpricing and asymmetricinformation due to inside ownership. In addition to previous literature, regarding underpricingof IPOs and the asymmetric information between inside and outside ownership. The resultsindicate that inside ownership increases underpricing of IPOs and that the subgroups CEO andBoard of Directors significantly influence underpricing in the Swedish stock market. Thestudy also investigated whether underpricing was affected by insider holding during uncertainperiods such as the COVID-19 pandemic, but no evidence supporting this hypothesis wasfound.

Studien syftar till att undersöka sambandet om huruvida bolag ökar eller minskar sin utdelning när olika styrelse och VD specifika variabler förändras. Undersökta variabler avser andel kvinnor i styrelsen, styrelsens storlek och styrelsemedlemmars interna aktieinnehav. Med tillämpning av en kvantitativ panelstudie baserad på en deduktiv ansats ämnar studien belysa hur sambanden ser ut för svenska börsnoterade bolag som inkluderas i OMXS30 under åren2009–2021. Genom ordinal probit regressioner kommer studiens empiriska resultat jämföras mot ett teoretiskt ramverk i syfte att förkasta eller bekräfta studiens hypoteser. Det teoretiska ramverket består av irrelevansteorin, agentteorin och Lintners utdelningspolicy.Resultatet finner skiftande stöd i studiens teoretiska ramverk. Andelen kvinnor uppvisar ett negativt samband, vilket står i kontrast till övervägande del av teorier och tidigare forskning. Styrelsens storlek uppvisar ett positivt samband gentemot utdelningsförändring, vilket går i linje med tidigare forskning. För internt innehav som förväntas vara negativt, återfinns ett svagt negativt samband för värdet på aktieinnehav för VD och styrelseordförande. Styrelseledamöternas aktieinnehav uppvisar i motsats ett positivt samband och styrka innehav visar ingen riktning i sitt samband. / The aim of this study is to explore the relationship between companies’ decision to increase or decrease their dividend and changes in board and CEO specific variables. The specificvariables refer to the proportion of women on the board, the size of the board and the internal shareholding of the board. Using a quantitative panel study with a deductive approach, the study explores this relationship by looking at companies included in the stock market indexOMXS30 during the years 2009–2021. The empirical results are compared against a theoretical framework to reject or confirm the study's hypotheses using ordinal probit regressions. The theoretical framework consists of the irrelevance theory, the agency theory and Lintner's dividend policy.The results show varied support in the theoretical framework. The proportion of women shows a negative relationship, which is inconsistent with most theories and previous research. The size of the board shows a positive relationship to dividend change, which is in line with previous research. For internal holdings, which are expected to be negative, a weak negative correlation is found for the value of shareholdings with the CEO and chairman of the board. In contrast, the board members' shareholdings show a positive relationship and strength holdings show no direction in their relationship.

The main purpose of this thesis is to examine the simultaneous determination of debt, dividend, and inside ownership policies in Sweden. We apply a simultaneous equation model estimated with 3SLS. The results reveal a positive two-way causal relationship between debt and dividend polices. We also find a two-way causal relationship between inside ownership and dividend policies, but dividends affect inside ownership in a positive way while inside ownership affects dividends in a negative way. Further, we find a relationship between inside ownership and debt policies, but any causality appears to run from inside ownership to debt in a negative way. This study supports the notion that the convergence of interest and the entrenchment theory are not mutually exclusive. We also show that a SEM estimated with 3SLS is justified empirically over the OLS and that the difference between using 3SLS compared to 2SLS is negligible in our model.