Impact Of Dividend Policy Earning Per Share Return On Equity Profit After Tax On Stock Prices PDF Download
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Author | : Ahmed Imran Hunjra |
Publisher | : |
Total Pages | : 7 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download Impact of Dividend Policy, Earning Per Share, Return on Equity, Profit After Tax on Stock Prices Book in PDF, ePub and Kindle
Purpose: The volatility in stock prices is one of the most discussed topics in finance. Many studies have been conducted to find the factors which cause fluctuation in stock prices and different results have been found. In this study an attempt has been made to see the affect of dividend yield, dividend payout ratio, return on equity, earning per share and profit after tax on stock prices in Pakistan. For this purpose four non financial sectors (Sugar, Chemical, Food and personal care, Energy) have been selected. A sample of 63 companies listed at Karachi stock exchange was analyzed for the period of 2006-2011. Methodology: Ordinary least square regression model has been applied on panel data. Findings: The results indicate dividend yield and dividend payout ratio which are both measures of dividend policy have significant impact on stock price. Dividend yield is negatively related with stock price and dividend payout ratio is positively related with stock price which means that these results are against dividend irrelevance theory. For other independent variables profit after tax and earnings per share have significant positive impact on stock price and return on equity which shows positive insignificant impact on stock price. Recommendations: This paper shows new insights for policy makers to improve the performance of Karachi stock exchange.
Author | : Abdullah Masum |
Publisher | : |
Total Pages | : 12 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Dividend Policy and Its Impact on Stock Price - A Study on Commercial Banks Listed in Dhaka Stock Exchange Book in PDF, ePub and Kindle
How do dividend policy decisions affect a firm's stock price, is a widely researched topic in the field of investments and finance but still it remains a mystery that whether dividend policy affects the stock prices or not. There are those who suggest that dividend policy is irrelevant because they argue a firm's value should be determine by the basic earning power and business risk of the firm, in which case value depends only on the income (cash) produced, not on how the income is split between dividends and retained earnings and opponents of this statement called dividend is irrelevance, that investors care only about the total returns they receive, not whether they receive those returns in the form of dividends, capital gains or both.The results of researches conducted in various stock markets are different. There are many internal and external factors, which simultaneously affect stock prices and it is almost impossible to segregate the effect of each so the variations remain. This paper empirically estimates excess stock market returns for all the thirty banks listed in Dhaka Stock Exchange for the period of 2007 to 2011. Attempts are made to examine, what kind of relationship exists between dividend policy and stock market returns of private commercial banks in Bangladesh, and to what degree the returns on stocks can be explained by their respective dividend policy for the same period of time. Various theories related to dividend policy are tested in various parts of the world with different results and findings. Various other articles are reviewed, written in Bangladesh and abroad to see the significance of dividend policy on the stock prices and to compare the results of this research with those conducted earlier. Sample size is large i.e. all the listed commercial banks of Dhaka Stock Exchange so the results are reliable and valid. Panel data approach is used to explain the relationship between dividends and stock prices after controlling the variables like Earnings per Share, Return on Equity, Retention Ratio have positive relation with Stock Prices and significantly explain the variations in the market prices of shares, while the Dividend Yield and Profit after Tax has negative, insignificant relation with stock prices. Overall results of this study indicate that Dividend Policy has significant positive effect on Stock Prices.
Author | : Thomas Herdieckerhoff |
Publisher | : GRIN Verlag |
Total Pages | : 18 |
Release | : 2015-03-25 |
Genre | : Business & Economics |
ISBN | : 3656928606 |
Download The Effect of a Dividend Payment on the Stock Price Book in PDF, ePub and Kindle
Essay from the year 2013 in the subject Business economics - Investment and Finance, grade: 100%, , language: English, abstract: This paper is an introduction to the effects that dividend payments have on the stock price and a discussion of various opinions about payment effects. One fundamental framework in this field of study has been the “dividend irrelevance theorem” by Modigliani and Miller (1961) that was published in the journal of business as a part of their analysis of “Dividend Policy, Growth, and the Valuation of Shares”. With a set of given assumptions they arrive at the conclusion that the dividend policy is irrelevant. As the second source I consult an article by the American stock exchange NASDAQ (2012) about the so-called “dividend capture strategy”, which I discuss skeptically. The third article I refer to interestingly holds the opposite of the NASDAQ article.
Author | : Kenneth James McKenzie |
Publisher | : |
Total Pages | : 40 |
Release | : 1996 |
Genre | : Corporations |
ISBN | : |
Download The Economic Effects of Dividend Taxation Book in PDF, ePub and Kindle
Author | : Byson Majanga |
Publisher | : |
Total Pages | : 7 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download The Dividend Effect on Stock Price-An Empirical Analysis of Malawi Listed Companies Book in PDF, ePub and Kindle
The estimation of a firm's stock price has been a subject of debate considering the various factors that cause its increase or decrease. Chief among the outstanding factors touted by most scholars is the amount of dividends declared by the firm to its stockholders. This paper aims at establishing if there exists such a direct relationship between a firm's dividends and its stock price with particular emphasis on the Malawi stock exchange. The study analyses secondary data sets of thirteen local companies listed on the Malawi Stock Exchange for the period 2008 to 2014 inclusive. Using the correlation analysis stock price as an independent variable, and dividends, retention ratio, profit after tax, earnings per share and return on equity, as dependent variables, over the seven years, the study shows a strong positive association between stock price The study therefore establishes that on the Malawi Stock Exchange (MSE), there is a strong positive relationship between a firm's dividends and its stock price on the stock market. The study further finds that stock price is an outcome of a number of factors, dividends being one of them and having a very significant contribution. The findings in this study will help investors, both potential and existing; as well as managers of listed companies, who are the stewards, to understand and appreciate the impact of dividend declaration or absence of it, on the psychology of stockholders which later affects the respective company's stock price on the stock exchange.
Author | : Ronald C. Lease |
Publisher | : Harvard Business Review Press |
Total Pages | : 248 |
Release | : 2000 |
Genre | : Business & Economics |
ISBN | : |
Download Dividend Policy Book in PDF, ePub and Kindle
With relevant anecdotes, surveys, examples, and research from the financial press, company documents, and academic literature, the book focuses less on mathematics and more on the intuition of share valuation as a function of dividend policy.
Author | : James E. Walter |
Publisher | : |
Total Pages | : 164 |
Release | : 1967 |
Genre | : Corporations |
ISBN | : |
Download Dividend Policy and Enterprise Valuation Book in PDF, ePub and Kindle
Author | : David E. Allen |
Publisher | : |
Total Pages | : 36 |
Release | : 1993 |
Genre | : Dividends |
ISBN | : 9781863422581 |
Download Dividend Policy and Stock Price Volatility Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 83 |
Release | : 2007 |
Genre | : Corporations |
ISBN | : 9781846632563 |
Download Payout Policy Book in PDF, ePub and Kindle
Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Author | : H. Kent Baker |
Publisher | : John Wiley & Sons |
Total Pages | : 552 |
Release | : 2009-05-04 |
Genre | : Business & Economics |
ISBN | : 0470455802 |
Download Dividends and Dividend Policy Book in PDF, ePub and Kindle
Dividends And Dividend Policy As part of the Robert W. Kolb Series in Finance, Dividends and Dividend Policy aims to be the essential guide to dividends and their impact on shareholder value. Issues concerning dividends and dividend policy have always posed challenges to both academics and professionals. While all the pieces to the dividend puzzle may not be in place yet, the information found here can help you gain a firm understanding of this dynamic discipline. Comprising twenty-eight chapters—contributed by both top academics and financial experts in the field—this well-rounded resource discusses everything from corporate dividend decisions to the role behavioral finance plays in dividend policy. Along the way, you'll gain valuable insights into the history, trends, and determinants of dividends and dividend policy, and discover the different approaches firms are taking when it comes to dividends. Whether you're a seasoned financial professional or just beginning your journey in the world of finance, having a firm understanding of the issues surrounding dividends and dividend policy is now more important than ever. With this book as your guide, you'll be prepared to make the most informed dividend-related decisions possible—even in the most challenging economic conditions. The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals.