scholarly journals The Effect of Dividend Policy on Stock Price: Evidence from the Indian Market

2019 ◽  
Vol 15 (1-2) ◽  
pp. 7-15
Author(s):  
Narinder Pal Singh ◽  
Aakarsh Tandon
Keyword(s):  
Regression Model ◽  
Stock Price ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Market Price ◽  
Hausman Test ◽  
Effect Model ◽  
The Relationship

One of the most debated issue in the field of corporate finance is the relationship between dividend policy and market price of share. There is good amount of literature for and against this issue. The present study has been undertaken to evaluate the effect of dividend policy on market prices of shares of Nifty 50 companies listed on the National Stock Exchange (NSE) for 2008–2017. The data have been analysed by employing multiple panel data regression models namely pooled regression, fixed effect model and random effect model. The Hausman test has been used to suggest the most appropriate regression model. The result of the Hausman test indicates that random effect model is more relevant in describing the relationship among the given variables. The results of the random effect regression model support the relevant approaches of dividend policy. Thus, we conclude that there is significant effect of dividend policy on the stock price of firms.

Effect of Dividend on Stock Price: A Case of Fuel and Power Industries in Bangladesh

2019 ◽  
Vol 9 (2) ◽  
pp. 87
Author(s):  
Mir Md Nazrul Islam
Keyword(s):  
Stock Price ◽  
Dividend Policy ◽  
Random Effect ◽  
Random Effect Model ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Return On Equity ◽  
Share Prices ◽  
Earnings Per Share ◽  
Effect Model

Dividend policy is an extensively researched topic in the arena of investments but still it remains an enigmatic that whether Dividend Policy affects the Stock Prices or not. The consequences of researches conducted in different stock markets are different. In Bangladesh, capital market investment is very essential and significant for the growth and market capitalization of domestic industry, trade and commerce. In current years Bangladesh had faced many precarious situations in its stock market. The Stock price reactions to the declaration of dividend of the fuel and power industry of Bangladesh are empirically examined. This study examines stock price reactions of listed dividend paying fuel and power industries in Dhaka stock exchange, Bangladesh for period of 11 years from of 2008-2018. This study will help us to make effective dividend decisions and effective implementation of dividend policies. In this study, Fixed Effect Model along with Random Effect Model have been used to estimate results. Both Models are implemented on panel data for explaining the association between dividend payments and share prices while controlling logarithm value of Profit after Tax, Earnings per Share and Return on Equity. The research is accompanied with a view to find whether the dividend announcement convey any evidence to the market that results a stock price volatility for adjusting the dividend announcement information while controlling the variables like Profit After Tax Earnings, Per Share and Return on Equity. The study also tested both the Models and found Random Effect Model is more significant than Fixed Effect Model. The result documented on the Random Effect Model shows that there are significant relationship with Retention Ratio, dividend per share and Return on Equity. In addition, Profit after tax shows the negative significant association and Earning per Shares insignificant with the share prices in Bangladesh Fuel and Power sector. 

The Relationship between environmental Financial accounting practices and Financial performance of industrial listed companies in Palestine Stock Exchange

2021 ◽  
pp. 12-31
Author(s):  
Nedal Fareed Abdallah
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Listed Companies ◽  
Least Square ◽  
Financial Accounting ◽  
Listed Firms ◽  
Effect Model ◽  
The Relationship

The research aimed to investigate the applicability of environmental financial accounting practices in the industrial listed companies in Palestine Exchange and to examine the relationship between the disclosure level of environmental financial accounting practices on the company’s financial performance. The research adopted the descriptive-analytical approach, and the analysis method involved a content analysis of the annual financial reports data which were collected from Industrial listed firms on the Palestine Stock Exchange for the period from 2015 to 2019, including the firms disclosed and not disclose EFAP. Ordinary least square (OLS), fixed effect model (FEM), and random effect model (REM) were employed for processing the data. The results reveal that there is a relationship between the EFAP and financial performance. In addition, there is a difference in financial performance between the group of firms disclosed and not disclosed EFAP. Based on the findings, some recommendations are given for motivating EFAP in the listed firms for improving financial performance.

scholarly journals Effect of Dividend on Stock Market Price: A Panel Data Approach

2020 ◽  
Vol 23 (1) ◽  
pp. 199-208
Author(s):  
Purna Man Shrestha
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Dividend Policy ◽  
Random Effect ◽  
Random Effect Model ◽  
Market Price ◽  
Lagrangian Multiplier ◽  
Return On Equity ◽  
Effect Model ◽  
The Impact

Dividend policy is major concern for investor, managers and policy makers. Proper dividend policy helps to achieve the wealth maximization goal of the firm. This study has examined the impact of dividend on stock market price of Nepalese enterprises. For this purpose 33 dividend paying companies listed on NEPSE has been selected as sample. Likewise, this study used unbalance panel data for the period of 2000/01 to 2018/19. Breusch and Pagan Lagrangian multiplier test concluded that Pooled regression model is not appropriate and Hausman test concluded that Random Effect model is not appropriate for the data used in this study. Thus, this study adopted Fixed Effect model to analyze the impact of dividend on stock market price. This study concluded that there is significant impact of dividend on stock market price of Nepalese enterprises after controlling return on equity, earnings per share and return on equity. Finally, this study concluded that cash dividend has significant negative and stock dividend has significant positive impact on stock market price of Nepalese enterprises.

scholarly journals PENGARUH PROFITABILITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN ANALISA DATA PANEL PADA MULTI-BISNIS DI BURSA EFEK INDONESIA PERIODE 2007-2017

2020 ◽  
Vol 8 (1) ◽  
pp. 15-27
Author(s):  
Jan Horas Veryady Purba
Keyword(s):  
Panel Data ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Random Effect ◽  
Random Effect Model ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Dividend Payout ◽  
Effect Model

The issue of dividends is very important to show the prospects for the company's growth in the future, and also important in the company's capital structure. Dividend policy can be influenced by profitability and other variables. In this study, profitability is chosen due to its role as main indicator that shows the company's capacity to pay dividends.  This study aims to analyze the effect of profitability on dividend policy. The study population is a company listed on the Indonesia Stock Exchange. Purposively selected eight companies that have a good liquidity category. Data for each company is taken from 2007 to 2017. With this data structure, the analysis used is panel data regression analysis. Panel data analysis models include the Common Effect Model (CEM) Fixed Effect Model (FEM) and Random Effect Model (REM). The best model was tested with the Chow test and Hausman Test and obtained The Fixed Effect Model. Dividend policy is measured by the variable dividend payout ratio. The findings in this study conclude that the dividend policy (Dividend Payout Ratio) is influenced by ROE, EPS and NPM, where these independent variables have a positive and significant influence on DPR.

scholarly journals Karakteristik Perusahaan dan Pemilihan Kebijakan Akuntansi

2020 ◽  
Vol 3 (1) ◽  
pp. 39
Author(s):  
Adilla Khairina ◽  
Nova Novita
Keyword(s):  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Firm Characteristics ◽  
Policy Choices ◽  
Effect Model ◽  
Investment Opportunity Set ◽  
Stock Exchange Of Thailand ◽  
The Relationship ◽  
Accounting Policy

This research focuses on the relationship between firm characteristics and the choice of accounting policies by examining their accounting-policy disclosure Agroindustrial companies registered in Southeast Asia are represented by Malaysia, Thailand and Indonesia. This research uses positive accounting theory and agency theory. The research investigates managers’ decisions related to accounting methods using panel data from the year 2014-2018. This study uses a sample of Agro-industry companies in 3 countries in ASEAN during the 2014-2018 period.Thirty companies listed on Bursa Malaysia, Stock Exchange of Thailand and Bursa Efek Indonesia were analyzed by using random-effect model. The result shows that financial leverage and ownership concentration are significant determinants of accounting policy choice. However, this paper did not find a significant relationship between accounting policy choices and profitability, firm size, investment opportunity set, and assets-in-place. The results of the study were also influenced by global commodity market that is experiencing a decline in the last three years. Keywords:   ASEAN; Accounting Policy Choices; Firm Characteristics; Income; Agroindustry; Earnings Management

Analisis Pengaruh Kepemilikan Blockholder, Kepemilikan Manajerial, Kepemilikan Institusional, dan Komite Audit terhadap Nilai Perusahaan

2018 ◽  
Vol 2 (1) ◽  
pp. 96-121
Author(s):  
Iwan Wirawardhana ◽  
Meco Sitardja
Keyword(s):  
Firm Value ◽  
Audit Committee ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Estimation Model ◽  
Effect Model ◽  
Positive Effect

The aim of this study is to analyse the effect of Blockholder Ownership, Managerial Ownership,Institutional Ownership, and Audit Committee towards Firm Value. The background of this research isthe agency theory and ownership theory. The population in this study are 46 property companies listedon the Indonesia Stock Exchange (IDX) for the period 2012-2016. By using purposive samplingtechnique, 35 companies are qualified as data samples. This research uses the random effect model asthe estimation model and multiple regression as the method of analysis. The results of this study showsthat Institutional Ownership has a positive effect on Firm Value. Meanwhile, Blockholder Ownership,Managerial Ownership, and Audit Committee have no effect on Firm Value. Moreover, the F-testimplies that the variables, blockholder ownership, managerial ownership, institutional ownership, andaudit committee, simultaneously influence firm value.

scholarly journals Cyp2C19*2 Polymorphism Related to Clopidogrel Resistance in Patients With Coronary Heart Disease, Especially in the Asian Population: A Systematic Review and Meta-Analysis

2020 ◽  
Vol 11 ◽  
Author(s):  
Ying Sun ◽  
Qing Lu ◽  
Xuefei Tao ◽  
Biao Cheng ◽  
Guoxing Yang
Keyword(s):  
Gene Polymorphism ◽  
Meta Analysis ◽  
Random Effect ◽  
Random Effect Model ◽  
Asian Population ◽  
Fixed Effect Model ◽  
Clopidogrel Resistance ◽  
Effect Model ◽  
The Relationship ◽  
Allele Model

In recent years, the relationship between Cyp2C19*2 gene polymorphism and clopidogrel resistance reflected by platelet function assay has been studied extensively, but there is no clear conclusion yet. In order to evaluate the relationship between Cyp2C19*2 gene polymorphism and clopidogrel resistance more accurately, meta-analysis was conducted in this study. The I2 value taking 50% as the limit, the heterogeneity is judged as high or low, and then a random effect model or a fixed effect model is selected for statistical analysis. PubMed, EMBASE, Web of Science, CNKI, and China Wanfang database were searched, and the related literatures from the establishment of the database to May 2020 were collected and analyzed by STATA 15.0 software. A total of 3,073 patients were involved in 12 studies, including 1,174 patients with clopidogrel resistance and 1,899 patients with non-clopidogrel resistance. The results of this study showed that allele model (A vs. G): OR = 2.42 (95%CI: 1.97–2.98); dominant model (AA+GA vs. GG): OR = 2.74 (95%CI: 2.09–3.59); recessive model (AA vs. GA+GG): OR = 4.07 (95%CI: 3.06–5.41); homozygous model (AA vs. GG): OR = 5.70 (95%CI: 4.22–7.71); heterozygote model (GA vs. GG): OR = 2.32 (95%CI: 1.76–3.07), the differences were statistically significant. Also, the analysis of the Ethnicity subgroup indicated that the Asian allele model and the other four gene models were statistically significant. In conclusion, Cyp2C19*2 gene polymorphism is strongly associated with clopidogrel resistance. Allele A, genotype GA, AA, and GG + GA can increase clopidogrel resistance, especially in the Asian population.

scholarly journals Analisis Faktor-Faktor yang Mempengaruhi Jumlah Penduduk di Kota Semarang Menggunakan Metode Regresi Data Panel

2019 ◽  
Vol 12 (2) ◽  
pp. 36-41
Author(s):  
Prizka rismawati Arum
Keyword(s):  
Panel Data ◽  
Random Effect ◽  
Geographical Area ◽  
Random Effect Model ◽  
Factors Affecting ◽  
Effect Model ◽  
Panel Data Regression ◽  
Data Regression ◽  
The Relationship ◽  
Number Of Births

Residents are all people who live in the geographical area of Indonesia for six months or more and or those who have been domiciled for less than six months but aim to settle. Population growth is caused by two components, namely: fertility and mortality. To find out how big the relationship between the  population and the number of births and deaths in each sub-district of Semarang, must observed in several specific time periods and places at once. So in this study, the panel data regression method was used. In panel data regression testing, the results show that the panel data regression model formed to determine the factors that influence the level of population is the random effect model. In this model all assumptions are fulfilled. Significant factors affecting population are number of births. Births and deaths affect the population of 99.95% and the remaining 0.05% is influenced by other factors not examined Penduduk adalah semua orang yang berdomisili di wilayah geografis Indonesia selama enam bulan atau lebih dan atau mereka yang berdomisili kurang dari enam bulan tetapi bertujuan menetap. Pertumbuhan penduduk diakibatkan oleh dua komponen yaitu: fertilitas dan mortalitas. Untuk mengetahui seberapa besar keterkaitan antara jumlah penduduk dengan jumlah kelahiran dan kematian di setiap kecamataan Kota Semarang, harus diamati dalam beberapa periode waktu tertentu dan beberapa tempat secara bersamaan. Sehingga dalam penelitian ini digunakan metode regresi data panel. Dalam pengujian regresi data panel, didapatkan hasil bahwa Model regresi data panel yang terbentuk untuk mengetahui faktor-faktor yang mempengaruhi tingkat jumlah penduduk adalah model random Effect. Pada model tersebut semua asumsi terpenuhi. Faktor yang signifikan mempengaruhi jumlah penduduk adalah jumlah kelahiran. Kelahiran dan kematian mempengaruhi jumlah penduduk sebesar 99.95% dan sisanya sebesar 0.05% dipengaruhi oleh faktor- faktor lain yang tidak di teliti.    

scholarly journals pengaruh ukuran perusahaan, profitabilitas, solvabilitas dan aerning variability terhadap kebijakan dividen perusahaan manufaktur di daftar efek syariah (DES) periode 2012-2017

2020 ◽  
Vol 6 (10) ◽  
pp. 2126
Author(s):  
Nanda Shelia ◽  
Ari Prasetyo
Keyword(s):  
Firm Size ◽  
Dividend Policy ◽  
Random Effect ◽  
Random Effect Model ◽  
Manufacturing Companies ◽  
Estimation Model ◽  
Statistical Tool ◽  
Effect Model ◽  
Analysis Technique ◽  
Manufacturing Company

This study aims to determine the effect of firm size, profitability, solvency and earnings variability to dividend policy of Manufacturing Companies in Daftar aefek Syariah (DES) period 2012-2017.This research uses quantitative approach with panel data regression analysis technique. Statistical tool used is software Stata (Statistics and Data) 14. Population in this research is a manufacturing company in Daftar Efek Syariah (DES). The sample used in this study are 19 manufacturing companies in the Daftar Efek Syariah (DES). The observation period of the study starts from 2012 to 2017. Based on the best estimation model, Random Effect Model (REM) shows that firm size, profitability, solvency and earning variability variables influence simultaneously and significantly to dividend policy of manufacturing company in Daftar Efek Syariah (DES). Partially variable of firm size and earning variability have positive and significant impact, solvability variable have a negative and significant impact, and profitability variable have an insignificant impact to dividend policy of manufacturing company in Daftar Efek Syariah (DES) period 2012-2017.Keywords: Dividend Policy, Company Size, Profitability, Solvency, Earning Variability

scholarly journals PENGARUH KEPEMILIKAN INSTITUSIONAL, INTELLECTUAL CAPITAL, DAN LEVERAGE TERHADAP FINANCIAL DISTRESS

2019 ◽  
Vol 2 (2) ◽  
pp. 27
Author(s):  
Saskhia Irving Maest Purba
Keyword(s):  
Intellectual Capital ◽  
Financial Distress ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Effect Model ◽  
Panel Data Regression ◽  
Data Regression

The purpose of this study is to determine the influence of institutional ownership (KI), intellectual capital (IC) and Leverage (DER) to financial distress (Springate) financial distress condition. Independent variables in this study are institutional ownership (KI), intellectual capital (IC) and Leverage (DER) and financial distress (Springate) partially or simultaneously. Population in this study is Manufacture companies’s sector listed on Indonesia Stock Exchange in 2014-2017. The sampling technique was using purposive sampling, obtained 128 sample data and use Panel data regression analysis using software Eviews 10. Random effect model was chosen after 3 regression panel test. Simultaneously, all the independet variables have significant effect to dependent variable (financial distress). Partially intellectual capital (IC) have negative significant effect with to financial distress. Leverage (DER) have positive significant effect to financial distress. But institutional ownership (KI) have no significant effect to financial distress. Keyword: Financial distress, Institutional Ownership, Intellectual Capital, Leverage

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