scholarly journals A COMPARATIVE STUDY ON ANALYSIS OF DIVIDEND DETERMINANTS OF SELECTED METAL AND CEMENT COMPANIES

2021 ◽  
Vol 4 (2) ◽  
pp. 50-56
Keyword(s):  
Regression Analysis ◽  
Comparative Study ◽  
Stock Prices ◽  
Dividend Policy ◽  
Listed Companies ◽  
Cement Industry ◽  
Metal Industry ◽  
Significant Determinant ◽  
Retained Earnings ◽  
Real Assets

Dividends are commonly defined as the distribution of earnings (past or present) in real assets among the shareholders of the firm in proportion to their ownership. (Frankfurter and Wood) Literature regarding dividend has questioned the importance given by investors in receiving stable payments in the form of dividend vis a vis capital required by companies. This paper attempts to throw light on determinants of dividend policy and how can certain factors be considered before making a dividend decision. Metal and cement and cement products sector from Nifty 50 listed companies have been selected to know the determinants of dividend and their impact on stock prices for 10 years starting from 2009 to 2019. Regression analysis has been used to analyze the data. This study found that the earning per share is the significant determinant of dividend policy in metal industry while in cement industry the retained earnings are the significant determinant of dividend policy.

scholarly journals ANALISIS PENGARUH PERTUMBUHAN PERUSAHAAN, KEBIJAKAN UTANG, COLLATERALIZABLE ASSETS, DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2014

2016 ◽  
Vol 10 (1) ◽  
pp. 52-82
Author(s):  
Loh Wenny Setiawati ◽  
Lusiana Yesisca
Keyword(s):  
Regression Analysis ◽  
Firm Size ◽  
Stock Prices ◽  
Firm Growth ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Corporate Value ◽  
Debt Policy

Companies that issued shares to raise funds, must set aside some of the profits to be distributed as dividends. Dividend policy is a policy of how large distributions to the company's shareholders in proportion to the number of shares owned. Companies should establish a policy of dividend because the distribution of dividend will have an impact on corporate value as reflected in stock prices. This study uses multiple linear regression analysis which were processed using SPSS version 22. This study aimed to examine the effect on firm growth, debt policy, collateralizable assets, and firm size to dividend policy of the company. The sample used in this study were 105 companies listed in Indonesia Stock Exchange from the period 2012-2014. Empirically, it was found that the firm growth and firm size were affected to the dividend policy of the company, while the debt policy and collateralizable assets were not affected to the dividend policy of the company.

Dividend Policy and Practices in Select Corporate Firms of India and South-East Asia: A Comparative Study

1997 ◽  
Vol 1 (2) ◽  
pp. 11-20
Author(s):  
P.K. Jain ◽  
Manoj Kumar
Keyword(s):  
Comparative Study ◽  
East Asia ◽  
Dividend Policy ◽  
South East Asia ◽  
Dividend Policies ◽  
Retained Earnings ◽  
Policies And Practices

This paper examines and compares dividend policies and practices of select corporate firms in India and South-East Asia. The study confirms, as suggested by Lintner, that the firms prefer a stable dividend policy. Inter-industry variations, notwithstanding, retained earnings constitute an important source of funds for Indian firms; and the ratio shows a statistically significant increase in the post-liberalisation period.

scholarly journals What drives the dividend decisions in BRICS countries?

2021 ◽  
Vol 12 (3) ◽  
pp. 593-629
Author(s):  
Urszula Mrzygłód ◽  
Sabina Nowak ◽  
Magdalena Mosionek-Schweda ◽  
Jakub M. Kwiatkowski
Keyword(s):  
Dividend Policy ◽  
Value Added ◽  
Listed Companies ◽  
Stock Exchanges ◽  
Relevant Market ◽  
Firm Level ◽  
Brics Countries ◽  
Dividend Smoothing ◽  
The Individual ◽  
Retained Earnings

Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS? stock exchanges is scarce.  Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995?2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends? levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.

scholarly journals Dividend Policy and Its Impact on Stock Price – A Study on Commercial Banks Listed in Dhaka Stock Exchange

2014 ◽  
Vol 3 (1) ◽  
pp. 7-16 ◽  
Author(s):  
Abdullah Al Masum
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Commercial Banks ◽  
Stock Price ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Jel Classification ◽  
Market Returns ◽  
Stock Market Returns ◽  
Retained Earnings

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. JEL Classification Code: D78; E64; H54; R53; G21

scholarly journals Ukuran Perusahaan Memoderasi Pengaruh Profitabilitas, Free Cash Flow, dan Likuiditas pada Kebijakan Dividen

2020 ◽  
Vol 30 (4) ◽  
pp. 1034
Author(s):  
Made Dita Wahyuni ◽  
I Dewa Nyoman Badera
Keyword(s):  
Regression Analysis ◽  
Cash Flow ◽  
Firm Size ◽  
Research Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Analysis Technique ◽  
Retained Earnings ◽  
Positive Effect

Dividend policy is the company's decision to determine whether profits derived by the company will be distributed to shareholders in the form of dividends or will be used as retained earnings. Companies must pay attention to factors in determining dividend policy. This study aims to analyze the iinfluence of the effect of profitability, free cash flow, and liquidity on dividend policy with firm size as a moderating variable. This research was conducted at infrastructure, utilities, and transportation companies listed on the Indonesia Stock Exchange in 2016-2018. The sample research method used was purposive sampling. The data analysis technique used is Moderated Regression Analysis. Based on the results of the study, it is known that profitability and firm size do not affect dividend policy, meanwile free cash flow and liquidity have a positive effect on dividend policy. This study also found that firm size can strengthen the effect of profitability, free cash flow, and liquidity on dividend policy. Keywords: Profitability; Free Cash Flow; Liquidity; Dividend Policy; Firm Size.

COMPARATIVE STUDY OF KALINA CYCLES FOR WASTE HEAT RECOVERY IN THE CEMENT INDUSTRY

2016 ◽  
Author(s):  
Felipe Raul Ponce Arrieta ◽  
Elviro Pereira Barbosa Junior ◽  
Cláudio Silva
Keyword(s):  
Comparative Study ◽  
Heat Recovery ◽  
Waste Heat Recovery ◽  
Waste Heat ◽  
Cement Industry

How Moroccan institutional investors view dividend policy

2017 ◽  
Vol 43 (12) ◽  
pp. 1332-1347 ◽  
Author(s):  
H. Kent Baker ◽  
Imad Jabbouri
Keyword(s):  
Institutional Investors ◽  
Stock Prices ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Mail Survey ◽  
High Response Rate ◽  
Content Type ◽  
Listed Firms ◽  
Dividend Policies ◽  
Dividend Payments

Purpose The purpose of this paper is to examine how Moroccan institutional investors view dividend policy. It discusses the importance these investors attach to the dividend policy of their investee firms, how much influence they exercise in shaping investee firms’ dividend policies, their reactions to changes in dividends, and their views on various explanations for paying dividends. Design/methodology/approach A mail survey provides a respondent and firm profile and responses to 28 questions involving various explanations for paying dividends and 30 questions on different dividend issues. Findings Institutional investors attach substantial importance to dividend policy and prefer high dividend payments. Although liquidity needs are a major driver, taxes play little role in shaping dividend preferences. Respondents agree with multiple explanations for paying dividends giving the strongest support to catering, bird-in-the-hand, life cycle, signaling, and agency theories. Research limitations/implications Despite a high response rate, the number of respondents limits partitioning the sample and testing for significant differences between different groups. Practical implications The lack of communication between Casablanca Stock Exchange (CSE) listed firms and institutional investors may depress stock prices and increase volatility. The results suggest agency problems and a weak governance environment at the CSE. Originality/value This study documents the importance that institutional investors place on dividend policy, their reactions to changes in their investees’ dividend policy, and the methods used to influence these firms. It extends previous research by reporting the level of support Moroccan institutional investors give to various explanations for paying dividends.

Changes in Market Response to Stock Repurchases during the COVID-19 Crisis

2021 ◽  
Vol 50 (4) ◽  
pp. 411-437
Author(s):  
Kyung Hee Park
Keyword(s):  
Stock Prices ◽  
Market Reaction ◽  
Listed Companies ◽  
Shareholder Wealth ◽  
Stock Repurchases ◽  
Market Response ◽  
Stock Repurchase ◽  
South Korean ◽  
The Impact ◽  
A Company

This study analyzed the impact of COVID-19, which, in 2020, globally increased uncertainty about the stock repurchase of South Korean listed companies. The results suggest that the market reaction to stock repurchases during the COVID-19 period was significantly subdued. In particular, the market reaction to KOSPI companies, on stock repurchase, was positive, while it was negative in the case of KOSDAQ companies. It has also been reported that the market ranks lower on the reliability of the signal after the onset of COVID-19. This means that if a company discloses a stock repurchase in a situation where the value of the market as a whole has declined, it cannot be accepted as an undervalued signal. Furthermore, it was revealed that the market responded more positively to the announcement of repurchases by companies that had actively managed shareholder wealth by repeatedly making stock repurchases before COVID-19. These results suggest that companies should always be aware of this, as the market response to stock repurchases in market shockers such as COVID-19 is weaker. Additionally, managers can manage their stock prices more effectively through stock repurchases during market shockers if they consistently manage their stock prices through stock repurchases when companies are undervalued.

scholarly journals Climate Change Disclosures in the Annual Reports: Evidence from Bangladesh

2017 ◽  
Vol 9 (2) ◽  
pp. 88
Author(s):  
Pappu Kumar Dey ◽  
Mohammad Nakib ◽  
Probal Dutta
Keyword(s):  
Climate Change ◽  
Water Management ◽  
Global Warming ◽  
Content Analysis ◽  
Energy Saving ◽  
Banking Industry ◽  
Stock Exchange ◽  
Listed Companies ◽  
Cement Industry ◽  
Annual Reports

This study examines the nature and extent of climate change disclosures in the corporate annual reports of the listed companies in Dhaka Stock Exchange, Bangladesh. For this purpose, annual reports related to the year 2014 of the sample 88 listed companies have been scrutinized. In regard to this study, content analysis approach has been conducted considering thirteen different disclosure issues regarding climate change. Our analysis provides the comprehension of below average climate change disclosure practices by the Bangladeshi companies, though 58 percent companies have reported at least one issue on climate change and global warming. ‘Energy saving & efficiency’ and ‘water management & pollution’ are mostly reported issues that are industry specific requirements in some case. From the viewpoint of industry, Banking industry and Cement industry have started to report some issues related to the climate change, where 4 industries out of selected 17 industries have not provided any climate change disclosure. Disseminating climate change disclosure within 10 sentences by most of the reported companies manifests the desideratum of in-depth disclosure practices.

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