Adnan ALİ, Farzand Ali JAN, Ilyas SHARİF

165100

EFFECT OF DIVIDEND POLICY ON STOCK PRICES

Kar dağıtım politikasının borsa fiyatları üzerine etkisini incelemektedir.Çalışmanın amacı,kar dağıtım politikası ve borsa fiyatları arasında herhangi bir ilişkinin var olup olmadığını görmektir. 2001den itibaren 12 yıllık bir periyot için kazanılan karlar ve ödenen kar paylarına sahip olan KSE-100 indeksinde listelenmiş olan 45 tane finansal olmayan firmayı analiz ettik.Örnekleme için benimsenen teknik uygun örneklemedir.Bilginin doğası panel olduğu için, toplanmış regresyon,sabit ve rastgele etki testleri uygulanır. Hausman'ın testinin uygulanmasının ardından rastgele etki sonuçlarına yoğunlaşılır.Regresyon sonuçları, Bird tarafından, sahipler ödeme önceliğini bir dolarlık tahmin edilen kar dağıtım oranından çok bir dolarlık sermaye kazancına verirler iddiasını öne süren el teorisinde desteklendiği gibi her hisse için kar dağıtma ve dağıtmama oranlarının hisse                                                                                                                          1  Asisst.  Prof.,  Deparment  of  Management  Sciences  (SBBUS),  adnanmsd1458@gmail.com    Prof.  Dr.,  Comsats  University  of  Technology,  sevdam91@hotmail.com  3  Instutite  of  Business  and  Management  Sciences,  The  University  of  Agriculture,  Peshawar  senedi piyasası fiyatlarıyla önemli düzeyde bir ilişkisinin olmadığını, kar dağıtım ödeme oranının hisse senedi fiyatlarıyla önemli düzeyde pozitif bir ilişkisinin olduğunu göstermiştir.Vergiden sonraki kar,her bir hisse için kazanç ve özsermaye karlılık oranı 3 tane kontrol değişkenidir.Vergiden sonraki kar ile stok fiyatları arasında önemsiz bir ilişki vardır.Her bir hisse için kazançlar ile stok fiyatları arasında önemli düzeyde pozitif bir ilişki vardır.Özsermaye karlılık oranı ve hisse fiyatları arasında önemli düzeyde negatif bir ilişki vardır.Borsa fiyatlarında yukarı yönlü bir harekete sebep olacağı için örneklemdeki firmaların kar dağıtım paylarını düzenli olarak ödemeleri gerektiği yorumu yapılır.Oysa firmalar tarafından dağıtılmamış kar, borsa fiyatlarının değerinde azalma ile sonuçlanacaktır

KAR DAĞITIM POLİTİKASININ BORSAFİYATLARIÜZERİNE ETKİSİ

This investigates the effect of dividend policy on stock prices. Objective of the study is to see if there exists any relationship between dividend policy and stock prices. We analyzed 45 non-financial companies listed on KSE-100 index that have earned profits and paid dividend for a period of twelve year w.e.f. 2001. Technique adopted for sampling adopted is convenience sampling. As the nature of data is panel therefore, pooled regression, fixed and random effect tests are run. Random effect results are focused after applying Hausman's test.Regression Results witness that Dividend per Share andRetention Ratio havean insignificant relationship with Share Market Prices.Dividend Payout Ratio has a significant positive relationship with Share Prices as supported by the Bird in hand theory suggested that owners give preference to a dollar of estimated dividends over a likely dollar of capital gains. Profit after tax, Earning per share and Return on Equity are the three control variables. Profit after Tax has insignificant relation to Stock Prices. Earnings per Share have positive significant relation to Stock Prices. There is negative significant relation between Return on Equity and Share Prices. It is recommended that firms in the sample should regularly pay dividend as it will cause an upward movement in the stock market prices. Whereas profit retention by firms will result in a decrease in the value of the stock market prices
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Business and Management Studies: An International Journal-Cover
  • ISSN: 2148-2586
  • Yayın Aralığı: 4
  • Başlangıç: 2013
  • Yayıncı: ACC Publishing
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