رئوس مطالب

  • چکیده
  • 1. مقدمه
  • 2. بازنگری مطالب
  • 3. چارچوب تئوریک
  • 3.1 تئوری بی ربطی سود سهام میلر و مودیلیانی
  • 3.2 تئوری " همه دارایی خودت را روی یک چیز سرمایه گذاری نکن "
  • 3.3 تئوری ترجیح مالیاتی
  • 3.4 محتوی اطلاعات سود های سهام
  • 3.5 تاثیرات مشتریان
  • 3.6 مدل سود های سهام باقی مانده
  • 4. روش شناسی تحقیق
  • 4.1 فرضیات
  • 4.2 منابع داده
  • 4.3 نمونه
  • 4.4 دوره نمونه و داده
  • 4.5 متغیر هایی که قرار است استفاده گردند
  • 4.6 مدل آماری
  • 5. یافته های آماری
  • 5.1 تحلیل داده
  • برگشتی سرمایه دارایی ها
  • اندازه شرکت
  • رشد در فروش ها
  • نسبت R/E
  • 5.2 یافته های مدل رگرسیون
  • یافته های مدل تاثیر ثابت
  • 6. خلاصه و نتیجه گیری ها

Abstract

This current study is aimed at investigation of a relationship between two important segments of investor expectations relating to cash dividends’ policy and wealth of shareholders. A number of research attempts have still to find an exact relationship. This study relies on a data that is gathered from sixty eight companies from Karachi Stock Exchange. For some companies the financial year concludes in December while for others in June. The analysis is spread in two categories; in one of the category 37 firms that close their accounts in June are taken for the period 2003 to 2007 whereas in the second category 31 firms are taken which close their accounts in December. The study period for the second category is from year 2004 to 2007. Ordinary least squares and fixed effect model are used to estimate regression equation by taking stock returns as explained variable and dividend payout ratio as explanatory variable. The results of the analysis show that returns have a negative correlation with dividend policy and firm size and have a positive correlation with return on assets, price-earning ratio and growth of the company for the companies with year ended June. For the companies with year ended December returns are negatively correlated with size of the firm, dividend payout ratio, and return on assets. The analysis reveals that OLS Model is not a good model for estimation of returns, but fixed effects model is a good model that can be used for estimation purposes.

Keywords: - -

Summary and conclusions

Earlier studies related to dividend policy and shareholder‟s wealth failed to identify any obvious relationship between the shareholders‟ wealth and dividend policy. In some cases dividend policy increases the shareholder‟s value; in some cases it decreases the shareholder‟s wealth. This study makes an attempt to investigate any relation between dividend policy and shareholder‟s wealth. For this purpose 68 companies listed on Karachi Stock Exchange are taken as a sample for the required data. Ordinary Least Squares and Fixed Effect Model are used to estimate the regression equations. Other variables include Return on assets, P/E Ratio, growth in sales and size of the company. Findings show that returns in stocks are negatively correlated with dividend policy and firm size while returns are positively correlated with return on assets, P/E Ratio and growth of the company for the companies with year ended June. For the companies with year ended December returns are negatively correlated with dividend payout ratio, size of the firm and return on assets whereas returns are positively correlated with growth of the company and P/E Ratio. The analysis also reveals that OLS Model is not a good model for estimation of returns, but fixed effects model is a good model that can be used for estimation purposes.

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