Suchergebnisse

Purpose- Motive and cause of this study is pursuing to examine the determinants of dividend payout ratios of KSE listed companies in Pakistan. Design- This study used the data of ten sectors of cement industry and these companies are listed in Karachi stock exchange, and data is drives by 2003-2012, enlarge the current research on dividend payout policy. Panel regression model used to estimate the results. Corporate profitability has always been considered as a leading independent variable of dividend payout ratio. Findings- There are multitudinal factors other than corporate profitability that influence dividend decisions of the firm like taxes, cash flow and debt to equity, sales growth. This research analyzes that profitability, tax, and cash flow have a significant relation with dividend payout ratio. And debt to equity and sales growth has insignificant relationship with dividend payout ratio. Research Limitations- This research failed to collect the data of different sectors listed on KSE except Cement industry. And collect the data of only one sector (cement). There are other determinants exist that have a huge effect on payout ratio, than these which are included in the research.

Purpose- Motive and cause of this study is pursuing to examine the determinants of dividend payout ratios of KSE listed companies in Pakistan. Design- This study used the data of ten sectors of cement industry and these companies are listed in Karachi stock exchange, and data is drives by 2003-2012, enlarge the current research on dividend payout policy. Panel regression model used to estimate the results. Corporate profitability has always been considered as a leading independent variable of dividend payout ratio. Findings- There are multitudinal factors other than corporate profitability that influence dividend decisions of the firm like taxes, cash flow and debt to equity, sales growth. This research analyzes that profitability, tax, and cash flow have a significant relation with dividend payout ratio. And debt to equity and sales growth has insignificant relationship with dividend payout ratio. Research Limitations- This research failed to collect the data of different sectors listed on KSE except Cement industry. And collect the data of only one sector (cement). There are other determinants exist that have a huge effect on payout ratio, than these which are included in the research.

The purpose of this study was to determine the effect of profitability, earnings per share and dividend payout ratio on stock prices. The research design used in this study are associative, which is to investigate the influence of the independent variable profitability, EPS and Parliament on the dependent variable stock price. The type of data in this study is the quantitative data obtained through secondary sources. Object of this research is the share price of listed companies in the stock index LQ 45. The population in this study are 30 companies listed in the stock index LQ 45 which is continuously paid a dividend every year during the period 2013-2014. Number samples are 28 companies that are determined by random sampling technique. The analysis technique used is the technique of panel data regression analysis with the help of eviews application. Based on the analysis we concluded that profitability, Earning Per Share and Dividend Payout Ratio is partially significant positive effect on stock prices.

Traditionally, it has been widely accepted that current reinvestments leads to future growth, and hence that there exists a negative relationship between dividend payout ratios and subsequent earnings growth at both the company and market level. Surprisingly, more recent research found a positive relationship between these two variables, rationalised in terms of management signalling positive future prospects through higher dividend payouts. Following the methodology developed by Arnott and Asness (2003), this study conducted an analysis in to which hypothesis is supported at the market level (proxied by the All Share Index) in South Africa, and how these findings compared to international market level findings. Furthermore, the findings were analysed within the context of the political and economic conditions unique to the South African market over the 1960-2014 study period. The results indicated a negative relationship between the payout ratio and subsequent earnings growth from 1960 to 2014. When the time period was subdivided into periods before and after 1994 (a year considered to be a structural break in South African political-economic history), a positive relationship was found from 1960-1994, while a negative relationship was found from 1994-2014. The possible explanations for this contradiction were investigated. For the counterintuitive pre-1994 result, several literature-based tests were conducted in order to eliminate possible explanations other than the link between payout ratio and earnings growth. Firstly, the tests were repeated for three and five year earnings growth periods. With regard to the five year period, although the coefficient for the payout ratio was positive from 1960-2014, the results were statistically insignificant. The subdivided regression periods, 1960-1994 and 1994-2014, also indicated less significant results. For the three year earnings growth period, the regression test generated positive coefficients for the payout ratio variable for all the time periods, with both sub-periods being statistically significant. The difference between the ten and three year subsequent earnings growth findings may have been as a result of South Africa companies making better long-term (ten year) than short-term (three year) investments during that time period. In addition, the possible impact of share repurchases, earnings yields as earnings growth predictors (i.e. the market valuation impact), and the possible role of mean reversion were all either considered, or statistically tested. Although the former two played no role, it was found that mean reversion was a statistically stronger predictor of future earnings growth on the index level than payout ratio. As the above result s differ not only from most (but not all) international studies, and also from the one company-level study previously conducted for South Africa, these differences were further investigated. In terms of the latter, it was found that the most likely reason for the discrepancy was that the previous researcher, who confined her study to JSE-listed industrial stocks, used nominal earnings growth data as opposed to real growth data. It is argued that this is an incorrect approach. Nonetheless, given that means reversion is as good, if not a better, predictor of earnings growth at the market level in South Africa, the traditional hypothesis that a higher payout ratio implies reduced future earnings growth, cannot be ruled out for the JSE.

Abstract. The aim of this study is to analyze the effect of ownership structure and cashflow to the non-financial firms' dividend payout ratio listed in Indonesian StockExchange (IDX). The samples of this study are 63 firms over the period 2009 – 2013.This study conducted in panel regression analysis using the random effect modelapproach. The result of regression found that largest shareholder and governmentownership give a positive effect to the payment of dividend. While institutionalownership and operating cash flow give a negative impact to the payment of dividend.Keywords: dividend, ownership structure, cash flowAbstrak. Penelitian ini bertujuan untuk menganalisis pengaruh ownership structuredan cash flow terhadap dividend payout ratio pada perusahaan non-keuangan yangterdaftar di Indonesia Stoack Exchange (IDX). Sampel penelitian ini adalah 63perusahaan dengan periode penelitian tahun 2009 – 2013. Penelitian ini dilakukandengan menggunakan panel regression analysis dengan pendekatan random effectmodel. Hasil regresi menunjukkan bahwa largest shareholder dan governmentownership memberikan pengaruh positif yang signifikan terhadap pembayaran dividen.Sementara institutional ownership dan operatingcash flow memberikan pengaruh negatif yang signifikan terhadap pembayaran dividen.Kata kunci: dividen, struktur kepemilikan, arus kas

. The aim of this study is to analyze the effect of ownership structure and cashflow to the non-financial firms' dividend payout ratio listed in Indonesian StockExchange (IDX). The samples of this study are 63 firms over the period 2009 – 2013.This study conducted in panel regression analysis using the random effect modelapproach. The result of regression found that largest shareholder and governmentownership give a positive effect to the payment of dividend. While institutionalownership and operating cash flow give a negative impact to the payment of dividend.

Formulation of the problem in this study is whether the Dividend Payout Ratio, Return on Assets and Return on Equity together and partially significant effect on Price Earning Ratio at LQ 45 in the Indonesia Stock Exchange. In the study used associative design. The dependent variable used is devident payout ratio, return on assets, and return on equity, while the independent variable is the price earnings ratio. The study population is 83 companies whose shares are included in LQ45 in December 2006- December 2010. The sample was selected is 27 shares of companies that have a certain criteria. The data used is secondary data, with the data collection technique is documentation. The techniques used in the analysis of multiple regression analysis. Based on the obtained results of the testing process 1) Parliament, ROA, ROE together influential significantly toward PER 2) There is a partial effect between Parliament ROA ROE against PER at companies belonging to the group LQ45 respectively 2,360

Real estate companies listed on the Warsaw Stock Exchange in recent years have changed their policy to pro-dividend and more and more often make decisions to pay increasing dividends. Hence a question arises about the target dividend payout ratio of these companies. In the article the Heckman model was proposed for estimating the target dividend payout ratio. It derives from the self-selection concept, which consists of two equations: probit equation of propensity to pay dividend and Lintner's partial adjustment equation. The conducted research has shown that Heckman's self-selection model proved to be a very good tool for analyzing dividend decisions not only because of formal properties ensuring the consistency of the parameters estimator but also because of an accurate description of the decision process, which is of a two-step nature (decision on payment — determining the payout level). This led to the conclusion that more willing to pay dividends for a given year were real estate domestic companies, which paid dividends for the previous year (sticky dividend effect) and were more profitable and that the relation between the market value to book value of assets ratio (Tobin's q ratio), and the propensity to pay dividends has an inverted U shape. The calculated target dividend payout ratio was 66,7% and the calculated speed of adjustment alpha = 0,626 indicates relatively slow reaching of the target.

The purpose of this study to know and analyze the Influence Earning Per Share (EPS), Price Earning Ration (PER), Price to Book Value (PBV) and Net Profit Margin (NPM) of the Dividend Payout Ratio (DPR) at a manufacturing company in Indonesia Stock Exchange year period 2012-2014 partial and simultaneous. The method used by the author was the correlation method, the technique of data collection was done by used secondary data such as financial statements manufacturing company in Indonesia Stock Exchange 2012-1014 period. The sample in this study manufacturing company in Indonesia Stock Exchange 2012-1014 period by 22 companies. In this study, the analysis used was multiple regression analysis. The results of data analysis showed EPS and PER negatively affect, PBV and DPR NPM significant effect on EPS DPR, and PBV PER NPM significant effect on the Parliament on Manufacturing Company in Indonesia Stock Exchange year period 2012-2014 Keywords: Earning Per Share (EPS), Price Earning Ration (PER), Price to Book Value (PBV), Net Profit Margin (NPM Dividend Payout Ratio(DPR)

Peraturan Pemerintah (PP) Nomor 1 Tahun 2017 which has been officially legalized by the Government of Indonesia in effort to encourage the establishment of smelter facilities in the country have an impact on mining companies, especially on the company's debt policy. This research aims to study the effect of institutional ownership, dividend payout ratio, tangibility, and firm size on company debt policy as measured by debt ratio. This research uses multiple linear regression analysis with secondary data in the form of annual reports and audited financial statement from mining sector companies listed on the Indonesia Stock Exchange in 2013-2015 period. From total population of 43 companies in the mining sector, 32 companies were selected to be the sample of this research with a total of 96 observations in 3 years. The results of this research indicate that from the four independent variables tested, institutional ownership and dividend payout ratio has an influence on debt policy, while tangibility and firm size have no influence on debt policy.

This research aimed to analyze the effect of profitability and capital structure on price book value with dividend payout ratio as a moderating variable in the goods industry consumption listed on the Indonesia Stock Exchange for the period of 2017-2020. The population in this research were 51 Consumer Goods Industries listed on the Indonesia Stock Exchange for the period of 2017-2020. The sample of this research amounted to 60 financial reports from 15 Consumer Goods Industries listed on the Indonesia Stock Exchange for the period of 2017-2020. The data analysis tool used Partial Least Square (PLS). The results of the analysis showed that profitability (return on equity) had an effect on Price Book Value in the Consumer Goods Industry listed on the Indonesia Stock Exchange for the period of 2017-2020. Capital structure affected the Price Book Value of the Consumer Goods Industry listed on the Indonesia Stock Exchange for the period of 2017-2020. Dividend Payout Ratio had no effect on Price Book Value in the Consumer Goods Industry listed on the Indonesia Stock Exchange the period of 2017-2020. Dividend Payout Ratio did not moderate the effect of profitability (return on assets) on Price Book Value in the Consumer Goods Industry listed on the Indonesia Stock Exchange the period of 2017-2020. Dividend Payout Ratio moderated the effect of profitability (return on equity) on Price Book Value in the Consumer Goods Industry listed on the Indonesia Stock Exchange the period of 2017-2020. Dividend Payout Ratio did not moderate the effect of capital structure on Price Book Value in the Consumer Goods Industry listed on the Indonesia Stock Exchange the period of 2017-2020.