Effect of Dividend Policy on Share Holder’s Wealth
Global Journal of Management and Business Research
Finance
Volume 13 Issue 7 Version 1.0 Year 2013
Type: Double Blind Peer Reviewed International Research Journal
Publisher: Global Journals Inc. (USA)
Online ISSN: 2249-4588 & Print ISSN: 0975-5853
Effect of Dividend Policy on Share Holder’s Wealth: “A Study of Sugar Industry in Pakistan”
By Mohammad Salman Sarwar
University of Gujrat, Pakistan
Abstract - The present paper focuses on the impact of dividend policy on shareholder’s wealth in sugar industries of Pakistan. For this study we have selected the sample of 33 listed companies of sugar industry out of 36 at Karachi Stock Exchange from the food and producers sector. The data is collected for the period of 6 years from the year 2006 to 2011. For this study descriptive statistics and multiple regression analysis is used by taking dividend per share (DPS), earnings per share(EPS), Lagged Market Price Ratio (LMPR), Lagged Price Earnings Ratio (LPER) Price
Earnings Ratio (PER) Retained Earnings Ratio (RER) as independent variables and market price per share (MPS) as dependent variable. The R2 shows that 99% variations in MPS are due to the explanatory variables. The p value of the f statistic shows that all the regressors have jointly significant relationship with dependent variable (MPS).
Keywords : dividend policy, shareholder’s wealth, dividend per share (DPS), market price per share (MPS), price earnings ratio (PER), pakistan.
GJMBR-C Classification : JEL Code: L16, F65
EffectofDividendPolicyonShareHoldersWealthAStudyofSugarIndus- tryinPakistan Strictly as per the compliance and regulations of:
© 2013. Mohammad Salman Sarwar. This is a research/review paper, distributed under the terms of the Creative Commons
Attribution-Noncommercial 3.0 Unported License http://creativecommons.org/licenses/by-nc/3.0/), permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly
Finance
Volume 13 Issue 7 Version 1.0 Year 2013
Type: Double Blind Peer Reviewed International Research Journal
Publisher: Global Journals Inc. (USA)
Online ISSN: 2249-4588 & Print ISSN: 0975-5853
Effect of Dividend Policy on Share Holder’s Wealth: “A Study of Sugar Industry in Pakistan”
By Mohammad Salman Sarwar
University of Gujrat, Pakistan
Abstract - The present paper focuses on the impact of dividend policy on shareholder’s wealth in sugar industries of Pakistan. For this study we have selected the sample of 33 listed companies of sugar industry out of 36 at Karachi Stock Exchange from the food and producers sector. The data is collected for the period of 6 years from the year 2006 to 2011. For this study descriptive statistics and multiple regression analysis is used by taking dividend per share (DPS), earnings per share(EPS), Lagged Market Price Ratio (LMPR), Lagged Price Earnings Ratio (LPER) Price
Earnings Ratio (PER) Retained Earnings Ratio (RER) as independent variables and market price per share (MPS) as dependent variable. The R2 shows that 99% variations in MPS are due to the explanatory variables. The p value of the f statistic shows that all the regressors have jointly significant relationship with dependent variable (MPS).
Keywords : dividend policy, shareholder’s wealth, dividend per share (DPS), market price per share (MPS), price earnings ratio (PER), pakistan.
GJMBR-C Classification : JEL Code: L16, F65
EffectofDividendPolicyonShareHoldersWealthAStudyofSugarIndus- tryinPakistan Strictly as per the compliance and regulations of:
© 2013. Mohammad Salman Sarwar. This is a research/review paper, distributed under the terms of the Creative Commons
Attribution-Noncommercial 3.0 Unported License http://creativecommons.org/licenses/by-nc/3.0/), permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly
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