Penelitian ini menggunakan kebijakan dividen untuk mengetahui pengaruhnya terhadap nilai perusahaan. We find that there is a significant positive association between the performance of firms and the dividend payout of the sampled firms in Nigeria. In 2008 the financial crisis effect reached the peek and firms preferred to pay dividends rather than re-investing the retained earnings. Future studies can also consider and compare the determinants of dividend payments among banks in Africa. The annual reports for the period 2006-2010 were utilized as the main source of data collection for the 50 sampled firms.
Jenis data yang digunakan dalam penelitian ini berupa data kuantitatif. Other than that, dealing with investor attitude toward risk, and to balance between investors whom prefers capital gain, and investors whom prefers dividend earnings Arnold, 2008. To test the study hypotheses and to achieve its objectives, the annual financial reports of all manufacturing companies and other related data during the period 2011 to 2015 were analyzed. Purpose: The concept of dividend policy has been widely researched by scholars, however, a consensus on the factors that determine dividend policies among firms has not been yet established as findings differ depending on the industry and sector. Adjusted R shows that pay-out ratio and dividend yield effect on Tobin Q values increased by 1% after the financial crisis. It is recommended that firms in the sample should regularly pay dividend as it will cause an upward movement in the stock market prices. The figures were directly obtained from Bloomberg.
A value of 0 will indicate that the results are not reliable and the independent variables should be overlooked. The research work seeks to bring into limelight the assessment of dividend policy on the value of a firm. On average between 2005 and 2010, dividend yield and pay-out ratio affected share price volatility by about 7%. Murekefu and Ouma 2012 model had similar results to Amidu and found a significant positive relationship between dividend policy and firm performance. This invariably has forced part of the realized profits to be ploughed back. The results show positive relationships between return on assets, dividend policy, and growth in sales. Standard Deviation figures are relatively high but stable.
Sampel dipilih dengan metode purposive sampling. Other measures have been recommended to use. The first hypothesis is the naïve hypothesis, which emphasize that asset prices are irrelevant to the future pay-out. The conduct of dividend policy has been one of the most debatable issues in literature of corporate finance. Sumber data yang digunakan dalam penelitian ini berupa data sekunder.
The relationship after the crisis and in the long-term did not vary, it continues to show a negative relationship between 2008-2010 and a positive relationship in the long-term. Dividend payouts in small firms also show little sensitivity to performance. Throughout the movie, Mitch is faced with many personal ethical issues, such as balancing work-life demands and drinking on the job, as well as business ethical issues. The results propose a significant negative relationship between firms share price volatility and its industry, but a positive relationship between firms Tobin Q and return on assets with its industry. The regression analysis method was employed as a statistical technique for analysing the data collected. On the other hand it has different effects, while it sends mixed signals to investors, an increase in pay-out ratio is not necessary good news, and a decrease in pay-out ratio might benefit the firm in the long-term. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Cristina Tartavulea.
Dividend per share and dividend yield are used to measure dividend policy. It continues to show the non-significant relationship with share price volatility before the financial crisis, but after the crisis and in the long term the relationship became significantly negative, while it was insignificant. There results showed a significant negative relationship between firm size and share price volatility. Hypothesis Four; H0 Null Hypothesis : There is a negative relationship between dividend pay-out ratio and firms Tobin Q. Their study showed a negative relationship between debt ratio and dividend policy, the lower the debt ratio, the higher the dividend pay-out.
Both these aspects necessitate the use of limited dependent variable models in the analysis of dividend behavior. Only for small firms there is a significant negative relationship between dividend payouts and family ownership up to 10% of the company's stock and a positive relationship for family ownership between 10 and 35%. Al-Shabibi and Ramesh 2011 had inconsistent result to Baker and Powell findings. Adjusted R shows that the variables effect on share price volatility declined by 71% from 0. Data was processed from the financial statements of the sample. The independent variable dividend policy was measured using pay-out ratio and dividend yield.
Dividend yield results were not affected by debt ratio and continue to shows a significant negative relationship with share price volatility. Data was also extracted from the 2015 Ghana Banking Survey Report and the 2015 Bank of Ghana annual financial report. Threat of New Entrants In Airlines Industry, The threat of new entrants is low. It suggests that dividend pay-out ratio and debt ratio were strongly affected by the financial crisis. The major concern for managers is how much to pay as Dividend, should it be paid annually, semi-annually or quarterly Arnold, 2008. Although our treatment is novel when viewed from the perspective of standard financial theory, it provides explanations for a phenomenon that has long been described as perplexing.
Return on equity is used to measure firm performance. In this model market capitalisation was used for the preference of using a market value measurement and following Hussainey at el. On the other hand, there are no significant relationship between gross dividend payout, net dividend payout and share price. Although dividends gain have a tax disadvantage but yet managers keep paying it to send positive signals to investors who fear the future uncertainty Hussaine et al. The volatility of the Mean can be regressed to the changes in pay-out strategy of the firms. Table 11 shows the results of the second equation after adding the market capitalisation as control variable and holding others constant. The assumption that managers work for the best of shareholders have been questionable by new studies.