This research is about the relationship between dividend policy and shareholder’s wealth from 37 mining companies listed in Indonesia Stock Exchange (IDX) from 2011 to 2013. Independent variable which is used in this research are dividend policy and profitability. Dividend policy is measured as dividend per share (DPS) and profitability is measured as Return On Equity (ROE). Dependent variable which is used in this research is shareholder’s wealth. Shareholders’ wealth is measured as Market Price Per Share (MPPS). Investment opportunity which is measured as fixed asset growth, is used as moderating variable which can strengthen the relationship between independent and dependent variable. The result of this research proves that dividend policy has significant influence to shareholder’s wealth, while investment opportunity, as a moderating variable, is proven to strengthen the relationship between dividend policy and shareholder’s wealth.
The major objective of any firm is to maximize the shareholders wealth. This is evidence through dividend yield and payout ratio and this encapsulate into the dividend policy of a company. The research purpose aimed at examining the influence that dividend policy has on the volatility of share prices among the listed insurance corporations in Kenya. Research design, approach and method: Data was collected from listed insurance corporations over a 10-year period with a total of 49 data points. The Pearson correlation and ordinary regression analysis were employed. The results reveal the existence of a positive link among the study variables. The correlations were found to be substantial at ninety-five percent confidence level. It is worth noting that the model summary shows forty-three-point one percent of changes in the volatility of stock price are explicated by dividend yield and payout ratio. ANOVA statistics which examines whether the analytical model as set out in the study explains variations in the dependent variable concluded that the model is analytically substantial. The outcome revealed a statistically significant positive link between stock price variations and the ratio of dividend payout. Research also established a statistically substantial negative interrelation between volatility of stock prices and dividend return. Results therefore recommend that companies should have dividend policies which are mapped to shareholders wealth maximization objective. The study suggests further studies be undertaken to determine whether there exists an analytically substantial difference between the dividend policies of various sectors in the economy.
Effect of Dividend Policy on Value Creation for Shareholders of Companies Lis...iosrjce
Several theories have been documented on the relevance and irrelevance of dividend policy. Many
authors continue to come up with different findings from their studies on the relevance of dividend policy. A
company’s management is dealing with competing interests of various shareholders, the kind of dividend policy
they adopt may have either positive or negative effects on the share prices of the company. The effect of a firm’s
dividend policy on the current price of its shares is a matter of considerable importance, not only to
management, who must set the policy, but also to investors planning portfolios and to economists seeking to
understand and appraise the functioning of the capital market. It is on this basis that the study sought to
establish the effect of dividend policy on value creation for shareholders of companies listed in the Nairobi
Securities Exchange. The objectives of the study were to establish the effect of dividend announcement on value
creation for shareholders of companies listed in Nairobi Securities Exchange, to establish the effect of dividend
payout on value creation for shareholders of companies listed in Nairobi Securities Exchange, to determine how
tax incentives influence value creation for shareholders of companies listed in Nairobi Securities Exchange and
to identify how free cash flows influence value creation for shareholders of companies listed in theNairobi
Securities Exchange. A questionnaire was used to collect primary data from the Finance Managers of the public
companies. The data wasanalysed using Regression Analysis, and descriptive statistics through the use of SPSS.
The findings indicated that all the variables contributed positively to value creation of shareholders of
companies listed in the NSE
EFFECT OF COMPANY SIZE, PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE IN ...AJHSSR Journal
ABSTRACT : Rated companies are certain conditions that have achieved by a company as an illustration of
public trust in the company after going through a process of activities for several years, from the time the
company was founded until now. Firm value is often associated with stock prices. The highest share price makes
the value of the company will also be high. This study aims to examine the effect of company size, profitability,
and capital structure on Firm value. This research was conducted on the Indonesia Stock Exchange (IDX) in
year 2019. The number of samples used in the study were413 companies, which were taken using a purposive
sampling method with several predetermined criteria. The data analysis technique used is multiple linear
regression. The results of this study indicate that company size, profitability, and capital structure have a
significant effect on Firm value. Partially, company size and profitability have a positive and significant effect
on firm value with a significance value of 0.00 each. While the capital structure does not affect the value of the
company indicated by the significance value of 0.54.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
The major objective of any firm is to maximize the shareholders wealth. This is evidence through dividend yield and payout ratio and this encapsulate into the dividend policy of a company. The research purpose aimed at examining the influence that dividend policy has on the volatility of share prices among the listed insurance corporations in Kenya. Research design, approach and method: Data was collected from listed insurance corporations over a 10-year period with a total of 49 data points. The Pearson correlation and ordinary regression analysis were employed. The results reveal the existence of a positive link among the study variables. The correlations were found to be substantial at ninety-five percent confidence level. It is worth noting that the model summary shows forty-three-point one percent of changes in the volatility of stock price are explicated by dividend yield and payout ratio. ANOVA statistics which examines whether the analytical model as set out in the study explains variations in the dependent variable concluded that the model is analytically substantial. The outcome revealed a statistically significant positive link between stock price variations and the ratio of dividend payout. Research also established a statistically substantial negative interrelation between volatility of stock prices and dividend return. Results therefore recommend that companies should have dividend policies which are mapped to shareholders wealth maximization objective. The study suggests further studies be undertaken to determine whether there exists an analytically substantial difference between the dividend policies of various sectors in the economy.
Effect of Dividend Policy on Value Creation for Shareholders of Companies Lis...iosrjce
Several theories have been documented on the relevance and irrelevance of dividend policy. Many
authors continue to come up with different findings from their studies on the relevance of dividend policy. A
company’s management is dealing with competing interests of various shareholders, the kind of dividend policy
they adopt may have either positive or negative effects on the share prices of the company. The effect of a firm’s
dividend policy on the current price of its shares is a matter of considerable importance, not only to
management, who must set the policy, but also to investors planning portfolios and to economists seeking to
understand and appraise the functioning of the capital market. It is on this basis that the study sought to
establish the effect of dividend policy on value creation for shareholders of companies listed in the Nairobi
Securities Exchange. The objectives of the study were to establish the effect of dividend announcement on value
creation for shareholders of companies listed in Nairobi Securities Exchange, to establish the effect of dividend
payout on value creation for shareholders of companies listed in Nairobi Securities Exchange, to determine how
tax incentives influence value creation for shareholders of companies listed in Nairobi Securities Exchange and
to identify how free cash flows influence value creation for shareholders of companies listed in theNairobi
Securities Exchange. A questionnaire was used to collect primary data from the Finance Managers of the public
companies. The data wasanalysed using Regression Analysis, and descriptive statistics through the use of SPSS.
The findings indicated that all the variables contributed positively to value creation of shareholders of
companies listed in the NSE
EFFECT OF COMPANY SIZE, PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE IN ...AJHSSR Journal
ABSTRACT : Rated companies are certain conditions that have achieved by a company as an illustration of
public trust in the company after going through a process of activities for several years, from the time the
company was founded until now. Firm value is often associated with stock prices. The highest share price makes
the value of the company will also be high. This study aims to examine the effect of company size, profitability,
and capital structure on Firm value. This research was conducted on the Indonesia Stock Exchange (IDX) in
year 2019. The number of samples used in the study were413 companies, which were taken using a purposive
sampling method with several predetermined criteria. The data analysis technique used is multiple linear
regression. The results of this study indicate that company size, profitability, and capital structure have a
significant effect on Firm value. Partially, company size and profitability have a positive and significant effect
on firm value with a significance value of 0.00 each. While the capital structure does not affect the value of the
company indicated by the significance value of 0.54.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This study examines the underlying components that determine the dividend policy statement of corporations in Nigeria. The study purposively select ninety-four (94) corporations out of the universe of companies listed in the Nigerian Stock Exchange. Financial ratios were extracted and computed from published annual audited financial reports spanning 2007 to 2017. This was informed by the ex-post facto research design adopted to observe key indicators of these corporations in retrospect. The panel regression analysis was used to explain the numerical phenomenon collated. The Durbin-Wu-Hausman specification test found the fixed effect model to be more suitable. The empirical results indicate that financial leverage has a significant negative impact on dividend payout; liquidity has an insignificant positive impact on dividend payout policy; profitability has an insignificant positive impact on dividend payout decision; and company size has a significant positive impact on dividend payout dicision. The study concluses that liquidity, profitability and company size are the determinants of the dividend policy of corporations in Nigeria. More specifically, company size was found to be a major determinant to the dividend policy statement of corporations in Nigeria. The study suggests that, corporations should sustain their liquid positions, asset base and profit levels at all times to meet the universe of desires of their shareholders.
IPO underpricing analysis in Indonesia during 2012-2016edwin hutauruk
ANALYSIS OF FACTORS AFFECTING THE UNDERPRICING OF INITIAL PUBLIC OFFERING (IPO) SECTOR SERVICES / NON-MANUFACTURING IN INDONESIA STOCK EXCHANGE PERIOD 2012-2016
A Study Of Dividend Policy And Its Effect On Market Value Of Shares Of Select...iosrjce
Dividend policy is a strategy used by a company to determine the amount and timing of dividend
payments. The dividend policy framed by an organization is one of the crucial issues in corporate finance since
it may have an impact on the firm’s value and shareholder wealth. The research study is an attempt to analyze
the effect of dividend policy on shareholder wealth of thirty selected Indian banks listed and traded in Bombay
Stock Exchange (BSE).For the purpose of study the financial data from the period 2003-04 to 2012-13 of
selected Indian banks (15 Public and 15 Private) would be used. The data would be analyzed using statistical
tools like multiple regression technique, t test, the coefficient of determination (R2) and F-Value. The results of
the data analysis might reveal that that there is a significant effect of dividend policy on the share price of
selected Indian Banks. The study is limited to a time period of 10 years and only selected Indian Banks. The
result might change if the time period and number of banks are extended.
Impact of Firm Specific Factors on Capital Structure Decision: An Empirical S...Waqas Tariq
Abstract This study attempts to explore the impact of firm specific factors on capital structure decision for a sample of 39-firm listed on Dhaka Stock Exchange (DSE) during 2003-2007. To achieve the objectives, this study tests a null hypothesis that none of the firm’s specific factors namely profitability, tangibility, non-debt tax shield, growth opportunities, liquidity, earnings volatility, size, dividend payment, managerial ownership, and industry classification has significant impact on leverage using estimate of fixed effect model under Ordinary Least Square (OLS) regression. Checking multicollinearity and estimating regression analysis through Pearson correlation and autoregressive mode respectively this study found that profitability, tangibility, liquidity, and managerial ownership have significant and negative impact on leverage. Positive and significant impact of growth opportunity and non-debt tax shield on leverage has been found in this study. On the other hand size, earnings volatility, and dividend payment were not found to be significant explanatory variables of leverage. Results also reveal that total debt to total assets ratios are significantly different across Bangladeshi industries. Keywords: Capital structure, Leverage, Firm’s specific factors, Dhaka Stock Exchange Bangladesh.
The research aims to study the factors that affect the dividends policy at the REITs ,which listed at Kuwait Stock Exchange, using 41 observation of one year, included all 41 REITs, multi linear multi regression model technique was applied. The explanatory variables are, pay-out ratio, cash flow from finance activities, earning per share, assets size, revenues. The study reached to a statistically high significance and positive relationship between dividends per share and all explanatory variables except assets size had no significant effect, also revenue variable had negative relationship with dividends per share.
International Journal of Business and Management Invention (IJBMI) inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Paper Romario_International Conference On Finance 2015Romario Justinus
Representative of Trisakti School Of Management for International Conference On Finance, as presenter of my research jounal, Bali 19-20 Dec 2015 (presenting my research journal). I make research on the topic dividend payout ratio and I presented the research as well as questions and answers in the International Conference On Finance, Bali Dec. 19-20, 2015. The conference was attended by researchers and academics in finance from around the world such as William Megginson of Oklahoma University and Roni Michaely of Cornell University, the results is my research has been the international research journal IFMA (The Indonesian Financial Management Association).
Dividend policy is said to be one of the crucial decision
in corporate finance management from past decades as
decision of dividend is linked with the financial
management objective of wealth maximization and profit
maximization it is always crucial decision. Which should
be given preference wealth maximization or optimum
capital structure? Wealth maximization is said to be
financial management practice which focus on increasing
the net worth of a company or firm so that return for
shareholders can be maximize. No universal consent has
yet come out after several decades of study. There are
theories and studies which have contributed to decide
amount of dividend. Some theories says that there is
relation between dividend decision and value of
firm(relevance theory) and some says there is no such
association(irrelevance theory).There are conflicting
viewpoint as far as the impact of dividend decision on the
value of the firm is considered. The objectives of this
research are firstly, to define the concept and scope of
dividend policy and secondly, to study the irrelevance
theory/ (Modigliani-Miller Model) of dividend policy and
relation between dividend policy approach and market
share prices. Secondary data has been taken for
research. The CNX Dividend Opportunities Index is
considered as Universe. The study is sourced by critical
and creative analysis (literature review) of research
papers and Case Study Method. There are not significant
fluctuations in share prices after declaration of dividend.
Sometimes these fluctuations are associated but not
positive always and there are other factors which
influence share prices. It will facilitate the organizations
to identify with the behavioral aspect of shareholders
which they can use to add value which move towards the
way to wealth maximization as well as profit
maximization.
This study examines the underlying components that determine the dividend policy statement of corporations in Nigeria. The study purposively select ninety-four (94) corporations out of the universe of companies listed in the Nigerian Stock Exchange. Financial ratios were extracted and computed from published annual audited financial reports spanning 2007 to 2017. This was informed by the ex-post facto research design adopted to observe key indicators of these corporations in retrospect. The panel regression analysis was used to explain the numerical phenomenon collated. The Durbin-Wu-Hausman specification test found the fixed effect model to be more suitable. The empirical results indicate that financial leverage has a significant negative impact on dividend payout; liquidity has an insignificant positive impact on dividend payout policy; profitability has an insignificant positive impact on dividend payout decision; and company size has a significant positive impact on dividend payout dicision. The study concluses that liquidity, profitability and company size are the determinants of the dividend policy of corporations in Nigeria. More specifically, company size was found to be a major determinant to the dividend policy statement of corporations in Nigeria. The study suggests that, corporations should sustain their liquid positions, asset base and profit levels at all times to meet the universe of desires of their shareholders.
IPO underpricing analysis in Indonesia during 2012-2016edwin hutauruk
ANALYSIS OF FACTORS AFFECTING THE UNDERPRICING OF INITIAL PUBLIC OFFERING (IPO) SECTOR SERVICES / NON-MANUFACTURING IN INDONESIA STOCK EXCHANGE PERIOD 2012-2016
A Study Of Dividend Policy And Its Effect On Market Value Of Shares Of Select...iosrjce
Dividend policy is a strategy used by a company to determine the amount and timing of dividend
payments. The dividend policy framed by an organization is one of the crucial issues in corporate finance since
it may have an impact on the firm’s value and shareholder wealth. The research study is an attempt to analyze
the effect of dividend policy on shareholder wealth of thirty selected Indian banks listed and traded in Bombay
Stock Exchange (BSE).For the purpose of study the financial data from the period 2003-04 to 2012-13 of
selected Indian banks (15 Public and 15 Private) would be used. The data would be analyzed using statistical
tools like multiple regression technique, t test, the coefficient of determination (R2) and F-Value. The results of
the data analysis might reveal that that there is a significant effect of dividend policy on the share price of
selected Indian Banks. The study is limited to a time period of 10 years and only selected Indian Banks. The
result might change if the time period and number of banks are extended.
Impact of Firm Specific Factors on Capital Structure Decision: An Empirical S...Waqas Tariq
Abstract This study attempts to explore the impact of firm specific factors on capital structure decision for a sample of 39-firm listed on Dhaka Stock Exchange (DSE) during 2003-2007. To achieve the objectives, this study tests a null hypothesis that none of the firm’s specific factors namely profitability, tangibility, non-debt tax shield, growth opportunities, liquidity, earnings volatility, size, dividend payment, managerial ownership, and industry classification has significant impact on leverage using estimate of fixed effect model under Ordinary Least Square (OLS) regression. Checking multicollinearity and estimating regression analysis through Pearson correlation and autoregressive mode respectively this study found that profitability, tangibility, liquidity, and managerial ownership have significant and negative impact on leverage. Positive and significant impact of growth opportunity and non-debt tax shield on leverage has been found in this study. On the other hand size, earnings volatility, and dividend payment were not found to be significant explanatory variables of leverage. Results also reveal that total debt to total assets ratios are significantly different across Bangladeshi industries. Keywords: Capital structure, Leverage, Firm’s specific factors, Dhaka Stock Exchange Bangladesh.
The research aims to study the factors that affect the dividends policy at the REITs ,which listed at Kuwait Stock Exchange, using 41 observation of one year, included all 41 REITs, multi linear multi regression model technique was applied. The explanatory variables are, pay-out ratio, cash flow from finance activities, earning per share, assets size, revenues. The study reached to a statistically high significance and positive relationship between dividends per share and all explanatory variables except assets size had no significant effect, also revenue variable had negative relationship with dividends per share.
International Journal of Business and Management Invention (IJBMI) inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Paper Romario_International Conference On Finance 2015Romario Justinus
Representative of Trisakti School Of Management for International Conference On Finance, as presenter of my research jounal, Bali 19-20 Dec 2015 (presenting my research journal). I make research on the topic dividend payout ratio and I presented the research as well as questions and answers in the International Conference On Finance, Bali Dec. 19-20, 2015. The conference was attended by researchers and academics in finance from around the world such as William Megginson of Oklahoma University and Roni Michaely of Cornell University, the results is my research has been the international research journal IFMA (The Indonesian Financial Management Association).
Dividend policy is said to be one of the crucial decision
in corporate finance management from past decades as
decision of dividend is linked with the financial
management objective of wealth maximization and profit
maximization it is always crucial decision. Which should
be given preference wealth maximization or optimum
capital structure? Wealth maximization is said to be
financial management practice which focus on increasing
the net worth of a company or firm so that return for
shareholders can be maximize. No universal consent has
yet come out after several decades of study. There are
theories and studies which have contributed to decide
amount of dividend. Some theories says that there is
relation between dividend decision and value of
firm(relevance theory) and some says there is no such
association(irrelevance theory).There are conflicting
viewpoint as far as the impact of dividend decision on the
value of the firm is considered. The objectives of this
research are firstly, to define the concept and scope of
dividend policy and secondly, to study the irrelevance
theory/ (Modigliani-Miller Model) of dividend policy and
relation between dividend policy approach and market
share prices. Secondary data has been taken for
research. The CNX Dividend Opportunities Index is
considered as Universe. The study is sourced by critical
and creative analysis (literature review) of research
papers and Case Study Method. There are not significant
fluctuations in share prices after declaration of dividend.
Sometimes these fluctuations are associated but not
positive always and there are other factors which
influence share prices. It will facilitate the organizations
to identify with the behavioral aspect of shareholders
which they can use to add value which move towards the
way to wealth maximization as well as profit
maximization.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This article is about analysis of if corporate change their divide.docxchristalgrieg
This article is about analysis of if corporate change their dividend policy during the global financial crisis during 2007 to 2008 and using the lifecycle model of dividend by DeAngelo et al. (2006). It is true that dividend payouts will be affected due to a company profits, this article looks a further step into if the magnitude of the drop is justifiable by the company financial status or is there a dividend policy due to cash management changes and company viability factors.
The assumption is that 2006 was the base year taken till 2009. A timeline of 4 years sample was used. The author gathered, compared various models and data.
Corporate dividend policy did shift during the global financial crisis, the 3 different type of shift are mainly dividend cut, no dividend payout and dividend initiation is significantly lower during the sample period. There are several factors that affects the probabilities of a company dividend change, mainly cash ratio, firm size, profit growth rate , capital ratio. A big company with a high cash ratio has a lower possibility of dividend policy change compared to a small company with low cash ratio. The author has felt that DDS life cycle should include significant macroeconomic events as it has a significant impact.
This article is about investor’s sentiment and market reaction to dividend news in a European perspective. Three markets were studied in this case, which is UK, France and Portugal. There is a theory that suggest that is based on the market with asymmetric information, insiders whom had the upper-hand uses the dividend policy as a form of signal to convey their firm’s performance to less informed investors from outside the firm. Which means that with dividend increase it signals a good performance, and decrease meaning that the firm is not profiting.
The analysis concluded that market reaction to news about dividend change depends on investors’ sentiments during investment decision process.
The findings show the results as follows. In the UK market, when sentiment is increased, the market reaction is more sensitive to dividend increase and less sensitive to dividend decrease when the sentiment is increased for French market.
As for the French market, the market reactions are more sensitive to dividend decrease announcement for smaller companies.
The smaller firms are more sentimental about market’s reaction to news about dividend change in the UK market.
And firms with big growth or in distress are more sentimental about market’s reaction to news about dividend decreases in the UK and French market.
Determinants of dividend policies for ADR firms
Extensive research was conducted regarding three theories (lifecycle theory, signaling theory, catering theory) for explaining dividend policies. Among them, many researchers have supported lifecycle theory as the better recognized theory in explaining observed corporate cash dividend policies. The lifecycle theory states that established firms ...
An Appraisal of the Influence of Dividend Policy on Share Pricing of Quoted C...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Determinants of Capital Structure in Indonesian Banking Sector inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Effect of Accounting Information on Abnormal Return of Stock: Assessment ...QUESTJOURNAL
ABSTRACT : The study aims to investigate the impacts of accounting information on the stock prices of syariah and conventional stocks using Capital Asset Pricing Model, and examine the capital market reaction as a result of dividend announcement. The accounting information variable used is Avarage Abnormal Return (AAR) as a dependent variable, while Earning per Share (EPS), Debt to Equity Ratio (DER), Return on Assets (ROA), and Return on Equity (ROE) are independent variables. The population of the study are all stocks of companies registered in the Indoneisian Stock Exchange in 2014 and 2015 and had undertaken dividend announcement. The study sample is the return measured by 111 days of abnormal return consisting of 11 days of observation period of Window and 100 days of observation period of estimation. The number of samples fulfilling the sampling criteria are 106 different companies which announcement cash dividend comprising 70 syariah companies and 36 conventional companies. The objects have represented all industrial sector listed in the Indonesian Stock Exchange. The study indicates 8 types of stock portfolios, in all stock portfolios it is observable that the value of AAR variable increases after the dividend announcement.
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Fiduciary or paper money is issued by the Central Bank on the basis of
computation of estimated demand for cash. Monetary policy guides the Central
Bank’s supply of money in order to achieve the objectives of price stability (or low
inflation rate), full employment, and growth in aggregate income.
Microfinance and the Challenge of Financial Inclusion for Sme’s Development i...IOSRJBM
This paper examined microfinance and the challenge of financial inclusion for SMEs development in Nigeria. The study adopted two separate econometrics models for capturing and testing for significance in the stated objectives between 2005 and 2015. The first model determined whether financial inclusion improve the financial well-being of low-income savers in the study period. The second investigated the impact that micro finance has on the performance of small and medium scale enterprises. Each of the models was subjected to the Ordinary Least Square regression to determine the appropriateness of models estimated. Findings from the empirical results in model one (1) and two (2) indicated relationship between financial inclusion in Nigeria, microfinance, and small business enterprises over 10 years period of study. The study found out that there is a significant relationship between financial inclusion and financial well – being of the low income earners. Empirical finding that examines the relationship between microfinance and small business in Nigeria indicates that there is a negative significant relationship between loan to small enterprises and loan to rural areas in Nigeria in the period under study. The study suggests therefore that financial inclusion will have a positive significant impact on the development of small business if the plan to include everyone works in Nigeria.
Corporate Capital of Domestic and Foreign Firms in Africa – An Empirical ReviewIOSRJBM
The study evaluated the existence and nature of systematic competition for corporate capital between local and foreign firms operating in major African economies. The study is motivated by the debate that foreign firms have easier access to corporate capital than domestic firms, and that the problem in the global financial market might push foreign firms to rely more on domestic financial markets for funds. To achieve the goal of this study, both microeconomic and macroeconomic data were sourced from diverse sources – including the World Bank's Global Development Indicators' database and the individual annual financial reports of firms. The data generated a total of 351 firms based in 11 African countries over a period 2009 to 2014. The results show that the average ratio of total liabilities to total assets is slightly higher among the listed foreign firms (at 48.8 percent) than among the listed domestic firms (47.9 percent), although the differences does not appear significant at conventional levels (t-statistic = 0.601; prob.>t = 0.548). For the whole sample also, it is shown that foreign firms have higher long-term liabilities to total asset ratio than domestic firms, and that the difference is significant at 10 percent level. Whereas the average long-term debt ratio among foreign firms stands at 12.1 percent, for domestic firms, the level is 10.7 percent (t-statistic = 1.751; prob.>t = 0.080). In none of the four sub regions, though, does the difference in the long-term debts ratio significantly differ between domestic and foreign firms. Consistent with the statistical evidence, the descriptive results seem to suggest that the survey evidence reported by the World Bank that in Africa, foreign firms are more profitable, larger, more valued in terms of investments in fixed assets, and older than domestic firms is not true. However, as shown in this report, such differences, with the exception of asset tangibility and age, are not very significant at conventional levels. This suggests that the major source of competition for corporate finance in Africa may be on the extent of collateral value and the reputation that arises from firm age
Improvement for Criterion for Minimum Solution of Inventory Model with Algebr...IOSRJBM
For algebraic method to find the minimum point and value of inventory models, we derive the criterion to guarantee the existence and uniqueness of the interior optimal solution. Our findings will help researchers and practitioners apply inventory models in their research without referring to partial derivatives of calculus.
The Relationship between Foreign Trade and Financial Performance of the Liste...IOSRJBM
The main objective of this study was to determine the relationship between foreign trade and financial performance of the listed manufacturing companies in Nigeria. The study focused on the 32 listed companies randomly drawn from the 74 listed manufacturing companies in Nigeria. The secondary data extracted from the financial statement of these companies were subjected to both descriptive and inferential statistics. The result shows a significant positive relationship between the two variables. It was therefore recommended that the management and the board of directors of the listed manufacturing companies should intensify efforts on how the locally produced products will be able to penetrate into the foreign countries as it was discovered that majority of the goods produced by the manufacturing companies in Nigeria are consumed locally
The Government Policy on Foreign Direct Investment in Sri LankaIOSRJBM
management know-how, and access to export markets-that are desperately needed in developing countries. However foreign capital can play an important role in raising investment levels so as to accelerate economic growth in Sri Lanka as in the case of many other developing countries which are handicapped by inadequate domestic savings. The purpose of this study is to examine the Government Policy on Foreign Investment in Sri Lanka. FDI increased initially due to the favourable investment environment created by the 1977 reforms. During the 1983-89 period, the incentives for FDI were eroded by the setbacks in the foreign trade and payments liberalisation momentum and the macroeconomic disequilibrium. Even though FDI was felt down in year 2000, there were increasing trend in FDI up to year 2008 and FDI was diminished as a result of global financial crisis in year 2009. Basically due to the secure macroeconomic environment, Sri Lanka reached highest level of FDI in 2014. The prospect for a significant expansion of FDI inflows in to Sri Lanka, however, do not seems too bright. To attract further investment, it is paramount that Sri Lanka be able to provide policy stability.
Understanding Attitudes towards Gasoline Import Demand in Viet NamIOSRJBM
Even with its vast reserves of oil and gas potential, the government has put this fuel resource the top of priority sectors for development, as it views as central to national economic growth as well as energy security, Viet Nam has remained a net importer of petroleum products over the past eight years. On another word, Gasoline importation has been a superior absorbability on the economy of Viet Nam, the determinants of the refined oil products imported activities analysis have been found no study yet. This paper aims to suggest the leading factors affecting import demand performances for petroleum products. The autoregressive distributed lag modelling framework (ARDL) have applied to this research; we estimated various short-run and long-run import demand models for Gasoline using time series study over the period 1995-2015. The results showed that the application of gas is stable prices in both the long and short term. Other principal operators of gas import probably are the real effective exchange rate, domestic petroleum production, and population growth. Moreover, a real economic activity found the most active and influential driver of gasoline demand accordance with the inelastic and elastic coefficients estimated in the short-run and long-run, respectively.
Cost-Volume-Profit Analysis as a Management Tool for Decision Making In Small...IOSRJBM
This study aimed to figure out if small business enterprises utilize cost volume profit (CVP) analysis as a management tool for decision-making process in Bayero University Kano, with a view to shed light on the reality of the use of CVP analysis as a decision-making tool in small business enterprises. The study population is made up of the entire small business enterprises within Bayero University, Kano. Primary source of data were utilized using structured questionnaires. The hypotheses were tested using Mann-Whitney U test and Pearson correlation coefficient. A very weak relationship (0.02) was recorded, it was discovered that there is no statistical significant difference between having the knowledge of a management accounting tools and its application. The study concludes that small business enterprises utilize CVP ignorantly and it is recommended
From Local to Global- Indian Organic Produce an OverviewIOSRJBM
Organic products have a growing market both in India and globally. The study focuses to explore the strengths and weaknesses of this industry so as to tap the global demand and achieve the export target for organic products. The study will aim to perform SWOT analysis and develop TOWS matrix which will provide an insight to the players of Organic market at all levels. The strategies framed are completely based on the researcher’s interpretation of the information collected from secondary sources and telephonic interviews of the agencies
Analysis of Internal, Market & Economic Based Financial Performance Measureme...IOSRJBM
The aim of this study is to investigate the financial performance of 10 commercial banks listed on Dhaka Stock Exchange. In this paper, financial performance has been measured by using three indicators. Internal–based performance measured by Return on Assets, Market-based performance measured by Tobin’s Q model (Price / Book value of Equity) and Economic–based performance measured by Economic Value adds. The correlation and multiple regression of annual time series data is used to find the impact of bank size, credit risk, operational efficiency and asset management on financial performance measured by the three indicators, The study rejected the null hypothesis and it is found that there exist statistically significant impact of bank size, credit risk, operational efficiency and asset management with ROA and Economic Value Added. On the other hand Tobin’s Q has insignificant impact on financial performance of commercial banks
Factors Influencing Purchase Decision of InstitutionalBuyers in Bangladesh: T...IOSRJBM
The Bangladeshi poultry industry is gradually becoming a leading industry in the Bangladeshi market. It is a labor- intensive sector which does not require lengthy training. Almost anyone can be engaged in the poultry farming because it can be done either on a larger scale or in one’s backyard. The purpose of the study is to identify the institutional buyer preference and to find out the purchase criteria factors which influence the purchase decision of the institutional buyers of poultry chickens in Bangladesh. A total of 110 respondents from 8 different categories of institutional buyers, who were directly related to poultry business were randomly selected to be the respondents for the collection of information within the Dhaka Metro City. All factors were randomly selected towards the collection of relevant information following pretested questionnaire. Advance statistical tools were applied for analysis of collected data. A factor analysis was conducted to identify the purchase criteria factors i.e. Brand, Freshness, Halal, How chicken are raised, Meat Cuts (Breast / Leg), Nutrition Value, Packaging, Price Sensitivity, Processed, Production Technology and Taste. Findings from the factor analysis showed that packaging, processed, production technology, taste and how chicken are raised have a significant effect on the selection of purchase criteria of the institutional buyers and their preference..
Effect of Public Services Quality on Satisfaction and Its Implication on Publ...IOSRJBM
: This research aims to determine: 1) The influence of the public services quality on public satisfaction at Samsat Office Kendari City. 2) The effect of public services the quality on public trust at Samsat Office Kendari City. 3) The effect of public satisfaction on public trust at Samsat Office Kendari City. 4) The mediate effect of public satisfaction in strengthening the influence of public services quality on public trust at Samsat Office Kendari City.The design of this research is associative (causal) design. The object of this research is the people who employ Samsat Office services. The samples were taken by purposive sampling (designation intentionally) which employ 110 respondents. The analysis used is descriptive statistical analysis and analysis of Partial Leas Square (PLS).This research concluded that: 1) The public services quality significantly influence the public satisfaction on Samsat Office Kendari City. it indicated that the good quality of public services is reflected by accountability, responsiveness, orientation to service and efficiency indicators which will increase the public satisfaction which is reflected by their attitude to respect service officers, abide by the rules, is proud of the work of the officers, has the spirit and initiative, and avoid of conflict. 2) The quality of public services does not significantly affect the public trust on Samsat Office Kendari City. This means that the public service quality at Samsat Office Kendari city cannot increase public trust significantly caused by the public tust in the service officer has not been optimal. 3) Public satisfaction has significant effect on public trust on Samsat Office Kendari City. This means that the public satisfaction will increase public trust which is reflected by the increasing of public trust in the service facilities. 4) Public Satisfaction mediates the effect of public services quality on public trust on Samsat Office Kendari City. This means that public satisfaction can strengthen the influence of public services quality on public trust.
Impediments and Inducements to Youth Entrepreneurship Development in Sylhet R...IOSRJBM
The purpose of this paper is to explore and identify the key impediments and constraints that obstruct young people from starting and running a new venture and at the same time, inducements and stimuli that trigger youths to entrepreneurial activities. Data were collected from 80 young entrepreneurs of Sylhet, Bangladesh through a questionnaire gleaned from the literature review following a convenience and purposive sampling technique. Findings revealed, insufficient personal savings, high interest rate, and negative attitude of financial institutions to young entrepreneurs due to high default rate are the major impediments to obtaining start-up fund, being their own boss and earning more money are the prime inducements to engage in business. Parents and teachers influenced most to start business while financial risk reported as the most critical demotivator. Managing fund and fierce competition are main problems in running the business successfully. Lack of vocational education and training and inappropriate and inadequate curriculum and study programs are the key educational constraints, unsupportive tax regulations, complex business registration procedure are the leading administrative and regulatory barriers, dearth of information on available business support services and lack of training and business counseling are the major impediments of business support services. The implications of the study bear far-reaching ramifications to the concerned stakeholders for facilitating and encouraging youth entrepreneurship development by addressing the start-up constraints and problems
An Overview of Export Performance of Agricultural Products in IndiaIOSRJBM
Exports are the basis of the overall growth performance of any country. By increasing the rate of exports, any developing country can pave a way for the development by earning international liquidity thereby; sort out the problem of reserves to start up of any project to come out the circle of poverty. So, it becomes a paramount importance for the country like India to start export promotion measures to boost up the pace of its exports and India has already taken many steps to increase the level of its exports. It is concluded from the results of the study that Cotton raw including waste, iron ore, plastic and linoleum and transport equipment has been observed as the products in which exports have been increased at the maximum rate, whereas exports of Tea, Iron and steel, Mica and Leather and Manufacturing have been identified as the area in which satisfied results have not been achieved. So, it is suggested by the results of study that government should promote exports of different sectors by providing different incentives to different sectors to avail the opportunity and fill up the gaps as well. Indian agricultural export has undergone significant changes during recent times. In this context, the present study has analysed the trend in exports of agricultural commodities from India, the changes in the comparative advantage, the Indian agricultural export scenario has witnessed during the past decade and the prospects for further boosting the agricultural export. The study has also analysed the comparative advantage of India’s exports, through revealed comparative advantage (RCA). The RCA was improving in case of cotton, maize, and certain fruits and vegetables over time, but declining in case of some spices, rice and wheat. In case of plantation based spices and other commodities, India is gradually losing its comparative edge, mainly to Asian countries. The study has so identified yield improvement through growth in total factor productivity (TFP) as a potential factor that would result in generation of exportable surpluses and boosting India’s export
Job Satisfaction and Faculty Turnover Intentions: A Case of Pakistani Univers...IOSRJBM
Retaining faculty members has been a problem in many universities for decades. When competent teachers quit, they depart with critical knowledge and experience that are essential for maintaininga competitive advantage. The aim of this study was to measure the impact of four facets of job satisfaction on turnover intentions of faculty members of different universities of Rawalpindi/Islamabad. A 16-item, selfadministered questionnaire was used to gather data on independent and dependent variables. In questionnaire, researchers used 5 point Likert scale for variables to measure respondent’s possible responses. 110 questionnaires were completed and returned back. Pearson Correlation and Multiple Regression tests were used to test the hypothesis. The results showed that the three facets of job satisfaction i.e. remuneration, supervisory support and work life policies have significant and negative relationship with turnover intentions while recognition has insignificant relationship with turnover intentions and this relationship did not support the researchers’ prediction. Results have been discussed andrecommendations have been made for universities’ administrations.
Health System in India: Opportunities and Challenges for EnhancementsIOSRJBM
One of the basic vitalities of good living is quick access to essential services like health care. But many times it could mean a condition of life and death for an individual who is unable to get the access to these services. Thus an important part of social sector development is incomplete without adequate health care facilities. The quality of human health is the foundation upon which the realization of life goals and objectives of a persona, the community or nation as whole depends. It is both an end and means of development strategy. The relationship between health and development is mutually reinforcing- while health contributes to economic development, economic development, in turn, tends to improve the health status of the population in a country. India as a nation has been growing economically at a rapid pace particularly after the advent of New Economic Policy of 1991. However, this rapid economic development has not been accompanied by social development particularly health sector development. Health sector has been accorded very low priority in terms of allocation of resources. Public expenditure on health is less than 1 per cent of GDP in India. This research paper focuses on the current status of the Indian healthcare industry, the challenges faced plus the comparison of few selected Indian states based on health indicators. Furthermore comparison of India with some developed and developing countries is also employed in order get the clear picture of the health sector. In order to boost the development line, some opportunities in the health care industry are also discussed and necessary policy implications. Regarding in this connection India lags behind in regard of health improvement as compared to U.S.A, Canada, China, and Brazil, but contrary to other developing countries like Pakistan, Bangladesh the scenario is better with life expectancy, Mortality ratios, health care spending speak volumes about the healthcare status. When analyzed through the prism eye, within India there are large disparities amongst states in achieving health outcomes as well. Before liberalization the improvement was at a snail’s pace, but after liberalization the whole picture changed because the key initiatives to improve the current healthcare standard a two prong strategy focusing on the infrastructure needs and the technology solution were implemented, which resulted in the healthy scenario of the healthcare industry. Healthcare sector, a leading weapon as the contributor to GDP (approx.8%) is thus the matter to be deeply looked into, so that golden harvest is reaped.
Total Quality Management (TQM) Practices toward Product Quality Performance: ...IOSRJBM
The purpose of this research was to test and analyze the effect of TQM practices impelementation which consists of leadership, strategic planning, customer focus, information and analysis, people management, and process management to product quality performance. The population were 108 food and beverage companies in Makassar, Indonesia. Respondents are production managers or operation managers. Sample technique which used is population sampling. Method of analysis which use both descriptive statistic and Structural Equation Modelling (SEM). Data processing uses two statistic tools i.e: IBM SPSS and AMOS 19.00. The findings of research indicate that leadership has significant effect on product quality performance, strategic planning has significant effect on product quality performance, customer focus has significant effect on product quality performance, information and analysis has significant effect on product quality performance, people management has significant effect on product quality performance, and process management has significant effect on product quality performance. Leadership factor has dominant effect on product quality performance (critical ratio = 9.760 > t-table = 1.960; and probability = 0.000 < α = 0.05).
The Influence of Work Culture, Work Stress to the Job Satisfaction and Employ...IOSRJBM
This research was carried out starting from the phenomenon of the performance which was not maximized by the employees of State Treasury Service Office in Jakarta. Based on the literature there was a suspicion that the performance which was not maximized due to a weak work culture, work stress and the decreasing of job satisfaction. The purpose of this research was to quantify and explain the relationship between variables of work culture, work stress, job satisfaction and employees performance in the State Treasury Service Office Jakarta. The research method was using quantitative methods. Research locations were located in six State Treasury Service Offices in Jakarta with samples of 152 employees. Data analysis technique was using Partial Least Square (PLS) with the help of Smart program. The results showed that the work culture has no effect on job satisfaction. Work stress has no effect on job satisfaction. Work culture affected to the employee performance. Work stress had no effect on employee performance. Job satisfaction had no effect on performance. The implication of this research was to establish a strong working culture to decrease work stress and increase job satisfaction which ultimately improved employee performance.
Work-Life of Indian Railway's Drivers (Loco-Pilots)IOSRJBM
Railways’ Drivers / Loco-Pilots are the most important person in executing the huge task of transporting nearly 25 Million passengers and more than 2.8 Million Tons of freight daily with the help of 2,29,381 wagons, 59,713 coaches and more than 9,213 locomotive engines of various kinds(www.Indian railways, Wikipedia).To transport 25 million passengers and millions of tons of freight and that too with taking care of both the traveler’s convenience and safety is not a mean task, the driver on whose sincerity the journey of a train depends. If he is not capable of carrying his responsibilities then the efforts of the other employees go waste, in this sense we can say that he is the most important person of the railways. The job of a Railway Driver demands hard work and great presence of mind along with courage to handle diverse conditions. For this one should have discipline, patience, responsibility, punctuality, commitment, courage and above all self-confidence. The job requires lots of hard work, stamina, alertness of mind, adaptability to follow difficult time schedules too. But the main and remarkable, highly appreciable role of Railway drivers is the only who works with full honesty, in day & night, in heavy cold, hot & Rainy weather. For Railways’ drivers operating on long distance routes, overnight stays in various locations will be necessary. Furthermore, it can be stressful, as delays and hazards on the track are not uncommon. His cab of the train should be relatively comfortable but it may be quite cold, hot and noisy.
Liquidity Determinants of Sharia and non Sharia StocksIOSRJBM
This study was conducted to analyze and testing stock liquidity differences of sharia and non sharia stock and determinants of sharia and non sharia stock of manufacturing industry at Indonesia Stock Exchange in 2009-2010. Dependent variable of this study is stock liquidity, measured by relative spread and depth. The Independent variable are insider ownership, institutional ownership, blockholder ownership, and foreign institutional ownership, trading volume, stock price, return volatility, Market to book value, dividend policy and size. In addition, this research is also supported by qualitative data obtained from in-depth discussions with key informants, including investment managers, stock exchanges institution and stock brokers. The results showed there is no liquidity difference, both for relative spread and depth of sharia a non sharia stocks. In sharia stocks, trading volume and dividend policy has a negative effect on relative spread, whereas in non sharia stock the trading volume, stock prices and company size has a negative effect on relative spread. Institutional ownership has negative effect, while foreign institutional ownership, trading volume, dividend policy, and size has positive effect on sharia stock liquidity. For non sharia stock, the trading volume, stock prices and company size has a positive effect on depth.
Motivating Employees Creativity through Suggestion System – An Empirical StudyIOSRJBM
Employees are treated as assets in the organization. In a competitive business environment, one of the key elements of an organization success is their employees’ intellectual capability to improve the organizational performance by way of reducing cost, new product development, generate new ideas related to product, process and other areas of management. The employees are find novel ideas and proposed these ideas to management through suggestion system. Suggestion system is technique which is motivating the employees to participate in decision making process and improve the organization performance.The primary data was collected through structure questionnaire based on convenience sampling method. This research paper focus on employee creativity and its impact on suggestion system and the aims of this article are to find an answer for two questions: 1. what are the factors motivating employee creativity? and 2. What is the impact of creativity on employee suggestion system? Finally this article conclude that both organizational factors and individual factors influencing creativity and there is a positive relationship between employee creativity and suggestion system.
Immunizing Image Classifiers Against Localized Adversary Attacksgerogepatton
This paper addresses the vulnerability of deep learning models, particularly convolutional neural networks
(CNN)s, to adversarial attacks and presents a proactive training technique designed to counter them. We
introduce a novel volumization algorithm, which transforms 2D images into 3D volumetric representations.
When combined with 3D convolution and deep curriculum learning optimization (CLO), itsignificantly improves
the immunity of models against localized universal attacks by up to 40%. We evaluate our proposed approach
using contemporary CNN architectures and the modified Canadian Institute for Advanced Research (CIFAR-10
and CIFAR-100) and ImageNet Large Scale Visual Recognition Challenge (ILSVRC12) datasets, showcasing
accuracy improvements over previous techniques. The results indicate that the combination of the volumetric
input and curriculum learning holds significant promise for mitigating adversarial attacks without necessitating
adversary training.
Event Management System Vb Net Project Report.pdfKamal Acharya
In present era, the scopes of information technology growing with a very fast .We do not see any are untouched from this industry. The scope of information technology has become wider includes: Business and industry. Household Business, Communication, Education, Entertainment, Science, Medicine, Engineering, Distance Learning, Weather Forecasting. Carrier Searching and so on.
My project named “Event Management System” is software that store and maintained all events coordinated in college. It also helpful to print related reports. My project will help to record the events coordinated by faculties with their Name, Event subject, date & details in an efficient & effective ways.
In my system we have to make a system by which a user can record all events coordinated by a particular faculty. In our proposed system some more featured are added which differs it from the existing system such as security.
Water scarcity is the lack of fresh water resources to meet the standard water demand. There are two type of water scarcity. One is physical. The other is economic water scarcity.
Final project report on grocery store management system..pdfKamal Acharya
In today’s fast-changing business environment, it’s extremely important to be able to respond to client needs in the most effective and timely manner. If your customers wish to see your business online and have instant access to your products or services.
Online Grocery Store is an e-commerce website, which retails various grocery products. This project allows viewing various products available enables registered users to purchase desired products instantly using Paytm, UPI payment processor (Instant Pay) and also can place order by using Cash on Delivery (Pay Later) option. This project provides an easy access to Administrators and Managers to view orders placed using Pay Later and Instant Pay options.
In order to develop an e-commerce website, a number of Technologies must be studied and understood. These include multi-tiered architecture, server and client-side scripting techniques, implementation technologies, programming language (such as PHP, HTML, CSS, JavaScript) and MySQL relational databases. This is a project with the objective to develop a basic website where a consumer is provided with a shopping cart website and also to know about the technologies used to develop such a website.
This document will discuss each of the underlying technologies to create and implement an e- commerce website.
Forklift Classes Overview by Intella PartsIntella Parts
Discover the different forklift classes and their specific applications. Learn how to choose the right forklift for your needs to ensure safety, efficiency, and compliance in your operations.
For more technical information, visit our website https://intellaparts.com
Courier management system project report.pdfKamal Acharya
It is now-a-days very important for the people to send or receive articles like imported furniture, electronic items, gifts, business goods and the like. People depend vastly on different transport systems which mostly use the manual way of receiving and delivering the articles. There is no way to track the articles till they are received and there is no way to let the customer know what happened in transit, once he booked some articles. In such a situation, we need a system which completely computerizes the cargo activities including time to time tracking of the articles sent. This need is fulfilled by Courier Management System software which is online software for the cargo management people that enables them to receive the goods from a source and send them to a required destination and track their status from time to time.
Student information management system project report ii.pdfKamal Acharya
Our project explains about the student management. This project mainly explains the various actions related to student details. This project shows some ease in adding, editing and deleting the student details. It also provides a less time consuming process for viewing, adding, editing and deleting the marks of the students.
Saudi Arabia stands as a titan in the global energy landscape, renowned for its abundant oil and gas resources. It's the largest exporter of petroleum and holds some of the world's most significant reserves. Let's delve into the top 10 oil and gas projects shaping Saudi Arabia's energy future in 2024.
Quality defects in TMT Bars, Possible causes and Potential Solutions.PrashantGoswami42
Maintaining high-quality standards in the production of TMT bars is crucial for ensuring structural integrity in construction. Addressing common defects through careful monitoring, standardized processes, and advanced technology can significantly improve the quality of TMT bars. Continuous training and adherence to quality control measures will also play a pivotal role in minimizing these defects.
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Welcome to WIPAC Monthly the magazine brought to you by the LinkedIn Group Water Industry Process Automation & Control.
In this month's edition, along with this month's industry news to celebrate the 13 years since the group was created we have articles including
A case study of the used of Advanced Process Control at the Wastewater Treatment works at Lleida in Spain
A look back on an article on smart wastewater networks in order to see how the industry has measured up in the interim around the adoption of Digital Transformation in the Water Industry.
The Relationship between Dividend Policy and Shareholder’s Wealth (A Case Study At Mining Companies in Indonesia)
1. IOSR Journal of Business and Management (IOSR-JBM)
e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 19, Issue 2. Ver. I (Feb. 2017), PP 53-57
www.iosrjournals.org
DOI: 10.9790/487X-1902015357 www.iosrjournals.org 53 | Page
The Relationship between Dividend Policy and Shareholder’s
Wealth (A Case Study At Mining Companies in Indonesia)
Riska Yustisiana
(Fakultas Ekonomi & Bisnis, University of Pancasila, Indonesia)
Abstract: This research is about the relationship between dividend policy and shareholder’s wealth from 37
mining companies listed in Indonesia Stock Exchange (IDX) from 2011 to 2013. Independent variable which is
used in this research are dividend policy and profitability. Dividend policy is measured as dividend per share
(DPS) and profitability is measured as Return On Equity (ROE). Dependent variable which is used in this
research is shareholder’s wealth. Shareholders’ wealth is measured as Market Price Per Share (MPPS).
Investment opportunity which is measured as fixed asset growth, is used as moderating variable which can
strengthen the relationship between independent and dependent variable. The result of this research proves that
dividend policy has significant influence to shareholder’s wealth, while investment opportunity, as a moderating
variable, is proven to strengthen the relationship between dividend policy and shareholder’s wealth.
Keywords: Dividend Policy, Investment opportunity, ROE, Shareholder’s Wealth
I. Introduction
Various factors can be used as a consideration on making investment decision. Macroeconomic
indicators such as economic growth, gross domestic product, and inflation can be used by Indonesian investors
on making investment decision. In second quarter of 2016, Indonesia’s economic growth rate is approximately
5,18 %. Gross domestic product (GDP) increases about 4,02% compared to the first quarter. Indonesia’s
economic growth decreases as well as the world does, but when it is compared with another region countries
including developed countries in South East Asia, Indonesia’s economic growth is higher. According to BPS
(Badan Pusat Statistik), Indonesia’s inflation rate is 3,35% in 2015 and 2,11% in 2016 until October 2016. In
this case, inflation rate is lower than Indonesia’s economic growth. From various factors of macroeconomic
perspectives above, Indonesia’s economic growth is relatively in a good condition. This condition is proved by
good banking condition and banking liquidity which is shown by low NPL (Non Performing Loan) under 3%.
Indonesia Composite Index (IHSG) between January until October 2016 is stable in level IDR 5.100.
Indonesia composite index (IHSG) also reacts along with Trump’s election as US President. For investor, that
should be the perfect time to do a new investment. Positive growth of Indonesia Composite Index (IHSG) and
Indonesia’s economic condition can make a perfect investment return in the future. Besides macroeconomics
factors and positive movement of Indonesia Composite Index (IHSG), investor’s preferences are also influenced
by company’s policy. Company dividend policy is one of the reasons for investors to buy the stocks. Dividend
policy determines how company’s profit is shared and distributed to investors as a dividend. In Indonesia, like
other investors in developed countries with low tax rate, the investors prefer a company which allows
company’s profits that can be shared and distributed as a dividend better than as retained earnings. Companies
with higher dividend rate are preferred by the investors, that can increase the stock market price. The increasing
of stock price shows a positive return for the investors return that can increase shareholder’s wealth. The
investor’s decisions are also influenced by company’s good profits track record so, it will attract more investors
to buy the stocks. Investment opportunity is also affect the increasing of company’s stock price. Company with
a great investment opportunity has a potential to have positive growth in the future.
The purpose of this research is to know the relationship between dividend policy and company’s
profitability with shareholder’s wealth. Dividend policy is measured as dividend per share (DPS), company’s
profitability is measured as return on equity (ROE), and shareholder’s wealth is measured as market price per
share (MPPS). Investment opportunity which is measured as fixed asset growth, is a moderating variable to
strengthen the relationship between independent and dependent variables.This research is taken on mining
companies listed in Indonesia Stock Exchange (IDX). Indonesian Regulation, Act Number 4 Year 2009 About
Mineral and Coal Mining, which controls mineral and coal mining, prohibits raw mining material export since
2014. Mining company must obligate that regulation by building a smelter. Smelter is used to process and purify
raw mining material into final mining material. Those regulations can affect the company’s dividend policy.
They need huge amount of investment to build the smelter. Moreover, the company must give more portions of
their profit to invest in smelter building. On the other hand, their profit must be shared with the shareholders.
This mean, the shareholders will only receive less than it should be. Therefore, this research will elaborate the
impact of those regulations to company’s dividend policy. The period of this research is from 2011 to 2013.
2. The Relationship between Dividend Policy and Shareholder’s Wealth (A Case Study At Mining…
DOI: 10.9790/487X-1902015357 www.iosrjournals.org 54 | Page
II. Literature Review
There were three fundamental theories about dividend policy based on investor’s preferences (Brigham
and Daves, 2004): 1) Dividend Irrelevance Theory. In this theory, dividend policy didn’t influence company’s
stock price and its capital. Company’s value was only determined by their ability to make profits. According to
Modigliani Miller, if company didn’t share the dividend, a shareholder could get their dividend on cash by
selling their stock. Otherwise, if company shared the dividend, but shareholder didn’t want the dividend on cash,
they could use it to buy more stocks. 2) Bird-in-the-Hand theory. This theory said that company value would be
maximizes by sharing the high dividend. In this theory, Companies which shared high amount of their dividend
to shareholders would get positive response from the shareholders who preferred cash dividend. This would
make company’s stock price and value increased because the shareholders would buy more stocks form the
company. 3) Tax Preference Theory. This theory explained that company’s value and stock would increase if
company shared less amount or not share the dividend because there were high tax rate for its dividend. Because
of the high tax rate, investors were less interested with company which shared high amount of dividend. In this
case, less amount of dividend was preferred by the investors.
According to Brigham and Daves (2004), when Modigliani Miller (MM) talked about the irrelevance
dividend theory, they assumed that every investor had same information about revenue and dividend in the
future. However in reality, investor had different information about dividend share in the future and uncertainty
on that dividend share, but the management of the company had a better information about it better than them.
Increasing dividend also often generated higher stock price, meanwhile decreasing dividend often led lower
stock price. For the investor, the higher dividend indicates that the company would get greater profits in the
future. Meanwhile the lower dividend indicated that the company would get less profit in the future. Modigliani
Miller said that investor’s reaction toward the changes of dividend policy did not show that they choose shared
dividend better than retained earnings, whereas they indicated that stock price changes after dividend was shared
only showed some important information in that dividend.
Shareholders were company’s owner. They bought company’s stocks to get return and profits for their
invested capital (Brigham and Daves, 2004). Shareholders have authority to select the board of director. And
board of director will continue to assign the managers to run daily activity in the company. Managers must
provide some programs and strategies to increase company’s value for the shareholders. Therefore, the main
purpose of the company was to optimize shareholder’s wealth by increasing stock price. If stock price was
increase, the invested capital in the company would increase as well as the shareholder’s wealth. In this
research, shareholder’s wealth is defined by market price per share (MPPS). There were some related research
which had been done by others about company’s dividend policy. Since 1978, stock price tendency was
decreased as a reaction from shared dividend announcement in US (Amihud and Li, 2003). There were positive
and significant relationship between cash dividend, retained earnings, EPS, and stock price (Asep and tian,
2010). There was strong relationship between dividend policy and company stock price, while other variables
didn’t have any relation with company dividend policy (Asyar and Hamid, 2011).
Company’s policy had a positive relationship with organizational profit, investment, and EPS
(Adediran and alade, 2013). Altaraireh and Jordan (2012) found that there was also positive relationship
between dividend, cash flow, EBIT, EPS, dividend yield, and firm size. On the other hand, there were negative
relationship between dividend and debt ratio. Large company would get more dividend policy effects than small
company. Gul et al (2012) studied about the impact of dividend policy to shareholders wealth. They founded
that there were some differences about average market value and equity value between company that share their
dividend and company that retained their earning. Retained earnings and Price Earnings Ratio (PER) did not
have significant influence on shareholder’s wealth. Dividend policy had positive and significant influence on
shareholders’ wealth.
Baker et al (2006) said that company’s value and shareholders’ wealth were clearly influenced by
company’s dividend policy. Moreover, Aminu and Abor (2006) said that large profit companies in Ghana would
give high portion of dividend to the shareholders. Dewi (2008) had some research about the effect of managerial
ownership, institutional ownership, loan policy, profitability, and company’s size to dividend policy. She
founded that all of those variables had negative impact to company’s dividend policy. Al-hasan et al (2013) told
that dividend policy had more influences to the stock price than retained earnings. Furthermore, Murhadi (2008)
found that company which shared its dividend to shareholders had more liquid in capital stock market than the
company which not shared its dividend to shareholders. Hasnawati (2005) did some research to 259 public
companies which were listed in Indonesia Stock Exchange (IDX). Her research was about the relationship
between investment opportunity and company value. She said that investment decision had 12,25% positive
influence for the company and the rest of it were influenced by other factors such as, funding policy, divident
policy, and macroeconomic conditions. Suharli (2007) studied about the influence of ROI and investment
opportunities to dividend policy with current ratio as a moderating variable. It was founded that dividend policy
was only affected by profitabilities. Hutami (2012) found that profitability ratio, ROE, DPS, and NPM had a
3. The Relationship between Dividend Policy and Shareholder’s Wealth (A Case Study At Mining…
DOI: 10.9790/487X-1902015357 www.iosrjournals.org 55 | Page
positive and significant influence to stock price of manufacture industries. In addition, Ansar, Butt, and Shah
(2015) found that there were strong relationship between shareholder’s wealth and dividend policy.
Shareholder’s wealth would increase along side with dividend policy. Furthermore Maksum (2014) said that
EPS, retention ratio, and return on equity (ROE) had positive relationship with stock market price which affect
shareholders’ wealth.
III. Research Design
Hypothesis
From the previous research and theories above, there is the hypothesis:
H1: Dividend Per Share (DPS) has significant impact on Market Price Per Share (MPPS)
H2: Return On Equity (ROE) has significant impact on Market Price Per Share (MPPS)
H3A: Investment Opportunity (Fixed asset growth) strengthen the relationship between Dividend Per Share
(DPS) and Market Price Per Share (MPPS)
H3B : Investment Opportunity strengthen the relationship between Return On Equity (ROE) and Market Price
Per Share (MPPS)
H4 : Dividend Per Share (DPS) and Return On Equity (ROE) have significant impact on Market Price Per Share
(MPPS)
Based on previous researches, theories, and research framework, these are the summary of research variable
measurement:
Research Variable Measurement
No Variable Proxy Variable measurement
1. Shareholder’s Wealth Market Price Per Share (MPPS) Stock price per share
2. Dividend Policy Dividend Per Share (DPS) DPS = Common Stock dividend
Outstanding Shares
3. Profitability Return On equity (ROE) ROE = Net Profit x 100%
Total Equity
4. Investment opportunity Fixed Asset Growth Fixed asset = (Fixed asset t – Fixed
asset t-1) / Fixed asset t-1
IV. Research Finding
Independent variables in this research are dividend policy measured by dividend per share (DPS) and
profitability measured by return of equity (ROE). Moderating variable in this research is investment opportunity
measured by fixed asset growth. Dependent variable is shareholder’s wealth measured by market price per share
(MPPS).Populations in this research were all companies’ stock that was listed in Indonesia Stock Exchange
(IDX). Sample in this research are mining companies which also listed in Indonesia Stock Exchange (IDX). The
period of this research was from 2011, 2012, and 2013. This research used secondary data such as dividend per
share (DPS), ROE, investment opportunity (fixed asset growth), and MPPS. The data were collected from
company’s financial report and market data from 37 mining companies which were obtained from
yahoo.finance.com and Indonesia Stock Exchange (IDX) website. This research use regression analysis equation
such as:
MPPS = α1 + β1 DPS + β2 ROE + e
Note:
MPPS = Market Price Per Share (MPPS)
DPS = Dividend Per Share (DPS)
ROE = Return On equity (ROE)
α = Constant term of the model
β1, β2 = Coefficients of the model
Meanwhile when investment opportunity is inserted as moderating variable, the equation will be:
MPPS = α2 + β3 DPS + β4 IO + β5 Moderate + e
MPPS = α2 + β3 ROE + β4 IO + β5 Moderate + e
4. The Relationship between Dividend Policy and Shareholder’s Wealth (A Case Study At Mining…
DOI: 10.9790/487X-1902015357 www.iosrjournals.org 56 | Page
Note:
MPPS = Market Price Per Share (MPPS)
DPS = Dividend Per Share (DPS)
ROE = Return On equity (ROE)
IO = Investment Opportunity
α = Constant term of the model
β3, β4, β5 = Coefficients of the model
1.1. Descriptive statistics
This research used 111 data. Those data were from 37 mining companies since 2011 until 2013.
Descriptive Statistics
Based on the table above, average dividend per share (DPS) of mining companies was Rp 165,58 and average
value of Market Price per Share (MPPS) of mining companies were Rp 3.462.
1.2. Classic Assumption Test
This research used multikolinearities test and heterokesdasities test. Multikolinearities test used pair
wise correlation. The methode was done by looking the correlation from all variables that be found on this
research and it would be made in to a matrix. The matrix’s value was one or closer to one, there were
multikolinearities between those independent variables. From regression analysis, the highest value between
independent variables was 0.5. So that, there was no multikoliniearities between all the independent variables.
Heterokesdasities test was done to identify error term in the equation. If the error term was heterokedasities,
then the regression result was no longer BLUE (Best, Linear, Unbiased, and Estimator). From the test above,
there was heterokesdasities in the data. Therefore the data should be corrected by doing valuation quality to the
data.
1.3. Regression analysis
Regression analysis result is shown on this table below:
Regression Result
Variable Coefficient Std. Error t-Statistic Prob.
C 2178.868 623.4676 3.494758 0.0007
DPS 1.278058 0.573353 2.229095 0.0279
ROE 26.14074 15.28050 1.710726 0.0901
MODDPS 35.43545 9.236814 3.836329 0.0002
MODROE -0.036550 0.112907 -0.323720 0.7468
R-squared 0.368207
Adjusted R-squared 0.344366
From the table above, variable which has significant influence to shareholder’s wealth was dividend
per share (DPS) either it stands alone or be moderated by investment opportunity (fixed asset growth). Dividend
per share (DPS) positively influenced shareholder’s wealth. Increasing dividend would cause market price per
share (MPPS) increase 1,278 point. That indicate, if dividend increase 1% would cause market price per share
(MPPS) increase 1,278 point. However, if dividend per share (DPS) was moderated by fixed asset growth, it
would positively affect market price per share (MPPS). Increasing of 1% moderating variable would cause
market price per share (MPPS) escalate 35,43 point. Investment opportunity (fixed asset growth) strengthens the
relationship between dividend policy and shareholder’s wealth. Company decision to add more fixed asset
would make stock price increased in the stock market. Therefore, fixed asset growth and dividend per share
(DPS) would give positive influence in stock market, especially for mining company.
DPS INVGR MODRDPS MODROE MPPS ROE
Mean 165.5766 66.92885 23.70395 610.8039 3462.545 9.732891
Median 0.000000 0.230960 0.000000 1.401930 1176.250 8.750000
Maximum 14233.00 5539.339 554.9524 52789.90 44258.33 213.7900
Minimum 0.000000 -0.994707 -0.009591 -156.4381 50.00000 -161.9300
Std. Dev. 1354.679 540.8159 84.61251 5181.823 7572.464 38.66155
Observations 111 111 111 111 111 111
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DOI: 10.9790/487X-1902015357 www.iosrjournals.org 57 | Page
V. Conclusion & Suggestion
The conclusions in this research are:
1. The research data can represent the real condition with R squared value 36,82%.
2. Dividend per share (DPS) which is moderated by investment opportunity (fixed asset growth) has positive
influence to market price per share (MPPS) of mining companies which is listed in Indonesia Stock
Exchange (IDX) between 2011 and 2013. Fixed asset growth strengthen the positive relationship between
dividend per share (DPS) and market price per share (MPPS).
Suggestions for this research are:
1. Dividend per share (DPS) significantly affect market price per share (MPPS). Company should be careful
on applying dividend policy or adding more fixed asset.
2. In the next research, there should be more variables used (not only dividend per share and market price per
share) which can give significant effect to the stock price (market price per share).
3. The research should be done in long term research because the exporting raw material regulation must be
obligated by all mining company not more than 2014.
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