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اثر عائد المقسوم ونسبة التوزيع في اسعار الاسهـم العاديــة : دراسة تطبيقية == The Effect of Dividend Yield And Payout Ratio On Common Stocks Prices An Applied Study
Author name:
ولاء اسماعيل عبد اللطيف النصار
Supervisor name:
محمد علي ابراهيم العامري
General topic:
Administration and Economics
Specific topic:
Business Administration
Degree:
Master
University:
University of Baghdad - Faculty Of Administration And Economics - Department Of Business Administration
Language:
Arabic
University location:
Baghdad
First pages:
07T4178 - p.pdf
Abstract:
يعد عائد المقسوم ونسبة التوزيع اثنين من اهم المؤشرات المالية، اللذين حظيا باهتمام مميز على الدوام، وذلك لدورهما المهم في تحديد القيمة السوقية للسهم العادي، اذ يتحدد سعر السهم في ضوء هذين المؤشرين بالاستناد الى الارباح المتحققة والسياسة المتبعة في توزيعه | The Dividend Yield and the Payout Patio are considered as the two of the most important financial. Indexes that have always got a significant attention due to their important roles in determining the market value of common stocks.Price of a stock is usually determined in the light of these tow indexes, depending on the realized earnings as well as on the policy being followed in paying them out.This study has aimed to test the effect of the Dividend Yield and the Payout Ratio on the market value of the common stock in the Iraqi environment. The sample of the study consisted of (12) partnership and private companies, (7) of which are mixed partnership companies and (5) private partnership companies. This study has covered the years 1995 - 1999 and that period was divided in to two sub - periods each of them is of (5) years interval.The study has adopted two main hypothesis namely : 1 - Dividend Yield and Payout Ratio have positive effect on the market value of the common stock, and this effect differ according to the differ of the company's ownership.2 - If the return on equity is higher than the required rate of return then : a. The low Dividend Yield and the low Payout Ratio would result in an increase of the price the stock.b. The low Dividend Yield and low Payout Ratio would lead to an increase in the price/ Earning Ratio.For the purpose of analysing and testing the relation between the variables of the research, beside testing the two hypotheses mentioned above, this study has used a number of financial and statistical methods, and then it reached to a number of conclusions, the most important of them are the weakness of Dividend Yield and Payout Ratio effect on determining the market value of stocks; that is because the dividend is low.
