THE This examination looks to discover the



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paper goes for giving a comprehension of profit strategy by surveying the
current written works on profit approach and the connection between profit
strategy and firm performance. Challenge for all partnerships on the planet is
the manner by which to appropriate the cash produced, in order to isolate them,
be put resources into the company or the investors paid, continually
considering the impact then the stock cost by the profit strategy decision. The
impact of profit strategy in current stock costs is exceptionally pertinent
issue, not just for the profit arrangement creators, yet in addition for the
arranging of speculators about their money related portfolio despite the fact
that a great deal of approaches and hypothetical of the profit still level
headed discussion and contending throughout the forever and a day.





key zone in money related administration that has produced ceaseless level
headed discussion among monetary administrators, academicians and rehearsing
administrators is the idea of profit strategy and how it influences investor’s
wealth. This examination looks to discover the impact of profit strategy on investors
riches in the UK retail industry from 2004-2008.With this, 25 firms from the
retail business in the UK were chosen. The factors received in the
investigation are income, gainfulness, share value, firm size, use and
investment. There is the requirement for executives and administration of
organizations to connect with investors in exchange on issues of profit
arrangement. By this, investors will get the opportunity to acknowledge
administration choices and be persuaded that the profit choices taken are to
profit investors as far as high profit and increment in their riches later on.
The investigation additionally suggests that, choice, for example, use and
venture ought to be utilised carefully if organizations need to expand their
investor’s wealth.



Ramachandran and Veeramuthu Packkirisamy


study considers 73 companies from different industries in the Indian market.
Profit stocks are relied upon to give a blend of profit money streams and
capital additions from the financial specialists’ view. The inclination of
investors for either ought to affect choices with respect to profit instalment,
which drives one to look at the degree to which profit instalments and profit
yields shift fundamentally crosswise over firms, ventures and time. While
financial specialists focus their consideration on profit yield, administration
gives careful consideration to the effect of profit pay-outs on the company’s
capital needs. The investigation demonstrates that the value profit rate and
the obligation financing in organizations are conversely identified with each
other in a large portion of the parts.


Osad Osamwonyi & Iyobosa Lola-Ebueku


investigation inspects the impact of profit approach on association’s profits
utilizing information of seventeen assembling firms recorded on the Nigerian
stock Exchange. The think about prescribes the execution of viable and
result-arranged profit strategies by money related administrators of firms and
additionally solid speculation, successful administrative and supervisory
system by capital market controllers keeping in mind the end goal to improve
firms’ income and execution in Nigeria. Administrators of firms’ money related
assets ought to guarantee that the extent of obligation capital at any given
point in time is with the end goal that does not surpass the furthest reaches
of obligation fund or conveying limit of the organizations to maintain a
strategic distance from diseconomies of scale coming about because of
unmanageable obligation capital


 Ozuomba Chidinma Nwamaka , Prof. Ezeabasili


study shows the relevance of dividend, dividend as a signaling model and proves
that firm value is greatly influenced by dividend policy as far as public
limited companies are concerned. In so doing, the methodology adopted is the
ordinary least square regression analysis for primary data analyses and
multiple regression analysis for the secondary data analyses with models MPS
(Market Price Per Share) as dependent variable, EPS (Earnings Per Share) and
DPS (Dividend Per Share) as independent variables. The co-efficient of
determination is R2 to evaluate the data collected from the ten studied
companies and the Nigerian stock exchange.




point of this study is to analyse the effect of profit instalments on the
estimation of firms recorded on the Istanbul Stock Exchange (ISE). The study
has been adjusted the remaining salary approach in view of Ohlson’s (1995)
valuation model. The discoveries demonstrate that there is a critical positive
relationship between money profits per share and an association’s esteem;
moreover, book value and remaining salary (irregular acquiring) are essentially
identified with the estimation of firms. In this manner, the discoveries
bolster the idea of the importance suggestion and are predictable with the
office hypothesis clarification.




D Wett, Mvita Mpinda


study deals with understanding the impact of the dividend distribution on the
value of the shareholder’s wealth. They have considered 46 companies listed in
Johannesburg Stock exchange for the purpose of research. To arrive at the
various correlations between the selected variables Vector error correction
model was used. What could be concluded from this paper is that the dividend
distribution patterns do indeed affect the market price of shares whereas
earnings per share does not.


Ur Rehman


study aims at finding the impact of dividend decisions on the value of a firm
and for this purpose the researcher has considered nonfinancial listed firms in
Pakistan. Cross sectional time series regression analysis was the methodology
adopted for the purpose of the research. There are 4 hypotheses considered in
this to the respect of dividend policy and capital structure associating to
their relevance or non-relevance. The conclusion is that capital structure is
indeed relevant.


Nazar Khan, Babar Nadeem, Fahad Islam, Muhammad Salman, Hafiz Muhammad Ikram
Sarwar Gill


of the study is to find whether dividend policies affect the performance of the
firms in Pakistan. OLS technique was used to check the regression analysis.
Findings show that there is a positive relation between return on assets,
dividend policy, and growth in sales. Mostly the results of the research make
similarity with the previous research. Results show that dividend pay-out ratio
and leverage have significant negative relation with the return on equity.


P. Vidhya Priya Dr. M. Mohanasundari


study focuses on explaining what dividend is and how the dividend theory works.
The base for this study are the arguments carried out my Modiglani and Miller
about the relevance and non-relevance of it as well in the determination of
value of a firm. It also lays importance on the dividend distribution patterns
in big companies and MNCs as well trying to understand the dividend theory. It
can be established that dividend policy theories have divergent relevance
between management and the shareholders arising from opposing interests.
Management is primarily focused on the objective growth of the organization
while the shareholders are focused on the shareholders wealth in terms of share
price that determine their return on investment.




paper analyses size and dispersion in a firm’s substantial holders and its
impact on capital structure and dividend policy. In an agency relationship,
substantial holders have the potential to influence decision-making by
management. Prior evidence has demonstrated an association between the presence
of a substantial holder and corporate policies of management. Recently, the
size and dispersion of a firm’s substantial holders has been shown to affect
firm value. The results in this paper are robust to a potentially endogenous
relationship of control by substantial holders with dividend policy.



 Josephine Nduku Mbuvi


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

Shaukat Malik, Madeeha Maqsood


purpose of this study is to investigate the determinants of dividend policy and
their impact on firm’s value of construction materials (cement) sector of
Pakistan listed at Karachi stock exchange. Related to manufacturing sector, variables
of dividend policy i-e profitability, liquidity, earned equity and growth opportunity
are explored and their impact on market capitalization is investigated. This
paper examines the relationship of dividend policy with firm’s value in
manufacturing sector. Data is collected from 36 firms listed at Karachi stock



Julio and David L. Ikenberry


paper talks about how dividends tend to be lagging indicators of earnings
power. And given this uncertainty about whether dividends serve as a leading or
lagging indicator, it’s difficult to conclude that the rebound in dividend pay-outs
is driven by the economy, especially since the recovery came well after the
apparent shift in pay-out policy. The ongoing emergence and maturation of new
firms will result in a self-renewing stream of dividends. And as long as investors
continue to respond positively to announcements of dividend increases, and as
companies reduce their reliance on option-based compensation plans, we see no
reason for dividends to disappear.





paper was devoted to the issue of utmost importance to present day business
environment – dividend policy and its impact on firm value. Combined with a
number of other factors dividend policy was positioned as a crucial element for
determining the return on portfolio of a particular enterprise, modelling the
behaviour of the enterprise value to reveal the most crucial factors, to assess
their contribution and to perceive the nature of their influence. Enterprises
which preferred to distribute the spare part of an income between its
shareholders on average increases it value.





paper attempts to explore the possible links between dividend policy and stock
price behaviour in Romanian corporate sector. A sample of 6 listed companies
from Bucharest Stock Exchange are examined for the years 2005-2012. Dividend
policy has always been a source of controversy despite years of theoretical and
empirical research both in developed countries and emerging economies. The
present paper features a panel data approach to analyze the relationship
between dividend ratio and stock-price behaviour while controlling variables
like leverage, real GDP growth, market return. This paper also addresses the
impact that dividend reports carry on trading prices.





objective of the research was to establish the effect of dividend policy on
future financial performance of firms listed at the NSE. This study adopted a
co-relational research design. After the screening process, the sample size was
43 and their financial statements for the period 2009-2013 were studied. A
regression model was determined to establish the relationship between measures
of earning distribution and its effect on future earnings of the firm. These
correlations indicate that current operating accruals, non-current operating
accruals and retained cash flows represent significant sources of variation in
retained earnings. The findings support the position that the positive
relationship between current dividend pay-out and future earnings growth is
based on the free cash flow theory.




paper provides literature on dividend policy decisions by the corporates in the
perspective of shareholder’s wealth. Dividend payment is a signal of
performance of firms. If dividend increases, share price will also increases,
which leads to the creation of shareholder’s wealth. Although, extant
literature review have examined issues of dividend policy, still they produced
inconclusive results on the dividend policy decisions. Thus a good model that
combines dividends with share buybacks is a fairly good compromise due to its
advantage of flexibility, tax treatment and intangible gains.




discount models for equity valuation are a popular tool in the analysis of
corporations and their financials. By using dividends as the target cash flow for
the calculation of the present values, one directly aims at the equity value. The
simplest forms of DDM rely on the discount of a perpetuity, by assuming the company
will pay a constant dividend overtime, during its life. When the perpetuity allows
for a constant growth rate of dividends overtime, it translate into the Gordon Growth
model, which represents the value of the corporate equity as the present value
of a growing perpetuity. Most of the multi-stage DDM are in fact designed to allow
for an initial period of discrete cash flows to be discounted at the
appropriate rate, and be summed up with the present value of a final perpetuity
calculated on the residual dividend after the discrete period.



Hasan, Muhammad Ishfaq Ahmad, Muhammad Yasir Rafiq,

Ur Rehman


paper investigates the relationship between dividend payout ratio and
profitability of a firm. For this, two main sectors of Pakistan are selected,
energy and textile. The study covers a time span of 1996-2008. Firm performance
is measured by earning per share (EPS) and return on assets (ROA). The results
of logarithmic regression show that no matter what industry is, there is a negative
impact of dividend payout ratio on next year earnings of a firm. The most
fundamental question is whether or not the dividend should be paid. The
corporate finance theory is yet to answer this basic question. That is why
dividend policy is considered to be a dark area in corporate finance theory.



B. Hatfield, Louis T.W. Cheng, and Wallace N. Davidson


relationship between capital structure and firm value has been the subject of
considerable debate, both theoretically and in empirical research. Throughout
the literature, debate has centered on whether there is an optimal capital
structure for an individual firm or whether the proportion of debt usage is
irrelevant to the individual firm’s value. This hypothesis is examined by
classifying firms’ leverage ratios as being above or below their industry
average prior to announcing a new debt issue. Then tested whether this has an
effect on market returns for shareholders. Overall finding is that the
relationship between a firm’s debt level and that of its industry does not appear
to be of concern to the market.



Gabriel ANTON


aim of the paper is to investigate the impact of dividend policy on firm value.
The sample consists of sixty-three non-financial firms listed on the Bucharest
Stock Exchange over the period 2001-2011. Employing a fixed effects model, what
was found is that dividend pay-out ratio positively influences firm value after
controlling for other firm-specific variables. Furthermore, leverage and firm
size were found to have a positive effect on firm value.