The article examined the influence of dividend policy on shareholder's wealth of 75 companies listed in “Karachi Stock Exchange”, for duration of six years from 2005 to 2010 using multiple regression and stepwise regression. We have used shareholder's wealth .
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IOSR Journal of Business and Management
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The research is about the effect of dividend policy on shareholders' wealth for Dar es Salaam Stock Exchange listed non-financial firms in Tanzania from 2005 to 2019. Design/methodology: The research employs secondary data information from firms' financial reports as published on the Dar es Salaam Stock Exchange website, using descriptive statistics, panel dynamic least square method, and cointegration analysis to test the association between variables. Findings: The results show that at 95 percent level of significance, dividend per share have significant positive effects on all proxies for shareholders' wealth. However, dividend yield has insignificant negative effects on all proxies for shareholders' wealth. The moderating variable indicates that investment opportunities have positive and significant effects on all the shareholders' wealth proxies, which is one of the factors that strengthen the relationship between dividend policy and shareholders' wealth. Originality/value: This result, being the first study done in Tanzania, apart from helping stakeholders to avoid generalization of findings from developed economies to developing countries, will also help firms' managers on how to implement shareholders' wealth-maximizing strategies and capital accumulation for their internal growth. Furthermore, the results will enable potential investors and shareholders to decide whether to invest in certain firms or not, and whether to sell their shares and leave or retain them.
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International Journal of Innovation and Applied Studies
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JournalNX-A Multidisciplinary Peer Reviewed Journal
The purpose of this study is to examine the relationship between shareholders' wealth and dividend policy. A sample of 25 companies from the Pakistan stock exchange was selected which includes companies from the chemical sector, oil, and gas sector. Shareholders' wealth is measured with the market price of shares. Dividend per share, retained earnings per share, lagged price-earnings ratio, and return on equity were used as independent variables. The based multiple regression model shows that there is a strong relationship between shareholders' wealth and dividend policy. The shareholder's wealth is increase by dividend policy in the case of Pakistan.
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