THE This examination looks to discover the

THECHEW YEE 2017Thispaper goes for giving a comprehension of profit strategy by surveying thecurrent written works on profit approach and the connection between profitstrategy and firm performance. Challenge for all partnerships on the planet isthe manner by which to appropriate the cash produced, in order to isolate them,be put resources into the company or the investors paid, continuallyconsidering the impact then the stock cost by the profit strategy decision. Theimpact of profit strategy in current stock costs is exceptionally pertinentissue, not just for the profit arrangement creators, yet in addition for thearranging of speculators about their money related portfolio despite the factthat a great deal of approaches and hypothetical of the profit still levelheaded discussion and contending throughout the forever and a day.

  JOSEPHCHENCHEHENE AND KINGSFORD MENSAH2008Onekey zone in money related administration that has produced ceaseless levelheaded discussion among monetary administrators, academicians and rehearsingadministrators is the idea of profit strategy and how it influences investor’swealth. This examination looks to discover the impact of profit strategy on investorsriches in the UK retail industry from 2004-2008.With this, 25 firms from theretail business in the UK were chosen. The factors received in theinvestigation are income, gainfulness, share value, firm size, use andinvestment. There is the requirement for executives and administration oforganizations to connect with investors in exchange on issues of profitarrangement. By this, investors will get the opportunity to acknowledgeadministration choices and be persuaded that the profit choices taken are toprofit investors as far as high profit and increment in their riches later on.The investigation additionally suggests that, choice, for example, use andventure ought to be utilised carefully if organizations need to expand theirinvestor’s wealth.  AzhagaiahRamachandran and Veeramuthu Packkirisamy2010Thestudy considers 73 companies from different industries in the Indian market.

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Profit stocks are relied upon to give a blend of profit money streams andcapital additions from the financial specialists’ view. The inclination ofinvestors for either ought to affect choices with respect to profit instalment,which drives one to look at the degree to which profit instalments and profityields shift fundamentally crosswise over firms, ventures and time. Whilefinancial specialists focus their consideration on profit yield, administrationgives careful consideration to the effect of profit pay-outs on the company’scapital needs. The investigation demonstrates that the value profit rate andthe obligation financing in organizations are conversely identified with eachother in a large portion of the parts. IfueroOsad Osamwonyi & Iyobosa Lola-Ebueku2016Thisinvestigation inspects the impact of profit approach on association’s profitsutilizing information of seventeen assembling firms recorded on the Nigerianstock Exchange. The think about prescribes the execution of viable andresult-arranged profit strategies by money related administrators of firms andadditionally solid speculation, successful administrative and supervisorysystem by capital market controllers keeping in mind the end goal to improvefirms’ income and execution in Nigeria. Administrators of firms’ money relatedassets ought to guarantee that the extent of obligation capital at any givenpoint in time is with the end goal that does not surpass the furthest reachesof obligation fund or conveying limit of the organizations to maintain astrategic distance from diseconomies of scale coming about because ofunmanageable obligation capital  Ozuomba Chidinma Nwamaka , Prof. Ezeabasili2017Thestudy shows the relevance of dividend, dividend as a signaling model and provesthat firm value is greatly influenced by dividend policy as far as publiclimited companies are concerned.

In so doing, the methodology adopted is theordinary least square regression analysis for primary data analyses andmultiple regression analysis for the secondary data analyses with models MPS(Market Price Per Share) as dependent variable, EPS (Earnings Per Share) andDPS (Dividend Per Share) as independent variables. The co-efficient ofdetermination is R2 to evaluate the data collected from the ten studiedcompanies and the Nigerian stock exchange. AkramBudagaga2017Thepoint of this study is to analyse the effect of profit instalments on theestimation of firms recorded on the Istanbul Stock Exchange (ISE). The studyhas been adjusted the remaining salary approach in view of Ohlson’s (1995)valuation model. The discoveries demonstrate that there is a critical positiverelationship between money profits per share and an association’s esteem;moreover, book value and remaining salary (irregular acquiring) are essentiallyidentified with the estimation of firms. In this manner, the discoveriesbolster the idea of the importance suggestion and are predictable with theoffice hypothesis clarification.   JohannesD Wett, Mvita Mpinda 2013Thisstudy deals with understanding the impact of the dividend distribution on thevalue of the shareholder’s wealth. They have considered 46 companies listed inJohannesburg Stock exchange for the purpose of research.

To arrive at thevarious correlations between the selected variables Vector error correctionmodel was used. What could be concluded from this paper is that the dividenddistribution patterns do indeed affect the market price of shares whereasearnings per share does not. ObaidUr Rehman2016Thisstudy aims at finding the impact of dividend decisions on the value of a firmand for this purpose the researcher has considered nonfinancial listed firms inPakistan. Cross sectional time series regression analysis was the methodologyadopted for the purpose of the research. There are 4 hypotheses considered inthis to the respect of dividend policy and capital structure associating totheir relevance or non-relevance. The conclusion is that capital structure isindeed relevant. MulaNazar Khan, Babar Nadeem, Fahad Islam, Muhammad Salman, Hafiz Muhammad IkramSarwar Gill2016Purposeof the study is to find whether dividend policies affect the performance of thefirms 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 makesimilarity with the previous research. Results show that dividend pay-out ratioand leverage have significant negative relation with the return on equity. Dr.P. Vidhya Priya Dr. M.

Mohanasundari2016Thisstudy 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 Millerabout the relevance and non-relevance of it as well in the determination ofvalue of a firm. It also lays importance on the dividend distribution patternsin big companies and MNCs as well trying to understand the dividend theory. Itcan be established that dividend policy theories have divergent relevancebetween management and the shareholders arising from opposing interests.Management is primarily focused on the objective growth of the organizationwhile the shareholders are focused on the shareholders wealth in terms of shareprice that determine their return on investment. Rowan.

M.Clarke2012Thispaper analyses size and dispersion in a firm’s substantial holders and itsimpact on capital structure and dividend policy. In an agency relationship,substantial holders have the potential to influence decision-making bymanagement. Prior evidence has demonstrated an association between the presenceof a substantial holder and corporate policies of management. Recently, thesize and dispersion of a firm’s substantial holders has been shown to affectfirm value. The results in this paper are robust to a potentially endogenousrelationship of control by substantial holders with dividend policy.

   Josephine Nduku Mbuvi2015Theeffect of a firm’s dividend policy on the current price of its shares is amatter of considerable importance, not only to management, who must set thepolicy, but also to investors planning portfolios and to economists seeking tounderstand and appraise the functioning of the capital market. It is on thisbasis that the study sought to establish the effect of dividend policy on valuecreation for shareholders of companies listed in the Nairobi SecuritiesExchange.MuhammadShaukat Malik, Madeeha Maqsood2015Thepurpose of this study is to investigate the determinants of dividend policy andtheir impact on firm’s value of construction materials (cement) sector ofPakistan listed at Karachi stock exchange. Related to manufacturing sector, variablesof dividend policy i-e profitability, liquidity, earned equity and growth opportunityare explored and their impact on market capitalization is investigated. Thispaper examines the relationship of dividend policy with firm’s value inmanufacturing sector. Data is collected from 36 firms listed at Karachi stockexchange.  BrandonJulio and David L. Ikenberry2004Thispaper talks about how dividends tend to be lagging indicators of earningspower.

And given this uncertainty about whether dividends serve as a leading orlagging indicator, it’s difficult to conclude that the rebound in dividend pay-outsis driven by the economy, especially since the recovery came well after theapparent shift in pay-out policy. The ongoing emergence and maturation of newfirms will result in a self-renewing stream of dividends. And as long as investorscontinue to respond positively to announcements of dividend increases, and ascompanies reduce their reliance on option-based compensation plans, we see noreason for dividends to disappear.  DmitriyKostyuk2006Thispaper was devoted to the issue of utmost importance to present day businessenvironment – dividend policy and its impact on firm value. Combined with anumber of other factors dividend policy was positioned as a crucial element fordetermining the return on portfolio of a particular enterprise, modelling thebehaviour of the enterprise value to reveal the most crucial factors, to assesstheir contribution and to perceive the nature of their influence.

Enterpriseswhich preferred to distribute the spare part of an income between itsshareholders on average increases it value.  ModoranAlexandru2013Thispaper attempts to explore the possible links between dividend policy and stockprice behaviour in Romanian corporate sector. A sample of 6 listed companiesfrom Bucharest Stock Exchange are examined for the years 2005-2012.

Dividendpolicy has always been a source of controversy despite years of theoretical andempirical research both in developed countries and emerging economies. Thepresent paper features a panel data approach to analyze the relationshipbetween dividend ratio and stock-price behaviour while controlling variableslike leverage, real GDP growth, market return. This paper also addresses theimpact that dividend reports carry on trading prices.  PETERW.

NDIRANGU2011Theobjective of the research was to establish the effect of dividend policy onfuture financial performance of firms listed at the NSE. This study adopted aco-relational research design. After the screening process, the sample size was43 and their financial statements for the period 2009-2013 were studied. Aregression model was determined to establish the relationship between measuresof earning distribution and its effect on future earnings of the firm.

Thesecorrelations indicate that current operating accruals, non-current operatingaccruals and retained cash flows represent significant sources of variation inretained earnings. The findings support the position that the positiverelationship between current dividend pay-out and future earnings growth isbased on the free cash flow theory. ShrikantPanigrahi2015Thispaper provides literature on dividend policy decisions by the corporates in theperspective of shareholder’s wealth. Dividend payment is a signal ofperformance of firms. If dividend increases, share price will also increases,which leads to the creation of shareholder’s wealth. Although, extantliterature review have examined issues of dividend policy, still they producedinconclusive results on the dividend policy decisions.

Thus a good model thatcombines dividends with share buybacks is a fairly good compromise due to itsadvantage of flexibility, tax treatment and intangible gains. Springer Dividenddiscount models for equity valuation are a popular tool in the analysis ofcorporations and their financials. By using dividends as the target cash flow forthe calculation of the present values, one directly aims at the equity value. Thesimplest forms of DDM rely on the discount of a perpetuity, by assuming the companywill pay a constant dividend overtime, during its life. When the perpetuity allowsfor a constant growth rate of dividends overtime, it translate into the Gordon Growthmodel, which represents the value of the corporate equity as the present valueof a growing perpetuity. Most of the multi-stage DDM are in fact designed to allowfor an initial period of discrete cash flows to be discounted at theappropriate rate, and be summed up with the present value of a final perpetuitycalculated on the residual dividend after the discrete period.  MudassarHasan, Muhammad Ishfaq Ahmad, Muhammad Yasir Rafiq,RamizUr Rehman2015Thispaper investigates the relationship between dividend payout ratio andprofitability 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 performanceis measured by earning per share (EPS) and return on assets (ROA).

The resultsof logarithmic regression show that no matter what industry is, there is a negativeimpact of dividend payout ratio on next year earnings of a firm. The mostfundamental question is whether or not the dividend should be paid. Thecorporate finance theory is yet to answer this basic question. That is whydividend policy is considered to be a dark area in corporate finance theory.  GayB.

Hatfield, Louis T.W. Cheng, and Wallace N. Davidson1994Therelationship between capital structure and firm value has been the subject ofconsiderable debate, both theoretically and in empirical research.

Throughoutthe literature, debate has centered on whether there is an optimal capitalstructure for an individual firm or whether the proportion of debt usage isirrelevant to the individual firm’s value. This hypothesis is examined byclassifying firms’ leverage ratios as being above or below their industryaverage prior to announcing a new debt issue. Then tested whether this has aneffect on market returns for shareholders.

Overall finding is that therelationship between a firm’s debt level and that of its industry does not appearto be of concern to the market.  SorinGabriel ANTON2012Theaim 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 BucharestStock Exchange over the period 2001-2011. Employing a fixed effects model, whatwas found is that dividend pay-out ratio positively influences firm value aftercontrolling for other firm-specific variables. Furthermore, leverage and firmsize were found to have a positive effect on firm value.


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