The impact of capital structure and dividend policy on stock prices

العناوين الأخرى

أثر هيكل رأس المال و سياسة توزيع الأرباح على أسعار الأسهم

مقدم أطروحة جامعية

Abu Samrah, Wafa Husayn

مشرف أطروحة جامعية

al-Tamimi, Arashad Fuad

أعضاء اللجنة

Jawad, Shawqi
al-Shwawrah, Faysal
al-Hunayti, Hana Muhammad Hilal
al-Samirrai, Qahtan

الجامعة

جامعة عمان العربية

الكلية

كلية الأعمال

القسم الأكاديمي

قسم التمويل

دولة الجامعة

الأردن

الدرجة العلمية

دكتوراه

تاريخ الدرجة العلمية

2013

الملخص الإنجليزي

-Although a great deal of work has been done on the areas of capital structure and dividend policy, there is still insufficient knowledge of how these policies affect stock prices.

This shortcoming may have been originated from the separation between both policies when investigating their impact on stock prices.

Based on this point, this study adopts completely randomized design (CRD) technique to combine the impact of both policies on stock prices rather than separating them.

The study also incorporates other related factors that could affect stock prices.

This is in order to find out how different policies affect stock prices.

The study investigates the following influencing factors; growth opportunities, earnings, firm size, profitability, institutional ownership, firm’s industry, and stock’s risk.

The study results may lead to the solution of optimal capital structure and optimal dividend policy dilemma.

By using panel based regression analysis depending on the sample of 30 services and industrial Jordanian firms for the period of 2001-2010, the study found the following; 1) dividend payout has a positive impact on firm stock prices while the financial leverage doesn’t show any significant impact on firm stock prices.

2) Combined level of capital structure and dividend policy has significant impact on stock prices.3) At the presence of other related factors (growth opportunities, earnings, firm size, profitability, institutional ownership, firm’s industry and stock’s risk) dividend payout and financial leverage have a significant impact on firm stock prices for the whole market and for each analyzed sector.

4) Different combined levels of capital structure and dividend policy affect stock prices in a different way.

5) Growth opportunities, firm’s earnings, firm’s size and institutional ownership have a positive impact on firm stock prices while the firm’s profitability measured by return on equity has a negative impact on firm stock prices, the results also show an industry effect.

Upon these results the study recommends Jordanian firms to take into consideration the main factors: payout ratio, capital structure, combined level of capital structure, and dividend policy when designing their financing policy as they have been found significant in determining stock prices for the whole market and even for each industry.

The study also recommends paying attention to the level of financial leverage when designing payout policy and vice verse since the combined level of both has different influencing impact on stock prices

التخصصات الرئيسية

العلوم المالية و المحاسبية

الموضوعات

• الاقتصاد
• الرأسمالية
• الثروة
• رأس المال
• الأسهم

عدد الصفحات

202

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-561424