أثر سياسة توزيع الأرباح على القيمة السوقية للمؤسسة : دراسة قياسية للمؤسسات المدرجة في مؤشر داو جونز Djia

Abstract EN

The study aimed to test the impact of the distribution policy of dividends on the stock market value and some latter's determinants.

To achieve this goal, an econometric study was carried out based on the multi regression model of panel data.

The study was conducted on the companies listed in the Dow Jones American Index which contains 30 companies over a period of time from 2007 to 2017 and thus we faced two-dimensional data case.

The necessary tests were performed and retained a fixed effect model that was estimated using the least squares method (LSDV).

The study shows that all the explanatory variables have a statistical signification except the asset growth variable.

The effect of the DPS and EPS variables was positive and significant.

The control variables which are composed of leverage, company size, operational profitability have a positive effect on the stock market value while return on equity has a significant negative impact.

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