أثر الأرباح و توزيعاتها المعلنة على سعر السهم و حجم التداول في إطار نظرية الإشارة : دراسة تحليلية في عينة من الشركات المدرجة في السوق المالي السعودي

Abstract EN

The research aims to test the impact of dividend announcements and theirsimultaneous dividends on the stock trading indicators represented by the stockprice and trading volume and test the information content of these twoadvertisements, within the framework of signal theory, and compare the responseof the share price with the trading volume by adopting the methodology of studyingthe event.

The sample of the study includes (12) companies listed in the Saudi StockExchange from various sectors that meet the criteria set for selection, for the period(2007-2016) formed approximately (83) simultaneous event.

The research reached a set of conclusions that do not support the theory ofsignaling propositions as it confirms the existence of information leakage and thedelay in the capture of new information in stock prices helped to achieveextraordinary significant returns in the days before and the days after the event insome subtotals of dividends and concurrent dividends.

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The ence of a significantinteraction effect on the variables of profits and declared dividends on thecumulative extraordinary returns.

It was noted that the response of the tradingvolume index to corporate announcements was in line with the signal theory exceptfor the group in which both profits and dividends coincided.