محددات توزيع الأرياح النقدية في الشركات الصناعية المساهمة العامة الأردنية

Abstract EN

This study examines the determinants of the cash dividends in industrial corporations in Jordan, using “Tobit” estimation model and cross sectional and time series data for Jordanian industrial companies listed in Amman Stock Exchange for the period 2010 – 2014.

A number of independent variables have been used which have been mostly extracted from the financial reports of the corporations, in addition to some other variables which have been chosen on the ownership structure of the firms, such as government and internal ownership.

These variables were studied to explore their impact on the dividend yield ratio, as a measure of cash dividend.

The results revealed positive impact for total assets and earning per share on the dividend yield ratio.

The positive relation between the size of the corporation and the dividend yield ratio indicates that the ability of large companies to enter the capital markets and obtain financing is more than the ability of small companies.

Similarly, the positive relationship between the profitability of the company and the dividend yield ratio is consistent with the results of most studies and supported the bird in hand theory.

On the other hand, the study found negative relationship between the Dividend yield ratio and the number of shareholders, government and internal ownership, which supports the agency theory.

Finally, the results revealed that the following variables: age, financial leverage, market to book value and total shares turnover rate have insignificant impact on dividend yield ratio.