Commerce and Management

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Subject: search.filters.subject.Dividend payout

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    Impact of Dividend Policy on Market Share Price, Evidence from Financial Industries in Sri Lanka
    (Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Uthayakumar, R.; Mujahith, M.U.M.
    This study examines the impact of dividend policy indicators, dividend payout ratio and dividend yield, on the market price of a share of the companies operating in the banking, financing, insurance, and leasing industries in Sri Lanka. The study was carried out using 5 year data from 2010 to 2014 obtained from the annual reports of sample of 20 listed companies in the financial sector. From the data analysis, it is found that the dividend payouts ratios have weakly and positively correlated with share price indices, and dividend yields have weakly and negatively associated. The dividend payout ratio and dividend yield have an insignificant impact on the market price of shares of the companies in the industries. Hence, it is concluded that the dividend policy has no significant influence on determining the market value of shares of companies in the banking, financing, insurance, and leasing industries in Sri Lanka.
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    The Impact of Corporate Governance on Firms’ Dividend Policy: Evidence from the Listed S&P SL20 Companies in the Colombo Stock Exchange
    (Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Ekanayake, H.L.; Paranthaman, T.
    The concept of corporate governance is one of the issues that have attracted the attention of researchers and organization around the world. Corporate governance is measured by board size, ownership structure, board independence and CEO duality. The purpose of this study is to identify the impact of corporate governance on firms’ dividend policy for the listed S&P SL20 companies in the Colombo Stock Exchange. Twenty listed S&P SL20 companies were analyzed for a period of six years from 2010 to 2015. Data is collected from the annual reports of the companies. Statistical Package for Social Science (SPSS 19.0) is used to analyze and evaluate the collected data. Univariate, Multiple regression and correlation analyses are used to explore the association between board size, ownership structure, board independence and CEO duality and firm dividend policy. A positive impact is found between CEO duality and firm dividend policy and negative impact is found between ownership structure and firm dividend policy. The impact of board size and board independence deemed to be insignificant. In addition, it is shown that firm size and profitability explain firm dividend policy. The paper supports the fact that corporate governance is relevant in determining the dividend policy for listed S&P SL20 companies in the Colombo Stock Exchange.