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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 Dividend Policy on Stock Price: An Empirical Evidence from Hotels and Travels Companies Listed in Colombo Stock Exchange
    (Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka, 2016) Hettiarachchi, U.S.J.; Rajeshwaran, N.
    Dividend Policy is one of the important factors that affect the stock price. Dividend policy is measured by dividend per share, dividend yield and dividend payout ratio. The purpose of this paper is to identify the impact of dividend policy on stock price in the hotels and travels sector companies listed in the Colombo Stock Exchange. Thirty-four companies listed in the hotels and travels sector were analyzed for a period of five years from the year 2012 to 2016. Data were collected from the annual reports of the companies. Statistical Package (SPSS 19.0) was applied to analyze and evaluate the collected data. Correlation analyses and multiple regression are used to explore the association between study variables. A positive impact is found between dividend per share, dividend presence in a firm with stock price changes, while a negative impact between dividend yield and stock price changes is also identified. The impact of dividend pay-out ratio deemed to be insignificant. In addition, it is shown that assets growth rate and firm size explain stock price changes. The study supports the fact that dividend policy is relevant in determining the stock price for the hotels and travels sector companies listed in the Colombo Stock Exchange.