Tishreen University Journal for Research and Scientific Studies -Economic and Legal Sciences Series Vol. (35) No. (5) 2013 SPSS

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1 03 (5) (35) _ Tishreen University Journal for Research and Scientific Studies -Economic and Legal Sciences Series Vol. (35) No. (5) 03 * ** (03 / 9 / 5.0 / / 3 ). SPSS.. : () * ** 79

2 03 (5) (35) _ Tishreen University Journal for Research and Scientific Studies -Economic and Legal Sciences Series Vol. (35) No. (5) 03 The impact of dividend policy on stock market value Field study (Received 3 / / 0. Accepted 5 / 9 / 03) ABSTRACT Dr. Abdulrahman Merhi * Naila Zakaria ** This study aimed to identify the impact of dividends policy as an independent variable on the stock market value as dependent variable. The researcher relies on relevant accounting and financial studies. Then the researcher conducted a field study through the preparation of a questionnaire distributed to a number of investors and workers in brokerage firms at Damascus Stock Exchange and academics at Damascus University. The researcher used SPSS program to analyze the questionnaire. The researcher finds a significant correlation which exists between the type of dividends (especially regular cash dividends payment) and investor s desire to buy the stock and finally the market value. Besides that, there is a relationship between changes in the dividends policy and its effect on the stock price. Keyword: dividends policy, dividends payment, stock market price. * Associate Professor- Accounting Department- Economic Faculty -Damascus University-Syria. ** Postgraduate Student in Accounting Department- Economic Faculty - Damascus University Syria. 80

3 Tishreen University Journal Eco. & Leg. Sciences Series 03 (5) (35) : : ( )... :... (... : ) (... ) 8

4 . : تم صياغة فرضيتين الدراسة:. :.( ).. : : ). : (0) Mohammad Hashemijoo ( multiple regression Hashemijoo, Mohammad. The Impact of Dividend Policy on Share Price Volatility in the Malaysian Stock Market. Journal of Business Studies Quarterly, Vol. 4, No.,0, pp. -9 8

5 Tishreen University Journal Eco. & Leg. Sciences Series 03 (5) (35). : (00)Andreas Charitou 8. (Brown & Warner 985) ( : DeAngel and Skinner (99) (.,.. : (00) Mohammad Beyezid Ali.( ) 44 (insider trader).. 3 : (006)H.Kent Baker.4 ( :..3 (. 4 (005) Paul D.Koch.5. Charitou, Andreas; Lambertides, Neophytos; theodouous, Giorgos. Losses, Dividend Reductions, and Market Reaction Associated with past Earnings and dividend patterns. Journal of Accounting, Auditing and Finance, new yourk university, august,00. Bayezid,A. Mohammad; Chaowdhury, Ahmed. Effect of dividend on Stock price in Emerging Stock market: A study on the listed private commercial Banks in DSE. International Journal of Economic and Finance, the Canadian Center of Science and Education, VOL.,No.4; November 00, p Baker, H. Kent, Mukherjee, Tarun., Paskelian, Ohannes.G., "How Norwegian managers view dividend policy", Global Finance Journal 7(006), P Koch, D. paul; Docking, Diane. Sensitivity of investor reaction to market direction and volatility: Divided change announcements. The Jornal of Financial Research, VOL XXVIII, No., (005), p-40 83

6 center for research in security price (abnormal return) :. : (00) Vector Autoregressive Approach (VAR).Impulse response Function. (00) ( ) 3 : (009) :...8 5%..... :

7 Tishreen University Journal Eco. & Leg. Sciences Series 03 (5) (35) : :.. : : ( ).. ( ). :..... : :. ( ) Donald, Kieso. International accounting IFRS. John Wiley &Son, 0, p

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10 :.. :. :. :... : : 3 :. : Conn, L. Robert. Essential of Managerial Finance. Houghton Mifflio, USA,98,P380 Barely, D. john. Intermediate accounting. th.,ed. South western, australia,00, p

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12 .. : : 96 (M&M) Miller and Modigiliani :... :.. " " :. High. Payout Ratios Dividends Increase Stock Value Dividends. : Husam-Aldin, N. Al-Malkawi; Michael, Rafferty; Rekha Pillai. Dividend Policy: A Review of Theories and Empirical Evidence. International Bulletin of Business Administration, EuroJournals, Inc. ISSN: 45-43X Issue 9 (00). 90

13 Tishreen University Journal Eco. & Leg. Sciences Series 03 (5) (35).. :.4... Lipson : : : : : : : ) %80 56 %88 (. Rafferty, Michael. Dividend Policy: A Review of Theories and Empirical Evidence. International Bulletin of Business Administration, EuroJournals, Inc, ISSN: 45-43X Issue 9 (00 ). المرجع السابق. 3 Lipson, L.Marc; Maquieira, P.Carlos;William Megginson. Dividend Initiations and Earnings Surprises. Financial Management 7, Financial Management 7 (Autumn 998), pages Baker, H. Kent. how Norwegian managers view dividend policy. Global Finance Journal,7(006),p

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20 \8.( ) Bayezid,A. Mohammad; Chaowdhury, Ahmed. Effect of dividend on Stock price in Emerging Stock market: A study on the listed private commercial Banks in DSE. International Journal of Economic and Finance, the Canadian Center of Science and Education, VOL.,No.4; November 00, Baker, H. Kent, Mukherjee, Tarun., Paskelian, Ohannes.G., "How Norwegian managers view dividend policy", Global Finance Journal 7(006), Barely, D. john. Intermediate accounting. th.,ed. South western, australia,00, Bolton, E. Steven. Essential of Managerial finance. Houghton Mifflin Company, 98, Charitou, Andreas; Lambertides, Neophytos; theodouous, Giorgos. Losses, Dividend Reductions, and Market Reaction Associated with past Earnings and dividend patterns. Journal of Accounting, Auditing and Finance, newyork university, august,00, abstract_id= Conn, L. Robert. Essential of Managerial Finance. Houghton Mifflio, USA, Husam-Aldin, N. Al-Malkawi; Michael, Rafferty; Rekha Pillai. Dividend Policy: A Review of Theories and Empirical Evidence. International Bulletin of Business Administration, EuroJournals, Inc. ISSN: 45-43X Issue 9 (00). 0. Kieso, E., Donald; john, D. Barley. Intermediate Accounting. 3th.ed, John Willy, USA, 00,0.. Koch, D. paul; Docking, Diane. Sensitivity of investor reaction to market direction and volatility: Divided change announcements. The Jornal of Financial Research, VOL XXVIII, No., (005), -40. Lipson, L.Marc; Maquieira, P.Carlos;William Megginson. Dividend Initiations and Earnings Surprises. Financial Management 7, Financial Management 7 (Autumn 998), Hashemijoo, Mohammad. The Impact of Dividend Policy on Share Price Volatility in the Malaysian Stock Market. Journal of Business Studies Quarterly, Vol. 4, No.,0, -9 : 98

21 Tishreen University Journal Eco. & Leg. Sciences Series 03 (5) (35) 4. Palepu, Krishna G., Paul M. Healy, and Victor L. Bernard. Business Analysis and Valuation Using Financial Statements: Text and Cases. 3rd ed. Mason, Ohio: Thomson Southwestern, 003.p Rafferty, Michael. Dividend Policy: A Review of Theories and Empirical Evidence. International Bulletin of Business Administration, EuroJournals, Inc, ISSN: 45-43X Issue 9 (00 ). : موقع 6. بوابة الدخول للشركات الخليجية base, gulf 99

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