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Amin, Mohammad Ruhul
- Declaration Effect of Cash & Stock Dividends on Share Price: An Empirical Study on Dhaka Stock Exchange
Authors
1 Department of Business Administration, Northern University Bangladesh, BD
Source
Asian Business Review, Vol 1, No 1 (2012), Pagination: 72-79Abstract
This study analyzes the impact of different types of dividend declaration, namely stock and cash dividends. Using event studymethod, MAAR and CAAR, this study found no evidence of abnormal returns on the declaration day for either of the types of dividends. However, significant negative returns are reported on days prior to the declaration day for stock dividend, indicating speculative nature of the investors. Furthermore, it provides positive returns during the post-announcement period as the investors realize the chance of potential gains. However, as far as cash dividend is concerned companies listed under DSE do not provide any significant abnormal returns during the 60 days event window. For CAAR, no significant return is reported for cash dividend, while stock dividend provided a maximum 5.6% abnormal returns during the post announcement period.
Keywords
No KeywordsFull Text
- Relationship between Ownership Structure and the Modes of Dividend Payment: A Study on Dhaka Stock Exchange
Authors
1 Finance, Southeast University, BD
2 Accounting, Northern University Bangladesh, BD
3 Bangladesh Institute of Bank Management (BIBM), BD
Source
Asian Business Review, Vol 4, No 1 (2014), Pagination: 7-14Abstract
This paper investigates whether percentage of ownership controlled by the directors of companies has any association with types of dividend declared by them. Based on the data for the years 2006 to 2009 from the Dhaka Stock Exchange, this paper found that most of the companies provided stock dividends rather than cash dividends. Using Yate's Continuity Correction Chi-square Test, this study has found existence of a significant relationship between the percentage control of ownership and types of dividend declared. Furthermore, the study indicates that the companies having ≥50% share controlled by the directors are 3 times more likely to offer stock dividends than companies having <50% control of the shares by the directors. Whereas, the companies having ≥50% control of ownership by the directors are less likely to offer cash dividends compared with <50% control of the shares by the directors.Keywords
Dhaka Stock Exchange, Ownership Structure, Dividend PolicyFull Text
- Relationship between Ownership Structure and the Modes of Dividend Payment: A Study on Dhaka Stock Exchange
Authors
1 Finance, Southeast University, BD
2 Accounting, Northern University Bangladesh, BD
3 Bangladesh Institute of Bank Management (BIBM), BD
Source
Asian Business Review, Vol 4, No 1 (2014), Pagination: 7-14Abstract
This paper investigates whether percentage of ownership controlled by the directors of companies has any association with types of dividend declared by them. Based on the data for the years 2006 to 2009 from the Dhaka Stock Exchange, this paper found that most of the companies provided stock dividends rather than cash dividends. Using Yate's Continuity Correction Chi-square Test, this study has found existence of a significant relationship between the percentage control of ownership and types of dividend declared. Furthermore, the study indicates that the companies having ≥50% share controlled by the directors are 3 times more likely to offer stock dividends than companies having <50% control of the shares by the directors. Whereas, the companies having ≥50% control of ownership by the directors are less likely to offer cash dividends compared with <50% control of the shares by the directors.Keywords
Dhaka Stock Exchange, Ownership Structure, Dividend PolicyFull Text