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Register a new userThe Impact of Dividend Decision on Market Value of Firms Listed on Damascus Stock Exchange
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Tishreen University مقالة
Publication date
2019
fields
Economy
and research's language is
العربية
Created by
امانة التحرير مجلة جامعة تشرين
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This study aims at determine the effect of dividend decision (independent variable) on the market value of listed companies in Damascus Security Exchange (dependent variable) during the period (2014-2018). To achieve this objective, the researchers compared the average of change in market value before and after the date of general assembly with the average of change in market value of the market index during the same period. The researchers used a hypothetical-deductive approach to formulate the hypotheses; and the Wilcoxon test (at 5% significance level). The study concluded that there is a significant negative effect of cash dividend decision on the market value. The distribution of bonus shares has a significant positive effect on market value. Finally, there is no significant effect of the non-dividend decision on the market value compared to the market index.
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Research summary
تهدف هذه الدراسة إلى تحديد تأثير قرار توزيع الأرباح على القيمة السوقية للشركات المدرجة في سوق دمشق للأوراق المالية خلال الفترة من 2014 إلى 2018. استخدم الباحثون منهجية استنباطية واختبار ويلكوكسون عند مستوى دلالة 5% لاختبار الفرضيات. توصلت الدراسة إلى أن هناك تأثيرًا سلبيًا معنويًا لتوزيع الأرباح النقدية على القيمة السوقية، بينما كان لتوزيع الأسهم المجانية تأثير إيجابي معنوي. لم يكن هناك تأثير ذو دلالة معنوية لقرار عدم توزيع الأرباح على القيمة السوقية مقارنة بمؤشر السوق. تضمنت الدراسة تحليلًا للبيانات المالية للشركات المدرجة في سوق دمشق للأوراق المالية، واستخدمت متوسط إغلاقات أسعار الأسهم قبل وبعد 15 يومًا من تاريخ اجتماع الهيئة العامة للشركات لقياس التغير في القيمة السوقية.
Critical review
دراسة نقدية: تعتبر هذه الدراسة مهمة لفهم تأثير قرارات توزيع الأرباح على القيمة السوقية للشركات، إلا أن هناك بعض النقاط التي يمكن تحسينها. أولاً، يمكن توسيع فترة الدراسة لتشمل سنوات أكثر للحصول على نتائج أكثر شمولية. ثانيًا، يمكن أن تشمل الدراسة تحليلًا أعمق للعوامل الأخرى التي قد تؤثر على القيمة السوقية مثل الأداء المالي العام للشركات وظروف السوق الاقتصادية. ثالثًا، يمكن تحسين منهجية البحث باستخدام نماذج إحصائية أكثر تعقيدًا لتحليل البيانات بشكل أكثر دقة. وأخيرًا، يمكن أن تكون الدراسة أكثر شمولية إذا تم تضمين مقارنات مع أسواق مالية أخرى في المنطقة.
Questions related to the research
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ما هو الهدف الرئيسي من هذه الدراسة؟
الهدف الرئيسي من هذه الدراسة هو تحديد تأثير قرار توزيع الأرباح على القيمة السوقية للشركات المدرجة في سوق دمشق للأوراق المالية خلال الفترة من 2014 إلى 2018.
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ما هي الفرضيات التي تم اختبارها في الدراسة؟
تم اختبار ثلاث فرضيات: تأثير قرار عدم توزيع الأرباح، تأثير قرار توزيع الأرباح النقدية، وتأثير قرار توزيع الأسهم المجانية على القيمة السوقية للشركات مقارنة بمؤشر السوق.
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ما هي النتائج الرئيسية التي توصلت إليها الدراسة؟
توصلت الدراسة إلى أن توزيع الأرباح النقدية له تأثير سلبي معنوي على القيمة السوقية، بينما توزيع الأسهم المجانية له تأثير إيجابي معنوي. لم يكن هناك تأثير ذو دلالة معنوية لقرار عدم توزيع الأرباح على القيمة السوقية مقارنة بمؤشر السوق.
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ما هي التوصيات التي قدمها الباحثون بناءً على نتائج الدراسة؟
يوصي الباحثون بدراسة توزيعات أرباح الشركات من قبل المستثمرين للوصول إلى نوع السياسة التي تتبعها الشركة في توزيع الأرباح، ودراسة نوع الأرباح التي تحققها الشركات للتمييز بين الأرباح المحققة وغير المحققة، وتحقيق التوازن بين توزيع الأسهم المجانية والتوزيع النقدي لجذب مختلف أنواع المستثمرين.
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