( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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IMPACT OF DIVIDEND POLICY ON SHARE PRICE: A CASE OF LISTED FIRMS ON THE NATIONAL STOCK EXCHANGE

    4 Author(s):  SAKINA KAIDAWALA,HEENA JAISWAL,DR. DIVYANG JOSHI,STUTI CHAVDA

Vol -  12, Issue- 5 ,         Page(s) : 147 - 157  (2021 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Dividend policy is crucial to all the stakeholders who are associated with the company. The decision to pay a dividend entirely depends on the current state of the company and the investors' preference toward it. The dividend declaration is the signaling event for the investors which may impact investment decisions. This study is aimed to study the impact of dividend declaration on the share price of stocks listed on the National Stock Exchange in India from 2015 to 2019. A total of 100 events were taken into consideration for the study purpose. 21 days of window and paired T-test applied for the analysis. This analysis's results show that there is no statistical significant impact of dividend declaration on the share price movement.

Gupta, S., Dogra, B., Vashisht, A. K., &Ghai, S. (2012). Stock Price Reaction to Dividend Announcements. 2(2), 9.
Jose, T., & George, T. (2015). Impact of dividend announcements on stock prices with special reference to Banking Companies in India. TIJ’s Research Journal of Commerce & Behavioural Science - RJCBS, 4(8), Article 8. 
https://www.theinternationaljournal.org/ojs/index.php?journal=rjcbs&page=article&op=view&path%5B%5D=3975

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