قرارات توزيع الأرباح وتأثيرها على القيمة السوقية للمؤسسة – دراسة حالة مجمع صيدال خلال الفترة 2019-1999

Abstract

This study aims to highlight the impact of the Saidal Group's dividend decisions on the market value of the share during the period (1999-2019), using the Autoregressive Distributed Lag model (ARDL). The results of the cointegration test and the estimation of the error correction coefficient indicated that there is a long-term equilibrium relationship between the market value of Saidal’s share and the dividend decisions, while it was also found that there is a positive and significant effect of the value of the dividend on the market value of the share in both the long and short terms, and to There is a negative and significant effect of the dividend yield on the market value of the share in both the long and short terms, while the results of the study also indicated that there is a positive effect for each of the dividend growth rate and the dividend payout ratio in the short term, but in the long term the effect was not significant.