A COMPARATIVE STUDY ON DIVIDEND POLICY AND ITS INFLUENCE ON STOCK PRICES OF SOME SELECTED INDIAN STEEL AND ALUMINUM COMPANIES

As the companies must balance the interest of different shareholders the dividend policy they select may have different impact on stock prices or sometimes it may not be impacted on stock price. Objectives of the study to examine whether EPS and DPS has any impact on stock prices of two important industries like steel and aluminum. Ten listed sample company from each industry are chosen on the basis of market capitalization. The analysis has been done on the basis of correlation and regression statistic. Finally it was found that steel companies MPS will not change by EPS and DPS , on the other side aluminum companies MPS will change by EPS and DPS.

在众多股东利益诉求的平衡考量下，企业所采纳的股息政策可能会对股价产生不同程度的影響，有时甚至可能对股价不构成影响。本研究旨在探究每股收益（EPS）与每股股息（DPS）对钢铁与铝业两大重要行业股票价格的影响。基于市值，从每个行业选取了十家上市公司作为样本。分析过程基于相关性与回归统计方法。最终研究发现，钢铁企业的市盈率（MPS）不会因EPS与DPS的变化而改变，而铝业企业的市盈率（MPS）则会受到EPS与DPS变动的影响。