Impact of Financial Meltdown on the Relationship Between Dividend Policy and Shareholders’ Wealth
研究了印度基础材料行业上市公司股利政策对股东财富的影响，发现两者存在长期稳定关系，且金融危机显著改变了这一影响。
Dividend policy (DP) is considered one of the major decisions of \nthe corporate firms regarding how much earnings could be paid \nas dividend. Such a DP will greatly influence the shareholders’ \nwealth (SW). Hence, the objective of the paper is to analyze the \nimpact of DP on SW of Basic Material Sector in India. Out of 29 \nfirms listed on Bombay Stock Exchange (BSE), 13 firms that have \nbeen paying dividend consecutively for the past ten years are considered \nfor analysis. Besides descriptive statistics, Augmented \nDickey Fuller Test (ADF), Levin, Lin, and Chu (LLC) t-test, Philip \nPerron (PP) Fisher Chi-square test, Im-Pesaran-Shin W (IPS-W) and Breitung \ntest are used to test whether the data are stationary and to \nsatisfy one pre-condition for co-integration Johansen Co-integration \ntest is used. Regression and Chow test are also applied. The results \nof the co-integration test proves that there exists a stationary, \nlong-run relationship between dividend per share (DPS) as \nwell as dividend yield (DY) with SW. Regression result proves that \nDP has significant impact on sw and the Chow test result proves \nthat the impact of DP on SW of Basic Material sector has been significantly \naffected by the event, financial meltdown.