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2.2 Gap of previous studies related to relations between dividend policies and stock
return
Researchers,
Title, Variables
Results
year of published
dividend policy does not
affect
Riki Martusa Dependent variable :
<2007> Stock return
stock return significantly
Independent variable :
Dividend yield
Sample :
34 manufacturing companies listed in
in Jakarta Stock Exchange (BEJ)
from 1999 to 2004
Adesola and Dependent variable : Dividend policy influence
Okwong Stock return
stock return
Dividend has a big role in
<2009>
Independent variable : determining stock return
Dividend yield and payout It means that the increasing
rate of dividend policy
leads to the higher stock
return
Controlled variable :
size, growth, liquidity ratio
Sample :
27Nigeria quoted companies
from 1996 to 2006
This research used the
multiple regression least
square to
Hussainey,
Khaled Dependent variable :
get the positive relation
between dividend payout
ratio and stock return, but
Mgbame,Chijoke,
Oscar Stock return
but negative relation
between
Chijoke-Mgbame,
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