نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی کارشناسی ارشد مدیریت مالی دانشگاه دانش البرز

2 دکترای مدیریت مالی، گروه مدیریت مالی، دانشگاه آزاد اسلامی، علی آباد کتول، ایران

چکیده

هدف: بررسی و تحلیل محتوای اطلاعاتی نسبت‎های دوپونت در ارتباط با سیاست تقسیم سود شرکت‎ها و همچنین به دنبال پاسخ این سؤال است که آیا اجزای نسبت دوپونت با تصمیمات مدیریت در تقسیم سود رابطه معناداری دارد؟
روش‌شناسی پژوهش: برای دستیابی به پاسخ سؤال فوق 84 شرکت موجود در بازار سرمایه تهران به‌عنوان نمونه آماری انتخاب گردید. داده‎های جمع‌آوری‌شده در یک دوره 10 ساله بین سال‌های 1388 تا 1397 در نظر گرفته‌شده و آزمون فرضیه‎ها با در نظر گرفتن متغیر وابسته تقسیم سود به شکل‎های مختلف از طریق تحلیل رگرسیون توبیت و لجستیک انجام‌شده است.
یافتهها: نتایج نشان داده است که بازده خالص دارایی‎ها (RONA) و اجزای آن یعنی گردش دارایی (ATO) و حاشیه سود (PM) در ارتباط با سیاست تقسیم سود در تمامی‎ مدل‎ها به‌جز مدل تغییرات سود تقسیمی روبه‌جلو ( ) دارای محتوای اطلاعاتی بوده است.
اصالت/ارزش‌افزوده علمی: این پژوهش نشان داد که مدیران و تحلیلگران از طریق محتوای اطلاعاتی به‌دست‌آمده از طریق نسبت‎های دوپونت می‎توانند به تحلیل چگونگی تصمیمات سود سهام بپردازند.

کلیدواژه‌ها

عنوان مقاله [English]

Analysis of The Relationship Between Dupont Ratio and Dividend Policy (Tobit and Logit Regression Analysis Approach)

نویسندگان [English]

  • Neda Nozohoor 1
  • Meysam Kaviani 2

1 MA student of financial management at the University of Danesh Alborz

2 Ph.D of Financial Management, Islamic Azad University, Aliabad Katoul, Iran.

چکیده [English]

Purpose: The purpose of this paper is to investigate and analyze the information content of DuPont ratios in relation to corporate dividend policy and also seek to answer the question of whether the components of DuPont ratio are significantly related to management decisions in dividend?
Methodology: To achieve the answer to the above question, 84 companies in the capital market of Tehran were selected as statistical samples. The data collected in a 10-year period between 2010 and 2019 have been considered and the hypothesis test has been performed by considering the dependent variable of dividend in different forms through Tobit and logit regression analysis.
Findings: The results show that the net return on assets (RONA) and its components, ie asset turnover (ATO) and profit margin (PM), in relation to dividend policy in all models except the model of one-year-ahead change in dividend had informational content.
Originality/Value: This study showed that managers and analysts could analyze how dividend decisions are made through information content obtained through DuPont ratios.

کلیدواژه‌ها [English]

  • DuPont Analysis
  • Dividend Distribution
  • Asset turnover
  • Profit margin
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