أثر سياسة توزيع الأرباح على القيمة السوقية للسهم (دراسة قياسية لعينة من الشركات المدرجة في البورصة السعودية)

Abstract

This study aims to examine the impact of dividend policy on stock market value, by conducting an econometric analysis on a sample of four Saudi banks listed in the Saudi Stock Exchange, namely: Riyadh Bank, SABB, the National Commercial Bank, and the Arab National Bank, over the period 2010–2022. To achieve the study’s objectives, the Panel model was applied using the Ordinary Least Squares method suitable for longitudinal data analysis. The dividend policy was measured using two indicators: the ratio of cash dividends to net income, and earnings per share (EPS). The market value of the stock was represented by the annual closing price. The results revealed a statistically significant positive relationship between dividend policy and stock market value, indicating that investors in the Saudi market pay close attention to dividends as a positive signal of corporate performance and financial stability, although the degree of impact varies across the selected banks.