| Abstract [eng] |
SUMMARY The topic of my master's thesis research is the impact of dividend policy on the return of shares of companies listed on the Lithuanian Stock Exchange, but I specifically examined only the consumer services sector due to insufficient information availability. The purpose of this study is to examine the influence of Dividend Policy on the return of shares of companies (consumer services) listed on the Lithuanian Stock Exchange. All data for this study were collected from official company websites and annual reports. The consumer services sector was considered in this study. This study uses a quantitative approach. One of the reasons why quantitative research is preferred over qualitative research is that the results obtained by researchers from quantitative research are more reliable. For this purpose, stock return has been considered as dependent variable, and profit after tax, earnings per share, leverage and return on equity are considered as independent variables. Stock returns are measured in terms of annual dividends. This study looked at balanced 2017-2021. five-year panel data related to 12 NASDAQ Vilnius listed companies on the Lithuanian Stock Exchange. This study clearly shows that these results contradict the dividend irrelevance theory but support the substitution theory. Among these three control variables, which are profit after tax, earnings per share, leverage and return on equity, only leverage has a highly positive significant relationship with dividends, which means that a company with high leverage has received a high dividend rate per share. Main words: Dividend policy, Share market price, Consumer services sector. |
