外文翻译---对股东财富影响的股利政策(编辑修改稿)

外文翻译---对股东财富影响的股利政策(编辑修改稿)内容摘要：

quity between Dividend Payers and NonPayers among Inorganic Chemical Companies. Year Dividend Payers Dividend NonPayers Mean SD Mean SD tvalue LS 1997 1998 1999 2020 2020 2020 ns 2020 2020 2020 2020 All Years An average market value relative to book value is 1, revealing marginal increase in wealth of the investors of these panies. The mean values vary between in 2020 to in 1997 and 1998. The decline in mean value in 2020 has indicated the decline in wealth of the investors during the period. However, parison of mean values between dividend payer and nonpayer under chemical sector (Organic and Inorganic) revealed that the wealth creation in each year does not show any significant difference. However, in the longrun, the difference is highly significant at 1 per cent level. H1: “There is no significant difference in average market value relative to book value of equity between dividend payers and nonpayers of (Organic and Inorganic) chemical panies in India.” Table 3: Yearwise Comparison of Market Value to Book Value of Equity Between Dividend Payers and NonPayers among Organic and Inorganic Chemical Companies. Year Dividend Payers Dividend NonPayers Mean SD Mean SD tvalue LS 1997 ns 1998 ns 1999 ns 2020 ns 2020 ns 2020 ns 2020 ns 2020 ns 2020 ns 2020 ns All Years The H1 is rejected. Therefore, it is found that in the longrum, wealth of shareholders of dividend paying chemical panies has increased significantly when pared to that of the dividend nonpaying counterparts, which further shows the impact of dividend policy on wealth creation. Hence H1 stands: “There is significant difference in average market value relative to book value of equity between dividend payers and nonpayers of (Organic and Inorganic) chemical panies in India.” . Relationship between Dividend Policy and Shareholders’ Wealth Dividend Paying Organic Chemical Companies Table 4: Results of Regression showing the Impact of Dividend Policy on Market Value of Equity of ALL DIVIDEND PAYING ORGANIC CHEMICAL COMPANIES in India. The impact of dividend policy on shareholders’ wealth of organic and inorganic chemical panies with adoption of dividend policy has been elicited using multiple regression analysis. The Dividend per share (DPS) has been used as proxy for measuring the dividend policy of the panies and Market value (MV) of equity of the panies under study is considered as proxy for measuring the shareholders’ wealth and used as dependent variable. Apart from DPS, Retained earnings (RE), lagged PriceEarning Ratio (PEt1) and lagged Market value of equity (MVt1) are also used as explanatory variables in order to know whether dividend policy of Organic and Inorganic chemical panies are dominated by these factors in influencing the creation of shareholders’ wealth. Table 4 shows the regression results for all selected organic chemical panies in India with regard to impact of initiating dividend payout on shareholders’ wealth. Perusal of the results indicates that the fit of all four models is significant at 1 per cent level (F = , p for model 1, F = , p for model 2, F = , p for model 3 and F = , p for model 4). Among the four models, F value for model 4 is very hi。