THE ANNOUNCEMENT EFFECT OF CASH DIVIDEND: - A CASE STUDY OF RELIANCE INDUSTRIES LIMITED

Registration ID: IJNRD_182257

Published ID: IJNRD2207150

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Praveen Singh Chawahan

Dividend announcement, Event study, Reliance Industries Limited, Paired-t test & Wilcoxon Signed Ranks Test.

Dividend decision is very important decision for finance manager to take action between Investment decision and Financing decision. There is a gap of research on Reliance Industries Limited being no sufficient research has been done in recent decade to seek the relationship between dividend policy and shareholders wealth in short run. This draws my attention to study the short-term effect of dividend announcement on shareholders wealth of Reliance Industries Limited. My research is based on secondary data collected either from RIL’s annual report or moneycontrol.com/BSE Sensex. I have analyzed only data for 10 years from 2011-12 to 2020-21. I have applied paired-t test & Wilcoxon Signed Ranks Test, to check whether significant positive difference in stock prices of RIL listed on BSE exist or not after dividend announcement date of RIL till ex-dividend date (say window period) as compared to before announcement date (equal no. of window period as between dividend announcement date till ex-dividend date) during studied period. Result shows that there is statistically significant positive difference existed in stock price of RIL listed on BSE after dividend announcement date till ex-dividend date which means wealth of shareholders of RIL increase after dividend announcement till ex-dividend date in window period from 2011-12 to 2020-21. I have tested only short-term effect of dividend announcement thus there is scope of long-term study of dividend policy of Reliance Industries Limited.

Published Paper   E-Certificate

Praveen Singh Chawahan (July-2022). THE ANNOUNCEMENT EFFECT OF CASH DIVIDEND: - A CASE STUDY OF RELIANCE INDUSTRIES LIMITED. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 7(7), 1348-1353. https://ijnrd.org/papers/IJNRD2207150.pdf

Volume 7 Issue 7, July-2022

Pages : 1348-1353

Paper Reg. ID: IJNRD_182257

Published Paper Id: IJNRD2207150

Downloads: 000122259

Research Area: Commerce

Author Type: Indian Author

Country: Gorakhpur, Uttar Pradesh, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2207150.pdf

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