Effect Of Earnings Research Articles

Pengaruh Earning Per Share Dan Return On Assets Terhadap Harga Saham

This study aims to determine the effect of earnings per share and return on assets on stock prices (studies at PT. Hanjaya Mandala Sampoerna Tbk). The research problem in this study is whether Earning Per Share (EPS) and Return On Assets (ROA) partially and simultaneously affect the stock price at PT. Hanjaya Mandala Sampoerna Tbk. The research method uses the Multiple Linear Regression analysis technique with SPSS version 26. Based on the results of the analysis, it can be concluded that partially the Earning Per Share (EPS) variable has a positive and significant effect on stock prices, the Return On Assets (ROA) variable has no effect on prices share. Simultaneously the EPS and ROA variables affect stock prices. The coefficient of determination (R2) in this study is 0.810, meaning that EPS and ROA affect stock prices by 81% and the remaining 19% is influenced by other variables not included in this study.

The labour market returns to sleep

Despite the growing prevalence of insufficient sleep among individuals, we still know little about the labour market return to sleep. To address this gap, we use longitudinal data from Germany and leverage exogenous fluctuations in sleep duration caused by variations in time and local sunset times. Our findings reveal that a one-hour increase in weekly sleep is associated with a 1.6 percentage point rise in employment and a 3.4% increase in weekly earnings. Such effect on earnings stems from productivity improvements given that the number of working hours decreases with longer sleep duration. We also identify a key mechanism driving these effects, namely the enhanced mental well-being experienced by individuals who sleep longer hours.

PENGGUNAAN LABA, ARUS KAS DAN LEVERAGE UNTUK MEMPREDIKSI KONDISI KEUANGAN FINANCIAL DISTRESS PADA PERUSAHAAN SEKTOR TRASPORTASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2021 (STUDI KASUS PT GARUDA INDONESIA)

The purpose of this study was to determine the effect of cash flow and earnings on financial distress. Data was obtained form secondary data, which was obtained from parties in the form of publication reports for the 2015-2021 period (case study of PT Garuda Indonesia). The financial distress measurement method uses the Altman z-score method.
 The results of the study show (1) Profit has no significant effect on predicting financial distress. (2) Cash flow has no effect on predicting financial distress conditions. (3) Leverage has no effect on predicting financial distress conditions. And simultaneously this study states that profit, cash flow and leverage have no effect on predicting financial distress.

PENGARUH EARNING PER SHARE, PROFITABILITAS, DAN KEBIJAKAN DIVIDEN TERHADAP HARGA SAHAM PADA PERUSAHAAN INDEKS LQ45 PERIODE 2018-2021

One of the factors which influence the movement of stock prices is the company's fundamentals. This company's fundamental analysis can use information from financial reports. One of the financial statement analysis techniques is to use financial ratios. The purposes of this study are to determine the effect of earnings per share, profitability, and dividend policy on stock prices in LQ45 index companies for the 2018-2021 period. This study uses a quantitative approach to the type of associative research. The sampling technique in this study used a purposive sampling method and obtained a sample of 11 companies in each period. The data used is secondary data obtained from the Indonesia Stock Exchange website, namely www.idx.co.id, which is in the form of data on company financial reports listed on the LQ45 Index for the 2018-2021 period. The data analysis method in this study used panel data regression analysis in testing the data in the research to be carried out using the Eviews 10 software program. The results of this study indicate that 1) Partial earnings per share has a positive and significant effect on stock prices, 2) Partial profitability has a positive and significant effect on stock prices, 3) Partial dividend policy has no significant effect on stock prices, 4) Simultaneously, earnings per share, profitability, and dividend policy have a significant effect on stock prices in LQ45 Index companies for the 2018-2021 period.

Determinants of Cash Distribution Options in South African Listed Firms: An Empirical Analysis of Earnings, Company Size, and Economic Value Added

The purpose of this study was to examine the determinants of cash distribution options by critically considering the effects of earnings, dividends, firm size, and economic value added. The distribution of cash dividends to shareholders serves as a basic means by which shareholders receive returns on their investments, so it is essential to examine share repurchases alongside dividends to enhance management’s efforts in maximising shareholder value. This study utilised panel data from 52 companies listed on the Johannesburg Security Exchange (JSE) that engaged in open market share repurchases for at least 2 years between 2000 and 2019. The data were extracted from the IRESS database. The panel data regression model was fitted with the ordinary least squares (OLS), difference generalised moment method (Diff-GMM), system generalised moment method (Sys-GMM), and least-squares dummy variable correction estimator (LSDVC). The findings revealed that there was a positive and significant relationship between the earnings per share and the payoff flexibility, implying that there was an inherent flexibility of repurchases as a payout option in the sampled firms. Additionally, the study revealed a significant negative relationship between the firm size, economic value added, and payoff flexibility. This suggests that larger companies tend to distribute a lower proportion of their earnings as share repurchases and opt for higher cash dividends instead. The implications of these findings provide financial managers with valuable insights into the role of share repurchases as a cash distribution choice. By recognising share repurchases as a viable option, financial managers can enhance their efforts to create and maximise shareholder value, particularly in emerging market settings. This evidence should encourage financial managers to recognise share repurchases more as a distribution choice, diffusing the tension regarding share repurchases replacing the payment of cash dividends and some doubt that they may not possess attributes complimentary to cash dividends. The study recommended relevant academic, industry, and policy implications in the South African context.

Earning Per Share, Dividend Per Share, dan Holding Period Saham

This research aims to determine the effect of earnings per share on the holding period of shares with dividend per share as a moderating variable. The population in this study are companies registered in IDX30 for the 2016-2019 period. The sampling technique in the research used the purposive sampling method. Simple linear regression is used to determine the effect of earnings per share, while moderated regression analysis is used to determine the effect of the moderating variable. The research results show that earnings per share have a positive effect on the holding period of shares, while dividends per share are unable to moderate the effect of earnings per share on the holding period. The theoretical implications of the research are able to support signaling theory as well as the practical implications of the research as consideration for companies to improve financial performance and decisions to retain share ownership by investors.
 Keywords: holding period; earning per share; dividend per share

Inference on Winners

Abstract Policy makers, firms, and researchers often choose among multiple options based on estimates. Sampling error in the estimates used to guide choice leads to a winner’s curse, since we are more likely to select a given option precisely when we overestimate its effectiveness. This winner’s curse biases our estimates for selected options upward and can invalidate conventional confidence intervals. This article develops estimators and confidence intervals that eliminate this winner’s curse. We illustrate our results by studying selection of job-training programs based on estimated earnings effects and selection of neighborhoods based on estimated economic opportunity. We find that our winner’s curse corrections can make an economically significant difference to conclusions but still allow informative inference.

Corporate Performance and Stock Prices of Nigerian Banks: A Panel Data Approach

The main aim of the study was to determine the effect of corporate performance on stock prices of quoted Nigerian banks. The ex-post facto research design was adopted. This enabled the researcher make use of secondary data to determine the effect of earnings per share, dividend per share, return on equity and price earnings ratio on share prices of Nigerian banks. The following performance indicators: earnings per share, dividend per share, return on equity and price earnings ratio were the independent variables while the dependent variable were share prices. Data were sourced from the publication of the Nigeria Stock Exchange, Central Bank of Nigeria Statistical Bulletin and the annual reports of the various banks. The dependent and independent variables were observed over a period of eleven years, that is from 2007 to 2017. The analysis was a panel data analysis and were analyzed using the Ordinary Least Square (OLS) technique. The hypotheses were tested at 5% level of significance. The result revealed that earnings per share had a positive and significant impact on share prices, dividend per share had a positive and significant impact on share prices, return on equity had a positive and significant impact on share prices and price earnings ratio had a negative and non-significant impact on share prices.

Evaluation of the Effect of Financial Performance on Dividend Payout of Deposit Money Banks in Nigeria

This study evaluates the effects of financial performance measures on the dividend payout of deposit money banks in Nigeria The specific objectives are to determine the effect of earnings per share on dividend per share of deposit money banks in Nigeria, to examine the effect of return on assets on the dividend per share of deposit money banks in Nigeria, to assess the effect of return on equity on dividend per share of deposit money banks in Nigeria and to evaluate the effect of profit for the year on dividend per share of deposit money bank in Nigeria from 2011 to 2020. The proxies for the independent variables, Financial performance, are earnings per share, return on assets, return on equity and profit for the year while the proxy for dividend payout is dividend per. The study adopted ex post factor research design. Secondary data were obtained from the annual audited reports of the banks from 2011 to 2020. Correlation coefficient was used to determine the strength of association among the variables while multiple regression analysis was used to analyze the data obtained. The finding of the study revealed that earnings per share and return on assets had significant positive effects on dividend per share; return on equity had insignificant positive effect on dividend per share while profit for the year had significant negative effect on dividend per share of deposit money banks in Nigeria. The researcher concluded that financial performance measures had significant positive effect on dividend per share except for profit for the year that had negative and significant effect on dividend per share of deposit money banks in Nigeria. It was recommended among others that Management should improve on their Earnings Per Share (EPS), Return on Assets (ROA) and Return on Equity (ROE) as they are of importance in determining the dividend payout of deposit money banks in Nigeria. Banks’ management to design an optimum dividend policy that will enhance per

Do peers’ negative earnings surprises Stifle corporate social responsibility?

This study examines the effects of rival firms' negative earnings surprises on focal firm's corporate social responsibility (CSR) investment. I theorize that rival firms' negative earnings surprises attract stronger scrutiny by shareholders in the focal firm, which exposes short-term pressure on the focal firm and makes it limit investments in socially responsible activities. I find that rival firms' negative earnings surprises decrease a firm's CSR engagement, and the effects are stronger when the focal firm has poorer financial performance, when market uncertainty is lower, and when rival firms that experience negative earnings surprises receive a greater amount of media coverage and more consistent news tone.

The Effect of Earnings Per Share, Current Ratio, and Debt to Equity Ratio on Stock Prices Before and During the Covid-19 Pandemic with Price Earning Ratio as a Moderating Variable

This study aims to determine the effect of earnings per share (EPS), current ratio (CR), and debt to equity ratio (DER) on stock prices with price earning ratio (PER) as a moderation variable. The data used is secondary data with a quantitative approach, where the population of health sector companies listed on the IDX is 25 companies. Using purposive sampling techniques, there were 7 companies that met the criteria, so there were 112 samples in this study. The hypothesis testing method used is multiple regression analysis and absolute difference test with the help of IBM SPSS 26. The results of this study show that EPS and PER have a positive effect on stock prices before and during the COVID-19 pandemic. CR had no effect on share prices before and during the COVID-19 pandemic. DER negatively affected stock prices before the COVID-19 pandemic, while during the COVID-19 pandemic it had no effect. PER moderated the effect of EPS on stock prices before and during the COVID-19 pandemic. PER did not moderate the effect of CR on stock prices before the COVID-19 pandemic, while for conditions during the pandemic PER moderated the influence of CR on stock prices. PER did not moderate the influence of DER before and during the COVID-19 pandemic. Overall, these results show that during the COVID-19 pandemic there were changes in investor observations of stock prices, where investors prefer factors/variables that are directly related to stock value and profit potential over other variables that are not directly related.

The spillover effects of labor regulations on the structure of earnings and employment: Evidence from occupational licensing

This paper measures how labor regulations affect the structure of earnings and employment in other occupations in the context of occupational licensing. Using a state boundary discontinuity design, I estimate the market spillovers of licensing on other occupations with similar skills, which I classify using hierarchical clustering techniques on skills data from O*NET. I find evidence of negative earnings and employment spillovers, with the largest earnings effects concentrated among women, black, and foreign-born Hispanic workers. These effects lead to greater earnings inequality. The results are most consistent with licensing changing skill- and industry-specific labor demand and with a monopsony model where licensing increases search costs and reduces workers’ outside options.

The Effects of Career and Technical Education: Evidence from the Connecticut Technical High School System

Abstract We examine the effect of attending stand-alone technical high schools in Connecticut using regression discontinuity. Male students are 10 percentage points more likely to graduate from high school and have half a semester less time enrolled in college. Male students have 32% higher average quarterly earnings. Earnings effects may in part reflect general skills: male students have higher attendance rates and test scores, industry fixed effects explain less than one-third of earnings gains, and large earnings gains persist past traditional college going years. Attending a technical high school does not affect the outcomes of female students.

The Retained Earnings Effect on the Firm’s Market Value: Evidence from Jordan

The aim of this study was to investigate the effect of the retention per share compared to the dividend per share by modeling the firm’s market value as a function of the retention per share and the dividend per share for all firms in the Jordanian context using unbalanced panel data analysis for a sample of 2281 firm years covering the period from 2010 to 2021. The results of the pooled sample indicated a strong positive significant effect for dividends per share. However, the retention per share indicated a negative significant effect on the firm’s market value. The other robustness analysis for the two sub-samples and the financial and non-financial sub-samples indicated the same results, consistent with the pooled sample for the two main explanatory variables.

ANALISIS DETERMINAN RETURN SAHAM PERUSAHAAN PUBLIK SUBSEKTOR TRANSPORTASI

The Covid-19 pandemic has had a negative market reaction in almost all sectors of the economy. But the transportation and logistics sector gave a positive market reaction with a surge in the stock price index which increased by 213%. This requires investors to provide an adequate assessment of the destination company to assess the possibility of obtaining capital gain or capital loss before deciding to invest. Stock return is one of the indicators used in evaluating the destination company. In order to be able to evaluate stock returns, several variables such as earnings per share, price earning ratio, price to book value, debt to equity ratio, return on assets, and net profit margin are thought to influence stock returns. This study aims to see the effect of earnings per share, price earning ratio, price to book value, debt to equity ratio, return on assets, and net profit margin on stock returns in the transportation subsector. This study uses data on 11 public companies in the transportation subsector listed on the IDX from December 2018 to December 2021 using multiple regression statistical analysis. The results of this study indicate that the price earning ratio has a negative and significant effect on stock returns, while the price to book value has a positive effect on stock returns. Earning per share variable, debt equity ratio, return on assets, and net profit margin have no significant effect on stock returns

UNRAVELING DIVIDEND PAYOUTS: A COMPREHENSIVE ANALYSIS OF CASH FLOW AND EARNINGS APPROACHES IN THE LISTED MANUFACTURING COMPANIES

This study presents a comprehensive analysis of dividend payouts in the banking sector, with specific focus on cash flow and earnings approaches. Study examines and tests the determinant variables of dividend payouts using the Ordinary Least Squares (OLS) Regression method. Data for this analysis is collected from the audited financial reports of 50 manufacturing companies listed on Pakistan Stock Exchange during the five-year period from 2017 to 2021. Study's results reveal that firms tend to exhibit higher dividend payouts when they project high profitability growth, indicating a correlation between profitability and dividend payments. However, study did not find a significant effect of earnings per share on dividend per share, despite the positive impact of profitability on dividend payout. On the other hand, cash flow per share demonstrated positive and significant influence on dividend per share. These findings offer valuable insights for the investors and decision-makers, providing them with useful information for making investment choices. The analysis allows for an examination of the factors that affect dividend decisions. This research expands the understanding of how cash flow and earnings influence dividend payouts and enhances the theoretical foundation of dividend policy in context of listed manufacturing companies.

Cash Flows, Earnings, and Dividend Payout Nexus in Pakistan: A Case Study of KSE-100 Index

The nexus between cash flows, earnings, and dividend payout in Pakistan holds paramount importance for investors. It enables them to assess the financial health and stability of companies listed on the Karachi Stock Exchange-100 (KSE-100) Index, make informed investment decisions, and manage risks effectively. Therefore, the current study discusses the importance of dividends in corporate finance and the factors that affect the dividend payouts, particularly in the context of Pakistani listed companies in the Pakistan Stock Exchange (PSX). The contradictory nature of dividends has made it a fundamental issue of corporate finance, which has been studied in relation to a firm’s investment and financing decisions as prime variables. This study has found that earnings per share and free cash flow affect the level of dividends in the surveyed companies, with earnings per share having a positive but insignificant impact on the dividend per share. Profitability has a positive effect on dividend payout; however, there is no significant effect of earnings per share on the dividend. The findings enhance the current body of literature by providing insights into the determinants of dividend payout among the Pakistani listed companies. Furthermore, these findings are valuable for investors decision-makers, and policy makers, which make informed investment decisions. The study also identified problems for management and investors and other researchers who are conducting different studies to assess firm behaviour regarding payout decisions with possible solutions and future implications.

Effect of Earnings Measurement on Stock Price of Consumer Goods Firms in Nigeria

The study evaluated the effect of earnings measurements on the share price of consumer goods firms in Nigeria. The objectives of the study were to ascertain the effect of earnings per share, dividend per share, return on asset on share price of consumer goods firms in Nigeria. The study adopted an ex-post-facto research design, covering the period between 2012 and 2021. Secondary data were extracted from the annual reports and accounts of the sampled consumer goods firms in Nigeria. A multiple regression technique was used for the data analysis. From the analysis of the study, it was revealed that earnings per share and dividend per share has a positive and significant effect on the share price of consumer goods firms in Nigeria. Return on assets has a positive and nonsignificant effect on the share price of consumer goods firms in Nigeria. This implies that that earnings per share and dividend per share are the major determinants of share price. It was recommended therefore that consumer goods firms in Nigeria should strive to increase their earnings per share by ensuring that high profits are maintained so that the demands for their share price will continue to increase, which in turn cause a significant rise in their share price. They should strive to increase their dividend per share by ensuring that high revenue and profits are maintained. They should also balance the trade-off between dividend payout and retained earnings so that the demands for their share price will continue to increase, which in turn cause a significant rise in their quotation price. They should strive to make consistent profit to ensure that the return on asset of these companies continued to increase significantly.

Pengaruh Earnings Per Share, Arus Kas Operasi, Ukuran Perusahaan Terhadap Harga Saham

The purposes of this study are (1) to determine the effect of earnings per share, operating cash flow and company size together on stock prices, (2) to determine the effect of earnings per share on stock prices, (3) to determine the effect of cash flows operations on stock prices, (4) To determine the effect of company size on stock prices. This research is research that uses a quantitative approach. Furthermore, this research is a type of associative research. The data collection technique is a purposive sampling method. Methods of data analysis in this study are descriptive statistical tests, research model tests, classical assumption tests, regression tests and hypothesis testing. The results in this study are as follows: (1) there is an effect of earnings per share, operating cash flow, and company size together on stock prices (2) there is an effect of earning per share on stock prices, (3) there is an effect of operating cash flow on stock prices, (4) there is an effect of company size on stock prices.

Mediating Effect of Inflation on the Relationship between Earnings and Share Prices of Listed Firms in Nigeria

This study examines the effects of earnings on share price as well as the mediating effects of inflation on the relationship between earnings and share prices of listed companies in Nigeria using earnings per share as the independent variable, share prices as the dependent variable and inflation rate as the mediating variable. Data were collected from a sample size of 75 companies across all the sectors of the Nigerian Exchange Limited (NGX). Regression analysis and structural equation model (SEM) were used to analyze the data collected. The results of the findings indicates that EPS has a positive but insignificant effect on share prices of listed companies in the NGX while inflation shows a mediating effect on the relationship between EPS and share prices. Based on the findings, the study recommend that attention should be on EPS by investors hoping to grow share prices of their companies and that other macro-economic variable should also be considered in making investment decision on share prices.