A Study On Impact Of Earnings Per Share, Dividend Per Share And Profit Earning Ratio On Stock Price
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International Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
A Study On Impact Of Earnings Per Share, Dividend Per Share And Profit
Earning Ratio On Stock Price
Dr.Padmavathi M1,a
Associate Professor & Head
1
School of Management, Sri Krishna College of Technology, Coimbatore, Tamil Nadu, India
Saravanan R2,b
Assistant Professor
2
School of Management, Sri Krishna College of Technology, Coimbatore, Tamil Nadu, India
Karthikeyan N3, c
Assistant Professor
3
School of Management, Sri Krishna College of Technology, Coimbatore, Tamil Nadu, India
Introduction:
Stock Market Is One Of The Most Versatile Sectors In The Financial System Which Plays An
Important Role In Economic Development Of The Country. It Is A Hub Where The Investors Are
Provided With A Forum To Purchase And Sell Their Shares, Bonds And Debentures. Indian Stock Market
Has Become More Efficient Compared To Other Developed Countries. The Analysis Carried Out In The
Paper Would Facilitate The Reader To Understand The Past, Current And Future Aspects Of Indian Stock
Market. Market Price Per Share (Mps) Is The Price That A Stock Can Be Readily Purchased Or Sold In
The Current Market Place. It Is The "Going Price" Of A Share Of Stock. The Mps May Vary Everyday
Due To Changes And Fluctuations In The Stock Market And Economy. Website Like Yahoo Finance
Reports The Values Of Stocks On Daily Basis. Mps Is Affected Not Only The Economy As A Whole But
Also Investors' Perceptions And Expectations. Earnings Per Share (Eps) Refers To The Per Unit Profit On
Single Normal Share. It Is Calculated For Equity Shareholders By Dividing Profit After Interest, Tax And
Preference Dividend By Number Of Shares Issued Or Number Of Common Shares Outstanding. The
Number Of Shares Of Common Stock That Have Been Purchased By Stockholders Is Referred To As
Common Shares Outstanding. Eps Is The Main Element In Calculating The Profit Earning Ratio. This Is
A Dimension Which Describes How Much Profits The Company Is Hatching For Its Equity Shareholders
And Hence Used As An Indicator Of A Company's Profitability. Dividend Per Share (Dps) Is The Total
Amount Of Dividend Attributed To Each Individual Share Outstanding Of A Company. Calculating The
Dividend Per Share Allows An Investor To Determine How Much Income From The Company He Or She
Will Receive On A Per Share Basis. Dividends Are Usually A Cash Payment Paid To The Investors In A
Company. Profit Earning Ratio (P/E Ratio) Is The Relationship Between A Company’s Stock Price
And Earnings Per Share (Eps). It Is A Popular Ratio That Gives Investors A Better Sense Of
The Value Of The Company. The P/E Ratio Shows The Expectations Of The Market And Is The Price
You Must Pay Per Unit Of Current Earnings.
A Bank, Generally Understood As An Institution Provides Fundamental Banking Services Such As
Accepting Deposits And Providing Loans. There Are Also Nonbanking Institutions That Provide Certain
Banking Services Without Meeting The Legal Framework. In All Over The World Banking Service Plays
A Vital Role In Economic Development. It Is A Backbone Of All Countries. There Is An Assumption
That The Performance Of Banks Directly And Indirectly Affects The Indian Stock Market. So The Need
For The Study Is To Analyze The Impact Of Earnings Per Share, Dividend Per Share, And Price Earnings
Ratio In Various Share Price Movements Of Listed Private Sector Banks In National Stock Market,
Which Is Listed As Best Performing Banks In The Nse Stocks.
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ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSCInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
Review Of Literature
Nandanvelankar (2017) Has Analyzed The Impact Of Eps And Dps On Stock Price: A Study Of
Selected Public Sector Banks Of India. It Has Been Concluded By Testing The Hypothesis And
Following Results Were Obtained That, There Is A Significant Effect Of Eps And Dps On Stock Price Of
Selected Public Sector Banks In India.
K.P.Balakrishnan (2016) Has Analyzed A Study On Impact Of Earnings Per Share, Dividend Per Share
And Price Earnings Ratio On Behavior Of Share Market Price Movements (Pharma Sector) With Special
Reference To Nse. The Study Reveals That Different Variables Assumed Significance In Different Years
Depending Upon The Stock Market Conditions. Thus, Broadly Rejecting The Hypothesis That The Set
Of Variables Determining Equity Price Behavior For Both The Groups Would Be Significantly Different
From Each Other Due To The Different In The Nature And Motive Of Investment. Finally, The Investors
Should Keenly Watch The Situation Like Market Price, Economy, Company Progress, Etc. And
According To That They Should Take Decisions Whether To Buy Or Sell Securities. Hence, Investing In
Shares Especially The Secondary Market Becomes A Very Rich Experience.
Pankaj Kumar (2017) Has Analyzed The Impact Of Earning Per Share And Price Earnings Ratio On
Market Price Of Share: A Study On Auto Sector In India. The Study Covers Eight Companies In Auto
Sector. It Implies That The Findings Of This Study May Or May Not Be Fit For Entire Auto Sector And
Moreover The Study Does Not Consider External Influential Factors Which May Affect The Performance
Of Market Price Of Auto Sector Shares.
Adebisi And Lawal (2015) Has Investigated The Factors Affecting Firm’s Equity Share Price. They
Identified That The Dps, Eps, Book Value Per Share, Dividend Payout, Price Earnings Ratio And Size Of
The Firm Has The Major Impact On The Firm’s Equity Share Price.
Lashgari And Ahmadi (2014)Has Analyzed The Impact Of Dividend Policy On Share Price Volatility
In Tehran Stock Exchange. They Found That On 5% Significance Error Level Dividend Payout Ratio Has
A Significantly Negative Effect On Stock Price Volatility And Asset Growth Rate Has A Significantly
Positive Effect. Other Variable Such As Leverage, Earning Volatility And Company Size Has No
Significant Impact On Stock Price Volatility.
Mehr-Un-Nisa And Nishat (2012) Has Investigated The Impact Of Financial Fundamental And
Macroeconomic Factor On The Stock Price And Found That Previous Year’s Stock Price, Company Size
And Previous Year Eps Have Significant Impact On Current Year’s Stock Price. They Also Revealed
That Macroeconomic Factors Like Real Gdp Growth, Roi And Financial Development Have Strong
Impact On Stock Price. Further They Revealed That There Is No Significant Impact Of Market To Book
Value, Share Turnover Ratio And Inflation Rate On Stock Price.
Objectives And Methodology:
In Order To Analyze That The Significant Impact Of Banking Sector Performance On Indian Economy,
The Following Objective Has To Be Made:
To Ascertain Earnings Per Share, Dividend Per Share, Price Earnings Ratio Has Any Significant
Influence On The Movement Of The Stock Price Of Listed Private Sector Banks Of Nse.
To Ascertain The Effect Of Eps, Dps And P/E Ratio On The Market Price Of The Share Of
Listed Private Sector Banks Of Nse.
To Measure The Strength Of Association Of Independent Variable (Dividend Per-Share, Earnings
Per Share, Profit Earning Ratio).
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ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSCInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
Nature And Sources Of Data:
The Present Study Is Of Exploratory Nature And Makes Use Of Secondary Data Which Are Mostly
Collected From National Stock Exchange Website (Nse.Com), Money Control, Yahoo Finance,
Economic Times Market And Other Magazines For 15 Banks For The Five Year Period Starting From
2014 To 2018.
Tools Used For Analysis:
The Analysis Of The Data Forms The Core Part Of The Research. In Order To Analyze The Dataand
Draw Conclusion On This Study, Various Statistical Tools Like, Descriptive Statistics, Unit Root Test,
Correlation And Regression Have Been Used.
Limitations Of The Study
The Following Are The Limitations Of This Study.
Though There Were Many Banks Listed In The National Stock Exchange Only 15 Banks Have
Been Selected For This Study.
An In-Depth Analysis On The Cause Of Changes In Company’s Performance Is Not Being Made.
The Analysis Results Can Be Used For Predicting The Future Results To Some Extent.
The Study Taken Only For Private Sector Banks.
Media
Company Mean n Max Mini
1.646 13.214
Hdfc 2.2022 5 6 -7.5743
-
0.596 24.519 17.423
Icici 1.5181 0 5 2
-
1.758 21.022 11.464
Axis 1.9978 8 3 7
-
2.274 15.585 11.314
Kotak 2.4487 9 0 8
-
2.474 26.251 15.677
Indusind 2.7167 1 6 1
-
2.423 314.74 78.775
Yes 6.8294 1 15 5
-
0.860 28.579 17.589
Fedral 1.9022 0 3 3
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ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSCInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
-
2.498 17.830 13.185
City Union 2.9896 5 1 0
-
13.938 0.374 463.48 84.950
Karur Vysa 4 8 33 2
-
3.239 31.756 39.152
Dcb 2.6727 5 8 1
-
1.245 20.824 19.592
Karnataka 1.0429 4 2 6
-
- 0.000 15.513 53.280
J&K 1.5881 0 8 8
-
23.695 25.071
South Indian 0.1548 -0.541 6 2
-
34.512 24.381
Lakshmi Vilas 1.7775 1.181 0 3
-
- 34.529 27.831
Dhanalakshmi 0.5395 -1.786 2 7
Table 1 Descriptive Data’s Of Selected Banks
Std. Skew Kurtosi Jarque-
Company Dev. ness s Bera
0.143
Hdfc 4.9732 1 2.4138 1.0459
0.353
Icici 8.3194 8 3.2579 1.3944
0.491
Axis 7.4397 4 3.0301 2.3768
-
0.048
Kotak 5.5583 6 2.7511 0.1755
0.177
Indusind 7.4851 8 4.0112 2.8247
43.817 5.874 43.069 4286.2
Yes 9 3 1 640
0.412
Fedral 9.6387 2 2.9468 1.6774
-
0.085
City Union 7.7022 8 2.2907 1.3093
Karur Vysa 84.482 4.775 25.369 1454.4
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ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSCInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
7 7 7 320
-
10.869 0.622 23.064
Dcb 7 2 5.7989 7
-
0.063
Karnataka 9.2644 5 2.6786 0.2936
-
2.828 16.412 520.89
J&K 9.5449 5 2 13
0.015
South Indian 9.1619 0 3.2381 0.1415
11.238 0.147
Lakshmi Vilas 2 4 3.3710 0.5519
11.858 0.805
Dhanalakshmi 9 7 3.8592 8.1986
The Table 1. Shows That Karurvysa Bank Has High Mean Value Of 13.9384 And J&K Bank Has Very
Low Mean Value Of -1.5881, When Compared To Other Banks Which Are Listed In The Nse. The Table
Shows That Development Credit Bank Has High Median Value Of 3.2395 And Dhanalakshmi Bank Has
Very Low Median Value Of -1.7857, When Compared To Other Banks Which Are Listed In Nse. The
Above Table Shows That When We Compare Skewness Test And Kurtosis Test For The Result Of
Jarquebera Test, The Test Shows That Data’s Are Not Distributed Properly Around The Variables.
Table 2. Unit Root Test
Company T-Statistic Probability Test
Hdfc -8.406531 0.0000 1st Difference
Icici -8.905126 0.0000 1st Difference
Axis -6.727552 0.0000 1st Difference
Kotak -6.852679 0.0000 1st Difference
-7.706761 0.0000 1st Difference
Indusind
Yes -4.297318 0.0011 Level
Fedral -6.876597 0.0000 1st Difference
Cub -7.868726 0.0000 1st Difference
Karur Vysa -14.23957 0.0000 1st Difference
Dcb -6.992672 0.0000 1st Difference
Karnataka -6.6176 0.0000 1st Difference
J&K -8.12084 0.0000 1st Difference
South Indian -6.531241 0.0000 1st Difference
Lakshmi Vilas -6.165293 0.0000 1st Difference
Dhanalakshmi -6.514136 0.0000 1st Difference
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ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSCInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
Test Critical Values: 1% Level -3.548208
5% Level -2.912631
10% Level -2.594027
The Unit Root Tests Showed That All Closing Price Of Banks Where Not Stationary At Level
Order Of Integration Except Yes Bank. All Other Banks Get Stationary At 1st Difference Order Of
Integration. Augmented Dickey- Fuller Unit Root Test Statistics Are Greater Than Their Critical Values
Considered At 1% Level Of Significance.
Table 3. Correlation Analysis
Company Price Eps Dps Per
Hdfc 1 .986** .967** .918*
Icici 1 -.229 -.310 .872
Axis 1 -.982** -.980** .615
Kotak 1 .064 .145 .449
.
Indusind 1 .981** .899* 928*
Yes 1 .152 .062 .485
Fedral 1 -.462 -.634 .681
Cub 1 .976** -.927* .813
Karur Vysa 1 -.082 .006 -.001
Dcb 1 .713 .485 .977**
Karnataka 1 -.362 -.253 .674
J&K 1 .438 .411 .225
South Indian 1 .258 .011 .494
Lakshmi Vilas 1 .344 .672 .176
Dhanalakshmi 1 -.452 .A .449
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ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSCInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
Table 4. Regression Analysis
Company Variable T-Test P-Values Remark
Eps 0.092700042 0.941153498 Accept H0
Hdfc Bank Dps -0.053618168 0.965898269 Accept H0
Pe Ratio 0.06652347 0.95771215 Accept H0
Eps 2.105723766 0.282254008 Accept H0
Icici Bank Dps -2.117422637 0.280889633 Accept H0
Pe Ratio 2.43775939 0.247822936 Accept H0
Eps 2.105723766 0.480953852 Accept H0
Axis Bank Dps -2.117422637 0.92848911 Accept H0
Pe Ratio 2.43775939 0.450021351 Accept H0
Eps 2.289013538 0.262211613 Accept H0
Kotak Mahindra Bank Dps -2.1943754 0.272213938 Accept H0
Pe Ratio 0.330012095 0.797072057 Accept H0
Eps -0.018142889 0.988451145 Accept H0
Indusind Bank Dps 0.473290686 0.718580469 Accept H0
Pe Ratio 1.065135351 0.479927364 Accept H0
Eps -3.710504508 0.167590494 Accept H0
Yes Bank Dps 51.67946003 0.012317086 Reject H0
Pe Ratio 216.7290424 0.002937379 Reject H0
Eps 8.463911833 0.074868706 Accept H0
Fedral Bank Dps -6.771073161 0.093345747 Accept H0
Pe Ratio 7.241533208 0.087359785 Accept H0
Eps 7.951602091 0.079643705 Accept H0
Cub Dps -0.734354503 0.596757036 Accept H0
Pe Ratio 1.93688594 0.303410833 Accept H0
Eps -1.221033493 0.436852599 Accept H0
Karur Vysa Bank Dps 1.158630103 0.453301003 Accept H0
Pe Ratio 0.027988883 0.982186374 Accept H0
Eps 0.46941398 0.720599812 Accept H0
Development Credit Bank Dps 0.624545012 0.644592964 Accept H0
Pe Ratio 3.054259474 0.201433859 Accept H0
Eps 2.889285571 0.897417529 Accept H0
Karnataka Bank Dps 0.088146152 0.416834058 Accept H0
Pe Ratio 4.928247351 0.168116935 Accept H0
Eps -1.524508546 0.369587061 Accept H0
J&K Bank Dps 1.578807013 0.35944162 Accept H0
Pe Ratio 1.788579093 0.32455209 Accept H0
South Indian Bank Eps 2.889285571 0.212122893 Accept H0
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ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSCInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
Dps 0.088146152 0.944029078 Accept H0
Pe Ratio 4.928247351 0.127447384 Accept H0
Eps 1.512715098 0.371857956 Accept H0
Lakshmi Vilas Bank Dps 0.330691243 0.79668224 Accept H0
Pe Ratio -1.829580601 0.318442673 Accept H0
Eps -1.522308728 0.370008785 Accept H0
Dhanalakshmi Bank Dps 65535 - Accept H0
Pe Ratio 1.492015575 - Accept H0
The Above Table Shows That There Is No Association Between The Impact Of Eps, Dps And P/E Ratio
On Stock Price For All Private Sector Banks(P>0.05)Except Yes Bank. The Analyzing Of Eps, Dps And
Profit Earning Ratio On Market Price With Only Comparing These Variable We Cannot Predict The
Impact. So, That Null Hypothesis (H0) Is Accepted. And The Yes Bank (PInternational Journal of Disaster Recovery and Business Continuity
Vol. 11, No. 1, (2020), pp. 1333-1343
South Indian
Bank 22.079723 2.512 0.54 9.218260104 11.37695412 5
Lakshmi
Vilas Bank 103.46294 2.812 1.74 8.378434732 2.717881164 13
Dhanalakshm
i Bank 29.385 -9.16 0 6.796689762 -31.17236685 15
The Average Eps, Dps And Pr Ratio Of Each Private Bank With Earnings Yield. In That J&K Bank Is
The High Earnings Yield Bank Among Private Sector Banks And Dhanalakshmi Bank Had Very Low
Earnings Yield Among Private Sector Banks. Since, Earnings Yield Ratio Is More In J&K Bank. The
Investors Shall Look For Invest In J&K Bank.
Conclusion:
The Connection Systems Have Uncovered That Income Per Share Is The Most Determinant
Factor Of Market Cost Of Offer Out Of The Three Factors Taken For The Examination, The Following Is
The Profit Per Share Pursued By The Price Earnings Ratio, Earnings Per Share. Surprisingly, The
Earnings Per Share Have Proud To Be The Most Determinant Factor Of Share Price. To Conclude, Out
Of The Three Variables Taken For The Study, That No Single Variable Has Significantly Influenced The
Share Prices Of The Private Sector Banks. This Study Thus Upholds The Views Expressed By The
Empirical Study In The Past That None Of The Variables Has Any Significant Impact On The Market
Prices Of Private Sector Banks For Selected Period. In This Manner Think About Uncovers That Various
Factors Accepted Hugeness In Various Years Relying On The Securities Exchange Conditions. Along
These Lines, Comprehensively Dismissing The Theory That The Arrangement Of Factors Deciding
Business Sector Value Conduct For Both The Gatherings Would Be Essentially Not The Same As One
Another Due To The Distinctive In The Nature And Motive Of Investment. Therefore Study Reveals That
Different Variables Assumed Significance In Different Years Depending Upon The Stock Market
Conditions. Thus, Broadly Rejecting The Hypothesis That The Set Of Variables Determining Market
Price Behavior For Both The Groups Would Be Significantly Different From Each Other Due To The
Different In The Nature And Motive Of Investment. Finally, The Speculators Ought To Distinctly Watch
The Circumstance Like Market Value, Economy, Organization Advance, And So Forth And As Indicated
By That They Should Take Choices Whether To Purchase Or Sell Securities. Henceforth, Putting
Resources Into Offers Particularly The Optional Market Turns Into An Exceptionally Rich Encounter.
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