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.

                                                                                                        1333

ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSC
International 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).
                                                                                                1334

ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSC
International 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

                                                                                                        1335

ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSC
International 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
                                                                                                            1336

ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSC
International 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

                                                                                                         1337

ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSC
International 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

                                                                                                         1338

ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSC
International 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
                                                                                                 1339

ISSN: 2005-4289 IJDRBC
Copyright ⓒ2020 SERSC
International 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 (P
International 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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International Journal of Disaster Recovery and Business Continuity
                                                                      Vol. 11, No. 1, (2020), pp. 1333-1343

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