BIBLIOGRAPHY

Books
Adhikari, G.P. (1999). Proposal and Thesis Writing. Kathmandu: Taleju Prakasan.
Giblert, W. Cooke & Edwin, C. Bomeil(1967). Business Financial Management. New
York: Honghton Miffin Company.
Gitman, Lawrance, J. (1976). Principles of Managerial Finance. Haper & Road.
Newyork;
Kothari, C.R. (1994). Quantitative Techniques. New Delhi: Vikash Publsihing House Pvt.
Ltd.
Pandey, I.M. (1989). Financial Management. New Delhi: Vikas Publishing House
Pvt.Ltd.
Pandey, I.M. (1999). Financial Management. New Delhi: Vikas Publishing House
Pvt.Ltd.
Shrestha, M.K. (1980). Financial Management. Kathmandu : Nepal Publication.
Sthapit, A.B., Gautam, H., Joshi, P.R. & Dangol, P.M. (2003). Statistical Methods.
Kathmandu: Buddha Academic Publishers and Distributors Pvt.Ltd.
Van Horne, James C.(1993)Financial Management and Policy. New Delhi: Prentice Hall
of India Pvt. Ltd.
Weston, J. Fred & Brigham, Eugene F. (1992). Managerial Finance. Hinsdale, Illinois:
The Dryden Press.
Wolf, H.K. & Pant, P.R. (2004). Social Science Research and Thesis Writing. Kathmandu:
Buddha Academic Publication.
Journals and Articles
Linter,J. 1956). Distribution of incomes of Corporations Among Dividends, Retained
Earnings and taxes, American Economic Review, Vol (46): 97-113
Walter, J. E. (1966). Dividend Policies and Common Stock Financing. Journal of
Finance, vol (11).
Gupta, L. C. (1973). A Study of the dividend and price effects of bonus share issues,
Bonus shares Manegerial decisions Bonus Taxation Management, 132p.
658.3225, GUP-b, 1973 AN: 4284
Shrestha, M. K, (1981). Public Enterprises: Have They Dividend Paying Ability.
 Prashan Kathmandu, III (2): 43-46
Manandhar M. (2011) Bonus share and dividend changes empirical analysis in Nepalese
context. The analysis bonus-dividend rate selected from the listed corporate firms in
NEPSE.
Pradhan, R.S.(1993) Stock market Behavior in a small market: A case of Nepal . The
Nepalese Management Review, (vol 1) 15-16, Ktm.

Thesis
Bhandari, P. B. (2010). “Dividend Policy and practices in Nepalese joint venture
banks.”An unpublished Master's Degree Thesis, TU, Kathmandu.
Budathoki, K. (2011)."Dividend Policy and its impact on stock pricesl." An unpublished
Master's Degree Thesis, TU, Kathmandu.
Kuikel, (2012)."Dividend Policy and Practices of Commercial banks of Nepal." An
unpublished Master's Degree Thesis, TU, Kathmandu.
Thapa, (2013). “Share price movements of financial institutions after the issue of the
right share and bonus shares” An unpublished Master's Degree Thesis, TU,
Kathmandu.
Maskey, K. (2013). “Dividend Policy of selected Commercial banks in Nepal”. An
unpublished Master's Degree Thesis, TU, Kathmandu.
Dhungel, (2014). “A study on dividend policy of Everest Bank Limited and bank of
Katmandu limited." An unpublished Master's Degree Thesis, TU, Kathmandu.
Bhandari, (2015). “Dividend policy analysis of Commercial banks of Nepal". An
unpublished Master's Degree Thesis, TU, Kathmandu.
Websites
http:/ www.everestbankltd.com
http:/ www.himalayanbank.com
http:/ www.nepalsharemarket.com
http://www.nepalstock.com.np
http:/ www.nabilbank.com
http://www.nrb.org.np
http://www.sebonp.com>
 Appendix 1
Questionnaire

Dear Sir/Madam

This is to bring your kind information that this is an attempt to identify the dividend
policy of Nepalese commercial banks listed for the partial fulfillment of Thesis required
for MBS degree, TU. You are kindly requested to fill up the following Questionnaire with
the best answer in your view. I would be grateful to you for the contribution of your
valuable time and effort.

Respondents,

Name : Sex M [ ], F [ ]

Bank/Institution Position (optional)

Please tick the best answers.

1. Why does the bank pay dividend?

a) Retain existing investors b) Attract potential investor

c) Capture the market d) All
2. To what extent does dividend policy affects the market price per share?

a) High b) Medium c) Low d) None

3. What factors should be considered while adopting dividend practice?

a) Legal restriction b) Liquidity position

c) Borrowing capacity of the firm d) All of above
4. What is the major motive of cash dividend in your bank?

a) To convey information to shareholders that the company is doing well.

b) To draw attention from the investment community.
c) To increase the market value of the firm's stock.
d) None of above
5. What is the dividend practices being followed by the banks in Nepal?

a) Payment of dividend after financing in appropriate investment opportunities.

b) Paying regular dividend c) Both of above d) None of above
6. Why do people invest in share capital?

a) To utilize the surplus money b) To get voting Rights

c) To receive dividend d) All of above
7. Who is the most influential in developing the dividend decision ultimately approved by
your board of directors?

a)Chief Financial Officer b) Chief Executive Officer d) Shareholders c) Other

8. How often does your firm re-examine its dividend policy?

a) Quarterly b) Annually c) Semi annually d) Others

9. What would you like to suggest with regard to dividend policy in Nepalese
Enterprises?

a) Treatment of dividend policy as an obligation.

b) Consistency in dividend policy.
c) Adequately Planned and maintained cash balance policy.
d) All of above
 Appendix 2

Results of primary data

Questions A B C D Total

1. 9 12 6 11 38

(23%) (32%) (16%) (29%) (100%)

2. 20 11 7 0 38

(53%) (29%) (18%) (100%)

3. 8 17 4 9 38

(21%) (45%) (11%) (23%) (100%)

4. 23 9 6 0 38

(60%) (24%) (16%) (100%)

5. 24 5 9 0 38

(63%) (13%) (24%) (100%)

6. 7 7 8 16 38

(18.5%) (18.5%) (21%) (42%) (100%)

7. 0 32 0 6 38

(84%) (16%) (100%)

8. 0 32 0 6 38

(84%) (16%) (100%)

9. 8 19 7 4 38

(21%) (50%) (18.5%) (10.5%) (100%)

Appendix 3
 Calculation of Mean, SD and C. V. of DPS of sample banks

Year EBL(x1) HBL( NBL(x3) (x1-x1~) (x1-x1~)2 (x2-x~2) (x2-x~2)2 (x3- (x3-x~3)2
X2) x~3)
2012/13 20 20 15 11 121 -12.3 151.29 -15.5 240.25
2013/14 20 31.5 12.58 11 121 -0.8 0.64 -17.92 321.1264
2014/15 25 35 55 6 36 2.7 7.29 24.5 600.25
2015/16 40 30 30 9 81 -2.3 5.29 -0.5 0.25
2016/17 50 45 40 19 361 12.7 161.29 9.5 90.25
Average (x¯) 31 32.3 30.5 640 325.8 1252.126
Std. Deviation 11.31 8 15.82 128 8.072174 15.82504
(s)
C.V. 0.3648 0.2499 0.5188 11.31

Calculation

Mean of EBL (X1¯) = SX1/N = 31

Mean of HBL (X2¯) = SX2/N =32.3

Mean of NBL (X3¯) = SX3/N =30.5

Standard deviation 0f EBL (s1) = ÖS(x1-x1¯)/N = 11.31

Standard deviation 0f HBL (s2) = ÖS(x2-x2¯)/N = 8

Standard deviation 0f NBL (s3) = ÖS(x3-x3¯)/N = 15.82

C. V. of EBL = s1/ X1¯ =0. 3648

C. V. of HBL = s2/ X2¯ = 0.2499

C. V. of NBL = s3/ X3¯ = 0.5188

Appendix 4

Calculation of Mean SD and C. V. of DPR of Sample banks

 Year EBL HBL NBL (X-X1) (X1-x1)2 (X2-x2¯) (x2-x2)2 (x3-X3) (x3-x3)2
2012/13 53.27 41.74 38.15 -11.384 129.5955 -15.828 250.5256 -17.828 317.8376
2013/14 53.27 65.76 32.01 -11.384 129.5955 8.192 67.10886 -23.968 574.465
2014/15 54.58 59.12 92.67 -10.074 101.4855 1.552 2.408704 36.692 1346.303
2015/16 69.9 49.45 47.94 5.246 27.52052 -8.118 65.90192 -8.038 64.60944
2016/17 92.25 71.77 69.12 27.596 761.5392 14.202 201.6968 13.142 172.7122
Total 1149 587 2475

Mean of EBL( x1¯)= Sx1/N=323.27/5=64.65

Mean of HBL( x2¯)= Sx2/N=287.84/5=57.56

Mean of NBL( x3¯)= Sx3/N=279.89/5=55.97

Standard Deviation of EBL (s1) = ÖS(x1-x1¯)2/N =Ö1149/5= 15.15

Standard Deviation of HBL (s2) = ÖS(x2-x2¯)2/N =Ö587.64/5= 10.84

Standard Deviation of NBL (s3) = ÖS(x3-x3¯)2/N =Ö2475.927/5= 22.25

Coefficient of Variation of EBL = s1/x1¯* =0. 23

Coefficient of Variation of HBL = s2/x2¯* = 0.19
Coefficient of Variation of NBL = s3/x3¯* = o.40

Appendix 5

Calculation of mean SD C. V. of DY of sample banks

Year EBL (%) HBL (%) NBL(%) X1-X1 (X1-x1)2 X2-x¯2 (x2-x2)2 X3-X2 X3-x3)2
2012/13 3 2.38 1.6 1 1 -0.22 0.0484 -0.4 0.16
2013/14 2.3 3.37 1.62 0.3 0.09 0.77 0.5929 -0.38 0.1444
2014/15 1.8129079 3.18181818 3.60793651 -0.25818 0.066655 0.581818 0.338512 1.607937 2.58546
2015/16 1.64609053 1.70454545 1.735107 -0.42499 0.18062 -0.89545 0.801839 -0.26489 0.070168
1.59642401 -0.47466 0.225303 -0.33 0.1089 -0.32653 0.106622
2016/17
10.3554224 1.562578 1.890551 3.06665
2.07108449 12.9 10.23 0.312516 0.37811 0.61333
Average
2 2.6 2
Mean
Std.
Deviation
C. V.

Mean of EBL( x1¯)= Sx=1/N=10.35/5=2

Mean of HBL( x2¯)= Sx2/N=12.9/5=2.6

Mean of NBL( x3¯)= Sx3/N=10.23/5=2

Standard Deviation of EBL (s1) = ÖS(x1-x1¯)2/N =Ö1.56/5= .56

Standard Deviation of HBL (s2) = ÖS(x2-x2¯)2/N =Ö1.89/5= .60

Standard Deviation of NBL (s3) = ÖS(x3-x3¯)2/N =Ö3.06/5= .78
 Appendix 6

Calculation of Correlation between DPS and EPS of EBL

Year DPS (x) EPS(Y) X- X¯ Y-Y¯ (x-x¯)(Y-Y¯) (X- X¯)2 (Y-Y¯)2

2012/13 20 45.58 -11 -2.42 26.62 121 5.8564
2013/14 20 37.54 -11 -10.46 115.06 121 109.4116
2014/15 25 45.81 -6 -2.19 13.14 36 4.7961
2015/16 40 57.22 9 9.22 82.98 81 85.0084
2016/17 50 54.27 19 6.27 119.13 361 39.3129
155 240.42 356.93 720 244.3854
31 48 240 62
x¯= 31
sx= 15.49 sy=7.87

Covariance between DPS and EPs COV xy = S(x-x-)(y-Y-)/N = 356.3/5=71.26

Coefficient of correlation( rxy)= COVxy/sxsy = r=71.26/15.49*7.87= .59

R2=.35
Probable Error. E.(r)= 0.675×(1-R2)/Ön= 0.20
 Appendix 7

Calculation of Correlation between DPS and EPS of HBL

Year DPS (x) EPS(Y) X- X¯ Y-Y¯ (x-x¯)(Y-Y¯) (X- X¯)2 (Y-Y¯)2

2012/13 20 49.05 -12.3 -7.75 95.325 151.29 51
2013/14 31.5 47.91 -0.8 -8.89 7.112 0.64 80
35 6
2014/15 59.24 2.7 2.44 6.588 7.29
2015/16 30 60.66 -2.3 3.86 -8.878 5.29 15
2016/17 45 67.24 12.7 10.44 132.588 161.29 110
161.5 284.1 232.735 325.8 262
32.3 56.8 46.54 65 52.5
x¯= 32.3
sx=8 sy=7.28

Covariance between DPS and EPs COV xy = S(x-x-)(y-Y-)/N = 232.73/5=46.54

Coefficient of correlation( rxy)= COVxy/sxsy = r=46.54/8*7.28= .80

R2=.64
Probable ErrorP. E.(r)= 0.675×(1-R2)/Ön= 0.11
 Appendix 8

Calculation of correlation between DPS and EPS of NBL

(x-x¯)(Y-
Year DPS (x) EPS(Y) X- X¯ Y-Y¯ Y¯) (X- X¯)2 (Y-Y¯)2
2012/13 15 51.7 -15 -2.3 34.5 225 5.29
2013/14 12.58 39.31 -17.42 -14.69 255.8998 303.4564 215.7961
2014/15 55 59.35 25 5.35 133.75 625 28.6225
2015/16 30 62.57 0 8.57 0 0 73.4449
2016/17 40 57.87 10 3.87 38.7 100 14.9769
152.58 270.8 462.8498 1253.456 338.1304
30 54 92.96 250.69 67
x¯= 30
sx=15.8 sy=8.18

Covariance between DPS and EPs COV xy = S(x-x-)(y-Y-)/N = 462.84/5=92.96

Coefficient of correlation( rxy)= COVxy/sxsy = r=92.96/15.8*8.18= .72

R2=.52
Probable Error P. E.(r)= 0.675×(1-R2)/Ön= 0.14
 Appendix 9

Calculation of correlation between DPS and NWPS of EBL

Year DPS (x) NWPS(Y) X- X¯ Y-Y¯ (x-x¯)(Y-Y¯) (X- X¯)2 (Y-Y¯)2

2012/13 20 171 -11 -26 286 121 676
2013/14 20 169 -11 -28 308 121 784
2014/15 25 185 -6 -12 72 36 144
2015/16 40 231 9 34 306 81 1156
2016/17 50 231 19 34 646 361 1156
155 987 1618 720 3916
31 197 144 783
x¯= 31 987 12 28
sx= 12 sy=28

Covariance between DPS and NWPS COV xy = S(x-x-)(y-Y-)/N = 1618/5=323.6

Coefficient of correlation( rxy)= COVxy/sxsy = r=323.6/12*28= .96

R2=.92
Probable Error P. E.(r)= 0.6745*(1-r2)/Ön= 0.03
 Appendix 10

Calculation of Correlation between DPS and NWPS of HBL

(x-x¯)(Y-
Year DPS (x) NWPS(Y) X- X¯ Y-Y¯ Y¯) (X- X¯)2 (Y-Y¯)2
2012/13 20 246.93 -12.3 1.33 -16.359 151.29 1.7689
2013/14 31.5 239.59 -0.8 -6.01 4.808 0.64 36.1201
2014/15 35 228.72 2.7 -16.88 -45.576 7.29 284.9344
2015/16 30 264.74 -2.3 19.14 -44.022 5.29 366.3396
2016/17 45 247.95 12.7 2.35 29.845 161.29 5.5225
161.5 1227.93 -71.304 325.8 694.6855
32.3 245.6 -14.68 65 138.9371
x¯= 32.3
sx=8 sy=11.78

Covariance between DPS and NWPs COVxy = S(x-x-)(y-Y-)/N =-71.03 /5=-14.68

Coefficient of correlation( rxy)= COVxy/sxsy = r=-14.68/8*11.78= -0.16

R2=.03
Probable Error P. E.(r)= 0.675×(1-R2)/Ön= .29
 Appendix 11

Calculation of Correlation between DPS and NWPS of NBL

Year DPS (x) NWPS(Y) X- X¯ Y-Y¯ (x-x¯)(Y-Y¯) (X- X¯)2 (Y-Y¯)2

2012/13 15 246.88 -15 18.1 -271.5 225 327.61
2013/14 12.58 199.83 -17.42 -28.95 504.309 303.4564 838.1025
2014/15 55 239.67 25 10.89 272.25 625 118.5921
2015/16 30 234.37 0 5.59 0 0 31.2481
2016/17 40 223.17 10 -5.61 -56.1 100 31.4721
152.58 1143.92 448.959 1253.456 1347.025
30 228.78 89.79 250.69 269.4
x¯= 30
sx=15.8 sy=16.41

Covariance between DPS and NWPS COVxy = S(x-x-)(y-Y-)/N = 448.95/5=89.79

Coefficient of correlation( rxy)= COVxy/sxsy = r=89.79/15.8*16.41= .35

R2=.12
Probable Error P. E. (r)= 0.6745×1-r2/Ön=0.26

Appendix 12
 Calculation of Correlation between DPS and MVPS of EBL

Year DPS (x) MVPS(Y) X- X¯ Y-Y¯ (x-x¯0)(Y-Y¯) (X- X¯)2 (Y-Y¯)2

2012/13 20 680 -11 -1018 11198 121 1036324
2013/14 20 870 -11 -828 9108 121 685584
2014/15 25 1379 -6 -319 1914 36 101761
2015/16 40 2430 9 732 6588 81 535824
2016/17 50 3132 19 1434 27246 361 2056356
155 8491 56054 720 4415849
31 1698 11210.8 144 883169.8
x¯= 31 8491 12 939.77
sx=12 sy=939.77

Covariance between DPS and MVPS COV xy = S(x-x-)(y-Y-)/N = 56054/5=11210.58

Coefficient of correlation( rxy)= COVxy/sxsy = r=11210.58/12×939.77= .99

R2=.98
Probable Error P. E.(r)= 0.675×(1-R2)/Ön= 0.01
 Appendix 13

Calculation of Correlation between DPS and MVPS of HBL

Year DPS (x) MVPS(Y) X- X¯ Y-Y¯ (x-x¯)(Y-Y¯) (X- X¯)2 (Y-Y¯)2

2012/13 20 840 -12.3 -476 5854.8 151.29 226576
2013/14 31.5 920 -0.8 -396 316.8 0.64 156816
2014/15 35 1100 2.7 -216 -583.2 7.29 46656
2015/16 30 1740 -2.3 424 -975.2 5.29 179776
2016/17 45 1980 12.7 664 8432.8 161.29 440896
161.5 6580 13046 325.8 1050720
32.3 1316 2609.2 65 210144
x¯= 32.3
sx=8 sy=458.41

Covariance between DPS and MVPS COVxy = S(x-x-)(y-Y-)/N =13046 /5=26.09

Coefficient of correlation( rxy)= COVxy/sxsy = r=2609.2/8*458.41= .71

R2=.50
Probable Error P. E.(r)= 0.6745*(1-R2)/Ön= .15
 Appendix 14

Calculation of Correlation between DPS and MVPS of NBL

Year DPS (x) MVPS(Y) X- X¯ Y-Y¯ (x-x¯)(Y-Y¯) (X- X¯)2 (Y-Y¯)2

2012/13 15 940 -15.5 -495.8 7684.9 240.25 245817.6
2013/14 12.58 800 -17.92 -635.8 11393.536 321.1264 404241.6
2014/15 55 1260 24.5 -175.8 -4307.1 600.25 30905.64
2015/16 30 1729 -0.5 293.2 -146.6 0.25 85966.24
2016/17 40 2450 9.5 1014.2 9634.9 90.25 1028602
152.58 7179 24259.636 1252.126 1795533
30.5 1435.8 4851.9272 250.69 359106.6
x¯= 30
sx=15.8 sy=599.25

Covariance between DPS and MVPS COV xy = S(x-x-)(y-Y-)/N = 24259.63/5=4851.93

Coefficient of correlation( rxy)= COVxy/sxsy = r=4851.93/15.8*599..25= .51

R2=.26
Probable Error P. E. (r)= 0.6745* 1-r2/Ön=0.22
 Appendix 15

Simple regression analysis of dividend per share on Earning per share of EBL

Simple regression analysis of dividend per share on earning per share of EBL
year EPS(X) DPS(Y) XY X2 Y2 X-X¯ (X-X¯)2
2012/13 45.58 20 911.6 2077.536 400 -2.504 6.270016
2013/14 37.54 20 750.8 1409.252 400 -10.544 111.1759
2014/15 45.81 25 1145.25 2098.556 625 -2.274 5.171076
2015/16 57.22 40 2288.8 3274.128 1600 9.136 83.4665
2016/17 54.27 50 2713.5 2945.233 2500 6.186 38.2666

240.42 155 7809.95 11804.71 5525 244.3501

48.084 31

Regression coefficient (b) = n Sxy-Sx Sy/nx2-(Sx)2 =1.46

Regression constant (a)= Y¯-bX¯= -39.2378

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2)=14.29
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =.91
T-value= b/Sb=1.6
 Appendix 16

Simple regression analysis of dividend per share on Earning per share of HBL

year EPS(X) DPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

2012/13 49.05 20 981 2405.903 400 -7.77 60.3729
2013/14 47.91 31.5 1509.165 2295.368 992.25 -8.91 79.3881
2014/15 59.24 35 2073.4 3509.378 1225 2.42 5.8564
2015/16 60.66 30 1819.8 3679.636 900 3.84 14.7456
2016/17 67.24 45 3025.8 4521.218 2025 10.42 108.5764
284.1 161.5 9409.165 16411.5 5542.25 268.9394
56.82 32.3

Regression coefficient (b) = n Sxy-Sx Sy/nx2-(Sx)2 =..8653

Regression constant (a)= Y¯-bX¯= -16.87

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2)=74.51
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =4.54384
T- value = b/Sb= 0.190432
 Appendix 17

Simple regression analysis of dividend per share on earning per share of NBL

year EPS(X) DPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

2012/13 51.7 15 775.5 2672.89 225 -2.46 6.0516
2013/14 39.31 12.58 494.5198 1545.276 158.2564 -14.85 220.5225
2014/15 59.35 55 3264.25 3522.423 3025 5.19 26.9361
2015/16 62.57 30 1877.1 3915.005 900 8.41 70.7281
2016/17 57.87 40 2314.8 3348.937 1600 3.71 13.7641
270.8 152.58 8726.17 15004.53 5908.256 338.0024
54.16 30.516

Regression coefficient (b) = n Sxy-Sx Sy/nSx2-(Sx)2 =1.3681

Regression constant (a)= Y¯-bX¯=-43.5803 -43.5803

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2)= 92.62
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =5.037761

T- value = b/Sb = 0.271569

 Appendix 18

Simple regression analysis of dividend per share on Net Worth per share of EBL

year NWPS(X) DPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

2012/13 171 20 3420 29241 400 -26.4 696.96
2013/14 169 20 3380 28561 400 -28.4 806.56
2014/15 185 25 4625 34225 625 -12.4 153.76
2015/16 231 40 9240 53361 1600 33.6 1128.96
2016/17 231 50 11550 53361 2500 33.6 1128.96
987 155 32215 198749 5525 3915.2
197.4 31

Regression coefficient (b) = n Sxy-Sx Sy/nSx2-(Sx)2= 0.4132

Regression constant (a)= Y¯-bX¯ =-50.578

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2)= 92.62
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =1.50998
T- value = b/Sb= 0.273686
 Appendix 19

Simple regression analysis of dividend per share on Net worth per share of HBL

year NWPS(X) DPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

2012/13 246.93 20 4938.6 60974.42 400 1.344 1.806336
2013/14 239.59 31.5 7547.085 57403.37 992.25 -5.996 35.95202
2014/15 228.72 35 8005.2 52312.84 1225 -16.866 284.462
2015/16 264.74 30 7942.2 70087.27 900 19.154 366.8757
2016/17 247.95 45 11157.75 61479.2 2025 2.364 5.588496
1227.93 161.5 39590.84 302257.1 5542.25 694.6845
245.586 32.3

Regression coefficient (b) = n Sxy-Sx Sy/nSx2-(Sx)2 = -..1026

Regression constant (a)= Y¯-bX¯= 57.50751

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2)= 48.894
2
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯) =1.8550866
T- value = b/Sb= -0.05533
 Appendix 20

Simple regression analysis of dividend per share on Net worth per share of NBL

Year NWPS(X) DPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

2012/13 246.88 15 3703.2 60949.73 225 18.096 327.4652
2013/14 199.83 12.58 2513.861 39932.03 158.2564 -28.954 838.3341
2014/15 239.67 55 13181.85 57441.71 3025 10.886 118.505
2015/16 234.37 30 7031.1 54929.3 900 5.586 31.2034
2016/17 223.17 40 8926.8 49804.85 1600 -5.614 31.517
1143.92 152.58 35356.81 263057.6 5908.256 1347.025
228.784 30.516

Regression coefficient (b) = n Sxy-Sx Sy/nSx2-(Sx)2 =.333

Regression constant (a)= Y¯-bX¯= -45.6691

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2)= 94.596
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =2.577423
T- value = b/Sb= 0.530802
 Appendix 21

Simple regression analysis of MVPS on dividend per share of EBL

Year DPS(X) MVPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

2012/13 20 680 13600 400 462400 -11 121
2013/14 20 870 17400 400 756900 -11 121
2014/15 25 1379 34475 625 1901641 -6 36
2015/16 40 2430 97200 1600 5904900 9 81
2016/17 50 3132 156600 2500 9809424 19 361
155 8491 319275 5525 18835265 720
31 1698.2

Regression coefficient (b) = n Sxy-Sx Sy/nSx2-(Sx)= 77.85

Regression constant (a)= Y¯-bX¯= -715.236

Standard Error of Estimate(SEE) = Ö(Sy -aSy-bSxy/(n-2)=
2
4077.113
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =151.945
T- value = b/Sb= 0.512375
 Appendix 22

Simple regression analysis of MVPS on dividend per share of HBL

Year DPS(X) MVPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

9,406.6
2012/13 20 470.33 7 400 221213.444 -12.3 151.29
20,325.3
2013/14 31.5 645.25 8 992.25 416347.563 -0.8 0.64
35,796.5
2014/15 35 1,022.76 4 1225 1046034.61 2.7 7.29
54,067.5
2015/16 30 1,802.25 0 900 3248105.06 -2.3 5.29

2016/17 45 2,322.90 104,530.5 2025 5395864.41 12.7 161.29

161.5 6,263.49 224,126.5 5542.25 10327565.1 325.8
32.3 1,252.70

Regression coefficient (b) = n Sxy-Sx Sy/nSx2-(Sx)= 40

Regression constant (a)= Y¯-bX¯=22.61

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2=2559
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =141.79
T- value = b/Sb=.28
 Appendix 23

Simple regression analysis of MVPS on dividend per share of NBL

Year DPS(X) MVPS(Y) XY X2 Y2 X-X¯ (X-X¯)2

15 986 13600 225 972196 15 986 13600
12.58 1261.5 17400 158.2564 1591382.3 12.58 1261.5 17400
55 1999.55 34475 3025 3998200.2 55 1999.55 34475
30 3523.5 97200 900 12415052 30 3523.5 97200
40 4541.4 156600 1600 20624314 40 4541.4 156600
152.58 12311.95 319275 5908.25 39601145 152.58 12311.95 319275
30.516 2462.39 30.516 2462.39

Regression coefficient (b) = n Sxy-Sx Sy/nSx2-(Sx)= 19.37

Regression constant (a)= Y¯-bX¯=844.55

Standard Error of Estimate(SEE) = Ö(Sy2-aSy-bSxy/(n-2)= 2113
Standard Error of regression coefficient (Sb) = SEE/Ö(x-x¯)2 =59.72
T- value = b/Sb=.324

Appendix 24

Testing of Hypothesis

Let X1, X2, X3 be the DPS of EBL, HBL, And NBL respectively
Year X1 X2 X3 (X1-X2¯)2 (X2-X2¯)2 (X3-X3¯)2

2012/13 20 20 15 121 151.29 240.7463

2013/14 20 31.5 12.58 121 0.64 321.7001

2014/15 25 35 55 36 7.29 599.4663

2015/16 40 30 30 81 5.29 0.266256

2016/17 50 45 40 361 161.29 89.94626

155 161.5 152.58 720 325.8 1252.125

31 32.3 30.516

Grand mean X¯ ¯ = x1¯+ x2¯+ x3¯/3 = 31.272

SSC = Sum of the Squares of variation between samples

s=Snj¯(xj-x¯¯)2

n1(x1¯-x1¯¯)2+n2(x2¯-x2¯¯)2+n3(x3¯-x3¯¯)2

8.51152

SSE= Sum of SQARE of Variation within Samples

S(xj-xj¯)2

(x1-x1¯)2+(x2-x2¯)2+(x3-x3¯)2

2297.925

2306.44
 Appendix 25

Testing of Hypothesis

Let X1, X2, X3 be the DPR of EBL, HBL, and NBL respectively

Year X1 X2 X3 (X1-X2¯)2 (X2-X2¯)2 (X3-X3¯)2

2012/13 53.27 41.74 38.15 129.5499 250.5256 317.8376

2013/14 53.26 65.76 32.01 129.7777 67.10886 574.465

2014/15 54.58 59.12 92.67 101.4452 2.408704 1346.303

2015/16 69.9 49.45 47.94 27.5415 65.90192 64.60944

2016/17 92.25 71.77 69.12 761.6496 201.6968 172.7122

323.26 287.84 279.89 1149.964 587.6419 2475.927

64.652 57.568 55.978

Grand mean X¯ ¯ = x1¯+ x2¯+ x3¯/3= 59.39933

SSC = Sum of the Squares of variation between samples

s=Snj¯(xj-x¯¯)2

n1(x1¯-x1¯¯)2+n2(x2¯-x2¯¯)2+n3(x3¯-x3¯¯)2

213.2491

SSE= Sum of Square of Variation within Samples

S(xj-xj¯)2

(x1-x1¯)2+(x2-x2¯)2+(x3-x3¯)2

4213.533

4426.782

Appendix 26
 Testing of Hypothesis

Let X1, X2, X3 be the DY of EBL, HBL, and NBL respectively

Year X1 X2 X3 (X1-X2¯)2 (X2-X2¯)2 (X3-X3¯)2

2012/13 3 2.38 1.6 0.861184 0.04 0.197136

2013/14 2.3 3.37 1.62 0.051984 0.6241 0.179776

2014/15 1.81 3.18 3.6 0.068644 0.36 2.421136

2015/16 1.65 1.7 1.73 0.178084 0.7744 0.098596

2016/17 1.6 2.27 1.67 0.222784 0.0961 0.139876

10.36 12.9 10.22 1.38268 1.8946 3.03652

2.072 2.58 2.044

Grand mean X¯ ¯ = x1¯+ x2¯+ x3¯/3= 2.232

SSC = Sum of the Squares of variation between samples

s=Snj¯(xj-x¯¯)2

n1(x1¯-x1¯¯)2+n2(x2¯-x2¯¯)2+n3(x3¯-x3¯¯)2

0.91024

SSE= Sum of Square of Variation within Samples

S(xj-xj¯)2

(x1-x1¯)2+(x2-x2¯)2+(x3-x3¯)2

6.3138

7.22404