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Hypothesis testing
H0: There is no relationship between dividend policy and the firm value of the cement sector in Pakistan.
H1: There is a significant relationship between dividend policy and the firm value of the cement sector in Pakistan.

Comment
Using Hypothesis testing as a hypothesis is actually valid because the research evaluates the data through correlation, descriptive and regression analysis to obtain results.

The method is also simple and easy to understand because no complicated formulas and assumptions are required.

DPS, EPS, Firm size and Financial leverage were taken as the independent variables and ROE as dependent variable.

Findings show that there is a statistically insignificant and positive relationship between DPS and ROE.
A significant positive relationship was found between EPS and ROE.
A significant relationship was found between firm size and ROE.
An insignificant relationship was found in the case of financial leverage.

The finding supports the relevant theories of dividend policy.

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The number of sample size companies as research targets is too less.

The range of data years collected is small, only 4 years long.
ROE, DPS, EPS,  Financial leverage and Size of the firm as factor variables are not enough to make the result more valid, more variables should be added such as Gross Profit Ratio, Operating Ratio, Operating Profit Ratio and et.

The formulas for the independent variables are calculated manually, therefore; there this data may be unfair even after being several times tested and checked.

this study only uses OLS to estimate the penal data.

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The number of sample size companies as research targets is too less.

The range of data years collected is small, only 4 years long.

ROA, ROE, DPOR, EPS, PER as factor variables are not enough to make the result more valid, more variables should be added such as Gross Profit Ratio, Operating Ratio, Operating Profit Ratio and et.

The formulas for the independent variables are calculated manually, therefore; there this data may be unfair even after being several times tested and checked.

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Hypothesis testing
H1: There is any relation between dividend policy and firm performance.
H2: There is a positive relation between EPS and dividend policy.
H3: Return on asset has any relation to dividend policy and firm profitability.

Comment
Using Hypothesis testing as a hypothesis is actually valid because the research evaluates the data through correlation, descriptive and regression analysis to obtain results.

The method is also simple and easy to understand because no complicated formulas and assumptions are required.

The result shows that there is a positive relationship between ROA, dividend payout ratio, earnings per share and price-earnings ratio. The dividend payout ratio has a positive effect on ROA.

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The overall structure of this research report is orderly, allowing for a step-by-step process. Articulation and fluent academic writing style with ideas cross referenced. Grammar, spelling and punctuation are also correct. Contents showing excellent knowledge and understanding through thorough and appropriate research. Literature and content have breadth, depth and integration.

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5) The rating of the paper's significance 

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5) The rating of the paper's significance 

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The purpose of this research report is clearly explained and analyzed. The steps of the analysis carried out in the research report can be clearly understood. Easy to understand for scholars.

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19 cement companies have been taken as samples.

Data used have been collected from annual reports on the Pakistan Stock Exchange from 2012 to 2016.

Mean,  Median,  Minimum,  Maximum and  Standard  Deviation has been estimated for this purpose. Pearson’s correlation has been calculated to see the relationship among variables.

Descriptive analysis-  Used in mean, maximum, minimum and S.D checks the impact of dividend policy on firm performance.
Correlation analysis- Correlation results find out the relationship between dividend policy on firm performance.
Multiple regression model- used for the estimation of relationships between a dependent variable and one or more independent variables.

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The main contribution objects of this research report can be divided into two categories: for me and for companies.

On my side, Through this paper, I have realized 4 theories of Dividend policy, namely Dividend Irrelevance Theory, Bird-in-the-Hand Theory, Signaling Theory, and Agency cost theory. This allows me to understand which theories are consistent with and supported by the results of Dividend policy's impact on firm performance.

On the company's side, Companies related to the cement sector can use this research report to analyze the areas where the company's Dividend policy can be improved. Company management can also learn how Dividend policy affects company performance through this research report.

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Lintner (1956) suggested in their study that the previous year's dividends and income impact the dividend policy of the organizations.

A dividend policy theory- M&M(Modigliani and Miller) stated that dividends either have a less effect or no effect at all on the stock price.

The main purpose of this study was to find out whether dividend policy has any significant effect on the performance of cement companies in Pakistan and whether this effect is positive or negative.

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The theories related to the Dividend policy are the most important step that I need to learn and understand. The second article, it has mentioned 4 theory that was related to dividend policy. The report result should be found out and analysed which theory was fit it.

I think other variables should also be considered other than those used in this study. More variables can make the results more efficient and accurate. I should also read about other companies such as banking sector, service sector, food producer sector, etc. This can make me better understand that companies in different fields have different conclusions.

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In terms of writing, the sequential headings of this article are fluid, and the font is a standard font that doesn’t confuse readers. However, there are many mistakes in spelling, grammar and punctuation. I need to re-read to understand and understand those sentences with grammatical errors. There are too few diagrams and explanations provided in finding, and there is a lack of careful explanation and analysis.

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5) The rating of the paper's significance 

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5) The rating of the paper's significance 

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The final result and the objective can be clearly understood in the conclusion of this research report. However, there is a lack of theory related to Dividend policy. This makes it impossible to see which Dividend policy theory this result fits with.

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The sample for this research report is 15 manufacturing companies listed on the Pakistan Stock Exchange (PSE).

The data for the study was collected from the annual reports (2014 to 2017) of the 15 companies announced at the PSE.

The methods used in this study are Descriptive analysis, Correlation analysis and Multiple regression model.

Descriptive analysis-  Used in mean, maximum, minimum and S.D checks the impact of dividend policy on firm performance.
Correlation analysis- Correlation results find out the relationship between dividend policy on firm performance.
Multiple regression model- used for the estimation of relationships between a dependent variable and one or more independent variables.

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The main contribution objects of this research report can be divided into two categories: for me and for companies.

On my side, after reading several articles on the impact of the Divided policy on companies, I found that many studies have consistent and inconsistent results. However, this article indicates that the research is mainly aimed at companies in the manufacturing industry. Therefore, I was able to understand the impact of the Dividend policy on manufacturing companies from this article.

On the company's side, manufacturing-related companies can analyze their company's dividend policy from the results of this research report to improve the company's performance. Because through the results of this research report, the relevant manufacturing companies can learn that there is a positive correlation between return on assets, dividend payments, earnings per share and price-earnings ratios.

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Impact of Dividend Policy on Firm’s Performance: A Case Study of Cement Sector of Pakistan

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Impact of Dividend Policy on Firm’s Performance: A Case Study of Cement Sector of Pakistan

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Author: Abdur Rahman (2018)

DOI: https://doi.org/10.5281/zenodo.1450462

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Dividend policy is one of the important elements of the issue in the global business field.

Announcing dividend payments to shareholders is part of the dividend policy.

A previous study by T.Velnampy et al (2014) stated that the EPS and dividend payout as determined by dividend policy was negative relation to ROA and ROE as a firm's performance.

Previous studies by Mohammed amid (2007) stated that the ROA and Dividend policy has a positive relation but dividend payout ratio and ROA have a negative relation.

Hence, the main idea of this article is to examine the impact of dividend policy on the firm's performance of manufacturing firms in Pakistan.

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Impact of Dividend Policy on Manufacturing Firm Performance in Pakistan

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Impact of Dividend Policy on Manufacturing Firm Performance in Pakistan

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Author: M. Mohsin Hafeez, z, Sadia Shahbaz, Iqra Iftikhar, Hamid Ali Butt (2018)

DOI: 10.5281/zenodo.1312180