Shynatay, Zhassulan2024-12-232024-12-232024-12-12Shynatay, Zh. (2024). Dividend Policy and Stock Price Performance: Evidence from the Kazakhstan Stock Exchange. Nazarbayev University Graduate School of Public Policy.https://nur.nu.edu.kz/handle/123456789/8367Theoretically, the publication of dividends does not have any impact on the financial position of the company, since capitalization and resources remain unchanged. Nevertheless, world practice shows that the market reacts to stock publications about the payment of dividends. This study performed an analysis of the impact of the publication of payments and the payment of dividends by Kazakhstani companies on the KASE and LSE trading exchanges. The study found that for financial companies an announcement of dividend increase positively impacts the stock prices and investors experience positive abnormal returns. However, for non-financial companies increase in the amount of dividends lead to negative abnormal returns which means drop in the price of stocks. Overall the market reacts negatively to the announcement of dividends.enAttribution-NonCommercial-ShareAlike 3.0 United StatesEvent studyDividend announcementEvent WindowEstimation WindowAbnormal returnMarket ReactionMean-Adjusted ReturnMarket Adjusted ReturnOLS.Type of access: EmbargoMaster`s thesis