THE IMPACT OF DIVIDEND POLICY ON THE MARKET PRICE OF SHARES: EVIDENCE FROM THE SELECTED INDIAN STEEL AND METAL INDUSTRIES

This study examines the impact of dividend policy of share prices within the selected Indian steel and metal industries from 2021-2022 to 2025-2026. The Primary objectives are to analyze the factors influencing dividend policy and to evaluate its effect on market prices using descriptive statistics, ANOVA, Karl Pearson correlation and Multiple Regression. The findings indicate that for steel stocks, absolute dividend values are more significant drivers of market price than the earnings payout ratio, suggesting that different dividend metrics influence market behavior in distinct ways.

© 2026 — Authors retain the copyright of this article. This is an open access article distributed under the Creative Commons Attribution License (CC BY 4.0) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.