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International Review of Management and
Marketing
ISSN: 2146-4405
available at http: www.econjournals.com
International Review of Management and Marketing, 2019, 9(4), 32-38.
International Review of Management and Marketing | Vol 9 • Issue 4 • 2019
32
Accounting Indicators and their Impact on Market Prices
of Shares of Commercial Banks Listed on the Amman Stock
Exchange for the Period 2006-2017
Wesam Abdulhamid Almaaiteh*, Ahmad Salim Alsaraireh
Department of Finance and Banking, Business School, Mutah University, Jordan. *Email: wesammaaitah1981@gmail.com
Received: 02 May 2019 Accepted: 01 July 2019 DOI: https://doi.org/10.32479/irmm.8316
ABSTRACT
The study aimed at identifying the impact of some accounting indicators on the market price of share for the Jordanian commercial banks listed
in Amman Stock Exchange (ASE) for the period 2006-2017. The study adopted STATA program in data processing and Random effect regression
model was chosen to test the relationship between accounting indicators as independent variables include: return on equity (ROE), earnings per share
(EPS), market price per share to book value per share (MPBV), dividend payout ratio (DPR), retained earnings per share (RPS), nancial leverage
(FL), current ratio (CR) and market price of share (MPS). The results show a positive and signicant relationship between (ROE, EPS, MPBV, DPR)
and MPS. Likewise, there is negative and signicant relationship between retained earnings per share (RPS) and market price of share. On the other
hand, the results show a negative and insignicant relationship between nancial leverage(FL)and market price of share(MPS).The present study
recommended that investors in Amman Stock Exchange (ASE) should be attention to the accounting indicators in general and (ROE, EPS, MPBV,
DPR) in particular in order to build their investment decision.
Keywords: Accounting Indicators, Market Price of Share, Return on Equity, Earning Per Share, Commercial Banks
JEL Classications: G21, M41
1. INRODUCTION
The study of the movement of securities prices is one of the
important topics in the world of nance and investment, And many
researchers have tried since the last century to describe the factors
that lead to changes in the prices of securities and try to study and
analyze them to benet from the knowledge of the future of these
prices, And that appropriate accounting information is the primary
source in determining the relative price structure of securities, as
well as the appropriate accounting information is considered as the
key element on which investors rely on their investment decision.
The relationship between accounting indicators and stock market
prices has been deeply researched, beginning with the studies of
both (Ball and Brown, 1968) and (Beaver, 1968) and both studies
had a signicant impact on subsequent studies with regard to the
usefulness of accounting indicators in forecasting stock market
prices.
In order for nancial markets to play their role they must be
characterized by a high level of efciency and effectiveness, one
of the most important elements to achieve the efciency of the
nancial market is the existence of an effective information system
that ensures the ow of this information at all times and at the
lowest possible cost. As nancial markets need to have an effective
information system through which the investor can choose the
best alternatives at the right price, As accounting information is
considered one of the most important information to be provided
by the stock exchange, As the global nancial markets give great
importance to the preparation of information and accounting data
This Journal is licensed under a Creative Commons Attribution 4.0 International License
Almaaiteh and Alsaraireh: Accounting Indicators and their Impact on Market Prices of Shares of Commercial Banks Listed on the Amman Stock Exchange for the
Period 2006-2017
International Review of Management and Marketing | Vol 9 • Issue 4 • 2019 33
and work to publish periodically to investors. But the talk about
the importance of accounting indicators and their role in the
impact on stock prices does not mean that they are the only factors
affecting those prices, In general, stock prices are affected by many
factors in addition to information and accounting indicators, such
as: Economic and political factors, speculations in the nancial
markets, rumors, nancial and political crises, these factors all
affect the behavior of investors, Therefore, it is difcult to study
the impact of all these factors on stock prices and this is one of
the determinants of this study.
In this study, the researchers attempt to identify and analyze
the nature of the relationship between the most important
accounting indicators extracted from the nancial statements of
the commercial banks listed on the Amman Stock Exchange and
the prices of the shares of these banks. The researchers also aim
to determine the importance of each variable of the study in the
ratio of its impact on stock prices.
The stock market represents in any country an investment
opportunity and an important factor to attract domestic and foreign
capital, and recent years have seen great efforts in most developing
countries to improve the investment climate in them by creating the
right conditions to attract investments and without those markets,
countries cannot get the nancial resources they need to develop
investment activities.
This study is important in two ways:
• Scientic importance: This study contributes to determining
the most important accounting indicators that explain the
changes in the market prices of shares of commercial banks
and the impact on measuring the efciency of the nancial
market.
• Practical importance: This study contributes to determining the
impact of accounting indicators on the market prices of shares
of commercial banks listed on the Amman Stock Exchange,
and this contributes to the rationalization of investment
decision in that market.
This study aims to investigate the relationship between the
prices of shares of commercial banks listed on the Amman Stock
Exchange and the accounting indicators extracted from the
nancial statements for the period from 2006 to 2017. To achieve
this objective, the study should achieve the following objectives:
• Determine any accounting indicators that affect the changes
in the prices of shares of commercial banks.
• Measurement of the contribution of these accounting indicators
in the interpretation of changes in shares of commercial banks.
2. LITRETURE REVIEW
A number of studies have been undertaken to identify the factors
influencing stock prices in different stock market. And the
following studies were cited when conducting this study.
Yemi and Seriki (2018) aimed to examine the impact of retained
earnings on market value listed rms Nigeria Stock Market. The
results indicates a positive and signicant relationship between
retained earnings, earnings per share, dividend payout ratio and
market value of rms while market value is positively but non-
signicant associated with nancial leverage. Poudel (2016) aimed
to explore the determinants of stock price in banks in Nepal,
The study most important results show that there is statistical
signicant relationship between the variables or not. Even though
DPS, BVPS, and EPS affect the MPS positively, when earnings
per share, dividends per share, and book value per share increase,
the market price per share also increase and vice versa.
Chhipa and Nabi (2016) aimed to identify the factors affecting
share price of banking sector of Pakistan, The results of this study
show a positive correlation of leverage on share price of banking
sector registered in Pakistan Stock Exchange, while share price
have 4control variables (earnings per share, dividend yield, return
on assets) all the results shows low variation of share price on
banking sector in Pakistan.
Another study by (Siraj, 2016) aimed at identifying the impact of
some accounting indicators on the market price per share for the
companies listed in Kingdom of Saudi Arabia (KSA) stock market
during the period of 2011-2014. The study most important results
include the following: The existence of a signicant statistical
correlation between the independent variables and dependent
variables at (level of sig. = 0.000). Also, the entire independent
variables affect the market price per share of the companies by
73%. Moreover, the independent variables such as (earning per
share, market price/book value, return on equity) have the most
effect on the market price per share at (level of sig. = 0.000).
Arshad et al. (2015) aimed to identify the determinants of share
price for the listed commercial banks in Karachi stock exchange
over the period 2007-2013. The results indicate that earning per
share has more inuence on share prices and it has positive and
signicant relationship with share prices while other variables
(gross domestic product, price earnings ratio, dividend per share,
leverage) have not relationship with share price.
Sharif et al. (2015) aimed to identify the main determinants
affecting share prices in the Bahrain nancial market, The study
analyzes a panel data set of 41 companies listed in the Bahrain
stock exchange for the period 2006-2010, The results indicate that
the variables return on equity, book value per share, dividend per
share, dividend yield, price earnings, and rm size are signicant
determinants of share price in the Bahrain market.
A study by AL-Habashneh et al. (2015) aimed to identify and
analyze the factors inuencing the share price in Amman Stock
Exchange for the period 1984-2011. The study determined three
key variables which positively affect the rate of the stock price of
companies, namely dividends, trading volume, and earnings per
share, the study recommends focusing on these three variables
when directing investor to invest their money in Amman Stock
Exchange.
A study by Almumani (2014) seeks to nd quantitative factors that
affect share price for the listed banks in Amman Stock Exchange
during the period 2005-2011 using the empirical analysis of a
Almaaiteh and Alsaraireh: Accounting Indicators and their Impact on Market Prices of Shares of Commercial Banks Listed on the Amman Stock Exchange for the
Period 2006-2017
International Review of Management and Marketing | Vol 9 • Issue 4 • 2019
34
group of independent and dependent variables. In this study, the
ratio analysis correlation and a linear multiple regression models
have been chosen to determine the individual as well as combined
effects of explanatory variables on the dependent variables. The
empirical nding prove that there is positive relationship between
the independent variables PE positive correlation, BV positive
correlation, EPS positive correlation, DPS positive correlation, and
dependent variables MP and it is also important at 1% probability
level. However, further empirical ndings that there is a signicant
positive relationship between EPS and the MP of the listed banks
in Jordan, and there is a signicant relationship between BV and
MP, Anther empirical ndings from the regression analysis shows
a positive relationship between P/E and MP, other variables DPS
and DY have insignicant inuence on MP.
Luvembe et al. (2014) aimed to investigate effect of dividend
payout on market value of listed banks in Kenya for the period
between 2006-2010, The study found a signicant and positive
relationship between market value and capital structure, corporate
earnings, dividend payout ratio and capital market investment.
Thunaibat (2014) aimed to investigate the impact of nancial
and accounting variables on shares prices of companies (banking
sector) in the Amman Stock Exchange for the period 2000-2012
The results indicate that there is a signicant impact of the return
on equity, and the current ratio, and earnings per share, and non-
signicant impact of the return on assets, and the ratio of total
liabilities to total assets, and assets turnover.
Another study (Masum, 2014) aimed to identify the effect of
dividend policy on stock price on commercial banks listed in
Dhaka Stock Exchange for period the 2007-2011. The results of
this study show a positive and signicant relationship between
earnings per share, return on equity, retention ratio and stock price.
A study by (Tandon and Malhotra, 2013) attempted to determine the
factors that inuence stock price in the context of National Stock
Exchange (NSE) of 100 companies. A sample of 95 companies
was selected for the period 2007-2012 and linear regression model
was used. The results indicated that rms book value, earnings
per share, and price earnings ratio are having a signicant positive
association with rms stock price while dividend yield is having
a signicant invers association with the market price of the rms
stocks. Dhungel (2013) aimed to identify impact of dividend on
share pricing in commercial banks of Nepal, The study ndings
indicate that there is no signicant impact of dividend on share
pricing in most of the banks and there is signicant relationship
between earnings per share and share pricing.
Al-Shubiri (2010) aimed to analysis the determinants of market
stock price movement for the listed commercial banks in Amman
Stock Exchange during the period 2005-2008, Simple and
multiple regression analysis is conduct to nd out the relationship
microeconomic factors with the stock price and found highly
positive signicant relationship between market price of stock
and net asset value per share; market price of stock dividend
percentage, gross domestic product, and negative signicant
relationship on ination and lending interest rate.
3. RESERCH METHODOGY
3.1. Data Base of Study
The present study has been undertake to investigate the empirical
relationship between market price of share (MPS) and accounting
or nancial indicators (return on equity [ROE], earnings per share
[EPS], market price to book value [MPBV], dividend payout
ratio [DPR], retention ratio [RR], nancial leverage [FL], current
account ratio [CR]). For the period 2006-2017, data have been
derived from the income statements and the balance sheets of the
listed commercial banks published in the Amman Stock Exchange
(ASE). https://www.ase.com.jo. In addition, data was gathered
from books, papers, articles and specialized international journal.
3.2. Sample and Period of Study
The sample population will cover all Jordanian Commercial Banks
listed in Amman Stock Exchange (ASE) presented in Table 1.
3.3. Research Variables
The selection of variables and the relationship between accounting
indicators and market price of share was primarily guided by the
results of the previous empirical studies; Table 2 shows the details
of these variables.
3.4. Research Model Specication
The following regression model is used in this study in an attempt
to examine the empirical relationship between (return on equity,
earnings per share, market price per share to book value per
share, dividend payout ratio, retained earnings per share, nancial
leverage, current ratio) and market price of share, we used model
in our research which is as follows:
MPS = α+β1(ROEit)+β2(EPSit)+β3(MPBVit)+β4(DPRit)+β5
(RPSit)+β6(FLit)+β7(CRit)+εi
Where:
i = Banks (13) Jordanian Commercial Banks listed ASE
t = Time (2006-2017)
MPS = Market price of share
α = Intercept of regression line
β1 (ROE) = Coefcient for return on equity
β2 (EPS) = Coefcient for earnings per share
β3 (MPBV) = Coefcient for market price per share to book
value per share
β4 (DPR) = Coefcient for dividends payout ratio
β5 (RPS) = Coefcient for retained earnings per share
β6 (FL) = Coefcient for nancial leverage
β7 (CR) = Coefcient for current ratio
εi = Random error.
3.5. Research Hypothesis
H01: There is no relationship between ROE and MPS.
H02: There is no relationship between EPS and MPS.
H03: There is no relationship between PMBV and MPS.
H04: There is no relationship between DPR and MPS.
H05: There is no relationship between RPS and MPS.
H06: There is no relationship between FL and MPS.
H07: There is no relationship between CR and MPS.
Almaaiteh and Alsaraireh: Accounting Indicators and their Impact on Market Prices of Shares of Commercial Banks Listed on the Amman Stock Exchange for the
Period 2006-2017
International Review of Management and Marketing | Vol 9 • Issue 4 • 2019 35
4. RESULTS AND DISCUSSION
4.1. Descriptive Statistics
The descriptive statistics used in this study consists of mean,
standard deviation, minimum and maximum value associated with
variables under consideration. Table 3 summarizes the descriptive
statistics of dependent and in dependent variables used in this
study during the period 2006-2017 associated with 13 samples
commercial banks listed of Amman Stock Exchange in Jordan.
The Table 3 summarizes the descriptive shows for 7 variables
inuencing market price of share of 13 Jordanian commercial
banks listed in Amman Stock Exchange (ASE) and results show
that mean market price of share (MPS) is 3.2752 JOD over the
study period. This variable has minimum value of (0.79 JOD)
and maximum one at (29.34 JOD) during the study period. On
the other hand, in terms of standard deviation of 3.61412 during
the study period. Return on equity variable (ROE) has obtained
mean 0.09728 over the study period. This variable has minimum
value of (−0.014479) and maximum value at (0.21385) during
the study period. In terms of standard deviation ROE registered
(0.039539) during the study period. In addition, the table shows
that Earnings per share (EPS) has obtained mean 0.22352 JOD over
the study period. This variable has minimum value of (−0.02 JOD)
and maximum at (0.94 JOD). In terms of standard deviation, EPS
registered (0.15695). The variable market price per share to book
value per share (MPBV) has obtained mean (1.2925 times) over
the study period. This variable has minimum value of (0.54) and
maximum value at (4.14), In terms of standard deviation MPBV
registered (0.61312). Dividends payout ratio (DPR) has obtained
mean 0.4588. On the other hand, this variable has minimum value
of (0) and maximum value at (1.333%), In terms of standard
deviation DPR registered (0.3137). Similarly retained earnings per
share (RPS) has obtained mean 0.20446 JOD, This variable has
minimum value of (−0.0278275) and maximum value at (0.89880),
In terms of standard deviation RPS registered 0.2151. Moreover,
nancial leverage (FL) has obtained mean 0.85702. This variable
has minimum value of (0.78036) and maximum value at (0.90724),
In terms of standard deviation FL registered 0.02736 during the
study period, current ratio (CR) has obtained mean 0.63763.
This variable has minimum value of 0.4337 and maximum value
at.9081.In terms standard deviation CR registered 0.09980.
4.2. Correlation Matrix Analysis
A correlation matrix of all variables include in the analysis is
presented in Table 4 below, which is calculated based on data of
Table 1: Jordanian Commercial Banks listed in ASE
Banks name Date of
establishment
Abbreviation Period of
study
Arab Bank 1930 ARBK 2006-2017
Jordan Ahli Bank 1956 AHLI 2006-2017
Bank of Jordan 1960 BOJX 2006-2017
Cairo Amman Bank 1960 CABK 2006-2017
Society General Jordan 1993 SGBJ 2006-2017
The Housing Bank for Trade and Finance 1974 THBK 2006-2017
Jordan Kuwait Bank 1977 JOKB 2006-2017
Jordan Commercial Bank 1978 JCBK 2006-2017
Arab Jordan Investment Bank 1978 AJIB 2006-2017
Bank Al Etihad 1991 UBSI 2006-2017
Arab Banking Corporation (Jordan) 1989 ABCO 2006-2017
Capital Bank of Jordan 2004 EXFB 2006-2017
Invest Bank 1989 INVB 2006-2017
Source: Amman Stock Exchange (ASE), http://www.ase.com.jo
Table 2: Details of variables
Abbreviation Variables Type Unit Equations
MPS Market price of share Dependent JOD MPS=Closing price of stock at the end of the nancial year
of the bank has been taken
ROE Return on equity Independent %ROE=Net prot after interest and tax/shareholder equity
EPS Earnings per share Independent JOD EPS=Net income - preference dividend/number of equity
shares outstanding
MPBV Marker price to book value Independent Times MPBV=Market price per share/book value per share
DPR Dividend payout ratio Independent % DPR=Dividends per share/earnings per share
RPS Retained earnings per share Independent JOD RPS=Retained earnings/number of equity shares outstanding
FL Financial leverage ratio Independent % FL=Total debit/total assets
CR Current ratio Independent % CR=Total current assets/total current liabilities
Table 3: Descriptive statistics
Variables N Minimum Maximum Mean Standard
deviation
MPS 156 0.79 29.34 3.2752 3.61412
ROE 156 −0.014479 0.2138528 0.09728 0.039539
EPS 156 −0.02 0.94 0.22352 0.15695
MPBV 156 0.54 4.14 1.2925 0.61312
DPR 156 0 1.3333 0.4588 0.3137
RPS 156 −0.0278275 0.89880 0.20446 0.2151
FL 156 0.7803605 0.90724 0.85702 0.02736
CR 156 0.4337 0.9081 0.63763 0.09980
Sources from STATA version 2012, output
Almaaiteh and Alsaraireh: Accounting Indicators and their Impact on Market Prices of Shares of Commercial Banks Listed on the Amman Stock Exchange for the
Period 2006-2017
International Review of Management and Marketing | Vol 9 • Issue 4 • 2019
36
156 observations. The table shows that market price of share is
positively associated with return on equity (ROE) and dividends
payout ratio (DPR) and current ratio (CR) and strongly with
earnings per share (EPS) and market price per share to book value
per share (MPBV), On other hand, The table shows that market
price of share is negatively associated with retained earnings per
share (RPS) and nancial leverage (FL).
An overall observation and analysis of all the observed variables
(156 in total) revealed and cemented the results of previous studies
such as (Yemi and Seriki, 2018), (Siraj, 2016), (Almumani, 2014),
(Khan et al., 2011) and anther previous studies. Whose studies
show the existence of a strong direct relationship between market
price of share and accounting indicators.
Gujarati and Sangeetha (2007) document that if the multicollinearity
among two variables is 70% and above, and that through the
results of Table 4 in this study we do not nd any severe case of
multicollinearity as the maximum correlation is 49.7% between
return on equity (ROE) and earnings per share (EPS).
4.3. Regression Analysis
The regression results will be obtained using a statistical package
namely STATA v.12. In this study entitled “accounting indicators
and their impact on the market price of share of commercial banks
listed in Amman Stock Exchange” is estimated using panel data
analysis. Fixed effect model and random effect model are used to
validate the results. To determine the best analysis model to test
the hypotheses of the study, researchers used the Hausman test.
The Hausman test is used to select the best model in the test
hypothesis of the study by calculating the value of (P-value) of Chi-
square. The decision rule is that if (P-value) of Chi-square is lower
than 5%, the xed effect model (FE) is best to test the hypotheses
of the study. On the other hand, if (P-value) of Chi-square is >5%,
the random effect (RE) is best to test the hypotheses of the study.
Table 5 shows the results of the Hausman test.
Table 5 shows that the probability value of the statistic is Chi-
square = (P-value = 0.0548 >5%), this means that the best model
for testing hypotheses is the random effect model. Table 6 shows
the results of the regression analysis according to the random
effect model.
The regression analysis for model (random effect), which is our
general model, revealed an R-squared = 0.8032 which means that
80.32% of the variation in market price of share in commercial
banks listed Amman Stock Exchange (ASE) is explained by
variables include in the present study. The P-value of F-test also
shows signicance at 1% level. The coefcient of variation (β)
which explains the direction of variability is positive for ROE,
EPS, PMBV, DPR While it is negative for RPS respectively. The
regression results showed a positive impact with signicance
at 1% level for ROE, EPS, PMBV, DPR, The coefficient
(P-value) for ROE, EPS, PMBV, DPR were 42.83 (0.000),
23.059 (0.000), 1.995 (0.000), 0.5147 (0.005) respectively. Thus,
our null hypothesis for the aforesaid variables are rejected at 1%
signicance level and the alternative hypothesis is accepted, thus
documenting the positive effect of the aforesaid variables on
market price of share. The results were consistent with the ndings
of (Yemi and Serki, 2018), (Arshad et al., 2015), (Almumani,
2014), (Thunaibat, 2014).This shows that market price of share
is signicantly and positively affected by a high return on equity,
increasing market price per share to book value per shares, higher
dividend payout ratio, and increased earnings per share. This
suggests that an upward trend in these variables will automatically
cause an increase in the market price of shares as investors show
a preference for these stocks.
The variable retained earnings per share (RPS) showed a
negative relationship with market price of share and the results
were signicant at 1% level. This results is consistent with the
results of (Munir et al., 2017).The results also reveal a negative
relationship between nancial leverage for commercial banks and
market price of share and the result is not statistically signicant
(P-value = 0.718) this result is consistent with the results of some
previous studies of such as:(Thunaibat, 2014), on the other hand,
The results show a positive relationship between current ratio
(CR) and market price of share but the result is not statistically
signicant (P-value = 0.440). And Table 7 shows a summary of
the results of the hypothesis test.
5. CONCLUSION AND RECOMMENDATION
The main aim of this study was to examine the empirical
relationship between accounting indicators: Return on equity
(ROE), earnings per share (EPS), market price per share to book
Table 4: Correlation matrix for dependent and independent variables
Variables MPS ROE EPS MPBV DPR FL CR
MPS 1.0000
ROE 0.1258 1.0000
EPS 0.8144 0.4971 1.0000
MPBV 0.5948 0.3903 0.4367 1.0000
DPR 0.1084 0.0135 0.1391 −0.0876 1.0000
RPS −0.2201 0.1785 0.4957 0.0100 0.2036 1.000
FL −0.1393 0.2352 −0.0220 0.0042 −0.0511 −0.0985 1.0000
CR 0.2571 −0.0256 0.1169 0.1762 0.0006 −0.1392 −0.2315
Sources from STATA version 2012, output
Table 5: Summary of Hausman test results
Hausman
test
Chi-square
statistic
Chi-square.
d.f
P-value
Chi-square
Results 13.80 7 0.0548
Sources from STATA version 2012, output
Almaaiteh and Alsaraireh: Accounting Indicators and their Impact on Market Prices of Shares of Commercial Banks Listed on the Amman Stock Exchange for the
Period 2006-2017
International Review of Management and Marketing | Vol 9 • Issue 4 • 2019 37
value per share (MPBV), dividend payout ratio (DPR), retained
earnings per share (RPS), nancial leverage (FL), current ratio
(CR) and market price of share (MPS) of Jordanian commercial
banks listed in Amman Stock Exchange (ASE) for the period
2006-2017.
The empirical results reveal a positive and significant
relationship between ROE, EPS, MPBV, DPR and market
price of share. In addition, the regression results showed that
the rate of return on equity and earnings per share were the
most inuential variables in the market price per share for
commercial banks. Similarly, the regression result shows
that retained earnings per share has negative and signicant
relation with market price of share, on the other hand, nancial
leverage variable has a negative but insignicant relationship
with market price but current ratio variable has a positive
and insignificant relationship with market price of share.
The present study recommended that investors in Amman
Stock Exchange (ASE) should be attention to the accounting
indicators in general and (ROE, EPS, MPBV, DPR) in particular
in order to build their investment decision.
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Table 6: Results of random effect regression (RE)
MPS Coefcient Robust standard error Z-statistic P-value
ROE 42.83522 5.826972 7.35 0.000
EPS 23.05991 1.584127 14.56 0.000
PMBV 1.995131 0.5003569 3.99 0.000
DPR 0.514739 0.1824203 2.82 0.005
RPS −3.0122604 0.7242645 −4.16 0.000
FL −1.039753 2.880511 −0.36 0.718
CR 0.9905334 1.281918 0.77 0.440
Constant 0.3483694 2.742917 0.13 0.899
Dependent variable: MPS, time period: 2006-2017, number of group: 13 Jordanian Commercial Banks, number of observations: 156, R-square=0.8032, F-statistic=1701.01,
P value (F-statistics)=0.000. Sources from STATA version 2012, output
Table 7: Summary of hypothesis test
Hypothesis statement P-value Relationship
type
Null hypothesis
conclusion
Alternative hypothesis
conclusion
H01: There is no relationship between ROE and MPS 0.000 Positive Rejected Accepted
H02: There is no relationship between EPS and MPS 0.000 Positive Rejected Accepted
H03: There is no relationship between PMBV and MPS 0.000 Positive Rejected Accepted
H04: There is no relationship between DPR and MPS 0.005 Positive Rejected Accepted
H05: There is no relationship between RPS and MPS 0.000 Negative Rejected Accepted
H06: There is no relationship between FL and MPS 0.718 Negative Accepted Rejected
H07: There is no relationship between CR and MPS 0.899 Positive Accepted Rejected
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