AUTHORS PURPOSE
TECHNIQUE
To examine whether selected
Pantelis Valkanas , Financial ratios can be used to
Katerina Lyroudi to explain stock price movement
(2018) in Anthens stock
exchange(ASE).
Pudji Astuty (2017) To revealed the influence of
fundamental factor and
systematic risk simultaneously
and partially on stock price.
Dr. sanjeet Sharma (2011) To examine the empirical
relationship between equity share
price and explanatory variables.
Felix kwame Aveh & This study seeks to examine the
Dadson Awunyo-vitor influence of firm specific
(2017) determinants of stock prices in an
emerging capital market with
reference to firm listed on the
Ghana stock exchange.
Zeeshan Arshad,Ali Ruza To identify the determinants of
Arshaad, Sohail Yousaf & share price for the listed
MEASURE & VARIABLE
424 observation
2005 to 2014 year
ROE, net profit margin ,asset to
equity ratio,
Current ratio, DPR,
Price earning ratio, EPS, Net
Profit margin, price to book
ratio, beta and
stock price
LQ45 Index perod 2011-2015
Book valve per share, DPS,
EPS, P/E ratio, dividend yield,
DPR, size, networth for the
period of
1993/94 to 2008/09
Listed firm in GSE from 2008
-2014
EPS, ROE, book value, market
capitalization ,dividend yield
Period of 2007-2013 has been
used.
METHODOLOGY AND
Ordinary least square method
Panel data regression model
Backward elimination model
of regression
Panel regression analysis
Linear multiple regression
analysis
CONCLUSION
ROE,DPR,NPM have significant and negative
relationship with stock return. There is no
significant relationship of current ratio and total
asset to equity ratio with stock return.
Price Earnings Ratio significant and positive
impact on the stock price. Earning per Share
significant and positive impact on the stock
price. Net Profit Margin significant and positive
impact on the stock price. Price to Book Value
significant and positive impact on the stock
price. systematic risk Value significant and
negative impact on the stock price
EPS,DPS,BVPS has significant impact on the
market share price.DPS and EPS are the strong
determinant of share price. So this study
supports liberal dividend policy and suggest
company to pay regular dividend hence, it will
accept the share price in a positive direction.
The empirical findings revealed a positive and
significant relationship between ROE, EPS,
BMVS and market capitalization suggesting that
these variables are major determinants of the
market price of shares on the Ghana Stock
Exchange. However, a significant negative
relationship was found between the market price
of shares and dividend yield.
EPS has more influence on share price and it has
positive and significant relationship with share
Sulman Jamil (2015) commercial banks in Karachi
Stock Exchange.
Yuga Raj Bhattarai (2014) To examines the determinants of
share price of commercial banks
listed on the NEPSE.
Prem Prasad Silwal and To ascertain the determinants of
Samrina Napit (2019) stock market in Nepalese
commercial banks.
Dr. Mohammad To identify the quantitative
Abdelkarim factors that influence share price
Almumani(2014) for the listed banks in Amman
Stock Exchange.
Krishna Bahadur Thapa To explore the influencing factor
(2019) of stock price in Nepal with
Book to market ratio, EPS,
DPS, leverage, price earning
ratio, interest rate, GDP
EPS, DPR, P/E Ratio, DY, size
2006 to 2014
Study period 2065/66 to
2074/75
BVPS, P/E ratio, ROE,DY,
SIZE
Study over the period of 2005-
2011.
DPS, EPS,MP,BV,P/E ratio,
DPR
Study period 2008 to 2018
Eps, dps, effective rules and
Regression model
Correlation and causal
comparative research design
Pooled cross-sectional data (10
banks for 10 years)
Ratio analysis, correlation,
linear regression model
Descriptive ,trend, causal
comparative research design
price. Book to market value ratio, interest rate
also have significant but negative relationship
with share price. while other variable GDP,PER,
DPS and leverage have no relationship with
share price.
DY has an inverse relationship with that of
market price . EPS and P/E ratio have positive
relationship with market price . whereas, DPR
and size have no explanatory power towards
stock price movement.
The study reveals that BVPS, P/E ratio, ROE
have positive relationship with stock price. DY
has positive but minimum influence on the price
of stock. However, size has negative and is
statistically insignificant with stock price. As
per the study, most influential factor that
determine stock price in Nepal is BVPS.
There is positive correlation between the
independent variable DPS, EPS,BV,P/E, and
size and it is significant at 1% probability level.
Further empirical finding that there is a
significant positive relationship between EPS
and the MP of the listed banks in Jordan.
moreover, there is a significant relationship
between banks BV and MP. This is
evident in the t-statistics. Another empirical
finding from the regression analysis shows a
positive relationship between P/E and MP.
findings from the regression analysis on the
relationship between S and MP indicate
that there is an inverse relationship between S
and MP. Finally, other variables (DPS and DP)
have insignificant impact on MP.
The study revealed that EPS, DPS, effective
rules and regulation, market whims and rumor,
 reference to Nepalese
commercial banks.
Ramesh Raj Ghimire and To determine the relationship
Deepashree Mishra (2018) between stock price and
explanatory variable.
Amarjit Gill, The purpose of this study is to
Nahum Biger and Neil find variable that explain the
Mathur (2012) variance of the equity share price
in America .
L. M. C. S. Menike, P. M. To examine the relationship
Dunusinghe and A. between macro economic and
Ranasinghe (2015) firm specific determinants of
stock return of srilanka and
united kingdom.
regulation, market whims and
rumor, company profile and
success,interest rate, P/E ratio
Study period (2012 to 2017)
11 financial and non financial
firm of Nepal
DPS, EPS,P/E RATIO, BOOK
VALUE, MARKET TO BOOK
VALUE
Study period (2009-2011)
333 American firms listed in
NYSE
BVPS, P/E ratio, DPS, CEO
duality and the internationality
of the firm
ROA, sales growth rate, E/p
ratio, book to market ratio,
fixed asset growth rate, size,
GDP, inflation, exchange rate,
unemployment and foreign
portfolio investment
Simple linear regression model
descriptive and pooled cross-
sectional research design
Simple and multiple regression
analysis, descriptive statistics
Correlational and non-
experimental research design
Regression model (ordinary
least square)
Panel data analysis( fixed
effect regression model)
company profile and success depend upon luck
have the significant positive association with
share price while interest rate and P/E ratio
showed the significant inverse association with
share price. Further accessibility of liquidity,
fundamental and technical analysis stimulates
the performance of Nepalese stock market.
Peculiarly, stock market has been found to
respond significantly to change in dividend and
interest rate.
The result indicate that the variable M to BV,
P/E Ratio are significant determinants of stock
price that directly affect the stock price.
Similarly, DPS and book value have significant
positive influence on stock price whereas, EPS
has minimum influence on the stock price.
The finding of the study shows that BVPS, P/E
ratio, DPS, CEO duality and the internationality
of the firm explain the variance of the euity
share price in America .This study separated
manufacturing firm from the service industry
and found that similar variable explain the share
price variance.
The fitted one-way fixed effects firm factor
regression indicates that ROA and sales growth
rate play a significant role in explaining
variation in stock returns in Sri Lankan
companies while one-way random effect firm
factor model in UK shows that E/P ratio, B/M
ratio, fixed assets growth rate, size and ROA are
the most dominants priced factors in London
Stock Exchange (LSE). The explanatory power
of regressions increases considerably when we
incorporate macroeconomic indicators
controlling for firm effects and results show that

Dr. Nandan Velankar, To analyze the impact of two
Ankita Chandani & specific internal factors EPS and
Amanpreet Kaur DPS on stock price.
Ahuja(2017)
Srinivasan (2012) To examine the fundamental
determinants of share price in
India .
Hakkı Öztürk & Tolun A. To investigate the relationship
Karabulut (2017) between CR, E/P ratio, C/R ,
NPM and stock return in
Istanbul stock exchange.
Time period (2006/7 to
2014/15)
12 selected public sector of
india
Period (2006-2011)
6 major sector of Indian
economy
EPS, DPS, P/E ratio, size,
BVPS
Period 2008-2016
Time series data
Regression model to check
cause and effect relationship
using Eviews7.
Augmented Dicky-fuller test to
check the stationarity of time
series data.
Panel data technique
(fixed effect and random
effect)
Panel data analysis
(two way fixed effect model)
inflation, GDP and exchange rate remain
leading predictors of stock returns variation in
both Colombo Stock Exchange (CSE) and LSE
whereas unemployment and Foreign Portfolio
Investments (FPI) become statistically
significant only in CSE. Thus, it is noted that
stock prices of Sri Lankan and UK companies
are sensitive to both company and
macroeconomic fundamental changes
Research discloses that EPS and DPS have
significant and positive impact on stock price.
Results reveal that the dividend per share has a
negative and significant impact on the share
price of manufacturing, pharmaceutical, energy
and infrastructure sectors. The evidences
show that earning per share and price-earnings
ratio are being the crucial determinants of share
prices of manufacturing, pharmaceutical sector,
energy, infrastructure and commercial banking
sectors. The findings indicate that size is
being a significant factor in determining the
share prices of all sectors under consideration
except manufacturing. Moreover, the book value
per share positively influences the share prices
of pharmaceutical, energy, IT & ITES and
infrastructure.
E/P ratio, NPM are strong determinants of stock
return in Istanbul Stock Exchange while C/R is
found insignificant to explain the stock return.
Stocks with higher E/P ratio and profit margin

Radhe s. pradhan and laxmi To examine the impact of
poudel fundamental factors on stock
price of Nepalese commercial
banks.
Wasimud Din To investigate the stock return’s
predictability by using the
financial ratios and control
variable of PSx100 index.
Nikita Nepal The paper examine the effect of
firm specific and macro
economic variable on share price
determination of commercial
banks in Nepal .
Radhe shyam pradhan and To investigate the fundamental of
S.B Balampaki stock return in Nepal
Saradhadevi To investigate financial ratios
Anandasayanan predictive power in stock return
listed in Colombo stock
exchange.
2007 to 2014
13 commercial bank
ROA, NPM, EPS, DPS
2001 to 2014
Asset turnover ratio, EPS,
inflation, interest rate, GDP,
debt ratio, return on sale, firm
size, market return
15 commercial banks
2009/10 to 2015/16
ROA, EPS, DPS, interest rate,
inflation,GDP
Book to market ratio, earning
yield, cash flow yield, size
2012-17
33 manufacturing firm
DY,EPS,EY
generate higher return for the next period.
Regression model The result shows that DPS, ROA, EPS are
positively related to the stock price. It indicate
higher the DPS, ROA, EPS higher would be the
stock price. However, NPM is negatively related
to stock price.
Multiple linear regression Asset turnover ratio, EPS, inflation, interest rate
model ( ordinary least square) and GDP has negative impact on stock returns.
However, debt ratio, return on sale, firm size,
market return Tobin’s-Q have positive and
significant impact on stock return. It conclude
that stock return are predictable through
financial ratios and control variable in PSX100
index companies and investor also set the
investment criterion to see the firm size and
Tobin’s-Q when investing.
Regression model The beta coefficient for EPS,DPS, GDP and
inflation is positive on market price whereas,
negative for firm size , ROA and interest rate.
Regression model The positive relations of stock returns with
earning yield and size whereas the negative
relationship with cash flow yield, book to
market ratio and book to market value is found
more informative.
Regression model This study conclude that this three ratio hold
somehow predictive power regarding stock
return of the listed manufacturing companies in
Colombo stock exchange.