PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2019 | 13 | nr 3 | 239--252
Tytuł artykułu

Dynamic Panel Model of Dividend Policies : Malaysian Perspective

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The aim of this paper is to identify the key determinants of the dividend policies for Malaysian listed firms. The sample in this study incorporates the top 100 listed firms on Bursa Malaysia (Bursa) over a ten-year period from 2007 to 2016. The dynamic panel data set was constructed using the sample firms. The results indicate that dividend policies are positively significantly related to profitability and firm size in Malaysia. Thus, this suggests that Malaysian listed firms determine their future dividends based on past dividend payments. Meanwhile, dividend policies are negatively and significantly associated with leverage and business risk. Therefore, this study used the generalized method of moments (GMM) to reveal unique findings and the findings should inspire analysts, policy makers, institutional investors and investors to examine the dividend policy puzzle, especially for developing countries. (original abstract)
Rocznik
Tom
13
Numer
Strony
239--252
Opis fizyczny
Twórcy
  • Universiti Putra Malaysia
  • Xiamen University Malaysia
  • Universiti Putra Malaysia
  • Universiti Putra Malaysia
  • Universiti Utara Malaysia
Bibliografia
  • Abdella, A. B. (2016). A study on the determinants of dividend policies of commercial banks in Saudi Arabia. Imperial Journal of Interdisciplinary Research, 2(9), 253-259.
  • Abdulkadir, R. I., Abdullah, N. A. H., & Wong, W. C. (2015). Dividend policy changes in the pre-, mid-, and post-financial crisis: Evidence from the Nigerian stock market. Asian Academy of Management Journal of Accounting and Finance, 11(2), 103-126.
  • Ahmed, H., & Javid, A. Y. (2009). Dynamics and determinants of dividend policy in Pakistan (evidence from Karachi stock exchange non-financial listed firms). International Research Journal of Finance and Economics, 25, 148-171.
  • Ajanthan, A. (2013). The Relationship between dividend payout and firm profitability: A study of listed hotels and restaurant companies in Sri Lanka. International Journal of Scientific and Research Publication, 3(6), 1-6.
  • Al-Ajmi, J., & Hussain, H. A. (2011). Corporate dividends decisions: Evidence from Saudi Arabia. The Journal of Risk Finance, 12(1), 41-56.
  • Al-Kuwari, D. (2009). Determinants of the dividend policy in emerging stock exchanges: The Case of GCC countries. Global Economy & Finance Journal, 2(2), 38-63.
  • Al-Malkawi, H. A. N. (2007). Determinants of corporate dividend policy in Jordan: An application of the Tobit model. Journal of Economic and Administrative Sciences, 23(2), 44-70.
  • Al-najjar, B., & Kilincarslan, E. (2018). Revisiting firm specific determinants of dividend policy: Evidence from Turkey. Economic Issues, 23(1), 3-34.
  • Alzomaia, T. S. F., & Al-khadhiri, A. (2013). Determination of dividend policy: The evidence from Saudi Arabia. International Journal of Business and Social Science, 4(1), 181-192.
  • Ameer, R. (2015). Dividend payout of the property firms in Malaysia. Pacific Rim Property Research Journal, 13(4), 451-472.
  • Amidu, M., & Abor, J. (2006). Determinants of dividend payout ratios in Ghana. The Journal of Risk Finance, 7(2), 136-145.
  • Amoako-Adu, B., Baulkaran, V., & Smith, B. F. (2014). Analysis of dividend policy of dual and single class U.S corporations. Journal of Economics and Business, 72, 1-29.
  • Anjana, C., & Balasubramaniam, P. (2017). Determinants of dividend policy: A study of selected listed firms in national stock exchange. International Journal of Applied Business and Economic Research, 15(4), 101-116.
  • Ardestani, H. S., Rasid, S. Z. A., Basiruddin, R., & Mehri, M. (2013). Dividend payout policy, investment opportunity set and corporate financing in the industrial products sector of Malaysia. Journal of Applied Finance & Banking, 3(1), 123-136.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.
  • Asadi, A., & Oladi, M. (2015). Dynamic determinants of dividend in affiliated and unaffiliated firms to government in Tehran stock exchange (TSE). Iranian Journal of Management Studies, 8(1), 139-155.
  • Baker, H. K., Singleton, J. C., & Veit, E. T. (2011). Survey research in corporate finance: Bringing the gap between theory and practice. Oxford, UK: Oxford University Press.
  • Baker, H. K., & Kapoor, S. (2015). Dividend policy in India: New survey evidence. Managerial Finance, 41(2), 182-204.
  • Baker, H. K., Veit, E. T., & Powell, G. E. (2001). Factors influencing dividend policy decisions of Nasdaq Firms. The Financial Review, 36(3), 19-38.
  • Bekaert, G., & Harvey, C. R. (2000). Foreign speculators and emerging equity markets. Journal of Finance, 55(2), 565-613.
  • Benavides, J., Berggrun, L., & Perafan, H. (2016). Dividend payout policies: Evidence from Latin America. Finance Research Letters, 17, 197-210.
  • Benjamin, S. J., Mohamed, Z. B., & Marathamuthu, M. S. (2018). DuPont analysis and dividend policy: Empirical evidence from Malaysia. Pacific Accounting Review, 30(1), 52-72.
  • Brunzell, T., Liljeblom, E., Loflund, A., & Vaihekoski, M. (2014). Dividend policy in Nordic listed firms. Global Finance Journal, 25(2), 124-135.
  • Chaudry, S. N., Iqbal, S., & Butt, M. (2015). Dividend policy, stock price volatility & firm size moderation: Investigation of bird in hand theory in Pakistan. Research Journal of Finance and Accounting, 6(23), 16-19.
  • Dang, C., & Li, Z. F., & Yang C. (2018). Measuring firm size in empirical corporate finance. Journal of Banking & Finance, 86, 159-176.
  • DeAngelo, H., & DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned / contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254.
  • Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
  • Fairchild, R. J., Guney, Y., & Thanatawee, Y. (2014). Corporate dividend policy in Thailand: Theory and evidence. International Review of Financial Analysis, 31, 129-151.
  • Forti, C. A. B., Peixoto, F. M., & Alves, D. L. (2015). Determinant factors of dividend payments in Brazil. Revista Contabilidade & Finanças, 26(68), 167-180.
  • Ghalandari, K. (2013). The moderating effects of growth opportunities on the relationship between capital structure and dividend policy and ownership structure with firm value in Iran: Case study of Tehran securities exchange. Research Journal of Applied Sciences, Engineering and Technology, 5(4), 1424-1431.
  • Gordon, M. J. (1963). Optimal investment and financing policy. Journal of Finance, 18(2), 264-272.
  • Hassonn, A., Tran, H., & Quach, H. (2016). The determinants of corporate dividend policy: Evidence from Palestine. Journal of Finance and Investmenet Analysis, 5(4), 29-41.
  • Hellstrom, G., & Inagambaey, G. (2012). Determinants of dividend payout ratios: A study of Swedish large and medium caps (Unpublished doctoral dissertation). Umeå School of Business and Economics. UMEA University, Umeå, Sweden.
  • Hussain, H. I., Abidin, I. S. Z., Ali., A. & Kamarudin, F. (2018) Debt maturity and family related directors: Evidence from a developing market. Polish Journal of Management Studies, 18(2), 118 - 134.
  • Hussainey, K., Mgbame, C. O., & Chijoke-Mgbame, A. M. (2011). Dividend policy and share price volatility: UK evidence. The Journal of risk finance, 12(1), 57-68.
  • Issa, A. I. F. (2015). The determinants of dividend policy: Evidence from Malaysia firms. Research Journal of Finance and Accounting, 6(18), 69-86.
  • Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283-298.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
  • Kaźmierska-Jóźwiak, B. (2015). Determinants of dividend policy: Evidence from Polish listed companies. Procedia Economics and Finance, 23, 473-477.
  • Kent Baker, H., Dewasiri, N. J., Koralalage, W. B. Y., & Azeez, A. A. (2019). Dividend policy determinants of Sri Lankan firms: A triangulation approach. Management Science, 45(1), 2-20.
  • Kouki, M., & Guizani, M. (2009). Ownership structure and dividend policy evidence from the Tunisian stock market. European Journal of Business Management, 25(1), 42-53.
  • Labhane, N. B. (2017). Disappearing and reappearing dividends in emerging markets: Evidence from Indian companies. Journal of Asia-Pacific Business, 18(1), 46-80.
  • Labhane, N. B., & Mahakud, J. (2016). Determinants of dividend policy of Indian companies. A panel data analysis. Paradigm, 20(1), 36-55.
  • Lagoarde-Segot, T. (2013). Firms and markets behaviours in emerging markets. Research in International Business and Finance, 27(1), 145-146.
  • Booth, L., Aivazian, V., Demirguc- Kunt, Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56, 87-130.
  • Lestari, H. S. (2018). Determinants of corporate dividend policy in Indonesia. IOP Conference Series: Earth and Environmental Science, 106. doi:10.1088/1755-1315/106/1/012046
  • Lin, O. C., Thaker, H. M. T., & Khaliq, A., Thaker, M. A. M. T. (2018). The determinants of dividend payout: Evidence from the Malaysian Property Market. Jurnal Kajian Ekonomi Dan Binis Islam, 11(1), 27-46.
  • Lintner, J. (1962). Dividends, earnings, leverage, stock prices and the supply of capital corporations. The Review of Economic and Statistics, 44(3), 243-269.
  • Mahdzan, N. S., Zainudin, R., & Shahri, N. K. (2016). Interindustry dividend policy determinants in the context of an emerging market. Economic Research/Ekonomska Istraživanja, 29(1), 250-262.
  • Malik, F. (2013). Factors influencing corporate dividend payout decisions of financial and nonfinancial firms. Research Journal of Finance and Accounting, 4(1), 35-47.
  • Mallisa, M., & Kusuma, H. (2017). Capital structure determinants and firm's performance: Empirical evidence from Thailand, Indonesia and Malaysia. Polish Journal of Management Studies, 16(1), 154-164.
  • Masry, M., Sakr, A., & Amer, M. (2018). Factors affecting dividend policy in an emerging capital markets (ECM ' s) country: Theoretical and empirical study. International Journal of Economics, Finance and Management Sciences, 6(4), 139-152.
  • Mehta, A. (2012). An empirical analysis of determinants of dividend policy - Evidence from the UAE Companies. Global Review of Accounting and Finance, 3(1), 18-31.
  • Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business, 34(4), 411-433.
  • Moon, J., Lee, W. S., & Dattilo, J. (2015). Determinants of the payout decision in the airline industry. Journal of Air Transport Management, 42, 282-288.
  • Moradi, M., Salehi, M., & Honarmand, S. (2010). Factors affecting dividend policy: Empirical evidence of Iran. Poslovna Izvrsnost, 4(1), 45-61.
  • Mrzygłód, U., & Nowak, S. (2017). Market reactions to dividends announcements and payouts. Empirical evidence from the Warsaw Stock Exchange. Contemporary Economics, 11(2), 187-20.
  • Mueller, D. C. (1972). Life cycle theory of the firm. The Journal of Industrial Economics, 20(3), 199-219.
  • Mui, Y. T., & Mustapha, M. (2016). Determinants of dividend payout ratio: Evidence from Malaysian public listed firms. Journal of Applied Environment and Biological Science, 6(1), 48-54.
  • Musiega, M. G., Alala, O. B., Douglas, M., Christopher, M. O., & Robert, E. (2013). Determinants of dividend payout policy among non-financial firms on Nairobi securities exchange, Kenya. International Journal of Scientific & Technology Research, 2(10), 253-266.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  • Nnadi, M., Wogboroma, N., & Kabel, B. (2013). Determinants of dividend policy: Evidence from listed firms in the African stock exchanges. Panoeconomicus, 6, 725-741.
  • Olang, M. A., Akenga, G. M., & Mwangi, J. K. (2015). Effect of liquidity on the dividend pay-out by firms listed at the Nairobi securities exchange, Kenya. Science Journal of Business and Management, 3(5), 196-208.
  • Omar, M. M. S., & Echchabi, A. (2019). Dividend policy and payout practices in Malaysia: A qualitative analysis. Journal of Accounting, Finance and Auditing Studies, 5(1), 226-240.
  • Osman, D., & Mohammed, E. (2010). Dividend policy in Saudi Arabia. The International Journal of Business and Finance Research, 4(1), 99-113.
  • Patra, T., Poshakwale, S., & Ow-Yong, K. (2012). Determinants of corporate dividend policy in Greece. Applied Financial Economics, 22(13), 1079-1087.
  • Rehman, A., & Takumi, H. (2012). Determinants of dividend payout ratio: Evidence from Karachi stock exchange (KSE). Journal of Contemporary Issues in Business Research, 1(1), 20-27.
  • Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of divided payout ratios. Journal of Financial Research, 5(3), 249-259.
  • Short, H., Zhang, H., & Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8(2), 105-122.
  • Sierpińska-Sawicz, A. (2016). Comparing dividend puzzle solutions by Polish, Canadian, Norwegian and American executives. Contemporary Economics, 10(3), 249-258.
  • Subramaniam, R., & Devi, S. S. (2011). Corporate governance and dividend policy in Malaysia. International Conference on Business Economics Research, 1, 200-207.
  • Tahir, M., & Mushtaq, M. (2016). Determinants of dividend payout: Evidence from listed oil and gas companies of Pakistan. Journal of Asian Finance, Economics and Business, 3(4), 25-37.
  • Thanoon, M. A. M., Baharumshah, A. Z., & Rahman, A. A. A. (2006). Malaysia: From economic recovery to sustained economic growth. Journal of Post Keynesian Economics, 28(2), 295-315.
  • Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of money, credit and banking, 1(1), 15-29.
  • Trang, N. T. X. (2012). Determinants of dividend policy: The case of Vietnam. International Journal of Business, Economics and Law, 1, 48-57.
  • Turen, S., & Salman, S. Y. H. (2012). What really determines the dividend policy in financial institutions: A case of Bahrain. Middle Eastern Finance and Economics, 18, 55-66.
  • Utami, S. R., Tobing, S. D., & Longkutoy, A. A. (2015). The influence of profitability and growth opportunity on dividend payment of the firms in the miscellaneous industry sector in Indonesia stock exchange. International Journal of Management Science and Business Research, 4(9), 26-31.
  • Yegon, C., Cheruiyot, J., & Sang, J. (2014). Effects of dividend policy on firm's financial performance: Econometric analysis of listed manufacturing firms in Kenya. Research Journal of Finance and Accounting, 5(12), 136-145.
  • Yensu, J., & Adusei, C. (2016). Dividend policy decision across African countries. International Journal of Economics and Finance, 8(6), 63-77.
  • Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88-99.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171573280

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.