Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2016.1169704
Interindustry dividend policy determinants in the context of an emerging market
Nurul Shahnaz Mahdzan
Rozaimah Zainudin
Nikoo Karimi Shahri
Sažetak
This article examines the determinants of the dividend policies of
public listed firms in Malaysia for the period 2005 to 2009. A panel
regression estimation model is used to identify the determinants of
dividend policy within Malaysian firms. These determinants are then
examined across eight different industries – Technology, Industrial,
Consumer Noncyclical, Basic Material, Communication, Consumer
Cyclical, Diversified and Energy – to investigate possible divergences
in the determinants of dividend payouts in the context of an
emerging market. Empirical findings show that firm size, leverage
position, and profitability are significantly and inversely related to
the dividend policy of firms in Malaysia. However, the industry-specific
determinants of dividend policy display a number of variances that
could plausibly be used as an indication of the selection of stocks
in specific industries by potential investors. The results indicate that
agency cost is positively related to dividend policy for the Basic
Material industry. In addition, size and leverage play an important
role in determining dividend payout for firms in the Technology and
Consumer Noncyclical industries. For the Industrial sector, the size and profitability significan tly affect the dividend policy of firms. However, the results failed to display any significant results for the Energy and Consumer Cyclical industries.
Ključne riječi
Dividend policy; emerging market; Malaysia; interindustry
Hrčak ID:
171723
URI
Datum izdavanja:
22.12.2016.
Posjeta: 1.633 *