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https://ptsldigital.ukm.my/jspui/handle/123456789/485884| Title: | Dividend tax reform, dividend payouts and ownership structure: evidence from Malaysia |
| Authors: | Ida Suriya Ismail (P81155) |
| Supervisor: | Mohd Rizal Palil, Prof. Madya Dr. |
| Keywords: | Corporate profits Dividends Corporate profits -- Management Universiti Kebangsaan Malaysia -- Dissertations Dissertations, Academic -- Malaysia |
| Issue Date: | 11-Apr-2019 |
| Description: | This paper has six objectives. First, this study compared the company dividend payouts after the changes in dividend tax laws from full imputation system to single tier tax system (STT). Second, this study compared the company dividend payouts between during the transitional period and after the compulsory effects of STT. It is expected that both periods would capture the trend of dividends paid by the companies. Then, this study examined the relationship between dividend tax law changes (DTLE) and dividend payouts to determine whether DTLE affects dividend payouts. Besides that, this study considered the type of ownership structure that could affect the companies�� dividend policy by focusing on family ownership, directors�� ownership, and institutional shareholdings for the fourth, fifth and sixth objectives. The sample is selected using proportionate stratified random sampling method that consists of 254 public listed companies in Bursa Malaysia. Test of significant difference and multiple regression analysis have been used to test the data. Consistent with the dividend clientele theory, the results confirmed that firms change their dividend policy due to the change of dividend tax laws when STT is compulsory. Specifically, firms paid more regular dividend during the transitional period and more special dividend after the compulsory effects of STT. For ownership structure, firms with family ownership refused to pay dividends to their shareholders. This action has resulted in agency conflicts between the controlling shareholders and minority shareholders. In contrast, firms with institutional shareholders have a positive relationship with dividend payouts, which indicates that the institutional investors effectively perform their roles in monitoring agency conflicts. The results provide the real trend of dividend policy that is currently practised by companies. Therefore, regulators can use the findings as a guideline to improve legal requirement regarding dividend policy among public listed companies.,��Certification of Masters/Doctoral Thesis�� is not available,Ph.D. |
| Pages: | 168 |
| Call Number: | HG4028.D5I333 2019 tesis |
| Publisher: | UKM, Bangi |
| Appears in Collections: | Faculty of Economy and Management / Fakulti Ekonomi dan Pengurusan |
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|---|---|---|---|---|
| ukmvital_117439+SOURCE1+SOURCE1.0.PDF Restricted Access | 1.33 MB | Adobe PDF |  View/Open |
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