Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/257794 
Year of Publication: 
2021
Citation: 
[Journal:] International Journal of Financial Studies [ISSN:] 2227-7072 [Volume:] 9 [Issue:] 3 [Article No.:] 49 [Publisher:] MDPI [Place:] Basel [Year:] 2021 [Pages:] 1-28
Publisher: 
MDPI, Basel
Abstract: 
We investigate the association between dividend policy and government shareholding, using Malaysian data. We hypothesize a positive association. We contribute to the literature about dividend policy. Unique features of our study include adaptations to the Malaysian institutional setting, with respect to usage of dividend relevance theory, research methodology, and data collection. The methodology entails two-stage least squares regressions. Dividend payout and dividend yield are the dependent variables in tests of the research hypothesis. The independent variable of interest measures ownership by government-related institutional investors. The sample comprises 1190 company-years, over the investigation period 2006-2013. The results support our hypothesis. The evidence suggests that this support principally emanates from companies with low-quality corporate governance.
Subjects: 
dividend policy
government shareholding
Malaysia
JEL: 
G35
G34
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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