Dividends and corporate governance in Malaysia

The importance of dividend policy of firms in the capital market could not be understated (Mittal and Chopra, 2006). Although there is no one universal theory that could explain dividend policy (Anil and Sujjata, 2008), recent research emphasizes the agency theory is mainly used to explain corporate...

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Main Author:	Benjamin, Samuel Jebaraj
Format:	Thesis
Published:	2013
Subjects:	HD2741 Holding companies Corporate governance
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id	my-mmu-ep.6270
record_format	uketd_dc
spelling	my-mmu-ep.62702016-01-12T11:20:21Z Dividends and corporate governance in Malaysia 2013-04 Benjamin, Samuel Jebaraj HD2741 Holding companies. Corporate governance The importance of dividend policy of firms in the capital market could not be understated (Mittal and Chopra, 2006). Although there is no one universal theory that could explain dividend policy (Anil and Sujjata, 2008), recent research emphasizes the agency theory is mainly used to explain corporate dividend policies (Eije and Megginson, 2008). In particular this thesis investigates the dividend substitution theory of La Porta, de-Silanes, Shleifer and Vishny (2000) in conjunction with the agency theory to determine if dividends act as substitute for weak governance in the developing Malaysian capital market. Corporate governance (CG) being encapsulated as a social process could not be inevitably disconnected from social and other non-economic factors like power, legislation and social relationship (Letza, 2006). A few Malaysian corporate governance past studies delved into the ‗bumiputera factor‘ (Becht et al. 2005), and there is an economic justification to study it as the subject of ‗bumiputera‘ provides indispensable lenses for studies of CG in Malaysia (Yusof et al. 2010). The existing literature on dividends and corporate governance can be divided into two streams of research; the first strand entails studying dividends and its relationship with Corporate Governance Indexes. However the second strand focuses on studying CG variables‘ individual effect on dividends payout. However most of the research evidence produced so far concentrated on the former. 2013-04 Thesis http://shdl.mmu.edu.my/6270/ http://library.mmu.edu.my/diglib/onlinedb/dig_lib.php phd doctoral Multimedia University Faculty of Management
institution	Multimedia University
collection	MMU Institutional Repository
topic	HD2741 Holding companies Corporate governance
spellingShingle	HD2741 Holding companies Corporate governance Benjamin, Samuel Jebaraj Dividends and corporate governance in Malaysia
description	The importance of dividend policy of firms in the capital market could not be understated (Mittal and Chopra, 2006). Although there is no one universal theory that could explain dividend policy (Anil and Sujjata, 2008), recent research emphasizes the agency theory is mainly used to explain corporate dividend policies (Eije and Megginson, 2008). In particular this thesis investigates the dividend substitution theory of La Porta, de-Silanes, Shleifer and Vishny (2000) in conjunction with the agency theory to determine if dividends act as substitute for weak governance in the developing Malaysian capital market. Corporate governance (CG) being encapsulated as a social process could not be inevitably disconnected from social and other non-economic factors like power, legislation and social relationship (Letza, 2006). A few Malaysian corporate governance past studies delved into the ‗bumiputera factor‘ (Becht et al. 2005), and there is an economic justification to study it as the subject of ‗bumiputera‘ provides indispensable lenses for studies of CG in Malaysia (Yusof et al. 2010). The existing literature on dividends and corporate governance can be divided into two streams of research; the first strand entails studying dividends and its relationship with Corporate Governance Indexes. However the second strand focuses on studying CG variables‘ individual effect on dividends payout. However most of the research evidence produced so far concentrated on the former.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Benjamin, Samuel Jebaraj
author_facet	Benjamin, Samuel Jebaraj
author_sort	Benjamin, Samuel Jebaraj
title	Dividends and corporate governance in Malaysia
title_short	Dividends and corporate governance in Malaysia
title_full	Dividends and corporate governance in Malaysia
title_fullStr	Dividends and corporate governance in Malaysia
title_full_unstemmed	Dividends and corporate governance in Malaysia
title_sort	dividends and corporate governance in malaysia
granting_institution	Multimedia University
granting_department	Faculty of Management
publishDate	2013
_version_	1747829617753849856

Dividends and corporate governance in Malaysia

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