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Article

The Influence of Government Shareholding on Dividend Policy in Malaysia

1
Independent Researcher, Marsfield, Sydney, NSW 2122, Australia
2
School of Business, Monash University Malaysia, Jalan Lagoon Selatan, Bandar Sunway, Subang Jaya 47500, Selangor Darul Ehsan, Malaysia
3
Sunway University Business School, Sunway University, No. 5 Jalan Universiti, Bandar Sunway 47500, Selangor Darul Ehsan, Malaysia
*
Author to whom correspondence should be addressed.
Academic Editor: Sabri Boubaker
Int. J. Financial Stud. 2021, 9(3), 49; https://doi.org/10.3390/ijfs9030049
Received: 30 May 2021 / Revised: 30 August 2021 / Accepted: 6 September 2021 / Published: 10 September 2021
(This article belongs to the Special Issue Corporate Governance and Financial Reporting)
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. View Full-Text
Keywords: dividend policy; government shareholding; Malaysia dividend policy; government shareholding; Malaysia
MDPI and ACS Style

Sinnadurai, P.; Subramaniam, R.; Devi, S. The Influence of Government Shareholding on Dividend Policy in Malaysia. Int. J. Financial Stud. 2021, 9, 49. https://doi.org/10.3390/ijfs9030049

AMA Style

Sinnadurai P, Subramaniam R, Devi S. The Influence of Government Shareholding on Dividend Policy in Malaysia. International Journal of Financial Studies. 2021; 9(3):49. https://doi.org/10.3390/ijfs9030049

Chicago/Turabian Style

Sinnadurai, Philip, Ravichandran Subramaniam, and Susela Devi. 2021. "The Influence of Government Shareholding on Dividend Policy in Malaysia" International Journal of Financial Studies 9, no. 3: 49. https://doi.org/10.3390/ijfs9030049

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