Corporate Dividend Policy and Behaviour: The Malaysian Experience
I. M. Pandey
University of Delhi; Delhi School of Business
IIMA Working Paper No. 2001-11-01
This study examines corporate dividend behaviour of the Kuala Lumpur Stock Exchange (KLSE) companies. Our results show the influence of industry on payout ratios. Payout ratios also vary significantly across time. The results of multinomial logit analysis reveal that the dividend behaviour of the Malaysian companies is sensitive to the changes in earnings. Further, using Lintner's framework and panel regression methodology, we find evidence of less stable dividend policies being pursued by the Malaysian companies. The results of the two-way fixed effects model reveal that there are strong individual firm and time effects in our data.
Number of Pages in PDF File: 23
Keywords: target payout, dividend stability, speed of adjustment
JEL Classification: G35
Date posted: February 12, 2002
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