文章基本信息

标题：Dynamic Panel Model of Dividend Policies: Malaysian Perspective
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作者：Nor Anis Shafai ; Annuar Md. Nassir ; Fakarudin Kamarudin 等
期刊名称：Contemporary Economics
印刷版ISSN：2084-0845
出版年度：2019
卷号：13
期号：3
页码：239-252
DOI：10.5709/ce.1897-9254.310
出版社：University of Finance and Management, Warsaw
摘要：The aim of this paper is to identify the key determinants of the dividend policies for Malaysianlisted firms. The sample in this study incorporates the top 100 listed firms on Bursa Malaysia (Bursa)over a ten-year period from 2007 to 2016. The dynamic panel data set was constructed using thesample firms. The results indicate that dividend policies are positively significantly related to profitabilityand firm size in Malaysia. Thus, this suggests that Malaysian listed firms determine theirfuture dividends based on past dividend payments. Meanwhile, dividend policies are negativelyand significantly associated with leverage and business risk. Therefore, this study used the generalizedmethod of moments (GMM) to reveal unique findings and the findings should inspire analysts,policy makers, institutional investors and investors to examine the dividend policy puzzle, especiallyfor developing countries.
关键词：Dynamic panel; key determinants; lagged dividend; developing countries; dividend policy