Different levels of family ownership and dividend payout in the presence of growth opportunities
This study examines the family ownership, growth opportunities, and dividend payout of a sample consisting of 200 of the largest publicly listed companies in Malaysia from 2011-2016. Three main results emerge after controlling for firm and board characteristics as well as industry and year effects i...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Inderscience Enterprises Ltd.
2021
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| Subjects: | |
| Online Access: | http://umpir.ump.edu.my/id/eprint/33942/1/Different%20levels%20of%20family%20ownership.pdf |
| _version_ | 1796995060956397568 |
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| author | Irene, Wei Kiong Ting Kweh, Qian Long Norazlin, Ahmad Paramanantham, Neshaleni S. |
| author_facet | Irene, Wei Kiong Ting Kweh, Qian Long Norazlin, Ahmad Paramanantham, Neshaleni S. |
| author_sort | Irene, Wei Kiong Ting |
| collection | UMP |
| description | This study examines the family ownership, growth opportunities, and dividend payout of a sample consisting of 200 of the largest publicly listed companies in Malaysia from 2011-2016. Three main results emerge after controlling for firm and board characteristics as well as industry and year effects in various robustness checks. First, despite their positive impacts on dividend payout, family firms exhibit a lower dividend payout relative to net income. Second, growth opportunities increase the positive impacts of family ownership on dividend payout. A positive association between growth opportunities and dividend payout is also found. Third, the moderating effect of growth opportunities on the relationship between family ownership and dividend payout is present only in firms with family shareholdings, particularly those with high and medium ownership. These findings indicate varying dividend payout in the presence of growth opportunities for the different levels of family ownership. |
| first_indexed | 2024-03-06T12:56:46Z |
| format | Article |
| id | UMPir33942 |
| institution | Universiti Malaysia Pahang |
| language | English |
| last_indexed | 2024-03-06T12:56:46Z |
| publishDate | 2021 |
| publisher | Inderscience Enterprises Ltd. |
| record_format | dspace |
| spelling | UMPir339422022-04-29T08:20:07Z http://umpir.ump.edu.my/id/eprint/33942/ Different levels of family ownership and dividend payout in the presence of growth opportunities Irene, Wei Kiong Ting Kweh, Qian Long Norazlin, Ahmad Paramanantham, Neshaleni S. HF Commerce This study examines the family ownership, growth opportunities, and dividend payout of a sample consisting of 200 of the largest publicly listed companies in Malaysia from 2011-2016. Three main results emerge after controlling for firm and board characteristics as well as industry and year effects in various robustness checks. First, despite their positive impacts on dividend payout, family firms exhibit a lower dividend payout relative to net income. Second, growth opportunities increase the positive impacts of family ownership on dividend payout. A positive association between growth opportunities and dividend payout is also found. Third, the moderating effect of growth opportunities on the relationship between family ownership and dividend payout is present only in firms with family shareholdings, particularly those with high and medium ownership. These findings indicate varying dividend payout in the presence of growth opportunities for the different levels of family ownership. Inderscience Enterprises Ltd. 2021 Article PeerReviewed pdf en http://umpir.ump.edu.my/id/eprint/33942/1/Different%20levels%20of%20family%20ownership.pdf Irene, Wei Kiong Ting and Kweh, Qian Long and Norazlin, Ahmad and Paramanantham, Neshaleni S. (2021) Different levels of family ownership and dividend payout in the presence of growth opportunities. Afro-Asian Journal of Finance and Accounting, 11 (6). pp. 787-807. ISSN 1751-6455. (Published) https://www.inderscienceonline.com/doi/abs/10.1504/AAJFA.2021.120445 |
| spellingShingle | HF Commerce Irene, Wei Kiong Ting Kweh, Qian Long Norazlin, Ahmad Paramanantham, Neshaleni S. Different levels of family ownership and dividend payout in the presence of growth opportunities |
| title | Different levels of family ownership and dividend payout in the presence of growth opportunities |
| title_full | Different levels of family ownership and dividend payout in the presence of growth opportunities |
| title_fullStr | Different levels of family ownership and dividend payout in the presence of growth opportunities |
| title_full_unstemmed | Different levels of family ownership and dividend payout in the presence of growth opportunities |
| title_short | Different levels of family ownership and dividend payout in the presence of growth opportunities |
| title_sort | different levels of family ownership and dividend payout in the presence of growth opportunities |
| topic | HF Commerce |
| url | http://umpir.ump.edu.my/id/eprint/33942/1/Different%20levels%20of%20family%20ownership.pdf |
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