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• W383430365 abstract "Prior studies show that there is a negative association between IOS (Investmentopportunity set) or growth opportunities and dividend payout. While there are severaltheories such as the signalling hypothesis, the tax hypothesis, free cash flow (FCF)hypothesis and the contracting hypothesis that maybe used to explain this relationship,the main theory suggested in the extant literature was Free Cash Flow Theory (FCF) bySmith and Watts (1992). According to the free cash flow theory, managers of firmswith more growth opportunities or higher IOS (prospective investment opportunitiesand associated payoff distributions) are more likely to pay lesser dividends since thesefirms need the cash for growth opportunities. However, firms with low growthopportunities pay out more dividends since these firms have few opportunities to investin positive net present value projects.In this study I re-examine whether this negative relationship exists in the Malaysiancorporate sector. I examine Malaysian firms because it is a developing country and alsobecause of the existence of a global decline in the propensity to pay dividendsespecially among firms incorporated in common law jurisdictions. Further I investigatewhether corporate governance variables such as (1) government ownership (2) boardsize,(3) board composition and (4) family ownership affects the association betweengrowth opportunities and dividend policies. I examine government ownership becausethere seemed to be a high concentration of government link companies among publiclisted companies. Board-size and board composition is examined to evaluate to whatextent those corporate governance monitoring have an impact on dividend payouts.No known prior study has investigated whether these variables moderate therelationship between growth opportunities and dividend payout. Several hypotheses aredeveloped to test these relationships. Using data from annual reports of Malaysiancompanies I expect to find that there is a negative association between growthopportunities and dividend payout in Malaysian firms thus confirming prior findingsand FCF theory. Further I expect that the relationship should be weaker for governmentowned as there is some anecdotal evidence suggesting a positive association betweenownership and dividends since firms with government ownership have relatively lessdifficulty raising funds to finance investments and can therefore afford to paydividends. As for family owned businesses, the relationship would be weaker becauseof the high concentration of family ownership as family members are concerned aboutwealth transfer. The relationship for board-size and board composition is envisaged tobe negatively related to growth opportunities." @default.
• W383430365 created "2016-06-24" @default.
• W383430365 creator A5085394302 @default.
• W383430365 date "2011-01-01" @default.
• W383430365 modified "2023-09-27" @default.
• W383430365 title "Investment opportunity set and dividend policy in Malaysia : some evidence on the role of government ownership, family ownership, board size and board composition / Ravichandran K. Subramaniam." @default.
• W383430365 hasPublicationYear "2011" @default.
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