Impact of dividend policy on the shareholders’ wealth: Shariah vs non-Shariah companies listed in Bursa Malaysia / Farazida Mohd Akit and Nor Haliza Hamzah

Mohd Akit, Farazida and Hamzah, Nor Haliza (2014) Impact of dividend policy on the shareholders’ wealth: Shariah vs non-Shariah companies listed in Bursa Malaysia / Farazida Mohd Akit and Nor Haliza Hamzah. [Student Project] (Unpublished)

Abstract

The purpose of this study is to examine the impact of dividend policy on the shareholders’ wealth of Shariah and non-Shariah compliance companies listed in Bursa Malaysia main market. A sample of 274 Shariah compliance companies and 129 non-Shariah compliance companies listed on Bursa Malaysia for the period of 2004 to 2013 has been selected for this study. The results are obtained through two-way fixed-effect Generalized Least Squares (GLS) regression for Shariah compliance companies and random-effect GLS regression for non-Shariah compliance companies. The identified determinants are dividend per share (DPS), retained earnings per share (REPS), return on equity (ROE), lagged price earnings ratio (PER,_|), financial leverage (DTE) and firm’s size (InTA). The results indicates that the measurements for dividend policy (DPS and REPS) are significant determinants of shareholders’ wealth for both Shariah and non-Shariah compliance companies. On the other hand, it is revealed that financial leverage is an influential determinant of shareholders’ wealth for Shariah compliance companies but not for non-Shariah companies.

Metadata

Item Type: Student Project
Creators:
CreatorsID Num. / Email
Mohd Akit, FarazidaUNSPECIFIED
Hamzah, Nor HalizaUNSPECIFIED
Divisions: Universiti Teknologi MARA, Shah Alam > Arshad Ayub Graduate Business School (AAGBS)
Item ID: 18252
Uncontrolled Keywords: Shareholders’ wealth; Shariah; Non-Shariah companies; Bursa Malaysia
URI: http://ir.uitm.edu.my/id/eprint/18252

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