Article2012

THE IMPACT OF DIVIDEND POLICY ON THE SHARE PRICE VOLATILITY: Malaysian Construction and Material Companies.

Zuriawati Zakaria · Joriah Muhammad · Abdul Hadi Zulkifli

69 citations0/0 files storedInternational Journal of Economics & Management Sciences

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

This study presents the results on the impact of dividend policy on the share price volatility of the Malaysian listed construction and material companies using the least square regression method after controlling for debt, firm size, investment growth and earnings’ volatility. The study found only 43.43 percent of the changes in the share prices are explained by dividend yield (DY), dividend payout ratio(DPR), and investment growth(Growth), size of the firm )FZ), leverage (Lev) and earnings volatility (EV). These companies recorded 94.41 percent share price volatility during 2005 until 2010. Dividend payout ratio significantly influences the changes in share price. The greater the size of the company, the more significant impacts the volatility of share price would be. Dividend yield, investment growth and earnings volatility insignificantly influence the changes in the company’s share prices. Leverage is negatively influence the movement of the share price.

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References

1961Dividend Policy, Growth, and the Valuation of Shares 1992The investment opportunity set and corporate financing, dividend, and compensation policies 1985Dividend Policy under Asymmetric Information 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?1979Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy 1980The Extreme Value Method for Estimating the Variance of the Rate of Return 1995The Maturity Structure of Corporate Debt

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