Dividend Announcements and Stock Market Reaction: Further Evidence
DOI:
https://doi.org/10.66674/62tadm29Keywords:
Bursa Malaysia, dividend announcement, market reactionAbstract
This paper examines stock market reactions to announcements of dividend ses and decreases in Bursa Malaysia. The data consist of all the firms that inced dividend increases or decreases from 2001 to 2005. Using an event iy approach, the evidence shows that dividend increase announcements are. positively by investors, while there is some evidences suggesting investors negatively prior to dividend decrease announcements. The observations are separated into the magnitude of dividend change and income change. This also separates the observations into government linked companies (GLCS) non GLCs. For the income-increase group of GLCs and non GLCs, the buy- hold abnormal return is positive and statistically significant in the post- increment period.
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Copyright (c) 2010 Mohamad Jais, Bakri Abdul Karim, Kenta Funaoka, Azlan Zainol Abidin (Author)
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Authors retain copyright and grant Capital Markets Review the right of first publication. Articles are published under the Creative Commons Attribution 4.0 International (CC BY 4.0) licence: https://creativecommons.org/licenses/by/4.0/. This licence permits sharing and adaptation for any purpose, including commercial use, provided appropriate credit is given, a link to the licence is supplied and any changes are indicated. Third-party material excluded from the article's licence must be clearly identified, and authors are responsible for obtaining any required permission.
