Market based performance : do ownership structures, or firm policy choice matter?

Ali Ahmed, Huson and Wadud, IKM Mokhtarul 2011, Market based performance : do ownership structures, or firm policy choice matter?, Corporate ownership & control, vol. 8, no. 2, Winter, pp. 89-95.

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Title Market based performance : do ownership structures, or firm policy choice matter?
Author(s) Ali Ahmed, Huson
Wadud, IKM Mokhtarul
Journal name Corporate ownership & control
Volume number 8
Issue number 2
Season Winter
Start page 89
End page 95
Total pages 7
Publisher Virtus Interpress
Place of publication Sumy, Ukraine
Publication date 2011
ISSN 1727-9232
1810-3057
Keyword(s) ownership concentration
dividend and debt policies
dynamic panel
Summary This study examines whether the structure of share ownership or firm's dividend and debt policies provide explanation for firm performances in Malaysia. Firm performance, measured as Tobin's Q is modelled in a dynamic panel framework to estimate effects of director ownership, family ownership, foreign ownership, and firm's dividend and debt policy. The generalised methods of moments (GMM) method is used to estimated the models for 80 CI components companies listed on Main Board of Malaysia observed from 1999 to 2002. The findings reveal strong evidence of positive impact of firm's dividend and debt policy on firm performance. However, ownership structure seems to be less important for market based performance of Malaysian firms: These results are expected to provide guidelines to the investors regarding the significance of firm dividend policy, leverage policy and market to book value ratio as some of the key sources of value creation for Malaysian listed firms.
Language eng
Field of Research 140304 Panel Data Analysis
Socio Economic Objective 910206 Market-Based Mechanisms
HERDC Research category C1 Refereed article in a scholarly journal
Persistent URL http://hdl.handle.net/10536/DRO/DU:30032247

Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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