Title: Ownership structure, board governance, dividends and firm value: an empirical examination of Malaysian listed firms

Authors: Zunaidah Sulong, Pervaiz K. Ahmed

Addresses: Faculty of Business Management and Accountancy, University Sultan Zainal Abidin, Gong Badak Campus, Kuala Terengganu, Terengganu, Malaysia. ' School of Business, Monash University, Sunway Campus, Bandar Sunway, Selangor 46150, Malaysia

Abstract: Corporate governance mechanisms have emerged to tackle agency problems and ensure that shareholders| funds are not expropriated or wasted on unprofitable activities. This paper aims to examine the effects of governance mechanisms of dividend, types of ownership structure and board governance on firm value and types of ownership structure and board governance on dividend. The paper utilises panel data analysis of firms listed on the Bursa Malaysia from 2002 to 2005. The results provides additional insight into effects of the governance reforms undertaken in Malaysia, which aim to tighten requirements for board independence, smaller board size and non-duality role.

Keywords: corporate governance mechanisms; dividends; ownership structure; board governance; firm value; Malaysia; governance reforms; board independence; board size; non-duality role.

DOI: 10.1504/IJBGE.2011.039966

International Journal of Business Governance and Ethics, 2011 Vol.6 No.2, pp.135 - 161

Published online: 08 May 2011 *

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