高管薪酬、股权结构与股利支付——来自马来西亚的证据

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2020-12-23 DOI:10.21315/aamjaf2020.16.2.3

Ravichandran Subramaniam, Chee Ghee Teh, Murugasu Thangarajah

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引用次数: 0

摘要

本研究旨在探讨马来西亚上市公司高管薪酬、股利支付政策与股权结构之间的关系。我们研究了2008年至2014年马来西亚证券交易所300家最大的马来西亚上市公司(plc)样本的面板数据。基于2009年的公司年度观察，我们的研究结果显示，所有模型中股息支付与高管薪酬之间存在一致的实证正证据。然而，结果与Bhattacharyya股息支付模型不一致。此外，有证据表明，政府和家族所有权与股息支付呈正相关。我们的研究结果表明，高管薪酬与股息支付之间的正相关关系在政治关联公司(PCON公司)中更为明显，这与客户(迎合)理论相一致。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Executive Compensation, Ownership Structure and Dividend Payout: Evidence from Malaysia

This study seeks to present the relationship between executive compensation, dividend payout policy and ownership structure of listed firms in Malaysia. We examine a panel data on a sample of 300 of the largest Malaysian public listed companies (PLCs) on Bursa Malaysia for the years 2008 to 2014. Based on 2,009 firm-year observations, our results show consistent empirical positive evidence on the association between dividend payout and executive compensation across all models. However, the results are inconsistent with Bhattacharyya model of dividend payout. Further, there is evidence that government and family ownerships are positively associated with dividend payout. Our results show that the positive relationship between executive compensation and dividend payout is more evident in politically connected firms (PCON firms) which is consistent with the clientele (catering) theory.

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets