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The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia

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The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia THE EFFECT OF CORPORATE GOVERNANCE ON DIVIDEND POLICY: TRADING/SERVICES SECTOR IN MALAYSIA BY CHA PEI CHIN CHUAH XING MEI HO WAN LOO KU POH TIN NG KAIH WON A research project submitted in partial fulfillment of the requirement for the degree of BACHELOR OF BUSINESS ADMINISTRATION (HONS) BANKING & FINANCE UNIVERSITI TUNKU ABDUL RAHMAN FACULTY OF BUSINESS AND FINANCE DEPARTMENT OF FINANCE SEPTEMBER 2015 The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia Copyright @ 2015 ALL RIGHTS RESERVED. No part of this paper may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, graphic, electronic, mechanical, photocopying, recording, scanning, or otherwise, without the prior consent of the authors. ii The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia DECLARATION We hereby declare that: (1) This undergraduate research project is the end result of our own work and that due acknowledgement has been given in the references to ALL sources of information be they printed, electronic, or personal. (2) No portion of this research project has been submitted in support of any application for any other degree or qualification of this or any other university, or other institutes of learning. (3) Equal contribution has been made by each group member in completing the research project. (4) The word count of this research report is 24201. Name of Student: Student ID: Signature: 1. Cha Pei Chin 1206895 __________________ 2. Chuah Xing Mei 1206238 __________________ 3. Ho Wan Loo 1206746 __________________ 4. Ku Poh Tin 1206797 __________________ 5. Ng Kaih Won 1206108 __________________ Date: 10 September 2015 iii The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia ACKNOWLEDGEMENT This research project has been successfully completed with the assistance of various authorities. The research group would like to thank all those who have helped in carrying out this research and have offered comments and suggestions. First of all, the research group would like to thank to University Tunku Abdul Rahman (UTAR) for giving this opportunity to conduct this research project as partial fulfillment of the requirement for the degree of Bachelor of Business Administration (Hons) Banking & Finance. Besides that, it provides a completed research database in library to conduct this research project. Secondly, the research group would like to express the deep gratitude to the research supervisor, Dr. Zuriawati Binti Zakaria for her patient guidance, enthusiastic encouragement and useful critiques of this research work. During the period of completing this research, Dr. Zuriawati provided guidance, advice, valuable suggestion, constructive comment and commitment to reply queries promptly throughout this research work. Her willingness to give her precious time so generously has been highly appreciated. The research group would also like to thank to Ms. Noorfaiz Binti Purhanudin, the second examiner that give guidance and advice in completing this research. Thirdly, the research group extends acknowledgement towards the UTAR lecturers and tutors who have guided the group directly and indirectly with new knowledge and ideas on the process of completing this research. Furthermore, the research group is grateful for the support from parents and friends who helped a lot in finalizing this research within the limited time frame. Lastly, the cooperation and support received from all group members of this research group who has contributed to this research project are vital for the accomplishment of this project. The ideas, suggestions, and perspective from the group members have greatly enhanced this research project’s content. Once again, the research group is in grateful and in appreciation of all the assistance contributed from every party in this research. iv The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia TABLE OF CONTENTS Page Copyright page ……………………………………………………………............ii Declaration ……………………………………………………………….……....iii Acknowledgement ……………………………………………………..…………iv Table of Contents ………………………………………………………….……...v List of Tables ……………………………………………………………………..xi List of Figures ……………………………………………………………...……xii List of Abbreviations …………………………………………………………...xiii List of Appendices …………………………………………………………...…xiv Preface ………………………………………………………………………..…xvi Abstract …………………………………………………………………...……xvii CHAPTER 1 RESEARCH OVERVIEW ………………………………..1 1.0 Introduction ………………………………………...……..1 1.1 Research Background ……………………………………..1 1.1.1 Corporate Governance …………………….......….1 1.1.1.1 OCED Principles of Corporate Governance……………………………...…3 1.1.1.2 Malaysian Code on Corporate Governance ………………………….…….4 1.1.1.3 Others Corporate Governance Regulatory Framework in Malaysia……………...…….7 1.1.1.4 ASEAN Corporate Governance Scorecard …………………………….……8 1.1.2 Overview of Dividend ……………….…………..10 1.1.2.1 Global Dividend Trend ……….………….11 v The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia 1.1.2.2 Dividends Trend in Malaysia ……………13 1.1.3 Trading/Services Sector in Malaysia …………....14 1.1.4 Dividend Policy and Corporate Governance in Trading/Services Sector of Malaysia………..…...16 1.2 Problem Statement ………………………………..……..19 1.3 Research Objectives ………………………………..……21 1.3.1 General Objectives ……………………………...21 1.3.2 Specific Objectives ……………………..……….21 1.4 Research Question ……………………………...……….21 1.5 Hypothesis of Study …………………………….…….…22 1.6 Significance of Study ………………………...………….22 1.7 Chapter Outlay …………………………………..………24 1.8 Conclusion ……………………………………...………..25 CHAPTER 2 LITERATURE REVIEW ………………………………..26 2.0 Introduction ………………………………………...……26 2.1 Review of Relevant Theoretical Models …………...……26 2.1.1 Agency Theory ………………………………..…26 2.1.2 Signaling Theory ……………………..………….27 2.1.3 Stewardship Theory ……………………..……….29 2.2 Review of the Literature …………….……..…………….30 2.2.1 Independent Variables ……………...……………30 2.2.1.1 Board Size and Dividend Payout Policy……………………………………..30 2.2.1.2 Board Independence and Dividend Payout Policy ……………...……………..……....32 2.2.1.3 CEO Ownership and Dividend Payout Policy ………………………………….....33 vi The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia 2.2.1.4 CEO Duality and Dividend Payout Policy ………………………………..…...35 2.2.1.5 CEO Tenure and Dividend Payout Policy ……………………………….……36 2.2.2 Control Variables ……………….……………….38 2.2.2.1 Company Size and Dividend Payout Policy …………………………………….38 2.2.2.2 Company Profitability and Dividend Payout Policy …………………………………….40 2.2.2.3 Company Growth and Dividend Payout Policy …………………………….………41 2.3 Proposed Theoretical Framework ……...………………..43 2.4 Hypotheses Development ……………...………………...44 2.4.1 Board Size and Dividend Payout Policy …..…….44 2.4.2 Board Independence and Dividend Payout Policy……………………………………………..44 2.4.3 CEO Ownership and Dividend Payout Policy...…45 2.4.4 CEO Duality and Dividend Payout Policy ……....45 2.4.5 CEO Tenure and Dividend Payout Policy ……….45 2.5 Conclusion …………………………………………..…...46 CHAPTER 3 METHODOLOGY ………………………………………47 3.0 Introduction ……………………………………...………47 3.1 Research Design ………………………………...……….47 3.2 Data Collection Method ………………………...……….48 3.3 Sampling Design ……………………………...…………49 3.3.1 Target Population ……………………..…………49 3.3.2 Sampling Technique ………..……………………51 vii The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia 3.3.2.1 E-views ……………….………………….51 3.3.2.2 Panel Data ………………..………………51 3.3.3 Sampling Size …………………...……………….52 3.4 Data Processing …………………………...……………..53 3.4.1 Dependent Variable ………………..…………….53 3.4.1.1 Dividend Policy ……………….…………53 3.4.2 Independent Variable ……………….…………...53 3.4.2.1 Board Size ……………………………….53 3.4.2.2 Board Independence ………….………….54 3.4.2.3 CEO Ownership …………………………55 3.4.2.4 CEO Duality ………………….………….55 3.4.2.5 CEO Tenure ………………….…………..56 3.4.3 Control Variables …………………….………….56 3.4.3.1 Company Size ……………….…………...56 3.4.3.2 Company Profitability ……….…………..57 3.4.3.3 Company Growth …………….………….58 3.5 Data Analysis ………………………………...………….59 3.5.1 Panel Data Techniques ………………..…………60 3.5.1.1 Pooled OLS Model ……………….……...60 3.5.1.2 Fixed Effects Model ……….…………….61 3.5.1.3 Random Effects Model ………….……….61 3.5.1.4 Poolability Hypothesis Test ……….……..62 3.5.1.5 Hausman Test ……………………………63 3.5.2 Diagnostic Test ………………………..…………64 3.5.2.1 Normality of Residual Test ……….……..64 viii The Effect of Corporate Governance on Dividend Policy: Trading/Services Sector in Malaysia 3.5.2.2 Multicollinearity ……………….………...65 3.5.2.3 Autocorrelation …………………………….…….66 3.5.2.4 Heteroscedasticity ……………………………….67 3.6 Conclusion ……………………………………...………..69 CHAPTER 4 DATA ANALYSIS ……………………………..…….. 70 4.0 Introduction ………………………………..…………….70 4.1 Descriptive Analysis …………………………...………...70 4.2 Scale Measurement ……………………………………....76 4.2.1 Poolability Test …………………..………………76 4.2.2 Hausman Test ………………………..…………..76 4.2.3 Normality Test ………………………..………….77 4.2.4 Multicollinearity ………………………..………..78 4.2.5 Autocorrelation ………………………..…………79 4.3 Inferential Analysis …………………………..………….80 4.3.1 R-Squared …………………………..……………80 4.3.2 F-Test ……………………………………..……...81 4.3.3 Empirical Result ……………………….………...82 4.4 Conclusion ……………………………………...………..85 CHAPTER 5 DISCUSSION, CONCLUSION AND IMPLICATIONS..86 5.0 Introduction ……………………………………………...86 5.1 Summary of Statistical Analysis ………………...………86 5.2 Discussions of Major Findings …………………………..88 5.2.1
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