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JOURNAL OF ACCOUNTING AND FINANCE
Large Shareholders, Payout Policy and Agency Problems in
Malaysian Companies
Author(s): Nathasa Mazna Ramli
Citation: Nathasa Mazna Ramli, (2011) "Large Shareholders, Payout Policy and Agency Problems in Malaysian Companies" Vol. 11, Iss. 3, pp. 97 - 112
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study investigates the effect of large shareholders on the magnitude of payout ratio. The analysis revealed that the higher the largest shareholding, the higher the payout ratio of the company. Furthermore, this paper found that the presence of a substantial second largest shareholder has a significant and positive impact on the payout ratio of Malaysian companies. However, different types of the large shareholder have no statistically significant influence on the magnitude of payout ratio. This study enhances the understanding of payout policy based on agency perspectives and provides evidence from an Asian country.
