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The wealth effects of dividend tax cuts: evidence from the Malaysian REIT’s market


Wong, Woei Chyuan and Taufil Mohd, Kamarun Nisham and Abdullah, Nur Adiana Hiau (2016) The wealth effects of dividend tax cuts: evidence from the Malaysian REIT’s market. In: 22nd Annual Pacific-Rim Real Estate Society Conference, 17-20 January 2016, Sunshine Coast, Queensland, Australia. (Unpublished)

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Abstract

Dividend tax reforms for REIT sector in Malaysia provide a rare opportunity to examine the impact of dividend taxation on firm valuation.It is found that dividend tax cut announcements result in positive abnormal returns.There are evidences to suggest that REITs with a higher retail and institutional ownership representing the main beneficiaries of these tax cuts are associated with higher cumulative abnormal returns (CARs).It is also found that dividend payout increased significantly during the quarter immediately after the implementation of the first dividend tax cuts. These findings are consistent with the "old view" of dividend taxation which posits that dividend tax cut could affect firms' investment and payout policies.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Dividend tax cut. REIT. Wealth effects. Dividend policy. Trading Volume
Subjects: H Social Sciences > HG Finance
Divisions: School of Economics, Finance & Banking
Depositing User: Dr. Woei Chyuan Wong
Date Deposited: 17 Apr 2016 07:27
Last Modified: 17 Apr 2016 07:27
URI: http://repo.uum.edu.my/id/eprint/17920

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