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Announcement effects of dividend tax cuts and corporate policies: evidence from Malaysia REITs


Wong, Woei Chyuan and Taufil Mohd, Kamarun Nisham and Abdullah, Nur Adiana Hiau (2017) Announcement effects of dividend tax cuts and corporate policies: evidence from Malaysia REITs. Pacific Rim Property Research Journal. pp. 1-14. ISSN 1444-5921

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Abstract

This study examines the effect of dividend tax changes on the share prices and corporate policies of Malaysian REITs.Event study results show that dividend tax cut announcements provide positive abnormal returns.Based on cross-sectional regression, the abnormal returns are found to be larger for REITs with a higher retail ownership.The implementation of dividend tax cuts also increases dividend payout and reduce investment activities. These results partly support the traditional view of dividend taxation which posits that tax reform could affect economic efficiency and resource allocation in an economy

Item Type: Article
Uncontrolled Keywords: Dividend tax change; Malaysia REIT; firm valuation; dividend policy; investment policy; announcement effects
Subjects: H Social Sciences > HJ Public Finance
Divisions: School of Economics, Finance & Banking
Depositing User: Dr. Woei Chyuan Wong
Date Deposited: 18 Jun 2017 08:12
Last Modified: 18 Jun 2017 08:12
URI: http://repo.uum.edu.my/id/eprint/22413

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