股利政策对马来西亚种植业企业价值的影响

Nazaria Md Aris, Yuin Weng Tan, Brenda Nu Minggu, Pei Jia Lim
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摘要

股利政策传递了有关公司股利决策的信息,由于对公司价值的潜在影响,股利政策对股东和投资者至关重要。本研究旨在调查股利政策对马来西亚种植业公司价值的影响。因此,股利政策的决定因素是股利支付率、市盈率和每股收益,而公司价值则用托宾 Q 表示。数据收集自当地种植园企业公布的年度报告和经审计的财务报表,并使用 EViews 第 10 版进行分析。研究结果表明,股利支付率与公司价值存在显著负相关关系。市盈率对公司价值有负面影响,而每股收益对公司价值有正面影响。然而,据报告这些关系并不显著。本研究试图为相关知识体系做出贡献,并为马来西亚种植业的管理层、利益相关者和政策制定者提供有价值的启示。
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DIVIDEND POLICY EFFECTS ON FIRMS’ VALUE IN MALAYSIAN PLANTATION SECTOR
Dividend policy relay information regarding the dividend decision made by the firm, and it is crucial to the shareholders and investors due to the potential impact on the value of a firm. This study aims to investigate the influence of dividend policy and firms’ value for the plantation sector in Malaysia. Thus, the determinants for dividend policy are dividend payout ratio, price earnings ratio, and earnings per share while the firms’ value is represented by Tobin’s Q. Based on a quantitative approach, 44 firms of plantation sectors listed in Bursa Malaysia from 2016 to 2019. The data were collected from the published annual reports and audited financial statements of the local plantation firms and analyzed using EViews version 10. Based on the findings, the dividend payout ratio has a negative significant relationship with firms’ value. The price earnings ratio has a negative influence on firms’ value while earnings per share have a positive influence on firms’ value. However, these relationships were reported as insignificant. This study attempts to contribute to the body of knowledge and highlights the valuable implication to the management, stakeholders, and policy makers of the plantation sector in Malaysia.
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