The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market
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 institutio...
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my.uum.repo.274792020-09-17T06:37:09Z http://repo.uum.edu.my/27479/ The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market Wong, Woei Chyuan Taufil Mohd, Kamarun Nisham Abdullah, Nur Adiana Hiau HG Finance 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. 2016 Conference or Workshop Item NonPeerReviewed application/pdf en http://repo.uum.edu.my/27479/1/APRRESC%202016%201%2014.pdf Wong, Woei Chyuan and Taufil Mohd, Kamarun Nisham and Abdullah, Nur Adiana Hiau (2016) The wealth effect 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 (Unpublished) |
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HG Finance Wong, Woei Chyuan Taufil Mohd, Kamarun Nisham Abdullah, Nur Adiana Hiau The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market |
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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. |
format |
Conference or Workshop Item |
author |
Wong, Woei Chyuan Taufil Mohd, Kamarun Nisham Abdullah, Nur Adiana Hiau |
author_facet |
Wong, Woei Chyuan Taufil Mohd, Kamarun Nisham Abdullah, Nur Adiana Hiau |
author_sort |
Wong, Woei Chyuan |
title |
The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market |
title_short |
The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market |
title_full |
The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market |
title_fullStr |
The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market |
title_full_unstemmed |
The wealth effect of dividend tax cuts: Evidence from the Malaysian reit's market |
title_sort |
wealth effect of dividend tax cuts: evidence from the malaysian reit's market |
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2016 |
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http://repo.uum.edu.my/27479/1/APRRESC%202016%201%2014.pdf http://repo.uum.edu.my/27479/ |
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1678594991284289536 |
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