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Product market competition, regulation and dividend payout policy of Malaysian banks

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Author Info
Rashid Ameer

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Abstract

Purpose – This paper aims to investigate the impact of the product market competition, regulations on the dividend policies of the listed banks, over the period 1995-2005 in Malaysia. Design/methodology/approach – An ordered probit modelling technique and target adjustment model is used. Findings – Significant differences are found in the payout of the banks categorized as selling non-interest based banking products and mix of both interest and non-interest based banking products. It is found that the decision to increase dividends is significantly related to earnings, and the decision to cut dividend is significantly related to the changes in the non-performing loans, corporate and real estate sectors loans ratio and earnings losses. Research limitations/implications – The research findings have implications for the regulators of banks. Originality/value – The research provides a clear link between banks' portfolio choice and earnings that have implications for dividends in emerging markets.

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Publisher Info
Article provided by Emerald Group Publishing in its journal Journal of Financial Regulation and Compliance.

Volume (Year): 4 (2008)
Issue (Month): 4 (November)
Pages: 318-334
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Handle: RePEc:eme:jfrcpp:v:16:y:2008:i:4:p:318-334

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Related research
Keywords: Banks; Dividends; Loans; Malaysia; Mathematical modelling;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hosono, Kaoru, 2006. "The transmission mechanism of monetary policy in Japan: Evidence from banks' balance sheets," Journal of the Japanese and International Economies, Elsevier, vol. 20(3), pages 380-405, September. [Downloadable!] (restricted)
  2. Kopecky, Kenneth J. & VanHoose, David, 2004. "Bank capital requirements and the monetary transmission mechanism," Journal of Macroeconomics, Elsevier, vol. 26(3), pages 443-464, September. [Downloadable!] (restricted)
  3. Sufian, F., 2004. "The Eficiency Effects of Bank Mergers and Acquisitions in a Developing Economy: Evidence from Malaysia," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 1(4), pages 53-74. [Downloadable!]
  4. Sudipto Bhattacharya, 1979. "Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 259-270, Spring. [Downloadable!] (restricted)
  5. Mateut, Simona & Spiros Bougheas & Paul Mizen, 2003. "Trade Credit, Bank Lending and Monetary Policy Transmission," Royal Economic Society Annual Conference 2003 149, Royal Economic Society. [Downloadable!]
    Other versions:
  6. Malcolm Baker & Jeffrey Wurgler, 2004. "A Catering Theory of Dividends," Journal of Finance, American Finance Association, vol. 59(3), pages 1125-1165, 06. [Downloadable!] (restricted)
    Other versions:
  7. Oliver Hülsewig & Eric Mayer & Timo Wollmershäuser, 2005. "Bank Loan Supply and Monetary Policy Transmission in Germany: An Assessment Based on Matching Impulse Responses," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  8. Allen, Dave E & Rachim, Veronica S, 1996. "Dividend Policy and Stock Price Volatility: Australian Evidence," Applied Financial Economics, Taylor and Francis Journals, vol. 6(2), pages 175-88, April. [Downloadable!] (restricted)
  9. Luc Laeven, 2002. "Does Financial Liberalization Reduce Financing Constraints?," Financial Management, Financial Management Association, vol. 31(4), Winter.
  10. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 2000. "Agency Problems and Dividend Policies around the World," Journal of Finance, American Finance Association, vol. 55(1), pages 1-33, 02. [Downloadable!] (restricted)
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  11. Casey, K. Michael & Dickens, Ross N., 2000. "The effects of tax and regulatory changes on commercial bank dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(2), pages 279-293. [Downloadable!] (restricted)
  12. Aivazian, Varouj & Booth, Laurence & Cleary, Sean, 2003. "Dividend policy and the organization of capital markets," Journal of Multinational Financial Management, Elsevier, vol. 13(2), pages 101-121, April. [Downloadable!] (restricted)
  13. Kim, Moshe & Kristiansen, Eirik Gaard & Vale, Bent, 2005. "Endogenous product differentiation in credit markets: What do borrowers pay for?," Journal of Banking & Finance, Elsevier, vol. 29(3), pages 681-699, March. [Downloadable!] (restricted)
    Other versions:
  14. Robert Marquez, 2002. "Competition, Adverse Selection, and Information Dispersion in the Banking Industry," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 15(3), pages 901-926.
  15. Black, Fischer & Scholes, Myron, 1974. "The effects of dividend yield and dividend policy on common stock prices and returns," Journal of Financial Economics, Elsevier, vol. 1(1), pages 1-22, May. [Downloadable!] (restricted)
  16. Mayne, Lucille S., 1980. "Bank Dividend Policy and Holding Company Affiliation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(02), pages 469-480, June. [Downloadable!]
  17. Kopecky, Kenneth J. & VanHoose, David, 2004. "A model of the monetary sector with and without binding capital requirements," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 633-646, March. [Downloadable!] (restricted)
  18. Franklin Allen & Antonio E. Bernardo & Ivo Welch, 2000. "A Theory of Dividends Based on Tax Clienteles," Journal of Finance, American Finance Association, vol. 55(6), pages 2499-2536, December. [Downloadable!] (restricted)
    Other versions:
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