alexa THE IMPACT OF DIVIDEND POLICY ON THE SHARE PRICE VOLATILITY: Malaysian Construction and Material Companies.
ISSN: 2162-6359

International Journal of Economics & Management Sciences
Open Access

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Research Article

THE IMPACT OF DIVIDEND POLICY ON THE SHARE PRICE VOLATILITY: Malaysian Construction and Material Companies.

Zuriawati Zakaria1, Joriah Muhammad2 and Abdul Hadi Zulkifli3

1Ph D student, School of Management, Universiti Sains Malaysia

2lecturer, School of Management, Universiti Sains Malaysia

3lecturer, School of Management, Universiti Sains Malaysia

Abstract

This study presents the results on the impact of dividend policy on the share price volatility of the Malaysian listed construction and material companies using the least square regression method after controlling for debt, firm size, investment growth and earnings’ volatility. The study found only 43.43 percent of the changes in the share prices are explained by dividend yield (DY), dividend payout ratio(DPR), and investment growth(Growth), size of the firm )FZ), leverage (Lev) and earnings volatility (EV). These companies recorded 94.41 percent share price volatility during 2005 until 2010. Dividend payout ratio significantly influences the changes in share price. The greater the size of the company, the more significant impacts the volatility of share price would be. Dividend yield, investment growth and earnings volatility insignificantly influence the changes in the company’s share prices. Leverage is negatively influence the movement of the share price.

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