The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues
This study aims to investigate the effects of six governance characteristics on prices of firms announcing bonus issues. This study used a sample of 50 companies without other announcements. The six governance characteristics are family ownership, board size, proportion of independent directors, pro...
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2012
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Taufil Mohd, Kamarun Nisham |
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HF5001-6182 Business Norhamiza, Ishak The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues |
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This study aims to investigate the effects of six governance characteristics on prices of firms announcing bonus issues. This study used a sample of 50 companies without other announcements. The six governance characteristics are family ownership, board size, proportion of independent directors, proportion of executive directors, proportion of family directors and board ownership while cumulative abnormal return from day -5 to day -1 is used as a proxy for the announcement effects. Market model and ordinary least squares (OLS) regression methods are used to examine the abnormal returns and the effects of corporate governance on abnormal returns. The findings showed proportion of family directors and proportion of executive directors have significant effect on cumulative abnormal return. This result indicates that investors reacted favourably to announcements by companies with a large proportion of either family directors or executive directors. |
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Thesis |
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Master's degree |
author |
Norhamiza, Ishak |
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Norhamiza, Ishak |
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Norhamiza, Ishak |
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The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues |
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The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues |
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The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues |
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The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues |
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The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues |
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effects of family ownership on prices of firms announcing bonus issues |
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Universiti Utara Malaysia |
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Othman Yeop Abdullah Graduate School of Business |
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2012 |
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https://etd.uum.edu.my/3530/1/s808882.pdf https://etd.uum.edu.my/3530/7/s808882.pdf |
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my-uum-etd.35302022-07-31T03:34:27Z The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues 2012 Norhamiza, Ishak Taufil Mohd, Kamarun Nisham Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HF5001-6182 Business This study aims to investigate the effects of six governance characteristics on prices of firms announcing bonus issues. This study used a sample of 50 companies without other announcements. The six governance characteristics are family ownership, board size, proportion of independent directors, proportion of executive directors, proportion of family directors and board ownership while cumulative abnormal return from day -5 to day -1 is used as a proxy for the announcement effects. Market model and ordinary least squares (OLS) regression methods are used to examine the abnormal returns and the effects of corporate governance on abnormal returns. The findings showed proportion of family directors and proportion of executive directors have significant effect on cumulative abnormal return. This result indicates that investors reacted favourably to announcements by companies with a large proportion of either family directors or executive directors. 2012 Thesis https://etd.uum.edu.my/3530/ https://etd.uum.edu.my/3530/1/s808882.pdf text eng public https://etd.uum.edu.my/3530/7/s808882.pdf text eng public masters masters Universiti Utara Malaysia Amuthan, R. & Ayyappan, S .(2011). Analysis on Bonus Shares Issuing Event Impact on Share Prices with Special Reference to Indian Banking Sector and Information Technology Sector in India. Journal of Economics, Finance and Administrative Sciences 38, 21- 28. Anderson, R.C & Reeb, D.M. (2003).Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. Journal of Finance 3. 1301- 1324. Ang, J.S., Cole, R.A., & Wuh Lin, J. (2000). Agency Costs and Ownership Structure. 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