The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues

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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Main Author: Norhamiza, Ishak
Format: Thesis
Language:eng
eng
Published: 2012
Subjects:
HF5001-6182 Business
Online Access:https://etd.uum.edu.my/3530/1/s808882.pdf
https://etd.uum.edu.my/3530/7/s808882.pdf
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id my-uum-etd.3530
record_format uketd_dc
institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Taufil Mohd, Kamarun Nisham
topic HF5001-6182 Business
spellingShingle HF5001-6182 Business
Norhamiza, Ishak
The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues
description 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.
format Thesis
qualification_name masters
qualification_level Master's degree
author Norhamiza, Ishak
author_facet Norhamiza, Ishak
author_sort Norhamiza, Ishak
title The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues
title_short The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues
title_full The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues
title_fullStr The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues
title_full_unstemmed The Effects of Family Ownership on Prices of Firms Announcing Bonus Issues
title_sort effects of family ownership on prices of firms announcing bonus issues
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2012
url https://etd.uum.edu.my/3530/1/s808882.pdf
https://etd.uum.edu.my/3530/7/s808882.pdf
_version_ 1747827595739660288
spelling 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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