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THE DETERMINANTS OF DIVIDEND POLICY IN BURSA MALAYSIA FOR CONSTRUCTION COMPANIES

SITI AISHAH BINTI RAMLI 2009210308

Submitted in Partial Fulfilment of the Requirement for the Bachelor of Business Administration with Honours (Finance)

FACULTY OF BUSINESS MANAGEMENT UNIVERSITY TECHNOLOGY MARA SHAH ALAM JAN 2012
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DECLARATION OF ORIGINAL WORK

BACHELOR OF BUSINESS ADMINISTRATION (HONS) FINANCE FACULTY OF BUSINESS MANAGEMENT UNIVERSITI TEKNOLOGI MARA

I, SITI AISHAH BINTI RAMLI (2009210308), I/C Number 880929-14-5400 Hereby, declare that: This project paper is the result of my independent work and investigation, except where otherwise stated

This work has not previously been accepted in substance for any degree, locally or overseas, and is not being concurrently submitted for this degree or any other degrees.

All verbatim extract have been distinguish by quotation marks and sources of my information have been specifically acknowledged

Signature: _________________

Date: _________________

LETTER OF SUBMISSION

Encik Ahmad Husni Bin Muhd Rashid The Program Coordinator Bachelor of Business Administration (Hons) Finance Faculty of Business Management Universiti Teknologi MARA Shah Alam Selangor Darul Ehsan.

Dear Sir,

TRANSMITTAL OF INDUSTRIAL TRAINING REPORT (FIN667)

With reference to the above said, I enfold herewith my research paper entitled DETERMINANT OF DIVIDEND POLICY IN BURSA MALAYSIA FOR CONSTRUCTION COMPANIES in the semi-fulfillment of requirement for the Faculty of Business Management, Universiti Teknologi MARA.

I hope this research paper does satisfy the facultys requirements and expectation.

Thank You. Yours sincerely, ____________________________ SITI AISHAH BINTI RAMLI 2009210308 (I/C: 880929-14-5400) Bachelor of Business Administration (Hons) Finance

ACKNOWLEDGEMENT

In the name of Allah, the Most Gracious and the Most Merciful

Praise to Allah who had given me the opportunity to complete this thesis. I would like to extent my deepest gratitude to my research advisor, Puan Nurul Ainun Bt Ahmad Atory and my research examiner Puan Nur Bashirah Bt Hussin for their enthusiastic effort and concern, as well as their guidance and comment, which have been conveyed, to the author throughout this research project. Besides that, the author also gratefully acknowledged to the Library Resouces Center of Universiti Teknologi Mara Shah Alam, all lecturers in Faculty of Business Administration and colleagues for their cooperation and facilities throughout the study. Last but not least, the author likes to acknowledge all the members and classmate of bachelor degree in finance for their kindness in sharing their knowledge with the author. Hopefully, this research study would be beneficial and act as guidance to future researchers who are interested to explore and gain as much as possible knowledge from this research studies.

Thank You.

TABLE OF CONTENT
PAGE

ACKNOWLEDGEMENT TABLE OF CONTENT LIST OF FIGURES LIST OF TABLES LIST OF ABBREVIATIONS ABSTRACT CHAPTER ONE: INTRODUCTION 1.1 Background of Study 1.2 Problem Statement 1.3 Objectives of Study 1.4 Significance of Study 1.5 Scope 1.6 Limitation

iv v-vi vii vii viii ix

1-2 3 4 4-6 7 8-9

CHAPTER TWO: LITERATURE REVIEW 2.1 Introduction 2.2 Review of Previous Study 2.3 Theoretical Framework 10 10-11 11-15

CHAPTER THREE: RESEARCH METHODOLOGY 3.1 Introduction 3.2 Types of Data 3.3 Data Collection Method 16 17 17-18

3.4 Variables and Measurement 3.5 Research Design 3.6 Theoretical Framework 3.7 Data Analysis and Treatment 3.8 Hypothesis Statement 3.9 Methodology

19-20 21-22 22 23 24-25 25-26

CHAPTER FOUR: RESULT AND DATA INTERPRETATION 4.1 Introduction 4.2 Multiple Linear Regressions 4.2.1 Model Summary 4.2.2 Coefficient 4.2.3 Hypothesis Testing 4.2.4 Linear Equation 28-29 30 31-32 33 27

CHAPTER FIVE: CONCLUSION AND RECOMMENDATION 5.1 Conclusion 5.2 Recommendation 34-35 36

REFERRENCES APPENDICES

37-38 39-46

LIST OF FIGURE CHAPTER THREE Figure 1: Theoretical Framework

LIST OF TABLES CHAPTER THREE Table 3.1 Description of Variables CHAPTER FOUR Table 4.1 Variables Entered Table 4.2 Model Summary Table 4.3 Coefficients

LIST OF ABBREVIATIONS

DPS: Dividend Per Share MTBV: Market to Book Value SPSS: Statistical Package for Social Science

ABSTRACT This paper examines the determinants that affecting the dividend payment decisions by the company management in Malaysia listed companies for construction sectors. There are twenty sample construction companies that declared dividend from year 2006 until 2010 chosen to be analyzed on how the changes in dividend payment decisions vary according with the predictors variables. The relationship between independent variables with the current dividend per share as dependent variables is analyzed through Regression and Correlation Model. The findings showed that variables having strong relationship with dependent variables are not necessary are the determinants of dividend payment decisions such as profit after tax that has strongest relation with dividend per share. Lastly, the study confirms the facts that past dividend per share and profitability were the important determinant of dividend payment.

CHAPTER ONE INTRODUCTION 1.1 Background of Study The most widely accepted objective of a company is to maximize the value of the company and to maximize shareholders wealth. In general, there are three types of decisions which might influence the value of a firm which are investment decisions, financial decisions, and dividend decisions. The investment made by a company determines the future earnings and future potential dividends; and dividend policy influences the amount of equity capital in a firms capital structure and further influences the cost of capital. Generally, dividend can be defined as a portion of corporate profit that is paid out by the corporation to their shareholders as a reward for investing in the corporation. Dividend is considering as the sharing of

recognized assets among shareholders that could either be paid regularly by company or called out by shareholders anytime. However, it is not as a business expense for the company. Thus, the rules and guidelines used by the company to decide on the amount of dividend paid out to their shareholders are according to the companys earnings. This is referred as company

dividend policy. In Malaysia, companies are free to decide when and how much to pay out in dividends for a specific financial business year as long as they comply with the Companies Act, 1965. According to Section 365 of the Act, No dividend shall be payable to the shareholders of any company except out of profits or pursuant to Section 60. In other words, the Act requires that dividends of a company can only be distributed from the profits of the company except pursuant to Section 60 of the Act. Besides, the unique characteristic of dividends in Malaysia is the tax exemption feature. With effect from the year of assessment 2008, a single-tier income tax system will replace the imputation system. Under the imputation system, a Malaysian

resident company is required to deduct taxes at the prevailing corporate tax rate on taxable

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dividends paid to its shareholders. This tax is already accounted for through the tax paid by the company on its taxable profits, which is accumulated as dividend franking credits (Section 108 credits). When shareholders receive taxable dividends, they are entitled to a tax credit for the tax already paid by the company in respect of the income. Those credits are then used to offset the shareholders tax liability. However, under the single-tier system, profits are only taxed at the company level; thus, dividends paid under this system will be tax-exempt in the hands of shareholders. The study of corporate dividend behavior has been a key research area in finance. Yet, we still do not have an acceptable explanation for the observed dividend behavior of companies and the dividend puzzle still remains unsolved (Black, 1976). It is a long-standing position of well-known finance researchers that dividends are irrelevant, and they have no influence on the share price, given that the capital market are perfect (Miller and Modigliani, 1961). Some

researchers have held a contrary position that considers that capital markets are not perfect and therefore, dividends do matter. Several empirical surveys indicate that both managers and investors favor payment of dividends (I.M Pandey, 2001). Lintner (1956) found that US

companies in sixties distributed a large part of their earnings as dividends, and they also attempted to maintain stability of dividend. These findings have been vindicated in different countries and in different time periods.

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1.2

Problem Statement Dividends are payments made by a company to its shareholders, usually after a

company earns a profit. Thus, dividends are not considered as a business expense but are a sharing of recognized assets among shareholders. Dividends are either paid regularly or can be called out anytime. Consequently, a dividend policy is a set of company rules and guidelines used to decide how much the company will pay out to its shareholders. Dividend policy is an essential financial decision made by the board of directors and the management and this decision is one of the fundamental components of corporate policy. Dividend policy has been viewed as an issue of interest in the financial literature and one of the most controversial topics in finance. Despite a large body of literature on dividends and payout policy, researchers have yet to reach a consensus on why firms pay dividends and what determines the payout ratio. The extent literature on dividend payout ratios provides firms with no generally accepted prescription for the level of dividend payment that will maximize share value. Some researchers believe that dividends increase shareholder wealth (Gordon, 1959) while many others believe otherwise. As stated by Chay and Suh, different country will have their owned culture, rules and regulations restricted on the dividend policy and the different country based corporate also practicing different policy. As a developing country, Malaysia still lack of the research that investigated on the determinants of dividend policy the listed companies especially those that emphasize on certain industry. Thus, this study will focus on why construction companies

paying lowest dividends as they have higher growth opportunities and higher surplus cash.

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1.3

Objectives of Study The main focus of this study is: 1. To determine the relationship between profitability of construction companies and dividend policy of listed construction companies. 2. To determine relationship between market to book value of construction companies and dividend policy of listed construction companies. 3. To determine relationship between past dividend of construction companies and dividend policy of listed construction companies.

1.4

Significance of Study Dividend policies are the regulation and guidelines that companies develop and

implement as the means of arranging to make dividend payments to shareholders. In the cases where dividend policies are not specifically define; investors often look at the history to spot any trends that emerged in the past. If the dividend payments have been more or less constant for the last several years, and there has been no loss in business volume, it is responsible to assume the payments will still be in the same general range as before. However, if the dividend history is more volatile, the shareholders may attempt to identify what factors lead to the up and down movement of dividends and determine if any of those factors are relevant to the current dividend period.

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1.4.1

Researcher This research study is significant to researcher for future career in the field of

Business Management (Finance). It is also significant to the researcher to meet the requirements for completing the BBA (Hons) Finance Programmed. Once this study is complete, it can be used as a reference for researcher when they enter in the working environment. Therefore, the information through this study is actually can help researcher on how to perform better in the future. Moreover, it actually help researcher to understand what are the relationship between profitability, market to book value, and past dividend with dividend policy. Furthermore, during completion of this research

paper, it gives the researcher to explore and learn new knowledge and experiences. However, there are lots of weaknesses and constraints that may be obtained and hence, the researcher believe that, it will encourage them to provide the better research paper in the future.

1.4.2

Industry The research paper can be used by any professional or non professional

organizations that are highly public listed companies regarding dividend policy.

The

results of the study also can be analyzed and hoping that it gives clears overview about the determinants of dividend policy in Malaysia. Besides, it will help the organization to improve the performance of the company in term of profitability, market to book value and past dividend for investor. Thus, this research paper also will try to overcome the problem that might be face for the companies either in current condition or in future.

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1.4.3

Public Once completed, this research paper will be useful to other researchers that are

not wholly involved in this study but they interested to know and gain information about the determinant of dividend policy in Malaysia for any sector of industry. Moreover, this research paper also can be guidance for them during the research process. Furthermore, this research paper will provide a young researcher an overview about the determinant of dividend policy among various industries in Malaysia. Therefore, they can understand the overall of the study and the lessons they can get when they do the research.

1.4.4

University For the university, this research paper will be as reference to other researcher to

do their research. The researcher hoping that it can help other researcher especially BBA (Hons) Finance students who wish to complete their studies in their final semester. Despite of being a reference and guidance to other researcher, the university is actually has creates a young and talented researcher. Other than doing a practical training in working field, it also help student to engage in research field. Eventually, the researcher will earn lots of improvement either in verbal or non-verbal skills when expose in research field.

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1.5

Scope of study The scopes of this study would cover companies which are listed in Bursa Malaysia 2011 which comprises of 20 largest construction companies. Apart from that, this study also analyzes financial statement of selected construction companies in order to get data for independent variables. Data collected cover from year 2006 until 2010. This study was conducted in Malaysia. The researcher wants to determine how the relationship between independent variables which are profitability, market to book value, past dividend of construction which will influences the dependent variable which is determinant of dividend policy. At the end of this result it will show either both independent and dependent variable is actually positive or negative relationship. The data for both variables was collected and gathered from two different sources which are from financial report of the companies and DataStream. Finally, to gain insight on the independent variables were analyzed in order to support the findings using Panel Data and the result made must be efficient and effective for this research paper.

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1.6

Limitation and Constraints When doing research there lots of limitation and constraints. Researcher usually might

face this situation upon completion their research study. Thus, the limitation and constraints face by the researcher to complete this study are: 1.6.1 Financial Constraints The high cost from using the internet access to find information and gather the related data for the research study make difficulty for the researcher. Besides that, it includes other costs such as printing, binding, photocopy and delivery cost. As a

student, it becomes the constraints because the researcher income only relies on parent pocket money.

1.6.2

Time Constraints The researcher are not have enough time to explore and obtain detail data

properly because the time allocated for this research study is limited for only one semester which is about five month and this research being done during internship period. Not all informations needed by researcher is easily to find. Some of information was difficult to get and researcher need to take a longer time to prepare all the data needed. Moreover, researcher tries to complete this research paper during weekend. It is because researcher have tight schedule in their working place. The researcher needs to surf the web often in order to find suitable data to support this research paper. Therefore a good and comprehensive study is difficult to be done and appropriate time is needed in order to produce a good research paper.

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1.6.3

Lack of Experience and Knowledge The researcher has lack of experience and knowledge in conducting the

research. It is because; this research paper is the first time for the researcher to do in order to complete the researcher studies. Consequences from that, it limits the

researchers knowledge and skill to be applied while conducting this study. Besides that, the researcher strongly depends on their advisors as guidance to complete the research study according to schedule given. Otherwise, the previous research paper from

previous researcher also helps to complete this study.

1.6.4

Reliability of Data For this paper, the data used are gathered and collected from secondary data

which is from financial report of the companies. Hence, the accuracy and the reliability of the data are strongly depends on the accuracy of the published materials where the data are taken from. Moreover, the data are limited due to the lack of related material and difficult to find resources. Too much unrelated and inaccurate information also give difficulty to researcher in complete this research study.

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CHAPTER TWO LITERATURE REVIEW

2.1

Introduction Dividend policy is the policy used by a company to decide how much it will pay out to

shareholders in dividends. In financial accounting, after deducting expense from the revenue, a company generates profit. Part of the profit is kept in the company as retained earnings and the other part is distributed as dividends to shareholders. From the share valuation model, the value of a share depends very much on the amount of dividend distributed to shareholders. The determinants of dividend policy are continuing to become most popular question, as noted by Black (1976).

2.2

Review of Previous Study According to Lintner (1956) firms adjust their dividend policy according to dividend

payout ratio that companies had maintained. The long-term sustainable investment and growth objectives determine the firms target payout ratios. Further, Lintner finds that firms pursue a stable dividend policy and gradually increase dividends given in accordance to the target of DPS. This implies that firms set speed to move towards the full achievement of payout. These findings suggest that firms establish their dividends in accordance with the level of current earnings as well as dividend of the previous year. Lintner also points out that managers believe that investors prefer firms with stable dividend policies. A number of survey and empirical studies have been conducted in USA and other countries using Lintners framework. In USA, Darling (1957), Fama and Babiak (1968), and Brittain (1964; 1966) use modified and extended Lintner model to confirm his findings. A survey of the NYSE-listed companies by Baker,

Farrelly, and Edelman (1985) supports the Lintner findings, and they conclude that the major determinants of dividend payments are future earnings and past dividends. 19

The subsequent survey study of Pruitt and Gitman (1991) also confirms these results. Lintners model has been generally found applicable in a number of developed markets. It has been tested by Chateau (1979) in Canada, Shevin (1982) in Australia, McDonald et al (1975) in France, Leithner and Zimmermann (1993) in West Germany, UK, France and Switzerland and Lasfer (1996) in UK. Dewenter and Warther (1998) compare dividend policies of firms in USA and Japan for the period from 1982 to 1993. Their results show that U.S.A firms tend to choose stable dividend policies whereas Japanese firms prefer to omit dividend and follow relatively unstable dividend policies. Researchers have recently started looking at the dividend behavior of companies in regulated and emerging markets. Glen et al (1995) finds substantial

differences in dividend policies of companies in developed and emerging markets. They show that dividend payments are much lower in emerging markets and companies follow less stable dividend policies, although they do have target DPS.

2.3

Theoretical framework

2.3.1

Dividend Policy According to the Ross, Westerfield and Jordan (2008), dividend can be defined

as cash paid out of current profit after tax. This payment of dividend to shareholders depends on the company managements willingness to distribute their surplus of cash from their net income to shareholders or to retain it for other re-investment opportunities. From the research constructed by many different researchers, the reasons of paying dividends are similar whereby lesser dividend payout will lead to the investing of excess cash flow in projects or acquisitions with insufficient net present value by managers for mature company with highly stable. However, paying out too much of cash dividends may reduce the financial flexibility of high growth firms and force them to pass up valuable investment opportunities due to lack of capital. 20

Thus, these situations could negatively affect a companies value over time. Besides that, empirical works that highlights the dividend policy puzzle in both developed and emerging markets should also be considered. Firstly, there may have some empirical studies that excluded some significant variables which may affect the dividend policy decision such as Ho (2003) and Aivazian et al. (2003) models that excluded ownership structure variables. This would provide evidence that the dividend policy

model constructed by the researchers have not yet reached to a specific set of factors that may affect the firms dividend policy. Secondly, there is no precise relationship between the investigated variables and the dependent variable (dividend policy). Ho (2003) stated in his research that firm size of positively related to dividend policy but negatively related in Aivazian et al. (2003)s research. This conflict is due to the different interpretations of the variables or the different statistical method being used. However, the empirical work in dividend policy field has shown strong evidence that the agreed factors are important determinants of the dividend policy in both developed and emerging markets. The theories of dividend policy also serve both markets.

2.3.2

Profitability Several surveys provide useful insights into what factors financial managers

considered most important in determining their firms dividend policy. Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986), surveyed 562 New York Stock Exchange (NYSE) firms with normal of dividend polices in 1983. Based on their analysis of 318 responses from utility, manufacturing, and wholesale/retail firms, they found that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends. Pruitt and Gitman (1991) surveyed financial managers of the 1,000 largest US firms about the interplay among the 21

investment, financing, and dividend decisions in their firms. Their evidence suggested that important influences on the amount of dividends paid were current and past years profits, the year-to-year variability of earnings, and the growth in earnings. Baker and Powell (2000) found support for their hypothesis that the 8 most important factors influencing a companies dividend policy are the level of current and expected future earnings and the pattern or continuity of past dividends. Aivazian, Booth and Cleary (2003) found that emerging market firms exhibit dividend behavior similar to US firms, in the sense that dividends are explained by profitability, debt, and the market-to-book ratio however, their sensitivity to these variables varies across countries. DeAngelo et al (2004) posited that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Their findings supported this contention and they found that just as dividend concentration had increased so did the concentration of earnings. Goergen et al (2005) analyzed the decision to change the dividend for 221 German firms over 19841993. Their results showed that net earnings were the key determinants of dividend changes. In addition, their findings showed that the occurrence of a loss is a key determinant in addition to the net earnings level. They observed that 80 percent of the loss-incurring German firms, with at least five years of positive earnings and dividends preceding the loss, omit the dividend in the year of the loss.

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2.3.3

Market to Book Value A firm which has high growth or measure by market to book value will have

greater need for external financing and thus they may be motivated to establish a good reputation with stockholders through higher dividend payout in order to insure access to external equity that can capitalize the firm (LaPorta, Silanes, Schliefer & Vishny, 2000). However, the research conducted by Amidu and Abor (2006) also stated that market to book value were found to have statistically significant and negative associates with dividend payment. According to them, market to book value is used as proxies for the companies future prospects since growing firms require more funds in order to finance their growth and therefore would typically retain greater proportion of their earnings by paying low dividend. In addition, Jeong (2008) also supported Amidu and Abor where market to book value is expected to be negatively related to the degree of dividend smoothing in term of dividend payment. In his study on 299 firms listed on Korea Stock Exchange over a twenty-six years period starting from 1981 to 2006, he uses the signaling theory to imply that firms with growth opportunities or the market to book value of the companies are more likely to pay dividends in order to convey this information to the market. These firms will also have a greater need to retain a higher proportion of earnings to support their valuable investment projects to improve the companys sales growth rate. These two contrary statements stated above are totally different and thus an empirical analysis of Malaysia listed firms sales growth can help to found out how the sales growth of the firm affecting the dividend payout ratios for consumer products sector in order to decide which statement should be supported.

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2.3.4

Past Dividend According to Pandey (2001), past dividend paid by the companies is highly

significant to the current dividend payment for all industries in the Bursa Malaysia. Generally, the higher coefficients and associated t-statistics of past dividend in the research imply the greater importance of past dividend in deciding the dividend payment. His research is also proven with strong evidence that the management of Malaysian companies always consider past dividend as a more important benchmark for deciding the current dividend payment. Thus, as the finding suggests, respondents attempt to maintain a high degree of consistency in their firms' dividends level by referring to the past dividend declared. Besides that, another survey conducted by Baker and Smith (2006) on 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to learn how they set their dividend policies also supported with Pandey where past dividends play an important role in determined the dividend policies. Their results showed that for the sample and matched firms, the nine patterns of past dividends, the level and stability of earnings, and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents.

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CHAPTER THREE RESEARCH METHODOLOGY

3.1

Introduction Research can be defined as scientifically and methodically in order to provide

information for solving the problems. Research can be divided into two categories which is basic and applied research. In applied research, the researcher attempts to solve a known problem and find answers to a specific question. However, understanding the process and methods used for both applied and basic research are important in order to interpret the research results. Encyclopedia business (2011). The objective of this study is actually to analyze either the explanatory variables which are profitability, market to book value ratio, and past dividend has a positive relationship with dependent variables or negative relationship. Therefore, the researcher will used an applied research in order to find the answers. The discussion of this chapter will begin with types of data, data collection method, data analysis and data processing. This study will examine the number of construction companys specific factors and its effects on dividend policy. Research method is important to design the research in a way that the requisite data can be gathered and analyze to arrive at a solution. In addition, decisions have to be made as to the type of sample to be used, how the data will be collected, how variables will be measured and how to be analyzed to test the hypothesis. To achieve the above objective, this study test on the hypothesis of factors that influence the dividend policy of construction companies.

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3.2

Types of Data Types of data that used for this research can be primary or secondary data. Primary

data is originated by the researcher for the specific purpose of addressing the research problems. While secondary data is the information which already exists and that have been collected for purposes other than the problem at hand (Uma Sekaran, 2003 and Malhotra, 2007). In this research, the researcher has decided to use secondary data. It is because, all the information of the variables use for this research are collected and gathered from companies annual report and data stream.

3.3

Data Collection Method As mentioned above, the data are collected from the secondary sources. The

researcher used secondary data collection methods to gather as much as possible data for the research project. All the collected data are considered as secondary data since it was obtained from secondary sources. Secondary sources are research reports that use primary data to solve research problems and the information usually it is gathered by researchers in the recorded books, articles, and other publications. In other words, the data is gathered from the existing sources (Uma Sekaran, 2003). Researcher will read them and use what they read to frame the conclusions or questioning their methods. The data can be used in order to support the researcher findings, but only if researcher cannot find those data in a primary source (Wayne C. Booth, Gregory G. Colomb, and Joseph M. Williams, 2008). However, the data gathered must be quality and relevance for research purposes. Besides, the major advantages of using secondary data are economic. Meaning that using secondary data is less costly and time-consuming rather than collecting it by primary data. But the risk to get the appropriate data is high (Scot Ober and Houghton Mifflin, 2008).

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For this study, researcher chooses twenty construction companies listed in Bursa Malaysia. Both quantitative and qualitative will be use for this research. The quantitative data is used for the purpose to analyze the data. While qualitative data will be used to interpret the result gathered. All the data for dependent and independent variables which include

profitability, market to book value ratio, past dividend and DPS are obtained from annual report of the companies. Besides, the data is gathered from the period of 2006 until 2010. Moreover, researcher decided to support the findings and get the relevance data through the DataStream, journals and previous thesis from previous researcher in UiTM libraries, articles, books, magazines, newspapers and internet.

3.3.1

Sample Selection A sample is a subset of the population. Sample of the study was collected based

on annually data of profitability, market to book value ratio, past dividend and DPS for construction companies. Second, balanced sample of construction companies are for five years started 2006 until 2010. Thus, the sample construction companies should be continuously listed on the Bursa Malaysia and should have financial data for five years. The journal that will be used in this study is relates between profitability, market to book value ratio, past dividend and dividend policy.

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3.4

Variables and Measurement Since this study is used secondary data, the data will be come from the previous study,

publication and others researcher. To measure dividend policy in this study is by know the effect of profitability, market to book value ratio, past dividend and dividend policy itself. Dividend policy is measure as a dividend per share or paid during current financial year of the company. Profitability can be measure as net profit after tax. Market to book value ratio can be measure as market price per stock divided by book value per stock. Past dividend can be measure by previous dividend per share. Variable in this study can be divided into two. It was:

3.4.1

Dependent Variable The dependent variable in this study is dividend policy. The dividend policy may

be affected by the independent variables. So, this study will determine the effect of the independent variables towards dividend policy.

3.4.2

Independent Variables The independent variables in this study are profitability, market to book value,

and past dividend. All this variables may affect the up and down of dividend policy. So, this study will determine the effect of all these variables towards dividend policy. The independent variables will influence the dependent variable in this study.

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Table 3.1: Description of Variables

Proxy Variables

Units of Measure

Predicted Sign

Dividend Policy

Dividend Per Share (DPS) = (Sum of dividends +/paid over a given period including the interim dividends any special, one time dividend) / Number of ordinary shares outstanding issued for the period)

Profitability

Log of Net Profit After Tax

+/-

Market Value

to

Book market price per stock/by book value per stock

+/-

Past Divided

Previous dividend per share

+/-

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3.5

Research Design The research design is involves how the study being done. This also to design a

research in a way which data can be gathered and analyze to get solutions. All the purpose, type of investigation, unit of analysis and time horizon of study will be explained .

3.5.1

Purpose of this study The study was based on hypothesis testing. Hypothesis testing usually explain

the nature of certain relationships or establish the differences among groups or the independences of two or more factors in a situation. In this study, the dividend policy is related with profitability, market to book value and past dividend. So, the hypothesis will be tested to get the result whether to accept the null hypothesis or not.

3.5.2

Types of Investigation This study was correlation and regression study where the important variables

were associated with the problem that is the dividend policy. And this study will identify either the independent variables give effect towards dependent variable or not.

3.5.3

Unit of Analysis In this study, the unit of analysis that will be used is companies. Data collection

and sampling focus in construction companies listed in Bursa Malaysia. This study will examine the significant effect of the independent variables towards dependent variable of construction companies. Thus, in this study construction companies are unit of study.

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3.5.4

Time Horizon A study can be done in once the data being gathered. Yearly basis collection of

data will be use with the purpose of answering a research question. The data would be analyzed in the same series basis of yearly data from 2006 until 2010.

3.6

Theoretical Framework

The theoretical framework is the foundation of which the entire research project is based. The theoretical framework elaborated the relationship among the variables, explained the theory underlying these relations and described the nature and direction of the relationships.

Figure 1 Independent Variables Dependant Variable

Profitability

Market to book value

Dividend Policy (DPS)

Past dividend

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3.7

Data Analysis and Treatment The statistical tools use in this study is Multiple Linear Regression Model. This model of

analysis is done to examine the simultaneous effects of several independent variables on dependant variables that are interval scales. According to Uma Sekaran (2005) mention

internal scale measured the distance between any other two points on scale. The interval scales, and then taps the differences, the order and the equality of the magnitude of the differences in the variables.

3.7.1 Multiple Linear Regressions

Y = + X+ X + X+
Where, Y =Dependant variable which represent dividend policy =the constant number of equation =Coefficient Beta value

X =Independent variable which represent profitability X =Independent variable which represent market to book value X =Independent variable which represent past dividend =Error

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3.8

Hypothesis Statement

Hypothesis can be divided into two types:

Null hypothesis (H)

The null hypothesis is a hypothesis about a population parameter. The purpose of hypothesis testing is to test the viability of the null hypothesis in the light of experimental data. Depending on the data, the null hypothesis either will or will not be rejected as a viable possibility. Alternative hypothesis (Ha1, Ha2, Ha3..Hx)

If the data are sufficiently strong to reject the null hypothesis, then the null hypothesis is rejected in favor of an alternative hypothesis.

(COEFFICIENT ANALYSIS)

Hypothesis 1 Ho1: Ha1: There is no significance relationship between dividend policies and profitability. There is significance relationship between dividend policies and profitability.

Hypothesis 2 Ho2: Ha2: there is no significance relationship between dividend policies and market to book value. There is significance relationship between dividend policies and market to book value.

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Hypothesis 3 Ho3: Ha3: 3.9 There is no significance relationship between dividend policies and past dividend. There is significance relationship between dividend policies and past dividend. Methodology 3.9.1 Statistical Package for Social Science (SPSS) All the collected data will be analyzed through the statistical analysis. The software that could help to analyze all those data is SPSS system. This system will help to analyze all the data accurately. The user of this system applies few options of analyses. Those analyses will be applied in the analysis to see whether the hypothesis should be rejected or vice versa. The application of this SPSS is to improve and enhance statistical and analytical understanding and skills.

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3.9.2

Data Processing Panel data was utilized to verify the Null hypothesis with the help of regression

analysis. After provides a data, the task of the researcher is to transform and processing the collected data into useful information for management. The step in data analysis is preparing the data by editing it for several factors, including completeness, legibility, comprehensibility, consistency and uniformity (Encyclopedia of Business, 2011). For this research, the raw data gathered from financial statement of the construction companies will be inserted into the Microsoft Excel software. The data will be modified based on the requirement as stated in the panel data system. This Excel data will be processed in order to describe the relationship of company profitability, market to book value and past dividend. Some data will be converted into a natural log value (log) before being processed using SPSS software. Besides, all the data inserted are on a yearly basis.

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CHAPTER FOUR FINDINGS AND DATA INTERPRETATION

4.1

Introduction This chapter will focus on the findings and analysis where the results from the SPSS

would be detailed explained in order to finds whether there is a relationship between the dependent variable and independent variables. Besides, all the findings and the result must answer the objective of this research. Thus, this chapter will begin with explanation in variable trend, descriptive statistics, correlation of coefficient analysis and regression analysis. This study used Multiple Linear Regression Analysis to run the data. The purpose

of multiple regression analysis is to evaluate the effects of two or more independent variables on a single dependent variable (Wikipedia, 2011). Regression arrives at an equation to predict performance based on each of the inputs. Dependent variable is Dividend Policy which

represent dividend paid. For independent variables are Profitability which represent log net profit, MTBV which measure by market price per stock/by book value per stock and past dividend which measure by previous DPS. This method used to determine the effect of

independent variables towards dependent variable. To testing the hypothesis, both dependent and independent variables will be run in SPSS.

36

Variables Entered/Removed Variables Entered Past Dividend, Market to Book Value, Profitabilitya a. All requested variables entered. Table 4.1 Variables Removed . Enter

Model 1

Method

4.2

Multiple Linear Regressions 4.2.1 Model Summary

4.2.1.1 Correlation Coefficient (R) R=0.849 R is the multiple correlation coefficients that tell us how strongly the multiple independent variables are related to the dependent variable (Wikipedia, 2011). Table 4.1 above show value of correlation coefficient is 0.849. Coefficient of Correlation is Measure the degree of association between two variables. Range -1.0 is for perfect negative correlation while range 1.0 is for perfect positive correlation. Back to the result of Coefficient of Correlation in this study, it shows that the correlation or relationship between two variables in this study is strongly positive relationship.

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4.2.1.2 Coefficient of Determination

R=0.722

R is useful as it gives us the coefficient of determination.

R indicates the

proportion of the total variation in the independent variables (Wikipedia, 2011). R is the proportion of variation in the dependent variable explained by the regression model. The values of R range from 0 to 1. Small values indicate that the model does not fit the data well. The sample R tends to optimistically estimate how well the models fit the population. This mean, the higher the R, the better the explanation will be. The R for this study is 72.2%. Thus, 72.2% of variations of dividend policy are explained by

profitability, market to book value and past dividend. Another 27.8% is explained by other variables. Model Summary Adjusted R Square .713 Std. Error of the Estimate .03361

Model 1

R .849a

R Square .722

a. Predictors: (Constant), Past Dividend, Market to Book Value, Profitability Table 4.2

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4.2.2

Coefficient In coefficient analysis, the values of Betas can be either positive or negative.

The positive and negative betas will explain the relationship between the dependant variables and independent variables. Positive sign means positive relationship between the two variables while negative means negative relationship between the two variables. Table 4.3 below show the intercept is -0.068 and this is the place that the regression equation across the y-axis. As being shown in Table 4.3, beta for profitability is 0.020. Thus, for every 1 unit increase in profitability, dividend policy will also increase by 0.02 units. This shown positive relationship between profitability and dividend policy. Beta for market to book value is -0.03. Every 1 unit increase in past market to book value will lead to decrease in dividend policy by 0.03 units. There is also negative relationship between market to book value and dividend policy. Beta for past dividend is 0.772 units. Thus, every 1 unit increase in past dividend will lead to increase in dividend policy by 0.772 units. This shown positive relationship between past dividend and dividend policy.

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4.2.3

Hypothesis Testing 4.2.3.1 Hypothesis 1 Ho1: There is no significance relationship between dividend policies and

profitability. Ha1: There is significance relationship between dividend policies and

profitability. After conducting this test, the P-value for profitability is 0.027 which is less than significant level of 0.05 or 5%. For this result, null hypothesis will be rejected since Pvalue less than . dividend policy. Thus, there is significant relationship between profitability and

4.2.3.2 Hypothesis 2 Ho2: There is no significance relationship between dividend policies and

market to book value. Ha2: There is significance relationship between dividend policies and market to

book value. P-value for market to book value is 0.626 which is more than significant level of 0.05 or 5%. Thus, alternative hypothesis will be rejected since P-value more than . There is no significant relationship between market to book value and dividend policy.

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4.2.3.3 Hypothesis 3 Ho3: There is no significance relationship between dividend policies and past

dividend. Ha3: There is significance relationship between dividend policies and past

dividend. P-value for past dividend is 0.000 less than significant level of 0.05 or 5%. Thus, null hypothesis will be rejected since P-value less than . Therefore, there is significant relationship between past dividend and dividend policy. Coefficientsa Unstandardized Coefficients Model 1 (Constant) Profitability Market to Book Value Past Dividend B -.068 .020 -.003 Std. Error .037 .009 .006 .144 -.030 Standardized Coefficients Beta t -1.826 2.244 -.489 Sig. .071 .027 .626

.772

.054

.806

14.408

.000

a. Dependent Variable: Dividend Policy Table 4.3

41

4.2.4

Linear Equation

The multiple linear regression equation explains the coefficient analysis where the dependent variable is Dividend Policy and independent variables is Profitability, MTBV and Past Dividend. The result shows the alpha and betas value. The linear equation can be constructing by adding value of the alpha and betas into equation. From the result, the linear equation is:

Y = -0.064 + 0.020 X- 0.03 X +0.772X


Where, Y =Dependant variable which represent dividend policy =the constant number of equation =Coefficient Beta value

X =Independent variable which represent profitability X =Independent variable which represent market to book value X =Independent variable which represent past dividend =Error

42

CHAPTER FIVE CONCLUSION AND RECOMMENDATION

5.1

Conclusion Finally, the researcher has achieved their research objectives. The findings show some

variables are significant positive relationship. The results in Table 4.2 indicate that there is significant positive relationship between profitability and dividend payments. This means that the profitable construction companies are more likely to pay dividends for their shareholders. This result is in line with the signaling theory of the dividend policy. A companies profitability is considered to be an important factor that affects its dividend policy. This is because profitable firm are willing to pay higher amounts of dividends and hence a positive relationship is expected between companies profitability and its dividend payments. Therefore, the more profitable the firm is, the higher the possibility to pay dividends. Thus, profitable firms will find it more significant to pay dividends and to generate more retained earnings. Researchers in the financial literature arena found the same result such as Jensen et al. (1992) and Aivazian et al. (2003). The net earnings show the positive and significant association with the dividend yield indicates that the firms with the positive earnings pay more dividends. The results disclose insignificant relationship with MTBV and dividend policy. This

clearly indicates that these are not important factors that influence the dividend payment behavior of companies in construction sector. Thus, it also indicates that high growth

companies have lower cash flow and hence pay lower dividend. This finding suggest that high growth companies with higher market to book value pay lower dividend and low growth companies with lower market to book value pay high dividend. This finding is consistent with prior finding such as Ferris, S. P., Sen, N., and Unlu, E. (2009) and Amidu, M., and Abor, J. (2006). This is because high growth companies with higher market to book value tend to invest

43

their money or share in order to signal good news about the future performance of their new projects rather than distribute to stockholders. This study also finds a significant positive relationship between past dividend and dividend policy. Companies from construction sector are referring to their previous dividend when deciding on the current dividend and these companies are having lower fluctuating in the dividend per share. These companies are trying to maintain a stable and consistent dividend flow in order to avoid stockholders dissatisfaction when they compare the current dividend declared with the previously declared dividend. If the companies didnt maintain a consistent dividend flow, the dividend payment will fluctuate accordingly to the current companies performance where it will show unstable performance of the companies since the dividend payment is declared from the companies retained earnings or net profit. This finding is

consistent with prior findings done by Pandey (2001) and Baker and Smith (2006). However, dividend payment decisions based on past dividend tend to be riskier and less favorable. The global economy recession in recent years would be the main factors that have affected most of the companys performance and it will increase the burden of companies that tend to maintain consistent dividend flow.

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5.2

Recommendation From this research study, there are few recommendation suggested for the future

research. The researcher has concluded that, future researchers should focus more on the major factors that might influences the performance of dividend policy especially on the leverage, debt equity ratio, cash flow and float. Besides, the selected variables are not strong enough in measuring the major factor that influences the company profitability. The other

variables might give a better understanding about the factors that influencing performance of the company nowadays. Moreover, future researcher should make the research study into different variables from previous researcher so that they can give a better result and clearly determine the real factors for that current issue. If the study has the accurate data and the correct answer in determine the factor that influence the dividend policy, this research study can be used as guidance and references especially for investors or speculators who seek the best dividend policy for certain companies. Furthermore, this research study is only concentrated in Malaysia. All the sample and data collected are gathered and collected in Malaysia. As conclusion, for future study, the researcher decides to do something different from the previous studies. Enlarge the scope of study either in Asia country or Non-Asia country can help researcher to gather an accurate and validity of data. Researcher also need to aware with the time period given in order to complete the research study. If used the time series or panel data, the sample of year must be longer than 10 years. For example if the sample is 30 years. It shows that the longer the time period choose by the research, the data will become more precisely and accuracy. Otherwise, the data will become inaccurately when the time frame is shorter. The argument between the validity of data will exists. In addition, future researchers also should use other method or test to interpret the data obtained. Bursa Malaysia is one of the good example sources where the accurate data can be gather and collected.

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REFFERENCE 1. Aivazain, V., Booth, L., and Cleary, S. (2003). Dividend Policy and the Organisation of Capital Markets; Journal of Multinational Financial Management, 13(2), 101-121 2. Amidu, M., and Abor, J. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance, 7(2), 135-145 3. Baker, H.K., & G.E.Powell. (1999). How Corporate Managers View Dividend Policy. Quarterly Journal of Business and Economics. Lincoln, (Spring) 4. Baker, H.K., E.T.Veit & G.E.Powell. (2000, Spring/Summer2000). Determinant of Corporate Dividend Policy: A Survey of NYSE Firms. Financial Practice & Education, 10(1), 29-40. 5. Baker, H.K., E.T.Veit & G.E.Powell. (2001). Factors Influencing Dividend Policy Decisions of Nasdaq Firms. The Financial Revie, Eastern Finance Assosiation, (August) 6. Baker, H. K. and Smith, D. M. (2006). In search of a residual dividend policy. Review of Financial Economics, 15(1), 1-18. 7. DeAngelo, H., DeAngelo, L. and Skinner, D. (2004). Are Dividend Disappearing? Dividend concerntrationand the consolidationof earnings. Journal of Financial Economics, 72, 425-456. 8. Goergen, M., Renneboog, L. and da Silva, L. C. (2005). When do German firms change their dividends? Journal of Corporate Finance, 11(1-2), n 375-399. 9. Ho, H., 2003. Dividend Policies in Australia and Japan. International Advances in Economic Research, 9(2), pp.91-100 10. Jinho Jeong. (2008). An Investigation of Dynamic Dividend Behaviour in Korea, Division of Business Administration, Korea University Working Paper 11. LaPorta, R., F. Lopez-de-Silanes, A. Schliefer & R. Vishny. (2000). Agency Problems and Dividend Policies Around the World, Journal of Finance, 55 (1), February, 1-34.

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12. Litner, John, (1956), Distribution of Income of Corporations Among Dividend, Retained Earnings and Taxes, American Economics Review 46 (No.2, May), 97-113 13. Miller, M. H., and Modigliani, F. (1961). Dividend Policy, Growth and the Valuation of Shares. Journal of Business, 34(October), 411-433 14. Pandey I M. (2001). Corporate Dividend Policy and Behaviour : The Malaysian Evidence., Indian Institute of Management Ahmedabad (IIMA), India. Working Paper No. 2001-11-01 15. Ponnu, C. H. (2008). Corporate Governance Structures and the Performance of Malaysian Public Listed Companies. International Review of Business Research Papers, 4(2), 217-230 16. Ross, S. A. (1977). The Determination of Financial Structure: The Incentive Signaling Approach. Bell J. Econ., 8(1): 2340.

www.bursamalaysia.com.my www.azrb.com www.binapuri.com.my www.ajiya.com www.gamuda.com.my www.ekovest.com.my www.mudajaya.com www.encylopedia.com www.investopedia.com/terms/d/dividendyield.asp www.studyfinance.com/lessons/dividends/ www.wiki.answers.com www.emeraldinsight.com.my

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APPENDICES LIST OF COMPANY 1. Ahmad Zaki Resouces 2. Bina Puri Holdings 3. DLSK Industries 4. Crest Builder Holdings 5. Dominant Enterprise 6. Evergreen Fibreboard 7. Gamuda 8. Astino 9. Ajiya 10. Mudajaya Group Berhad 11. Chuan Huat Resources 12. PJ Development Holding 13. Ekovest 14. UAC 15. WCT 16. White Horse 17. Pintaras Jaya 18. Bina Darulaman 19. Naim Holdings 20. Brem Holdings

LIST OF FORMULA 1. Market to Book Value : market price per stock/by book value per stock 2. Dividend per Share: (Sum of dividends paid over a given period including the interim dividends any special, one time dividend) / Number of ordinary shares outstanding issued for the period)

48

SPSS OUTPUT Regression


Notes Output Created Comments Input Active Dataset Filter Weight Split File N of Rows in Working Data File Missing Value Handling Definition of Missing DataSet0 <none> <none> <none> 100 26-Dec-2011 01:12:04

User-defined missing values are treated as missing. Statistics are based on cases with no missing values for any variable used. REGRESSION /MISSING LISTWISE /STATISTICS COEFF OUTS R ANOVA /CRITERIA=PIN(.05) POUT(.10) /NOORIGIN /DEPENDENT Dividend /METHOD=ENTER Profit MTBV DPS.

Cases Used

Syntax

Resources

Processor Time Elapsed Time Memory Required Additional Memory Required for Residual Plots

0:00:00.078 0:00:00.152 1948 bytes 0 bytes

49

Variables Entered/Removed Variables Model 1 Entered Past Dividend, Market to Book Value, Profitability
a

Variables Removed Method . Enter

a. All requested variables entered.

Model Summary Adjusted R Model 1 R .849a R Square .722 Square .713 Std. Error of the Estimate .03361

a. Predictors: (Constant), Past Dividend, Market to Book Value, Profitability

50

Coefficients

Standardized Unstandardized Coefficients Model 1 (Constant) Profitability Market to Book Value Past Dividend a. Dependent Variable: Dividend Policy B -.068 .020 -.003 .772 Std. Error .037 .009 .006 .054 .144 -.030 .806 Coefficients Beta t -1.826 2.244 -.489 14.408 Sig. .071 .027 .626 .000

51

LIST OF COMPANIES DATA LOG Profitability Profitability 21196 4.326253911 3616 3.558228422 3924 3.593728999 10054 4.002338881 41758 17466 11749 12705 12005 4.62073969 4.242193456 4.070000904 4.103974669 4.079362164 Past Dividend 0.02 0.03 0.03 0 0.03 0.05 0.03 0.02 0.05 0.02 0.01 0.04 0.05 0.3 0.04 0.05 0.05 0.07 0.14 0.06 0.04 0.04 0 0.04 0.03 Market to Book Value 1.1 0.83 0.32 0.66 0.85 1.28 1.22 0.62 0.48 1.24 0.45 0.32 0.6 1.04 1.49 0.6 0.6 0.34 1.58 0.47 2.57 1 0.37 0.68 0.82

Year

Company

Dividend 0.04 0.04 0 0.03 0.05 0.03 0.05 0.03 0.06 0.03 0 0.04 0.05 0.3 0.06 0.07 0.05 0.05 0.2 0.06 0.04 0.05 0.03 0.05 0.03

Ahmad Zaki 2006 Resources Bina Puri Holdings DLSK Industries Crest Builder Holdings Dominant Enterprise Evergreen Fibreboard Gamuda Astino Ajiya Mudajaya Group Berhad Chuan Huat Resources PJ Development Holding Ekovest UAC WCT White Horse Pintaras Jaya Bina Darulaman Naim Holdings Brem Holdings Ahmad Zaki 2007 Resources Bina Puri Holdings DLSK Industries Crest Builder Holdings Dominant Enterprise

14010 4.146438135 2539 3.404662701 31954 9184 27373 77420 38247 14980 7401 76278 19281 4.504525231 3.963031875 4.437322397 4.888853167 4.582597376 4.175511813 3.869290404 4.882399297 4.285129555

30161 4.479445737 6634 3.821775467 10054 4.002338881 31929 4.504185317 12450 4.095169351

52

Evergreen Fibreboard Gamuda Astino Ajiya Mudajaya Group Berhad Chuan Huat Resources PJ Development Holding Ekovest UAC WCT White Horse Pintaras Jaya Bina Darulaman Naim Holdings Brem Holdings Ahmad Zaki 2008 Resources Bina Puri Holdings DLSK Industries Crest Builder Holdings Dominant Enterprise Evergreen Fibreboard Gamuda Astino Ajiya Mudajaya Group Berhad Chuan Huat Resources PJ Development Holding Ekovest UAC WCT

109430 226368 15314 17442

5.039136399 5.354815034 4.185088643 4.241596282

0.04 0.08 0.03 0.06 0.03 0 0.04 0.05 0.3 0.06 0.07 0.05 0.05 0.2 0.06 0.04 0.05 0.03 0.05 0.03 0.05 0.23 0.08 0.06 0.03 0.04 0.05 0.05 0.32 0.07

1.47 2.84 0.63 0.63 2.38 0.45 0.49 0.96 1.05 3.16 0.56 0.87 0.42 2.22 0.49 0.62 0.9 0.38 0.26 0.68 0.47 1.17 0.54 0.41 1.57 0.23 0.28 0.5 0.63 1.04

0.04 0.23 0.08 0.06 0.03 0.04 0.05 0.05 0.32 0.07 0.05 0.1 0.05 0.15 0.06 0.05 0.06 0.05 0.07 0.03 0.05 0.25 0.08 0.06 0.08 0.02 0.05 0.05 0.3 0.09

25272 4.402639613 7655 3.883945195 50224 18825 25002 128179 46134 24672 9526 88314 33311 4.700911298 4.274734985 4.397974751 5.107816879 4.664021111 4.392204356 3.978910577 4.946029556 4.52258767

15612 4.193458543 6312 41758 3.80016699 4.62073969

54517 4.736531949 13465 4.129206358 98672 292051 25959 22363 4.994193931 5.465458698 4.414287958 4.349530064

44180 4.645225712 23800 4.376576957 92803 14219 19027 181273 4.967562016 4.152869054 4.279370318 5.258333122 53

White Horse Pintaras Jaya Bina Darulaman Naim Holdings Brem Holdings Ahmad Zaki 2009 Resources Bina Puri Holdings DLSK Industries Crest Builder Holdings Dominant Enterprise Evergreen Fibreboard Gamuda Astino Ajiya Mudajaya Group Berhad Chuan Huat Resources PJ Development Holding Ekovest UAC WCT White Horse Pintaras Jaya Bina Darulaman Naim Holdings Brem Holdings Ahmad Zaki 2010 Resources Bina Puri Holdings DLSK Industries Crest Builder Holdings Dominant Enterprise

52208 16389 11661 71278 14868

4.717737056 4.214552455 4.066735795 4.852955505 4.172252552

0.05 0.1 0.05 0.15 0.06 0.05 0.06 0.05 0.07 0.03 0.07 0.25 0.08 0.06 0.08 0.02 0.05 0.05 0.3 0.09 0.07 0.12 0.05 0.16 0.08 0.03 0.04 0.03 0.03 0.02

0.45 0.54 0.17 0.83 0.34 1.09 0.88 0.46 0.41 0.54 0.98 1.67 0.43 0.56 4.56 0.56 0.41 0.7 0.77 1.6 0.56 0.62 0.33 0.94 0.44 1.69 1.32 0.41 0.36 0.54

0.07 0.12 0.05 0.16 0.08 0.03 0.04 0.03 0.03 0.02 0.07 0.08 0 0.06 0.02 0.03 0.03 0.05 0.18 0.09 0.12 0.1 0.05 0.08 0.04 0.03 0.04 0.05 0.04 0.04

19633 4.292986667 4445 3.647871765 17466 4.242193456 13262 4.122609024 11564 4.063108083 53771 201670 12487 21602 4.730548113 5.304641298 4.096458112 4.334493962

86210 4.935557645 12571 4.099369826 31137 6916 13422 81407 50632 15767 12088 68754 13431 4.493276767 3.839854985 4.127817234 4.91066175 4.704425083 4.197749068 4.082354451 4.83729797 4.128108349

26912 4.429945974 10134 4.0057809 11749 4.070000904 10851 4.035469763 13884 4.142514605 54

Evergreen Fibreboard Gamuda Astino Ajiya Mudajaya Group Berhad Chuan Huat Resources PJ Development Holding Ekovest UAC WCT White Horse Pintaras Jaya Bina Darulaman Naim Holdings Brem Holdings

130671 5.116179215 337425 5.528177257 17238 4.236486876 19077 4.28051008 192416 5.284241182 14767 4.169292275 47914 9010 16971 131813 72237 24725 12161 94101 13753 4.680462429 3.954724791 4.229707433 5.119958244 4.858759701 4.3931363 4.084969288 4.973594239 4.138397443

0 0.08 0 0.06 0.02 0.03 0.03 0.05 0.18 0.09 0.12 0.1 0.05 0.08 0.04

0.92 2.09 0.43 0.71 2.14 0.89 0.4 0.93 0.82 1.92 0.8 0.73 0.42 1.23 0.42

0.07 0.12 0.03 0.06 0.03 0.03 0.05 0.05 0.24 0.1 0.12 0.15 0.07 0.1 0.04

55