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Browsing Accounting & Finance by Author "Ahmad, Norazlin"
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Item Different levels of family ownership and dividend payout in the presence of growth opportunities(Inderscience Publishers, 2021) Ting, Irene Wei Kiong; Kweh, Qian Long; Ahmad, Norazlin; Paramanantham, Neshaleni S.This study examines the family ownership, growth opportunities, and dividend payout of a sample consisting of 200 of the largest publicly listed companies in Malaysia from 2011-2016. Three main results emerge after controlling for firm and board characteristics as well as industry and year effects in various robustness checks. First, despite their positive impacts on dividend payout, family firms exhibit a lower dividend payout relative to net income. Second, growth opportunities increase the positive impacts of family ownership on dividend payout. A positive association between growth opportunities and dividend payout is also found. Third, the moderating effect of growth opportunities on the relationship between family ownership and dividend payout is present only in firms with family shareholdings, particularly those with high and medium ownership. These findings indicate varying dividend payout in the presence of growth opportunities for the different levels of family ownership. Copyright © 2021 Inderscience Enterprises Ltd.Item Non-linearity between family control and firm financial sustainability: moderating effects of CEO tenure and education(Springer Science and Business Media Deutschland GmbH, 2022) Ahmad, Norazlin; Ting, Irene Wei Kiong; Tebourbi, Imen; Kweh, Qian LongItem The role of controlling shareholders in influencing firm efficiency: a case of Taiwanese electronics firms(Inderscience Publishers, 2022) Ting, Irene Wei Kiong; Ahmad, Norazlin; Gurrib, Ikhlaas; Bhaskaran, Rajesh KumarThis study examines how controlling shareholders affected efficiency in Taiwanese electronics firms for the period of 2005–2017. This study measures firm efficiency using a dynamic data envelopment analysis model, which returns scores ranging from zero (not efficient) to one (efficient). Our regression results find that controlling shareholders’ levels of shareholdings have significant negative effects on firm efficiency when their shareholding levels are low. However, there is a positive relationship between controlling shareholders’ levels of shareholding and firm efficiency when the percentage of their shareholdings is high. These nonlinear results are also confirmed when we use board seat control rights held by the controlling shareholders. This study contributes to the field of corporate governance, specifically in the application of agency theory related to principal-principal relationships. Overall, findings suggest policy-makers should not consider solely controlling shareholders’ levels of shareholdings, but also their board seat control rights. Copyright © 2022 Inderscience Enterprises Ltd.