Dividend announcements effects on stock market returns: a comparative study between conventional and Shari'ah compliant stocks on Bursa Malaysia
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Numerous studies have been conducted in Islamic compliant securities, and yet the debate surrounding whether these securities have a significant influence on the stock market rages on. This paper therefore examines the effects of changes in dividend announcements in respect to the conventional and Shari’ah compliant stocks on Malaysian stock market returns. In addition, the investigation will be conducted based on five different economic conditions namely for the: (1) overall period (1990-2010); (2) before the Asian financial crisis (1990-1996); (3) during the Asian financial crisis (1997-1998); (4) after the Asian financial crisis (1999-2007); and (5) during the global financial crisis (2008-2010).Our findings reveal that the changes in dividend announcements of Shari’ah compliant stocks had a significant effect on the Malaysian stock market returns compared to the conventional stocks for every economic condition, except for the period during the global financial crisis. The findings indicate that the Malaysian investors are more sensitive with changes in dividends of Shari’ah compliant stocks rather than the conventional stocks.
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How to Cite
Harbi, A. & Bujang, I.. (2016). Dividend announcements effects on stock market returns: a comparative study between conventional and Shari'ah compliant stocks on Bursa Malaysia. Journal of Business and Retail Management Research, Volume 11 Issue 1.
Citation Context
APA
Harbi, A. & Bujang, I.. (2016). Dividend announcements effects on stock market returns: a comparative study between conventional and Shari'ah compliant stocks on Bursa Malaysia. Journal of Business and Retail Management Research, Volume 11 Issue 1.
MLA
Harbi, Anastasiah, and Imbarine Bujang. "Dividend announcements effects on stock market returns: a comparative study between conventional and Shari'ah compliant stocks on Bursa Malaysia." Journal of Business and Retail Management Research, Volume 11 Issue 1, 2016.
Chicago
Anastasiah Harbi and Imbarine Bujang. "Dividend announcements effects on stock market returns: a comparative study between conventional and Shari'ah compliant stocks on Bursa Malaysia." Journal of Business and Retail Management Research Volume 11 Issue 1 (27 Oct 2016).
Harvard
Harbi, A. & Bujang, I. (2016) Dividend announcements effects on stock market returns: a comparative study between conventional and Shari'ah compliant stocks on Bursa Malaysia. Journal of Business and Retail Management Research, Volume 11 Issue 1
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