Issuance of Stock Dividends or Bonus Shares: A Case Study of Carlsberg Brewery Malaysia Berhad

• 발행기관: 한국유통과학회
• 저자명: Arindam BANERJEE
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 9 No.3, 319~326쪽, 전체 8쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2022.03.30

영문 초록

This study investigates the specific and conclusive reasons why a company issues bonus shares, as well as the rationale and the best timing for bonus share issuance. The study examines Carlsberg’s annual reports from 1988 to 2004 to evaluate the factors that influence bonus share payments and timing. Examine supporting evidence from other businesses as well. An analysis of Carlsberg Brewery Malaysia Berhad’s bonus shares granted from its inception to 2004 found that the announcement of bonus shares would increase the company’s share price. As a result, the findings suggest that bonus shares are issued to correct market asymmetry. This research supports the idea that issuing bonus shares would increase the stock price, resulting in increased liquidity. Hence, companies issue bonus shares to boost their liquidity and to convey private positive information to their shareholders. This research adds to the literature by focusing on the timing and key features of bonus share issuing. It implies that dividend policy should be customized to market imperfections. As a result, dividend policies would differ significantly between organizations based on the weights each of the imperfections has on the firm and shareholders.

목차

1. Introduction

2. Literature Review

3. Research Methodology

4. Results and Discussion

5. Conclusion and Limitations

References

키워드

Bonus Shares Dividend Policy Stock Splits Malaysia