This study expounds on the debate regarding dividend payouts for different types of politically tied firms in Malaysia. We recognize the heterogeneity of political ties of politically connected firms (PCFs) by government-linked companies (GLCs) and non-GLC PCFs. The results show that PCFs are positively related to dividend payouts and that PCFs, specifically GLCs, pay higher dividends than their counterparts. Additionally, our results demonstrate that high- and low-levered GLCs consistently pay higher dividends than non-GLC PCFs and non-PCFs. These findings imply that GLCs implement special dividend policies, and therefore, a high GLC payout might not be indicative of actual performance. In brief, shareholders and potential investors should be cautious in interpreting firm payout signals.

本研究阐述了有关马来西亚不同类型的政治关联公司的股息支付的辩论。我们认识到政府关联公司 (GLC) 和非 GLC PCF 的政治关联公司 (PCF) 的政治关系的异质性。结果表明 PCF 与股息支付呈正相关，PCF，特别是 GLC，支付的股息高于其同行。此外，我们的结果表明，高杠杆和低杠杆的 GLC 始终比非 GLC PCF 和非 PCF 支付更高的股息。这些发现意味着 GLC 实施了特别股息政策，因此，GLC 的高派息可能并不代表实际业绩。简而言之，股东和潜在投资者在解读公司派息信号时应谨慎。