Abstract This study examines the effect of dividend tax changes on the share prices and corporate policies of Malaysian REITs. Event study results show that dividend tax cut announcements provide positive abnormal returns. Based on cross-sectional regression, the abnormal returns are found to be larger for REITs with a higher retail ownership. The implementation of dividend tax cuts also increases dividend payout and reduce investment activities. These results partly support the traditional view of dividend taxation which posits that tax reform could affect economic efficiency and resource allocation in an economy.

中文翻译：

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股息减税和公司政策的公告影响：马来西亚房地产投资信托基金的证据

摘要本研究探讨了股息税变动对马来西亚房地产投资信托基金的股价和公司政策的影响。事件研究结果显示，股息减免公告可带来正的异常收益。根据横截面回归，发现零售所有权较高的房地产投资信托的异常收益较大。削减股息税的实施还增加了股息支付并减少了投资活动。这些结果部分支持传统的股息税观点，即股息改革可能会影响经济体的经济效率和资源分配。