Abstract
Singapore is a common law origin first world country with high degree of security of property right that should inter alia imply protection of corporate investors as regards their cash flow rights . The present paper empirically demonstrates that the minority shareholders extract dividend from the firms as an outcome of legal protection in a manner that mitigates problem of expropriation by corporate insiders . The firms follow a stable dividend policy catering to the needs of the investors with a favourable valuation implication. Overall our study highlights that the dividend policy of Singapore firms appear to ensure protection of minority shareholders right and is consistent with the global ranking and perception about the country in respect of security of property right.
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