Kadar Pembangunan Firma di Malaysia: Analisis ke Atas Data Panel

  • Norfhadzilahwati Rahim Universiti Sains Islam Malaysia
  • Maryam Badrul Munir Universiti Sains Islam Malaysia
Keywords: random and fixed effect, sustainable growth rate, financial indicators, panel data analysis


This research analyzes the impact of financial indicators as a key factor on the sustainable growth rate with panel data for time period, 2005-2015. Sustainable growth rate as a dependent variable, regressed with four different independent variables such as debt to equity ratio, dividend payout ratio, profit margin, and asset turnover ratio. Three different models like Ordinary Least Squares (OLS), Random Effect Model (REM), and Fixed Effect Model (FEM) were used for the analysis. This research gathered for eight sectors of firm in Malaysia for eleven years that lead to use the panel data analysis, whereas panel data may have Breusch-Pagan LM test, and Hausman test. Heteroscedasticity, Modified Wald test for group wise heteroscedasticity, the Wooldridge serial correlation test will apply in this research. The results found that three models get same results which debt to equity ratio (DTER), dividend payout ratio (DPR), profit margin (PM), and sales to assets (STA) are positive impact of the sustainable growth rate. This research contributes to the literature by contributing understandings of the sustainable growth rate practice for companies.


Keywords: random and fixed effect, sustainable growth rate, financial indicators, panel data analysis.     








Kajian ini menganalisis kesan indikator kewangan sebagai faktor utama kadar pembangunan mampan dengan menggunakan data bagi tempoh 2005-2015. Kadar pembangunan mampan adalah pembolehubah bersandar, manakala empat pembolehubah tidak bersandar adalah nisbah hutang kepada ikuiti, nisbah pembayaran dividen, margin keuntungan dan nisbah perolehan aset. Tiga model berlainan iaitu Ordinary Least Squares (OLS), Random Effect Model (REM), dan Fixed Effect Model (FEM) telah digunakan bagi tujuan analisis. Kajian ini mengumpulkan data daripada 8 sektor organisasi di Malaysia selama 11 tahun menggunakan analisis panel data. Panel data seperti Breusch-Pagan LM test, and Hausman test. Heteroscedasticity, Modified  Wald test for group wise heteroscedasticity, the Wooldridge serial correlation test akan digunakan di dalam kajian ini. Hasil kajian menunjukkan tiga model iaitu nisbah hutang kepada ikuiti (DTER), nisbah pembayaran dividen (DPR), margin keuntungan (PM), dan jualan kepada aset (STA) menunjukkan impak yang positif ke atas kadar pembangunan mampan. Kajian ini memberi sumbangan kepada kajian terdahulu dengan memberikan pengetahuan tentang amalan kadar pembangunan mampan di organisasi.


Kata kunci: Kesan rawak dan tetap, kadar pembangunan mampan, indikator kewangan, analisis panel data.


Amouzesh, N., Zahra, M., & Zahra, M. (2011). Sustainable growth rate and firm performance: evidence from Iran stock exchange. International Journal of Business and Social Science, 23(2), 249–255.

Ashta, A. (2008). Sustainable growth rates: Refining a measure. Strategic Change, 17(5–6), 207-214.

Bivona, E. (2000). How to define a profitable and sustainable growth policy in a changing market: A case study. Proceedings of the 18th International Conference of the System Dynamics Society. United States: A Small Publishing Company.

Blau, B. M., & Fuller, K. P. (2008). Flexibility and dividends. Journal of Corporate Finance, 14(2), 133–152.

Chen, H.-Y., Gupta, M. C., Lee, A. C., & Lee, C.-F. (2013). Sustainable growth rate, optimal growth rate, and optimal payout ratio: A joint optimization approach. Journal of Banking & Finance, 37(4), 1205–1222.

Escalante, C. L., Turvey, C. G., & Barry, P. J. (2009). Farm business decisions and the sustainable growth challenge paradigm. Agricultural Finance Review, 69(2), 228–247.

Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43. Retrieved from

Fonseka, M. M., Ramos, C. G., & Tian, G. L. (2012). The most appropriate sustainable growth rate model for managers and researchers. Journal of Applied Business Research, 28(3), 481-500.

Greene, W. W. H. (2012). Econometric analysis. Pearson Education Limited, 97.

Higgins, R. (1977). How much growth can a firm afford? Financial Management, 6(3), 7–16.

Johnson, R., & Soenen, L. (2003). Indicators of successful companies. European Management Journal, 21(3), 364–369.

Lee, C.-F., Gupta, M. C., Chen, H.-Y., & Lee, A. C. (2015). Optimal payout ratio under uncertainty and the flexibility hypothesis: Theory and empirical evidence. In Handbook of Financial Econometrics and Statistics (pp. 2135–2176). New York, NY: Springer New York.

Lee, C.-F., Liang, W., Lin, F.-L., & Yang, Y. (2016). Applications of simultaneous equations in finance research: Methods and empirical results. Review of Quantitative Finance and Accounting, 47(4), 943–971.

Phillips, M., Anderson, S., & Volker, J. (2010). Understanding small private retail firm growth using the sustainable growth model. Journal of Finance and Accountancy, (1), 1–11.

Platt, H. D., Platt, M. B., & Chen, G. (1995). Sustainable growth rate of firms in financial distress. Journal of Economics and Finance, 19(2), 147–151.

Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249–259. 6803.1982.tb00299.x.

Srinivasa, B. G. (2011). A study on measuring the performance of Indian banking sector in the event of recent global economic crisis- An empirical view. International Journal of Research in Commerce, Economics and Management, 1(1041).