Literature Review

Gedu College of Business Studies

Gedu, Chhukha.

An assignment Submitted by:

Rajesh Monger (03200262)

Rinzin Dolkar (03200273)
Robin Rai (03200276)
Sangay Zangmo (03200295)
Rigzin Pema Namgyel (03200268)

Bachelor of Commerce, 5th Semester, Finance ‘C’

11/09/2022
 DECLARATION

Module Code: RES301 Type of Course Work: Group Assignment

Module Title: Research Methods In Module Tutor: Dr. Rajnish Ratna
Business
Date of Submission: 11 September 2022

We hereby declare that this academic work is our own and those referred ideas from other
sources have been appropriately acknowledged. The material in this submission has not
been previously submitted for assessments. We understand that if found otherwise, our
academic work will be cancelled and no marks will be awarded besides legal
consequences.
Rajesh Monger (03200262) Rinzin Dolkar (03200273) Robin Rai (03200276)

Sangay Zangmo (03200295) Rigzin Pema Namgyel (03200268)

FOR MODULE TUTOR

Sl. Marking Criteria Marks Marks

No Assigned obtained
1 Relevancy 3
2 Critical writing 6
3 Standard flow of writing 2
4 Citation/Reference 1
5 Presentation 3
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Signature of Module Tutor

 1

“Reasons for Rising Unclaimed Dividends within the Financial Institutions in

Bhutan”

Chapter 1: Introduction

Privatization policy in the seventh five-year plan from 1992-1997 led to the
establishment of the Royal Securities Exchange of Bhutan Limited (RSEBL). The stock
market was established as the only stock market in Bhutan to date. Over the period of 23
years of operations in the stock market, the policy has unsuspectingly led to the surfacing of
plague referred to as unclaimed dividends in the history of the Royal securities exchange of
Bhutan. The size and the value of the unclaimed dividend as reported amounted to a very
large sum of funds that could mean a lot for the Bhutanese economy. Financial institutions
recorded the highest amount of unclaimed dividends that stood at Nu.18.1 million. The
banking sector covered almost 23% of the total unclaimed dividends from the 19 companies
that are registered under RSEBL. Operators at RSEBL have shown concern over the
continued incessant rise in unclaimed dividends which is disadvantageous to the growth and
development of an upcoming market that wants to achieve world-class market standards
and attract direct foreign investments.

1.1. Background

The Royal Securities Exchange of Bhutan Limited (RSEBL) was established in

August 1993 and officially opened for trading on 11th October 1993. It was established as a
non-profit making and quasi-public organization under the Royal Monetary Authority (RMA)
(Sustainable Stock Exchanges Initiatives, n.d). Since its establishment, the stock exchange
has been recording unclaimed dividends every year and now it has totaled up to Nu.80
million as of 17th August 2022 (Dolkar, 2022). Of the 19 listed companies under RSEBL, 16
companies have recorded unclaimed dividends in their books of accounts. The stock
exchange says that the company could not keep track of its shareholders as many of the
shareholders did not update their citizenship identity card number which was initially five
digits (Zangpo, 2022).

RSEBL informed all the shareholders to update their information in the depository
database to facilitate the services to the shareholders for timely payment of dividends and
corporate announcements according to the Ministry of information and Communication
(2017), but many failed to update their information and as of January 2022, RSEBL finds
2263 shareholders who have not updated their accounts (Zangpo, 2022).
 2

1.2. Need and Rationale

a. General
The matters arising from the unclaimed dividends have been recorded since the
establishment of the first stock exchange in Bhutan. There has been an
increasing number of dividends being unclaimed and the RSEBL officials
themselves do not have conclusive evidence on what are the causes of such
rising issues. Therefore, before implementing any new policies or measures to
overcome the problem, it is mandatory to evaluate the various causes of
unclaimed dividends amongst the listed companies in Bhutan and proffer
possible solutions thereof.
b. Specific
According to the report by Dolkar (2022), Druk Punjab National Bank Limited
(PNB) and Tashi Bank were two of the top three listed companies with the
highest unclaimed dividends recorded. According to BBS, unclaimed dividends
have adverse effects on the financial position and performance of commercial
banks. Therefore, to understand and determine the cause, the banking sectors
with the highest unclaimed dividends would be appropriate. Evaluating the
banking institutions to determine the causes of unclaimed dividends will ensure
an evidential conclusion to the cause and spark new policies and measures to
mitigate the rise in unclaimed dividends.

1.3. Significance

Dividends from Bhutan's stock exchange that have not been claimed since 1993
remain with the firms, totaling about Nu. 80 million. The purpose of this paper is to
investigate the reasons why dividends went unclaimed over the years. The study's major
goal is to identify the root causes of the rising unclaimed dividends from the perspectives of
the firms, shareholders, and stock markets. These concerns must be resolved to have a
thorough understanding of the stock exchange's structure and operation by all stock market
participants.

Researchers worldwide are aware of the causes of the collapse of the Nigerian Stock
Exchange, and the Royal Securities Exchange of Bhutan Limited may fall in line if further
dividends in Bhutan's stock market go unrecognized. The research findings can be used by
many stock market participants to identify what needs to be done sooner rather than later,
including shareholders who have subscribed to shares, listed companies that are issuing
shares to the general public, and the RSEBL, which serves as a middleman between the
 3

companies and shareholders. The data and analysis of the study's primary data will aid
future academics in examining loopholes made by various stock exchange participants.

The research finding will help the shareholders to update their detail like account
numbers that have been outdated to claim their dividends on time. And also the
shareholders will get some knowledge about RSEBL systems. Secondly, through research,
the RSEBL can change its rules and regulations which are outdated to overcome the
problem of unclaimed dividends. Lastly, financial institutions can come up with new and
advanced technologies and change their management to keep proper documents of
shareholders.

1.4. Statement of the Problem

The Royal Securities Exchange of Bhutan is the only stock market in the country and
the stock market is visibly calm as compared to other markets. There are fewer numbers of
listed companies and the number of shareholders is also on a small scale. The transactions
are also carried out in insignificant quantity as compared to the large stock markets around
the world. Therefore, the relevant and involved parties in the stock market such as the stock
exchange, listed companies, and the shareholders should operate their responsibilities
diligently. It is expected from such a stock market that the listed companies should declare
the dividends as and when required and maintain proper information, shareholders are
expected to claim the dividends on a given date, and finally, the stock exchange should
monitor and ensure that dividends are claimed.

With the reports of the number of unclaimed dividends being substantially increased
in the stock market, the news has gained the attention of all the parties involved in the stock
market. It could be hypothesized that the rise in unclaimed dividends is due to the failure and
ignorance of both the listed companies as well as the investors. However, the matter of truth
is that the unclaimed dividends reached Nu. 80 million , a considerably large amount of
funds for the stock market in Bhutan.

The increasing number of unclaimed dividends in the country could potentially lead to
operational risk and mismanagement of the funds by the listed companies. Subsequently,
the investors or the shareholders will also lose the opportunity of gaining benefits and the
funds will remain idle. In addition, the increasing amount will script doubts and uncertainties
into the minds of the shareholders and the reputation of the listed companies might also be
affected by it. Considering all the internal impacts, the rising unclaimed dividends will largely
influence the stock market and the national economy as a whole.
 4

Therefore, this paper seeks to examine the various causes of unclaimed dividends
amongst the financial institutions in Bhutan and proffer possible solutions thereof.

1.5. General Objectives of the study

a. Evaluate the reasons for the shareholders not claiming the dividends on time.
b. Provide a thorough assessment and analysis of the factors that contributed to the
rise and persistence of unclaimed dividends among the listed companies in
Bhutan.
c. Determine the role that the stock exchange company has on the issue and claim
of dividends.
d. Analyze the data and perspective of all the different parties affected by the
problem, and achieve a decisive conclusion.

1.6. Research Questions

Specific questions
1. Shareholders
a. What are the factors why shareholders do not claim their dividends?
b. Level of financial literacy and knowledge about the stock market among investors?
c. Shareholders' perspective on the unclaimed dividends?
2. Listed Companies
a. Why the companies are unable to ensure that dividends are claimed?
b. Where do the unclaimed dividends be used?
c. What are the ways through which companies can mitigate the issues of unclaimed
dividends?
3. Securities exchange corporation (RSEBL)
a. How does the stock exchange monitor the issue and claim of dividends?
b. How will the stock market ensure that this issue is mitigated?
General questions
1. What are the main reasons why dividends in the stock market go unclaimed?
2. How can incidents of unclaimed dividend increases be monitored?
3. How can unclaimed dividends be applied to the shareholders' best interests?
 5

Chapter 2: Literature review

2.1. Conceptual framework

A dividend is defined by different authors in various ways. According to Eryomin,

Likhacheva, & Chernikova (2021), the word dividend is derived from the Latin word
‘dividendum’ meaning ‘what is to be divided’ and the concept of dividend means that the
share of the company's revenue distributed among shareholders as a return on their
investment in the company. A similar definition is given by Olowe (1997), as cited in Owolabi
& Obida (2013), states that a dividend is defined as a taxable payment declared by a
company’s board of directors and given to its shareholders out of the company’s retained
earnings, usually quarterly or yearly depending on the company.

Unclaimed dividends refer to declared dividends warrants sent to the various

shareholders’ addresses that are returned unpaid for one reason or the other (Ifuero &
Osarodo, (2006), as cited in Owolabi & Obida (2013)). In addition, according to Ryan (2015),
unclaimed dividends are dividends that have been declared by the company but are not
taken or claimed by the shareholders. The reason for the dividend being not claimed may be
the ignorance of shareholders or the shareholder may have shifted to another place.

The key parties involved in the concept of dividends and unclaimed dividends are the
listed companies, shareholders, and the stock exchange. A listed company refers to a public
firm whose securities are traded on any recognized stock exchange (Sahu, 2012).
“Shareholder” refers to; (I) a person whose name is listed in the share register as the current
owner of one or more shares in the company; (ii) a person identified as a shareholder in an
application for incorporation who has not renounced his or her right to one or more shares;
and (iii) a person who has not renounced their right to or more shares (National Assembly of
Bhutan, 2016).

2.1.1. Forms of dividends

According to Jude & Chioma (2017), any of the following are possible dividend forms:
 Cash Dividend: Before the development of electronic fund transfers, cash dividends
were typically distributed by issuing dividend warrants to owners.
 Stock or Scrip Dividend: It is given to shareholders in the form of additional shares.
 Property Dividend: A dividend that is paid in kind.
 Interim Dividend: Dividend payments made before the annual general meeting and
final annual report are referred to as interim dividends.
 6

The Board of Directors of the corporation must approve any dividends declared.
There are a few dates to keep in mind while buying dividend stocks as stated in the research
conducted by Jude & Chioma (2017).
 Date of Declaration: This is the day on which the board of directors declares that a
dividend will be paid.
 In-Dividend Date: The final day, which is one trading day before the ex-dividend date,
is known as the in-dividend date.
 Book Closure Date: When a firm declares a dividend distribution, it also declares a
date on which it intends to temporarily close its books to new stock transfers.
 Date of Record: The dividend will be paid to shareholders who are listed in the
stockholders' records as of or before this date.
 Date of Payment: This is the day that the beneficiary's dividend checks will be mailed
or deposited into their accounts.

2.1.2. Establishing relationships between the variables:

In a research article published by Mate & Dam (2017), about the financial literacy
among investors in the Bombay stock exchange, the findings from the data collected from
different demographic investors from the city of Pune showed that even in a large stock
market such as the Bombay stock exchange, the level of financial literacy is not so high
because 35% of the investors were having less than 1 year of experience in the stock
market.

According to Owolabi & Obida (2013), firms are required by Indian law to transfer the
entire amount of dividends declared by them into a new bank account known as the Unpaid
Dividend Account if they are not paid or claimed within 30 days. The investors may withdraw
that sum from this account at any time over the following seven years. It is transferred to the
government account, primarily to the Investor Education and Protection Fund (IEPF), a fund
run by the ministry, if it goes unclaimed for seven years.

The research conducted by Ogbodo (2017), examined the impact of unclaimed

dividends on the financial performance of selected commercial banks in Nigeria. The
researcher used time series data and a survey research design and the data were gathered
from both primary and secondary sources. This was accomplished through questionnaires
and the annual reports and accounts of two selected Nigerian commercial banks from 2008
to 2012. The hypotheses were tested using the statistical tool Z-test. Findings revealed,
among other things, that unclaimed dividends have a direct impact on financial institutions'
 7

financial positions by increasing their total liabilities and thus their total assets reducing their
owner's equity. Also, investors are concerned about what happened to unclaimed dividends.

Research by Okpaleke, Emele, & Gambo (2014), found that in the stock exchange of
Nigeria, a dividend warrant, which resembles a cheque, has a six-month expiration date after
which it gets outdated and may be renewed for a further six months by appealing to the
company's registrar. It could be claimed by the shareholders through an application after it
expires after an additional 3 months (a total of 15 months). After 12 years, it is no longer
recoverable and has a status of barring.

Evidence cited in an article by Nnorom (2020), thousands of investors abandoned

their stock investments for a variety of reasons, leading to the accumulation of a sizable
unclaimed dividend of over N158 billion, which is now a threat to the Nigerian stock market.
There have been attempts to stop the rising unclaimed dividends, including the creation of
the Unclaimed Dividend Trust Fund, which was never well received in the market and
instead sparked controversy among shareholders.

S
Figure 1; Conceptual Framework
Source 1- Authors
 8

2.2. Theoretical framework

Various theories on dividend policies are vital in considering the potential reasons for
unclaimed dividends among investors.

Gordon Growth Valuation Model Theory: According to the Gordon Growth

Valuation Model, businesses may pay minimal or no dividends despite growing earnings,
suggesting that dividends are unimportant to stock price. This is because investors and
stockholders would anticipate both a future increase in dividend payments as well as a
capital gain (Kishore, 2004).

Bird in Hand Theory: The "Bird in Hand" argument, developed by Graham, Dodd,
and Cottle in 1962, contends that investors value dividends more highly than retained
earnings. The hypothesis emphasizes that investors would prefer to choose a guaranteed
dividend payout over uncertain future returns (Amadasu, (2011), as cited in Ogbodo, (2017))

Walters Valuation Model Theory: According to Walter's (1963) theory, which was
mentioned by Oyinlola, Omolola, and Adeniran (2014), shareholders would be willing to
tolerate low dividends when the expected rate of return is higher than the market
capitalization rate but would prefer bigger dividends when the former was lower.

Investor Rationality Theory: Shefrin and Statman (1984), who made the claim
based on the psychological preferences of individual investors, asserted that an investor
who wants to protect their long-term wealth could specify only dividends rather than portfolio
capital should be used (Ogbodo, 2017).

The Agency Theory: Managers might not always choose a dividend policy that
maximizes value for the shareholders. Instead, they might decide on a dividend policy that
maximizes their benefits (Murekefu & Ouma, 2012).

2.3. Empirical study: The matters arising on unclaimed dividends in Nigeria

According to Vangaurd (2014), the issues with unclaimed dividends may be traced
back to the establishment of the Nigerian Stock Exchange (NSC) and the subsequent
indigenization of Nigerian corporations in 1972 and 1977, respectively (as cited in Owolabi &
Obida (2013).
 9

Regarding the issues of the unclaimed dividends in Nigeria, one of the first research
papers to be published was from Kighir (2003), who conducted an empirical study on the
problems of unclaimed dividends, found out the amount involved, the causes, and proffered
a solution to it.

Following this, another article was published by Kighir (2006) on the impact of
dividend payout and unclaimed dividends on stock prices in Nigeria. The paper employed a
survey design; using cross-sectional secondary data from 55 companies listed on the
Nigerian Stock Exchange to test the research hypotheses, and concluded that there lies a
positive relationship between the unclaimed dividends and the stock prices.

Followed by research conducted by Owolabi & Obida (2013), the study was
conducted to determine the level of the rising issue of unclaimed dividends in Nigeria. The
study used the historical analysis tool to determine the level of increase in such issues. The
authors of the research emphasized the main reasons for the rise of unclaimed dividends in
Nigeria as follows:

1. Non-timely receipt of dividend warrant: Typically, shareholders demand a return on

their investment. Companies do announce dividends at annual general meetings, and
it is expected that they will be paid out on time. These dividend warrants occasionally
arrive quite late and occasionally the warrant is lost in transit.
2. Inexperienced Investors: Many people buy stock in different companies based on the
recommendations of friends or relatives whom themselves have no idea how the
market works. This issue leads to the rise of unclaimed dividends because the majority
of these investors may not even be aware that they need to deposit the warrant into
their bank account.
3. Planned Actions by Companies: Additionally, some registrars and businesses who lack
the resources to support their dividend declarations take active steps to deprive
investors of their benefits.
4. Death of a Shareholder: The rise in unclaimed dividends is also influenced by the
passing of shareholders. Many relatives do not know that their departed loved ones
held shares in so many different corporations. If a shareholder passes away and does
not leave a will, shares and dividends may not be recovered.
5. No bank account
To cash dividend warrants, a current account must be open. However, certain
investors, such as students and low-income earners, do not have bank accounts. This
makes it challenging for these groups of investors to redeem their warrants.
 10

6. The Registrar's incompetence: The registrar frequently receives complaints from many
shareholders and investors, and these issues are often not resolved on time. It is a
well-known occurrence that many shareholders ignored and abandoned the warrants
out of annoyance and failed to claim the payout.
7. Inadequate Postal Service/Uncertain Shareholder Addresses: Due to the severely
flawed postal system, many dividend warrants in the mail were lost en route.
Additionally, a lot of shareholders have erratic and various addresses, making it
challenging to find them.

A similar study was further conducted by Chinwe (2014), using the desk research
method, the paper examined the implications of the large value of unclaimed dividends on
the economic development of Nigeria.

It was followed by yet another research by Kighir, Samuel, & Salisu (2016), which
used the panel data analysis technique to determine that dividend smoothing in this era
was a trigger and red flag for unclaimed dividends.

Recently research by Jude & Chioma (2017), used the Ordinary Least Square
(OLS) multiple regression model to investigate the relationship between the unclaimed
dividends and the economic growth in Nigeria. The study showed that there exists a
positive and significant relationship between earnings per share (used as a control
variable) and real gross domestic product in Nigeria.

In addition, there was a very recent re-examination of unclaimed listed firms in

Nigeria by Ololade (2022), the study uses the quantitative research design with the help of
a desk review of the SEC and Registrars website to gather information. Survey
questionnaires were administered to shareholders, employees of registrars and securities
exchange with about 280 samples from the populations collected using the purposive and
snowballing sampling techniques. The study found that e-dividends payment is an
effective way to ease the processes of receiving current dividends and mitigating the risks
of unclaimed dividends. However, through the analysis of data to determine the causes of
the continuous growth in unclaimed dividends in Nigeria, it was clear that e-dividend and
Bank Verification Number (BVN) was not the most important mitigation technique of
unclaimed dividends in Nigeria because of the following reasons:

(i) Mostly the shareholders die without beneficiaries' knowledge of the investment in
equity shares.
 11

(ii) The legal rules permit listed corporate businesses to hold unclaimed dividends.
Additionally, the law permits them to invest unclaimed income for personal financial
gain outside of their businesses, which are typically invested in Treasury notes.
(iii) Lack of regular and timely updates of unclaimed dividends by the Securities
Exchange Commission (SEC) and registers.
(iv) The fear among shareholders is that those who use fraudulent names to purchase
shares could be subject to Economic and
(v) Financial Crime Commission (EFCC) and Independent Corrupt Practices
Commission (ICPC) investigations for engaging in corrupt behavior and fraud.
(vi) Registrars ask for shareholders' signature samples rather than relying on their
BVN, which the SEC has approved as a method of identity management and
(vii) the use of in-house registrars by deposit money banks to pay dividends.

2.4. Evidence of unclaimed dividends in other countries

Bangladesh: The central bank of Bangladesh ‘Bangladesh Bank’ asked its listed
banks to deposit their unclaimed dividend funds into the central bank account with a
provision of the Bank Companies Act, 1991, where subsection 2 of section 35 says that
unclaimed dividend must be deposited into the accounts of the central bank (Mufazzal,
2022). Meanwhile, the chairman of the Bangladesh Securities and Exchange Commission
(BSEC) Prof. Shibli Rubayat Ul Islam stated that the unclaimed dividend must be deposited
into the Capital Market Stabilisation Fund (CMSF) account (Mufazzal, 2022).

India: India had Rs. 2000 crore of unclaimed dividends lying with the investor
protection authority as of 2019. The Ministry of Corporate Affairs set up the Investor
Education and Protection Fund Authority (IEPFA) in September 2016 for administering
investor education and protection funds under Section 125 of the Companies Act, 2013.
Senior government officials said there were at least 2.5 million such investors who have not
claimed their dividends from companies (Mani, 2019).

Nepal: As of 2079/03/32 of Nepal’s calendar, Nepal has recorded an unclaimed

dividend worth रू25,811,513.78 exceeding five years without a claim (Mega Bank Nepal Ltd,
2079). As per Chapter 21, Section 182, Subsection 9 of the Companies Act, 2063 (2006),
"The amount of dividend is not claimed/received by any shareholder even after the empery
of a period of five years after the date of the resolution adopted by the company in its
general meeting to distribute dividend shall be credited to the investor protection fund to be
established under Section 183.”
 12

United Kingdom: Estimates are around £3 billion owed to UK investors from

unclaimed shares and dividends. If a holder cannot be located, according to Companies
House laws, shares belong to the registered holder or the legitimate heir. However, a
corporation may keep any profits that go unclaimed after a specific amount of time, often 12
years, if permitted by its articles. The funds are transferred to the Accountant General of the
Supreme Court when 12 years have passed since the takeover. Claims made after the 12-
year window must be filed here. Note that any unclaimed dividend payments unclaimed after
12 years will be lost (Unclaimed Assets UK, n.d).

2.5. Research Gap

The conceptual, theoretical, and evidential framework of the literature review of the
issues regarding unclaimed dividends provided the overview, implications, and hypothetical
reasons for the rising issue of unclaimed dividends. However, the lack of adequate research
studies and evidential reasoning for such theories and assumptions has not been conducted
as per the literature review. In addition, the matters relating to unclaimed dividends have
been emphasized more in developing nations such as Nigeria and Kenya. In the research
study stated in the literature review, more focus was provided on the impact and the
evaluation of the unclaimed dividends in the economy, rather than evaluating the main cause
of the rising problems amongst the underdeveloped and developing countries.

Through the review, it is prevalent that unclaimed dividends are an issue faced by all
the stock markets around the various countries in the world, and the need to evaluate the
reasons is vital. Specifically, the stock market in Bhutan is naive and no regulatory policies
or system is there to overcome such issues. Therefore, having considered the impact that
the rising unclaimed dividends will have on all the parties involved and an eventual impact
on the country’s economy, this paper focuses on determining the reasons for the increased
amount of unclaimed dividends in Bhutan.

References
 13

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5(4), 60-72.

Chinwe, O. C. (2014). The unclaimed dividends: implications on the economic development

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Dolkar, S. (2022, August 17). RSEB recorded unclaimed dividends worth about Nu 80 M.
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Eryomin, I., Likhacheva, O., & Chernikova, L. (2021). Impact of dividend policy on the market
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 14

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 15

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