This study examines the direct effects of firm�s characteristics such as board structure and capital structure on divided per share as a proxy of firm�s performance and interaction between board structure and capital structure on dividend. The fixed effect regression uses a sample of 361 non-financial Malaysian listed firms over the period of 2002 to 2007. The decision made by the board of directors with duality role of Chairman cum Chief Executive Officer and larger board size to pay dividend demonstrates that duality role of chairman cum chief executive officer have negative effect on dividend payment but not outside independent director(s). The interaction between board structure namely duality, independent directors, board size and capital structure namely debt ratio reveals that duality weakens the negative effect of debt ratio on dividend while independent directors strengthens the negative effect of debt ratio on dividend payment. Overall, the results of this study may be summarized to suggest that distributable income to shareholders increases through a balanced financing decision between capital structure choice and dividend payment made by the board of directors that possessed duality role.

Research Aims: This study tests the effects of different stakeholder power (shareholders, employees, customers, business partners, community, government, NGOs, and media) on sustainability disclosure using stakeholder salience theory. Extending from this perspective, this study makes separate assumptions for each stakeholder and determines which one had the most power over sustainability disclosure. Design/Methodology/Approach: The study adopts a journalism (i.e., news framing) approach and observes the element of power in sustainability disclosure using content analysis. The sample comprises of panel data of 140 listed firms in the construction and property sector in Malaysia. Research Findings: The results show that the employees, community and media power are positively related to sustainability disclosure. This study improves our understanding of the factors determining firms' disclosure by demonstrating that market stakeholders (shareholders, employees, customers and business partners) are not perceived as necessary by managers concerning sustainability disclosure. Theoretical Contribution/Originality: Common studies view all stakeholders to be taken homogenously into consideration in business decision making. Few studies focus on the power of stakeholders in influencing disclosure is lacking. Managerial Implication in the South East Asian Context: This study gives insight on which stakeholder is the most important in rank and the finding informs managers to draft a stakeholder management plan and budget, given that such activities can increase firm value. Research Limitation & Implications: This research however did not investigate the dynamics of stakeholder power along with the existence of other salience factors, i.e., the legitimacy and urgency factors. Keywords: Construction, Stakeholder, Power, Salience Theory, Sustainability Disclosure

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