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Articles 1 - 30 of 59
Full-Text Articles in Corporate Finance
Enterprise Risk Management And Firm Performance In China: The Moderating Role Of Risk Management Committee, Liang Yankun
Enterprise Risk Management And Firm Performance In China: The Moderating Role Of Risk Management Committee, Liang Yankun
Student Works (2020-2029)
Risk management has increasingly become an interesting topic among the academicians and industry practitioners, following the 2008 global financial crisis. Motivated from the growing evidence of the significant role of Enterprise Risk Management (ERM) in improving firm performance, this study examines the relationship between ERM and firm performance in the context of China. Furthermore, this study explores the moderating role of risk management committee (RMC) on the relationship between ERM and firm performance in China. Drawing upon 94 public listed firms on the Shanghai Stock Exchange from 2018 to 2021, this study finds that ERM has significantly and positively affects …
Ownership Structure And Corporate Tax Avoidance In Malaysia: The Moderating Role Of Multinational Corporation Status, Tan Shu Qi
Student Works (2020-2029)
This study examines the relationship between ownership structure and corporate tax avoidance among Malaysian publicly listed firms, with particular emphasis on the moderating role of multinational corporation (MNC) status. Drawing on agency theory, the study investigates how three ownership types government ownership, managerial ownership, and institutional ownership influence firms’ tax avoidance behaviour. Using a quantitative research design, the study analyses panel data from 885 non-financial companies listed on Bursa Malaysia’s Main Market over the post-COVID-19 period from 2021 to 2023. Tax avoidance is proxied using adjusted effective tax rates (ETRadjusted), and panel regression techniques are employed to test the hypothesised …
Esg And Firm Performance In China: The Moderating Role Of Firm Size And Covid-19, Peng Dan
Esg And Firm Performance In China: The Moderating Role Of Firm Size And Covid-19, Peng Dan
Student Works (2020-2029)
This study examines the relationship between Environmental, Social, and Governance (ESG) performance and firm performance in China's A-share listed companies, with a particular focus on the moderating roles of firm size and the COVID-19 pandemic. Drawing on stakeholder theory, the research investigates whether ESG activities contribute positively to firm performance, and how this relationship varies with firm size and during crisis periods. The sample consists of Chinese A-share firms from 2019 to 2023, a period that includes the COVID-19 pandemic. After data processing, there are a total of 14,186 observations over the five-year period. Firm performance is measured using both …
Moderating Role Of Gender Diversity Over The Nexus Between Board Characteristics And Earnings Management In Malaysia, Tonoy Roy
Student Works (2020-2029)
In a large number of studies, it has been found that accounting manipulation is more prone to exist among the financially distressed companies. The manipulation moves were taken by the top management to portray a rosy picture of the firm
The Moderating Roles Of Ownership Concentration And Foreign Ownership On Enterprise Risk Management And Firm Performance, Zhang Lan Jun
The Moderating Roles Of Ownership Concentration And Foreign Ownership On Enterprise Risk Management And Firm Performance, Zhang Lan Jun
Student Works (2020-2029)
This study examines the relationship between enterprise risk management, firm performance, and the moderating role of ownership concentration and foreign ownership on the relationship between enterprise risk management and enterprise performance. The study uses 6015 listed firms in the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) from 2016 to 2018. The results indicate that enterprise risk management significantly influences both short-term and long-term firm performance based on multiple regression and panel data analysis. The study also found that ownership concentration positively moderates the relationship between enterprise risk management and both short-term and long-term firm performance. However, foreign …
Sustainability Balanced Scorecard Architecture And Environmental Investment Decision Making: The Mediating And Moderating Effects Of Knowledge And Risk Indicators, Suaad Jassem
Student Works (2020-2029)
According to a survey by Bain and Company, the majority of the sustainability programs undertaken by global companies fail to meet their objectives. A part of the reason for such a dilemma is possibly due to the dearth of sufficient research on how investment and performance evaluation tools such as sustainability balanced scorecards architecture impact decisions taken by managerial decision-makers. Hence, this doctoral research endeavor extends the literature on sustainability balanced scorecards (SBSC) architecture by examining how they influence decision-makers when they attempt to achieve environmental goals of their organization through evaluation of environmental investment options. An experimental research model …
The Effect Of Corporate Governance Mechanisms And Their Interactions On Earnings Quality, Nasrin Azar
The Effect Of Corporate Governance Mechanisms And Their Interactions On Earnings Quality, Nasrin Azar
Student Works (2020-2029)
Corporate governance (CG) mechanisms play an essential role in improving financial reporting quality, especially earnings quality. Due to corporate failures around the world, there has been a renewed interest in the effect of CG on earnings quality. The primary objectives of this thesis are to (1) investigate the impact of CG characteristics on earnings quality, and (2) examine whether the interactions between CG mechanisms influence earnings quality. Based on the agency and resource dependence theories, this study develops and examines ten main hypotheses (23 sub-hypotheses) to achieve these objectives. This study identifies CG mechanisms such as the board of directors, …
Stock Liquidity Of Malaysian Public Listed Firms, Yee Ee Chia
Stock Liquidity Of Malaysian Public Listed Firms, Yee Ee Chia
Student Works (2020-2029)
This thesis is motivated by the limited research on the liquidity of Malaysian public listed firms, the growing number of liquidity horseraces, the recent data commercialization by Bursa Malaysia, and liquidity-enhancing policies being spearheaded mainly by stock exchange regulators in emerging markets. By assembling information that covers 1250 public listed non-financial firms over 2000–2015, the thesis conducts three empirical analyses on the determinants of firm liquidity and the effects of higher liquidity on firm valuation, where liquidity is proxied by the “Closing Percent Quoted Spreads” (CPQS). First, the thesis revisits the standard liquidity model and advocates the inclusion of shareholder …
Board Of Directors’ Characteristics And Corporate Sustainability Performance: A Mediating Role Of Internal Control Mechanisms, Fakir A N M Asaduzzaman
Board Of Directors’ Characteristics And Corporate Sustainability Performance: A Mediating Role Of Internal Control Mechanisms, Fakir A N M Asaduzzaman
Student Works (2020-2029)
The purpose of this study is to propose a framework and thereafter examine the relationship among the board of directors’ characteristics, internal control mechanisms, and corporate sustainability performance. In particular, it aims to uncover how the board specific characteristics influence internal control, which, ultimately, would enhance the sustainability performance of publicly listed companies. The premise of the resource dependence theory is utilized to identify the board characteristics that may influence the sustainability performance; namely, size, composition, leadership, ownership, diversity, and expertise. Inspired by the fit as mediation notion of contingency theory, the mediating role of internal control mechanisms, proxied by …
Initial Public Offerings And Pricing Anomalies, Hon Wei Leow
Initial Public Offerings And Pricing Anomalies, Hon Wei Leow
Student Works (2020-2029)
Initial Public Offering (IPO) is a form of fundraising through the stock market of which has evolved as an essential platform to study the performance of newly issued shares. In the case of an emerging market like Malaysia, the pricing anomalies that measure the performance of initial return and flipping activity of IPO remain an interesting subject. During the period of Global Financial Crisis (GFC) in 2008-09, it is believed that the market sentiment will affect the initial return of new IPO and oversubscription will be negative, and hence firms will be unwilling to do the new listing on the …
Good News Or Bad News? Informational Value Of Corporate Bond Rating Announcements : The Malaysian Perspective., Mei Yeen Foo
Good News Or Bad News? Informational Value Of Corporate Bond Rating Announcements : The Malaysian Perspective., Mei Yeen Foo
Student Works (2010-2019)
Studies on informational efficiency in the financial markets have always attracted a large following, both from market players and the research community alike. The relative illiquidity of bond markets however have rendered researches done on the informational content of corporate bond rating announcements and its effects on bond yields to produce mixed findings. Studies on this area within the Malaysian context in recent years too have been small and inconclusive. This paper aims to study on the presence and effects of informational content in corporate bond ratings announcements (upgrades and downgrades) in the Malaysian context through the application of the …
Independent Financial Adviser : Key Factors For Engagement In Malaysia., Wan Azrul Wan Zainal Abidin
Independent Financial Adviser : Key Factors For Engagement In Malaysia., Wan Azrul Wan Zainal Abidin
Student Works (2010-2019)
This study aims to investigate the key factors for engagement of the Independent Financial Adviser (IFA) in Malaysia. The objective of this study is to identify the key factor for the Malaysian public to engage the service of an IFA and their preference for the delivery of service by the IFA. This is in accordance to the initiative of the Malaysian Financial Sector Master Plan (FSMP) introduced in 2001. The finding of this research is important to the Malaysian consumer and the IFA since they would be able to mutually benefit from the understanding of how each fits into the …
Target Status And Method Of Payment : A Perfomance Analysis Of Acquisitions In Malaysia., Lee Siew Peng
Target Status And Method Of Payment : A Perfomance Analysis Of Acquisitions In Malaysia., Lee Siew Peng
Student Works (2010-2019)
This study investigates firms performance in acquisition based on the target status and methods of payment in the Malaysian market over the period 2000-2004. To measure the acquiring and target firms abnormal returns around the acquisition announcements, the study employs the market model with Scholes-Williams adjustments for thin trading. For long-term analysis after acquisition, we use the market-adjusted model and buy-and-hold abnormal approach. The study finds that, in the short-term, acquisition activities create positive gain to both acquiring and target firms, most of which go to the target firms. Further, most of the abnormal returns occurs on day 0 and …
The Relationship Between Stock Price And Currency Exchange Rate In Malaysia : The Case Before Pegging And After Depegging Of Ringgit Malaysia., Ooi Beng Hooi
Student Works (2010-2019)
This study examines the relationship between stock price and currency exchange rate in Malaysia for the periods before pegging and after depegging of Ringgit Malaysia. Various econometrics tests are performed to find out the coefficients of correlation, beta coefficients, stationary of stock price and currency exchange rate, cointegration and Granger causality. It is found that stock price and strength of Ringgit are strongly and positively correlated, unilateral causality from stock price to currency exchange rate before pegging of Ringgit. However, the relationship between the two variables has become less significant as the correlation and degree of cointegration has become weaker …
Firm Value And The Tax Benefits Of Debt : A Study On Public Listed Company In Malaysia., Izam Syaharadzi Ahmad Sofian
Firm Value And The Tax Benefits Of Debt : A Study On Public Listed Company In Malaysia., Izam Syaharadzi Ahmad Sofian
Student Works (2010-2019)
This study has three main objectives. First, to empirically defines the relationship between firm value and debt of Public Listed Company in Malaysia once endogeneity of contemporaneous debt is corrected. Secondly the study looks into the possibility impact of alternative theories such as Free Cash Flow and Debt Signaling Hypotheses to the relationship between firm value and debt. Finally, it examines the influence of managerial ownership towards firm value and how it affects the benefits of debts. This study uses interest expense scaled by total assets as proxy of debt. The relationship between firm value and debt is statistically tested …
The Effect Of Firm Characteristics On Capital Structure : An Empirical Study., Andrew Hon Ming Chong
The Effect Of Firm Characteristics On Capital Structure : An Empirical Study., Andrew Hon Ming Chong
Student Works (2010-2019)
The effect of firm characteristics on capital structure has been tested for thisstudy. Sample is randomly drawn from 60 manufacturing firms listed in theMain Market of Bursa Malaysia for a period from year 2004 to 2008 which totalling 300 data. A regression model is formed amongst one dependentvariable, five independent variables, and one dummy variable to study the relationship and effect between firm characteristics and capital structure. The results reveal that firm size has a positive relation to capital structure whereas interest coverage ratio, profitability, and growth opportunities have an inverse relation to capital structure. While tangibility alone is found …
The Efficiency And Profitability Improvement Of The Rehabilitation Operations And Management Of Non Performing Loans : A Case Study Of Bank Perusahaan Kecil & Sederhana Malaysia Berhad (Sme Bank)., Ridza Ramza Ramli, Mohd Prasad Hanif
The Efficiency And Profitability Improvement Of The Rehabilitation Operations And Management Of Non Performing Loans : A Case Study Of Bank Perusahaan Kecil & Sederhana Malaysia Berhad (Sme Bank)., Ridza Ramza Ramli, Mohd Prasad Hanif
Student Works (2010-2019)
The comprehensive study on Rehabilitation Department is conducted to identify which segment within the process flow that requires improvement. The management of Non Performing Loans (NPLs) in a Bank is very crucial as these accounts are actually reflects the performance of the Banks. The Rehabilitation Department main task is to ensure proper administration of Non Performing Loans to be executed in order to maximize the recovery income to the Bank. The department also responsible to provides desirable result in term of manageable and acceptable NPLs rate for the Bank. The current process flow which has been used and practiced by …
Corporate Governance, Ownership Structure And Intellectual Capital Disclosure : Evidence From Malaysia., Gan Kin
Student Works (2010-2019)
Since the Asian Financial crisis occurred in 1997, Malaysia has implemented important corporate governance reforms to identify and address weaknesses highlighted during the crisis. Malaysia is aggressively highlighting the importance of good corporate governance to maintain its competitive edge as well as a source for sustainable economic growth. Keenan and Aggestam (2001) stressed that the success and failure of organizations in the twenty-first century depends on good governance practices in creating and leveraging intellectual capital (IC). Further, Tayles et al., (2007) view that IC has attracted increasing interest in recent years as management recognizes the contribution it makes in their …
Determinants Of Bank Profits And Net Interest Margins In East Asia And Latin America, Mui Tin Low
Determinants Of Bank Profits And Net Interest Margins In East Asia And Latin America, Mui Tin Low
Student Works (2010-2019)
This paper identifies the determinants of bank profits and net interest margins using bank level data, macroeconomic indicators and concentration ratio for ten countries in the East Asia and Latin America economies for the period of 2003–2008. A balanced panel of 167 banks operating in Argentina, Brazil, Colombia, Korea, Indonesia, Malaysia, Mexico, Thailand, Peru and Venezuela is used for this study. Of the 167 banks, 78 banks represent East Asia, while the balance 89 banks, Latin America. For purpose of this study, we first examine the determinants of bank profits and net interest margins based on the full sample of …
The Determinants Of Trade Credit Extension And The Problem Of Late Payment In The Malaysian Manufacturing Sector., Teh Chee Ghee
The Determinants Of Trade Credit Extension And The Problem Of Late Payment In The Malaysian Manufacturing Sector., Teh Chee Ghee
Student Works (2010-2019)
This study investigates the determinants of trade credit extension and the association between late payment from trade debtors and profitability in the Malaysian manufacturing sector. It is based on exploratory data analysis and ordinary least squares (OLS) regressions on a crosssectional sample of 383 and 287 public-listed manufacturing companies, respectively, using audited financial statements for the financial year ending 2007/2008.Investment in accounts receivables is even higher than in inventories in the Malaysian manufacturing sector. Contrary to previous studies, this study finds that large companies,manufacturers with higher liquidity and with higher collateral assets extend less trade credit, indicating that the listed …
Cash Flow Statement : An Empirical Study Of Voluntary Disclosure Practices Of Malaysian Companies, K. Ranchethamalar K.
Cash Flow Statement : An Empirical Study Of Voluntary Disclosure Practices Of Malaysian Companies, K. Ranchethamalar K.
Student Works (2000-2009)
Cash flow is a critical business solvency measure. The mandatory disclosures on cash flow statements do not provide all the necessary information to evaluate an entity's performance, liquidity and solvency. No prior studies so far, have thoroughly discussed the merits of providing additional information and relating it to firm specific variables. This study has two purposes. The first purpose is to provide empirical evidence on direct and indirect method of presenting operating cash flows. The second part of the study provides empirical evidence on the voluntary disclosure practices of Malaysian companies as encouraged by MASS 5 and relating it to …
Bond Rating Of Upgrades And Downgrades : The Impact On Stock Returns, C. Thaneswary Chelliah
Bond Rating Of Upgrades And Downgrades : The Impact On Stock Returns, C. Thaneswary Chelliah
Student Works (2000-2009)
This paper examines the share market reactions to bond rating changes of upgrades and downgrades. In term of analysis the upgrade and the downgrade category has been divided into changes based on the investment and speculative groups. The market model was used in determining abnormal returns for the study. This research provides the relation of changes taken place within the group and across the group. In addition, this paper is also examining the impact of rating changes due to financial prospect and the companies' leverage. All the analysis is based in Malaysian scenario . The result suggests that there were …
Persistence Of Profits : Intra-And Inter-Sector Comparisons, Liew Toh Peng
Persistence Of Profits : Intra-And Inter-Sector Comparisons, Liew Toh Peng
Student Works (2000-2009)
The dynamics of the competition in a market economy is expected to function continuously to eliminate the profit differentials among different firms or industries in the· long run. The persistence of profit rates differentials was estimated with an autoregressive model for a sample of firms listed in 9 sectors of the Main Board of Kuala Lumpur Stock Exchange (KLSE). We applied the methodology proposed by lm et al. ( I 997) to test for the persistence of profits in a panel data structure. A few specifications were considered and the autoregressive model without a lagged difference term was the best …
Risk-Based Audit Approach In The Internal Audit Department Of A Financial Institution : A Qualitative Study, Jans Mei Lin Lim
Risk-Based Audit Approach In The Internal Audit Department Of A Financial Institution : A Qualitative Study, Jans Mei Lin Lim
Student Works (2000-2009)
Traditionally, the internal auditing approach has been very procedures or process driven. Lately, however, there is greater emphasis on the risk-driven approach in an attempt to achieve greater effectiveness and efficiency in internal auditing. This new approach which is risk-driven is called Risk Based Auditing. A riskbased audit focuses on the organization's business risks, that is, risks which can affect a company's profitability and which hold the key to its survival. To analyze this risk, the internal auditor has to look into the working of the company to understand how it operates, and the short and long term business risks …
Performance Of Islamic Banking Scheme At Foreign Banks : A Malaysian Case Study, Luqyan Tamanni
Performance Of Islamic Banking Scheme At Foreign Banks : A Malaysian Case Study, Luqyan Tamanni
Student Works (2000-2009)
Using trend and ratio analysis, this study analyses the performance of Islamic banking operations at three foreign banks in Malaysia i.e. HSBC, OCBC and SCB:MB. Using the data from 1996-2000, it is possible to track progress and evaluate performances of the Islamic Banking Scheme (IBS) versus its conventional counterpart at these banks. It is also possible to examine the impacts of the Asian Crisis in 1997-98 to the Islamic banking operations, especially at the foreign banks. This study concludes that, during 1996-2000, Islamic banking operations at foreign banks have been performing considerably well, during and post the crisis. On average, …
A Comparison Between Eva And Conventional Accounting Performance Measures For Listed Companies In Malaysia, Sow Chen Wong
A Comparison Between Eva And Conventional Accounting Performance Measures For Listed Companies In Malaysia, Sow Chen Wong
Student Works (2000-2009)
This research was carried out with two primary objectives namely to investigate the relationship between Economic Value Added (EVA) and stock returns and how it compares with conventional accounting measures in explaining stock returns. The results indicate that there is a significant positive relationship between EVA and stock returns. Although the relationship is positive, it is relatively weak. All the accounting performance measures also exhibit a positive relationship with stocks. With regards to the ability of EVA in explaining stock returns, It was better compared to any of the accounting performance measures. The best accounting measure was price earnings ratio. …
Capital Structure, Financing Patterns And Financial Performances Of Kuala Lumpur Stock Exchange (Klse) Companies, Jin Ken Kam
Capital Structure, Financing Patterns And Financial Performances Of Kuala Lumpur Stock Exchange (Klse) Companies, Jin Ken Kam
Student Works (2000-2009)
This study has three main objectives. Firsttly, It examines how the capital structure or public listed companies in Malaysia differ accross time and industry. The companies are grouped acccording to KLSE's classification of companies. Secondly, the study looks into whether the financing of fixed assets is matched by long-term debt or covered by long-term capital. Thirrdly, it examines lhe effect of leverage on the performance of public listed companies in Mataysia over the past 10 years. The study uses the total debt to total asset ratio ta measure leverage. Financing patterns of companies are examined by using the total capitalization, …
Does The Value Investing Strategy Outperform The Klci? : (Empirical Refutation Against The Efficient Market Hypothesis In Its Semi-Strong Form), Jee Mun Wong
Student Works (2000-2009)
A value strategist is a fund manager who seeks to buy stocks that are a discount to their fair value and sell them· in excess of that value. Value strategists see value where many other market participants do not. Value investing strategy was popularized by Benjamin Graham and later, his protégé Warren Buffett. Graham, a finance professor, taught security analysis at Columbia University and retired a millionaire as a result of his investments in the NYSE. Together with David Dodd, he laid out the analytical framework for investing in stocks that are cheap on the basis of their underlying assets. …
Director Ownership And Financial Performance Of Listed Companies In Malaysia, Kiew Heong Yap
Director Ownership And Financial Performance Of Listed Companies In Malaysia, Kiew Heong Yap
Student Works (2000-2009)
The ability to align managerial and shareholder Interests via the managerial ownership of equity is an important topic of Inquiry, with the governance issues arising from the separation of ownership from control. The primarily US and UK based literature and findings suggest that management is aligned at low and possibly high levels of ownership but is entrenched (pursuing self interest) at intermediate ownership levels. This paper examines the relationship between the performance of public-listed companies (PLC) and director ownership in Malaysia using accounting and market performance measures. The empirical results of the paper shows that as director ownership in a …
Research And Development Practices Of Malaysian Companies : Current Perceptions Of The Directors, Ervina Alfan
Research And Development Practices Of Malaysian Companies : Current Perceptions Of The Directors, Ervina Alfan
Student Works (2000-2009)
Short-termistic perception; according to a study done in U.K is the main cause for declining UK companies competitiveness in the international market. Because of this perception, companies are less involved in R&D activities. This scenario could be detrimental to their survival in the long run. This paper tries to explore this issue from the Malaysian perspective. It attempts to determine the perceptions of the Finance Directors of Malaysian companies and to obtain an understanding behind their perceptions.