This study provides perspectives and insights into the importance of Maqasid al-Shari’ah in the discourse of Shari’ah-Compliant Asset Pricing Model (SCAPM) development by considering inflation and zakat as the minimum level of expected return. The study also integrated market risk and investor sentiment as systematic risks faced by Muslim investors in stock investments. Using a non-linear panel ARDL approach with monthly panel data from 109 Shari’ah-compliant listed companies on the Indonesian Stock Exchange between October 2007 and June 2021 (164 months), the study found that the Islamic market risk premium and investor sentiment had a positive long-term impact on Shari’ah-compliant stock returns. Surprisingly, market risk premium had a reverse effect in the short term, while investor sentiment remained positive. These findings contribute to understanding Islamic finance and have practical implications for investors, financial institutions, and policymakers. Keywords: Maqasid al-Shari’ah, Shariah-compliant asset pricing model, investor sentiment
{"title":"Investor Sentiment Under the Maqasid Al-Shari’ah Compliance Asset Pricing Model: A Behavioral Finance Approach to Islamic Finance","authors":"Igo Febrianto, Norhayati Mohamed, Imbarine Bujang","doi":"10.24191/apmaj.v18i2-07","DOIUrl":"https://doi.org/10.24191/apmaj.v18i2-07","url":null,"abstract":"This study provides perspectives and insights into the importance of Maqasid al-Shari’ah in the discourse of Shari’ah-Compliant Asset Pricing Model (SCAPM) development by considering inflation and zakat as the minimum level of expected return. The study also integrated market risk and investor sentiment as systematic risks faced by Muslim investors in stock investments. Using a non-linear panel ARDL approach with monthly panel data from 109 Shari’ah-compliant listed companies on the Indonesian Stock Exchange between October 2007 and June 2021 (164 months), the study found that the Islamic market risk premium and investor sentiment had a positive long-term impact on Shari’ah-compliant stock returns. Surprisingly, market risk premium had a reverse effect in the short term, while investor sentiment remained positive. These findings contribute to understanding Islamic finance and have practical implications for investors, financial institutions, and policymakers. Keywords: Maqasid al-Shari’ah, Shariah-compliant asset pricing model, investor sentiment","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135991018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study presents early evidence of the current valuation techniques and financial statement disclosure of non-bearer plants by companies on the Indonesia Stock Exchange. The emphasis is on measurement and valuation techniques amended in 2018-2019—the compliance in financial statement disclosure items provided by the companies. The valuation technique of a biological asset is quite challenging because this process includes measurements due to changes in market price and biological transformation. The study was conducted through a review of financial statements, primarily focusing on their disclosure. The study compared the change recorded in the initial years after amendments in accounting policy (2018 and 2019). The result showed that companies applied no uniform techniques to the valuation of biological assets. Therefore, it significantly affected their disclosure mainly due to the scarcity of technical guidance concerning biological assets. This study was limited to observing disclosure information and its accounting treatment by companies listed in Indonesian Stock Exchange under Agriculture and related industries. This study is useful to academics, accounting standard setters, and regulatory bodies. The paper is useful as feedback to accounting standard setters regarding implementing Financial Accounting Standard No.69: Agriculture in Indonesia. The findings aim to provide insights to regulatory bodies regarding financial information provided by companies in the logging sector. Keywords: measurement, valuation technique, financial statement disclosure, non-bearer plant, compliance, Indonesia
{"title":"Valuation Techniques and Financial Statement Disclosures for Non-Bearer Plant Sustainability Performance in Indonesia","authors":"Widya Perwitasari, Norazida Mohammed, Nasir Sultan, Aria Farah Mita, Radziah Mahmud","doi":"10.24191/apmaj.v18i2-03","DOIUrl":"https://doi.org/10.24191/apmaj.v18i2-03","url":null,"abstract":"This study presents early evidence of the current valuation techniques and financial statement disclosure of non-bearer plants by companies on the Indonesia Stock Exchange. The emphasis is on measurement and valuation techniques amended in 2018-2019—the compliance in financial statement disclosure items provided by the companies. The valuation technique of a biological asset is quite challenging because this process includes measurements due to changes in market price and biological transformation. The study was conducted through a review of financial statements, primarily focusing on their disclosure. The study compared the change recorded in the initial years after amendments in accounting policy (2018 and 2019). The result showed that companies applied no uniform techniques to the valuation of biological assets. Therefore, it significantly affected their disclosure mainly due to the scarcity of technical guidance concerning biological assets. This study was limited to observing disclosure information and its accounting treatment by companies listed in Indonesian Stock Exchange under Agriculture and related industries. This study is useful to academics, accounting standard setters, and regulatory bodies. The paper is useful as feedback to accounting standard setters regarding implementing Financial Accounting Standard No.69: Agriculture in Indonesia. The findings aim to provide insights to regulatory bodies regarding financial information provided by companies in the logging sector. Keywords: measurement, valuation technique, financial statement disclosure, non-bearer plant, compliance, Indonesia","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135991016","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Dayang Hafiza Abang Ahmad, Corina Joseph, Roshima Said
The study aimed to explain the reasons for disclosing the accountability practices information on the Malaysian local councils’ websites using the isomorphism tenet. Semi-structured interviews were conducted with officers from 12 selected Malaysian local councils involved in the disclosure of accountability practices on websites. The interviews revealed that the reasons for disclosure of accountability practices information were classified into six themes – regulatory requirements, website administration, community, organisational goals, leadership, and others, which are subsequently linked to the three isomorphism pressures and strategic controls concept. This study demonstrates the effect of the isomorphic influences by local councils on the disclosure of accountability practices on websites. This paper contributes to the public sector accounting research on the use of the isomorphism concept to explain the disclosure of accountability practices on websites and subsequently linked to behavioural control and informational control concepts that are not commonly used in disclosure studies. The findings of this paper are helpful to local councils and policymakers in identifying the reasons for the disclosure of accountability practices on websites, hence, enabling them to improve in the future. Keywords: Accountability practices, local council, isomorphism, disclosure, websites, strategic controls
{"title":"Council’s Online Disclosure of Accountability Practices: Isomorphism Inquiries","authors":"Dayang Hafiza Abang Ahmad, Corina Joseph, Roshima Said","doi":"10.24191/apmaj.v18i2-05","DOIUrl":"https://doi.org/10.24191/apmaj.v18i2-05","url":null,"abstract":"The study aimed to explain the reasons for disclosing the accountability practices information on the Malaysian local councils’ websites using the isomorphism tenet. Semi-structured interviews were conducted with officers from 12 selected Malaysian local councils involved in the disclosure of accountability practices on websites. The interviews revealed that the reasons for disclosure of accountability practices information were classified into six themes – regulatory requirements, website administration, community, organisational goals, leadership, and others, which are subsequently linked to the three isomorphism pressures and strategic controls concept. This study demonstrates the effect of the isomorphic influences by local councils on the disclosure of accountability practices on websites. This paper contributes to the public sector accounting research on the use of the isomorphism concept to explain the disclosure of accountability practices on websites and subsequently linked to behavioural control and informational control concepts that are not commonly used in disclosure studies. The findings of this paper are helpful to local councils and policymakers in identifying the reasons for the disclosure of accountability practices on websites, hence, enabling them to improve in the future. Keywords: Accountability practices, local council, isomorphism, disclosure, websites, strategic controls","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135991013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Customer satisfaction is an essential experience in e-commerce. The objective of this study was to identify determinants of customer satisfaction in e-commerce. This case study adopted its theoretical framework from the Theory of Reasoned Action (TRA). It also applied a quantitative research methodology by using self-administered questionnaires as a measurement tool in gathering sample data. The sample were student’s students from various course backgrounds in higher learning institutions in Johor. A total of 224 students answered the questionnaires. IBM SPSS version 26 was used to analyse the sample data. A test of reliability was carried out using the Cronbach's alpha method. Later, using Pearson correlation and multiple regression analysis to assess the interrelationship between the independent and dependent variables, predictors and criteria values were identified. The findings revealed that user interface quality, product information quality, security perception, and privacy perception had a positive relationship with customer satisfaction. However, e-service quality had a negative relationship and had no significant impact on customer satisfaction. This study provides insight into the influencing aspects and their functions. This would allow e-commerce firms to improve their websites based on the findings. Keywords: customer satisfaction, e-commerce, B2C, TRA, influencing factors
客户满意度是电子商务中必不可少的体验。本研究的目的是确定电子商务中顾客满意度的决定因素。本案例研究采用了理性行为理论的理论框架。它还采用定量研究方法，使用自我管理的问卷作为收集样本数据的测量工具。样本是来自柔佛州高等院校不同课程背景的学生。共有224名学生回答了问卷。采用IBM SPSS version 26对样本数据进行分析。采用Cronbach’s alpha方法进行信度检验。随后，利用Pearson相关和多元回归分析评估自变量和因变量之间的相互关系，确定预测因子和标准值。结果显示，使用者介面品质、产品资讯品质、安全感知、隐私感知与顾客满意呈正相关。然而，电子服务质量与顾客满意度呈负向关系，对顾客满意度无显著影响。本研究提供了对影响因素及其功能的深入了解。这将允许电子商务公司根据调查结果改进他们的网站。关键词:顾客满意度，电子商务，B2C, TRA，影响因素
{"title":"Determinants of Customer Satisfaction in E-Commerce: A Case Study in Higher Learning Institutions in Johor","authors":"Abd Halim Mohamad Mohamad, Sabrinah Adam Adam","doi":"10.24191/apmaj.v18i1-01","DOIUrl":"https://doi.org/10.24191/apmaj.v18i1-01","url":null,"abstract":"Customer satisfaction is an essential experience in e-commerce. The objective of this study was to identify determinants of customer satisfaction in e-commerce. This case study adopted its theoretical framework from the Theory of Reasoned Action (TRA). It also applied a quantitative research methodology by using self-administered questionnaires as a measurement tool in gathering sample data. The sample were student’s students from various course backgrounds in higher learning institutions in Johor. A total of 224 students answered the questionnaires. IBM SPSS version 26 was used to analyse the sample data. A test of reliability was carried out using the Cronbach's alpha method. Later, using Pearson correlation and multiple regression analysis to assess the interrelationship between the independent and dependent variables, predictors and criteria values were identified. The findings revealed that user interface quality, product information quality, security perception, and privacy perception had a positive relationship with customer satisfaction. However, e-service quality had a negative relationship and had no significant impact on customer satisfaction. This study provides insight into the influencing aspects and their functions. This would allow e-commerce firms to improve their websites based on the findings. Keywords: customer satisfaction, e-commerce, B2C, TRA, influencing factors","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135758347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aimed to examine the factors that influenced earnings quality in manufacturing sector companies listed on the Indonesia Stock Exchange for the 2018-2020 period. Earnings quality is the ability of company-generated profit information to influence the decisions of financial statement users. Earnings information is used as a basis for consideration in making decisions so companies are required to provide quality earnings information. Earnings quality in this study was measured by the Earnings Response Coefficient (ERC). ERC is a measure of the magnitude of the abnormal return of a stock in response to unexpected earnings reported by the company. In this study, the factors that were predicted to affect ERC were profitability, leverage, firm size, and liquidity with dividend policy as a factor that could moderate the relationship with ERC. Based on the results, it can be concluded that profitability, firm size, and liquidity had a significant positive effect on earnings quality (ERC), with dividend policy as a moderating variable. Meanwhile, leverage (DER) had no effect on earnings quality with dividend policy as a moderating variable. Keywords: dividend, earnings response coefficient, leverage, profitability, size
{"title":"Earnings Quality: An Analysis of Indonesia Manufacturing Companies with Dividend Policy as a Moderating Variable","authors":"M. Osesoga","doi":"10.24191/apmaj.v18i1-09","DOIUrl":"https://doi.org/10.24191/apmaj.v18i1-09","url":null,"abstract":"This study aimed to examine the factors that influenced earnings quality in manufacturing sector companies listed on the Indonesia Stock Exchange for the 2018-2020 period. Earnings quality is the ability of company-generated profit information to influence the decisions of financial statement users. Earnings information is used as a basis for consideration in making decisions so companies are required to provide quality earnings information. Earnings quality in this study was measured by the Earnings Response Coefficient (ERC). ERC is a measure of the magnitude of the abnormal return of a stock in response to unexpected earnings reported by the company. In this study, the factors that were predicted to affect ERC were profitability, leverage, firm size, and liquidity with dividend policy as a factor that could moderate the relationship with ERC. Based on the results, it can be concluded that profitability, firm size, and liquidity had a significant positive effect on earnings quality (ERC), with dividend policy as a moderating variable. Meanwhile, leverage (DER) had no effect on earnings quality with dividend policy as a moderating variable. Keywords: dividend, earnings response coefficient, leverage, profitability, size","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47575732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examined baseline macroeconomic structure, economic impacts of the COVID-19 lockdown, and government stimulus package effectiveness to mitigate pandemic impacts in Saudi Arabia. By a disaggregated analysis, we identified the sectoral contribution in terms of intermediate, private and public demand, labour compensation and trade by utilising the Input-Output Table. By analysing the point of sales, we demonstrated hard-hit sectors by the lockdown. The Saudi economy shrank by 1% in Q1 of the fiscal year 2020 due to oil price collapse and the lockdown. The stimulus package may rebound the economy (costing external debt). We provide several policy implications. Keywords: lockdown, economic shocks, stimulus package, oil price, Saudi Arabia
{"title":"COVID-19 Economic Impact and Saudi Stimulus Package Effectiveness","authors":"Nahla Samargandi","doi":"10.24191/apmaj.v18i1-04","DOIUrl":"https://doi.org/10.24191/apmaj.v18i1-04","url":null,"abstract":"This study examined baseline macroeconomic structure, economic impacts of the COVID-19 lockdown, and government stimulus package effectiveness to mitigate pandemic impacts in Saudi Arabia. By a disaggregated analysis, we identified the sectoral contribution in terms of intermediate, private and public demand, labour compensation and trade by utilising the Input-Output Table. By analysing the point of sales, we demonstrated hard-hit sectors by the lockdown. The Saudi economy shrank by 1% in Q1 of the fiscal year 2020 due to oil price collapse and the lockdown. The stimulus package may rebound the economy (costing external debt). We provide several policy implications. Keywords: lockdown, economic shocks, stimulus package, oil price, Saudi Arabia","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47412843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Covid-19 pandemic had deeply affected supply chain management across industries, necessitating firms to redefine their strategies to reduce the risk and imbalance caused by the disruption. The study highlights how external risk factors have influenced the internal and organizational factors of the small and medium enterprises (SMEs) in dealing with their supply chain disruptions. We applied the resource dependence theory to illustrate this aspect and also to understand the factors that impact supply chain management. The study applied the interpretive structural modelling (ISM) methodology and Cross Impact Matrix Multiplication Applied to Classification (MICMAC) methodology to understand the inter-dependence relationship between these factors of risk in supply chain management during Covid-19. Our study was specific to the ongoing COVID 19 pandemic as the external factor disrupting supply chains and impacting a firm’s internal and organizational factors in dealing with the impact. Our results showed that external factors deeply influence the internal factors governing supply chain management, which in turn, impact firm performance. Keywords: supply chain management, resource dependency theory, covid-19, small and medium enterprises, decision making
{"title":"Applying the Resource Dependence Theory to Enhance Supply Chain Management of Small and Medium Scale Enterprises (SMEs) in the Context of Covid-19","authors":"P. Kulkarni, Gurudutt Nayak, A. P.","doi":"10.24191/apmaj.v18i1-08","DOIUrl":"https://doi.org/10.24191/apmaj.v18i1-08","url":null,"abstract":"The Covid-19 pandemic had deeply affected supply chain management across industries, necessitating firms to redefine their strategies to reduce the risk and imbalance caused by the disruption. The study highlights how external risk factors have influenced the internal and organizational factors of the small and medium enterprises (SMEs) in dealing with their supply chain disruptions. We applied the resource dependence theory to illustrate this aspect and also to understand the factors that impact supply chain management. The study applied the interpretive structural modelling (ISM) methodology and Cross Impact Matrix Multiplication Applied to Classification (MICMAC) methodology to understand the inter-dependence relationship between these factors of risk in supply chain management during Covid-19. Our study was specific to the ongoing COVID 19 pandemic as the external factor disrupting supply chains and impacting a firm’s internal and organizational factors in dealing with the impact. Our results showed that external factors deeply influence the internal factors governing supply chain management, which in turn, impact firm performance. Keywords: supply chain management, resource dependency theory, covid-19, small and medium enterprises, decision making","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44783525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Nor Affida Md Zin, Eley Suzana Kasim, Nur ‘Iishah Mohamed Azmi, Abdullah Saad Al-Dhubaibi, N. Zainal
Although many studies have examined sustainability from the organisational corporate viewpoint, limited studies have focussed on the role of individual accountable behaviour in supporting sustainable development agenda. Studies have shown that knowledge and attitude of individuals are essential requirement to achieve sustainable development. However, little is known on how university graduates’ knowledge and attitude contribute to accountable behaviour. Given that university graduates are viewed as agents of change, this study aimed to examine the effect of knowledge and attitude on their accountable behaviour. This study collected data through quantitative survey involving 385 university graduates from various universities in Malaysia. To gain a deeper understanding of the research issues and to follow up on the queries of the open-ended survey, we conducted qualitative interviews with five university graduates. The outcome revealed that both knowledge and attitude significantly influenced accountable behaviour towards sustainable development. These findings add to the body of knowledge founded on Malaysia’s reality as a developing nation seeking to advocate sustainable development. Keywords: sustainability, sustainable development, knowledge, attitude, accountable behaviour, university graduates
{"title":"Accountable Behavior towards Sustainable Development: The Role of Knowledge and Attitude of University Graduates","authors":"Nor Affida Md Zin, Eley Suzana Kasim, Nur ‘Iishah Mohamed Azmi, Abdullah Saad Al-Dhubaibi, N. Zainal","doi":"10.24191/apmaj.v18i1-02","DOIUrl":"https://doi.org/10.24191/apmaj.v18i1-02","url":null,"abstract":"Although many studies have examined sustainability from the organisational corporate viewpoint, limited studies have focussed on the role of individual accountable behaviour in supporting sustainable development agenda. Studies have shown that knowledge and attitude of individuals are essential requirement to achieve sustainable development. However, little is known on how university graduates’ knowledge and attitude contribute to accountable behaviour. Given that university graduates are viewed as agents of change, this study aimed to examine the effect of knowledge and attitude on their accountable behaviour. This study collected data through quantitative survey involving 385 university graduates from various universities in Malaysia. To gain a deeper understanding of the research issues and to follow up on the queries of the open-ended survey, we conducted qualitative interviews with five university graduates. The outcome revealed that both knowledge and attitude significantly influenced accountable behaviour towards sustainable development. These findings add to the body of knowledge founded on Malaysia’s reality as a developing nation seeking to advocate sustainable development. Keywords: sustainability, sustainable development, knowledge, attitude, accountable behaviour, university graduates","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42084698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Ghazali, Nur Aima Shafie, Zuraidah Mohd Sanusi, S. Sanusi, Salwa Zolkaflil
One of the prominent challenges of social enterprises is the inability to sustain their performance. In recent years, there have been instances where social enterprises have faced issues related to mismanagement, and these incidents have been associated with lack of effective governance. Therefore, this qualitative study engaged semi-structured interviews with representatives of social enterprises in Malaysia in assessing and examining the ideal governance framework that would suit the needs of social enterprise to attain sustainable performance. At first glance, the findings suggest that governance is achieved through effective control mechanisms and accountability practices. However, the respondents had also shared some insights that would suggest a forward-looking approach to social enterprise governance that prioritises sustainability, innovation, and social impact, rather than just control and compliance. Additionally, another substance being highlighted by the respondents that is closely related with social enterprise governance is about building relationships and trust. Keywords: governance, sustainability, control mechanisms, social enterprise, performance
{"title":"Governance for Sustainable Social Enterprise Performance: Moving Beyond Control Mechanisms","authors":"A. Ghazali, Nur Aima Shafie, Zuraidah Mohd Sanusi, S. Sanusi, Salwa Zolkaflil","doi":"10.24191/apmaj.v18i1-07","DOIUrl":"https://doi.org/10.24191/apmaj.v18i1-07","url":null,"abstract":"One of the prominent challenges of social enterprises is the inability to sustain their performance. In recent years, there have been instances where social enterprises have faced issues related to mismanagement, and these incidents have been associated with lack of effective governance. Therefore, this qualitative study engaged semi-structured interviews with representatives of social enterprises in Malaysia in assessing and examining the ideal governance framework that would suit the needs of social enterprise to attain sustainable performance. At first glance, the findings suggest that governance is achieved through effective control mechanisms and accountability practices. However, the respondents had also shared some insights that would suggest a forward-looking approach to social enterprise governance that prioritises sustainability, innovation, and social impact, rather than just control and compliance. Additionally, another substance being highlighted by the respondents that is closely related with social enterprise governance is about building relationships and trust. Keywords: governance, sustainability, control mechanisms, social enterprise, performance","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42941447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fazrul Hanim Abd Sata, Nurul Azlin Azmi, Muhamad Ashaari Sukar, Mohd Taufik Mohd Suffian, Reni Yendrawati Reni Yendrawati, N. B. Zakaria
This study examined the effect of the family business on firm performance and whether the political connection moderates these relationships. Final sample consisted of 1,969 firm-year observations from 2013 - 2017. Family characteristics and political connections data were hand-collected from annual report and financial data were extracted from Eikon Datastream. We found that family chairmanship and high family ownership concentration can destroy firm performance, exhibited by low Tobin Q. However, the moderating effect of political connection between family business and firm performance showed a positive and significant association. This implies that politicians in the family firm can create firm performance as they can work as external watchdogs. Additional analysis showed that political connections in high family ownership can destroy firm performance. These findings provide practical implications for regulators and investors that they should be mindful of the designation of family members and appointment of politicians in firms as it may create agency costs and destroy firm performance. This study adds to the limited, albeit important evidence on the joint effect of politically connected firms and family businesses on firm performance. Keywords: family business, political connection, firm performance
{"title":"Does Political Connection and Family Business Create or Destroy Firm Performance: Lessons Learned from Malaysia","authors":"Fazrul Hanim Abd Sata, Nurul Azlin Azmi, Muhamad Ashaari Sukar, Mohd Taufik Mohd Suffian, Reni Yendrawati Reni Yendrawati, N. B. Zakaria","doi":"10.24191/apmaj.v18i1-06","DOIUrl":"https://doi.org/10.24191/apmaj.v18i1-06","url":null,"abstract":"This study examined the effect of the family business on firm performance and whether the political connection moderates these relationships. Final sample consisted of 1,969 firm-year observations from 2013 - 2017. Family characteristics and political connections data were hand-collected from annual report and financial data were extracted from Eikon Datastream. We found that family chairmanship and high family ownership concentration can destroy firm performance, exhibited by low Tobin Q. However, the moderating effect of political connection between family business and firm performance showed a positive and significant association. This implies that politicians in the family firm can create firm performance as they can work as external watchdogs. Additional analysis showed that political connections in high family ownership can destroy firm performance. These findings provide practical implications for regulators and investors that they should be mindful of the designation of family members and appointment of politicians in firms as it may create agency costs and destroy firm performance. This study adds to the limited, albeit important evidence on the joint effect of politically connected firms and family businesses on firm performance. Keywords: family business, political connection, firm performance","PeriodicalId":41923,"journal":{"name":"Asia-Pacific Management Accounting Journal","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44576437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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