Pub Date : 2018-01-01DOI: 10.21315/aamjaf2017.13.2.6
Amarjit Gill, Harvinder S. Mand, A. Amiraslany, Neil Mathur
We investigated the association between socially responsible investment, internal financing sources, and access to bank financing in the production industry of India. Using a survey research design, owners of small production firms were asked about their perceptions regarding socially responsible investment, internal financing sources, and access to bank financing. We found that socially responsible investment and internal financing sources help owners of small production firms improve access to bank financing. This study contributes to the literature on the relationship between socially responsible investment, internal financing sources, and access to bank financing. The findings may be useful for financial managers, production firm owners, investors, consultants, and other stakeholders.
{"title":"Socially Responsible Investment, Internal Financing Sources and Access to Bank Financing: Evidence from Indian Survey Data","authors":"Amarjit Gill, Harvinder S. Mand, A. Amiraslany, Neil Mathur","doi":"10.21315/aamjaf2017.13.2.6","DOIUrl":"https://doi.org/10.21315/aamjaf2017.13.2.6","url":null,"abstract":"We investigated the association between socially responsible investment, internal financing sources, and access to bank financing in the production industry of India. Using a survey research design, owners of small production firms were asked about their perceptions regarding socially responsible investment, internal financing sources, and access to bank financing. We found that socially responsible investment and internal financing sources help owners of small production firms improve access to bank financing. This study contributes to the literature on the relationship between socially responsible investment, internal financing sources, and access to bank financing. The findings may be useful for financial managers, production firm owners, investors, consultants, and other stakeholders.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"13 1","pages":"109-133"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67725963","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}
Pub Date : 2018-01-01DOI: 10.21315/AAMJAF2018.14.1.6
Razali Haron
This study evaluates the impact of firm and industry level determinants plus ownership concentration on the capital structure decisions in Indonesia. This study finds that growing firms seem to employ high level of debt, taking advantage of the tax shield as explained by the trade-off theory. However, if the firms are operating in a highly dynamic environment they tend to take on less debt as to avoid bankruptcy risk. Known to be in a highly concentrated ownership structure, firms in Indonesia opt to debt financing perhaps to act as a controlling mechanism to mitigate agency conflicts that may exist between the large controlling shareholders and the minority. Aged and highly profitable firms with high tangible and intangible assets and liquidity level operating in a high munificence environment follow the pecking order theory. The insights on the impact of industry characteristics are novel especially on emerging market thus fill the gap in the literature.
{"title":"Firm Level, Ownership Concentration and Industry Level Determinants of Capital Structure in An Emerging Market: Indonesia Evidence","authors":"Razali Haron","doi":"10.21315/AAMJAF2018.14.1.6","DOIUrl":"https://doi.org/10.21315/AAMJAF2018.14.1.6","url":null,"abstract":"This study evaluates the impact of firm and industry level determinants plus ownership concentration on the capital structure decisions in Indonesia. This study finds that growing firms seem to employ high level of debt, taking advantage of the tax shield as explained by the trade-off theory. However, if the firms are operating in a highly dynamic environment they tend to take on less debt as to avoid bankruptcy risk. Known to be in a highly concentrated ownership structure, firms in Indonesia opt to debt financing perhaps to act as a controlling mechanism to mitigate agency conflicts that may exist between the large controlling shareholders and the minority. Aged and highly profitable firms with high tangible and intangible assets and liquidity level operating in a high munificence environment follow the pecking order theory. The insights on the impact of industry characteristics are novel especially on emerging market thus fill the gap in the literature.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"14 1","pages":"127-151"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67726587","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}
Pub Date : 2018-01-01DOI: 10.21315/AAMJAF2018.14.2.5
Sarthak Kumar Jena, C. Mishra, Prabina Rajib
This paper aims to derive an undervaluation signal from the insider trading of Indian companies, where the ownership is complex and concentrated, investors’ protection is weak, and the insider rules and regulations are not stringent like a developed country. It also examines the relationship between insider trading and the actual share repurchase by the firm. A sample of 78 companies spanning from 2008–09 to 2014–15 is analysed in this study because of the unavailability of insider data in the Indian context. The paper finds that insider trading of sample firms are more than matching firms before buyback announcement. Insider buying before share repurchase announcement positively influences share repurchase decisions. We observed that insider buying has a positive and significant relationship, whereas insider selling has a negative and significant relationship with announcement return. We also found that insider buying has a positive and significant relationship with actual share repurchase and program completion. The study is constrained by the small sample size, so the results must be viewed by keeping this limitation in mind. The paper is the first study in the Indian context wherein the insider trading literature is extended to share repurchase to find out undervaluation signal associated with it.
{"title":"Do Insiders Trading Before Open Market Share Repurchase Announcement Give an Additional Signaling? A Study in The Indian Context","authors":"Sarthak Kumar Jena, C. Mishra, Prabina Rajib","doi":"10.21315/AAMJAF2018.14.2.5","DOIUrl":"https://doi.org/10.21315/AAMJAF2018.14.2.5","url":null,"abstract":"This paper aims to derive an undervaluation signal from the insider trading of Indian companies, where the ownership is complex and concentrated, investors’ protection is weak, and the insider rules and regulations are not stringent like a developed country. It also examines the relationship between insider trading and the actual share repurchase by the firm. A sample of 78 companies spanning from 2008–09 to 2014–15 is analysed in this study because of the unavailability of insider data in the Indian context. The paper finds that insider trading of sample firms are more than matching firms before buyback announcement. Insider buying before share repurchase announcement positively influences share repurchase decisions. We observed that insider buying has a positive and significant relationship, whereas insider selling has a negative and significant relationship with announcement return. We also found that insider buying has a positive and significant relationship with actual share repurchase and program completion. The study is constrained by the small sample size, so the results must be viewed by keeping this limitation in mind. The paper is the first study in the Indian context wherein the insider trading literature is extended to share repurchase to find out undervaluation signal associated with it.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"14 1","pages":"103-135"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67726826","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}
Pub Date : 2018-01-01DOI: 10.21315/AAMJAF2017.13.2.1
L. Loh, Sok-Gee Chan
This paper examines the role of board structure and ownership concentration on bank risk-taking of public listed commercial banks in Malaysia from 2001 to 2012. The study focuses on the bank-risk taking behaviour after the major bank consolidation in Malaysia in year 2000. Using two-market model to estimate the risk of the commercial banks in Malaysia, the results suggest that higher ownership concentration and larger board size resulted in higher bank risk-taking of the listed commercial banks in Malaysia. Given that the board structure is an important element of bank risk-taking, regulators should continue to enhance the monitoring of banks (where board size is large and ownership concentration is high) to control the banks’ potential for excessive risk taking.
{"title":"Bank Risk Taking Behaviour in Malaysia: Role of Board and Ownership Structure","authors":"L. Loh, Sok-Gee Chan","doi":"10.21315/AAMJAF2017.13.2.1","DOIUrl":"https://doi.org/10.21315/AAMJAF2017.13.2.1","url":null,"abstract":"This paper examines the role of board structure and ownership concentration on bank risk-taking of public listed commercial banks in Malaysia from 2001 to 2012. The study focuses on the bank-risk taking behaviour after the major bank consolidation in Malaysia in year 2000. Using two-market model to estimate the risk of the commercial banks in Malaysia, the results suggest that higher ownership concentration and larger board size resulted in higher bank risk-taking of the listed commercial banks in Malaysia. Given that the board structure is an important element of bank risk-taking, regulators should continue to enhance the monitoring of banks (where board size is large and ownership concentration is high) to control the banks’ potential for excessive risk taking.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"13 1","pages":"1-26"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67726178","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}
Pub Date : 2018-01-01DOI: 10.21315/aamjaf2017.13.2.4
Quoc Trung Tran
Vietnamese stock market is a promising laboratory to investigate the ex-day behaviour of stock price due to its special features: Firstly, the market uses periodic call auction mechanism for determining both opening and closing prices and there is no market maker. Secondly, tick size is much smaller than dividend amount. These imply that market microstructure theories are not applicable explanations. Thirdly, unlike many markets’ taxation of capital gains and dividends, there is no considerably preferential treatment of capital gains to dividends. Finally, short-selling is prohibited. Comparing the observed values of price drop to dividend ratio and their expected values under the impact of tax policy, we find that tax treatment fails to explain the anomaly in the research framework. The research findings show that abnormal returns are significantly positive and negative in the pre- and the post ex-dividend day periods, respectively. Moreover, regression results and relevant analysis show supporting evidence for dividend capture theory.
{"title":"Dividend Capture on the Ex-Dividend Day: Evidence from Vietnamese Stock Market","authors":"Quoc Trung Tran","doi":"10.21315/aamjaf2017.13.2.4","DOIUrl":"https://doi.org/10.21315/aamjaf2017.13.2.4","url":null,"abstract":"Vietnamese stock market is a promising laboratory to investigate the ex-day behaviour of stock price due to its special features: Firstly, the market uses periodic call auction mechanism for determining both opening and closing prices and there is no market maker. Secondly, tick size is much smaller than dividend amount. These imply that market microstructure theories are not applicable explanations. Thirdly, unlike many markets’ taxation of capital gains and dividends, there is no considerably preferential treatment of capital gains to dividends. Finally, short-selling is prohibited. Comparing the observed values of price drop to dividend ratio and their expected values under the impact of tax policy, we find that tax treatment fails to explain the anomaly in the research framework. The research findings show that abnormal returns are significantly positive and negative in the pre- and the post ex-dividend day periods, respectively. Moreover, regression results and relevant analysis show supporting evidence for dividend capture theory.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"13 1","pages":"69-94"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67725757","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}
Pub Date : 2018-01-01DOI: 10.21315/AAMJAF2018.14.2.1
Ali Albada, Othman Yong, Mohd. Ezani Mat Hassan, Ruzita Abdul-Rahim
High-quality issuing firms with encouraging inside information regarding their prospect will use signalling to differentiate their issues from low-quality issuing firms and convince prospective investors regarding the value of their firm. Hence, the present study investigates the dominant signals in explaining the initial return in the Malaysian IPO market. The study investigates the following signalling variables: Lock-up period, shareholder retention ratio, underwriter reputation, auditor reputation and board reputation. Moreover, the current study also uses the stepwise regression analysis to know the order of contribution of the signalling variables to the overall model. The results of the regression analysis show that three signals out of five have a significant relationship with the initial return. Furthermore, the stepwise regression shows their order of contribution, where shareholder retention ratio is ranked first, followed by auditor reputation and board reputation. The outcomes of the present study offer new evidence regarding the kind of information that investors should be concerned with when evaluating IPOs and making decisions concerning investment in the Malaysian IPO market.
{"title":"Retention ratio, lock-up period and prestige signals and their relationship with initial public offering (IPO) initial return: Malaysian evidence","authors":"Ali Albada, Othman Yong, Mohd. Ezani Mat Hassan, Ruzita Abdul-Rahim","doi":"10.21315/AAMJAF2018.14.2.1","DOIUrl":"https://doi.org/10.21315/AAMJAF2018.14.2.1","url":null,"abstract":"High-quality issuing firms with encouraging inside information regarding their prospect will use signalling to differentiate their issues from low-quality issuing firms and convince prospective investors regarding the value of their firm. Hence, the present study investigates the dominant signals in explaining the initial return in the Malaysian IPO market. The study investigates the following signalling variables: Lock-up period, shareholder retention ratio, underwriter reputation, auditor reputation and board reputation. Moreover, the current study also uses the stepwise regression analysis to know the order of contribution of the signalling variables to the overall model. The results of the regression analysis show that three signals out of five have a significant relationship with the initial return. Furthermore, the stepwise regression shows their order of contribution, where shareholder retention ratio is ranked first, followed by auditor reputation and board reputation. The outcomes of the present study offer new evidence regarding the kind of information that investors should be concerned with when evaluating IPOs and making decisions concerning investment in the Malaysian IPO market.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"14 1","pages":"1-23"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67726331","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}
Pub Date : 2018-01-01DOI: 10.21315/AAMJAF2018.14.1.1
Elya Nabila Abdul Bahri, A. H. S. M. Nor, Nor Hakimah Haji Mohd Nor
This paper investigates the impact of the financial development on foreign direct investment (FDI) inflows in ASEAN-5 countries over the period of 1980A±2013. The 5 countries included in this study are Malaysia, Thailand, Indonesia, Singapore and Philippines. In the model, financial development, consumer price index (CPI) and real gross domestic product (GDP) per capita are the independent variables. The stationarity of the variables is examined through both first- and second-generation unit root tests with the cross-sectional dependence among countries. The Pedroni and Westerlund cointegration tests results show the existence of long run relationship among the variables. Long term coefficients are estimated using Fully Modified Ordinary Least Square (FMOLS) model and it reveals that financial development has a nonlinear relation with FDI. When financial development passes the threshold point at above 70 point, it will benefit the FDI. Furthermore, the Panel Vector Error Correction Model (VECM) is applied to examine the causality relationship among the associated variables. The causality analysis confirms the presence of both long- term relationship and short term dynamic among the FDI, financial development, CPI and real GDP per capita.
{"title":"The role of financial development on foreign direct investment in asean-5 countries: Panel cointegration with cross-sectional dependency analysis","authors":"Elya Nabila Abdul Bahri, A. H. S. M. Nor, Nor Hakimah Haji Mohd Nor","doi":"10.21315/AAMJAF2018.14.1.1","DOIUrl":"https://doi.org/10.21315/AAMJAF2018.14.1.1","url":null,"abstract":"This paper investigates the impact of the financial development on foreign direct investment (FDI) inflows in ASEAN-5 countries over the period of 1980A±2013. The 5 countries included in this study are Malaysia, Thailand, Indonesia, Singapore and Philippines. In the model, financial development, consumer price index (CPI) and real gross domestic product (GDP) per capita are the independent variables. The stationarity of the variables is examined through both first- and second-generation unit root tests with the cross-sectional dependence among countries. The Pedroni and Westerlund cointegration tests results show the existence of long run relationship among the variables. Long term coefficients are estimated using Fully Modified Ordinary Least Square (FMOLS) model and it reveals that financial development has a nonlinear relation with FDI. When financial development passes the threshold point at above 70 point, it will benefit the FDI. Furthermore, the Panel Vector Error Correction Model (VECM) is applied to examine the causality relationship among the associated variables. The causality analysis confirms the presence of both long- term relationship and short term dynamic among the FDI, financial development, CPI and real GDP per capita.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"14 1","pages":"1-23"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67725972","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}
Pub Date : 2018-01-01DOI: 10.21315/aamjaf2018.14.2.2
M. Zaidi, Zulkefly Abdul Karim
China has been developing aggressively since its accession into the World Trade Organisation. Consequently, China has become one of the major trading partners to many countries in the world including Malaysia. To what extent China has affected Malaysian economy has been a hot issue facing the economists and practitioners. This paper examines the influence of China on Malaysian economic performances. Using structural vector autoregression (SVAR) methodology that takes into account the effect of other major trading partner countries such as the U.S., Japan and Singapore, the results indicate that different utilisation of foreign country variables to represent external sector in the model brings about different impact on domestic variables. It is shown that the U.S. is particularly important to affect domestic output while China is more important in influencing domestic inflation and the exchange rate, especially with regards to their respective income shocks. In addition, Singapore plays more dominant role in affecting domestic sector when foreign monetary policy shocks are considered. Japan is however more influential in affecting the exchange rate in some other shocks. While China is showing their dominance in the world economy, the study implies that knowing which country exactly affects which domestic Published date: 31 December 2018 To cite this article: Zaidi, M. A. S., Karim, Z. A., & Kefeli, Z. (2018). Impact of China on Malaysian economy: Empirical evidence of sign-restricted structural vector autoregression (SVAR) model. Asian Academy of Management Journal of Accounting and Finance, 14(2), 25–44. https://doi. org/10.21315/aamjaf2018.14.2.2 To link to this article: https://doi.org/10.21315/aamjaf2018.14.2.2 Mohd Azlan Shah Zaidi et al. 26 variables is very crucial in mitigating the adverse impact of foreign policy change or shocks in the process of transforming Malaysia’s economy toward high income nation in the near future.
自加入世界贸易组织(wto)以来，中国一直在大力发展。中国已成为包括马来西亚在内的世界许多国家的主要贸易伙伴之一。中国在多大程度上影响了马来西亚经济，一直是摆在经济学家和从业者面前的热点问题。本文考察了中国对马来西亚经济表现的影响。利用结构向量自回归(SVAR)方法，考虑到其他主要贸易伙伴国如美国、日本和新加坡的影响，结果表明，在模型中使用不同的外国变量来代表外部部门对国内变量的影响不同。结果表明，美国对国内产出的影响尤为重要，而中国对国内通胀和汇率的影响更为重要，尤其是在各自的收入冲击方面。此外，当考虑国外货币政策冲击时，新加坡对国内部门的影响更为主导。然而，日本在其他一些冲击中对汇率的影响更大。虽然中国正在展示其在世界经济中的主导地位，但该研究表明，了解哪个国家确切影响哪个国内出版日期:2018年12月31日。引用本文:Zaidi, m.a.s.， Karim, Z. A.， & Kefeli, Z.(2018)。中国对马来西亚经济的影响:符号限制结构向量自回归(SVAR)模型的经验证据。管理学报，14(2)，25-44。https://doi。链接到这篇文章:https://doi.org/10.21315/aamjaf2018.14.2.2 Mohd Azlan Shah Zaidi等人。在不久的将来，在将马来西亚经济转变为高收入国家的过程中，26个变量对于减轻外交政策变化或冲击的不利影响至关重要。
{"title":"Impact of China on Malaysian Economy: Empirical Evidence of Sign-Restricted Structural Vector Autoregression (SVAR) Model","authors":"M. Zaidi, Zulkefly Abdul Karim","doi":"10.21315/aamjaf2018.14.2.2","DOIUrl":"https://doi.org/10.21315/aamjaf2018.14.2.2","url":null,"abstract":"China has been developing aggressively since its accession into the World Trade Organisation. Consequently, China has become one of the major trading partners to many countries in the world including Malaysia. To what extent China has affected Malaysian economy has been a hot issue facing the economists and practitioners. This paper examines the influence of China on Malaysian economic performances. Using structural vector autoregression (SVAR) methodology that takes into account the effect of other major trading partner countries such as the U.S., Japan and Singapore, the results indicate that different utilisation of foreign country variables to represent external sector in the model brings about different impact on domestic variables. It is shown that the U.S. is particularly important to affect domestic output while China is more important in influencing domestic inflation and the exchange rate, especially with regards to their respective income shocks. In addition, Singapore plays more dominant role in affecting domestic sector when foreign monetary policy shocks are considered. Japan is however more influential in affecting the exchange rate in some other shocks. While China is showing their dominance in the world economy, the study implies that knowing which country exactly affects which domestic Published date: 31 December 2018 To cite this article: Zaidi, M. A. S., Karim, Z. A., & Kefeli, Z. (2018). Impact of China on Malaysian economy: Empirical evidence of sign-restricted structural vector autoregression (SVAR) model. Asian Academy of Management Journal of Accounting and Finance, 14(2), 25–44. https://doi. org/10.21315/aamjaf2018.14.2.2 To link to this article: https://doi.org/10.21315/aamjaf2018.14.2.2 Mohd Azlan Shah Zaidi et al. 26 variables is very crucial in mitigating the adverse impact of foreign policy change or shocks in the process of transforming Malaysia’s economy toward high income nation in the near future.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"97 1","pages":"25-44"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67726943","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}
Pub Date : 2018-01-01DOI: 10.21315/AAMJAF2018.14.1.7
Razieh Adinehzadeh, Romlah Jaffar, Zaleha Abdul Shukor, M. Rahman
Despite the growing number of environmental rules and regulations, there are relatively few studies that consider the whole association between environmental performance, corporate governance and environmental reporting. Therefore, the objectives of the study are to investigate the association between corporate governance and environmental disclosures quality and the mediating role of environmental performance in this relationship. Sample of study consists of 344 companies listed on Bursa Malaysia for the year of 2013. Environmental performance (EP) data were collected from the Malaysia Department of the Environment (DOE). Corporate Governance (CG) data were collected from the annual report of sample companies using corporate governance index based on Malaysian Code on Corporate Governance (MCCG). The results of study show that corporate governance is positively associated with environmental performance and its disclosure. The results also show that environmental performance partially mediates the relationship between corporate governance and environmental disclosure quality. This study serves as a valuable input to top management regarding the importance of corporate governance mechanisms towards the establishment of environmental related policies and strategies that help to improve environmental performance. The findings also provide an impetus for companies to develop specific abilities and resources in prioritised areas that are of a concern to relevant stakeholders.
{"title":"The Mediating Role of Environmental Performance on the Relationship between Corporate Governance Mechanisms and Environmental Disclosure","authors":"Razieh Adinehzadeh, Romlah Jaffar, Zaleha Abdul Shukor, M. Rahman","doi":"10.21315/AAMJAF2018.14.1.7","DOIUrl":"https://doi.org/10.21315/AAMJAF2018.14.1.7","url":null,"abstract":"Despite the growing number of environmental rules and regulations, there are relatively few studies that consider the whole association between environmental performance, corporate governance and environmental reporting. Therefore, the objectives of the study are to investigate the association between corporate governance and environmental disclosures quality and the mediating role of environmental performance in this relationship. Sample of study consists of 344 companies listed on Bursa Malaysia for the year of 2013. Environmental performance (EP) data were collected from the Malaysia Department of the Environment (DOE). Corporate Governance (CG) data were collected from the annual report of sample companies using corporate governance index based on Malaysian Code on Corporate Governance (MCCG). The results of study show that corporate governance is positively associated with environmental performance and its disclosure. The results also show that environmental performance partially mediates the relationship between corporate governance and environmental disclosure quality. This study serves as a valuable input to top management regarding the importance of corporate governance mechanisms towards the establishment of environmental related policies and strategies that help to improve environmental performance. The findings also provide an impetus for companies to develop specific abilities and resources in prioritised areas that are of a concern to relevant stakeholders.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"14 1","pages":"153-183"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67726607","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}
Pub Date : 2018-01-01DOI: 10.21315/AAMJAF2018.14.2.4
Zamri Ahmad, Haslindar Ibrahim, Jasman Tuyon
{"title":"Governance of Behavioural Biases in Asset Management Industry: Insights from Fund Managers in Malaysia","authors":"Zamri Ahmad, Haslindar Ibrahim, Jasman Tuyon","doi":"10.21315/AAMJAF2018.14.2.4","DOIUrl":"https://doi.org/10.21315/AAMJAF2018.14.2.4","url":null,"abstract":"","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"14 1","pages":"65-102"},"PeriodicalIF":0.9,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67726789","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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