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Article
Publication date: 14 June 2019

Nirmala Devi Mohanadas, Abdullah Sallehhuddin Abdullah Salim and Lim Kwee Pheng

This study aims to examine how corporate social responsibility (CSR) performance and corporate tax aggressiveness relate in Malaysia, an emerging economy in Southeast Asia. It…

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Abstract

Purpose

This study aims to examine how corporate social responsibility (CSR) performance and corporate tax aggressiveness relate in Malaysia, an emerging economy in Southeast Asia. It also seeks to analyse how CSR performance in community, environment, marketplace and workplace themes relate to the tax aggressiveness of listed companies in this country.

Design/methodology/approach

This study analyses 182 companies listed in the Main Market of Bursa Malaysia from 2010 to 2012 using fixed-effects panel regression and ordinary least square regression. It uses current effective tax rate as a proxy for corporate tax aggressiveness and measures CSR performance using specially developed CSR performance disclosure index.

Findings

This study finds no statistical support that CSR performance is related to corporate tax aggressiveness in Malaysia. Similarly, there are no statistically significant relationships between environment-related and marketplace-related CSR performance and corporate tax aggressiveness. Nevertheless, community-related CSR performance has significant negative relationship with corporate tax aggressiveness. Workplace-related CSR performance meanwhile has significant positive relationship with corporate tax aggressiveness.

Originality/value

This study expands the current literature's focus on developed economies by examining the relationship between CSR and corporate tax aggressiveness in the setting of an emerging Asian economy, i.e. Malaysia. It is also the first empirical study focussing on this relationship among Malaysian listed companies.

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Article
Publication date: 29 August 2019

Kwee Pheng Lim, Chun-Teck Lye, Yee Yen Yuen and Wendy Ming Yen Teoh

The purpose of this paper is to examine the relationship between women on board and the financial performance of Malaysian listed companies.

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Abstract

Purpose

The purpose of this paper is to examine the relationship between women on board and the financial performance of Malaysian listed companies.

Design/methodology/approach

Panel generalised method of moments (GMM) analysis was used over 928 public-listed companies listed on the Malaysian Stock Exchange from 2010 to 2016. GMM overcomes the problem of endogeneity and simultaneity bias. The dependent variable was firm performance, measured by Tobin’s Q. The explanatory variable was gender diversity, proxied by the percentage of women on board, the presence of women and gender heterogeneity indices, Blau and Shannon indices.

Findings

More gender diversification leads to declining firm performance possibly due to issues of tokenism and gender stereotypes.

Research limitations/implications

Further studies should look into the impact of various types of ownership structures on firm value and also by sectors.

Practical implications

As women represent half the population in Malaysia, more positive affirmative policies must be introduced to enhance their contributions to society.

Social implications

As women progress in society, their contributions towards nation building will be significant. Women not only play a nurturing role, but also can shape the destiny of a country.

Originality/value

Studies on the relationship between board gender diversity and financial performance have been conducted in the context of a few developed economies. This study contributes to the literature by examining such an issue in a developing economy that has a different environment from that of developed economies.

Details

Equality, Diversity and Inclusion: An International Journal, vol. 38 no. 8
Type: Research Article
ISSN: 2040-7149

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Article
Publication date: 1 July 2020

Chun-Teck Lye, Tuan-Hock Ng, Kwee-Pheng Lim and Chin-Yee Gan

This study uses the unique setting of unusual market activity (UMA) replies to examine the market reaction and the effects of disclosure and investor protection amid information…

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Abstract

Purpose

This study uses the unique setting of unusual market activity (UMA) replies to examine the market reaction and the effects of disclosure and investor protection amid information uncertainty.

Design/methodology/approach

A total of 1527 hand-collected UMA replies from the interlinked stock exchanges of Indonesia, Malaysia, Thailand and Singapore for the period of 2015–2017 were analysed using event study and Heckman two-step methods with market and matched control firm benchmarks.

Findings

The overall results support the uncertain information hypothesis. The UMA replies with new information were also found to reduce information uncertainty, but not information asymmetry, and they are complementary to investor protection in enhancing abnormal returns. The overall finding suggests that the UMA public query system can be an effective market intervention mechanism in improving information certainty and efficiency.

Research limitations/implications

This study provides insight on the effects of news replies and investor protection on abnormal returns, and support for the uncertain information hypothesis. The finding is useful to policymakers and stock exchanges as they seek to understand how to alleviate investors' anxiety and to create an informationally efficient market. Nevertheless, this study is limited by the extensiveness of the hand-collected UMA replies and also the potential issue of simultaneity-induced endogeneity.

Originality/value

This study uses UMA replies and cross-country data taking into account the effects of market surroundings such as information uncertainty and the level of investor protection on market reaction.

Details

International Journal of Emerging Markets, vol. 16 no. 8
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 1 September 2004

Pek Chen Goh and Kwee Pheng Lim

Companies around the world are recognizing the importance of intellectual capital (IC) and its significant contribution towards adding higher value to its products or services…

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Abstract

Companies around the world are recognizing the importance of intellectual capital (IC) and its significant contribution towards adding higher value to its products or services. The objective of the study is to examine the IC disclosure practices of the top 20 profit‐making public listed companies in Malaysia in their annual reports, both qualitatively and quantitatively. This paper adopts the definition of Karl Erik Sveiby which classified IC as internal capital, external capital and employee competence. A content analysis of 20 copies of 2001 annual reports was carried out. The study indicates that the incidences of voluntary disclosure of IC in company report are high qualitatively, but not quantitatively. This study will assist future researchers, the national accounting setting board and regulators to develop an appropriate accounting framework for those ICs which do not have accounting standards yet.

Details

Journal of Intellectual Capital, vol. 5 no. 3
Type: Research Article
ISSN: 1469-1930

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