Malaysia is one of the rapidly developing economies in South-East Asia which embraces the concept of good corporate governance due to the 1997-1998 Asian financial crises. This study investigates the relationship between board of directors and company's capital structure in an emerging market, Malaysia. This research paper covers 75 non-financial leading Malaysian companies, which are employed as a price index, listed on Kuala Lumpur stock exchange (KLSE) from the year 2005 to 2008 fiscal years. A multiple regression analysis has been used to examine the linkage between board of director's features and capital structure decisions of the listed companies. Measures of board of directors employed are size of the board, presence of non-executive directors on the board, presence of independent non-executive directors on the board and CEO/Chair duality. Results reveal that board size and presence of independent non-executive directors on the board have significant, negatively and positively correlation with debt to asset ratio respectively. However corporate capital structure decisions are not found significantly influenced by CEO/Chair duality and the presence of non-executive directors on the board. Consequently based on the results, board of director's features such as board size and presence of independent non-executive directors on the board play an important role in determination of financial mix of the companies.
The recent event of global pandemic outbreak, natural disaster, terrorist attacks and extreme climate changes have highlighted the importance of putting in place a business continuity management (BCM) planning. One of the known branches of BCM is telecommuting.The project implementation was based on a non-profit environment context. Due to the practical manner of the project, canonical action research was chosen as the method of study. The methodology is essentially divided into 3 cyclical phases, problem diagnosis, intervention, evaluation. The purpose of this study is to document step by step telecommuting design and implementation. Towards the end of the study evaluation of the whole project design and implementation was performed. This was done to discover lessons learned as well as to evaluate the BCM readiness of the organization and understanding the level of participant motivation towards telecommuting.
Examining the impact of green human resource management (GHRM), top management commitment (TMC), and green culture (GC) on green performance (GP) of Palm oil companies (POCs) in Malaysia is the aim of the study. A self-administered structured questionnaire was adapted to collect data. SPSS and Smart-PLS software analyzed the 165 firms' usable responses. The empirical results found significant positive impacts of GHRM, TMC, and GC on GP. The outcome offers valuable insights into the knowledge domain and practices of GHRM and how it affects the GP of POCs. Moreover, the observed results highlight the importance of GC and TMC in implementing green procedures to create positive GP. To the researchers, no study has explored the relationship between GHRM, TMC, GC, and GP using empirical data from Malaysian POCs. Moreover, this research's findings enrich the researchers, academicians, and practitioners practically and theoretically.
Using the initial returns (offer-to-close and offer-to-open), we investigate the influence of winner's curse, bandwagon effect, IPO lockup, size effect, and underwriters' reputation on Initial Public Offering (IPO) underpricing in Malaysia. Based on the sample size of 114 IPO firms listed on Bursa Malaysia from January 2010 to December 2017, the finding shows that the influence of size effect is significant on both types of initial returns, that the smaller the size of the firm, the higher the mean initial return gets. We interpret it as investors' demand for a more appealing initial return as compensation for the greater risk exposure when investing in a smaller firm. On the other hand, we found an insignificant result in terms of the relationship between the types of offer and the IPO initial returns. Thus our findings do not support the winner's curse theory which suggests that non-private placement is associated with a higher initial return due to the adverse selection problem. We also do not find any significant relationship between IPO lockup and underpricing. Nonetheless, underwriters' reputation is found to be negatively associated with the initial returns. This finding somehow agrees with the hypotheses made in the previous studies-where some claimed that underwriters with high reputation are able to reduce first-day initial return. Overall, the results indicate that investors keen on IPOs are still able to centre their decisions around the theories above in the quest for greater investment returns.Contribution/ Originality: This paper contributes to the existing literature by offering IPO issuers some key insights into the pros and cons of the IPO underpricing phenomenon. By measuring and analysing the initial returns, this paper gives shareholders a glimpse of what to expect on the very first day of trading.
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