This study aims to examine two aspects of internal audit quality, namely internal audit competency and internal audit contribution to financial statement audits. Consistent with the substitution view, this study predicts a negative relationship between the competency aspects of internal audit (the tenure of the existence of internal audit in the organization, internal audit staff expertise in IT and computer skills, training hours, internal audit staff professional certifications in accounting and auditing, and internal audit staff experience in auditing) and audit fees. Second, this study tests whether the contribution of internal auditors to financial statement audit reduces audit fees. The data analysis is based on a cross‐sectional regression model with observations of 73 public‐listed firms in Malaysia, which include publicly available data matched with survey responses from their internal and external auditors. The results of the study suggest that the competency of internal audit, namely the tenure of the existence of internal audit in the organization, training, internal audit staff prior experience in auditing and accounting, and certifications are associated with lower audit fees. Our findings for both aspects of internal audit quality (competency and internal audit contribution) lend support to the substitution view for explaining the links between internal audit quality and audit fees.

Abstract:The progression of theories or models of corporate governance, it is one of the new dimensions taken in a very crux of social ethics that is minimal and profit making took center stage. In this competitive world, companies are trying to inculcate the wisdom of good governance into their corporate organization. With the massive outpouring of capitalism, companies became stronger while governments around the globe had to accede to its influences and supremacy. However, this paper is a review of literature on the variety of theories in corporate governance. The ultimate theories in corporate governance started with the agency theory, extended into stewardship theory and stakeholder theory and evolved to resource dependency theory, political theory, legitimacy theory and social contract theory. However, these theories discourse the cause and consequence of variables, such as the formation of board structure, audit committee, independent non-executive directors and the duties of upper management and their organizational and social responsibilities rather than its regulatory structures. Similarly, it is proposed that a mixture of various theories is best to describe an effective and efficient good governance practice rather than hypothesizing corporate governance based on a sole theory. JEL Classifications: M00, M1

Nanosized cobalt ferrite spinel particles have been prepared by using mechanically alloyed nanoparticles. The effects of various preparation parameters on the crystallite size of cobalt ferrite which includes milling time; ball-to powder weight ratio (BPR) and sintering temperature, were studied using X-ray diffractometer (XRD). Scherrer's equation was used to study the crystallite size evolution of the as-prepared materials. The results of the as-milled sample revealed that both milling time and BPR plays a role in determining the crystallite size of the milled powder. However, where sintering is involved, the sintering temperature results in grain growth, and thus plays a dominant role in determining the final crystallite size of the samples sintered at higher temperature (above 900 °C). From the vibrating-sample magnetometer (VSM) measurement it was observed that the coercivity of the as-milled samples without sintering is almost negligible, which is a type characteristic of superparamagnetic material. However, for the sintered samples, the saturation increases while coercivity decreases with increases sintering temperature.

Today, project management practices play a key role in different industries and sectors. Project management is promoted as an organizational strategic component that leads innovation, creates value and turns vision into reality. Despite the importance of projects and project management their high rate of failures and challenges is a major concern of both industry and academia. Among the reasons that affect project outcomes, stakeholder influential attributes and more importantly, their understanding and effective utilization and management are identified as the key to project success. This study utilizes the body of knowledge developed in the field of project management and uses stakeholder theory combined with a number of complementary theories to achieve its goals and objectives. The study moves beyond the traditional power-based frameworks employing six key influential attributes to examine their direct and mediating effects on project success. The quantitative survey data are analyzed using SEM statistical techniques and procedures to produce research results. The research results have led to the development of a new typology of stakeholder influential attributes (TSIA) and a stakeholder-based project management model (SBPMM) that aid managing for stakeholders' strategy and principle.

Purpose – The purpose of this paper is to examine the direct and indirect impact of firm-specific characteristics on the level of underpricing among Malaysian initial public offerings (IPOs). Design/methodology/approach – Content analysis of IPO prospectuses was used for 331 firms underwent listing between 2002 and 2008. The extent of disclosure was computed by applying the disclosure index of Bukh et al. (2005). Findings – Of the five firm characteristics examined, there is a direct relationship between the firm’s financial performance and the level of foreign activity, and the level of underpricing, instead of being mediated through disclosure. However, some firm characteristics have direct influence on the extent of disclosure but do not have any influence on underpricing. Research limitations/implications – This empirical study concentrates on the Malaysian IPOs on a single disclosure mechanism. Other disclosure items can be examined together with the intellectual capital disclosure items. Practical implications – As the findings reveal that the extent of disclosure is relatively low in influencing the level of underpricing. Had the disclosure been higher, it may have some influence on underpricing. The accounting governance board need to regulate the disclosures of the intangible resources so that the level of underpricing can be minimized. Originality/value – This study provides new insight for the examination of direct and indirect (through disclosure) association between firm-specific characteristics and underpricing. The findings shed some lights to the IPO issuers to enhance disclosure so that the cost of capital can be reduced.