Determinants of Non-Disclosure of Intellectual Capital Information in Malaysian IPO Prospectuses

See, Kok Fong; Rashid, Azwan Abdul

doi:10.5539/ijef.v3n5p178

Cited by 8 publications

(5 citation statements)

References 51 publications

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“…In Malaysia, a number of studies examined ICDs practices (e.g. Goh and Lim, 2004; Yau et al , 2009; Huang et al , 2010; Warn and Ratnam, 2010; Taliyang and Jusop, 2011; See and Abdul Rashid, 2011; Taliyang et al , 2011; Yusoff and Lim, 2011; Abdul Rashid et al , 2012). Of particular relevance to the present study is the recent works undertaken by Taliyang and Jusop (2011) and Abdul Rashid et al (2012).…”

Section: Literature Reviewmentioning

confidence: 99%

A longitudinal examination of intellectual capital disclosures and corporate governance attributes in Malaysia

Haji

Ghazali

2013

Asian Review of Accounting

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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this study is to examine the relationship between intellectual capital disclosure (ICD) and corporate governance attributes following the revised code on corporate governance in Malaysia in 2007. Design/methodology/approach -The sample of the present study was drawn from top companies listed on Bursa Malaysia based on their market capitalization for the years 2008, 2009 and 2010. A self-constructed disclosure index was used to assess the extent and quality of ICDs. The panel data regression analysis was employed to examine the relationship between ICDs and corporate governance. Findings -The results revealed that all corporate governance attributes namely board size, independent directors, board effectiveness and position of the chairman (except family members on the board) were significant in explaining the extent and quality of ICDs in the expected direction. Director ownership was found to be consistent in negatively relating to both the extent and quality of ICDs. Government ownership was marginally significant in determining the extent of ICDs. Practical implications -The findings suggest that the revised corporate governance code has a positive impact on ICD at least in the case of large Malaysian listed companies. This implies that regulatory efforts in enhancing corporate governance in Malaysia is starting to prove fruitful in encouraging companies to be involved in more IC investment and hence disclosure. Originality/value -This paper is one of the few studies which investigate the influence of corporate governance on ICDs longitudinally in a developing country following revision to the corporate governance code in Malaysia in 2007.

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Section: Literature Reviewmentioning

confidence: 99%

A longitudinal examination of intellectual capital disclosures and corporate governance attributes in Malaysia

Haji

Ghazali

2013

Asian Review of Accounting

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“…Menurut UUD Nomor 8 Tahun 1955, prospektus adalah setiap informasi tertulis sehubungan dengan penawaran umum dengan tujuan agar pihak lain membeli efek. Prospektus merupakan dokumen pengungkapan rinci yang disiapkan sesuai dengan persyaratan yang ditetapkan oleh bursa efek setiap kali sebuah perusahaan berencana menerbitkan efek kepada public (See & Rashid, 2011;Kurniawan & Haryanto, 2014)…”

Section: Prospektus Ipounclassified

Pengaruh Pengungkapan Intellectual Capital, Reputasi Underwriter, Financial Leverage, Umur dan Size Perusahaan terhadap Underpricing Saham IPO di Bursa Efek Indonesia Periode 2014-2018

2020

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This study aims to examine and analyze the influence of factors that can influence underpricing during an IPO (Initial Public Offering) on the Indonesia Stock Exchange in the 2014-2018 period. This research uses quantitative research methods. The type of data used is secondary data, where the data collected is obtained through the official website of IDX, Yahoo Finance and the company's sample website. The population in this study were all IPO companies on the Stock Exchange in 2014-2018 and for the sample selection in this study using a purposive sampling method, as many as 77 sample companies were obtained. The analytical method used in this study is multiple linear regression. The results showed that intellectual capital disclosure had a negative and significant effect on the level of underpricing. While underwriter reputation, financial leverage, company age, and company size do not affect the level of underpricing.

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“…One of the main problems associated with the IPO is pricing the shares issued by the listing company. Setting the price of an IPO is difficult because the firm is new in the market and accordingly no trading history exists nor does the firm have any remarkable analyst coverage (See & Rashid, 2011).…”

Section: Motivation For the Studymentioning

confidence: 99%

“…IPOs are always characterized by information asymmetry mainly because of issuing firms that are new to the market and investors having limited knowledge about them (See & Rashid, 2011). The going-public decision represents a typical situation in which the value of the firm must be established without referring to a market value (Kim & Ritter, 1999).…”

Section: Literature Reviewmentioning

confidence: 99%

IPO Pricing and Dealers’ Interaction: A Stochastic Frontier Approach

Cucculelli¹,

Geranio²,

Mazzoli³

et al. 2020

IBR

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This study investigates the impact of ongoing relationships between underwriters and institutional investors on Initial Public Offerings (IPO) pricing. Differently from previous studies that are focused on allocations of underpriced shares we propose a model of primary market pricing in which the incomplete adjustment of the offer price to its maximum achievable level depends on the intensity of interactions that occurred between players in the years before the IPO. Using a stochastic frontier approach on a sample of 1 677 US IPOs between 2000 and 2016 the paper shows that the more investment banks and investors regularly work together the more the IPO offer price is set closer to the fair value of the issuing firm. This analysis helps to disentangle the ambiguous effects of underwriters’ discretion on IPO primary market pricing when bookbuilding is used. We then support the idea that banks can maximize value to issuers by fostering a regular clientele of investors.

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Determinants of Non-Disclosure of Intellectual Capital Information in Malaysian IPO Prospectuses

Cited by 8 publications

References 51 publications

A longitudinal examination of intellectual capital disclosures and corporate governance attributes in Malaysia

A longitudinal examination of intellectual capital disclosures and corporate governance attributes in Malaysia

Pengaruh Pengungkapan Intellectual Capital, Reputasi Underwriter, Financial Leverage, Umur dan Size Perusahaan terhadap Underpricing Saham IPO di Bursa Efek Indonesia Periode 2014-2018

IPO Pricing and Dealers’ Interaction: A Stochastic Frontier Approach

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