Ownership structure, corporate risk disclosure and firm value: a Malaysian perspective

IF 1.2 Q3 BUSINESS, FINANCE

International Journal of Managerial and Financial Accounting Pub Date : 2019-05-07 DOI:10.1504/IJMFA.2019.10021095

Siti Aisyah Kamaruzaman, MazurinaMohd Ali, E. Ghani, A. Gunardi

{"title":"Ownership structure, corporate risk disclosure and firm value: a Malaysian perspective","authors":"Siti Aisyah Kamaruzaman, MazurinaMohd Ali, E. Ghani, A. Gunardi","doi":"10.1504/IJMFA.2019.10021095","DOIUrl":null,"url":null,"abstract":"This study examines the ownership structure, corporate risk disclosure and firm value of public listed companies in Malaysia. Specifically, this study examines the relationship between ownership structure namely, managerial ownership, institutional ownership, family ownership and corporate risk disclosure. This study also examines the relationship between corporate risk disclosure and firm value. Using content analysis on the annual reports of 200 top public listed firms over a two year period, this study shows that institutional ownership influences corporate risk disclosure. This study also shows that corporate risk disclosure influences firm value but in a negative way. One possible reason could be due to reporting cost which outweighs the benefits in preparing the information. The findings in this study provide some understanding for the supervisory bodies in evaluating the level of compliance related to corporate risk reporting practices. In addition, the findings in this study could also assist investors to consider ownership structure of a prospect firm as one of the criteria in making investment decision.","PeriodicalId":43684,"journal":{"name":"International Journal of Managerial and Financial Accounting","volume":null,"pages":null},"PeriodicalIF":1.2000,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"15","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Managerial and Financial Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1504/IJMFA.2019.10021095","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 15

Abstract

This study examines the ownership structure, corporate risk disclosure and firm value of public listed companies in Malaysia. Specifically, this study examines the relationship between ownership structure namely, managerial ownership, institutional ownership, family ownership and corporate risk disclosure. This study also examines the relationship between corporate risk disclosure and firm value. Using content analysis on the annual reports of 200 top public listed firms over a two year period, this study shows that institutional ownership influences corporate risk disclosure. This study also shows that corporate risk disclosure influences firm value but in a negative way. One possible reason could be due to reporting cost which outweighs the benefits in preparing the information. The findings in this study provide some understanding for the supervisory bodies in evaluating the level of compliance related to corporate risk reporting practices. In addition, the findings in this study could also assist investors to consider ownership structure of a prospect firm as one of the criteria in making investment decision.

查看原文本刊更多论文

股权结构、公司风险披露与公司价值:马来西亚视角

本研究考察了马来西亚上市公司的股权结构、公司风险披露和公司价值。具体而言，本研究考察了所有权结构，即管理层所有权、机构所有权、家族所有权和公司风险披露之间的关系。本研究还考察了公司风险披露与公司价值之间的关系。通过对200家顶级上市公司两年期年报的内容分析，本研究表明机构所有权对公司风险披露的影响。研究还表明，企业风险披露对企业价值的影响是负面的。一个可能的原因可能是报告成本超过了准备信息的好处。本研究的结果为监管机构评估与公司风险报告实践相关的合规水平提供了一些理解。此外，本研究的发现还可以帮助投资者将潜在公司的股权结构作为投资决策的标准之一。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

International Journal of Managerial and Financial Accounting BUSINESS, FINANCE-

CiteScore

2.10

自引率

7.10%

发文量

期刊介绍： IJMFA covers all aspects of managerial and financial accounting. The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organisation, while financial accounting is aimed at providing information to external parties. In today''s advanced manufacturing environment, various issues arise for accounting standard-setting practicing professionals. Solving the separate issues of managerial and financial accounting is a significant challenge, and IJMFA assists researchers in overcoming these challenges in an efficient, effective manner.