Culture, corporate governance and analysts forecast in Malaysia

Effiezal Aswadi Abdul Wahab · Anwar Allah Pitchay · Ruhani Ali

37 citations0/0 files storedAsian Review of Accounting

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

Purpose – The purpose of this paper is to examine the relationship between Bumiputra (in reference to Malay indigenous race) directors, a proxy for culture and analysts forecast. In addition, the study investigates whether corporate governance affects that relationship. Design/methodology/approach – The sample of this study is based on 664 firm-year observations from 193 firms during the 1999-2009 periods. The authors employ a panel least square regression with both period and industry fixed effects. The authors retrieved of analyst data from the Institutional Broker Estimate System (I/B/E/S) database while the authors hand collected the corporate governance variables. The remaining data were collected from Compustat Global. Findings – The authors find a positive relationship between the proxy of culture, Bumiputra directors and analysts forecast error suggesting that cultural values influences the level of information in the Malaysian capital market. Research limitations/implications – The research is dependent on the data availability from I/B/E/S database. Originality/value – The authors extend the work of Haniffa and Cooke (2002) in investigating how cultural values influence the capital market. In addition, this is the first study that investigates culture values and the analysts forecast.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1996Higher market valuation of companies with a small board of directors 2002Audit committee, board of director characteristics, and earnings management 1999Corporate governance, chief executive officer compensation, and firm performance 1980Culture and Organizations 2006Political Connections and Corporate Bailouts

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2017Corporate Governance Practices and Firm Performance After Revised Code of Corporate Governance: Evidence from Malaysia 2017Board characteristics and the amount of capital raised in the Malaysian IPO market 2020Director Networks, Political Connections, and Earnings Quality in Malaysia 2021Culture and financial reporting quality in GCC countries: what do we know about tribal culture?2020Financial restatements and sell-side analysts' stock recommendations: evidence from Malaysia

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