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The effects of corporate governance compliance on market valuation in Malaysia

Chinese Business Review 2009年第3期8卷 46-58页

作者： Wan Mohammad Taufik Bin Wan Abdullah Noriza Binti Mohd Saad Accounting and Finance Department Universiti Tenaga Nasional Muadzam Shah 26700 Malaysia

This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on market valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.

关键词： corporate governance compliance Board of Directors market valuation Tobin's Q

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China-US trade dispute investigations and corporate earnings management strategy

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China Journal of Accounting Research 2020年第4期13卷 339-359页

作者： Dongdong Li Fan Shi Kemin Wang School of Accounting Zhongnan University of Economics and LawChina School of Management Fudan UniversityChina

This paper studies Chinese firms’earnings management strategy in response to the trade dispute investigations initiated by the *** 2001 to *** topic is important given the increasingly severe international trade environment and the significant influence of macro economy on financial *** find that firms affected by the U.S.-initiated trade dispute investigations engage in more upward earnings ***,the result is more pronounced in firms with a more negative market reaction around the announcement of the ***-sectional tests provide evidence that the positive relation is stronger among firms whose *** revenue and management ownership is high,firms in provinces with weak investor protection,and firms that performed well one year after initiation of the ***,investors react positively to the earnings management by the affected *** results are robust to a variety of sensitivity ***,our findings suggest that companies will manage their earnings upward to mitigate the negative impacts of the U.S.-initiated trade dispute investigations.

关键词： China-US trade disputes Earnings management market valuation

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