The simultaneity of financing and investment decisions in the presence of corporate governance factors

The simultaneity of financing and investment decisions in the presence of corporate governance factors

This study investigates the interdependence between financing and investment decisions in the presence of corporate governance factors of three hundred non-financial companies listed on the Main Market of Bursa Malaysia. The sample is chosen randomly over a five-year period from 2007 to 2011. Using...

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Main Author: Mansour, Ammar Yaser
Format: Thesis
Language:eng
eng
Published: 2015
Subjects:
HG Finance
Online Access:https://etd.uum.edu.my/4915/1/s92725.pdf
https://etd.uum.edu.my/4915/2/s92725_abstract.pdf
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institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Taufil Mohd, Kamarun Nisham
Nordin, Nor Hafiza
topic HG Finance
spellingShingle HG Finance
Mansour, Ammar Yaser
The simultaneity of financing and investment decisions in the presence of corporate governance factors
description This study investigates the interdependence between financing and investment decisions in the presence of corporate governance factors of three hundred non-financial companies listed on the Main Market of Bursa Malaysia. The sample is chosen randomly over a five-year period from 2007 to 2011. Using a panel data methodology, the regression models are derived based on the simultaneous equation modeling. Six factors of corporate governance mechanisms are identified: family ownership, government ownership, state ownership, managerial ownership, board size and board composition. This is among the earliest studies in Malaysia to consider simultaneity of financing and investment decisions by adopting 2SLS estimation technique. The major contributions of this study are: first, financing and investment decisions must be determined simultaneously. The results show that both investment and financing have positive impacts on each other. This positive effect is significantly stronger for firms with highgrowth opportunities than those with low-growth opportunities. Second, government link investment companies (GLICs) affect leverage positively but affect investment opportunities negatively. For that reason, the government should monitor GLICs’ investments as firms controlled by GLICs have lower investment opportunities. This is especially true for low-growth firms. In contrast to GLICs, state ownership leads to higher investment opportunities especially for low growth firms. Third, managers of high-growth firms are doing their job more effectively compared to those of low growthfirms in making investment decision. Fourth, independent directors do not play a significant role regarding investment policy especially for low growth firms. Finally, since profitability is significant for all financing models, the finding of this study supports pecking order theory
format Thesis
qualification_name Ph.D.
qualification_level Doctorate
author Mansour, Ammar Yaser
author_facet Mansour, Ammar Yaser
author_sort Mansour, Ammar Yaser
title The simultaneity of financing and investment decisions in the presence of corporate governance factors
title_short The simultaneity of financing and investment decisions in the presence of corporate governance factors
title_full The simultaneity of financing and investment decisions in the presence of corporate governance factors
title_fullStr The simultaneity of financing and investment decisions in the presence of corporate governance factors
title_full_unstemmed The simultaneity of financing and investment decisions in the presence of corporate governance factors
title_sort simultaneity of financing and investment decisions in the presence of corporate governance factors
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2015
url https://etd.uum.edu.my/4915/1/s92725.pdf
https://etd.uum.edu.my/4915/2/s92725_abstract.pdf
_version_ 1747827827625951232
spelling my-uum-etd.49152021-04-04T07:33:54Z The simultaneity of financing and investment decisions in the presence of corporate governance factors 2015 Mansour, Ammar Yaser Taufil Mohd, Kamarun Nisham Nordin, Nor Hafiza Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This study investigates the interdependence between financing and investment decisions in the presence of corporate governance factors of three hundred non-financial companies listed on the Main Market of Bursa Malaysia. The sample is chosen randomly over a five-year period from 2007 to 2011. Using a panel data methodology, the regression models are derived based on the simultaneous equation modeling. Six factors of corporate governance mechanisms are identified: family ownership, government ownership, state ownership, managerial ownership, board size and board composition. This is among the earliest studies in Malaysia to consider simultaneity of financing and investment decisions by adopting 2SLS estimation technique. The major contributions of this study are: first, financing and investment decisions must be determined simultaneously. The results show that both investment and financing have positive impacts on each other. This positive effect is significantly stronger for firms with highgrowth opportunities than those with low-growth opportunities. Second, government link investment companies (GLICs) affect leverage positively but affect investment opportunities negatively. For that reason, the government should monitor GLICs’ investments as firms controlled by GLICs have lower investment opportunities. This is especially true for low-growth firms. In contrast to GLICs, state ownership leads to higher investment opportunities especially for low growth firms. Third, managers of high-growth firms are doing their job more effectively compared to those of low growthfirms in making investment decision. Fourth, independent directors do not play a significant role regarding investment policy especially for low growth firms. Finally, since profitability is significant for all financing models, the finding of this study supports pecking order theory 2015 Thesis https://etd.uum.edu.my/4915/ https://etd.uum.edu.my/4915/1/s92725.pdf text eng public https://etd.uum.edu.my/4915/2/s92725_abstract.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abdullah, S.N. (2004). Board composition, CEO Duality and Performance among Malaysian Listed Companies. Corporate Governance, 4(4), 47-61. Ab Razak, N.H., Ahmad, R., & Aliahmed, H.J. (2008). Government Ownership and Performance: An Analysis of Listed Companies in Malaysia. Corporate Ownership Control, 6(2), 434-442. Abor, J. (2007). 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