Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies

Although the listed companies on Bursa Malaysia began to report their hedging activities under the Malaysian Financial Reporting Standard (MFRS) 7, 132 and 139 in 2010, there has been no clear and adequate evidence on information of hedging activities using derivatives. This matter prompted this stu...

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Main Author:	Abdullah, Azrul
Format:	Thesis
Language:	eng eng
Published:	2016
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/7665/1/s93955_01.pdf https://etd.uum.edu.my/7665/2/s93955_02.pdf
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id	my-uum-etd.7665
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Ku Ismail, Ku Nor Izah
topic	HG Finance
spellingShingle	HG Finance Abdullah, Azrul Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies
description	Although the listed companies on Bursa Malaysia began to report their hedging activities under the Malaysian Financial Reporting Standard (MFRS) 7, 132 and 139 in 2010, there has been no clear and adequate evidence on information of hedging activities using derivatives. This matter prompted this study to examine the extent of information on hedging activities disclosure (HAD). This study also examined the role of the Risk Management Committee (RMC) and its effectiveness in influencing the extent of HAD. Furthermore, this study examined the moderating effect of ownership concentration on the relationship between the effectiveness of the RMC and the extent of HAD. Data were collected from the annual reports of 500 non-financial listed companies on Bursa Malaysia in 2013. This study used descriptive, multiple, and hierarchical regression to analyse the data. The analyses show that the extent of HAD by non-financial companies in Malaysia is insufficient. This study finds that large and high leverage companies tend to provide more HAD in their annual reports, but the existence of RMC does not affect the extent of HAD. Besides, the findings of this study reveal that the relationship between the effectiveness of RMCs is negatively associated with the extent of HAD. However, when the characteristics of the RMC are individually tested, it is found that only RMC independence and diligence have an influence on the extent of HAD. The findings also show that high ownership concentration does not significantly moderate the relationship between RMC effectiveness and the extent of HAD. This study provides empirical evidence on the extent of HAD in Malaysia and also the importance of the existence and effectiveness of RMCs in enhancing the quality of financial reporting in the country, which will be useful for investors, policy-makers, regulators and researchers.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Abdullah, Azrul
author_facet	Abdullah, Azrul
author_sort	Abdullah, Azrul
title	Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies
title_short	Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies
title_full	Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies
title_fullStr	Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies
title_full_unstemmed	Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies
title_sort	risk management committee, ownership concentration and hedging activities disclosure : evidence of malaysian companies
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2016
url	https://etd.uum.edu.my/7665/1/s93955_01.pdf https://etd.uum.edu.my/7665/2/s93955_02.pdf
_version_	1747828251480293376
spelling	my-uum-etd.76652021-04-05T01:35:09Z Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies 2016 Abdullah, Azrul Ku Ismail, Ku Nor Izah Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Intan Safinaz School of Accountancy (TISSA) HG Finance Although the listed companies on Bursa Malaysia began to report their hedging activities under the Malaysian Financial Reporting Standard (MFRS) 7, 132 and 139 in 2010, there has been no clear and adequate evidence on information of hedging activities using derivatives. This matter prompted this study to examine the extent of information on hedging activities disclosure (HAD). This study also examined the role of the Risk Management Committee (RMC) and its effectiveness in influencing the extent of HAD. Furthermore, this study examined the moderating effect of ownership concentration on the relationship between the effectiveness of the RMC and the extent of HAD. Data were collected from the annual reports of 500 non-financial listed companies on Bursa Malaysia in 2013. This study used descriptive, multiple, and hierarchical regression to analyse the data. The analyses show that the extent of HAD by non-financial companies in Malaysia is insufficient. This study finds that large and high leverage companies tend to provide more HAD in their annual reports, but the existence of RMC does not affect the extent of HAD. Besides, the findings of this study reveal that the relationship between the effectiveness of RMCs is negatively associated with the extent of HAD. However, when the characteristics of the RMC are individually tested, it is found that only RMC independence and diligence have an influence on the extent of HAD. The findings also show that high ownership concentration does not significantly moderate the relationship between RMC effectiveness and the extent of HAD. This study provides empirical evidence on the extent of HAD in Malaysia and also the importance of the existence and effectiveness of RMCs in enhancing the quality of financial reporting in the country, which will be useful for investors, policy-makers, regulators and researchers. 2016 Thesis https://etd.uum.edu.my/7665/ https://etd.uum.edu.my/7665/1/s93955_01.pdf text eng public https://etd.uum.edu.my/7665/2/s93955_02.pdf text eng public http://sierra.uum.edu.my/record=b1698798~S1 Ph.D. doctoral Universiti Utara Malaysia Abbott, L. J., Parker, S., & Peter, G. F. (2004). Audit committee characteristics and restatements. Journal of Practice & Theory, 23(1), 69-87. Abdullah, A., & Ku Ismail, K. N. I. (2008). Disclosure of voluntary ratios by Malaysian Listed Companies. Journal of Financial Reporting & Accounting, 6(1), 1-20. Abdullah, M., Abdul Shukor, Z., Mohamed, Z. M., & Ahmad, A. (2015). 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Risk management committee, ownership concentration and hedging activities disclosure : evidence of Malaysian companies

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