Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections

This study examines the relationship between ownership structures, Sukuk issuance and real earnings management by Malaysian public listed companies. It also investigates the moderating roles of Shariah compliance and political connections on the relationship between ownership structures and real ear...

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Main Author:	Aliana Shazma Amir, Amir
Format:	Thesis
Language:	eng eng eng eng
Published:	2019
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/9291/1/Depositpermission_s901654.pdf https://etd.uum.edu.my/9291/2/s901654_01.pdf https://etd.uum.edu.my/9291/3/s901654_references.docx https://etd.uum.edu.my/9291/5/depositpermission_s901654-Aliana%20Shazma%20Amir.pdf
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id	my-uum-etd.9291
record_format	uketd_dc
spelling	my-uum-etd.92912022-04-24T01:07:02Z Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections 2019 Aliana Shazma Amir, Amir Shaari, Hasnah Mohd Ariff, Arifatul Husna Tunku Puteri Intan Safinaz School of Accountancy (TISSA) Tunku Puteri Intan Safinaz School of Accountancy (TISSA) HG Finance This study examines the relationship between ownership structures, Sukuk issuance and real earnings management by Malaysian public listed companies. It also investigates the moderating roles of Shariah compliance and political connections on the relationship between ownership structures and real earnings management. The study uses 850 firm-year observations drawn from the population of non-financial companies for the period of 2012-2016. Real earnings management is measured using Zang (2012) model. Ownership structures are divided into three types: managerial ownership, external block-holder ownership and family ownership. To achieve the objectives of this study, quantitative method of analysis is employed. The data analysis method used is panel data technique using Feasible Generalized Least Squares (FGLS) to test for the long run relationship. With reference to the agency theory, Maqasid As-Shariah theory, Islamic ethical perspectives and reputational theory, the present study finds that ownership structures are effective mechanisms in mitigating real earnings management while Sukuk issuance are able to provide benchmarks that the managers’ opportunistic behaviour to engage in real earnings management is less prevalence. Besides, the moderating role of Shariah compliance strengthens the effectiveness of ownership structures as monitoring mechanism in mitigating real earnings management. However, the moderating role of political connections weakens the effectiveness of ownership structures in reducing real earnings management. By examining all the determinants of real earnings management, it may assist standard setters, regulators and authorities to stay alert to manifest approaches to attenuate such practices. It is of great significance to assess Malaysian companies since it provides insights into Malaysian corporate environment through examination of companies’ real earnings management practices. 2019 Thesis https://etd.uum.edu.my/9291/ https://etd.uum.edu.my/9291/1/Depositpermission_s901654.pdf text eng staffonly https://etd.uum.edu.my/9291/2/s901654_01.pdf text eng public https://etd.uum.edu.my/9291/3/s901654_references.docx text eng public https://etd.uum.edu.my/9291/5/depositpermission_s901654-Aliana%20Shazma%20Amir.pdf text eng staffonly other doctoral Universiti Utara Malaysia
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng eng eng
advisor	Shaari, Hasnah Mohd Ariff, Arifatul Husna
topic	HG Finance
spellingShingle	HG Finance Aliana Shazma Amir, Amir Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections
description	This study examines the relationship between ownership structures, Sukuk issuance and real earnings management by Malaysian public listed companies. It also investigates the moderating roles of Shariah compliance and political connections on the relationship between ownership structures and real earnings management. The study uses 850 firm-year observations drawn from the population of non-financial companies for the period of 2012-2016. Real earnings management is measured using Zang (2012) model. Ownership structures are divided into three types: managerial ownership, external block-holder ownership and family ownership. To achieve the objectives of this study, quantitative method of analysis is employed. The data analysis method used is panel data technique using Feasible Generalized Least Squares (FGLS) to test for the long run relationship. With reference to the agency theory, Maqasid As-Shariah theory, Islamic ethical perspectives and reputational theory, the present study finds that ownership structures are effective mechanisms in mitigating real earnings management while Sukuk issuance are able to provide benchmarks that the managers’ opportunistic behaviour to engage in real earnings management is less prevalence. Besides, the moderating role of Shariah compliance strengthens the effectiveness of ownership structures as monitoring mechanism in mitigating real earnings management. However, the moderating role of political connections weakens the effectiveness of ownership structures in reducing real earnings management. By examining all the determinants of real earnings management, it may assist standard setters, regulators and authorities to stay alert to manifest approaches to attenuate such practices. It is of great significance to assess Malaysian companies since it provides insights into Malaysian corporate environment through examination of companies’ real earnings management practices.
format	Thesis
qualification_name	other
qualification_level	Doctorate
author	Aliana Shazma Amir, Amir
author_facet	Aliana Shazma Amir, Amir
author_sort	Aliana Shazma Amir, Amir
title	Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections
title_short	Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections
title_full	Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections
title_fullStr	Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections
title_full_unstemmed	Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections
title_sort	ownership structure, sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections
granting_institution	Universiti Utara Malaysia
granting_department	Tunku Puteri Intan Safinaz School of Accountancy (TISSA)
publishDate	2019
url	https://etd.uum.edu.my/9291/1/Depositpermission_s901654.pdf https://etd.uum.edu.my/9291/2/s901654_01.pdf https://etd.uum.edu.my/9291/3/s901654_references.docx https://etd.uum.edu.my/9291/5/depositpermission_s901654-Aliana%20Shazma%20Amir.pdf
_version_	1747828565982838784

Ownership structure, Sukuk issuance and real earnings management: the moderating effect of shariah compliance and political connections

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