Ownership patterns and control of top 100 Malaysian listed companies
The incentive of this study stems from the significance of protecting minority shareholders’ rights.It analyses the most dominant ownership structure practices within listed firms in Bursa Malaysia (BM), in which controlling shareholders (CSs) hold control on many firms despite relatively small por...
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2017
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Online Access: | http://repo.uum.edu.my/20992/1/shsconf_four2017%201%208.pdf http://repo.uum.edu.my/20992/ http://doi.org/10.1051/shsconf/20173401006 |
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my.uum.repo.209922017-02-22T08:24:47Z http://repo.uum.edu.my/20992/ Ownership patterns and control of top 100 Malaysian listed companies Che Ahmad, Ayoib Mustafa, Aree S HF5601 Accounting The incentive of this study stems from the significance of protecting minority shareholders’ rights.It analyses the most dominant ownership structure practices within listed firms in Bursa Malaysia (BM), in which controlling shareholders (CSs) hold control on many firms despite relatively small portion of investment. Malaysian firms are characterised by high levels of concentrated ownership with families owning more than 70% of the listed firms in BM [9].This study finds that the separation between cash flow rights (real investment) and control rights (voting rights) for Top 100 Malaysian listed firms is accomplished through pyramidal ownership and golden share arrangements.Hence, the divergence between cash flow rights (CFRs) and voting rights (VRs) exacerbates Type II Agency problem.This study calls for future studies in the area of accounting and finance to introduce and operationalise new measurement of Type II Agency Cost in order to better understand the agency conflicts within this unique market.It also better explains the state of the minority shareholders in the BM. EDP Sciences 2017 Conference or Workshop Item PeerReviewed application/pdf en cc4_by http://repo.uum.edu.my/20992/1/shsconf_four2017%201%208.pdf Che Ahmad, Ayoib and Mustafa, Aree S (2017) Ownership patterns and control of top 100 Malaysian listed companies. In: 17th Annual Conference of the Asian Academic Accounting Association (2016 FourA Conference), 20-22 November 2016, Kuching, Sarawak. http://doi.org/10.1051/shsconf/20173401006 doi:10.1051/shsconf/20173401006 |
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HF5601 Accounting Che Ahmad, Ayoib Mustafa, Aree S Ownership patterns and control of top 100 Malaysian listed companies |
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The incentive of this study stems from the significance of protecting minority shareholders’ rights.It analyses the most dominant
ownership structure practices within listed firms in Bursa Malaysia (BM), in which controlling shareholders (CSs) hold control on many firms despite relatively small portion of investment. Malaysian firms are characterised by high levels of concentrated ownership with families owning more than 70% of the listed firms in BM [9].This study finds that the separation between cash flow rights (real investment) and control rights (voting rights) for Top 100 Malaysian listed firms is accomplished through pyramidal ownership and golden share arrangements.Hence, the divergence between cash flow rights (CFRs) and voting rights (VRs) exacerbates Type II Agency problem.This study calls for future studies in the area of accounting and finance to introduce and operationalise new measurement of Type II Agency Cost in order to better understand the agency conflicts within this unique market.It also better explains the state of the minority shareholders in the BM. |
format |
Conference or Workshop Item |
author |
Che Ahmad, Ayoib Mustafa, Aree S |
author_facet |
Che Ahmad, Ayoib Mustafa, Aree S |
author_sort |
Che Ahmad, Ayoib |
title |
Ownership patterns and control of top 100 Malaysian listed companies |
title_short |
Ownership patterns and control of top 100 Malaysian listed companies |
title_full |
Ownership patterns and control of top 100 Malaysian listed companies |
title_fullStr |
Ownership patterns and control of top 100 Malaysian listed companies |
title_full_unstemmed |
Ownership patterns and control of top 100 Malaysian listed companies |
title_sort |
ownership patterns and control of top 100 malaysian listed companies |
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EDP Sciences |
publishDate |
2017 |
url |
http://repo.uum.edu.my/20992/1/shsconf_four2017%201%208.pdf http://repo.uum.edu.my/20992/ http://doi.org/10.1051/shsconf/20173401006 |
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