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Results in Journal State-of-the-Art Theories and Empirical Evidence: 19

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State-of-the-Art Theories and Empirical Evidence; doi:10.1007/978-981-10-6926-0

Abstract:
This book discusses several important issues related to corporate governance reporting, corporate social responsibility (CSR), fraud and bankruptcy. It gathers papers presented at the 6th International Conference on Governance, Fraud, Ethics and Social Responsibility, which was held in Penang, Malaysia on 18–19 November 2015. The content is divided into three major sub-themes: Corporate Governance and Accountability; Corporate Social Responsibility (CSR) and Sustainable Development; and Ethics, Risk and Fraud. The first sub-theme addresses recently identified issues, such as corporate governance reporting, corporate governance regulation differences between countries, governance and financial market economics, financial market supervision, and control and risk management. In turn, the second sub-theme focuses on international auditing standards, green/socially responsible investment, environmental and social accounting and auditing, CSR-related matters, legislation and CSR reporting differences for public listed companies, accounting for sustainable development performance, and sustainability assessment models. The third sub-theme puts the spotlight on financial assessment and diagnosis, modeling, hedging, fraud, bankruptcy, accounting and auditing ethics and ethical problems in financial markets. Taken together, the issues discussed here provide state of art theories and empirical evidence approached from broad perspectives, making the book a valuable resource for researchers, students and practitioners alike.
State-of-the-Art Theories and Empirical Evidence pp 3-25; doi:10.1007/978-981-10-6926-0_1

Abstract:
This study is an attempt to critically examine the economic logic of corporate organisation business practices. It is a clarion call to go beyond what is considered in our contemporary time good business practices. In writing this paper, the researcher seeks to engage with modern secular insights about sustainable business practices for corporate organisations and to be in critical dialogue with those insights. This is an effort to bring religion into our economic lives, which invariably means bringing religious ethics into what is supposed to be free of such values. This paper explores why, how, and when a business organisation may choose to go beyond good business practices and standards. This study addresses the questions of how can corporations develop into responsible moral agents, and what effective framework can be used for sustainable business practices within an Islamic setting. This paper concludes by proposing Islamic ethical principles such as ikhlas (sincerity), ‘ilm (knowledge), hikmah (wisdom), hilm (forbearance) and rifq (gentleness), sabr (patience), tawaadu’ (humility), qudwah (good example), husnul-Istimaa’ (good listening), shajaa’ah (courage), and karam (generosity). It also suggests how these ethical principles can be incorporated into business practices in order to have sustainable business practices for a corporate organisation.
, Wan Fadzli Wan Haron
State-of-the-Art Theories and Empirical Evidence pp 267-274; doi:10.1007/978-981-10-6926-0_17

Abstract:
Globally, of the various kinds of community library models that have been developed around the world, it is said the only model that appears to offer the best prospect of sustainability, viability, and a suitable emphasis on users’ service quality and needs are the library authority-led community library also known as ‘Community Managed Library’. The term ‘Community Managed Library’ emphases on maintaining community private individual libraries that is designated for community intervention and management of different types. In theory, such arrangement exists in a very formal basis. Meaning, a library authority should be able to include the services offered by such community [managed] libraries for such members of the community [users]. This paper will enlighten the pragmatism of the ‘Community Managed Library’ notion in Malaysian setting and values. Several current Malaysian existing community-managed libraries will be put forward as the foundation of the investigation on this ‘new’ community library model. The successfulness and challenges faced by current Malaysian community library will be discussed.
State-of-the-Art Theories and Empirical Evidence pp 107-125; doi:10.1007/978-981-10-6926-0_7

Abstract:
The adoption of the International Financial Reporting Standard (IFRS) is one of the most significant changes in the history of accounting to resolve shareholders’ information asymmetry in valuing companies in the capital market. Whether the value of accounting information is relevant to market participants is the objective of this study. Using the financial statements and the share prices for 23 banks listed in the Indonesian capital market (IDX) for the 2007–2012 period, this study analysed whether the accounting information (the book value, the net income and the operating cash flow) influences share prices. Moreover, this study analysed how much the adoption of the IFRS effectively increases the quality of the accounting information and its relevance to the share prices of the banking industry in the IDX. The result shows that the adoption of the IFRS increased the quality of the accounting information in valuing the companies. The book value information became more relevant to the share prices; moreover, it increased the most for net income and operating cash flow in the relevance of valuing the share price. The book value did not significantly determine the share price before the adoption of the IFRS. The net income and the operating cash flow decreased the information relevance to the share price and did not significantly influence the share price.
, Roselin Ikau
State-of-the-Art Theories and Empirical Evidence pp 187-195; doi:10.1007/978-981-10-6926-0_11

Abstract:
This paper aims to explain the impediments to the sustainable business practice (waste control practices) implementation in a small construction business (ABC Construction) in Kuching, Sarawak. The institutional theory is used as an underlying theory of this paper. Semi-structured interview was conducted with the Manager of ABC Construction as a means of the data collection technique. It was found that poor enforcement by relevant regulatory authority indicated the absence of coercive isomorphism, explaining impediments to the implementation of sustainable waste control practices. Next, less emphasis on the importance of environmental waste control practices by professional body in the construction industry signified the lack of normative isomorphism, explaining impediments to the implementation of sustainable waste control practice. In addition, there is an absence of mimetic isomorphism, thus explaining impediments to the sustainable waste control practices implementation as ABC Construction did not refer to any sustainable waste control practices of any organizations. The paper concluded that the top management of ABC Construction had expressed willingness to implement the sustainable waste control practices in the near future.
, Marzlin Marzuki, Intan Marzita Saidon, Nadzri Ab Ghani
State-of-the-Art Theories and Empirical Evidence pp 217-226; doi:10.1007/978-981-10-6926-0_13

Abstract:
This study reveals issues regarding academic failures among accounting students. Employing a qualitative approach, this paper draws on data from open-ended questionnaire surveys distributed to those students who failed one of the intermediate accounting courses offered at undergraduate level. A total of 38 undergraduate students form a sample for this study. The findings indicate the key reasons of failures are poor time management, overconfidence, lack of doing tutorial exercises or revisions, lecturer teach too fast, do not focus in class and personal deficiency. A few suggestions to improve academic performance based on students’ perspective are highlighted. The research findings contribute new dimensions in understanding the reasons behind a high failure rate and ways to overcome this issue. These findings are particularly beneficial to lecturers in planning their teaching methods so as to reduce the percentage of academic failure rate among accounting graduates.
State-of-the-Art Theories and Empirical Evidence pp 245-265; doi:10.1007/978-981-10-6926-0_16

Abstract:
Patriotism is defined as an individual or a group with characteristics that show their love to the motherland. Patriotism among youth should be taken seriously in order to create the nation’s identity as stated in “Wawasan 2020”. Nowadays, youth are the main pillar and heir to the future leadership that will continue to lead the development of the country. Thus, this research is meant to analyse the level of patriotism among youth in Malaysia, specifically in the state of Perak. The methodology used for this research was through quantitative findings using questionnaires that had been distributed to 10 districts in Perak. From 1500 questionnaires that had been distributed, 911 respondents have responded. The samples in this research were selected based on random stratification. The research data had been analysed by using the descriptive statistics to identify the level of patriotism towards the country among youth in Perak. Besides, IBM SPSS 20.0 was also used to analyse the research findings. The results showed that patriotism among youth in Perak was favourable. In order to ensure the sustainability and the achievement of national aspirations in youth, they should be nurtured to embellish their patriotism because youth are an important asset of our country.
, Reni Mulia Ningsih, Reza Puji Paramitha
State-of-the-Art Theories and Empirical Evidence pp 27-39; doi:10.1007/978-981-10-6926-0_2

Abstract:
This research is aimed to identify several factors that may influence the Islamic Social Reporting disclosure level in Jakarta Islamic Index (JII). Islamic Social Reporting (ISR) represents social responsibility disclosure based on several indicators according to the Islamic perspective. The factors assumed to have influence are company size that is measured by total of employee, profitability is measured by ROA (Return on Asset), public ownership is measured by percentage of public share, company age is measured by year observation minus IPO year, board of independent commissioner composition is measured by total of board of independent commissioner, and growth is measured by percentage of sales growth. The population of this study was companies listed in JII 2009–2013, and the sample was chosen by using purposive sampling method. This study used secondary data from company annual reports obtained through the website of the Indonesia Stock Exchange in 2009–2013. This research used panel data regression methods with the fixed effects model approach. The results showed company size and age influenced significantly on ISR disclosure of companies in JII. While profitability, public ownership, and board of independent commissioner had no significant influence on ISR disclosure of companies in JII.
, Wan Faizah Wan Abdullah, Norehan Mohd Tahir, Noraini Abdul Rahim
State-of-the-Art Theories and Empirical Evidence pp 41-48; doi:10.1007/978-981-10-6926-0_3

Abstract:
Tax compliance is an important issue as tax non-compliance would contribute to the tax gap and distorts the revenue collection due to the government. Early studies on tax compliance only focus on the economic factors affecting tax compliance. The inadequacy of the model prompts a call for the incorporation of non-economic or behavioural factors in explaining tax compliance. This paper will discuss the impact of two of the behavioural factors which are norms and ethics on tax compliance based on past studies.
, Roshima Said, Ida Normaya Mohd Nasir, Mursyida Mahshar, Masrul Hayati Kamarulzaman
State-of-the-Art Theories and Empirical Evidence pp 275-281; doi:10.1007/978-981-10-6926-0_18

Abstract:
Islamic banking has tremendous development since the system has strong foundation that based on Syari’ah principles. One of the Syari’ah requirements is to pay zakat as one of Islamic pillars. From Islamic point of view, Allah promise to those who contribute their wealth (zakat), Allah will award the contributors multiple times. Thus, the Allah’s promise is the main motivation of the study to investigate the relationship between corporate zakat payable and firm’s performance of the Islamic banks in Malaysia. The study used Pearson correlation coefficient to analyse the relationships. The study conducted on 16 Islamic banks in Malaysia and used secondary data extracted from annual reports for the year ended 2010 until 2015. This study showed that there was a low degree of commitment to pay corporate zakat among the Islamic banks in Malaysia. However, it is interesting to note that there is significant relationship between firm’s size and amount of zakat paid which reveals that total asset will grow as amount of zakat increase.
, Wan Razazila Wan Abdullah, Amir Hakim Osman
State-of-the-Art Theories and Empirical Evidence pp 49-63; doi:10.1007/978-981-10-6926-0_4

Abstract:
This study examines the relationship between corporate governance and firm performance of public listed firm in Malaysia. In March 2000, the Malaysian Code of Corporate Governance (MCCG) was first issued and has been revised twice in 2007 and 2011. The board’s role in governance has been emphasized in the revised MCCG, and directorship of the director in public-listed company is limited to five only. Thus, this study aims to evaluate whether the revised MCCG will give impacts on the firm performance. The sample consists of top 100 firms listed on Bursa Malaysia for the period from 2012 to 2014. Analyses of descriptive statistics, correlation analysis and multiple regressions are used to address the research hypotheses. The finding of this study reveals significant relationship between the revised MCCG with the firm performance.
Putifatma Hanum Melati, , Nazariah Shari’E Janon
State-of-the-Art Theories and Empirical Evidence pp 65-89; doi:10.1007/978-981-10-6926-0_5

Abstract:
Work ethics are essential in organisations not only because they are used to guide employees to behave ethically, but they could also affect employees’ performance and efficiency. This reality necessitates a clear and effective strategy for implementation of workplace ethics policies in general and Islamic work ethics in particular. However, little systematic evaluation of such implementation processes has been made. This study explored what is known regarding the issues that facilitate the implementation of Islamic work ethics in organisations and made recommendations for their successful implementation. A qualitative study using semi-structured interviews (n = 16) with Branch Managers and Assistant Branch Managers from six Islamic banks in Kuala Lumpur and Selangor was conducted. Data saturation was reached after 12 interviews, with four additional interviews undertaken to ensure a broadly representative sample. Using thematic analysis, nine themes describing factors influencing the implementation of Islamic work ethics were identified. These factors vary from personal and organisational to management and environmental. Improvements in these factors could have positive effects on successful implementation of ethics policies in organisations. The implications of the findings and recommendations for future research are discussed.
State-of-the-Art Theories and Empirical Evidence pp 129-149; doi:10.1007/978-981-10-6926-0_8

Abstract:
This paper serves to obtain the level of tolerance towards corporate crime activities in the perception of accounting professionals in Malaysia. The study focuses on the Islamic religious, educational background and their relationship with the level of acceptance/tolerance by these professionals towards corporate misbehaviours. For that purpose, this paper first deliberates the teachings of Islamic ethics in the Islamic religious education. Then, the study investigates the Islamic religious education received by Muslim professionals and its relationship with their corporate crime acceptance level. The study further proposes religious education as a possible mechanism to improve acceptance level towards corporate crime. There are two types of religious educations: firstly, whether the professional attended religious classes (informal) and secondly, whether they received formal religious education. The results indicate that formal religious, educational background is found to be significantly correlated with lower acceptance level to corporate crime.
, , Zuraini Yaacob, Siti Salmah Abu Bakar
State-of-the-Art Theories and Empirical Evidence pp 93-106; doi:10.1007/978-981-10-6926-0_6

Abstract:
This study examines the association between corporate governance (i.e., CEO–Chairman duality, audit committee size, audit committee independence, and audit committee meeting) and financial reporting timeliness. This research further investigates whether auditor industry specialization reduces/enhances the association between corporate governance and financial reporting timeliness. Our sample comprises of 740 companies listed in the Bursa Malaysia and focuses on the year 2014. The results show that firms with more timely reporting of financial statements are asssociated with larger audit committee, lower proportion of independent non-executive directors in audit committee, less frequent audit committee meeting; and are audited by industry specialist. More importantly, this study finds new evidence on the interaction effect of industry specialist and corporate governance variables. First, the results suggest that firm audited by industry specialist has a significantly longer audit reporting lag in firms with a dual role CEO–Chairman than firms with separate CEO–Chairman roles. Second, firms audited by industry specialist with high number of audit committee were found to take longer time to finish the audit work. Third, we find evidence showing that firms audited by industry specialist with larger audit committee took longer time to finish the audit work. Finally, this study finds that industry specialist firms enhance financial reporting timeliness in firm with more frequent audit committee meeting.
, Surenggono
State-of-the-Art Theories and Empirical Evidence pp 151-163; doi:10.1007/978-981-10-6926-0_9

Abstract:
Fraud in corporations is a topic that has received significant and growing attention, not to mention that it is considered as a loophole in the financial statement fraud. This study aims to obtain empirical evidence about the detection of the financial statement fraud proxied with earnings management through revenue discretionary model (Stubben in Acc Rev 85(2): 695–717, 2010) accordance with fraud diamond by Wolfe and Hermanson ( CPA J, 1–5, 2004). The variables used were the factor of pressure proxied by financial stability, external pressure, personal financial need and financial targets, while the factor of opportunity was proxied by nature of the industry and ineffective monitoring, the factor of rationalization and the factor of capability. The samples used in this study were 86 manufacturing companies that were listed in Indonesia Stock Exchange in the period 2012–2014. Secondary data were used in the form of financial reports of companies. Hypothesis testing was conducted using logistic linear regression with EViews software. The results showed that the variables such as pressure, opportunity, rationalization and capability simultaneously determine the financial statement fraud. Based on the partial test (Wald test), variable external pressure, financial target and capability partially could be used to predict the financial statement fraud, while other variables could not.
, Alhassan Haladu
State-of-the-Art Theories and Empirical Evidence pp 227-238; doi:10.1007/978-981-10-6926-0_14

Abstract:
Monetary and fiscal policies aimed at improving an economy’s performance are worth any trial. The Nigerian government’s move to implement the cashless policy (CLP) in 2012 was just a step in this direction. This research is embarked upon to assess the pre-and post-implementation period of Nigeria’s CLP with focus on the relationships between tools of CLP and currency outside banks in the Nigerian economy. Focusing on the entire economy, data for the period 2009–2012 was regressed through OLS to test for the impact of these tools on currency circulation in the economy. The results showed a high level of collinearity and perfect fitness, thus making it impossible to compute the influence on COB. On considering only two of the variables (ATM and CHQ), it was discovered that a positive insignificant relationship exists on the predictive relationship. This insignificant relationship could be attributed to the period under observation. Majority of the period observed by the study covers the preimplementation period (2009–2011), while only 1 (2012) post-implementation period was studied. Since ATM and CHQ have insignificant influence in a perfect fitness situation, then it can be concluded that CLP tools do not affect currency circulation outside Nigerian banks. It is, however, recommended that an equal period of pre- and post-implementation (2009–2014) be covered if an acceptable consensus is to be arrived at.
State-of-the-Art Theories and Empirical Evidence pp 239-243; doi:10.1007/978-981-10-6926-0_15

Abstract:
Currently, Malaysians are confronted with major information trust issues. There are numerous glitches, concerns and trends that are related to current information usage, information ownership and information control. Worst still, the existence and the lack of understanding on social responsibility and ethics towards the practices of social media information usage, intellectual property and information sharing makes it event difficult for Malaysian government to contain social restless. This paper will examine information ethics from an information professional point of view. It will discuss important information matters such as information accuracy and integrity, information privacy and local information national acts and security. Reflections on the glitches, concerns and trends that currently relevant to the supervision of information practice and controls will be discussed too. Particular emphasis will be on the essential involvement of an information professional on current information social and professional issues.
, Aini Aman
State-of-the-Art Theories and Empirical Evidence pp 197-214; doi:10.1007/978-981-10-6926-0_12

Abstract:
The aim of this study is to understand the key resources needed to ensure successful impact sourcing (ImS) initiatives in Malaysia. In this study, ImS refers to the effort of creating employment opportunities to marginalized communities by bringing simple, low-value outsourcing tasks to the communities. Using Porter’s Diamond Framework in ImS initiatives in Malaysia, we identified the availability of good ICT infrastructure, vibrant presence of SSO firms, and strong government support as key enablers of ImS in Malaysia. The challenges for ImS success in Malaysia include low English proficiency and high attrition rates among ImS workers and absence of micro-payments providers. Nevertheless, such challenges could be overcome by realizing the potential of ImS with full government support. These findings contribute to the formulation of potential strategies and policies in ensuring the growth of ImS in Malaysia.
Khairul Anuar Kamarudin, , Airul Aezza Kamaruzzaman
State-of-the-Art Theories and Empirical Evidence pp 165-183; doi:10.1007/978-981-10-6926-0_10

Abstract:
This research investigates whether the board member diversity: gender, ethnic, and roles diversity, are associated with the likelihood of financial statement fraud. The sample of this study includes all fraud firms which has been disclosed by the Securities Commission Malaysia matched with an equal number of non-fraud firm. A total of 124 firms are included in this study, consisting 62 firms that engaged in financial statement fraud and other 62 of non-fraud firms. Using the logistic regression analysis, the findings show that financial statement fraud is positively associated with less gender diversity and roles diversity. In addition, there is a significant relationship between governance characteristics (board size, board meeting, and chairman dual role) and financial statement fraud. This study concludes that firms engaging with fraud have more frequent board meeting, is dominated by Chinese ethnicity, have high proportion of independent directors and the chairman and Chief Executives Officer (CEO) or Managing Director are the same person/director. Overall, this research contributes new evidence on the factors that explain the likelihood of financial statement fraud.
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