Board Governance Mechanisms and Sustainability Disclosure: A Moderating Role of Intellectual Capital

The purpose of this paper is to investigate the extent and determinants of sustainability disclosure practice in Nigeria.The second objective is to examine if the effectiveness of intellectual capital moderates the relationship between board governance mechanisms and sustainability disclosure.In the course of carrying out this research, content analysis was conducted to extract sustainability disclosure information from annual reports of 80 companies listed on Nigerian Stock Exchange. The study spanned from 2010-2015. Board size, board independence, board diversity and board meetings were considered as determinants of sustainability disclosure.The sustainability disclosure index and board governance measures were computed for estimation of the regression analysis.The percentages were used to describe the nature and extent of sustainability disclosure among the sampled companies. A multiple regression analysis was used to test the relationships specified in the study.The result of the descriptive analysis evidence a low-level disclosure of sustainability information in annual reports of companies.From the regression analysis, board size, board independence and board diversity were found to enhance the disclosure of sustainability information.However, board meeting was found to be insignificantly related to sustainability disclosure.The results also reveal that intellectual capital has a significant positive effect on the relationship between board size, board independence, board diversity and sustainability disclosure. However, intellectual capital does not seem to moderate the relationship between board meetings and sustainability disclosure.The findings from this study have both theoretical and practical implications

ANALISIS FAKTOR YANG MEMPENGARUHI AKTIVITAS INSTRUMEN DERIVATIF VALUTA ASING SEBAGAI PENGAMBILAN KEPUTUSAN HEDGING (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Periode 2009-2012)

The greatest risk of international trade transactions is the risk of fluctuations in foreign exchange rates . Changes in the value of foreign currency that can unexpectedly significant impact on the company , therefore the company needs to do a risk management one of which is the hedging derivative . The purpose of this study was to determine the effect of leverage (LEV), Firm Size (FS), Market to Book Value (MTBV), Liquidity Ratio (LQ1), and Current Ratio (LQ2) on derivatives hedging activities in manufacturing firms in Indonesia in 2009 -2012. The population in this study is a data companies listed on the Stock Exchange 2009-2012 period. The sample in this study amounted to 92 companies by using purposive sampling. The variables in this study include leverage (LEV), Firm Size (FS), Market -to-book Value (MTBV), Liquidity Ratio (LQ1), and Current Ratio (LQ2). The analytical tool used is the logistic regression analysis. The results of multivariate test showed that the variable Leverage (LEV) negatively affect corporate hedging derivatives at α = 5 %, but not the same as predicted. Variable Firm Size (FS) and Market -to-book Value (MTBV) has a positive sign and equal to those predicted. Variable Liquidity Ratio (LQ1) and current ratio (LQ2) has a negative sign and is equal to that predicted. In general, the overall results were not receiving Ha. The accuracy data of prediction of the probability of hedging derivatives in the company amounted to 83.7 %

Board size and accounting conservatism of Malaysian listed firms

Board of directors is entrusted with responsibilities to monitor operations of firms. Therefore, the board should have effective characteristics to ensure the interest of shareholders is protected.In view of that, Code of Corporate Governance was issued in Malaysia in 2000 to strengthen the board.Objective: This paper examines board size, one of the board’s characteristics, to assess whether it is big or small board that produces high quality financial reporting.In particular, it examines the effect of board size on the level of accounting conservatism for Malaysian firms listed on Bursa Malaysia. Accounting conservatism is an important element in good quality financial reporting Sample of this study consists of 3,852 firm-year observations of non-financial firms over the period 2001-2012. Results: From the analysis, results reveal that the level of accounting conservatism is higher for firms with small board size.Conclusion: With respect to financial reporting quality, board of directors is more effective when the number of board members is smal

Women director characteristics: Do they add value to firm performance?

Participation of women as a part of firm management becomes one of the nation agenda as the Malaysian government introduced a policy to increase women involvement at least 30% in corporate sectors in June 2011.The aim of this paper is to examine whether the characteristics of women as decision maker influence firm performance.Based on 2384 firm observations from year 2001 to 2012, this study finds that women education level, age and ownership have a relationship with firm performance.These findings indicate that women directors who are older in age and have a degree qualification help to improve firm performance.In contrast, women ownership has a negative association with firm performance which indicate that women involvement in a company as shareholders do no contribute to the incremental of firm performance.Large firms enjoy high performance whilst capital intensive firms struggling in their performance

Women directors involvement in Malaysia

Empirical studies found that women are under-represented on corporate boards despite their high participation in the workforce. In Malaysia, the establishment of Ministry of Women, Family and Community Development plays a role in boosting the women roles. In year 2004, the Malaysian Government has imposed the public sector agencies to appoint 30% women to be involved at the decision making levels. In 2011, the government extended the policy to the private sector and set 2016 as the year for meeting the target. This paper seeks to determine the level of women participation on boards in 2010 and examine the profiles of the women, as well as the companies that appoint women to their boards. Based on 831 Malaysian listed companies, we find that a majority of women directors are of Chinese ethnicity, non-independent directors, and have an accounting and other business-related academic background. Many of them are family-related to other directors. This study contributes significantly to the policy makers and the authority responsible for promoting women to become directors

The use of choice modelling in assessing tourists destinations : a case study of Redang Marine Park (RMP) Malaysia

PhD ThesisThis study employs the Choice Modelling (CM) Technique, in particular the Contingent Ranking (CR) method, to measure the economic value of the Redang Marine Park (RMP) system in Malaysia. The reason for using CR is to understand which islands in the RMP system the tourists prefer. Knowing the islands’ ranking is crucial for the planning and development of this particular island as a tourism product and destination, and at the same time, for maintaining the islands’ ecosystem as a protected area. The study is divided into three major components. The first investigates destination choices amongst tourists. In this component, the attributes of interest include choices of island, types of accommodation available at the destination, facilities provided at the place of accommodation, distance of accommodation sites to the beach, and types of transportation used to reach the destination. These attributes are measured using the 3-day/2-night (3D2N) package prices offered as holiday packages to tourists. The second component measures the importance of environmental attributes, namely the status of available fish and coral species, the numbers of nesting turtles and the degree of congestion that the tourists experience while participating in water activities such as snorkelling and diving. These attributes are measured through the conservation fees collected by the park authority from tourists visiting RMP. The final part of this study is concerned with the members of local community on the island. Their perceptions towards tourism, their readiness to participate in tourism activities and their attitudes towards MP development are issues explored in this study. A total of 189 local tourists and 94 foreign tourists were interviewed in this CR study, while 200 local residents were interviewed in the community study. This study finds that, in terms of the choice of destination, different islands do matter and are statistically significant for both local and foreign tourists. In terms of overall ranking, both local and foreign tourists rank Kapas as their first choice, while Tenggol ranks last. The main attributes in the destination choice are statistically significant for local and foreign tourists, except for facilities provided at the sites of accommodation. WTP for almost all attributes concerned are higher for local tourists than for foreign ones, except for the reduction in distance between the accommodation sites and the beach. Specifically, the improvement in terms of types of accommodation ranges from RM113.33 to RM205.50 for local tourists and RM136.50 to RM169.71 for foreign tourists. WTP for improved travel time from the mainland to the island ranges from RM0.43 to RM1.75 for the domestic tourists, as opposed to the values given by foreign tourists, ranging from RM0.29 to RM1.50. WTP for the option of accommodation situated closer to beach areas ranges from RM3.14 to RM11.25 for local tourists. These values are lower than WTP given by foreign tourists, which range from RM10.55 to RM15.57. Further analyses on marginal WTP are also discussed. Regarding environmental issues, this study finds that all attributes are statistically significant for both local and foreign tourists. The local tourists’ WTP for changes in the number of fish and coral species ranges between RM4.31 to RM6.70, while foreign tourists’ WTP ranges between RM3.50 to RM6.73. As for the number of nesting turtles, locals are willing to pay between RM3.78 and RM4.76 while foreign tourists are willing to pay between RM2.28 and RM4.14 for different attribute levels. Finally to avoid congestion while participating in the water activities, WTP by locals ranges between RM2.80 to RM13.37, and WTP amongst ii foreign tourists ranges from RM1.99 to RM11.37. Similar to the destination choice, further analyses on marginal WTP are also discussed. Regarding the local community, this study deduces that community members perceive the tourism industry positively and are willing to participate in tourism-related activities. However, they have some reservations surrounding the presence of tourists in their village, based on social and religious grounds. Their attitudes toward the development of the MP are also positive. Finally this study highlights the economic potentials that players in the tourism industry may tap and capitalize upon, mainly through practising pricing mechanisms in selling and promoting holiday packages in RMP. To the park managers and local authorities, this study may suggest some guidelines for future development processes. Such processes should consider selective development as an option while safeguarding the natural beauty of RMP. The possibility of revising the current conservation fee to resemble tourists’ WTP is also highlighted in this study. Finally, the study recommends the implementation of price discrimination and peak-load pricing in charging and collecting conservation fees as methods, not only for the purposes of increasing revenue but also for acting as tools to monitor and control the number of tourists to RMP.Government of Malaysia: The Universiti Utara Malaysia

Financing Mechanisms for Small Scale Renewable Energy Projects in Malaysia

The purpose of this analytical research paper is to find some feasible measures regarding financial issue faced in Malaysia’s renewable energy project and globally, and to promote biomass technology to the industrial development of Malaysia’s small scale renewable energy projects. The paper summarizes the status and studies the problems of renewable energy development (financing gap), and then puts forward some proposals for the financing mechanism and potential of palm’s biomass in Malaysia’s small scale renewable energy project based on international report and local research. As this is only a analytical research paper and many of its suggestions require rigorous testing and previous secondary data. The authors would suggest that further research is needed to compare experience of local industry in financing mechanism and technology used in small scale renewable energy project

A Critical Evaluation of the Proposal for the Privatization of Higher Education Institutions in Malaysia

The purpose of this critical evaluation is to highlight the main issues regarding the efficiency and equity of the proposal for the privatization of the higher education system in Malaysia. The issues will be criticized and some words of caution regarding the possible predicted outcome will be discussed. The government's main objective in privatizing higher education institutions, in the form of corporations, is to reduce the financial burden of providing education. It is due to take place in Malaysia by next year (1996). However, the underlying objectives are not that clear. The original concern came from the current problem of brain drain among academics. Pressures to provide higher salaries at the competitive rate compatible with the private sector, made the government accept an alternative to the current public sector system of higher education. The idea of an independent education institution that can generate its own revenue funds and pay its own staff became the major incentive for future privatization. However, in the midst of all this enthusiasm, not enough emphasis was given to the impact that privatization might have on the higher education system under market forces. This evaluation is mainly concerned with the possible outcome, especially on the efficiency and equity grounds, that should be expected if privatization is to take place, and this will be discussed at length

Analisis Sistem Rantai Pasok Pt. Semen Gresik (Persero) Tbk

The cement industry is an industry that requires a supply chain system is structured and well organized, it is influenced by several things, namely the level of demand for raw materials (raw material), resources, production processes, scheduling, transportation, supplier, allocation, distributors, retailers, product until they reach the consumer. This paper discusses the supply chain system on PT. Semen Gresik ranging from an overview of the company, Aggregate planning, process and production scheduling and logistics of PT Semen Gresik and supply chain management to pursue the relationship and coordination between the processes of other firms in the business pipelines, ranging from suppliers to give priority to current customers as well goods between the company, since most upstream to most downstream. The  decision  to  determine  the  transportation  used  to  distribute  the  products  is  very important. Selection of transport strategy used to obtain the type of transport that provides a fast time in the distribution is done by comparing the transport strategy transport using trucks and trains. Stages of the bidding process conducted by the company Semen Gresik to the winning vendor specified delivery of bidder list, create request for quotation, quotation maintain vendor, price comparison, process purchase order, payments, and evaluation. Keywords : Supply chain, logistics, strategy, supplie