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Corporate Governance and Institutional Investors: Evidence from Malaysia

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Author Info

  • Effiezal Aswadi Abdul Wahab

    (Graduate School of Business, Universiti Sains Malaysia, 11800 USM Pulau Pinang, Malaysia)

  • effiezal.wahab@gmail.com
  • Janice How

    ()
    (School of Economics and Finance, Queensland University of Technology, Australia
    School of Economics and Finance, Queensland University of Technology, Australia)

Registered author(s):

    Abstract

    In 2001, Malaysia undertook important corporate governance reforms, which saw the integration of the Malaysian Code on Corporate Governance (MCCG) into Kuala Lumpur Stock Exchange (KLSE) Listing Rules and the establishment of the Minority Shareholder Watchdog Group (MSWG), which aims to enhance institutional investor activism. Following this development, this study investigates the relationship between corporate governance and institutional ownership in Malaysia. Our panel analysis of 434 firms listed on Bursa Malaysia during 1999–2002 finds that institutional ownership is positively and significantly related to corporate governance. However, we find that the relationship becomes less positive after 2001, suggesting that the monitoring effects of institutional ownership and corporate governance arise simultaneously and endogenously.

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    File URL: http://web.usm.my/journal/aamjaf/vol4-2-2008/4-2-4.pdf
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    Bibliographic Info

    Article provided by Penerbit Universiti Sains Malaysia in its journal Asian Academy of Management Journal of Accounting and Finance.

    Volume (Year): 4 (2008)
    Issue (Month): 2 ()
    Pages: 67-90

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    Handle: RePEc:usm:journl:aamjaf00402_67-90

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    Web page: http://web.usm.my/aamj/
    More information through EDIRC

    Related research

    Keywords: institutional investors; corporate governance; corporate governance reform; MCCG; minority shareholders watchdog group;

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    Cited by:
    1. Redhwan Ahmed al-Dhamari & Ku Nor Izah Ku Ismail, 2013. "Governance Structure, Ownership Structure and Earnings Predictability: Malaysian Evidence," Asian Academy of Management Journal of Accounting and Finance, Penerbit Universiti Sains Malaysia, vol. 9(1), pages 1-23.

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