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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) The South East Asian Journal of Management
Alias, Norazlan
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Economics, Econometrics & Finance

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Stakeholder Power and Sustainability Disclosure: Stakeholder Salience Perspective Majdi, Suria; Mohd Saleh, Norman; Abdullah, Maizatulakma; Alias, Norazlan
The South East Asian Journal of Management Vol. 17, No. 1
Publisher : UI Scholars Hub

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Abstract

Research Aims: This study tests the effects of different stakeholder power (shareholders, employees, customers, business partners, community, government, NGOs, and media) on sustainability disclosure using stakeholder salience theory. Extending from this perspective, this study makes separate assumptions for each stakeholder and determines which one had the most power over sustainability disclosure. Design/Methodology/Approach: The study adopts a journalism (i.e., news framing) approach and observes the element of power in sustainability disclosure using content analysis. The sample comprises of panel data of 140 listed firms in the construction and property sector in Malaysia. Research Findings: The results show that the employees, community and media power are positively related to sustainability disclosure. This study improves our understanding of the factors determining firms' disclosure by demonstrating that market stakeholders (shareholders, employees, customers and business partners) are not perceived as necessary by managers concerning sustainability disclosure. Theoretical Contribution/Originality: Common studies view all stakeholders to be taken homogenously into consideration in business decision making. Few studies focus on the power of stakeholders in influencing disclosure is lacking. Managerial Implication in the South East Asian Context: This study gives insight on which stakeholder is the most important in rank and the finding informs managers to draft a stakeholder management plan and budget, given that such activities can increase firm value. Research Limitation & Implications: This research however did not investigate the dynamics of stakeholder power along with the existence of other salience factors, i.e., the legitimacy and urgency factors.
Sustainability Disclosure in The Malaysian Construction Sector: The Effect of Community and Media Legitimacies Majdi, Suria; Mohd Saleh, Norman; Abdullah, Maizatulakma; Alias, Norazlan
The South East Asian Journal of Management Vol. 17, No. 2
Publisher : UI Scholars Hub

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Research Aims: The objective of the study is to examines the effects of stakeholder pressure on sustainability disclosure (SD). The study includes the effect of community on SD when company consider the media as one of the legitimate stakeholders. Design/Methodology/Approach: Stakeholder legitimacy is evaluated using SD via content analysis based on panel data sample from construction and property sector. Research Findings: It was found that legitimacy is an antecedent and has positive relationship with SD. Furthermore, this relationship between community legitimacy and SD is stronger when mediated by media legitimacy. Theoretical Contribution/Originality: This study shows the effects of legitimacy attribute on SD instead of the influence of stakeholders in general (regardless of the legitimacy concept) and the incremental value for companies to include the interest of the media in SD apart from the communities alone. Managerial Implications in the South East Asian Context: It guides managers in forming a comprehensive stakeholder engagement plan and budget to increase company value. This illustrates to the managers the motivation behind making disclosures about the media in the SD more so in this rapid social media where fake and misleading information threaten the public trust in Southeast Asian. Research Limitations & Implications: The study does not include power and urgency factors along with legitimacy.
THE MARKET VALUE OF NON-FAMILY FIRMS: A STUDY ON OWNERSHIP CONCENTRATION, FINANCIAL POLICY, AND PROFITABILITY Muchtar, Darmawati; Alias, Norazlan; Bensaadi, Iswadi
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 12, No 1 (2023): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK)
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v12i1.59559

Abstract

This study investigates the market valuation effect of ownership concentration, financial policy, and profitability in a sample of 109 non-family from 2012 to 2019. We used balance panel data to investigate the market values and possible effects of the variables identified using the General Method of Moment (GMM) estimator. The market value is dynamic, which means that last year's market value significantly affects the current market value. Even though the majority shareholder is not a family member, the ownership concentration still has a significant negative effect on the market value. The financial decision shows that leverage has a positive and significant effect. At the same time, investment and dividend policy seems to have a negative effect on market value, although the investment is insignificant. Lastly, profitability has positive and significant effects on market value. This study contributes to non-family firm literature and provides new empirical findings and policy implications for regulators to enhance the market value. JEL: G11, G30, G32.
Co-Authors Abdullah, Maizatulakma Bensaadi, Iswadi Majdi, Suria Mohd Saleh, Norman Muchtar, Darmawati