Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms

This thesis examines how controlling shareholdings affect the efficiency of IC investments. Additionally, despite that IC is beneficial for firms, there is need to identify critical levels of IC investments. To identify this gap, this thesis examines the nonlinear relationship between IC investments...

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Main Author:	Jawad, Asif
Format:	Thesis
Language:	English
Published:	2022
Subjects:	HD Industries Land use Labor
Online Access:	http://umpir.ump.edu.my/id/eprint/37635/1/ir.Controlling%20shareholdings%2C%20intellectual%20capital%20and%20firm%20performance%20-%20evidence%20from%20malaysian%20listed%20firms.pdf
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id	my-ump-ir.37635
record_format	uketd_dc
spelling	my-ump-ir.376352023-09-18T01:55:54Z Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms 2022-06 Jawad, Asif HD Industries. Land use. Labor HD28 Management. Industrial Management This thesis examines how controlling shareholdings affect the efficiency of IC investments. Additionally, despite that IC is beneficial for firms, there is need to identify critical levels of IC investments. To identify this gap, this thesis examines the nonlinear relationship between IC investments and firm performance. At last, controlling shareholders as strong governance players have the ability to moderate the relationship between IC investments and firm performance. To connect these under researched areas of controlling shareholdings, IC investments and firm performance, this thesis retrieves data from Main Board of Bursa Malaysia for the period of ten years from 2009—2018 for 733 Malaysian public listed firms. This thesis utilize panel data regression approach to analyse the hypothesized relationships. This thesis also provide robustness using two-stage least square and alternative proxies of variables. The major findings reveals that controlling shareholdings have a non-linear (inverse U-shaped) relationship with efficiency of IC investments. That is, controlling shareholders having low (high) level of ownership increase (decrease) the efficiency of IC investments. Additionally, findings suggests that IC investments have non-linear (inverse U-shaped) relationship with firm performance. That is, excessive investments in IC investments are harmful rather than beneficial. At last, findings indicate that controlling shareholders moderate (positive or negative) the relationship between IC investments and firm performance. These findings indicate that controlling shareholders affect in two competing theoretical predictions of alignment effects and entrenchment effects. This thesis recommends that Malaysia for the sake of higher capital values should focus on managing the efficiency of IC investments. The findings of this thesis are fruitful for policy makers, managers (IC managers and HC managers) and future researchers. 2022-06 Thesis http://umpir.ump.edu.my/id/eprint/37635/ http://umpir.ump.edu.my/id/eprint/37635/1/ir.Controlling%20shareholdings%2C%20intellectual%20capital%20and%20firm%20performance%20-%20evidence%20from%20malaysian%20listed%20firms.pdf pdf en public phd doctoral Universiti Malaysia Pahang Faculty of Industrial Management Wei, Irene Kiong Ting
institution	Universiti Malaysia Pahang Al-Sultan Abdullah
collection	UMPSA Institutional Repository
language	English
advisor	Wei, Irene Kiong Ting
topic	HD Industries Land use Labor HD Industries Land use Labor
spellingShingle	HD Industries Land use Labor HD Industries Land use Labor Jawad, Asif Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms
description	This thesis examines how controlling shareholdings affect the efficiency of IC investments. Additionally, despite that IC is beneficial for firms, there is need to identify critical levels of IC investments. To identify this gap, this thesis examines the nonlinear relationship between IC investments and firm performance. At last, controlling shareholders as strong governance players have the ability to moderate the relationship between IC investments and firm performance. To connect these under researched areas of controlling shareholdings, IC investments and firm performance, this thesis retrieves data from Main Board of Bursa Malaysia for the period of ten years from 2009—2018 for 733 Malaysian public listed firms. This thesis utilize panel data regression approach to analyse the hypothesized relationships. This thesis also provide robustness using two-stage least square and alternative proxies of variables. The major findings reveals that controlling shareholdings have a non-linear (inverse U-shaped) relationship with efficiency of IC investments. That is, controlling shareholders having low (high) level of ownership increase (decrease) the efficiency of IC investments. Additionally, findings suggests that IC investments have non-linear (inverse U-shaped) relationship with firm performance. That is, excessive investments in IC investments are harmful rather than beneficial. At last, findings indicate that controlling shareholders moderate (positive or negative) the relationship between IC investments and firm performance. These findings indicate that controlling shareholders affect in two competing theoretical predictions of alignment effects and entrenchment effects. This thesis recommends that Malaysia for the sake of higher capital values should focus on managing the efficiency of IC investments. The findings of this thesis are fruitful for policy makers, managers (IC managers and HC managers) and future researchers.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Jawad, Asif
author_facet	Jawad, Asif
author_sort	Jawad, Asif
title	Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms
title_short	Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms
title_full	Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms
title_fullStr	Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms
title_full_unstemmed	Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms
title_sort	controlling shareholdings, intellectual capital and firm performance: evidence from malaysian listed firms
granting_institution	Universiti Malaysia Pahang
granting_department	Faculty of Industrial Management
publishDate	2022
url	http://umpir.ump.edu.my/id/eprint/37635/1/ir.Controlling%20shareholdings%2C%20intellectual%20capital%20and%20firm%20performance%20-%20evidence%20from%20malaysian%20listed%20firms.pdf
_version_	1783732270632271872

Controlling shareholdings, intellectual capital and firm performance: evidence from Malaysian listed firms

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