Sustainability reporting, dedicated and transient institutional ownership, and financial performance

Sustainability reporting, dedicated and transient institutional ownership, and financial performance

Previous studies on the association between sustainability reporting and the ownership of institutional investors yield inconsistent results. Thus, this thesis examines if the inconsistencies are due to (1) different types of institutional investors, where different preferences to firms‘ sustainab...

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Main Author: Hafizah, Abd Mutablib
Format: Thesis
Language:eng
eng
Published: 2015
Subjects:
HD2709-2930.7 Corporations
Online Access:https://etd.uum.edu.my/5372/1/s93401.pdf
https://etd.uum.edu.my/5372/2/s93401_abstract.pdf
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institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Muhammad Jamil, Che Zuriana
Wan Hussin, Wan Nordin
topic HD2709-2930.7 Corporations
spellingShingle HD2709-2930.7 Corporations
Hafizah, Abd Mutablib
Sustainability reporting, dedicated and transient institutional ownership, and financial performance
description Previous studies on the association between sustainability reporting and the ownership of institutional investors yield inconsistent results. Thus, this thesis examines if the inconsistencies are due to (1) different types of institutional investors, where different preferences to firms‘ sustainability engagement are expected to be observed from dedicated and transient institutional investors, and (2) the moderating effect of financial performance, where it is believed that the relationship between sustainability reporting and institutional ownership is only significant when a firm‘s financial performance is high. Using Malaysian setting, a total of 285 firms listed on Bursa Malaysia in the year 2010 and 2011 are selected for this study, which utilizes a one-year lagged data for sustainability reporting and contemporaneous data for institutional ownership. Sustainability reporting is measured by the extent and quality of corporate social disclosures in the annual reports, institutional ownership by the percentage of ordinary shares owned by institutional investors and the return of assets is the proxy for financial performance. The results reveal that sustainability reporting shows positive impact on ownership of dedicated institutions but no impact on the share ownership of transient institutions. Further analysis reveals that sustainability reporting exert positive impact on the ownerships of all three types of institutions defined as dedicated institutions, which are the government-managed pension funds, government-managed unit trust funds and government-managed pilgrimage funds, but no impact on the ownerships of all three types of institutions classified as transient, which are the banks, privatemanaged mutual funds and insurance companies. The results also reveal that dedicated institutions prefer to invest in firms with good sustainability engagement, but poor financial performance, thus they may gain benefit from shareholder activism. Meanwhile, transient institutions only prefer firms with good financial performance, regardless of their sustainability engagement.
format Thesis
qualification_name Ph.D.
qualification_level Doctorate
author Hafizah, Abd Mutablib
author_facet Hafizah, Abd Mutablib
author_sort Hafizah, Abd Mutablib
title Sustainability reporting, dedicated and transient institutional ownership, and financial performance
title_short Sustainability reporting, dedicated and transient institutional ownership, and financial performance
title_full Sustainability reporting, dedicated and transient institutional ownership, and financial performance
title_fullStr Sustainability reporting, dedicated and transient institutional ownership, and financial performance
title_full_unstemmed Sustainability reporting, dedicated and transient institutional ownership, and financial performance
title_sort sustainability reporting, dedicated and transient institutional ownership, and financial performance
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2015
url https://etd.uum.edu.my/5372/1/s93401.pdf
https://etd.uum.edu.my/5372/2/s93401_abstract.pdf
_version_ 1747827919712944128
spelling my-uum-etd.53722021-03-18T07:10:49Z Sustainability reporting, dedicated and transient institutional ownership, and financial performance 2015 Hafizah, Abd Mutablib Muhammad Jamil, Che Zuriana Wan Hussin, Wan Nordin Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HD2709-2930.7 Corporations Previous studies on the association between sustainability reporting and the ownership of institutional investors yield inconsistent results. Thus, this thesis examines if the inconsistencies are due to (1) different types of institutional investors, where different preferences to firms‘ sustainability engagement are expected to be observed from dedicated and transient institutional investors, and (2) the moderating effect of financial performance, where it is believed that the relationship between sustainability reporting and institutional ownership is only significant when a firm‘s financial performance is high. Using Malaysian setting, a total of 285 firms listed on Bursa Malaysia in the year 2010 and 2011 are selected for this study, which utilizes a one-year lagged data for sustainability reporting and contemporaneous data for institutional ownership. Sustainability reporting is measured by the extent and quality of corporate social disclosures in the annual reports, institutional ownership by the percentage of ordinary shares owned by institutional investors and the return of assets is the proxy for financial performance. The results reveal that sustainability reporting shows positive impact on ownership of dedicated institutions but no impact on the share ownership of transient institutions. Further analysis reveals that sustainability reporting exert positive impact on the ownerships of all three types of institutions defined as dedicated institutions, which are the government-managed pension funds, government-managed unit trust funds and government-managed pilgrimage funds, but no impact on the ownerships of all three types of institutions classified as transient, which are the banks, privatemanaged mutual funds and insurance companies. The results also reveal that dedicated institutions prefer to invest in firms with good sustainability engagement, but poor financial performance, thus they may gain benefit from shareholder activism. Meanwhile, transient institutions only prefer firms with good financial performance, regardless of their sustainability engagement. 2015 Thesis https://etd.uum.edu.my/5372/ https://etd.uum.edu.my/5372/1/s93401.pdf text eng public https://etd.uum.edu.my/5372/2/s93401_abstract.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abd-Mutalib, H., Muhammad Jamil, C. Z., & Wan-Hussin, W. N. (2013). Institutional Investors Types and Sustainability Reporting: A Study on Malaysian Listed Firms. Terengganu International Finance and Economics Journal, 3(2), 25-39 Abd-Mutalib, H., Muhammad Jamil, C. Z., & Wan Hussin, W. N. (2014). The Availability, Extent and Quality of Sustainability Reporting by Malaysian Listed Firms: Subsequent to Mandatory Disclosure. Asian Journal of Finance and Accounting, 6(2), 239-257. doi:10.5296/ajfa.v6i2.6108 Abdul Jalil, A., & Abdul Rahman, R. (2010). Institutional Investors and Earnings Management: Malaysian Evidence. 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