This study examines the performance of Real Estate Investment Trusts (REITs) or listed property trusts in Malaysia using three standard performance measurement methods (Sharpe Index, Treynor Index and Jensen Index) for 1995 to 2005. In addition, it investigates the degree of systematic risks of REITs and to determine whether REITs give higher returns than the market portfolio. The results indicate that the risk-adjusted performance of REITs vary over time. REITs in general outperformed the market portfolio during the 1997-1998 financial crisis but underperformed in the pre-crisis (1995)(1996)(1997) and post-crisis period (1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005). This study also found that the average systematic risks of REITs were slightly higher than the market portfolio during the pre-crisis and crisis period but were significantly lower in the post-crisis period.
This paper provides evidence on the role of board diversity in dealing with corporate expropriation of listed companies in Malaysia. Diverse boards become important tool in corporate governance by providing board heterogeneity and effective monitoring that would enhance boardroom discussion and promote quality governance in the firms in order to lessen the possibility of expropriation. This study makes use of women on board, foreign directors on board and board tenure to describe the diverse boards. Though there is a positive relationship between women on board and corporate expropriation, the result is insignificant. It is evident that there is a negative relationship between foreign directors and corporate expropriation. Meanwhile, board tenure shows an inverse relationship with corporate expropriation.
This paper presents evidence on the role of board governance in influencing financing policy of listed companies in Malaysia. As most of board's studies directed towards understanding the influence of its structure on firm’s performance, this study is intended to measure its relationship
with corporate financial policies in a country with a highly concentrated ownership structure; Malaysia. This study employs board size, board independent and board remuneration as board governance proxy while debt ratio is used to represent financing policy of a firm. It is found that board
remuneration is the only significant board governance variable in explaining financing policy of public listed companies in Malaysia.
Diversification strategy has been subjected to extensive research among strategic management and finance scholars. This study examines the effect of diversification strategy and performance in public listed automotive manufacturing firms in Asean countries using return on invested capital as a proxy of performance. The study uses panel data analysis for a sample of 28 Aseans' firms during the period 2007 to 2014 based on quarterly reporting data provided by Bloomberg database. The evidence produces interesting findings that related diversification has a significant effect on performance. In the meantime, several other variables show positive impact too. Therefore, automotive manufacturing firms should solely diversify around their core business to maintain their performance. Nevertheless, difference measures of performance should be adopted to check on consistency of the results.
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