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Liquidity Implications of Corporate Social Responsibility Disclosures: Malaysian Evidence

ABSTRACT The study examines the association between the different types of blockholdings, the levels of corporate social responsibility (CSR) disclosure, and liquidity of shares traded in Malaysian public listed companies (PLCs) on Bursa Malaysia. The sample consists of 194 most actively traded PLCs... Full description

Journal Title: Journal of international accounting research 2016, Vol.15 (1), p.133-153
Main Author: Subramaniam, Ravichandran K
Other Authors: Samuel, Shyamala Dhoraisingham , Mahenthiran, Sakthi
Format: Electronic Article Electronic Article
Language: English
Subjects:
Quelle: Alma/SFX Local Collection
Publisher: Sarasota: American Accounting Association
ID: ISSN: 1542-6297
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recordid: cdi_proquest_journals_1785759738
title: Liquidity Implications of Corporate Social Responsibility Disclosures: Malaysian Evidence
format: Article
creator:
  • Subramaniam, Ravichandran K
  • Samuel, Shyamala Dhoraisingham
  • Mahenthiran, Sakthi
subjects:
  • Capital market
  • Capital markets
  • Corporate social responsibility
  • Disclosure
  • Economic aspects
  • Forecasts and trends
  • Liquidity
  • Liquidity (Finance)
  • Securities trading
  • Social investing
  • Social responsibility
  • Stockholders
  • Studies
ispartof: Journal of international accounting research, 2016, Vol.15 (1), p.133-153
description: ABSTRACT The study examines the association between the different types of blockholdings, the levels of corporate social responsibility (CSR) disclosure, and liquidity of shares traded in Malaysian public listed companies (PLCs) on Bursa Malaysia. The sample consists of 194 most actively traded PLCs for the year 2009. A CSR index was constructed using the criteria used by a leading newspaper that provides an annual CSR award. We suggest that such CSR awards help legitimize the business activities of PLCs in the eyes of a government promoting sustainable business practices. The study finds that while insider blockholdings increases the trading friction and reduces liquidity, the nongovernmental institutional blockholdings improve the liquidity of shares traded on Bursa Malaysia. Moreover, the government institutional blockholdings interacts with the CSR disclosure levels to affect the liquidity of the shares traded. These findings make important contributions to emerging capital markets where government regulations incentivize CSR disclosures and the involvement of institutional investors in the governance of PLCs are the norm. Data Availability: The authors are willing to share the data for use by others in extending or replicating results reported in their articles (send request to Ms. Dhoraisingham at: shymala.dhoraisingam@monash.edu).
language: eng
source: Alma/SFX Local Collection
identifier: ISSN: 1542-6297
fulltext: fulltext
issn:
  • 1542-6297
  • 1558-8025
url: Link


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titleLiquidity Implications of Corporate Social Responsibility Disclosures: Malaysian Evidence
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descriptionABSTRACT The study examines the association between the different types of blockholdings, the levels of corporate social responsibility (CSR) disclosure, and liquidity of shares traded in Malaysian public listed companies (PLCs) on Bursa Malaysia. The sample consists of 194 most actively traded PLCs for the year 2009. A CSR index was constructed using the criteria used by a leading newspaper that provides an annual CSR award. We suggest that such CSR awards help legitimize the business activities of PLCs in the eyes of a government promoting sustainable business practices. The study finds that while insider blockholdings increases the trading friction and reduces liquidity, the nongovernmental institutional blockholdings improve the liquidity of shares traded on Bursa Malaysia. Moreover, the government institutional blockholdings interacts with the CSR disclosure levels to affect the liquidity of the shares traded. These findings make important contributions to emerging capital markets where government regulations incentivize CSR disclosures and the involvement of institutional investors in the governance of PLCs are the norm. Data Availability: The authors are willing to share the data for use by others in extending or replicating results reported in their articles (send request to Ms. Dhoraisingham at: shymala.dhoraisingam@monash.edu).
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subjectCapital market ; Capital markets ; Corporate social responsibility ; Disclosure ; Economic aspects ; Forecasts and trends ; Liquidity ; Liquidity (Finance) ; Securities trading ; Social investing ; Social responsibility ; Stockholders ; Studies
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abstractABSTRACT The study examines the association between the different types of blockholdings, the levels of corporate social responsibility (CSR) disclosure, and liquidity of shares traded in Malaysian public listed companies (PLCs) on Bursa Malaysia. The sample consists of 194 most actively traded PLCs for the year 2009. A CSR index was constructed using the criteria used by a leading newspaper that provides an annual CSR award. We suggest that such CSR awards help legitimize the business activities of PLCs in the eyes of a government promoting sustainable business practices. The study finds that while insider blockholdings increases the trading friction and reduces liquidity, the nongovernmental institutional blockholdings improve the liquidity of shares traded on Bursa Malaysia. Moreover, the government institutional blockholdings interacts with the CSR disclosure levels to affect the liquidity of the shares traded. These findings make important contributions to emerging capital markets where government regulations incentivize CSR disclosures and the involvement of institutional investors in the governance of PLCs are the norm. Data Availability: The authors are willing to share the data for use by others in extending or replicating results reported in their articles (send request to Ms. Dhoraisingham at: shymala.dhoraisingam@monash.edu).
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