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Culture, corporate governance and analysts forecast in Malaysia

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Open access
Authors
Abdul Wahab, Effiezal Aswadi
Pitchay, A.
Ali, R.
Date
2015
Type
Journal Article

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Abdul Wahab, E.A. and Pitchay, A. and Ali, R. 2015. Culture, corporate governance and analysts forecast in Malaysia. Asian Review of Accounting. 23: pp. 232-255.
Source Title
Asian Review of Accounting
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School
School of Accounting
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This article is © Emerald Group Publishing and permission has been granted for this version to appear here - http://espace.library.curtin.edu.au/R. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.

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Abstract

Purpose – The purpose of this paper is to examine the relationship between Bumiputra (in reference to Malay indigenous race) directors, a proxy for culture and analysts forecast. In addition, the study investigates whether corporate governance affects that relationship. Design/methodology/approach – The sample of this study is based on 664 firm-year observations from 193 firms during the 1999-2009 periods. The authors employ a panel least square regression with both period and industry fixed effects. The authors retrieved of analyst data from the Institutional. Broker Estimate System (I/B/E/S) database while the authors hand collected the corporate governance variables. The remaining data were collected from Compustat Global. Findings – The authors find a positive relationship between the proxy of culture, Bumiputra directors and analysts forecast error suggesting that cultural values influences the level of information in the Malaysian capital market.