Hypothesis 7...................................................................................................... 62
5.6 Conclusion
Table 5.6 Summary of Previous Research and Current Research Panel Data Analysis Result
Independent Variables
Panel Data Analysis Previous Research (2013-
2018) (Malaysia)
Updated Research (2013- 2020) (Malaysia)
Updated Research (2013- 2020) (Singapore) BS Significant (ROA &
ROE)
Not Significant Not Significant
NOID Not Significant N/A N/A
%ID N/A Not Significant Not Significant
CEOD Not Significant N/A N/A
NOWD Not Significant Significant (ROA &
ROE)
Significant (ROA &
Tobin’s Q) NOFD Not Significant Not Significant Significant (Tobin’s Q) NOFQ Not Significant Not Significant Not Significant NOBM N/A Significant (Tobin’s Q) Significant (ROA &
ROE)
ACS Not Significant N/A N/A
NOFDAC N/A Not Significant Significant (ROA &
ROE)
The purpose of this study was to see how CG affects company performance in family-controlled firms on the Bursa Malaysia with a globalized boardroom.
Broadly, most of the factors were shown to be unrelated to the firm performance of family-controlled businesses. Due to majority of the independent variables were found to be non-significant regarding firm performance, which suggests that there would be additional aspects that might be studied to assess their effect on firm performance. From previous data, Malaysia Family-Controlled show that have
Family-Controlled Listed Companies in Malaysia and Singapore
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significant on BS. While updated data have significant on NOWD and NOBM.
From updated data, Malaysia Family-Controlled should improve on BS, %ID, NOFD, NOFQ, and NOFDAC to achieve CG best practices. From updated data, Singapore Family-Controlled should improve on BS, %ID, and NOFQ. Aside from that, this study highlighted various constraints that might have influenced the research outcomes. As a consequence, various suggestions were made with purpose for the future research articles to be able to deal with the restrictions of this study and so assist to strengthen the outcomes of the connected research range.
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APPENDIX.I
Appendix SPSS for Malaysia and Singapore Malaysia
Descriptive Statistics
N Mean Std. Deviation BOARDSIZE2013 27 9.4815 2.19037 WOMANDIRECTORS2013 27 1.0741 1.20658 FOREIGNDIRECTORS2013 27 .5185 1.15593 FOREIGNQUALIFICATIONS
2013
27 7.2222 2.29269
BOARDMEETING2013 27 5.6667 1.61722 FOREIGNDIRECTORINAUD
ITCOMMITTEE2013
27 .0741 .26688
BOARDSIZE2014 27 9.4074 1.98570 WOMANDIRECTOR2014 27 1.0370 1.05544 FOREUGNDIRECTOR2014 27 .5185 1.15593 FOREIGNQUALIFICATION2
014
27 7.1481 2.17863
BOARDMEETING2014 27 5.4815 1.67264 FOREIGNDIRECTORINAUD
ITCOMMITTEE2014
27 .1111 .32026
BOARDSIZE2015 27 9.1852 2.05758 PERCENTAGEINDEPENDE
NTDIRECTOR2015
27 .4337 .11596
WOMANDIRECTOR2015 27 1.1852 1.17791 FOREUGNDIRECTOR2015 27 .4815 1.01414 FOREIGNQUALIFICATION2
015
27 7.0741 2.01773
BOARDMEETING2015 27 5.4074 1.42125 FOREIGNDIRECTORINAUD
ITCOMMITTE2015
27 .1481 .36201
BOARDSIZE2016 27 9.1481 1.93557 PERCENTAGEINDEPENDE
NTDIRECTOR2016
27 .4393 .12225
WOMANDIRECTOR2016 27 1.3704 1.21365 FOREUGNDIRECTOR2016 27 .5185 1.05139 FOREIGNQUALIFICATION2
016
27 6.9630 1.91113
BOARDMEETING2016 27 5.2963 1.26536
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FOREIGNDIRECTORINAUD ITCOMMITTE2016
27 .1111 .32026
BOARDSIZE2017 27 9.3333 1.88108 WOMANDIRECTOR2017 27 1.6667 1.14354 FOREUGNDIRECTOR2017 27 .4444 .84732 FOREIGNQUALIFICATION2
017
27 7.1852 2.00071
BOARDMEETING2017 27 5.5926 1.50024 FOREIGNDIRECTORINAUD
ITCOMMITTE2017
27 .2222 .50637
BOARDSIZE2018 27 9.2963 2.33394 WOMANDIRECTOR2018 27 1.8889 1.28103 FOREUGNDIRECTOR2018 27 .5185 1.05139 FOREIGNQUALIFICATION2
018
27 7.0741 1.89992
BOARDMEETING2018 27 5.7037 1.38160 FOREIGNDIRECTORINAUD
ITCOMMITTE2018
27 .1481 .36201
BOARDSIZE2019 27 9.0741 2.26895 WOMANDIRECTOR2019 27 2.1481 1.29210 FOREUGNDIRECTOR2019 27 .5185 1.05139 FOREIGNQUALIFICATION2
019
27 7.0000 1.92154
BOARDMEETING2019 27 5.7407 1.63125 FOREIGNDIRECTORINAUD
ITCOMMITTE2019
27 .1111 .32026
BOARDSIZE2020 27 9.2593 2.33028 WOMANDIRECTOR2020 27 2.3333 1.30089 FOREUGNDIRECTOR2020 27 .5185 1.05139 FOREIGNQUALIFICATION2
020
27 7.0741 2.05550
BOARDMEETING2020 26 5.4615 1.50282 FOREIGNDIRECTORINAUD
ITCOMMITTE2020
27 .1111 .32026
Valid N (listwise) 26
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Page 76 of 97 Descriptive Statistics
N Mean Std. Deviation
ROA2013 27 5.6850 4.97390
ROE2013 27 12.0219 8.56446
TOBINQ2013 27 1.3764 .73282
PERCENTAGEINDEPENDE NTDIRECTORS2013
27 .4185 .11411
ROA2014 27 5.7247 4.62961
ROE2014 27 5.3253 5.17751
TOBINQ2014 27 5.0742 4.77593
PERCENTAGEINDEPENDE NTDIRECTOR2014
27 .4222 .11732
ROA2015 27 5.3253 5.17751
ROE2015 27 5.0742 4.77593
TOBINQ2015 27 4.9969 4.19137
ROA2016 27 5.0742 4.77593
ROE2016 27 4.9969 4.19137
TOBINQ2016 27 4.5915 5.01849
ROA2017 27 4.9969 4.19137
ROE2017 27 4.5915 5.01849
TOBINQ2017 27 3.4320 3.91486
PERCENTAGEINDEPENDE NTDIRECTOR2017
27 .4570 .13179
ROA2018 27 4.5915 5.01849
ROE2018 27 9.6102 9.17555
TOBINQ2018 27 1.4142 .89942
PERCENTAGEINDEPENDE NTDIRECTOR2018
27 .4648 .13726
ROA2019 27 3.4320 3.91486
ROE2019 27 7.3607 6.43887
TOBINQ2019 27 1.3515 .85848
PERCENTAGEINDEPENDE NTDIRECTOR2019
27 .4644 .12777
ROA2020 27 4.8721 8.57805
ROE2020 27 8.4547 13.96068
TOBINQ2020 27 1.6636 1.68203
PERCENTAGEINDEPENDE NTDIRECTOR2020
27 .4778 .13317
Valid N (listwise) 27
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Descriptive Statistics
N Mean Std. Deviation BOARDSIZE2013 13 9.4615 4.31307 WOMANDIRECTORS2013 13 .3846 .65044 FOREIGNDIRECTORS2013 13 4.4615 6.23986 FOREIGNQUALIFICATIONS
2013
13 7.7692 4.58537
BOARDMEETING2013 13 4.5385 .77625 FOREIGNDIRECTORINAUD
ITCOMMITTEE2013
13 .7692 1.30089
BOARDSIZE2014 13 10.0769 4.36771 WOMANDIRECTOR2014 13 .3846 .65044 FOREUGNDIRECTOR2014 13 4.5385 5.95281 FOREIGNQUALIFICATION2
014
13 8.1538 4.23962
BOARDMEETING2014 13 4.7692 .92681 FOREIGNDIRECTORINAUD
ITCOMMITTEE2014
13 .7692 1.30089
BOARDSIZE2015 13 10.3077 4.47930 WOMANDIRECTOR2015 13 .5385 .77625 FOREUGNDIRECTOR2015 13 4.5385 5.89654 FOREIGNQUALIFICATION2
015
13 8.2308 4.18636
BOARDMEETING2015 13 4.4615 .87706 FOREIGNDIRECTORINAUD
ITCOMMITTE2015
13 .7692 1.30089
BOARDSIZE2016 13 9.8462 4.01759 WOMANDIRECTOR2016 13 .5385 .77625 FOREUGNDIRECTOR2016 13 4.4615 5.69525 FOREIGNQUALIFICATION2
016
13 8.1538 4.20012
BOARDMEETING2016 13 4.6923 1.65250 FOREIGNDIRECTORINAUD
ITCOMMITTE2016
13 .6923 1.10940
BOARDSIZE2017 13 9.6923 4.15100 WOMANDIRECTOR2017 13 .6154 .96077 FOREUGNDIRECTOR2017 13 4.3846 5.51571 FOREIGNQUALIFICATION2
017
13 8.0769 4.27125
BOARDMEETING2017 13 4.6923 .94733
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FOREIGNDIRECTORINAUD ITCOMMITTE2017
13 .9231 1.11516
BOARDSIZE2018 13 9.7692 4.45634 WOMANDIRECTOR2018 13 .9231 1.25576 FOREUGNDIRECTOR2018 13 4.3846 5.75237 FOREIGNQUALIFICATION2
018
13 8.2308 4.26524
BOARDMEETING2018 13 4.9231 1.18754 FOREIGNDIRECTORINAUD
ITCOMMITTE2018
13 .9231 1.11516
BOARDSIZE2019 13 9.5385 3.82133 WOMANDIRECTOR2019 13 .9231 1.03775 FOREUGNDIRECTOR2019 13 4.0769 4.88981 FOREIGNQUALIFICATION2
019
13 7.9231 3.42689
BOARDMEETING2019 13 5.1538 1.57301 FOREIGNDIRECTORINAUD
ITCOMMITTE2019
13 1.0000 1.15470
BOARDSIZE2020 13 9.4615 3.82133 WOMANDIRECTOR2020 13 1.0000 1.08012 FOREUGNDIRECTOR2020 13 4.0769 4.88981 FOREIGNQUALIFICATION2
020
13 8.1538 3.55542
BOARDMEETING2020 13 5.4615 3.09880 FOREIGNDIRECTORINAUD
ITCOMMITTE2020
13 1.0000 1.08012
Valid N (listwise) 13
Descriptive Statistics
N Mean Std. Deviation
ROA2013 13 4.7108 4.01129
ROE2013 13 8.2921 6.67340
TOBINQ2013 13 1.0197 .43790
PERCENTAGEINDEPENDE NTDIRECTORS2013
13 .4615 .11239
ROA2014 13 5.4991 4.55421
ROE2014 13 9.9852 8.50966
TOBINQ2014 13 1.0607 .57962
PERCENTAGEINDEPENDE NTDIRECTOR2014
13 .4438 .12052