Integrity failures within public sector institutions remain a major governance challenge, often resulting in corruption, bureaucratic inefficiencies, and weak accountability systems. Although many governments have introduced ethical frameworks and anti-corruption strategies, translating these initiatives into effective administrative practices remains challenging. In Malaysia, strengthening integrity within the public service has become a national priority. In 2024, the Director-General of Public Service introduced the HEMAT framework to reinforce ethical governance and integrity-driven public administration. However, limited empirical research has examined how such integrity frameworks are implemented and operationalized within public sector organizations. This study examines how HEMAT values are internalized and operationalized within the Malaysian federal public service and how these values contribute to strengthening regime accountability, personal responsibility, and prudential governance. Adopting a qualitative case study approach and purposive sampling, data were collected through semi-structured interviews with five senior officials from federal ministries and agencies. The data were analyzed using thematic analysis guided by Dobel's (1990) integrity framework. The findings indicate that HEMAT values have been institutionalized through leadership directives, organizational alignment, and procedural reforms that strengthen regime accountability. Personal responsibility is reinforced through recognition programs, training initiatives, and human resource interventions, while prudential governance is strengthened through monitoring systems, digitalization, enforcement practices, and performance management mechanisms. These findings demonstrate how integrity frameworks can be translated into practical governance and management practices within public sector organizations.
This paper aims to examine the moderating effect of the board gender diversity in explaining the relationship between the corporate governance mechanisms, innovation, and the extent of strategic management accounting disclosures in the Malaysian public listed companies' annual reports from the perspective of the research-based view theory. The content analysis technique was employed to collect data (dependent, independent, moderating, and control variables) from 180 public listed companies for the year 2021. The extent of strategic management accounting disclosure in annual reports of the Malaysian public listed companies revealed a 'marginally satisfactory' level at 46%. The hierarchical regression analysis revealed that board size, board independence, foreign ownership, and innovation significantly influenced the extent of strategic management accounting disclosure in Malaysia. The study found that board gender diversity moderated the relationship between board size and SMAD in 2021. The resource-based view theory has been successfully used in this study in conceptualizing the board size, board independence, foreign ownership, and innovation as companies' unique resources that are valuable, rare, inimitable, and non-substitutable. This study contributes to the improvement in strategic management accounting disclosure amongst the publicly listed companies in Malaysia for business sustainability. In response to MCCG 2021 calls for informative and valuable disclosures, disclosing strategic management accounting information helps to instil trust and confidence in the various stakeholders that companies can sustain its business despite the impact of any future crises.
The Shari'ah-based and Information and Communication Technology (ICT)-driven Microfinance Model (SIMM) represents a community-oriented initiative designed to combat severe poverty within society. A notable limitation of existing microfinance institutions (MFIs) is their inability to incorporate extremely impoverished individuals into their client base. This longitudinal study employed a quantitative methodology to assess the internal processes of SIMM through a pilot study involving 421 rural households in Kalainagar village, Bangladesh. The evaluation of SIMM's internal processes was grounded in five critical factors: microfinance model (MFM), ICT utilization, investment values (IV), entrepreneurial values (EV), and business values (BV). To explore the interrelationships among these factors, Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed. The findings revealed significant and positive relationships among the constructs. Additionally, a robustness test was conducted to further substantiate the internal processes of SIMM. As a community-based microfinance model, SIMM exhibits substantial potential for alleviating extreme poverty in rural communities.
This study offered an integrated bibliometric and thematic analysis to map the intellectual and practical landscape of risk disclosure research. Drawing from literature in Scopus and Web of Science, the study applied co-citation, keyword co-occurrence, and content analysis to explore trends, citation dynamics, emerging themes, author networks, and regional research distributions. Seven major thematic clusters were identified: (1) board characteristics and risk disclosure readability, (2) regulation, climate risk disclosure, and firm value, (3) cybersecurity risk and integrated reporting, (4) institutional investors and enterprise risk management (ERM), (5) financial instruments, compliance, and value relevance, (6) risk disclosure, firm performance, and cost of capital, and (7) ownership structure and corporate governance. To enrich the analysis, insights from two practitioners-an enterprise risk officer and a compliance manager from IDX-listed firms- were incorporated through semi-structured interviews. Their perspectives validated key bibliometric themes and added practical depth. The results highlighted evolving priorities in risk disclosure, shifting from regulatory compliance toward value-relevant, stakeholder-driven narratives. This study offers critical implications for researchers, practitioners, and regulators seeking to enhance transparency, accountability, and decision-making in corporate risk communication.
Environmental, social and governance (ESG) performance has become a key determinant of corporate sustainability and reputation. This study examined sector-specific ESG trends among Malaysian listed companies using Glassdoor ratings, offering a novel approach to understanding employee perceptions of ESG practices. The study employed a cross-sectional analysis of 93 Malaysian listed firms for the financial year 2023. ESG scores were obtained from the Refinitiv Eikon dataset, while employee perceptions were measured using Glassdoor ratings. Multiple regression analysis was conducted across nine industry sectors to evaluate the influence of firm size, total assets, and market capitalization on ESG performance. Findings revealed that the consumer services sector demonstrated a significant positive relationship between ESG performance and market capitalization, indicating that larger firms tend to have stronger ESG commitments. The result highlighted the role of sectoral differences in ESG adoption and emphasized the importance of employee perspectives in evaluating corporate sustainability efforts. Future research should explore longitudinal data and incorporate qualitative methods to gain deeper insights into the evolving impact of ESG initiatives on workplace culture and employee engagement.
This study explored how supply chain governance and corporate culture influenced SMEs' financing performance was mediated by digital supply chain capability (DSCC). Drawing on the Resource-Based Theory (RBV) and Organizational Culture Theory (OCT), a conceptual model was developed, with supply chain governance and corporate culture as independent variables, DSCC as a mediator, and financing performance as the dependent variable. Using the PLS-SEM model, empirical analysis of 430 Chinese SMEs confirmed that supply chain governance and corporate culture significantly enhanced DSCC, positively affecting financing performance. Furthermore, DSCC partially mediated these relationships, suggesting direct and indirect effects. These findings provide theoretical insights and practical guidance for SMEs to improve financing performance by strengthening supply chain governance and corporate culture in the digital era. This study contributes to the literature by addressing the role of DSCC in SME financing, offering new perspectives on digital transformation and financial management.
The lack of efficient policy on valuing heritage assets (HA) impedes reporting these valuable country resources in the public sector's financial statements. Delay in the valuation process of the artefacts collected through the archaeological work hinders historical information to be disseminated to the public. Without proper valuation procedures, public accountants face difficulties in justifying the high preservation cost of HA. The study aims to understand how archaeological sites and artefacts are valued, and to gather views from relevant agency officers on the expected accounting disclosures for these HA. A qualitative approach was used, with face-to-face interviews conducted with officials from the National Heritage Department, Archaeology Global Centre, and Museum Department to better understand how HA are valued in Malaysia. The study's findings offer guidance to the government on how to account for HA under accrual-based accounting. The study proposes disclosure indicators for HA to enhance transparency and accountability in public sector reporting. In line with the Sustainable Development Goals, these indicators aim to share valuable information about the country's heritage for the benefit of the public and future generations.
This study examines the quality of independent assurance statements in sustainability reports and their implications for corporate governance and accountability in Singapore-listed firms. Drawing on neo-institutional theory, it investigates how assurance providers, applied standards, and reporting practices influence the credibility and decision usefulness of sustainability disclosures. Using deductive content analysis, 52 assurance statements from 26 mainboard-listed companies between 2021 and 2022 were evaluated against 23 quality criteria adapted from established assurance frameworks. Findings reveal that most statements provide only limited or moderate assurance, with the ISAE3000 standard predominantly applied, often in conjunction with minimal methodological detail. Big Four audit firms dominate the market, but evidence of normative isomorphism suggests standardized, repetitive content that may limit stakeholder insight. Limited disclosure of scope, procedures, and professional competencies raises concerns about the depth of verification and alignment with governance objectives. The study offers practical recommendations for assurance providers, regulators, and boards to enhance assurance quality as a governance control mechanism.
This study examines the effects of various audit committee characteristics, including meeting frequency, size, gender diversity, school ties, and independence, on audit fees in Malaysia. Utilizing a sample of the top 100 companies listed on Bursa Malaysia from financial periods 2019 to 2023, the study employs multiple regression and correlation analyses, using the Statistical Package for the Social Sciences (SPSS) to interpret the data. The results reveal a significant negative relationship between audit committee school ties and audit fees, suggesting that personal affiliations within the audit committee may lower the perceived governance risk, potentially leading to cost reductions. Additionally, a positive and significant relationship is found between the frequency of audit committee meetings, size, and gender diversity, with audit fees. This suggests that audit committee that are more engaged, diverse, and structurally robust may enhance its oversight functions, leading to an increased scope and intensity of audit work, which in turn results in higher audit fees. Conversely, the study finds an insignificant negative relationship between audit committee independence and audit fees. This research findings supports the signalling theory and provides valuable insights for practitioners and policymakers on the trade-offs between strengthening audit committee oversight functions and managing their associated financial implications via elevated audit costs. Regulators may also consider reviewing existing governance guidelines to ensure that they encourage audit committee attributes that are most effective in promoting transparency and accountability.
Financial fraud remains a substantial threat in publicly listed firms in Malaysia, presenting dangers to investors, stakeholders, and the overall economy. This study examined the correlation between financial factors and the incidence of financial fraud in these companies. This study specifically investigated the influence of management performance ability (MPAB) and financial structure ability (FSAB) on the degrees of financial fraud (FFL). The study used a quantitative methodology to examine data from financial statements, corporate governance reports, and documented fraud cases in publicly listed corporations in Malaysia. The study utilised among organisations, resulting in more precise estimations of the effects of independent variables on financial fraud. The results demonstrated strong inverse correlations between both MPAB and FSAB and FFL, highlighting the crucial need of strong financial frameworks and efficient management in reducing fraudulent actions. This study emphasised the necessity for ongoing enhancements in financial structures and management methodologies to establish a corporate climate that is more open and responsible. These findings are essential for policymakers, corporate governance practitioners, and risk management professionals who want to improve the honesty and stability of financial markets, eventually promoting sustainable economic growth and strengthening investor confidence.
Tax non-compliance remains a persistent challenge for tax authorities to promote voluntary tax compliance, particularly among Small and Mediumsized Enterprises (SMEs) in developing economies. Key concerns include limited tax knowledge, weak trust in the Inland Revenue Board of Malaysia (IRBM), perceptions of the tax system, and the effectiveness of tax penalties. This study aimed to examine the determinants of voluntary tax compliance among Malaysian SMEs operating under the Self-Assessment System (SAS). Drawing on the Theory of Planned Behaviour, this research examined the influence of tax knowledge, trust in tax authorities, perceived fairness of the tax system, and perceived severity of tax penalties on compliance behaviour. Data were collected through a structured questionnaire distributed to SME owners and managers across the Klang Valley region, yielding 220 responses. The data were analysed using correlation and multiple regression analyses to test the hypothesised relationships. The results revealed that all four factors were statistically significant and positively influenced voluntary tax compliance. Tax knowledge, trust in the IRBM, perceptions of the tax system, and implementing effective penalties were key to enhancing compliance. The study contributes to the growing body of tax compliance literature by offering empirical evidence from the Malaysian SME context and provides practical insights for policymakers seeking to strengthen tax compliance.
The presence of higher penny stock returns in the Malaysian stock market in recent years may have attracted the attention of investors. On the other hand, it indicates a liquidity risk premium, implying a higher risk associated with the stocks. Employing yearly panel data of 434 penny firms and 319 non-penny firms from 1st January 2019 to 31st December 2023, this study aimed to explain penny stock returns versus non-penny stock returns in the Malaysian stock market from a liquidity perspective. The dependent variables were penny and non-penny stock returns in the Malaysian stock market meanwhile, the main independent variable was liquidity. The other independent variables consisted of the factors in the five-factor model; risk, firm size, book-to-market, and momentum. Further, this study employed three static panel data, namely Pooled Ordinary Least Squares, Random Effects Model and Fixed Effects Model. The finding showed that liquidity, book-to-market, and momentum influenced penny stock returns significantly. Simultaneously, liquidity, firm size, and momentum influenced non-penny stock returns in the Malaysian stock market.
This study aimed to examine the intention to adopt online Zakat payment services in a developing country, specifically focusing on the impact of Technology Readiness attributes, namely optimism and innovativeness as well as individual's perceived risk and perceived transparency. Data for the study were collected through an online survey completed by 288 zakat payers in Malaysia. The analysis, conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM), revealed that both Technology Readiness's attributes; optimism and innovativeness as well as perceived transparency had a positive and significant influence on the intention to use online zakat payment services. Conversely, perceived risk had a significant negative impact on adoption intention, emphasizing the need to address risk-related concerns to encourage wider usage. Given the limited research on online zakat service adoption, this study makes a valuable contribution to understanding the factors that influence the adoption of online zakat payments. Additionally, the findings provide insights that can guide strategies to enhance the adoption of online zakat services in similar developing country contexts.
The objective of this study was to investigate the operation of Ata Plus, the primary equity-based Islamic crowdfunding platform in Malaysia. The data was collected through document analysis and by conducting interviews with top-level executives at Ata Plus. This study revealed that Ata Plus was founded to address the financial concerns of the increasing number of Small to Medium Enterprises (SMEs) in Malaysia. The funding implementation for the enterprises was based on the use of the Mudharabah contract. The crowdfunding operation of Ata Plus was regulated by the Securities Commission Malaysia (SCM), which established criteria for various categories of investors, businesses, and the platform. Ata Plus performed athorough assessment of the company's creditworthiness through a comprehensive background analysis. Additionally, it implemented steps to ensure transparency in the project's operations. It is learned that although Ata Plus's core business was in line with the Shariah it needs to improve its Shariah governance system through appointing qualified Shariah scholars to conduct Shariah supervisory functions. This research contributes fresh insights by demonstrating the practical implementation of Islamic equity-based crowdfunding, which was previously only discussed in the theoretical literature.
The exponential increase in technological capabilities has enabled financial researchers to incorporate massive textual data for economic analysis. The study expanded this avenue by aiming to identify the underlying dynamics of reporting by Chinese firms. The model linked behavioural and rationalist variables with organizational performance through the tone of the financial statements. The study utilized panel data from 13 years of the Chinese Research Data Services (CNRDS) platform. The final dataset comprised data from 5184 different firms. The generalized method of moments (GMM) method was applied to test for inferential propositions using EViews. The findings indicated a significant influence of agency costs, CEO overconfidence, and statement tone on organizational performance. An increase in agency costs and CEO overconfidence was negatively associated with organizational performance, whereas an increase in positive tone was positively associated with improved organizational performance. Furthermore, the tone of financial statements was found to mediate this relationship. The study is a pioneer in expanding the paradigm of textual analysis by incorporating the tone of financial statements. Practically, the study provides significant insights to all the stakeholders, considering traditional and behavioral factors.
Rapid advances in automation and artificial intelligence (AI) have transformed accounting operations, raising the need for new metrics to evaluate productivity improvements in managerial accounting. Traditional measures often emphasized output quantity while overlooking quality and human factors. This paper introduces the Units of Productive Intelligence (UPI) framework, a comprehensive productivity metric that integrates quantitative efficiency with qualitative performance indicators. Building on the Tasks-to-Time Ratio (TTR) as a core measure of efficiency, UPI also incorporates error rate reduction, output quality improvement, and employee satisfaction enhancement to yield a holistic productivity index. The framework's utility was demonstrated through three case studies in accounting contexts (internal audit, financial reporting, and cost accounting), each involving an AI-driven or process innovation intervention. Results showed significant increases in TTR alongside improved quality scores and staff satisfaction, reflected in positive UPI values. The study contributes to managerial accounting literature by providing a practical tool for assessing productivity in the AI era, and it underscores the importance of including quality and human-centric outcomes in performance measurement.
This study examined the influence of digitalization on internal audit efficacy in the Malaysian public sector. Specifically, the study focused on four main factors; technological infrastructure, organisational structure, organisational strategy, and auditors' skills and knowledge. Grounded in the Socio-technical Theory, this research highlighted the interaction between technical and social sub-systems in shaping the effectiveness of internal audit functions. Data were collected using a structured questionnaire distributed to internal auditors across Malaysian ministries, with a total of 132 usable responses obtained. Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed to test the proposed relationships. The findings indicated that technological infrastructure and organisational strategy had a significant positive influence on internal audit efficacy. However, organisational structure and auditors' skills and knowledge showed non-significant relationships with internal audit efficacy in the current public sector context. These results suggested that while digital tools and strategic alignment were important in enhancing audit performance, existing structural arrangements and skill development initiatives may not yet fully support digital transformation efforts. This study provided empirical evidence from the Malaysian public sector and contributes to the limited literature on digitalization and internal audit efficacy. The findings offered useful insights for policymakers and public sector managers in strengthening internal audit functions through appropriate digital investments and strategic planning.
The negative effects of global warming and stakeholders' demand on the effects of business activities on the environment have resulted in the publication of sustainability reports. With sustainability reports from the palm oil industry and based on the Stakeholder Theory, this article examined the extent of disclosure on the environmental impact of this industry and the discourse to present the strategies taken to address the environmental impact of the business activities. The critical genre analysis conducted on the texts reveals the generic structure of the reports and the sustainable strategies. Starting with a promotional strategy by adding slogans to the titles and subheadings, the companies reinforce their strategies to address the negative environmental impact with facts and figures enhanced with effective visuals. These strategies are believed to convince the stakeholders that the companies have taken initiatives to mitigate the negative impacts of their businesses on the environment.
Addressing the corporate water sustainability is crucial for both firms and stakeholders. Over the past decade, various analysis on Malaysian firms in agricultural and healthcare sectors have been conducted, focusing on their varying degrees of water sustainability, although studies on water disclosure are limited. This study explored corporate water sustainability by investigating the determinants of corporate water disclosure among publicly listed firms in Malaysia's agricultural and healthcare sectors. Utilizing a quantitative research approach and regression analysis, the results indicated that ISO 14001-certified firms exhibited significantly higher levels of water disclosure. Firms that were Shariah compliant also disclosed more water-related information than non-compliant firms, reinforcing the view that Shariah status supported ethical conduct and sustainability disclosure practices. The empirical evidence demonstrating that externally imposed expectations - whether through environmental management standards or ethical governance requirements can influence corporate disclosure behaviour, which consistent with the Stakeholder Theory. The analysis further revealed that agricultural firms disclosed more water information than those in the healthcare sector, reflecting the higher water sensitivity and stakeholder scrutiny in the agriculture sector.
This was a systematic review study on Digital Financial Innovation (DFI) adoption in autonomous universities through an integrative framework combining Institutional Theory, Organizational Readiness and UTAUT. The study analyzed institutional pressures, readiness conditions and user acceptance factors through a PRISMA-guided review of 20 Scopus Q1 empirical studies (2022-2025). Methods involved structured data collection and pattern discovery within three phases. Under this study, IT Governance maturity and financial resilience for transformation were assessed. Results showed digital systems use for budgeting and decision support surpassed factors like trust and perceived legitimacy. Furthermore, through documentary analysis of Indonesia's autonomous university governance system policies, findings suggest weaknesses in accountability, fragmented controls and manual systems will likely diminished trust. The study suggests an alignment between governance, readiness and trust are strengthening management accounting improvement, whereas inconsistencies hinder adoption. By combining SLR and regulatory evidence, this study advances theoretical and policy implications for autonomous university to avoid symbolic compliance and achieve digital finance transformation. In Practical this study provides insights for leaders and policymakers.
