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| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | Pusat Pengajian Siswazah Perniagaan | - |
| dc.contributor.author | Khairunisah Ibrahim (P37043) | - |
| dc.date.accessioned | 2023-10-16T04:49:31Z | - |
| dc.date.available | 2023-10-16T04:49:31Z | - |
| dc.date.issued | 2015-01-23 | - |
| dc.identifier.other | ukmvital:80321 | - |
| dc.identifier.uri | https://ptsldigital.ukm.my/jspui/handle/123456789/513637 | - |
| dc.description | Kepentingan risiko sistematik kepada nilai firma telah mencetuskan penyelidik kewangan di seluruh dunia untuk meletakkan usaha dalam mengkaji hubungan antara risiko sistematik dan faktor-faktor firma. Bukti empirikal menyokong idea bahawa dasar-dasar operasi, pelaburan dan pembiayaan firma memberi kesan kepada risiko perniagaan dan kewangan dan akhirnya terhadap risiko sistematik. Walaupun risiko sistematik adalah disebabkan oleh faktor-faktor pasaran atau luaran yang tidak terkawal, keputusan pengurusan boleh mengubah tahap pendedahan kepada risiko sistematik. Walaupun banyak kajian yang dijalankan, persetujuan bersama berkaitan dengan faktor-faktor yang mempengaruhi risiko sistematik masih tidak tercapai. Kajian ini adalah didorong oleh isu ketidaksimpulan dalam literatur yang berkaitan dengan kesan faktor-faktor firma terhadap risiko sistematik, dengan tumpuan khusus diberikan kepada leverage dan dasar pembiayaan firma. Tambahan pula, kajian ini juga memperluaskan analisis dengan memeriksa kesan krisis Subprime 2008-2009 terhadap risiko sistematik firma-firma di Malaysia. Dengan menggunakan data panel dan model Fixed Effects (FEM), kajian ini menyelidik penentu risiko sistematik bagi 824 firma-firma bukan kewangan yang disenaraikan di Malaysia, bagi tempoh tiga belas tahun, dari tahun 2000 sehingga 2012. Bagi mendapatkan pemahaman yang menyeluruh mengenai risiko bersistematik, variasi antara industri dan kesan tahun juga dikaji dengan menggunakan FEM. Enam pembolehubah firma digunakan termasuk leverage, saiz firma, kecairan, keuntungan, kecekapan operasi dan pertumbuhan. Hasil kajian dari keseluruhan sampel mendedahkan bahawa leverage dan krisis kewangan adalah dua faktor penting yang mempengaruhi risiko sistematik firma-firma di Malaysia. Keputusan ini menyokong hipotesis dan sejajar dengan tumpuan khusus dan kepentingan kajian ini, iaitu leverage dan krisis kewangan. Faktor-faktor lain adalah didapati tidak penting. Walau bagaimanapun, keputusan daripada analisis antara industri menunjukkan pandangan yang berbeza dengan beberapa kesan ketara daripada faktor-faktor tertentu firma terhadap sesetengah industri. Dua faktor utama adalah saiz firma dan keuntungan. Walaupun leverage tidak menunjukkan kesan yang penting untuk kajian antara industri, krisis kewangan dilaporkan sebagai penting secara konsisten di dalam kedua-dua jenis analisis, kecuali bagi beberapa industri. Walau bagaimanapun, analisis kesan tahun menunjukkan bahawa kesan tahun 2008 adalah lebih kukuh bagi kebanyakan industri berbanding dengan tahun 2009. Penemuan daripada kajian ini menambah literatur berkaitan dengan risiko sistematik, terutama tentang perbezaan antara industri berhubung dengan faktor-faktor yang mempengaruhi tahap pendedahan firma kepada risiko sistematik. Kajian ini juga menyumbang kepada badan penyelidikan yang bertujuan untuk menyelidik sejauh mana krisis Subprime 2008-2009 ini telah memberi impak terhadap risiko sistematik firma-firma tersenarai di Malaysia dari pelbagai industri.,The importance of systematic risk to firm value has triggered financial researchers around the world to put considerable efforts in investigating the relationship between systematic risk and firm specific factors. Empirical evidence supports the idea that firm’s operating, investing and financing decisions and policies affect its business and financial risks and ultimately its systematic risk. Although systematic risk is caused by market or external factors, managerial decisions can alter the extent of exposure to the systematic risk. However, despite the plenteous studies carried out, a mutual consensus with regards to the factors influencing the systematic risk has not been reached. This study is motivated by the issue of inconclusiveness in the literature pertaining to the impact of firm specific variables towards the systematic risk, with a specific focus given on the financial leverage and firms’ financing policies. Furthermore, this study also expands the analysis by examining the impact of 2008-2009 Subprime crisis on the Malaysian firms’ systematic risk. By employing panel data and Fixed Effect Model (FEM), this study examines comprehensively the determinants of systematic risk of 824 non-financial listed firms in Malaysia, for the period of thirteen years, from 2000 until 2012. To gain an inclusive understanding on the systematic risk, inter-industry variations and year effects analysis are also investigated using the FEM. Six firm specific variables commonly cited are employed including financial leverage, firm size, liquidity, profitability, operating efficiency and growth. Findings for the full sample reveal that financial leverage and financial crisis are the two significant variables influencing the systematic risk of Malaysian firms. This result supports the hypothesis and is in line with the specific focus and interest of this study, i.e. financial leverage and financial crisis. Other controlling variables are not found to be significant. However, interestingly, results from the inter-industry analysis shows different views with some significant impact from other firm specific controlling variables for certain industries. Two dominating variables are firm size and profitability. Although financial leverage shows less impact on the inter-industry analysis, financial crisis is reported to be consistently important in both types of analysis, except for few industries. However, year effect analysis indicates that the impact of year 2008 is stronger for most of the industries as compared to year 2009. Findings from this study add to the literature on systematic risk, especially on the inter-industry differences in relation to the factors influencing the firms’ exposures to the systematic risk. This study also contributes to an emerging body of research that attempts to investigate the extent to which the 2008-2009 Subprime crisis has given impact to the level of systematic risk of Malaysian listed firms from the various industries.,PhD | - |
| dc.language.iso | eng | - |
| dc.publisher | UKM, Bangi | - |
| dc.relation | Graduate School of Business / Pusat Pengajian Siswazah Perniagaan | - |
| dc.rights | UKM | - |
| dc.subject | Financial in Malaysia | - |
| dc.subject | Financial risk management - Malaysia | - |
| dc.title | Systematic risk, financial leverage and the subprime crisis : Malaysia empirical evidence | - |
| dc.type | Theses | - |
| dc.format.pages | 133 | - |
| dc.identifier.callno | HG5750.6.A3K483 2015 tesis | - |
| dc.identifier.barcode | 001153 | - |
| Appears in Collections: | Graduate School of Business / Pusat Pengajian Siswazah Perniagaan | |
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| File | Description | Size | Format | |
|---|---|---|---|---|
| ukmvital_80321+SOURCE1+SOURCE1.0.PDF Restricted Access | 2.3 MB | Adobe PDF |  View/Open |
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