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Ng.Sin Dba.Pdf Northumbria Research Link Citation: Ng, Sin Huei (2012) The influence of ownership, control, governance and diversification on the performance of family-controlled firms in Malaysia. Doctoral thesis, Northumbria University. This version was downloaded from Northumbria Research Link: http://nrl.northumbria.ac.uk/id/eprint/11058/ Northumbria University has developed Northumbria Research Link (NRL) to enable users to access the University’s research output. Copyright © and moral rights for items on NRL are retained by the individual author(s) and/or other copyright owners. Single copies of full items can be reproduced, displayed or performed, and given to third parties in any format or medium for personal research or study, educational, or not-for-profit purposes without prior permission or charge, provided the authors, title and full bibliographic details are given, as well as a hyperlink and/or URL to the original metadata page. The content must not be changed in any way. Full items must not be sold commercially in any format or medium without formal permission of the copyright holder. The full policy is available online: http://nrl.northumbria.ac.uk/policies.html THE INFLUENCE OF OWNERSHIP, CONTROL, GOVERNANCE AND DIVERSIFICATION ON THE PERFORMANCE OF FAMILY- CONTROLLED FIRMS IN MALAYSIA NG SIN HUEI UNIVERSITY OF NORTHUMBRIA AT NEWCASTLE 2012 The Influence of Ownership, Control, Governance and Diversification on the Performance of Family-controlled Firms in Malaysia By Ng Sin Huei A thesis submitted in partial fulfilment of the requirements of the University of Northumbria at Newcastle for the degree of Doctor of Business Administration Research undertaken in Newcastle Business School February 2012 Abstract This study explores how a concentrated ownership structure and the underlying firm strategies/activities or practices influence the performance of family-controlled publicly- listed firms in Malaysia. Specifically, it aims to enhance our understanding of how differing types of significant owners, control-enhancing means, business groups and firm diversification affect firm performance within a national corporate governance system characterized by pervasive political involvement in business. It also aims to enhance our understanding of the role of board independence in moderating the above effects. The distinctiveness of this study arises from its approach of considering ownership structure and the underlying firm strategies/activities or practices in an integrated manner with particular emphasis on their inter-relationships. Multivariate with moderated regression analyses were utilized as primary tools of analysis. Based on a sample of 314 firms, major findings include (i) the proportion of family equity ownership positively influences corporate performance, (ii) group-affiliated firms generally underperform non-group affiliated firms, (iii) the heterogeneity of business groups results in considerable differences in performance. Specifically, size of business group has a negative moderating effect on the firm diversification-performance relationship, (iv) profit redistribution occurs in firms that have a high level of family ownership and that are affiliated to large business groups, (v) board independence in general lacks effectiveness in moderating the influence of firm strategies or activities on firm performance. In terms of practical/managerial implications, the study demonstrates (i) the importance of conceptualising corporate governance in a broader sense, particularly in emerging economies such as Malaysia, (ii) how policymakers and regulators may identify and better monitor firms that are more likely to expropriate investors and/or exhibit governance problems, and (iii) a potentially fruitful approach to be adopted by investment professionals in selecting firms with better overall governance structures and performance that enhance their investment returns, particularly in the long term. i Contents Abstract......................................................................................................................... i List of Figures............................................................................................................... viii List of Tables................................................................................................................ ix Acknowledgements....................................................................................................... xi Declaration.................................................................................................................... xii Chapter 1 – Introduction……………………………………………………………. 1 1.1 Chapter Outline............................................................................................................... 4 1.2 Background of Study....................................................................................................... 5 1.3 Research Problem and Issues.......................................................................................... 8 1.3.1 Concentrated Ownership Structure.................................................................... 8 1.3.2 Governance Concerned Firm Activities/Practices underlying Concentrated Ownership.......................................................................................................... 11 1.3.2.1 Control-Enhancing Practices.............................................................. 11 1.3.2.2 Business Group Affiliation and Activities......................................... 14 1.3.2.3 Firm Diversification Strategy............................................................. 15 1.3.3 Why Examine Firm Performance?..................................................................... 16 1.4 Research Questions......................................................................................................... 17 1.5 Objectives of Study......................................................................................................... 19 1.6 The Research Framework............................................................................................... 22 1.7 Scope and Significance of Study.................................................................................... 25 1.7.1 Why Publicly-listed, Family-controlled Firms?................................................. 27 1.7.2 Why Malaysia?................................................................................................... 29 1.8 Structure of the Thesis.................................................................................................... 31 1.9 Chapter Summary............................................................................................................ 32 Chapter 2 – Literature Review……………………………………………………... 35 2.1 Chapter Outline............................................................................................................... 35 2.2 The Malaysian Governance and Institutional Environment: Political Involvement in Business and Relationship-based Corporate Culture...................................................... 35 2.2.1 The Pre-New Economic Policy (Pre-NEP) Period............................................. 37 ii 2.2.2 The New Economic Policy (NEP) Period.......................................................... 39 2.2.2.1 The Mahathir Era............................................................................... 40 2.2.3 Political Interference and Weak Enforcement of Rules and Regulations.......... 41 2.2.4 Cronyism, Rent-Seeking and Governance......................................................... 43 2.3 Theoretical Basis for the Study....................................................................................... 46 2.4 Ownership Structure........................................................................................................ 49 2.4.1 Ownership Structure in East Asia and Malaysia................................................ 52 2.5 Issue of Board Independence.......................................................................................... 55 2.6 Family-controlled Business Groups................................................................................ 59 2.6.1 Family-controlled Business Groups in Malaysia............................................... 62 2.6.1.1 Pyramidal (and Cross-Holding) Structures........................................ 63 2.7 Chapter Summary............................................................................................................ 67 Chapter 3 – Literature Review with Corresponding Hypotheses………………... 69 3.1 Chapter Outline............................................................................................................... 69 3.2 Ownership Structure and Firm Performance in Family-controlled Firms...................... 70 3.2.1 Various Types of Other Block-holders in Family-controlled Firms.................. 76 3.2.2 Domestic Institutional Investors as Block-holders in Family-controlled Firms.................................................................................................................. 77 3.2.3 Foreign Investors as Block-holders in Family-controlled Firms........................ 80 3.2.4 The State as Block-holders in Family-controlled Firms.................................... 83 3.2.5 Other Unrelated Family (Auxiliary Family) as Block-holders in Family- controlled Firms................................................................................................. 84 3.3 Family-controlled Business
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