文章基本信息

标题：Managerial Opportunism: Monitoring Financial Risk of Malaysian Shariah-compliant Companies
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作者：Aziatul Waznah Ghazali ; Mohd Taufik Mohd Suffian ; Zuraidah Mohd Sanusi 等
期刊名称：Global Journal Al-Thaqafah
印刷版ISSN：2232-0474
电子版ISSN：2232-0482
出版年度：2018
期号：Special
页码：99
出版社：Kolej Universiti Islam Sultan Azlan Shah
摘要：Managerial opportunism, such as earningsmanagement, is a rampant, but often discreet,among certain managers. Agency theory andthe notion of conflict of interest are used asbases to assume that managers would resolveto engage with inappropriate activities for theirpersonal benefits. Distortion of earnings woulderode investor confidence and is detrimental tothe capital market. The Islamic capital marketwith Shariah-compliant firms is expected not toengage in activities that go against the religioncode of conduct. The main purpose of this studyis to investigate managerial opportunism amongShariah-compliant companies, specifically therelationship between real earnings managementand the risk of financial distress, leverage, andfree cash flow. This study employs 4,115 datafrom 694 sample companies for five years(2009–2013). Findings conclude that the riskof financial distress, leverage, and free cash flowhave a significant relationship with earningsmanagement among Shariah-compliantcompanies. This study provides evidence thatfurther improvements on corporate governanceare necessary to ensure that Shariah-compliantcompanies adhere with the Shariah requirement.
关键词：Managerial Opportunism; Real;Earnings Management; Shariah-compliant;Companies; Free Cash Flow; Financial Distress