Deficiencies in the quality of risk reporting impede investors’ ability to make well-informed investment decisions. In the wake of unexpected corporate collapses, calls for a greater amount of voluntary risk disclosures by the regulators are entirely legitimate, in the expectation that improved risk reporting published in the annual report enables investors to assess a firm’s risk profile and its firm value more accurately. This study investigates the relationship between the voluntary corporate risk disclosures (VCRD), board leadership effectiveness, audit committee financial expertise, and firm performance of 290 companies listed on the Kuala Lumpur Stock Exchange (KLSE). To collect and measure the quality of risk disclosures, we performed a manual content analysis method. We employ the partial least square structural equation modeling (PLS-SEM) technique, and the empirical results show that the relationship between VCRD and firm performance is positive and significant. We found a significant and positive relationship between board size and the level of firm performance, as measured by both accounting (ROA) and market-based performance (Tobin’s Q) measures. However, CEO duality is found to be non-significant in its association with firm performance. SEM results further demonstrate that audit committee financial expertise has a positive and significant moderating influence on the VCRD-ROA nexus. Overall, the findings of this study demonstrated that the exogenous latent constructs collectively accounted for 30.8% and 69.3% of the variance in ROA and Tobin’s Q, respectively. Research contributions, policy implications, and future directions are also discussed in this paper. To the best of the authors’ knowledge, no study has yet to examine the interplay between the extent of VCRD, governance mechanisms, and firm performance in Malaysia, following the implementation of the Malaysian Code of Corporate Governance (MCCG) 2017.
Keywords: Risk disclosure, Board Leadership Effectiveness, Firm performance, Malaysian Code of Corporate Governance, Structural Equation ModelingAbbasi, M., & Ahmadi, M. (2012). Studying the effects of the duality of duties of chief executive officers on the value of firms listed on Tehran Stock Exchange. Journal of Trend of Economic Research, Winter, 19(60), 113-–149. https://www.sid.ir/en/journal/ViewPaper.aspx?id =286527
Abbott, L. J., Parker, S., & Peter, G. F. (2004). Audit committee characteristics and restatements. Auditing: A Journal of Practice and Theory, 23(1), 69-–87. https://doi.org/10.2308/aud.2004.23.1.69
Abdullah, S. (2004). Board composition, CEO duality and firm performance among Malaysian listed companies. Corporate Governance, 4(4), 47-–61. https://doi.org/10.1108/14720700410558871
Abraham, S., & Cox, P. (2007). Analyzing the determinants of narrative risk information in UK FTSE 100 annual reports. The British Accounting Review, 39(3), 227-–248. https://doi.org/10.1016/j.bar.2007.06.002
Abraham, S., & Shrives, P. J. (2014). Improving the relevance of risk factor disclosure in corporate annual reports. The British Accounting Review, 46(1), 91-–107. https://doi.org/10.1016/j.bar.2013.10.002
Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-–309. https://doi.org/10.1016/j.jfineco.2008.10.007
Agaei, M. A., Etemadi, H., Azar, A., & Chalaki, P. (2010). Studding the relationship between corporate governance attributes and the information content of accounting earnings: The role of earnings. Iranian Journal of Management Sciences, 4(16), 27-–53. https://www.sid.ir/en/journal/ViewPaper.aspx?id=189189
Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial & Quantitative Analysis, 3(x), 377-–397. https://doi.org/10.2307/2331397
Akhtaruddin, M., Hossain, M. A., Hossain, M., & Yao, L. (2009). Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms. Journal of Applied Management Accounting Research, 7(1), 1-–19.
Aljifri, K., Alzarouni, A., Ng, C., & Tahir, M. I. (2014). The Association Between Firm Characteristics and Corporate Financial Disclosures: Evidence from UAE Companies. The International Journal of Business and Finance Research, 8(2), 101-–123. https://ssrn.com/abstract=2322965
Al-Shammari, B., Brown, P., & Tarca, A. (2008). An investigation of compliance with International Accounting Standards by listed companies in the Gulf Cooperation Council member states. The International Journal of Accounting, 43(4), 425-–447. https://doi.org/10.1016/j.intacc.2008.09.003
Elzahar, H., & Hussainey, K. (2012). Determinants of narrative risk disclosures in UK interim reports. Journal of Risk Finance, 13(2), 133-147. https://doi.org/10.1108/15265941211203189
Anderson, R. C., & Reeb, D. M. (2003). Founding family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(X), 1301-–1328. https://doi.org/10.1111/1540-6261.00567
Bagozzi. R. P., & Yi, Y. (1988). On the evaluation of structural equation models. Journal of the Academy of Marketing Science, 16(1), 74-–97. https://doi.org/10.1007/BF02723327
Bamber, M., & McMeeking, K. (2015). An examination of international accounting standard-setting due process and the implications for legitimacy. The British Accounting Review, 48(1), 59-–73. https://doi.org/10.1016/j.bar.2015.03.003
Beattie, V., & Thomson, S. J. (2007). Lifting the lid on the use of content analysis to investigate intellectual capital disclosures. Accounting Forum, 31, 129-–163. https://doi.org/10.1016/j.accfor.2007.02.001
Bebchuk, L. A., Cremers, K. J. M., & Peyer, U. C. (2011). The CEO pays a slice. Journal of Financial Economics, 102, 199-–221. https://doi.org/10.1016/j.jfineco.2011.05.006
Bebchuk, L., & Weisbach, M. (2010). The state of corporate governance research. The Review of Financial Studies, 23(3), 939-–961. https://doi.org/10.1093/rfs/hhp121
Beretta, S., & Bozzolan, S. (2004). A framework for the analysis of firm risk communication. The International Journal of Accounting, 39(3), 265-–288. https://doi.org/10.1016/j.intacc.2004.06.006
Campbell, J. L., Chen, H., Dhaliwal, D. S., Lu, H., & Steele, L.B. (2014). The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies, 19(1), 396-–455. https://doi.org/10.1007/s11142-013-9258-3
Cerbioni, F., & Parbonetti, A. (2007). Exploring the effects of corporate governance on intellectual capital disclosures: an An analysis of European biotechnology companies. European Accounting Review, 16(4), 791-–826. https://doi.org/10.1080/09638180701707011
Chang, Lei. (1994). A psychometric evaluation of 4-point and 6-point likert-type scales in relation to reliability and validity. Applied Psychological Measurement, 18(3), 205-–215. https://doi.org/10.1177/014662169401800302
Chiang, H., & Lin, M. (2011). Examining board composition and firm performance. The International Journal of Business and Finance Research, 5(3), 15-–27. https://ssrn.com/abstract=1879405
Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G. A. Marcoulides (Ed.), Modern Methods for Business Research (pp. 295–336). Mahwah, New Jersey: Laurence Erlbaum Associates, 295-336.
Contessotto, C., & Moroney, R. (2013). The association between audit committee effectiveness and audit risk. Accounting and Finance, 54(2), 393-–418. https://doi.org/10.1111/acfi.12010
Dahya, J., & McConnell, J. (2007). Board composition, corporate performance, and the Cadbury committee recommendation. Journal of Financial and Quantitative Analysis, 42(x), 535-–564. https://doi.org/10.1017/s0022109000004099
Dalton, D. R., Hitt, M. A., Certo, S. T., & Dalton, C. M. (2007). The fundamental agency problem and its mitigation. Academy of Management Annals, 1, 1-–64. https://doi.org/10.1080/078559806
Davis, A. K., & Tama-Sweet, I. (2012). Managers’ use of language across alternative disclosure outlets: Earnings press releases versus MD&A. Contemporary Accounting Research, 29(3), 804-–837. https://doi.org/10.1111/j.1911-3846.2011.01125.x
Deloitte, Touche, &Tohmatsu. (2012). Risk assessment in practice. The Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209-–233. https://doi.org/10.1016/S0929-1199(01)00020-7
Dobler, M., Lajili, K., & Zéghal, D. (2011). Attributes of corporate risk disclosure: An international investigation in the manufacturing sector. Journal of International Accounting Research, 10(2), 1-–22. https://doi.org/10.2308/jiar-10081
Dwivedi, N., & Jain, A. K. (2005). Corporate governance and performance of Indian firms: The effect of board size and ownership. Employ Respons Rights, 17, 161-–172. https://doi.org/10.1007/s10672-005-6939-5
Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48(1), 35-–54. https://doi.org/10.1016/S0304-405X(98)00003-8
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57-–74. https://doi.org/10.5465/amr.1989.4279003
Elsayed, K. (2007). Does CEO duality really affect corporate performance? Corporate Governance: An International Review, 15(6), 1203-–1224. https://doi.org/10.1111/j.1467-8683.2007.00641.x
Elshandidy, T., & Shrives, P. J. (2016). Environmental incentives for and usefulness of textual risk reporting: Evidence from Germany. The International Journal of Accounting, 51(4), 464-–486. https://doi.org/10.1016/j.intacc.2016.10.001
Elshandidy, T., Fraser, I., & Hussainey, K. (2013). Aggregated, voluntary, and mandatory risk disclosure incentives: evidence Evidence from UK FTSE all-share companies. International Review of fFinancial Analysis, 30(1), 320-–333. https://doi.org/10.1016/j.irfa.2013.07.010
Elzahar, H., & Hussainey, K. (2012). Determinants of narrative risk disclosures in UK interim reports. Journal of Risk Finance, 13(2), 133-–147. https://doi.org/10.1108/15265941211203189
Fama, E., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-–325. https://doi.org/10.2139/ssrn.94034
Field, A. (2009). Discovering statistics using SPSS (3rd editioned.). London: SAGE Publications.
Finkelstein, S., & D’Aveni, R. A. (1994). CEO duality as a double-edged sword: hHow boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, 37(x), 1079-–1108. https://doi.org/10.5465/256667
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing rResearch, x(x), 39-–50. https://doi.org/10.2307/3151312
Germain, L., Galy, N., & Lee, W. (2014). Corporate governance reform in Malaysia: Board size, independence and monitoring. Journal of Economics and Business, 75, 126-–162. https://doi.org/10.1016/j.jeconbus.2014.06.003
Ghafran, C., & O’Sullivan, N. (2013). The governance role of the audit committee: Reviewing a decade of evidence. International Journal of Management Reviews, 15(4), 381-–407. https://doi.org/10.1111/j.1468-2370.2012.00347.x
Ghazali, N. A. M., & Weetman, P. (2006). Perpetuating traditional influences: Voluntary disclosure in Malaysia following the economic crisis. Journal of International Accounting, Auditing and Taxation, 15(2), 226-–248. https://doi.org/10.1016/j.intaccaudtax.2006.08.001
Graham, J. R., Li, S., & Qiu, J. (2012). Managerial attributes and executive compensation. Review of Financial Studies, 25, 144-–186. https://doi.org/10.3386/w17368
Gujarati, D. N. (2003). Basic econometrics (4th editioned.). McGraw-Hill, New York.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed, a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139-–151. https://doi.org/10.2753/mtp1069-6679190202
Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppel Wwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26, 106-–121. https://doi.org/10.1108/ebr-10-2013-0128
Haniffa, R. M., & Cooke, T. E. (2002). Culture, corporate governance and disclosure in Malaysian corporations. A Journal of Accounting, Finance and Business Studies (Abacus), 38(3), 317-– 350. https://doi.org/10.1111/1467-6281.00112
Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24(x), 391-–430. https://doi.org/10.1016/j.jaccpubpol.2005.06.001
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-–440. https://doi.org/10.1016/s0165-4101(01)00018-0
Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS path modeling in new technology research: uUpdated guidelines. Industrial Management & Data Systems, 116(1), 2–20. https://doi.org/10.1108/imds-09-2015-0382
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115-–135. https://doi.org/10.1007/s11747-014-0403-8
Hermalin, B. E., & Weisbach, M. S. (2003). Board of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review, 9, 7-–26. https://doi.org/10.2139/ssrn.233111
Ho, S., & Wong. (2001). A Study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation, 10(1), 139-–156. https://doi.org/10.1016/s1061-9518(01)00041-6
Hooks, J., & Van Staden, C. J. (2011). Evaluating environmental disclosures: tThe relationship between quality and extent measures. The British Accounting Review, 43(3), 200-–213. https://doi.org/10.1016/j.bar.2011.06.005
IASB. (2010). IFRS Practice Statement: Management commentary. International Accounting Standards Board, London. Retrieved from https://www.ifrs.org/groups/international-accounting-standards-board/
Institute of Chartered Accountants in England and Wales.ICAEW (1998). The 21st Century Annual Reporting. The Institute of Chartered Accountants in England & Wales, London. Retrieved from https://www.icaew.com/
Institute of Chartered Accountants in England and WalesICAEW. (1999). Internal Control, Guidance for Directors on the Combined Code. The Institute of Chartered Accountants in England & Wales, London. Retrieved from https://www.icaew.com/
IFAC - Financial and Management Committee. (2002). Managing risk to enhance shareholder value. New York: International Federation of Accountants. Retrieved from https://www.ifac.org/
Jensen, M. C. (1986). Agency costs of free cash flows, corporate finance and takeovers. American Economic Review, 76(2), 323-–329. https://doi.org/10.2139/ssrn.99580
Jensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-–360. https://doi.org/10.1016/0304-405x(76)90026-x
Kajüter, P. (2004). Risk reporting in Germany: Evidence from a longitudinal study. Working paper presented at the 27th Annual Conference of the EAA in Prague 2004.
Khandelwal, C., Kumar, S., Verma, D., & Singh, H. P. (2019). Financial risk reporting practices: sSystematic literature review and research agenda. Bottom Line, 32 (3), 185-–210. https://doi.org/10.1108/bl-03-2019-0071
Klein, A. (2002). Audit committee, board of director characteristics and earning management. Journal of Accounting and Economics, 33(3), 375-–400. https://doi.org/10.1016/s0165-4101(02)00059-9
Konishi, N., & Ali, M. M. (2007). Risk reporting of Japanese companies and its association with corporate characteristics. International Journal of Accounting, Auditing and Performance Evaluation, 4(3), 263-–285. https://doi.org/10.1504/ijaape.2007.016281
Krause, R., Semadeni, M., & Cannella, A. (2014). CEO Duality: a Review and Research Agenda. Journal of Management, 40(1), 256-–286. https://doi.org/10.1177/0149206313503013
Krippendorff, K. (2004). Content analysis: An introduction to its methodology. Thousand Oaks, CA: SAGE Publications.
Krishnan, G., & Visvanathan, G. (2008). Does the SOX definition of an accounting expert matter? The association between audit committee directors` accounting expertise and accounting conservatism. Contemporary Accounting Research, 25(x), 827-–857. https://doi.org/10.1506/car.25.3.7
Krishnan, J. (2005). Audit quality and internal control: An empirical analysis. The Accounting Review, 80(2), 649-–675. https://doi.org/10.2308/accr.2005.80.2.649
Lee, L., Petter, S., Fayard, D., & Robinson, S. (2011). On the use of partial least squares path modeling in accounting research. International Journal of Accounting Information Systems, 12(4), 305-–328. https://doi.org/10.1016/j.accinf.2011.05.002
Leng, A. C. A. (2004). The impact of corporate governance practices on firms’ financial performance: eEvidence from Malaysian companies. ASEAN Economic Bulletin, 21(3), 308-–318. https://doi.org/10.1355/ae21-3d
Linsley, P., & Shrives, P. (2006). Risk reporting: A study of risk disclosures in the annual report of UK companies. The British Accounting Review, 38(4), 387-–404. https://doi.org/10.1016/j.bar.2006.05.002
Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The Business Lawyer, 48(1), 59-–77. https://www.jstor.org/stable/40687360
Malhotra, N. K. (2010). Marketing research: An applied orientation (6th editioned.). Pearson Education.
Marston, C., & Polei, A. (2004). Corporate reporting on the internet by German companies. International Journal of Accounting Information Systems, 5(3), 285-–311. https://doi.org/10.1016/j.accinf.2004.02.009
MCCG Securities Commission Malaysia. (2000). Malaysian Code on Corporate Governance. Securities Commission Malaysia, Kuala Lumpur. Retrieved from https://www.sc.com.my/regulation/corporate-governance
Securities Commission Malaysia.MCCG (2007). Malaysian Code on Corporate Governance. Securities Commission Malaysia, Kuala Lumpur. Retrieved from https://www.sc.com.my/regulation/corporate-governance
Securities Commission Malaysia.MCCG (2012). Malaysian Code on Corporate Governance. Securities Commission Malaysia, Kuala Lumpur. Retrieved from https://www.sc.com.my/regulation/corporate-governance
Securities Commission Malaysia.MCCG (2017) Malaysian Code on Corporate Governance. Securities Commission Malaysia, Kuala Lumpur. Retrieved from https://www.sc.com.my/regulation/corporate-governance
Meek, G. K., Roberts, C. B., & Gray, S. J. (1995). Factors influencing voluntary annual report disclosures by U.S., U.K. and continental European multinational corporations. Journal of International Business Studies, 26(3), 555-–572. https://doi.org/10.1057/palgrave.jibs.8490186
Miihkinen, A. (2013). The usefulness of firm risk disclosures under different firm- riskiness, investor-interest, and market conditions: Subtitle here. Advances in International Accounting, 29(2), 312-331. https://doi.org/10.1016/j.adiac.2013.09.006
Milne, M. J., & Adler, R. W. (1999). Exploring the reliability of social and environmental disclosures content analysis. Accounting, Auditing & Accountability Journal, 12(2), 237-–256. https://doi.org/10.1108/09513579910270138
Mohd Saad, N. M. (2010). Corporate governance and the effects on capital structure in Malaysia. International Journal of Economics and Finance, 2(1), 105-–114. https://doi.org/10.5539/ijef.v2n1p105
Mokhtar, E., & Mellett, H. (2013). Competition, corporate governance, ownership structure and risk reporting. Managerial Auditing Journal, 28(9), 838-–865. https://doi.org/10.1108/maj-11-2012-0776
Moradi, M., Bighi, S. J. H., Najari, M., & Moghadam, A.T. (2013). Applying fuzzy regression in defining the relationship between board characteristics and firm performance of listed companies in Tehran sStock eExchange (TSE). Journal of Accounting Advances, 4(2), 119-–149. https://dx.doi.org/10.22099/jaa.2012.1662
Nicholson, G., & Kiel, G. (2007). Can directors impact performance? A case-based test of three theories of corporate governance. Corporate Governance: An International Review, 15(4), 585-–608. https://doi.org/10.1111/j.1467-8683.2007.00590.x
Ntim, C., Lindop, S., & Thomas, D. (2013). Corporate governance and risk reporting in South Africa: A study of corporate risk disclosures in the pre-and post-2007/2008 global financial crisis periods. International Review of Financial Analysis, 30, 363-–383. https://doi.org/10.1016/j.irfa.2013.07.001
Ntim, C., & Soobaroyen, T. (2013). Black economic empowerment disclosures by South African listed corporations: The influence of ownership and board characteristics. Journal of Business Ethics, 116(1), 121-–138. https://doi.org/10.1007/s10551-012-1446-8
Oliveira, J. S., Rodrigues, L. L., & Craig, R. (2011). Risk-related disclosures by non-finance companies: Portuguese practices and disclosure characteristics. Managerial Auditing Journal, 26(9), 817-–839. https://doi.org/10.1108/13581981111147892
Oradi, M. J., Lari Dashtbayaz, M., & Salari Forg, Z. (2017). Exploring the relationship between audit committee characteristics and the firm performance. Journal of Empirical Research of Financial Accounting, 3(4), 131-–151. https://www.sid.ir/en/journal/ViewPaper.aspx?id=577115
Parker, S., Peters, G. F., & Turetsky, H. F. (2002). Corporate governance and corporate failure: A survival analysis. Corporate Governance International Journal of Business in Society, 2(2), 4-–12. https://doi.org/10.1108/14720700210430298
Pearce, J., & Zahra, S. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29(4), 411-–438. https://doi.org/10.1111/j.1467-6486.1992.tb00672.x
Ramdani, D., & Witteloostuijn, A. (2010). The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand. British Journal of Management, 21(x), 607-–626. https://doi.org/10.1111/j.1467-8551.2010.00708.x
Salehi, M., Tahervafaei, M., & Tarighi, H. (2018). The effect of characteristics of the audit committee and board on corporate profitability in Iran. Journal of Economic and Administrative Sciences, 34(1), 71-–88. https://doi.org/10.1108/JEAS-04-2017-0017
Sekaran, U., & Bougie, R. (2013). Research methods for business: A skill-building approach (6th Editioned.). United Kingdom, WILEY.
Sheu, H. J., Chung, H., & Liu, C. L. (2010). Comprehensive disclosure of compensation and firm value: The case of policy reforms in an emerging market. Journal of Business Finance and Accounting, 37(9-10), 1115-–1144. https://doi.org/10.1111/j.1468-5957.2010.02213.x
Tabachnick, B. G., & Fidell, L. S. (2007). Using multivariate statistics (5th editioned.). London: Pearson Education Inc.
Uyar, A., & Kiliç, M. (2012). Value relevance of voluntary disclosure: Evidence from Turkish firms. Journal of Intellectual Capital, 13(3), 363-–376. https://doi.org/10.1108/14691931211248918
Vafeas, N., & Theodorou, E. (1998). The relationship between board structure and firm performance in the UK. British Accounting Review, 30(4), 383-–407. https://doi.org/10.1006/bare.1998.0075
Weir, C., Laing, D., & McKnight, P. (2002). Internal and external governance mechanisms: Their impact on the performance of large UK public companies. Journal of Business Finance and Accounting, 29(5-6), 579-–611. https://doi.org/10.1111/1468-5957.00444
Weisbach, M. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-–460. https://doi.org/10.1016/0304-405x(88)90053-0
Westphal, J. D., & Zajac, E. J. (1995). Who shall govern? CEO/board power, demographic similarity, and new director selection. Administrative Science Quarterly, 40, 60-–83. https://doi.org/10.2307/2393700
Yasser, Q., Entebang, H., & Mansor, S. (2011). Corporate governance and firm performance in Pakistan: The case of Karachi Stock Exchange (KSE)-30. Journal of Economics and International Finance, 3(8), 482-–491. https://doi.org/10.2139/ssrn.2551636
Zhang, Y., Zhou, J., & Zhou, N. (2007). Audit committee quality, auditor independence, and internal control weaknesses. Journal of Accounting and Public Policy, 26(x), 300-–327. https://doi.org/10.1016/j.jaccpubpol.2007.03.001
Zubaidah, Z. A., Nurmala, M. K., & Jusoff, K. (2009). Board structure and corporate performance in Malaysia. International Journal of Economics and Finance, 1(1), 150-–164. https://doi.org/10.5539/ijef.v1n1p150