Pertukaran Ketua Pegawai Eksekutif/Pengarah Urusan dan Pengurusan Perolehan

Sharifah Zarina Syed Ahmad, Mohamat Sabri Hassan, Romlah Jaffar

Abstract


ABSTRAK

Pengurusan atasan (Ketua Pegawai Eksekutif/Pengarah Urusan) merupakan antara individu paling berpengaruh dalam menentukan prestasi dan kelangsungan operasi syarikat. Oleh itu, pertukaran KPE/PU merupakan peristiwa penting yang memberi kesan kepada syarikat. Kajian lalu mengkaji hubungan antara pertukaran KPE/PU dengan (i) harga saham; (ii) prestasi kewangan syarikat; dan (iii) pengurusan perolehan. Namun kajian di Malaysia hanya melihat perkaitannya dengan prestasi kewangan syarikat dan harga saham. Sehubungan itu, kajian ini memenuhi jurang yang wujud dengan melihat perkaitan antara pertukaran KPE/PU dan pengurusan perolehan. Sampel kajian terdiri daripada 98 syarikat senaraian awam yang melakukan pertukaran KPE/PU antara tahun 2009 hingga 2014. Hasil kajian mendapati KPE/PU yang mengambil alih jawatan mempunyai kecenderungan mengurus perolehan secara negatif bagi menurunkan perolehan pada tahun pertukaran. Seterusnya mereka mengurus perolehan secara positif bagi meningkatkan perolehan pada tahun fiskal pertama selepas pertukaran. Dapatan ini selari dengan dapatan kajian lepas. Namun begitu dapatan juga menunjukkan pengganti KPE/PU dari dalam syarikat lebih berkecenderungan melakukan pengurusan perolehan secara positif berbanding pengganti dari luar organisasi. Dapatan ini membantu pembuatan keputusan strategik yang melibatkan pengurusan korporat syarikat senaraian awam, khususnya yang melibatkan pertukaran KPE/PU. Ianya juga berguna kepada pelabur dan bakal pelabur dalam membuat keputusan pelaburan dalam syarikat yang telah atau akan mengalami pertukaran KPE/PU.

Kata kunci: Ketua pengarah eksekutif; pengarah urusan; pertukaran; pengurusan perolehan

ABSTRACT

Top management (Chief Executive Officer/Managing Director) is among the most influential individuals in determining the performance and continuity of the company's operations. Therefore, the CEO/MD turnover is considered as an important event that may affects the company. Prior studies examined the relationship between the CEO/MD turnover with (i) the share price; (ii) the company’s financial performance; and (iii) earnings management. However, studies in Malaysia were focusing the effect of turnover on company's financial performance and share prices. Accordingly, this study reduces the gaps by examining the association between CEO/MD turnover and earnings management. The sample of the study comprises 98 public listed companies which experienced the CEO/MD turnover between 2009 and 2014. Findings from this study indicate that the incoming CEO/MD has a tendency to manage earnings negatively to reduce earnings during the turnover year. Subsequently they manage earnings upward a year after the turnover. These findings are in line with past studies. However, finding also indicates that the new CEO/MD recruited internally is more likely to manage earnings upward compared to CEO/MD recruited from outside the organizations. The findings of this study may useful in the strategic decision-making involving the corporate management of public listed companies, particularly when the decision of the CEO/MD turnover is considered. It is relevant for investors and prospective investors in helping them make investment decisions in companies that have or will experience CEO/MD turnover.

Keywords: Chief executice officer; managing director; turnover; earnings management


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