Research Article Published 1 December 2012

The CMAR and extent of compliance with IFRS 101 standard among Malaysian ace market companies

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How to Cite

Lode, N. A. (2012). The CMAR and extent of compliance with IFRS 101 standard among Malaysian ace market companies. Journal of Business Management and Accounting, 2(2), 65-79. https://doi.org/10.32890/jbma2012.2.2.8673
Nor Asma Lode
School of Accountancy, College of Business, Universiti Utara Malaysia, Malaysia
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Abstract
Malaysia is on the track to achieve full convergence and adoption of the International
Financial Reporting Standards (IFRSs) by 2012. This study seeks to find out the extent
of compliance with IFRS 101 ‘P
resentation of Financial Statements’ before the effective
date. Using total disclosure index (TDI), the findings shows that most of Malaysian Ace
Market companies have complied with IFRS 101. The present study also indicates that
the Cumulative Market Adju
sted Return (CMAR) is positive and significant for both
partial and full compliance of IFRS 101 among the Malaysian Ace Market companies.
Multivariate regression analysis further provides a lack of significant association
between CMAR and announcement of e
arnings (i.e. EPS). Nevertheless, the percentage
of independent directors on the board (BDIND) is found to be a positive and a significant
corporate governance variable that associates with CMAR. These findings imply that
policy makers and regulators shoul
d encourage Ace Market companies to have the
most optimal number of independent board of directors for future improvements of
CMAR
Keywords
IFRS 101 CMAR Ace Companies total disclosure index

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DOI · 10.32890/jbma2012.2.2.8673
OpenAlex · W2715759215

References

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