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The low r-squared indicates that there are possibilities that certain variables are not captured by the model. It is probably due to the fact that measurement issues and level of enforcement. Examples of these variables are the share price, level enforcement and others. This study aims to investigate the relationship between the transparency level of income statement and firms' characteristics from the Main and Second Board companies of the Bursa Malaysia. The characteristics are separated into three groups of variables: Structural and market related and performance. Both UN vicariates and multivariate statistical analysis are performed on the data. The model also indicates that the number of shareholder (structural) is the only significant factor of the transparency level.

The remaining characteristics are not significantly 'contributed' to the level of transparency. Hence, the regulators should enforce more on the voluntary disclosure among companies listed on the Bursa Malaysia as to ensure a higher quality of income statements. In addition, enforcement of the disclosure requirement for the companies can also be vitamin determining the level of transparency. For example, a new regulation such as full and detailed expenses must be disclosed. As an emerging stock market, Bursa Malaysia should give specific guidelines to the companies so as to ensure the income statement as transparent as possible and at par with the companies listed in the more established market. In the era of globalization, the foreign investors, particularly the institutional investors have the confidence to invest in the Bursa Malaysia and it will be as strategy to improve Malaysian economy.

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http://www.allbusiness.com/company-activities-management/financial-performance/13288613-1.html

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