Board Structure, Directors’ Remuneration Disclosure Level and Firm Value in Malaysia


  • Sonia Johanthan Faculty of Business and Finance, Universiti Tunku Abdul Rahman, Kampar, Perak, Malaysia
  • Nurul Afidah Mohamad Yusof Faculty of Business and Finance, Universiti Tunku Abdul Rahman, Kampar, Perak, Malaysia
  • Zam Zuriyati Mohamad Faculty of Business and Finance, Universiti Tunku Abdul Rahman, Kampar, Perak, Malaysia
  • Krishna Moorthy School of Economics and Management, Xiamen University Malaysia, Sepang, Selangor, Malaysia.



corporate governance, disclosure, board structure, board independence, firm value


This study aims to determine the impact of corporate governance mechanism on the directors' remuneration disclosure level and firm value. Data were collected from annual reports of 200 selected companies listed in Bursa Malaysia from 2013 to 2019. Pooled OLS, longitudinal data and 2SLS was carried out to accomplish the objective. The results show that board independence significantly impact the directors’ remuneration disclosure level while CEO duality and board size are insignificant on the directors’ remuneration disclosure level. Another finding revealed that directors’ remuneration disclosure level and board size were significant in affecting the firm value. It was also found that directors’ remuneration disclosure does not mediated the relationship between board structure and firm value. This finding deserves the attention of the stakeholders, investors, policymakers, and organizations in modelling a high-level disclosure and governance structure in the corporate environment in enhancing firm value.


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How to Cite

Johanthan, S. ., Mohamad Yusof, N. A. ., Mohamad, Z. Z. ., & Moorthy, K. (2023). Board Structure, Directors’ Remuneration Disclosure Level and Firm Value in Malaysia. Journal of Governance and Integrity, 6(1), 426–440.



JGI Vol. 6 Issue 1, April 2023