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1、NetworkGovernance&FirmPerformanceinMalaysiaMonicaGuo-SzeTanDepartmentofManagement,MonashUniversity.Prof.On-KitTamDepartmentofManagement,MonashUniversity.ContactDetails:BusinessandEconomicsPostgraduateResearchCentreUnipathBuilding,840DandenongRoad,Caulfield,VIC3145,Australia.Phone:(61)(

2、3)99031530Fax:(61)(3)99032718E-mail:monica.tan@buseco.monash.edu.au1NetworkGovernance&FirmPerformanceinMalaysiaABSTRACTResearchhasshownthatbusinessandpoliticalnetworksplaysignificantrolesinemergingmarkets.Thispaperexamineshowdifferentownershiptypesutilisenetworking,politicalnetworkanda

3、ffiliationwithfinancialinstitution,tomaximisetheirinterestsandtheimpactonfirmperformanceamongthelargestlistedfirmsinMalaysia.Discussionontheformationofnetworkingisexaminedinthelightofthemandatorydistributionofcorporateownershipundertheforcesofthenationalsocio-economicpolicy.Implication

4、sfromresultsaredrawntoshowhowtheimpactofnetworkinginfluencestheformationofgovernancesystem.EmpiricalresultsshowthatBumiputeraIndividualownedfirmshavethehighestassociationwithpoliticalnetworkingwhileNon-Individualownedfirmshavethemostaffiliationwithfinancialinstitution.Bothnetworkingtyp

5、eshavenegativeimpactonfirmperformancebutarepositivetowardsgrowthinfirmsize.NetworkinginMalaysiaisarguedtoincreaseexpropriationrisksanddetermarketcompetitiveness.INTRODUCTIONThispaperaimstoexplorehowownershiptypesaffectnetworkingandtheimpactofthisrelationshiponfirmperformanceinMalaysian

6、listedfirms.Twomeasuresofnetworkingareexamined:politicallink(POLITICS)andaffiliationwithfinancialinstitution(FINANCIAL).Therationaleofthisstudyistoexplorethejustificationbehindeachownershiptypeinitsdifferingpreferencesofnetworkingandhowfirmperformanceisaffected;inturn,drawingimplicatio

7、nsonhowthisaffectscorporategovernance.ThedistributionofcapitalownershipinMalaysiaisaninterestingissue.Intheearlyperiodafterindependence,classificationofoccupationsaccordingtoethnicgroupsisprominent,resultinginwidediscrepanciesinhouseholdincomesamongethnicgroups(Malaysia,1971).Thegove