{"id":"https://openalex.org/W3215950335","doi":"https://doi.org/10.15282/jgi.5.1.2021.7061","title":"Analysing the Impacts of Free Cash Flow, Agency Cost and Firm Performance in Public Listed Companies in Malaysia","display_name":"Analysing the Impacts of Free Cash Flow, Agency Cost and Firm Performance in Public Listed Companies in Malaysia","publication_year":2021,"publication_date":"2021-11-29","ids":{"openalex":"https://openalex.org/W3215950335","doi":"https://doi.org/10.15282/jgi.5.1.2021.7061","mag":"3215950335"},"language":"en","primary_location":{"id":"doi:10.15282/jgi.5.1.2021.7061","doi":"https://doi.org/10.15282/jgi.5.1.2021.7061","is_oa":true,"landing_page_url":"https://doi.org/10.15282/jgi.5.1.2021.7061","pdf_url":"https://journal.ump.edu.my/jgi/article/download/7061/1627","source":{"id":"https://openalex.org/S4210194065","display_name":"Journal of Governance and Integrity","issn_l":"2600-7479","issn":["2600-7479","2600-786X"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310321442","host_organization_name":"Universiti Malaysia Pahang","host_organization_lineage":["https://openalex.org/P4310321442"],"host_organization_lineage_names":["Universiti Malaysia Pahang"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Governance and Integrity","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://journal.ump.edu.my/jgi/article/download/7061/1627","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5050483749","display_name":"Noraina Mazuin Sapuan","orcid":"https://orcid.org/0000-0001-9146-4203","observed_orcids":["https://orcid.org/0000-0001-9146-4203"]},"institutions":[{"id":"https://openalex.org/I102913810","display_name":"Universiti Malaysia Pahang Al-Sultan Abdullah","ror":"https://ror.org/01704wp68","country_code":"MY","type":"education","lineage":["https://openalex.org/I102913810"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Noraina Mazuin Sapuan","raw_affiliation_strings":["Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia","institution_ids":["https://openalex.org/I102913810"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5002990611","display_name":"Norwazli Abdul Wahab","orcid":"https://orcid.org/0000-0002-7649-7338","observed_orcids":["https://orcid.org/0000-0002-7649-7338"]},"institutions":[{"id":"https://openalex.org/I102913810","display_name":"Universiti Malaysia Pahang Al-Sultan Abdullah","ror":"https://ror.org/01704wp68","country_code":"MY","type":"education","lineage":["https://openalex.org/I102913810"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Norwazli Abdul Wahab","raw_affiliation_strings":["Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia","institution_ids":["https://openalex.org/I102913810"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5061293613","display_name":"Muhammad Ashraf Fauzi","orcid":"https://orcid.org/0000-0003-2137-4602","observed_orcids":["https://orcid.org/0000-0003-2137-4602"]},"institutions":[{"id":"https://openalex.org/I102913810","display_name":"Universiti Malaysia Pahang Al-Sultan Abdullah","ror":"https://ror.org/01704wp68","country_code":"MY","type":"education","lineage":["https://openalex.org/I102913810"]}],"countries":["MY"],"is_corresponding":false,"raw_author_name":"Muhammad Ashraf Fauzi","raw_affiliation_strings":["Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Industrial Management, Universiti Malaysia Pahang, Malaysia","institution_ids":["https://openalex.org/I102913810"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5009379351","display_name":"Akrom Omonov","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I3130880545","display_name":"Tashkent Financial Institute","ror":"https://ror.org/018mf9d35","country_code":"UZ","type":"education","lineage":["https://openalex.org/I3130880545"]}],"countries":["UZ"],"is_corresponding":false,"raw_author_name":"Akrom Omonov","raw_affiliation_strings":["Department of Banking, Tashkent Institute of Finance, Amir Temur Street, Tashkent, Uzbekistan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Banking, Tashkent Institute of Finance, Amir Temur Street, Tashkent, Uzbekistan","institution_ids":["https://openalex.org/I3130880545"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":3.3581,"has_fulltext":true,"cited_by_count":14,"citation_normalized_percentile":{"value":0.92531756,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":98},"biblio":{"volume":"5","issue":"1","first_page":"211","last_page":"218"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/free-cash-flow","display_name":"free cash flow","score":0.9900000095367432},{"id":"https://openalex.org/keywords/agency-costs","display_name":"agency costs","score":0.8619999885559082},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.9959999918937683},{"id":"https://openalex.org/keywords/free-cash-flow-hypothesis","display_name":"free cash flow hypothesis","score":0.9620000123977661},{"id":"https://openalex.org/keywords/agency-theory","display_name":"agency theory","score":0.9950000047683716},{"id":"https://openalex.org/keywords/listed-companies","display_name":"listed companies","score":0.8790000081062317},{"id":"https://openalex.org/keywords/malaysian-listed-firms","display_name":"Malaysian listed companies","score":0.6480000019073486},{"id":"https://openalex.org/keywords/asset-turnover","display_name":"asset turnover","score":0.6809999942779541},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.8690000176429749}],"concepts":[{"id":"https://openalex.org/C2780334105","wikidata":"https://www.wikidata.org/wiki/Q9297784","display_name":"Free cash flow","level":3,"score":0.9460731744766235},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.7268692255020142},{"id":"https://openalex.org/C166819830","wikidata":"https://www.wikidata.org/wiki/Q2025903","display_name":"Operating cash flow","level":3,"score":0.6697496771812439},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6233021020889282},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.6067385673522949},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.5443846583366394},{"id":"https://openalex.org/C97366136","wikidata":"https://www.wikidata.org/wiki/Q460184","display_name":"Cash flow statement","level":3,"score":0.5378128290176392},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.5248104333877563},{"id":"https://openalex.org/C200707436","wikidata":"https://www.wikidata.org/wiki/Q1053211","display_name":"Principal\u2013agent problem","level":3,"score":0.47874611616134644},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4599325954914093},{"id":"https://openalex.org/C76087492","wikidata":"https://www.wikidata.org/wiki/Q1047352","display_name":"Cash management","level":3,"score":0.41192197799682617},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3520510196685791},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.31312865018844604},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.15282/jgi.5.1.2021.7061","doi":"https://doi.org/10.15282/jgi.5.1.2021.7061","is_oa":true,"landing_page_url":"https://doi.org/10.15282/jgi.5.1.2021.7061","pdf_url":"https://journal.ump.edu.my/jgi/article/download/7061/1627","source":{"id":"https://openalex.org/S4210194065","display_name":"Journal of Governance and Integrity","issn_l":"2600-7479","issn":["2600-7479","2600-786X"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310321442","host_organization_name":"Universiti Malaysia Pahang","host_organization_lineage":["https://openalex.org/P4310321442"],"host_organization_lineage_names":["Universiti Malaysia Pahang"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Governance and Integrity","raw_type":"journal-article"},{"id":"pmh:oai:umpir.ump.edu.my:32891","doi":null,"is_oa":false,"landing_page_url":"https://umpir.ump.edu.my/id/eprint/32891/1/Noraina%20et%20al%20%282021%29%20Agency%20Cost%20JGI.docx","pdf_url":null,"source":{"id":"https://openalex.org/S4377196561","display_name":"UMP Institutional Repository (Universiti Malaysia Pahang)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I102913810","host_organization_name":"Universiti Malaysia Pahang Al-Sultan Abdullah","host_organization_lineage":["https://openalex.org/I102913810"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"Article"}],"best_oa_location":{"id":"doi:10.15282/jgi.5.1.2021.7061","doi":"https://doi.org/10.15282/jgi.5.1.2021.7061","is_oa":true,"landing_page_url":"https://doi.org/10.15282/jgi.5.1.2021.7061","pdf_url":"https://journal.ump.edu.my/jgi/article/download/7061/1627","source":{"id":"https://openalex.org/S4210194065","display_name":"Journal of Governance and Integrity","issn_l":"2600-7479","issn":["2600-7479","2600-786X"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310321442","host_organization_name":"Universiti Malaysia Pahang","host_organization_lineage":["https://openalex.org/P4310321442"],"host_organization_lineage_names":["Universiti Malaysia Pahang"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Governance and Integrity","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320319061","display_name":"Tenaga Nasional Berhad","ror":"https://ror.org/04jjxmt88"},{"id":"https://openalex.org/F4320325210","display_name":"Universiti Tenaga Nasional","ror":"https://ror.org/03kxdn807"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3215950335.pdf","grobid_xml":"https://content.openalex.org/works/W3215950335.grobid-xml"},"referenced_works_count":38,"referenced_works":["https://openalex.org/W1484815137","https://openalex.org/W1839957317","https://openalex.org/W1998735466","https://openalex.org/W2074928461","https://openalex.org/W2076955939","https://openalex.org/W2124597406","https://openalex.org/W2148551226","https://openalex.org/W2160701927","https://openalex.org/W2160860931","https://openalex.org/W2185322441","https://openalex.org/W2186409514","https://openalex.org/W2570840446","https://openalex.org/W2594827665","https://openalex.org/W2606728750","https://openalex.org/W2606754498","https://openalex.org/W2609908331","https://openalex.org/W2737759115","https://openalex.org/W2752617332","https://openalex.org/W2963502924","https://openalex.org/W3047573345","https://openalex.org/W3094630931","https://openalex.org/W3097044117","https://openalex.org/W3097652879","https://openalex.org/W3112023023","https://openalex.org/W3121131820","https://openalex.org/W3121982444","https://openalex.org/W3123140025","https://openalex.org/W3123207855","https://openalex.org/W3123239630","https://openalex.org/W3125397542","https://openalex.org/W3147867476","https://openalex.org/W3152363573","https://openalex.org/W3161495057","https://openalex.org/W3165061287","https://openalex.org/W3167311026","https://openalex.org/W3193786467","https://openalex.org/W4285719527","https://openalex.org/W4388111604"],"related_works":["https://openalex.org/W4388509594","https://openalex.org/W1998735466","https://openalex.org/W2753617498","https://openalex.org/W2141567612","https://openalex.org/W4406523113","https://openalex.org/W7105821571","https://openalex.org/W7047585572","https://openalex.org/W2883856018","https://openalex.org/W3128806474","https://openalex.org/W3097684794"],"abstract_inverted_index":{"This":[0,79],"study":[1],"intended":[2],"to":[3,35,41,83,113],"examine":[4],"the":[5,19,43,49,57,95,130,136],"relationship":[6],"between":[7],"free":[8,44,68,84,107],"cash":[9,45,69,85,108],"flow":[10,46,70,86,109],"and":[11,48],"agency":[12,50,152],"costs":[13],"towards":[14],"firm":[15,77,105,115],"performance":[16],"based":[17,52],"on":[18,53,76,125,127,144,146],"data":[20,29,55],"from":[21,32,59],"350":[22],"public":[23],"listed":[24],"companies":[25],"in":[26],"Malaysia.":[27],"The":[28,148],"was":[30],"collected":[31],"year":[33],"2005":[34],"2015.":[36],"There":[37],"is":[38,71,81],"a":[39,63,122,141],"need":[40],"re-examine":[42],"hypothesis":[47],"theory":[51],"Malaysian":[54],"as":[56],"results":[58],"previous":[60,157],"studies":[61],"shown":[62,67],"mix":[64,149],"results.The":[65],"findings":[66,150],"significantly":[72],"giving":[73],"positive":[74,123],"impact":[75,124,143],"performance.":[78,116],"result":[80],"contradict":[82],"hypothesis,":[87],"but":[88],"it":[89],"can":[90,101],"occur":[91],"due":[92],"to,":[93],"when":[94,104],"availability":[96],"of":[97,151],"investments":[98],"opportunities":[99],"that":[100,110,135],"be":[102],"generated":[103],"more":[106],"later":[111],"able":[112],"increase":[114],"Meanwhile,":[117],"total":[118],"asset":[119],"turnover":[120],"has":[121,140],"return":[126,145],"asset.":[128,147],"However,":[129],"operating":[131,137],"expenses":[132,138],"ratio":[133,139],"demonstrates":[134],"negative":[142],"cost":[153],"are":[154],"supported":[155],"by":[156],"studies.":[158]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2021-12-06T00:00:00"}
