Table 1 Variable descriptions... | Emerald Publishing

Table 1

Variable descriptions

Abbreviation	Expected sign	Definition	Supporting literature	Source(s)
Panel A: The dependent variables
$I I$	N/A	Percentage institutional ownership is measured as the total value of all institutional holdings in a firm's stock divided by the firm's total market capitalisation at the end of each fiscal year	Tee (2018), Tee et al. (2018)	Authors' calculations based on hand-collected data from the annual reports
$I I D O M$	N/A	Domestic institutional ownership is defined as the total holdings of Malaysian-domiciled institutional funds divided by the firm's total market capitalisation	Tee (2018), Tee et al. (2018)	Authors' calculations based on hand-collected data from the annual reports
$I I L T$	N/A	Long-term institutional ownership is measured as the combined holdings of investors in the lowest turnover tertile, divided by the firm's total market capitalisation	Attig et al. (2013), Kim et al. (2019)	Authors' calculations based on hand-collected data from the annual reports
$I I B L O$	N/A	Blockholding ownership is defined as the combined holdings of the top five investors, each owning at least 5% of a firm's shares, divided by the firm's total market capitalisation	Lyssimachou and Bilinski (2023)	Authors' calculations based on hand-collected data from the annual reports
Panel B: The dependent variable
$P C F$	+/−	Political connections are defined as a binary variable equal to 1 if the firm is politically connected, and 0 otherwise	Faccio (2006)	Fung et al. (2015), Wong and Hooy (2018), Peranginangin et al. (2021), Tee et al. (2021b), and hand collected from annual reports
Panel C: The control variables
$M V$	+	Market value is measured as the natural logarithm of the firm's market capitalisation	Borochin and Yang (2017), Dahlquist and Robertsson (2001)	Authors' calculations based on Refinitiv Eikon data
$R O A$	+/−	Return on assets is measured as net income scaled by total assets	Gompers et al. (2003), Hou et al. (2015), Kim et al. (2019)	Authors' calculations based on Refinitiv Eikon data
$P T S$	+/−	Price-to-sales is measured as the ratio of market capitalisation to total revenue	Lyssimachou and Bilinski (2023)	Authors' calculations based on Refinitiv Eikon data
$B T M$	–	The book-to-market ratio is measured as the ratio of the book value of equity to market capitalisation	Attig et al. (2013)	Authors' calculations based on Refinitiv Eikon data
$R & D$	+/−	R&D is measured as research and development expenses scaled by total sales	Kim et al. (2019)	Authors' calculations based on Refinitiv Eikon data
$L E V$	+/−	Leverage is measured as total debt scaled by total assets	Lyssimachou and Bilinski (2023)	Authors' calculations based on Refinitiv Eikon data
$A D V E R$	+/−	Advertising is measured as advertising expenses scaled by total sales	Lang et al. (2003)	Authors' calculations based on Refinitiv Eikon data

Abbreviation	Expected sign	Definition	Supporting literature	Source(s)
Panel A: The dependent variables
$I I$	N/A	Percentage institutional ownership is measured as the total value of all institutional holdings in a firm's stock divided by the firm's total market capitalisation at the end of each fiscal year	Tee (2018), Tee et al. (2018)	Authors' calculations based on hand-collected data from the annual reports
$I I D O M$	N/A	Domestic institutional ownership is defined as the total holdings of Malaysian-domiciled institutional funds divided by the firm's total market capitalisation	Tee (2018), Tee et al. (2018)	Authors' calculations based on hand-collected data from the annual reports
$I I L T$	N/A	Long-term institutional ownership is measured as the combined holdings of investors in the lowest turnover tertile, divided by the firm's total market capitalisation	Attig et al. (2013), Kim et al. (2019)	Authors' calculations based on hand-collected data from the annual reports
$I I B L O$	N/A	Blockholding ownership is defined as the combined holdings of the top five investors, each owning at least 5% of a firm's shares, divided by the firm's total market capitalisation	Lyssimachou and Bilinski (2023)	Authors' calculations based on hand-collected data from the annual reports
Panel B: The dependent variable
$P C F$	+/−	Political connections are defined as a binary variable equal to 1 if the firm is politically connected, and 0 otherwise	Faccio (2006)	Fung et al. (2015), Wong and Hooy (2018), Peranginangin et al. (2021), Tee et al. (2021b), and hand collected from annual reports
Panel C: The control variables
$M V$	+	Market value is measured as the natural logarithm of the firm's market capitalisation	Borochin and Yang (2017), Dahlquist and Robertsson (2001)	Authors' calculations based on Refinitiv Eikon data
$R O A$	+/−	Return on assets is measured as net income scaled by total assets	Gompers et al. (2003), Hou et al. (2015), Kim et al. (2019)	Authors' calculations based on Refinitiv Eikon data
$P T S$	+/−	Price-to-sales is measured as the ratio of market capitalisation to total revenue	Lyssimachou and Bilinski (2023)	Authors' calculations based on Refinitiv Eikon data
$B T M$	–	The book-to-market ratio is measured as the ratio of the book value of equity to market capitalisation	Attig et al. (2013)	Authors' calculations based on Refinitiv Eikon data
$R & D$	+/−	R&D is measured as research and development expenses scaled by total sales	Kim et al. (2019)	Authors' calculations based on Refinitiv Eikon data
$L E V$	+/−	Leverage is measured as total debt scaled by total assets	Lyssimachou and Bilinski (2023)	Authors' calculations based on Refinitiv Eikon data
$A D V E R$	+/−	Advertising is measured as advertising expenses scaled by total sales	Lang et al. (2003)	Authors' calculations based on Refinitiv Eikon data