IJPM Editorial

Volume 18, Issue 3, 2023

1. The Influence of Chairman and CEO's Capabilities and the Moderating Role of Family-Controlled Companies on Environmental, Social, And Governance (ESG) Disclosure: A Study on the Malaysian Public-Listed Companies

- Richard Yeaw Chong, Seow

Our planet is facing catastrophic changes. Humanity has been slow to react, but is now developing a strong social conscience which is beginning to get embedded in business practice. There has been increasing acceptance of CSR (Corporate Social Responsibility) and ESG (Environmental, Social, Governance). CSR is about company culture and values, addressing such issues as the carbon footprint and charitable concerns. ESG is similar, but more quantifiable, so it can be a useful measure for conscientious investment. Many companies are family-controlled, in some cases through several generations, with strong bonds within the family and with other stakeholders. This brings another kind of wealth - socio-emotional wealth, characterised by trust, flexibility, ability to influence and willingness to be influenced, and general affective advantages. This should be the case in every company, but sadly is not. This paper looks at these issues in the Malaysian context.


2. Exploring Digital Culture of the Oil and Gas Industry - A Case Study in NATOIL

- Abdul Rashid, Ely Raziah

The oil & gas industry have been viewed as "digital laggards". They have adopted digital technology, but this does not necessarily bring digital transformation. For this, there needs to be a strong digital culture. Innovation is likely when there is a digital team with a range of skills, viewpoints, and ways of thinking. Leaders need to be supportive, accepting some risk, and some failure as inevitable en route to success. IT departments need autonomy, to create a flexible and agile culture. This needs to link with other parts of the business to ensure that digital activity does not get considered as the final goal rather than a way to add value. As digitalisation continues to progress, part of the team's responsibility is continuous learning, along with rethinking as part of the job. This is not confined to the IT department - there should be all round collaboration to achieve the goals. All of this is part of the necessary culture to advance in the digital world.


3. Rule of Five for Innovation Strategy Implementation

- Chen Jin & KC Chan

It has long been thought highly successful businesses become too big to fail. Recent history has proved that wrong as more headlines pronounce the closure of firms that have seemed indestructible. VUCA has become a byword for the difficulties, s standing for the Volatile, Uncertain, Complex and Ambiguous world of today. Everything changes. It is essential to adapt, and at the same time be resilient. This paper presents a way of looking from a wholistic standpoint, using Five Rules of wholistic thinking. First, change needs to be transformational, not dabbling with details. Second, strategies must move from planning to implementation. Third, the change team must be competent and aware of the reasons behind the strategy. Fourth, there needs to be an agile approach, measuring the success so far and if necessary, reviewing plans. Fifth, as the process can be gruelling, it is important to train and nurture those involved, from individuals and teams to the whole organisation. In short, a piecemeal approach will tackle only bits of problems. A wholistic approach is essential.

4. An Examination of the Impact of Key Auditor Factors Towards Auditing Quality Amongst Malaysian Quality Management System Auditors

- Flora Anthonysamy

Auditing is a way of assessing quality, but the quality of the auditing itself must also be addressed. There are certification bodies that strive to do this. Those who do the assessing need to understand, not just the problems in a particular firm, but also the appropriate regulations, right up-to-date, as well as suitable remedies. This requires training of auditors. But training does not guarantee proficiency. The training of the auditors needs to be audited. They clearly need specific technical expertise as appropriate for each firm, but as well as that, there are generic skills. Communicating a need for improvement while maintaining good relationships requires good soft skills. As stated in this paper, they need to be open-minded and versatile, good communicators, have focus and discipline, and be ethical, culture sensitive, and must maintain confidentiality. Soft skills tend to be underrated, but are essential in human relationships, including those in business.

5. Fintech and Women Entrepreneurs: Bridging the Financial Inclusion in Malaysia

- Eliki Vula Sokobalavu Boletawa

We are gradually escaping from patriarchal norms. In theory now men and women have equal opportunities and equal access to resources, but underlying assumptions can lead to unconscious differential treatment. The situation is gradually improving, with more women employed, more in higher positions, and more starting their own enterprises. Technology makes processes and communication easier, expanding possibilities, particularly when a rigid schedule is not feasible. Financial technology (fintech) can be helpful to male and female entrepreneurs, but there are potential problems. There is still bias, with girls not necessarily gaining digital literacy. Later they may lack the trust to pursue it. There are often blocks caused by latent assumptions in liberal countries, and in some, restrictive legislation. The barriers are very varied, so it needs a varied approach to eliminate them. All stakeholders need to tackle this, including the companies, civil society organisations and governments.