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Book part
Publication date: 11 October 2017

Augustine Pang, Ratna Damayanti and Eugene Yong-Sheng Woon

In 2015, Malaysia’s investment vehicle, 1Malaysia Development Berhad (1MDB), came under international scrutiny after it amassed a debt of US$11 billion (10.3 billion…

Abstract

In 2015, Malaysia’s investment vehicle, 1Malaysia Development Berhad (1MDB), came under international scrutiny after it amassed a debt of US$11 billion (10.3 billion) (Wright & Clark, 2015), which it had difficulty repaying. More disturbingly, investigators found that US$700 million (658 million) was transferred into the personal bank account of Malaysia’s prime minister, Najib Razak, founder and chairman of 1MDB’s advisory board (Wright & Clark, 2015). Najib was also accused of embezzling state money (Reuters, 2015) and damaging the image of the country (“Najib tried to bribe me”, 2015). This chapter aims to examine the strategies used by the Malaysian prime minister to repair his image in the 1MDB scandal, the effectiveness of these strategies, and how these impacted Malaysia’s public diplomacy efforts in restoring the country’s image and reputation. Findings showed that the prime minister denied wrongdoing, and simultaneously bolstered his position and promised to turn 1MDB around. In contrast to the current explication of Benoit and Pang’s (2008) image repair strategies, Najib’s way of attacking the accusers sheds light into how image repair strategies may be operationalized in the Asian context. A new image repair strategy – diversion – is proposed to be added to the existing framework.

Details

How Strategic Communication Shapes Value and Innovation in Society
Type: Book
ISBN: 978-1-78714-716-4

Keywords

Expert briefing
Publication date: 28 March 2017

He was present as leader of the Malaysian United Indigenous Party (PPBM), which he founded to take on his former party, the United Malays National Organisation (UMNO), now…

Details

DOI: 10.1108/OXAN-DB219888

ISSN: 2633-304X

Keywords

Geographic
Topical
Executive summary
Publication date: 13 December 2016

MALAYSIA: Opposition deal could pressure government

Details

DOI: 10.1108/OXAN-ES216665

ISSN: 2633-304X

Keywords

Geographic
Topical
Article
Publication date: 30 April 2020

Wai-Yan Wong and Chee-Wooi Hooy

This paper investigates the market responses towards four types of politically connected (PCON) firms during two political events – general election and change of leader…

Abstract

Purpose

This paper investigates the market responses towards four types of politically connected (PCON) firms during two political events – general election and change of leader in Malaysia.

Design/methodology/approach

The authors capture the market response using cumulative abnormal return and further test it using regression analysis. The authors use a sample of 376 politically connected (PCON) and non-politically connected (non-PCON) firms from 2002 to 2013.

Findings

The market reacted negatively towards government-linked companies (GLC) during both events, showing that GLCs are negatively perceived by the market during political instability. On the other hand, the reaction of the market towards firms connected by businessmen does not differ from other firms. When compared to the findings of past literature, it shows the decreasing influence that businessmen have over the government leader. In further analysis, this study finds firms that are connected to the incoming government leader recorded a higher CAR as compared to firms connected to the outgoing government leader.

Practical implications

The authors’ study offers several practical implications. Knowing how the market responds to the different types of political connections might prove beneficial to investors. With this information, investors can recognize stocks with potential returns before the event date and may consider buying or selling them to capture a short-term profit. The authors’ findings may also have important implications for the management of PCON firms in terms of implementing an effective risk management and asset allocation plan to safeguard their value during political events that may disrupt the stability of their firms.

Originality/value

This paper provides an insight on how the markets have a different perception towards different types of politically connected firms during short-run political events. Past studies usually categorize political connection into a single category. With this separation, the authors are able to see how their individual CAR differs from other types of PCON.

Details

International Journal of Managerial Finance, vol. 17 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

Expert briefing
Publication date: 16 December 2015

Political outlook for Malaysia's prime minister.

Executive summary
Publication date: 24 August 2022

MALAYSIA: Najib Razak jailing tests premier’s party

Details

DOI: 10.1108/OXAN-ES272303

ISSN: 2633-304X

Keywords

Geographic
Topical
Expert briefing
Publication date: 15 March 2016

Cooperative measures among Malaysian opposition parties and civil society groups.

Details

DOI: 10.1108/OXAN-DB209985

ISSN: 2633-304X

Keywords

Geographic
Topical
Expert briefing
Publication date: 21 February 2019

Anti-corruption efforts.

Details

DOI: 10.1108/OXAN-DB242031

ISSN: 2633-304X

Keywords

Geographic
Topical
Expert briefing
Publication date: 5 August 2015

The Malaysian cabinet reshuffle's implications.

Details

DOI: 10.1108/OXAN-DB201465

ISSN: 2633-304X

Keywords

Geographic
Topical
Expert briefing
Publication date: 20 April 2015

The political crises facing the government.

Details

DOI: 10.1108/OXAN-DB199045

ISSN: 2633-304X

Keywords

Geographic
Topical
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