Figure 1 represent the relationship between the overall top 30 property companies’
index in Malaysia and the transparency index ranking based on the analysis
illustrated in the previous section. This test is to analyse whether top companies also
have a high level of transparency index. Using “Spearman’s coefficient” of rank
correlation between the two indexes, Rs ¼ 0.06 thus indicates that the transparency
index and top 30 property companies in Malaysia is not significantly correlated. The
fact that the top companies must have a high level of transparency is not necessarily
true. From the graph, it shows a weak relationship between the transparency indexes
and the top 30 property companies in Malaysia. This figure highlights an important
finding; highlighting the fact that although most of the companies in Malaysia have a
satisfied level in terms of transparency attributes, the top property companies (based
on market value) may not necessarily have a good transparency level.