Results and discussions
A matrix table was used to assess the transparency level among top property
companies in Malaysia (Table V). Tables VI and VII presents the score for each
company and the transparency attributes for the two matrixes. The results also
demonstrate the attributes score that revealed which common transparency attributes
are being practised among the property companies in Malaysia. Furthermore, each of
the attributes was also examined to provide a clear idea of the transparency index.
As mentioned above, these attributes provide an overview of factors that are believed
to be the transparency indicator for property companies in Malaysia. Obviously, there
will be some other elements which relate to transparency that needs considering but
these attributes are identified as pillars based on various literature reviews.
The horizontal line indicates the overall score for each company by each attribute.
In additional to the score, a vertical line shows the score for each attribute for each
company. The results indicate large property companies in Malaysia such as SP Setia,
Dijaya and Paramount, were among the highest level and achieved almost full
scores for both matrixes. Consequently, this signifies that these companies are the
most transparent property companies in Malaysia. It could be observed that some
companies obtained the same score and as such share the same rank. Out of 30
companies 26 were able to achieve a score of more than half of the attributes in terms of
corporate web sites. For annual reports, all companies managed to achieve more than
a half score of the attributes.
The average score for property companies in matrix 1 and matrix 2 is 10 and 14,
respectively. This indicates that the majority of the listed property companies in
Malaysia have almost all attributes in the TM. The results also indicate that there is
room for improvement in order to enhance transparency elements in the companies’
corporate web sites. Compared to annual reports, more transparency elements need to
be achieved. The results also correlate with the earlier transparency report by JLL that
has placed Malaysia under the transparency market level for property ( JLL, 2010).
Interestingly, three companies, namely: KRIS Asset Holdings, Mutiara Goodyear