Based on a multi-year field study of early-stage drug discovery project teams at a global pharmaceutical company, this paper examines how multidisciplinary teams engaged in knowledge creation combine formal and informal coordination mechanisms when faced with unpredictable interdependencies among specialists' knowledge domains. While multidisciplinary teams are critical for knowledge creation in increasingly specialized work environments, the coordination literature has been divided with respect to the extent to which such teams rely on formal coordination structures and informal coordination practices. Our findings show that when interdependencies among knowledge domains are dynamic and unpredictable, specialists design self-managed (sub-)teams around collectively held assumptions about interdependencies based on incomplete information (conjectural interdependencies). These team structures establish the grounds for informal coordination practices that enable specialists to both manage known interdependencies and reveal new interdependencies. Newly revealed interdependencies among knowledge domains, in turn, promote structural adaptation. Drawing on these findings, we advance an integrative model explaining how team-based knowledge creation relies on the mutual constitution of formal coordination structures and informal coordination practices. The model contributes to theory on organizational design and practice-based research on coordination in cross-disciplinary knowledge creation.

Previous academic and popular literature has raised important debates concerning the contradictory incentives of international firms to reduce their environmental impacts and offer transparent environmental information about their operations. As an exhaustive review of this literature reveals mixed and partial evidence, we compared the individual corporate environmental performance and disclosure of the 100 most international non-financial firms in the world to those of 16,023 firms in their industries and a group of matched pairs of firms for three different years. Our results show that although the top international firms have a much better record of environmental disclosure than the firms within their industries and the matched pairs, the top international firms also show worse environmental performance than their peers. The results suggest that the top international firms seek legitimation for their environmental activities by means of voluntary disclosure.

Literature on partnerships has grown rapidly in the past decade across different disciplines. However, despite conceptual attention to the value of strategic multi-stakeholder collaboration to promote peace and reconciliation, challenges posed by (post-)conflict, fragile contexts have barely been considered in empirical studies. In this article we contribute by bringing together debates from different partnership literatures and providing an overview of existing, relatively limited research insights on partnerships for peace in fragile states. We present a typology of different levels (local, national, international) at which collaboration takes place and different types of partnerships (philanthropic, transactional, engagement, transformative). This is exemplified with specific attention to Africa, where most fragile states are found, and to partnerships with transformative potential. The analysis suggests that the lowest-level (local) partnerships tend to exclude the national government, while the most recent international, multilateral-driven collaboration has not included business; national cases are most transformative but incidental and not yet leveraged internationally. Despite the interconnected nature of conflict and fragility issues, linkages between partnerships and partners at different levels are largely missing, offering potential for further development by a broad spectrum of scholars and thought leaders. Insights from 'extreme' unconventional contexts thus have relevance for management research more generally.

Agency theory-grounded research on boards of directors and firm legitimacy has historically viewed CEO power as de-legitimating, often taking this fact for granted in theorizing about external assessors' evaluations of a firm. With few exceptions, this literature has focused exclusively on capital market participants (e.g., investors, securities analysts) as the arbiters of a firm's legitimacy and has accordingly assumed that legitimate governance arrangements are those derived from the shareholder-oriented prescriptions of agency theory. We extend this line of research in new ways by arguing that customers also externally assess firm legitimacy, and that firms potentially adjust their governance characteristics to meet customers' norms and expectations. We argue that the cultural-cognitive institutions prevalent in customers' home countries influence their judgments regarding a firm's legitimacy, such that firms competing heavily in high-power distance cultures are more likely to have powerful CEOs, with CEO power a source of legitimacy—rather than illegitimacy—among customers. We also argue that the more dependent a firm is on its customers and the more salient cultural power distance is as a demand-side institutional norm, the greater this relationship will be. Data from 151 U.S. semiconductor and pharmaceutical firms over a 10-year period generally support our predictions.

Despite the extensive research into the effects of reputation, virtually all of this research has examined the effect of one type of reputation on one or more specific outcomes. In this study we ask the question: How do the reputations of analysts, CEOs, and firms individually and jointly affect firm outcomes? To answer this question we focus on a context where reputations are particularly relevant - changes in analyst recommendations and the effect of those changes on stock market reactions. Our study makes contributions to the growing reputation literature by being one of the first studies to recognize and measure how the market accounts for multiple reputations. Further, we argue and find that the reputations of different actors interact with each other when determining particular firm outcomes. We find that different actor's reputations influence the reactions of observers.

In order to acquire resources, new ventures need to be perceived as legitimate. For this to occur, a venture must meet the expectations of various audiences with differing norms, standards, and values as the venture evolves and grows. We investigate how the organizational identity of a technology venture must adapt to meet the expectations of critical resource providers at each stage of its organizational life cycle. In so doing, we provide a temporal perspective on the interactions between identity, organizational legitimacy, institutional environments, and entrepreneurial resource acquisition for technology ventures. The core assertion from this conceptual analysis is that entrepreneurial ventures confront multiple legitimacy thresholds as they evolve and grow. We identify and discuss three key insights related to entrepreneurs' efforts to cross those thresholds at different organizational life cycle stages: institutional pluralism, venture-identity embeddedness and legitimacy buffering.

Despite recognizing the importance of personal identification in organizations, the literature has rarely explored its dynamics. We define personal identification as perceived oneness with another individual, where one defines oneself in terms of the other. While many scholars have found that personal identification is associated with helpful effects, others have found it harmful. To resolve this contradiction, we distinguish between three paths to personal identification -threat-focused, opportunity-focused, and closeness-focused - and articulate a model that includes each. We examine the contextual features, how individuals' identities are constructed, and the likely outcomes that follow in the three paths. We conclude with a discussion of how the threat-, opportunity-, and closeness-focused personal identification processes potentially blend, as well as implications for future research and practice.

Identification is integral to mentoring relationships, yet we know relatively little about the process through which mentors and protégés identify with each other, how this mutual identification shifts through the phases of the mentoring relationship, and how identification impacts the quality of the relationship over time. In this paper, we integrate theories of the self, relationships, and relational mentoring to consider the role of identification in informal mentoring. Specifically, we theorize how the process of personal identification occurs in mentoring from the perspective of both the mentor and protégé and offer a model that demonstrates how shifts in identification relate to the quality of the relationship that develops over time. We conclude with a discussion of implications for research and theory in mentoring.

Research about the effects of an organization's general reputation following a negative event remains equivocal: Some studies have found that a high reputation is a benefit because of the stock of social capital and goodwill it generates; others have found it to be a burden because of the greater stakeholder attention and violation of expectations associated with a negative event. We theorize that stakeholders' level of organizational identification helps explain which mechanisms are more dominant. We test our hypotheses on a sample of legislative references associated with NCAA major infractions from 1999-2009. Our results indicate that a high reputation is a burden for an organization when considering low-identification stakeholder support: As the number of legislative references increases, a high-reputation university will receive fewer donations from non-alumni donors than universities without this asset. In contrast, a high reputation is a benefit when considering high-identification stakeholder support: As the number of legislative references increases, a high-reputation university will receive more donations from alumni donors than universities without this asset. However, an exploratory investigation reveals that alumni donations to high-reputation universities decline as the number of legislative references increases, suggesting that the benefit of a high reputation has a limit.

This article examines the conditions under which organizations publicly respond to unfavorable consumer evaluations that challenge their market identity. Because organizations' market identities are certified by expert evaluations, consumers' devaluations that challenge these expert evaluations represent an identity threat. However, organizations do not always react to consumers' devaluations because of the risks associated to public responses. Hence, we first predict that organizations are more likely to respond to severe devaluations than to weaker ones; second, we propose that organizations, when faced with severe devaluations, are more likely to craft responses that justify their actions and behaviors. We further contend that, for any market identity under consideration, an organization's reputation amplifies these relationships. Analyses of a dataset of London hoteliers' responses to online reviews posted on TripAdvisor during the period 2002-2012 lend substantial support to our hypotheses.

Evidence-based management has been widely advocated in management studies. It has great ambition: all manner of organizational problems are held to be amenable to an evidence-based approach. With such ambition, however, has come a certain narrowness which risks restricting our ability to understand the diversity of problems in management studies. Indeed, in the longer term, such narrowness may limit our capacity to engage with many real-life issues in organizations. Having repeatedly heard the case for evidence-based management, we invite readers to weigh up the case against. We also set out an alternative direction - one that promotes intellectual pluralism and flexibility, the value of multiple perspectives, openness, dialogue, and the questioning of basic assumptions. These considerations are the antithesis of an evidence-based approach, but central to a fully rounded management education.

Social enterprise has gained widespread acclaim as a tool for addressing social and environmental problems. Yet, because these organizations integrate the social welfare and commercial logics, they face the challenge of pursuing goals that frequently conflict with each other. Studies have begun to address how established social enterprises can manage these tensions, but we know little about how, why, and with what consequences social entrepreneurs mix competing logics as they create new organizations. To address this gap, we develop a theoretical model based in identity theory that helps to explain: (1) how the commercial and social welfare logics become relevant to entrepreneurship, (2) how different types of entrepreneurs perceive the tension between these logics, and (3) the implications this has for how entrepreneurs go about recognizing and developing social enterprise opportunities. Our approach responds to calls from organizational and entrepreneurship scholars to extend existing frameworks of opportunity recognition and development to better account for social enterprise creation.

Female corporate leadership has drawn increasing attention from academia and practitioners. We contribute to the literature by examining the impact of CEO succession with gender change—i.e., a male CEO succeeded by a female or vice versa. We propose that due to gender differences in executive leadership positions, CEO succession with gender change may amplify the disruption of the CEO succession process and thus adversely affect post-succession firm performance and increase the likelihood of successor early departure. Using data from 3,320 CEO successions in companies listed in China's Shanghai and Shenzhen Stock Exchanges from 1997 to 2010, we find evidence to support this argument. We also find that the negative (positive) impact of male-to-female succession on firm performance (the likelihood of successor early departure) may be weakened by positive organizational attitudes toward female leadership as indicated by the presence of other female leaders on the firm's board of directors and/or top management team, and the successor's inside origin.

Resource dependence theorists argue that boards of directors with political capital can benefit focal firms by reducing uncertainty and providing preferential resources. Here, we develop theory regarding the downside of board political capital. As the principal-principal agency problem characterizes many parts of the world, we argue that board political capital can exacerbate this problem by enabling large blockholders to undertake more appropriation of firm wealth. Further, we explore how this enabling effect is moderated by ownership-, industry-, and environment-level contingencies. We find empirical support for our arguments using 32,174 directors in 1,046 Chinese listed firms over the period 2008 - 2011. Our study sheds light on new ways in which resource dependence and agency theories can be integrated to advance the extant research on board governance and corporate political strategy.

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ALLIES and supporters of the United States who praise it as the champion of democracy, freedom and human rights will now be rushing to join the media queue to congratulate the incoming president.

In their public messaging, they are likely to extol the outcome as yet another example of American exceptionalism and a role model for the countries of the world they regard as autocratic and necessary to bring down to uphold their definition of democracy and the Western rule of law.

Privately though, they will be feeling and reacting differently. They are also likely to be afraid of what will now follow.

The explanation is not far to find. Though portrayed in Western media as offering vastly different visions of the US for the next four years as well as being diametrically opposed in their foreign policy objectives, Kamala Harris and Donald Trump concur in adherence to the slogan made famous by Trump: that is to “Make America Great Again” (Maga).

It is a slogan that Democrat party leaders embrace just as strongly but would rather not
let the rest of the world be aware of or knowledgeable about.

How will Maga impact US foreign policy?

Post-election, the Maga agenda will be pushed hard and at the expense of the interests and concerns of the rest of the world. Maga foreign policy impact will be felt not only by countries that the US sees as rivals and enemies – China, Russia, North Korea, Iran, Cuba, Afghanistan, Pakistan, Serbia, Venezuela, Belarus and others.

It will also inflict costs on allies including Canada, European Union nations, Ukraine, United Kingdom, Australia, New Zealand, Japan, South Korea, and a few others such as the Philippines, previously provided with generous financial and military support by a moneyed and powerful benefactor, which is now relatively impoverished and less influential.

Countries not hitched to the American ideological bandwagon that see themselves as independent such as Mexico, India and Vietnam will find that sitting on the fence in the next four years will be much less comfortable as the new US president will not shield or spare them from the looming policy changes in trade, immigration, security, climate change and wherever else he or she sees as important and necessary to uplift the US and stem its decline.

Earlier in July, The Economist drew up a table ranking the vulnerability of various countries likely to be impacted by a new Trump presidency’s core policies. The table, The Trump Risk Index, assessed the exposure and vulnerability of America’s 70 largest trading partners to potential policy changes.

Although no similar table was drawn up for a Harris presidency, if one were to be drawn up, it is likely that there will be little or no difference in the index finding and ranking.

Increasingly, we find that liberal and conservative American analysts – both now recognising that the US is in an existential crisis – are converging in support of Maga to be the focus of US foreign policy.

The crisis, a long-developing one, exposes not only the deep divisions within American society with equal numbers on Republican and Democrat sides of the political fence in disagreement on the domestic policy reforms that the country badly needs.

It also brings to attention the current status of the US described by Trump as “a failing country”. It is a description that some Americans have taken umbrage with but which many Democrat supporters agree on while denouncing the Republican and Trumpian rhetoric and record on failing to improve the state of the nation.

What is perhaps most unsettling is that the disorder and instability in the US may see the new president become more reliant on US military superiority to ensure American dominance in global geopolitics.

The US military may again be called upon to underpin the foreign policy actions needed to make America great again.

Is a last hurrah coming to ensure that the US continues its defence of the unipolar world that it has shaped and is fixated on preserving?

Lim Teck Ghee’s Another Take is aimed at demystifying social orthodoxy.
Comments: letters@thesundaily.com

TAIPEI: A state-funded English-language broadcaster in Taiwan removed a video of one of its journalists calling US President-elect Donald Trump a “convicted felon”, after the Taipei government said the incident was “very serious”.

Taiwan has publicly congratulated Trump on his victory, joining other governments around the world in trying to get onside with the next US administration.

Washington has long been Taipei’s most important supporter, but Trump raised concerns on the campaign trail by suggesting Taiwan should pay the United States for its defence and accusing it of stealing the US semiconductor industry.

TaiwanPlus correspondent Louise Watt was speaking on camera in the United States last week when she said “the US is either going to vote in its first female president or its first convicted felon”.

“Well America looks like it’s chosen the felon,“ Watt said, in a clip shared by Taiwanese broadcaster TVBS and seen by AFP.

Taiwan Culture Minister Li Yuan told local media on Saturday that TaiwanPlus took down the video after he told the broadcaster “that this issue is very serious”.

Public Television Service Foundation, which manages TaiwanPlus, said Monday the broadcaster had “humbly reviewed its operational procedures” following the report.

The foundation said it will convene a “self-discipline” committee this week to “discuss the matter”.

TaiwanPlus broadcasts videos on its website, YouTube and cable television.

More than 90 percent of its viewers are overseas, the foundation said.

In 2023, TaiwanPlus began showing in US hotels in “key cities frequented by political and economic elites, such as Washington, D.C., New York, Los Angeles, and Seattle”, the foundation said.

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More to follow

ZHUHAI: A hit-and-run attack at a sports centre in the southern Chinese city of Zhuhai killed 35 people and severely injured 43, local police said on Tuesday.

The incident happened at 7:48 p.m. (1148 GMT) on Monday, when a small off-road vehicle was driven into a large group of people exercising outside the sports centre.

Zhuhai police said in a statement that the suspect, a 62-year-old man surnamed Fan, was being treated at a hospital after hurting himself with a knife in his car.

A Reuters reporter at the scene on Tuesday evening said people had begun leaving wreaths, counting 18 laid in front of a sign for the Zhuhai People’s Fitness Square. Others lit candles and incense. The police presence was low.

A video, verified by Reuters, of the scene on Monday following the attack had shown at least 20 people lying on the ground. Cries of “terrorist” could be heard as ambulances arrived to take the injured to hospital.

Hundreds of rescue personnel from Zhuhai city and Guangdong province were deployed to provide emergency treatment, and more than 300 healthcare workers from five hospitals worked around the clock to save lives, state media Beijing Daily reported.

Fan was apprehended by police at the scene after attempting to flee, police said, adding that he had self-harmed using a knife, causing severe neck injuries.

Police said their preliminary investigation suggested the incident was triggered by Fan’s discontent following a divorce.

President Xi Jinping, cited by Chinese state television CCTV, ordered all-out efforts to treat the injured and demanded severe punishment for the perpetrator. The central government has dispatched a team to provide guidance on handling of the case, CCTV said.

The attack sparked thousands of angry comments on Chinese social media, many of which were quickly censored after the police reported the high death toll.

“Zhuhai is one of the most relaxed, peaceful, and liveable cities in the country, and this tragic incident has left a painful memory that will be hard to erase for many years to come,“ one user of the Weibo platform said.

Violent crime is rare in China due to tight security and strict gun laws. However, a rise in reports of knife attacks in large cities has drawn public attention to safety in public spaces.

In October, a knife attack in Beijing left five people wounded outside one of the city’s top primary schools. A month earlier, a Japanese student was fatally stabbed outside his school in Shenzhen.

Zhuhai is hosting China’s biggest annual air show this week where a new stealth jet fighter will be on display for the first time.

JAKARTA: Indonesia's President Prabowo Subianto met with U.S. President Joe Biden at the White House on Tuesday and offered his congratulations to President-elect Donald Trump by phone during an official visit to Washington.

“I will work very hard to strengthen Indonesian-United States relationship, and I would like to work towards this end that we have a strong cooperation,“ said Prabowo.

Prabowo, who has said he will pursue a non-aligned foreign policy, met with Biden in the Oval Office after posting a video of his call to Trump.

He arrived in Washington straight from China, where he had met with President Xi Jinping on his first overseas trip since taking office last month.

Washington sees Indonesia, the most populous country in Southeast Asia, as an important partner in a region where its rival Beijing has deep trade and investment ties. Indonesia is also the world's most populous Muslim-majority country.

While China is a key economic partner for Indonesia, Jakarta has also become a big buyer of U.S. arms, and it wants to sell the West more metals from its mines.

At the White House, Biden said the two leaders were discussing climate, conflict in the Middle East and the South China Sea.

Indonesia said on Monday it does not recognize China's claims over the vast majority of the South China Sea, despite signing a maritime development deal with Beijing.

“We continue to encourage Indonesia to work with their legal experts to make sure any agreement they make with (the People’s Republic of China) is in accordance with international law, especially the UN Convention on the Law of the Sea,“ said White House spokesperson Karine Jean-Pierre at a press briefing.

TRUMP CALL

Prabowo's office said he made the call to Trump on Monday after arriving in Washington. It did not immediately respond when asked if he is scheduled to meet Trump in person.

“Wherever you are, I’m willing to fly to congratulate you personally, sir,“ Prabowo said in the video of the call posted on his social media accounts.

“We’ll do that, anytime you want,“ Trump replied.

Trump described his own election victory as amazing, and said it gave him a big mandate.

He also said the Indonesian president was “very respected,“ and praised his English, to which Prabowo, a former special forces commander, replied: “All my training is American, sir.”

Prabowo also met with several U.S. company representatives in Washington, his office said, including from Freeport McMoRan and energy company Chevron, and urged the companies to invest in Indonesia. (Reporting by Stanley Widianto in Jakarta and Jeff Mason in Washington; Writing by Trevor Hunnicutt; Editing by John Mair, David Gregorio and Rosalba O'Brien)

MANILA: Former Philippine President Rodrigo Duterte said the International Criminal Court (ICC) should ‘hurry up’ with its probe of his war on drugs, remaining firm in his defence of the brutal campaign as he said the investigation should start immediately.

“I’m asking the ICC to hurry up, and if possible, they can come here and start the investigation tomorrow,“ Duterte said in a congressional inquiry on his war on drugs.

“If I am found guilty, I will go to prison.”

According to police data, more than 6,200 people died in anti-drug operations under Duterte’s presidency, during which police typically said they had killed suspects in self-defence.

Human rights groups believe the real toll to be far greater, with thousands more users and small-time peddlers killed in mysterious circumstances by unknown assailants.

“I assume full responsibility for whatever happened in the actions taken by law enforcement agencies of this country to... stop the serious problem of drugs affecting our people,“ Duterte said.

The ICC last year cleared the way for an investigation to into the thousands of deaths and other suspected rights abuses.

The Philippines withdrew from the ICC in March 2019, when Duterte was president. Appeals judges at the ICC subsequently ruled prosecutors still had jurisdiction over the alleged crimes because they occurred when the Philippines was an ICC member.

CAIRO: Sudan has seen a surge in extreme violence in recent weeks as the warring military and paramilitary push for a decisive victory, with no political solution in sight.

Fighting between the Sudanese army and the Rapid Support Forces (RSF) has intensified since late October, with reports of attacks on civilians including sexual violence against women and girls raising alarm.

The war that erupted in April 2023 has created what the UN calls the world’s worst displacement crises, with more than 11 million people forced from their homes.

It has put the country on the brink of famine, and sparked warnings of intensifying violence in a war that has already killed tens of thousands.

“Over the last two weeks, the situation in the country has been marked by some of the most extreme violence since the start of the conflict,“ according to Rosemary DiCarlo, UN Under-Secretary-General for Political and Peacebuilding Affairs.

“Let me stress that both warring parties bear responsibility for this violence,“ she said, adding that both sides “seem convinced they can prevail on the battlefield.”

Since October 20, at least 124 civilians have been killed in central Al-Jazira state and another 135,000 have fled to other states, according to the UN.

With global attention focused on other wars, chiefly in Ukraine and the Middle East, civilians in Sudan are paying a steep price for the escalation.

“All indicators so far show that both sides are committed to military solutions, with no genuine interest in political resolutions or even easing the suffering of civilians,“ according to Mohamed Osman of Human Rights Watch.

Amani al-Taweel, director of the Africa programme at the Al-Ahram Center for Political and Strategic Studies in Cairo, agreed.

“There is no political solution on the horizon,“ she told AFP, adding that both sides were seeking a “decisive military solution”.

Split

The war in Sudan has pitted army chief Abdel Fattah al-Burhan against his erstwhile ally Mohamed Hamdan Daglo, leader of the RSF.

The country is split into zones of control, with the army holding the north and east, and the government based in Port Sudan on the Red Sea coast.

The RSF controls much of the capital Khartoum, the Darfur region in the west and parts of Kordofan in the south, while the centre is split.

With no mandatory military conscription, the Sudanese army includes Islamist-leaning forces as well as other factions.

The RSF is primarily made up of tribal militias from Darfur’s Arab communities.

According to local reports, the army has about 120,000 troops while the RSF has 100,000.

On the battlefield, Sudan’s air force gives the military an advantage.

Rights groups have accused both sides of committing atrocities.

The UN population agency published on Tuesday horrific accounts of women and girls fleeing the violence, including one who said she was urged to kill herself with a knife rather than be raped.

‘Deadlock’

Successive rounds of talks have been held in Saudi Arabia, but the negotiations have yet to produce a ceasefire.

In August, the Sudanese military opted out of US-brokered negotiations in Switzerland and an African Union-led mediation has also stalled.

“The deadlock in peaceful channels, whether regionally or internationally, is exacerbating the violence,“ said Mahmud Zakaria, a professor of political science at Cairo University’s Faculty of African Postgraduate Studies.

Since October, the RSF escalated its attacks in Al-Jazira state, south of Khartoum, following what the military said was the defection of one of its commanders to the army.

Before the war, Al-Jazira was known as Sudan’s breadbasket, hosting Africa’s largest agricultural project, yielding 65 percent of the country’s cotton, according to Zakaria.

Proxy war?

Some areas have been scarred by conflict before.

Darfur saw a major war two decades ago, during which the then-government’s allies in the Janjaweed militia faced accusations of ethnic cleansing and genocide.

With roots in the Janjaweed, the RSF became a force in its own right in 2013.

Sudan’s conflict has increasingly drawn in regional powers, prompting the United States to urge all countries to stop arming rival generals.

Former Egyptian deputy foreign minister for African affairs Ali el-Hefny said progress will require global willpower.

Instead, foreign powers are “fuelling the violence, delaying Sudan’s return to stability”, he said.

The army has accused the United Arab Emirates of backing the RSF -- a charge it strongly denies.

In December, UN experts monitoring an arms embargo on Darfur described as “credible” allegations Abu Dhabi had funnelled weapons to Daglo’s forces on cargo planes.

The RSF has in turn alleged Egyptian support for the army, which Cairo has also denied.

Army chief Burhan has historically been close to Egyptian President Abdel Fattah al-Sisi, who pledged his “continued support” earlier this month.

KUALA LUMPUR: Bursa Malaysia Bhd is experiencing a resurgence in IPOs as 2024 draws to a close, reflecting renewed investor confidence in the local bourse.

With 44 initial public offerings to date, Bursa Malaysia has outpaced other markets in Southeast Asia, emerging as an attractive IPO destination amid a stable economic and political landscape.

According to Mohd Sedek Jantan, UOB Kay Hian Wealth Advisors’ head of investment research, several factors have contributed to this surge. “The risk of doing business in the fourth quarter has subsided as major economic and political uncertainties have passed, such as the US presidential election while Malaysia’s active role in international forums has bolstered the country’s global standing,” he told Bernama.

He reckons that Malaysia’s stable economic indicators, including positive trade figures, healthy employment rates and steady industrial production have fostered a predictable business environment that encourages IPO activity. “Political stability and a clear government policy framework further enhance investor confidence,” he said.

The surge in IPOs on Bursa Malaysia underscores the local bourse’s resilience compared to other regional markets.

Mohd Sedek noted that Malaysia has recorded 36 IPOs so far this year, raising about US$450 million in the first half alone, which accounts for 33% of Southeast Asia’s total IPO proceeds.

“This stands in contrast to a subdued IPO market across the Asia-Pacific, where proceeds have dropped by 63%, largely due to challenges in China and Hong Kong.

“Malaysia has outperformed both Indonesia and Singapore in IPO activity this year,” he pointed out, highlighting that Indonesia faces political uncertainty following its recent presidential election, while Singapore has seen a slowdown in activity due to high regulatory costs and weak investor demand.

In contrast, he said Malaysia’s IPO market benefits from a stable macroeconomic backdrop, business-friendly regulations, and the supportive Madani Economy Framework.

Mohd Sedek said the growth in IPOs reflects optimism in key Malaysian sectors, with recent listings from the construction, manufacturing, and healthcare industries.

He said in the construction sector, which expanded by 22.9% in the third quarter, private and public investments in residential, non-residential, and large-scale infrastructure projects are expected to drive further growth. “Key government initiatives, such as RM9 billion for private finance initiatives and RM25.5 billion from government-linked investment companies are expected to sustain this momentum,” he added.

In the manufacturing sector, Malaysia’s transformation under the New Industrial Master Plan 2030 aims to drive growth in high-value, technology-driven industries. “The government’s focus on digitalisation, green technology, and advanced manufacturing techniques is expected to attract further investments, solidifying Malaysia’s position as a competitive manufacturing hub in Asean,” he said.

Malaysia’s healthcare sector is also expanding due to demographic shifts and rising health awareness. The integration of technology, such as telemedicine and digital health solutions, is anticipated to boost the sector’s growth by improving care accessibility and efficiency. “This trend, coupled with government support for medical tourism, positions Malaysia as a key player in the healthcare industry in the region,” Mohd Sedek said.

Bursa Malaysia CEO Datuk Muhamad Umar Swift expressed satisfaction with the IPO momentum, noting that three Main Market IPOs were listed this week alone.

“This surge reflects a thriving capital market with strong regulatory support and a diverse investor pool. Malaysia has experienced a bull run, making us the Asean exchange with the highest number of IPOs to date this year,” he said.

Echoing this sentiment, the exchange regulator’s chairman Tan Sri Abdul Wahid Omar highlighted the significance of Monday’s listings, which took place on the auspicious date of 11.11. (Nov 11)

“Both companies chose that date for its auspicious nature, marking a rare occasion of two listings on the same day. The last time Bursa hosted two listings on a single day was in November 2017, following the demerger of Sime Darby Group, which saw both Sime Darby Plantation Bhd and Sime Darby Property Bhd debut together,” he said.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the strong IPO pipeline signals positive prospects for the Malaysian economy, as stable policies and a clear path towards becoming a high-income nation attract investor interest.

“Malaysia’s equities are undervalued, offering upside potential. The economic and policy stability enhances investor confidence, while companies’ growth trajectories inspire optimism for the market’s future,” he said.

Mohd Afzanizam said that as Bursa Malaysia continues to attract IPOs, he expects the exchange’s momentum to inspire small and medium enterprises to pursue similar growth opportunities. “The record-setting IPO activity underscores Malaysia’s resilience and strong capital market position in Asean, providing a positive outlook for 2025,” he added. – Bernama

BOLT, Europe’s leading mobility company, is launching its ride-hailing service in Malaysia’s Klang Valley, aiming to provide a fast, convenient, and eco-friendly way for residents to navigate the city. The new service allows users to request rides through the Bolt app, while also offering flexible income opportunities for local drivers, who can set their schedules independently. By increasing transportation options, Bolt’s entry is expected to help alleviate public transport demand, making shared mobility more accessible and offering an alternative to existing ride-hailing services.

Bolt’s mission emphasises reducing reliance on privately owned vehicles and addressing urban challenges such as congestion, air pollution, and limited public spaces. The company envisions integrating its platform into the urban transit network, encouraging the shift to shared mobility solutions that support a more sustainable urban environment.

Afzan Lutfi, General Manager of Bolt Malaysia, highlighted the company’s goal of building cities centred around people rather than cars. “In Malaysia, we’re committed to reducing traffic congestion and transforming public spaces by shifting from private car ownership to shared mobility,” he explained. “By providing affordable and low-emission mobility options, Bolt is not only supporting Malaysia’s urban mobility goals but also enhancing the quality of life in Klang Valley and beyond.”

As the demand for ride-hailing grows in Malaysia, Bolt’s app includes safety features and robust customer support to foster trust between riders and drivers, reinforcing a safe and reliable travel experience. Bolt’s launch marks a step towards shaping a more connected, accessible, and liveable future for Malaysia’s cities.

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