Effect of Reporting and Governance on Performance, with Online Digital Media as Moderating Among Malaysian Waqf Institutions: A Pilot Study

Abstract

The governance and reporting system of waqf institutions in Malaysia must be given serious attention and updated in line with technological advances and changing trends in global accounting reporting practices. The purpose of this study is to emphasise the Malaysian waqf industry in light of the investigation as to how integrated reporting and waqf governance mechanisms, namely, risk management, Shariah compliance and internal audit, influence performance with the moderating role of online digital media in the relationship. The study explores the determinants based on the responses obtained from 126 internal and external stakeholders of 45 identified Malaysian waqf institutions. SPSS Statistics 27 software was utilised to analyse instrument validity and reliability. This analysis employed exploratory factor analysis (EFA) to enhance the instrument. Initially, a 107-item questionnaire was developed by incorporating relevant insights from the literature review. After eliminating overlapping items and items that did not adequately represent the specific elements through expert validation, a 92-item questionnaire was developed. The EFA resulted in 13 factors consisting of 85 high-loading components. The study validated the effectiveness of the 85-item questionnaire instrument that examined the relationship between integrated reporting, waqf governance, online digital media and the performance of waqf institutions in Malaysia.