The Integrated Business Model's Contributory Role Towards Financial Performance: Women Directors’ One Third Presence

The goal of this study is to see how consolidated business model exposures in the Integrated Report or Annual Report affect the top 30 Malaysian PLCs, moderated by the MCCG 2017 recommendation of including 30% of women on the board of directors.In order to analyze the Integrated Business Model exposures among the top 30 Malaysian PLCs, the study uses a purposeful sampling technique coupled with predictive analysis, multiple regression analysis, and quantitative analysis derived from previous studies, as well as a summary of annual reports and integrated reports.The construction of a new Female Governing Board Content-Scoring Index will identify the best policies of the top 30 Malaysian PLCs, which will benefit both researchers and business players outside of the top 30.This research is a systematic study of detailed methodological developments in Integrated Business Model disclosures reported through the Integrated Report and Annual Reports of the top 30 Malaysian PLCs, in terms of uniqueness.In conclusion, with regards to the acceptance of the Integrated Business Model , the results show significance in terms of Return on Assets which reflects internal top management’s acceptance, which is also in congruence with the significance shown in terms of Return on Equity which reflects external investors and shareholders’ acceptance, and finally are also symmetrical to the significance results shown in terms of TobinsQ which reflects the market participants.


I. Introduction
Governance refers to the importance of leadership in all publicly traded firms. The focus of this study is on governance principles, as well as the process required to take a business to new heights (Kanagaretnam, Lobo and Whalen, 2007;Haniffa and Hudaib, 2006;Cadbury Report, 1992). Denis and McConnell (2003) described corporate governance as "processes that enable directors to act in the best interests of shareholders, thus increasing the overall quality of shareholders." Internally and publicly, all governance systems can be divided into two categories. The judicial system, for example, was an external mechanism (Denis and McConnell, 2003). The structure of the committee (Haniffa and Hudaib, 2006), pay schemes (Donaldson & Davis, 1991), the judgment call mechanism, and the implementation of choices taken are all aspects of the strong internal control processes that are the focus of this report (Abeysekera, 2013).
The Board of Directors is held responsible for good governance in many organizations, especially international entities, where investors and managers are separated (Cadbury Report, 1992). The International Integrated Reporting Council's (IIRC) Integrated Reporting framework (International Integrated Reporting Council, 2011 defines those responsible for governance as "the individual(s) or organization(s) tasked with managing the corporate overall strategy of the respective company which has mandatory and custodianship functions." Senior leadership's personality profile has an influence on the future they create and, as a result, on the decisions taken by the companies they lead. That is because socioeconomic influences are linked to a variety of neuronal bases, attitudes, and preferences that influence the board of directors' decisions. Senior leadership can be more generationally diverse, which have an effect on the management team's judgment call, and the ability to respond to outstanding outcomes (Marimuthu and Kolandaisamy, 2009). The firm's value proposition is its strategy of converting capital into goods and services that aim to meet the company's corporate goals and priorities in order to maximize value in the short and medium haul as well as the long term by its commercial activities (International Integrated Reporting Council, 2011. The consolidated report lays out the company's policy, covering main inputs, operations, outputs, and results (International Integrated Reporting Council, 2011.

Problem Statement
Malaysia has indeed been constantly faced with global sustainability threats such as the drop in oil prices, China's economic slowdown, and the withdrawal of foreign funds (Saleem, 2015). Nevertheless, Malaysia isn't the only one dealing with global fiscal matters; several other countries have faced similar challenges.
In the best efforts of government agencies, regulators, and a variety of other organizations to strengthen regulatory frameworks aimed at instilling consumer confidence in capital markets, shareholder interest has been seriously harmed. Investor scrutiny on corporate institutions and board members is higher than it has ever been, not just for their financial efficiency, but also on how they manage climate change, socioeconomic, and corporate governance challenges at the legislative level.
In 2014, Paul Druckman, the Chief Executive Officer of the International Integrated Reporting Council, visited Malaysia and expressed his dissatisfaction with the general quality of Integrated Reporting implementation and practices by public listed companies on Bursa Malaysia (PricewaterhouseCoopers, 2014). Furthermore, the poor adoption of Integrated Reporting in Malaysia in 2014 was a big disappointment, according to the survey. This is due not only to a lack of local businesses implementing the scheme, but also to the fact that none of the big Malaysian corporations was involved in developing a Malaysian version of the Integrated Reporting Structure (PricewaterhouseCoopers, 2014).
The business model is an important tool for capturing, imagining, interacting with, and appreciating an organization's business processes (Osterwalder and Pigneur, 2010). It facilitates the assessment, review, and comparison of a company's profitability, as well as strategic decision-making, by easing the design, planning, modification, and execution of strategic strategy (Sukhari and de Villiers, 2019;Osterwalder and Pigneur, 2010). Constructed governance models enable companies to rapidly respond to evolving market climates, enhance the integration of strategies, company policies, and technical capability, and remain competitive by constant innovation to improve overall operations (Sukhari and de Villiers, 2019;Osterwalder and Pigneur, 2010).
Interested parties must have a clear view of the company's operations and tactics, as well as the company's rules and procedures, corporate governance, achievements, and prospects (Sukhari and de Villiers, 2019;Topazio, 2013). Business models are depicted in various forms in corporate reports around the world, and 63 percent of previous study showed an explicit association between both the business model and a company's ability to generate revenue and improve liquidity performance (Topazio, 2013). Moreover, Robertson and Samy (2015) investigated the limitations of established reporting requirements and concluded that there are no clear connections among information regarding an organization's financial and non-financial aspects so most companies do not conduct corporation-wide comprehensive Business Management and Strategy ISSN 2157-6068 2021 think-tank and thought.
According to PwC Malaysia's 2015 study of the 50 largest public companies in Malaysia on their business strategy implementation, less than half of the companies in the research used the phrase "business model" in their financial reports, with the vast majority not including any substantial advantages in order to add value towards current reporting practices (PricewaterhouseCoopers, 2014).
Just a small percentage of companies were able to identify specific contributions from their activities beyond simple descriptions of what they do. According to the findings of this study on business model acceptance, 44 percent of respondents use the word "business model," and 14 percent of those who shared their business model mentioned it in a strategic context, and 12 percent defined it in terms of their company's value creation. 12 percent used graphics to explain their business model, 2 percent included a clear description of their areas of competitive advantage, and 2 percent stated that differences portrayed in the business model elements were explained (PricewaterhouseCoopers, 2014).
Should an organization's day-to-day activities are not moving quickly enough, it should understand what obstacles there are when there is a need to mechanise their procedures, and to combine the system's expectations with the technological structures. If an organization's effectiveness is insufficient, it should examine the relationships between people and processes that have resulted in unsuccessful operations happening on a regular basis. If companies aren't creating fresh value, they could look at what they're trying to invent differently than their rivals, and one of the big reasons may be a lack of interaction with people and technology. As a result, it is necessary to include the technological element as an additional factor in order to decide whether or not organizations are in sync with technological change.
Top executives' management decisions would have a direct impact on the company's growth. In the context of the Board of Directors, variability encourages greater creativity, ingenuity, and careful decision-making, resulting in a competitive results, especially impacting top executives (Zahra and Pearce, 1989), as members of the board are the most important actors, responsible for the advisory capacity of shareholder monitoring (Hambrick, Cho and Chen, 1996).
According to research, increasing the diversity in corporate executive representation will benefit the company in terms of obtaining critical capital (Pfeffer and Salancik, 1978), and in terms of public policy, advantages at the strategic level are closely linked to the diverse upper management (Eisenhardt and Bougeois, 1988). Top executives who are used to a variety of job environments are more efficient in terms of meeting their obligations (Siciliano, 1996); Kogut and Zander (1993) goes on to say that top executives' skills should be used to the fullest degree possible.
The aim of this study is to see if the Integrated Business Model contributes to the company's economic performance, as suggested by the MCCG 2017 -One Third Woman Board of Directors.

Research Objectives
1. To investigate the impact of the Integrated Business Model's reporting disclosure on the financial performance of the top 30 Malaysian publicly traded companies.
2. Determine if the inclusion of 30 percent or more woman board members in the top 30 Malaysian public listed companies has improved the connection between both the consolidated business model and financial performance.

Literature Review
The 8 Content Elements that are similar to one another but not similarly unique make up an integrated reporting structure. History of the entity and its surroundings -What can the organization do and under what circumstances does it function? Is the organization's governing scheme designed in such a way that it allows it to produce value in the short, medium, and long term? Is the entity's business model based on a financial framework? Dangers and opportunities -What are the specific threats and opportunities that affect the organization's potential to develop net worth over the short, medium, and long term, and how is the company dealing with them? Policy and asset distribution -What is the company's goal and how is it going to get there? Firm Performance -To what extent has the organization achieved its long-term objectives, and what are the implications in terms of capital impact? Perspective -What challenges and problems is the organization expected to face in achieving its objectives, and what are the implications for the company's business model and future successes? in addition Source of Disclosure -How does the business decide what can be included in the combined review, and how are such elements measured or assigned a value?
The model that depends on diverse outlets to convert energy and resources, functioning as an organization, is at the core of the business (products, services, by-products and waste). The decisions of the institution have an effect on the final outcome of the integrated business model. The willingness of a company's market operations to adapt to improvements (in input availability, efficiency, and price) may have an impact on the entity's long-term sustainability (International Integrated Reporting Council, 2011. In the years 1999-2000, several accounting irregularities and legislative or regulatory issues arose as a result of fraud and ineffective management processes, raising concerns about corporate ethics and, in particular, governance (Tariq and Abbas, 2013); The economic downturn prompted a greater focus on governance processes, particularly effective risk management and disclosure protocols (Ntim, Lindop and Thomas, 2013). One result has been a growth in the number of governance codes around the world over time (Abbas and Tariq, 2013). Legislative reporting requirements mostly in organizations where the roles of capital provider and director are segregated in totality.
Age and race of senior executives have an impact on how problems are handled and the actions taken by organizations. The connection is based on demographic variables and how Business Management and Strategy ISSN 2157-6068 2021 people make decisions at the highest levels of government. Senior executive participants can have a substantial effect by influencing the decision-making process around the board and board committees as a result of their greater multiculturalism (Marimuthu and Kolandaisamy, 2009).
As a result, the company's success can be positively correlated to the hostile behavior of senior management. Variability enhances creative thinking, innovation, and improved planning and policy in the case of Board members, which is why this research believes a competitive advantage outcome, especially for company leaders, as directors are the most prominent people, and directors are often responsible for the centralised control of shareholders (Hambrick, Cho and Chen, 1996).
According to prior studies, demographic structure of corporate executives can be beneficial to the company in terms of purchasing productive capital and gains at the strategic level which are closely linked to the diversity of upper management (Pfeffer and Salancik, 1978). (Eisenhardt and Bougeois, 1988). In terms of socioeconomic interactions, senior executives' vocational individuality are favorably correlated with competitiveness (Siciliano, 1996). Senior executives should be involved in all aspects of the decision-making process, according to Kogut and Zander (1993).
According to Principle A of the Malaysian Corporate Governance Code 2017 (MCCG 2017), corporate appointments and executive leaders are not based on gender, experience, ability, age, race, cultural background, or political affiliation. Furthermore, the management should disclose its policy on women empowerment, its priorities, and the steps to be taken to achieve those goals in Principle A, as per notice 4.1 of the MCCG 2017 -30 percent Women Board of Directors. According to paragraph 4.5, larger organizations should have at least 30 percent women on their boards of directors (Securities Commission Malaysia, 2017).
Moreover, the Malaysia Code of Corporate Governance 2012 (MCCG 2012) did not discuss the 30 percent women on the executive board, which was substantially significant in comparison.

Cloud-based corporate inventory control is a cutting-edge technology
Enterprise resource planning (ERP) is a software program that assists individuals in managing everyday activities and business practices such as finance, purchasing, administration, and strategy development. A comprehensive ERP package enables a business to plan, schedule, estimate, and report on its financial results. ERP systems connects the company's various activities, reducing data duplication and allowing processes to run more efficiently. Enterprise networks provide a central source of actuality for all of the organization's data by collecting transaction-oriented data from various sources. ERP programs are also critical for managing and coordinating huge numbers of businesses in a variety of industries (Oracle, 2020).
ERP systems are deployed with common data structures in a single infrastructure setting. Standardizing on a shared list of definitions and recollections is the only way to guarantee that the knowledge included in the organization is consistent. Company activities, driven by processes, connect both of these main systems by business units, connecting mechanisms, and the people who use them. ERP is the process of bringing about change through the integration of people, processes, and technologies in a modern business (Oracle, 2020).

Business Management and Strategy
ISSN 2157-6068 2021, Vol. 12, No. 2 7 ERP is a necessary component of today's business environment. ERP frameworks centralize company knowledge and operations, allowing them to optimize management processes and increase operating performance, resulting in significant total business benefits. More robust information gathering, reduced operating costs, and more profitable corporate practices are only a few examples of industry advantages.
Users sharing data has emphasized cooperation in negotiations, demands, and acquisition orders. Enhanced productivity thanks to a shared user interface, various business functions, and well-designed workflows; All corporate activities have the same aesthetic, with a cohesive design from the back office to the front end. Increased customer retention thanks to a consumer-friendly atmosphere and arrangement; Better computer security and accounting procedures reduce risk; Standardized and structured set-up result in lower upkeep and costs (Oracle, 2020).

Stakeholder Theory is the foundational element theory
Stakeholders of a company have authority over various reports. The type of non-financial information revealed was found to be affected by heightened consumer scrutiny and institutional stockholder misunderstanding. A business report should be used to engage stakeholders and to discuss questions raised by investors. Several stakeholders have offered non-financial knowledge which proved valuable (Freeman, Harrison, Wicks, Parmar and De Colle, 1984).

Theory of the agencies in scope
According to Jensen and Meckling (1976), an agency relationship is formed when employees, known as managers, are given the authority to make decisions on behalf of the company's owner, the shareholder. Work environment problems are often caused by asymmetry in knowledge amongst employers and employees. Non-financial data clarity aids administrators and marginalized owners in getting a clear picture of their goals (Luk and Yap, 2017;Frias-Aceituno et al., 2012).

Independent Variable: Integrated Business Model (International Integrated Reporting Council, 2013)
The Independent Variable is represented by the Input, followed by Business Activities, Output, Outcomes and Technology.

Moderator Variable: One Third or more Women Board of Directors
The board's oversight responsibilities include board composition. The executive committee should be made up of the right number of people with the right characteristics. Members of the board of directors, for example, can be a mix of men and women. In this research, the aim is to determine the number of women board of directors in which the ideal number is one third.

Financial performance of the Top 30 Corporations (determined by Return on Equity, Return on Assets, and Tobin's Q) is a dependent variable
Return on equity (ROE) is the amount of benefit a corporation generates for its owners. ROE is calculated by dividing net profit by the book value of the company's equity. The capital value is included in the stockholders' equity, and both of these reserves can be used to pay shareholders directly (Richard, Devinney, Yip and Johnson, 2009). The bulk of prior literature has used a variety of indices to calculate corporate value, including return on assets (ROA), return on equity (ROE), Tobin's Q; business to book value ratio (MBVR) (Sarkar & Sarkar, 2009), return on employed stock, and operating profit margin. Accounting-based success metrics like ROA and ROE, as well as market-based indicators like Tobin's Q and MBVR, are among them. Accounting metrics are concerned with past financial accounts, while industry forecasts are concerned with future returns. If ROA is the best indicator of a company's performance, it just accounts for the efficiency at which profits are produced. The Tobin's Q ratio is a measure of a company's worth in relation to its resources. As a result, a commodity's market value reflects the replacement expense. The Tobin's Q ratio is a metric made popular by Yale University Nobel Laureate James Tobin, who estimated that the net value of companies listed on the stock market should equal their replacement costs. While Tobin is often credited with inventing the ratio, it was Kaldor who first published it in a scientific journal in 1966. The Tobin's Q formula is determined as "the aggregate value of the enterprise measured by the overall asset value of the firm." Tobin's Q will assist companies in determining how they conceptualize and incorporate their business plans (Chaudhuri, Kumbhakar, and Sundaram, 2016).

Controlled Variables
The three parameters that will take the form of firm age, firm size, and leverage are used in this study. Firm scale is one of the factors that typically defines an intertwined monitoring adoption relationship between environmental accountability and firm performance. Since major companies may be under scrutiny from the media, so they are probable and expected to release their Annual Report, Sustainability Report and Integrated Report annually. The strengthened oversight of governance processes would lead to the enhancement of the company's valuation. When an organization expands and evolves, the size and age also increase. As a consequence, the size and age both need to be monitored.
Excessive leverage can have severe adverse effects upon an organization and its owners. Conversely, if a company activities are capable of earning a higher yield than the cost of borrowing it spends on its notes, then the borrowing has a favorable effect on economic Business Management and Strategy ISSN 2157-6068 2021 performance and profitability. Notwithstanding the financial leverage are out of control, funding write-downs or worse will ensue. Too little loans can also face a number of problems. Unwillingness to obtain loans can mean that the business really has rigid earnings performance. Consequently, in attempt to stabilise the results, the third coefficient value that will be used in this study is the degree of debt, which would differ according to the top 30 Malaysian firms.

Hypotheses of the Study
Hypothesis 1: Utilizing the proxies of Return on Equity, Return on Assets, and Tobin's Q, the disclosure of Input will have a significant positive impact on market profitability.
Hypothesis 2: Utilizing the proxies of Return on Equity, Return on Assets, and Tobin's Q proxies, it is anticipated that the disclosure of Business Activities would have a significant positive impact on corporate results.
Hypothesis 3: Utilizing the proxies of Return on Equity, Return on Assets, and Tobin's Q, production disclosures will have a significant positive effect on corporate results.
Hypothesis 4: Utilizing the proxies of Return on Equity, Return on Assets, and Tobin's Q, the disclosures of Outcome would have a substantial positive impact on corporate results.
Hypothesis 5: Utilizing the proxies of Return on Equity, Return on Assets, and Tobin's Q as substitutes, technology disclosures would have a substantial positive impact on corporate results.
Hypothesis 6: The Malaysian Corporate Governance Code 2017-30% Women Board of Directors has a positive and long-lasting impact on the relationship between Return on Equity, Return on Assets, and Tobin's Q, with the Integrated Business Model, which includes Input, Business Activities, Output, Outcomes, and Technology.

Context, Method and Conceptualizations
An analysis of the Top 30 Malaysian quoted companies, measured by market capitalization, was conducted using information from past corporate reports from 2016 to 2018. To analyze the contents of the financial and non-financial reports, this study uses descriptive statistical analysis and regression analysis. The Malaysian Code of Corporate Governance 2017's Note 4.5at least 30 percent of the board members should be women, and for major companies, a large proportion of the board should be femalewas used to assess female representation among corporate executives. The sample collected was based on the participation of at least 30 percent women around the board. In corporate reporting analysis, content description was a popular diagnostic technique as well as the most widely used method for accounting disclosure (Zahid and Ghazali, 2015;Boesso and Kumar, 2007). Content analysis should be done using both qualitative and quantitative methods. Within business reporting research, quantitative knowledge processing has been held in higher regard as the most reliable data analysis. (Day and Woodward, 2009;Zahid and Ghazali, 2015). The quantitative content analysis approach, as described by prior best practice studies, was used to construct this assessment.
The data coding strategy would be organized around the data's patterns, words, sentences, verbs, and associated objects (Nilsson,2016;Collins and Hussey, 2014). To determine the extent to which appear to have the components written, a rating system may be used. Wang, Song, and Yao (2013) used a 3-point ranking system, while Larsson and Ringholm (2014) and Eccles and Serafeim (2014) used a 4-point ranking method. Previous research that used content analysis and came to the conclusion that a certain number of points would be the most appropriate used a 4-point ranking method. The 2-point ranking system has been used by Boiral (2013) and Setia et al (2015). This analysis, like a previous study by Nilsson (2016), used a 5-point ranking system, but it differed from it in that it had more companies in the dataset. As a result, the proposed study also included a ranking index based on the International Integrated Reporting Framework, which was released in 2013, to assess Integrated Business Model disclosures beginning in 2013.
The study is beneficial to publicly traded companies because it lets them better appreciate the importance of organizing and gathering valuable knowledge for interested parties, as well as the management of organizational strategy to retain integrity in the eyes of stockholders.  ISSN 2157-6068 2021 The extent to which disclosures and activities are made Table 1 shows that the Integrated Business Model -Output Disclosure has a mean value of 70.83, which is the largest of the five elements of the Integrated Business Model. The Integrated Business Model -Outcome has a mean value of 63.70, and the Integrated Business Model -Technology has a mean value of 20.67. The mean values, on the other hand, are modest, accounting for around half of all overall disclosures in all forms of Integrated Business Models. The top 30 Malaysian PLCs listed on Bursa Malaysia show that they are committed to improving their public image by sharing more information about their Performance and Outcome, which shows their successes over time to shareholders and stakeholders. These results do not significantly escalate over time and businesses may not change their practices in a sweeping way but more gradually over time, so the reporting updates year on year are not significant or may not increase in anyway.

Disclosures are made on a regular basis.
The largest disclosed Integrated Business Model aspect is Input, which mostly involves the Integrated Reporting framework's 6 Capitals. This is not surprising for the Top 30 Malaysian PLCs based on market capitalization, as the strongest PLCs will like to reveal to their shareholders and customers that they have applied the Integrated Reporting framework's 6 Capitals. There are no significant improvements anticipated in the largest amount of disclosures for the five components of the Integrated Business Models over time. This is a really poor sign for the Top 30 Malaysian PLCs because they are working with multinational partners and need to be more open about the five components of the Integrated Business Model.  In this analysis, ROA, ROE, and Tobins Q are used to measure firm expectation and perception of leadership, with an inner view in terms of ROA, and ROE is used to measure firm performance from the perspective of shareholders, with an external outlook. Tobin's Q can also be used to assess the market's viewpoint.  ISSN 2157-6068 2021 strong negative association, which may mean that the Integrated Business Model disclosures are not favorable to market players. This is a stark contrast to the association of ROA and ROE, which may indicate greater acceptance of the Integrated Business Model disclosures by inner upper management (ROA) and external shareholders (ROE).

Analysis of Regression
Multiple regression model was used to measure the influence of openness intensity of the release of the Integrated Business Models on the performance of the Top 30 Malaysian listed companies with the results shown in Tables 3 to 5.  ISSN 2157-6068 2021  Overall, the results show significance in terms of Return on Equity which reflects external investors and shareholders acceptance of the Integrated Business Model published within the Annual Reports and Integrated Reports of the top 30 publicly traded companies. However, if the components of the Integrated Business Model are analysed individually, it does not reflect significance compared to when the 5 components of the Integrated Business Model are grouped and combined together as one unit of an Integrated Business Model except for IBMOUTP and WBOD in which the external shareholders depicts that only IBMOUTP or output of the companies which consists of Products, Services, Waste and Other-by-Products in which are clearly visible and quantifiable to the external shareholders. Additionally, WBOD are Women Board of Directors which reflects the one third presence of female on board which reflects good diversity and reputation to external shareholders whilst promoting the Integrated Business Model. Overall, the results show significance in terms of TobinsQ which reflects the market participants' acceptance of the Integrated Business Model published within the Annual Reports and Integrated Reports of the top 30 publicly traded companies. However, if the components of the Integrated Business Model are analysed individually, it does not reflect significance compared to when the 5 components of the Integrated Business Model are grouped and combined together as one unit of an Integrated Business Model except for IBMOUTP and IBMOUTC in which the market participants depicts that only IBMOUTP or output of the companies which consists of Products, Services, Waste and Other-by-Products in which are clearly visible and quantifiable to the market participants. Additionally, IBMOUTC consists of Customer Satisfaction, Profit/Loss, Shareholder Return, Asset Consumption, Contribution to Local Economy Through Taxes, Job Creation, Employee Development and Engagement, Improved Standard of Living and Environmental Impact in which the disclosure of these factors reflects excellent trustworthiness to the market participants whilst upholding the Integrated Business Model.

Significance and Magnitude of Study
Integrated Reporting was created to optimize and generate knowledge management transparency, and it is intended to offer more intelligence linked organizational values in the 21st century via close collaboration, dialogue, and experimentation.
The study is limited to just 12 months after the implementation of the MCCG in 2017, with prospective work examining the Code's usefulness over a lengthy span of time.
In contrast, the aim of this study is to see how the MCCG 2017 is being used effectively by the top 30 publicly traded companies in terms of preserving a positive corporate profile in terms of managing diversity through the continuing recruiting of women key executive members of the board.
The study's theoretical importance would be discussed in terms of stakeholder and agency hypotheses. A stakeholder model of a financial report, according to the Stakeholder philosophy, focuses on the integrity of the integrated business model, and includes the five main components of the model.
The Agency Theory claims that explicit disclosure of the Five Elements within the Integrated Business Model will reduce tensions between directors and shareholders.
The updated female directors rating indicator's methodological importance would decide if it accurately calculates the required number of females on an executive board.
The scoring index for the Integrated Business Model, which can be used to assess the amount of exposures for Malaysian PLCs other than the top 30 PLCs from different sectors within Bursa Malaysia, is of functional significance.

Verdict and Recommendations for Future Research
Ultimately, taking into account the effect of the Covid-19 pandemic on the Integrated Business Model, the research should be extended into 2020. The impact of Covid-19 on financial statements should be investigated accordingly. In addition, this review will be able to assess any early implementation of MCCG 2017 by Malaysia's top 30 publicly traded companies in order to protect corporate integrity in light of gender diversity at the board level despite the global pandemic.