normal (Z) and modified inverse chi-squared (Pm) statistics of the panel ADF tests show that the null hypothesis of panels containing unit roots is rejected for any variable at a highly significance level

Collective Investment Scheme (ASEAN CIS) framework.  The meeting was also updated on the current ASEAN CG Scorecard assessment. The participating countries have been undertaking the domestic assessments and

21 Empirical methods and results: Formal tests of CAR and SCAR with varying event windows around MOU showing distressed vs non- distressed performance significantly different. 22 Empirical methods and

is applied to the replication tests. 𝑃𝑅𝐼𝐶𝐸𝑖𝑡 = 𝛽0 + 𝛽1𝐸𝑃𝑆𝑖𝑡 + 𝛽2(𝐸𝑃𝑆𝑖𝑡 × 𝑆𝑇𝑅𝐼𝑁𝐺𝑖𝑡) + 𝛽3(𝐸𝑃𝑆𝑖𝑡 × 𝑈&𝐵𝑖𝑡) + 𝛽4(𝐸𝑃𝑆𝑖𝑡 × 𝐿𝑇𝐺𝑅𝑂𝑊𝑇𝐻𝑖𝑡) + 𝛽5(𝐸𝑃𝑆𝑖𝑡

Liabilities and provision from tax assessments 239 239 0.0 Other current liabilities 445 317 40.3 Provision for long-term employee benefit 1,201 1,234 (2.7) Other non-current liabilities 706 668 5.7 Total

) Property, plant and equipment 9,935 8,177 21.5 Other assets 2,574 2,200 17.0 Total Assets 47,104 48,201 (2.3) Trade and other payables 11,792 11,801 (0.1) Liabilities and provision from tax assessments 239

(1.5) Trade and other payables 11,000 11,801 (6.8) Liabilities and provision from tax assessments 239 239 0.0 Other current liabilities 269 317 (15.2) Provision for long-term employee benefit 1,302 1,234

provision from tax assessments 239 239 0.0 Other current liabilities 872 448 94.6 Provision for long-term employee benefit 1,553 1,427 8.8 Other non-current liabilities 851 686 24.0 Total liabilities 18,887

Assets 61,981 57,219 8.3 Trade and other payables 18,553 16,181 14.7 Dividend payable 4,116 - n/a Income Tax Payable & Provision from tax assessments 421 447 (5.9) Other current liabilities 676 542 24.7

Property, plant and equipment 12,506 11,601 7.8 Other assets 2,945 2,377 23.9 Tota Assets 49,821 45,958 8.4 Trade and other payables 12,120 10,151 19.4 Liabilities and provision from tax assessments 239 239