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Article
Publication date: 1 January 2003

AbdulRashid Abdul‐Aziz

Ever since hydrocarbon resources were exploited off the coast of Terengganu in 1978, a state in Peninsular Malaysia, its built environment underwent dramatic physical…

Abstract

Ever since hydrocarbon resources were exploited off the coast of Terengganu in 1978, a state in Peninsular Malaysia, its built environment underwent dramatic physical transformation arising from huge investments in first‐grade infrastructure and industrial facilities, largely hydrocarbon‐related in nature. Yet, more than two decades later, the stock and technical competencies of the local contractors have not been to the level one might expect, despite prolonged robust demand that should have acted as an alluring incentive for entrepreneurship. There were, of course, enabling factors such as favorable client and government interventions. However, the inhibitors ‐ economic model, socio‐cultural traits, institution, mix of construction demand and even the recent change in political landscape ‐ were found to exert an even greater influence. The findings of this study underscore the necessity of identifying the influential forces exerting on the construction community's operating environment before any construction entrepreneurial development programme is instituted so that realistic targets can be set. Furthermore, as different regions may possess different types and intensities of such forces, implementing standard policy prescription is likely to yield sub‐national diversity

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Journal of Engineering, Design and Technology, vol. 1 no. 1
Type: Research Article
ISSN: 1726-0531

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Article
Publication date: 1 March 2006

Abdul Rashid Abdul Aziz, Ho Shiew Yi and Mastura Jaafar

The resource‐based view (RBV) has been used on various industry studies. To examine the resources required to thrive in the private housing development sector in Malaysia…

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Abstract

The resource‐based view (RBV) has been used on various industry studies. To examine the resources required to thrive in the private housing development sector in Malaysia, the RBV was similarly utilised. Using a combination of mailed questionnaires and face‐to‐face interviews, the study identified and ranked fourteen resources by virtue of their ability to exploit opportunities and/or neutralise threats, or in short, value. While the ranking of some of the resources echoe similar past industry studies, others interestingly did not, perhaps due to the unique characteristics of the industry, or even country. New players to the industry can take stock of the findings to maximise their chances of success. The paper ends by recommending that the study be repeated in Malaysia, this time with many more respondent, to confirm the findings. It also proposes that similar studies be conducted in other countries to enable cross‐country comparisons to be made.

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Journal of Engineering, Design and Technology, vol. 4 no. 1
Type: Research Article
ISSN: 1726-0531

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Article
Publication date: 9 March 2020

Andrew Ebekozien, Abdul-Rashid Abdul-Aziz and Mastura Jaafar

Malaysia's open registration system (ORS) scheme, which began in 1997, was established as part of prevention mechanism by the Ministry of Housing and Local Government to…

Abstract

Purpose

Malaysia's open registration system (ORS) scheme, which began in 1997, was established as part of prevention mechanism by the Ministry of Housing and Local Government to plug the leakage in the low-cost housing (LCH) allocation process. After two decades, ineligible persons still secure LCH to the detriment of the Malaysian low-income earners (LIEs) house-buyers/rentals. This paper explored the LCH computerised ORS for LIEs and proffered policy solutions to improve the scheme.

Design/methodology/approach

The data were collected via unexplored exploratory sequential mixed methods approach that engaged 25 well-informed participants and the ‘quantilised findings’, validated by the Malaysian LCH policymakers.

Findings

This paper found that there is weak compliance to computerised ORS, which is pronounced in states with relaxed eligibility clearance. Also, it was found that under-declaration of income evident in states where there is relaxed verification and lack of data sharing between states and with federal governments, among others, are the root cause of weak compliance to computerised ORS.

Research limitations/implications

This paper is limited to unravelling the encumbrances in the low-cost housing computerised open registration system in Malaysia's major cities. Future research is needed to use relevant information to access the level of enforcement of the computerised open registration system across the states of Malaysia.

Practical implications

This paper recommended that LCH computerised ORS should be devoid of party favouritism, state government should establish functional LCH computerised ORS, and the state and federal governments, should embrace cooperative federalism. Also, applicants should be subjected to the Central Credit Reference Information System check, and culprits should be referred to the Malaysian Anti-Corruption Commission. This paper provides salutary lessons on how to improve the scheme with a view to achieving the Sustainable Development Goals regarding housing in 2030.

Originality/value

This paper demonstrates that the low-cost housing computerised open registration system in Malaysia is yet to be implemented across the states.

Details

Property Management, vol. 38 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 19 August 2021

Sasmoko, Muhammad Saeed Lodhi, Abdul Rashid Abdul Aziz, Nur Fatihah Abdullah Bandar, Rahimah Embong, Mohd Khata Jabor, Siti Nisrin Mohd Anis and Khalid Zaman

The study aims to analyze the role of coronavirus testing capacity to possibly reduce the case fatality ratio (CFR) in a large cross-section of countries. The study…

Abstract

Purpose

The study aims to analyze the role of coronavirus testing capacity to possibly reduce the case fatality ratio (CFR) in a large cross-section of countries. The study controlled health-care expenditures, logistics performance index (LPI), carbon damages, and corporate social responsibility (CSR) to understand the nature of causation between the CFR and stated factors.

Design/methodology/approach

The study used a cross-sectional regression apparatus for coefficient estimates and variance decomposition analysis (VDA) for forecasting relationships between the variables over time.

Findings

The results confirmed the W-shaped relationship between CFR and case-to-test ratio (CTR) in the presence of a LPI that exacerbates the CFR cases across countries. The VDA estimates suggest that carbon damages, logistics activities, and CSR are likely to influence CFR over time.

Originality/value

To the best of the authors’ knowledge, the study is believed to be the first study that assesses the W-shaped relationship between the CFR and CTR in the presence of dynamic variables, which helps to formulate long-term sustainable health-care policies worldwide.

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Article
Publication date: 24 March 2021

Abdul Rashid, Assad Naim Nasimi and Rashid Naim Nasimi

The objective of this paper is threefold. First, it aims to empirically study whether firm-specific/idiosyncratic uncertainty, macroeconomic/aggregate uncertainty and…

Abstract

Purpose

The objective of this paper is threefold. First, it aims to empirically study whether firm-specific/idiosyncratic uncertainty, macroeconomic/aggregate uncertainty and political uncertainty have an adverse influence on firms' investment decisions in Pakistan. After establishing this, it scrutinizes whether the uncertainty effects on investment are different for firms of different sizes. Finally, it investigates whether any heterogeneity exists in the uncertainty impacts across different industries.

Design/methodology/approach

The empirical analysis is based on an unbalanced panel data of 468 nonfinancial firms listed at the Pakistan Stock Exchange (PSX) during the period 2000–2018. Departing from the literature, the paper builds a time-varying composite volatility/uncertainty index based on the principal component analysis (PCA) by utilizing the constructed volatility series for sales, cash flows and return on assets to gauge firm-specific uncertainty for each firm included in the analysis. Likewise, the paper develops a PCA-based composite index for macroeconomic uncertainty by using the conditional variance series of consumer price index (CPI), industrial production index (IPI), the interest rate and the exchange rate obtained by estimating the (generalized) autoregressive conditional heteroscedastic, (G)ARCH, models. Finally, political uncertainty is measured by political risk components maintained by the Political Risk Services Group. The empirical framework of the paper augments the standard investment equation by incorporating all three types of uncertainty. Firms are grouped into small, medium and large categories based on firms' total assets and the size indicators are generated. Next, the indicators are multiplied by each uncertainty measure to quantify the differential effects of uncertainty across firm size. Firms are also differentiated by sectors to explore the sector-based asymmetries in the uncertainty effects. The “robust two-step system generalized method of moments (2SYS GMM) (dynamic panel data) estimator” is applied to estimate the empirical models.

Findings

The results provide robust and strong evidence of the detrimental influence of all three types of uncertainty on investment. Yet, it is observed that the strength of the influence considerably varies across uncertainty types. In particular, compared to firm-specific uncertainty, both macroeconomic and political uncertainties have more unfavorable effects. The analysis also reveals that the effects of all three types of uncertainty are quite different at small, medium and large firms. Specifically, it is observed that although the investment of all firms is influenced adversely by magnified uncertainty, the adverse effects of all three kinds of uncertainty are quite stronger at small firms than medium and large firms. These findings support the phenomenon of size-based asymmetries in the effects of uncertainty on investment. The results also provide evidence that either type of uncertainty quite differently affects the investment policy of firms in different sectors.

Practical implications

The findings help different stakeholders to know how different types of uncertainty differently affect corporate firms' investments. Further, they suggest that firm size has a vital role in ascertaining the adverse effects of uncertainty on investment. The paper identifies to which type of uncertainty investors and policymakers should care more about and to which types of firms and industries they should concern more during volatile times. Firms should have more fixed assets and expand their size to mitigate the detrimental effects on investment of internal and external uncertainties. The government should enhance the political stability to induce firms for a higher level of investment, which, in turn, will result in higher growth of the economy.

Originality/value

The originality of the paper is credited to four aspects. First, unlike most previous studies that have utilized a single volatility measure, this paper constructs composite uncertainty indices based on the weights determined by the PCA. Second, it examines the effect of political uncertainty over and above the effects of idiosyncratic and aggregate (macroeconomic uncertainty) for an emerging economy. Third, and most important, it provides first-hand empirical evidence on the role of firm size in establishing the asymmetric effects of uncertainty on investment. Finally, it provides evidence on the industry-based heterogeneity in the uncertainty effects.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 22 December 2020

Andrew Ebekozien, Abdul-Rashid Abdul-Aziz and Mastura Jaafar

Studies showed that policy influences housing provision. The review of these policies in the Southeast Asia's is possibly not yet adequate because of recent gap in housing…

Abstract

Purpose

Studies showed that policy influences housing provision. The review of these policies in the Southeast Asia's is possibly not yet adequate because of recent gap in housing demand-supply across the region. This review evaluates the state policy in low-cost housing (LCH) provision in Southeast Asian developing countries reported in published studies.

Design/methodology/approach

An electronic search (ScienceDirect, Scopus, Web of Science, and Google Scholar) was conducted using the following search terms: “Low-Cost Housing policy in Southeast Asia.” Reference list of identified studies was scanned to identify more studies. Studies published between 1991 and 2020 that focused either on the region or country within the region were selected. An independent reviewer extracted data from the studies using a standardised form and 27 studies were included in this review.

Findings

LCH developing countries experience, encumbrances and measures to mitigate LCH demand-supply gap in Southeast Asia were the issues addressed from the reviewed. Findings from the studies indicate that the level of lax state policy and enforcement of LCH varies across nations.

Research limitations/implications

Findings and recommendations of this paper were based on systematically reviewed literature but does not compromise the robustness regarding state policy in low-cost housing provision in Southeast Asian developing countries. Thus, exploratory sequential mixed methods approach has been recommended as part of the implications for future research.

Practical implications

As part of the practical implications, this paper highlights the mechanism behind the success of Singapore LCH policy and transferability of the model to the developing countries within and outside the region, and open up the possibility to adopt these policies.

Originality/value

This study is probably the first systematic review on low-cost housing in Southeast Asia.

Details

Property Management, vol. 39 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 25 March 2021

Abdul Rashid, Ataullah Muneeb and Maria Karim

This paper first examines how changes in the real effective exchange rate and its volatility affect the exporting activities of firms. Next, it investigates whether…

Abstract

Purpose

This paper first examines how changes in the real effective exchange rate and its volatility affect the exporting activities of firms. Next, it investigates whether exchange rate volatility (EXRV) affects the export behavior of financially constrained and unconstrained firms differently. Finally, it examines the role of financial development in mitigating the effects of EXRV and financial constraints on firms' exports.

Design/methodology/approach

The empirical analysis of the paper is based on a wide panel of Pakistani nonfinancial firms listed at the Pakistan Stock Exchange during the period 2001–2016. To mitigate the problem of endogeneity and to take into account the dynamic nature of the empirical model, the authors apply the robust two-step system-GMM estimator developed by Blundell and Bond (1998). To examine the role of credit constraints, firm-year observations are sorted as financially constrained and unconstrained based on the median value of three alternative measures: the liquidity ratio, the dividend payout ratio and the Whited and Wu (WW) index.

Findings

The results reveal that an increase in the real effective exchange rate has a positive and significant impact on firms' exports. However, the results show that the EXRV is significantly and negatively related to exporting decisions, suggesting firms considerably decrease their exports during periods of increased unpredictable variations in exchange rates. The findings also suggest that compared to financially constrained firms, the adverse effect of EXRV on exports is weaker for financially unconstrained firms. This finding implies that firm-level financial constraints unfavorably impact exports by making exporting more sensitive to the EXRV. Finally, the findings indicate that financial development not only positively affects firms' exports but also plays a vital role in declining the adverse effects of EXRV on firm-level exports. Specifically, the results show that financial development decreases the negative impact of EXRV on exports for both financially constrained and unconstrained firms. However, the moderating role of financial sector development is higher for financially unconstrained firms.

Research limitations/implications

Notwithstanding that the authors present robust and strong empirical evidence of the effects of EXRV on exporting and on the role of both firm-level financial constraints and financial sector development in formulating these effects, there are some limitations of the study. The authors use a single proxy for measuring financial sector development. However, one may construct an index for the financial sector developed using principal component analysis (PCA) by considering different measures of financial development. The authors use three different measures of financial constraints. Nonetheless, more sophisticated techniques such as switching regression can be used to endogenously determine whether firms are financially constrained. Moreover, an examination of the asymmetric effects of EXRV on exporting across different industries would also be worthwhile.

Practical implications

From a policy point of view, the results suggest that the development of the financial sector and the strategies to lessen credit constraints faced by firms will help in mitigating the adverse effects of the EXRV on the exporting behavior of firms in Pakistan. The findings also suggest that managers in financially constrained firms should apply appropriate hedging strategies to hedge exchange rate risks. Finally, the findings suggest that investors should take into consideration exchange rate dynamics and firms' financial constraints while investing in exporting firms' stocks.

Social implications

Since the findings suggest that financially constrained firms' exports are more exposed to EXRV, managers of such exporting firms are suggested to apply effective and suitable currency risk-minimizing hedging instruments for enhancing their exports. The government should also implement economic and financial policies in such a way that they should help in reducing volatilities of exchange rates and in turn, encouraging firms to export more. Definitely, any policy, at both government and firm level, favoring exporting and export-oriented growth will not only help in overcoming the problem of a persistent and wide trade deficit but also help society by providing more employment and investment opportunities.

Originality/value

Recently, Pakistan has experienced significant declines in foreign reserves, persistent political unrest and enlarged trade deficits. All these have increased the uncertainty about the exchange rate. Therefore, it is valuable to know the EXRV effects on firms' exporting activities. Second, Pakistani firms face more financial constraints, and thus, the influence of financial constraints in formulating the volatility effects on exporting would be worth exploring. Finally, no research has yet taken place to scrutinize the role of financial development in mitigating the adverse effects of EXRV and financial constraints on exporting activities. This paper provides firsthand empirical evidence on the role of financial constraints and financial sector development in formulating the EXRV impacts on firm-level exports in Pakistan.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 9 October 2017

Abdul Rashid and Muhammad Saeed

The purpose of this paper is twofold. First, based on the value optimization problem of the firm, the authors proposed a theoretical model for firms’ investment decisions…

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1334

Abstract

Purpose

The purpose of this paper is twofold. First, based on the value optimization problem of the firm, the authors proposed a theoretical model for firms’ investment decisions, which incorporates the effects of both idiosyncratic (firm specific) and macroeconomic uncertainty/risk. Second, the authors empirically estimate the proposed model for Pakistan.

Design/methodology/approach

The authors utilize an unbalanced firm-level panel data covering the period 1988-2013. To generate time-variant firm-specific uncertainty, the authors estimate the autoregressive model on firm sales for each firm included in the sample over the examined period. Firm-specific risk is also measured based on the square of the residuals of firms’ sales. Two measures of macroeconomic uncertainty are computed using the conditional variance obtained by estimating the ARCH model for consumer price index and industrial production index. Several alternative measures of both types of uncertainties are used to ensure the robustness of uncertainty effects. To mitigate the problem of endogeneity, the robust two-step system-generalized method of moments estimator is used to estimate the empirical model.

Findings

The results indicate that firms are likely to cut down their level of investment spending when either type of uncertainty increases. The results also reveal that the sensitivity of firms’ investment decisions to macroeconomic (aggregate) uncertainty is higher as compared to the firm-specific uncertainty. The authors show that these findings are robust to different uncertainty measures used in the analysis. The results related to firm characteristics suggest that the firm-specific variables namely the debt to assets ratio, the costs of debt to assets ratio, and the sales to assets ratio are also equally important in the determination of investment decisions of corporate manufacturing firms.

Practical implications

The empirical findings of the paper are useful for firm managers, investors, and government authority. Specifically, the results help firm managers and investors to understand how firm-specific and macroeconomic uncertainty affects firms’ investment decisions. The finding that firms cut their investment spending in times of macroeconomic instability implies that declines in firms’ investment spending during the periods of macroeconomic turmoil may delay the process of recovery. Therefore, the policy makers should design such policies that encourage firms to invest more in economic crisis periods, which, in turn, would enhance the growth of the economy and help to overcome the problem of downturn/recession.

Originality/value

The authors first propose a theoretical model for firms’ investment decisions based on the value optimization problem of the firm by incorporating the role of both firm-specific and macroeconomic uncertainty. Next, unlike most of previous studies, they estimate the proposed model for non-financial firms operating in Pakistan. The authors predict that a higher exposure to both idiosyncratic and macroeconomic uncertainties leads to lower investment in Pakistani manufacturing firms. Further, the authors hypothesize that both types of uncertainties have differential effects on firms’ investment decisions.

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Article
Publication date: 8 July 2020

Abdul-Rashid Abdul-Aziz, Subashini Suresh and Suresh Renukappa

The purpose of this study is to track the series of setbacks by a few like-minded persons since the early 1990s to entrench building surveying as a profession in Malaysia.

Abstract

Purpose

The purpose of this study is to track the series of setbacks by a few like-minded persons since the early 1990s to entrench building surveying as a profession in Malaysia.

Design/methodology/approach

Data were sourced from elite interviews with authoritative individuals who have been championing building surveying as a profession and supplemented by secondary sources.

Findings

Established professional bodies became hostile to what they perceived as attempts to encroach on their professional jurisdictions. There was even a move to subjugate building surveyors to the auxiliary role. The ultimate aim to obtain statutory “ring fence” around the proposed building surveying profession did not find favour with lawmakers.

Research limitations/implications

The limitation of small sample size was compensated by referral to past publications.

Practical implications

Latecomers face an uphill challenge in negotiating for legitimacy from established professions and lawmakers alike in a situation when no new work demand avails. Building surveyors in Malaysia have to either wait for external changes which would allow their traditional role to be formally recognised or take up new specialisations.

Originality/value

Additional empirical findings were uncovered to complement past studies. The main contribution lies in demonstrating the explanatory powers of the sociological lens for future studies on professions in the construction industry.

Details

International Journal of Building Pathology and Adaptation, vol. 38 no. 5
Type: Research Article
ISSN: 2398-4708

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Article
Publication date: 1 December 2012

Abdul-Rashid Abdul-Aziz and George Ofori

From interviews with selected experts and secondary sources, this paper charts the actions that led to Malaysia having its own green building rating tool. It began with…

Abstract

From interviews with selected experts and secondary sources, this paper charts the actions that led to Malaysia having its own green building rating tool. It began with the Institution of Architects Malaysia and the Institution of Engineers Malaysia working together in 2008 to come up with the Green Building Index (GBI) specifically suited for the Malaysian condition. The index was launched a year later, the same year that a new prime minister came into office. With greening the economy in mind, he launched a few major initiatives, one of which was the creation of the Ministry of Energy, Green Technology and Water to replace the Ministry of Energy, Water and Communications and another was the launching of the National Technology Policy. In December 2009, he made the commitment on Malaysia's behalf to reduce carbon dioxide emission at the Copenhagen Summit, thereby cementing his commitment to green issues at the international level. Behind-the-scene lobbying by the private sector resulted in the government explicitly endorsing the GBI by tying GBI certification of buildings to financial incentives. This paper makes the case that the strong cooperation between the private sector and the government over the GBI represents a form of public-private partnership on aspects of collaborative spirit, complementarity of resources, private sector leadership, wide-ranging ramifications over other partnerships across time, timing and sustainability. Other countries intending to come up with their own rating tool can take stock of the Malaysian experience.

Details

Open House International, vol. 37 no. 4
Type: Research Article
ISSN: 0168-2601

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