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This paper aims to investigate the relationship between financial development (FD) and monetary policy effectiveness (MPE) on output and inflation in ASEAN-3 countries (Singapore, Malaysia and the Philippines).

This study uses an open economy structural vector autoregressive model to generate MPE. Then, an autoregressive distributed lagged (ARDL) model is used to analyze the effect of FD on MPE across countries.

The findings revealed that FD plays a different role in MPE across countries. In Malaysia, a more developed financial system tends to reduce the MPE on output, whereas in Singapore, results show that the more developed financial system (stock market capitalization) tends to increase MPE on output. However, in the Philippines, the main results show that the effect of FD (liquid liabilities) upon MPE on output is depending on the policy variable (interest rates or money supply).

This paper fills this gap by providing the first study of ASEAN-3 countries in examining how effective is a monetary policy in response to the development of the financial market across the country. Second, this paper considers two FD indicators, namely, the banking sector and capital market development in investigating its effect on MPE on output and inflation. Third, the authors construct the MPE in each country using a structural (identified) VAR model by aggregating the response of output growth and inflation rate on monetary policy changes (interest rate and money supply) using impulse–response function. Regarding this, the results of this study provide new empirical evidence and insight into the long debate on the relationship between FD and the MPE.

The purpose of this paper is to examine the effects of the current global crisis on the integration and co‐movements of selected stock index futures markets.

Time series techniques of cointegration and weekly data covering the period from January 2001 to December 2009 were used in this study. The period of analysis was divided into two periods, namely the pre‐crisis period (January 2001‐July 2007) and during crisis period (August 2007‐December 2009).

No evidence was found of cointegration among the stock index futures markets in both periods. Accordingly, the 2007 subprime crisis does not seem to affect the long‐run co‐movements among the stock index futures markets.

The stock index futures markets provide opportunity for the potential benefits from international portfolio diversification and hedging strategies even after the subprime crisis. The stock index futures significantly extended the variety of investment and risk management strategies available to investors.

Examining the effects of the US subprime crisis on the stock index futures markets integration, to the best of the authors' knowledge, goes clearly beyond the existing literature on the subject matter.

The purpose of this study is to examine the determinants of stock market integration among five selected Association of Southeast Asian Nations (ASEAN) emerging stock markets (Malaysia, Thailand, Indonesia, the Philippines and Singapore).

Both pooled OLS and panel data regressions were used over the period spanning from 2001 to 2010.

This study finds that trade and stock markets volatility significantly influence stock market integration in this region. This finding is consistent with the view that the stronger the bilateral trade ties among the countries, the higher the degree of co-movements. In addition, if one market's volatility increases relative to another market's volatility, the first market's returns should also increase relative to the second market's return.

As the ASEAN-5 stock markets are integrated, there is limited room to gain benefits from international investment diversification in the region. There is a need for policy coordination among ASEAN-5 members to mitigate the impacts of financial instability.

The determinants of stock market integration are still largely unexplored in the previous studies. This study attempts to partially fill the gap in the literature and to provide recent empirical evidence on the forces behind the stock market integration among the ASEAN-5.

The purpose of this paper is to re‐examine the stock market integration and short‐run dynamic interactions between the Malaysian stock market and the stock markets of its major trading partners (the USA, Japan, Singapore, China and Thailand).

Weekly stock indices spanning from January 1992 to May 2008 is analysed using autoregressive distributed lag (ARDL) bound testing approach and vector autoregression (VAR) framework.

Stock markets of Malaysia and its major trading partners are found to be integrated. To some extent, it is found that trade does matter for stock market integration. Additional, geographical proximity and close relationship between the countries further contributes towards a greater integration between them. To move forward to a greater financial integration among these countries, trade liberalisation, including reduction or removal of trade and investment barriers would be necessary.

This paper is among the first attempts to use ARDL and VAR frameworks to examine integration among the stock markets of Malaysia and its major trading partners. The findings of the study would shed some empirical lights for the purpose of policy making.

The purpose of this paper is to examine the effects of the current global crisis on the integration and co‐movements of selected Islamic stock markets.

Time series techniques of cointegration were used over the period spanning from February 15, 2006 to December 31, 2008. In order to explore changes in the stock market integration and co‐movement, following Majid and Kassim, we divide the period of analysis into two periods, namely the pre‐crisis period (February 15, 2006‐July 25, 2007) and during crisis period (July 26, 2007‐December 31, 2008).

No evidence was found of cointegration among the Islamic stock markets in both periods. Accordingly, the 2007 subprime crisis does not seem to affect the long‐run co‐movements among the Islamic stock markets.

The Islamic stock markets provide opportunity for the potential benefits from international portfolio diversification, even after the subprime crisis. The prohibition of riba, gharar and maysir is one of the plausible reasons of no cointegration in the Islamic stock markets.

Using the Islamic stock indices, to the best of the authors' knowledge, goes clearly beyond the existing literature on the subject matter.

This study aims to investigate the factors that influence asset misappropriation fraud among police officers in the Internal Security and Public Order (Malay: Keselamatan Dalam Negeri dan Ketenteraman Awam [KDNKA]) Department, Royal Malaysian Police (RMP).

Primary data were collected from a questionnaire-based survey and the data were analysed using descriptive analysis, correlation analysis and multiregression.

The element of pressure was found to have a negative relationship with asset misappropriation fraud. This result shows the uniqueness of the KDNKA Department in the RMP. The other three elements are found to have a significant positive relationship with asset misappropriation fraud.

This study’s findings can aid academicians in gaining a better understanding of the literature surrounding fraud diamond theory and aid the policymakers in recognizing the signs and possibilities of asset misappropriation fraud in public agencies.

To the best of the authors’ knowledge, this is the first study that uses the KDNKA Department which is the second largest department in RMP as a population in fraud study.

Due to the increasing size and complexity of construction projects, construction engineering and management involves the coordination of many complex and dynamic processes and relies on the analysis of uncertain, imprecise and incomplete information, including subjective and linguistically expressed information. Various modelling and computing techniques have been used by construction researchers and applied to practical construction problems in order to overcome these challenges, including fuzzy hybrid techniques. Fuzzy hybrid techniques combine the human-like reasoning capabilities of fuzzy logic with the capabilities of other techniques, such as optimization, machine learning, multi-criteria decision-making (MCDM) and simulation, to capitalise on their strengths and overcome their limitations. Based on a review of construction literature, this chapter identifies the most common types of fuzzy hybrid techniques applied to construction problems and reviews selected papers in each category of fuzzy hybrid technique to illustrate their capabilities for addressing construction challenges. Finally, this chapter discusses areas for future development of fuzzy hybrid techniques that will increase their capabilities for solving construction-related problems. The contributions of this chapter are threefold: (1) the limitations of some standard techniques for solving construction problems are discussed, as are the ways that fuzzy methods have been hybridized with these techniques in order to address their limitations; (2) a review of existing applications of fuzzy hybrid techniques in construction is provided in order to illustrate the capabilities of these techniques for solving a variety of construction problems and (3) potential improvements in each category of fuzzy hybrid technique in construction are provided, as areas for future research.

The main value in a culture of tolerance is wasatiyyah. The fragility of relationships and misunderstanding between Muslim and non-Muslim communities occurs when attention to values of tolerance which need more attention on moderation was not practiced especially in the life of a new Muslim convert community. Thus, the practice of moderation is one mechanism proposed by the government to ensure a harmonious continuation of life in a religious community can be achieved. For that, a qualitative study design was used to describe the current status of a phenomenon that occurs among new Muslim converts. The purposive sampling method is used to determine the applications of wasatiyyah in new Muslims’ life tolerance at Kota Kinabalu (East Malaysia) and Kuala Terengganu (West Malaysia). Although the study was conducted at two different locations, there is a relationship between religious phenomena that occur in the new Muslims community in Malaysia. The purpose of this study is to see the practical concept of moderation in the life of new Muslims and their relation with Muslims and non-Muslims. The results showed that the value of moderation was applied in the aspect of tolerance. The application of Wasatiyyah in practice of tolerance had helped non-Muslims family members to change their attitudes and perception towards Islam. This study suggests the values of wasatiyyah in the life of religious tolerance, need to be nourished especially in multiethnic society when sharing a living places, education and employment for better social development as well as a well-being pluralistic society.

The study was conducted through descriptive data qualitative methods. Purposive sampling was used which refers to a group that has the characteristics of samples required by researchers (Mohd Najib Abdul Ghafar 2003). This study applies the method of in-depth interview with the selected new Muslims around Kota Kinabalu (representing East Malaysia) and around Kuala Terengganu (representing Peninsular Malaysia/West Malaysia). Thus, data accumulation involves new Muslims (new Converts) from various ethnics (Sabahan and Sarawakian) which comprise Kadazandusun, Murut, Rungus, Sino and Iban. Secondly, those are from the Peninsular Malaysia which includes Chinese and Indian. Whereas in Kuala Terengganu, data accumulation involves new Muslims from various ethnics (Chinese, Indian, Sarawakian and others). The result of the interview is shown through descriptive narratives which display the practice of tolerance in the form of supportive interaction from the non-Muslim families towards the new Muslims in Islamic lifestyle.

The concept of wasatiyyah has nurturing tolerance among Muslim, newly Muslim and non-Muslim as well as fostering harmony among the diverse ethnics in Malaysia. Based on the discussion, it was observed that the concept of wasatiyyah had a great influence on the relationship among Muslim, newly Muslim and non-Muslim, as it had a strong link with the value of akhlaq that have been embedded in the Muslim community. The wasatiyyah is the main element that shapes the relationship, and it is the results of interaction with social norms, for it has bred certain social values that include tolerance, compromise, modesty, respect and cooperation as transpired when they (Muslim and newly Muslim) interact among themselves or with other communities. Furthermore, the main goal for the concept is to maintain peace and built well-being in the society as well as bracing racial ties in Malaysia, especially among Muslim, newly Muslim and non-Muslim.

Tolerance is a culture that founded the co-existence of pluralistic society in Malaysia. The culture of tolerance can only be built if ethnic tolerance and religious tolerance is accepted as a common practice – Muslims and non-Muslims alike. The description of wasatiyyah in the practice of religious tolerance among the families of new Muslims is the platform towards the acculturation of tolerance in the societal life from different faith and ethnics. It can be said that the higher the tolerance of ethnic, the higher is the religious tolerance, which is manifested through the application of wasatiyyah between people from different religions. This situation is highlighted in the relations of Muslim, newly Muslim and non-Muslim in Sabah and Terengganu where the culture of tolerance is apparent in the life together. Extensive interaction through encounters, acquaintance and co-existence that shape the friendship, brotherhood and kinship is the best formula in nurturing the culture of tolerance in the pluralistic society of Malaysia. Perhaps, the concept of wasatiyyah may be implemented in the whole aspect of life in the context of Malaysia. It is because the term wasatiyyah has the main sources of Islamic epistemology as well as sustaining the well-being pluralistic society without destroying the differences.

The purpose of this study is to comparatively analyze the effect of dividend policy on shareholders’ wealth in Shariah-compliant (SC) and noncompliant (NC) nonfinancial firms in Pakistan.

All the nonfinancial firms listed on the Pakistan stock exchange have been taken as a sample for 2016–2021. The Karachi Meezan index screening criteria were applied to screen SC firms. Based on the BPLM and Hausman test results, the authors used the fixed-effect and pooled OLS model for SC and NC firms, respectively. The F-test was used to compare the effect of each dividend policy variable on shareholders’ wealth for both firm types.

The findings reveal that the dividend policy does affect the shareholders’ wealth in both firm types. Dividend per share (DPS), dividend yield (DY) and earnings per share significantly affect the shareholders’ wealth in SC firms. For NC firms, the dividend payout, DPS and DY are critical. Moreover, the F-test results show that the DPS, DY and leverage effect on the shareholders’ wealth significantly differ for both firm types.

This study fills the research gap in the Pakistani context specifically as well as globally by providing important insights into the relationship between a firm’s dividend policy and shareholders’ wealth for SC and NC firms. In addition, this study comprehensively compares the results for both firm types, which is also lacking in the existing literature. Because this study is based in Pakistan, the generalizability of the results would be limited.

The findings of this study are helpful for the management of SC and NC firms in devising their dividend policies that can maximize their shareholders’ wealth. This study also provides guidance and knowledge to investors in choosing companies for their investments that can maximize their wealth.

To the best of the authors’ knowledge, this is the first study that analyzes the relationship between dividend policy and shareholders’ wealth for SC firms in Pakistan. It is also the first study that comprehensively compares the dividend policy relationship with shareholders’ wealth for SC and NC firms. In addition, using the F-test for joint hypotheses to compare the specific effect of each dividend policy variable is a methodological contribution of the study.

The halal industry has been growing in recent years, seeing an increasing demand for halal products from both Muslim and non-Muslim consumers and acknowledging that halal is a universal concept accepted by both Muslim and non-Muslim societies. Service-related providers, such as logistics, could influence the demand for halal products by consumers. This paper aims to investigate the factors that influence consumers' willingness to pay (WTP) for halal logistics among young non-Muslim adults.

A set of survey questions were distributed to young non-Muslim adults and 280 questionnaires were analysed.

The results indicate that three independent variables had a direct relationship and significant influence on the WTP for halal logistics among non-Muslim consumers. These variables are concern on halal, knowledge about halal and perception of halal logistics. Meanwhile, the awareness of halal logistics significantly influenced the consumers' WTP for halal logistics, provided that it was mediated by the perception of halal logistics.

Given the gap in research on halal logistics and WTP, this paper presents a consolidated examination of this subject, particularly the WTP of young non-Muslim adults. Furthermore, by including the perception of halal logistics as a mediator, this study leverages the halal logistics knowledge to a new level, thus deepening the understanding of this topic and contributing additional knowledge. This study also presents some opportunities for future empirical research.