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Article
Publication date: 9 July 2018

Ahmad Hakimi Tajuddin, Nur Adiana Hiau Abdullah and Kamarun Nisham Taufil Mohd

The purpose of this paper is to examine the impact of Shariah-compliant status on oversubscription of initial public offerings (IPOs) in Malaysia. It is believed that the…

Abstract

Purpose

The purpose of this paper is to examine the impact of Shariah-compliant status on oversubscription of initial public offerings (IPOs) in Malaysia. It is believed that the Shariah-compliant status serves as a platform that sends a credible signal to investors which could possibly explain the IPO oversubscription anomaly.

Design/methodology/approach

This study used a multivariate and quantile regression model which involved 252 IPOs listed on Bursa Malaysia from 2005 to 2015.

Findings

The results show a significant positive relationship between Shariah-compliant status and oversubscription ratio, which suggests that companies with Shariah status could draw the attention of the investors. Strict guidelines and permissible elements of Shariah-compliant are considered agreeable and amicable by the investors.

Research limitations/implications

Future studies should look into financial ratio benchmark (cash and debt) for determining Shariah-compliant status to enhance the understanding of oversubscription of IPOs in Malaysia.

Practical implications

This study offers practical understanding to the issuers and underwriters on the factors that should be considered in assuring a good early performance of their issuance. Therefore, it will benefit the issuers and underwriters in managing and planning the IPO process carefully.

Social implications

The results of this study provide a new insight for investors regarding important information found in the prospectus when making the decisions to subscribe to IPOs.

Originality/value

This paper is one of the first to provide an empirical evidence of the impact of Shariah-compliant status on oversubscription in the IPO market.

Details

Journal of Islamic Accounting and Business Research, vol. 9 no. 4
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 11 June 2020

Mohd Sabirin Rahmat, Khisbullah Hudha, Zulkiffli Abd Kadir, Noor Hafizah Amer, Muhammad Luqman Hakim Abd Rahman and Shohaimi Abdullah

The objective of this paper is to develop a fast modelling technique for predicting magneto-rheological fluid damper behaviour under impact loading applications.

Abstract

Purpose

The objective of this paper is to develop a fast modelling technique for predicting magneto-rheological fluid damper behaviour under impact loading applications.

Design/methodology/approach

The adaptive neuro-fuzzy inference system (ANFIS) technique was adopted to predict the behaviour of a magneto-rheological fluid (MRF) damper through experimental characterisation data. In this study, an MRF damper manufactured by Lord Corporation was used for characterisation using an impact pendulum test rig. The experimental characterisation was carried out with various impact energies and constant input currents applied to the MRF damper.

Findings

This research provided a fast modelling technique with relatively less error in predicting MRF damper behaviour for the development of control strategies. Accordingly, the ANFIS model was able to predict MRF damper behaviour under impact loading and showed better performance than the modified Bouc–Wen model.

Research limitations/implications

This study only focused on modelling technique for a single type of MRF damper used for impact loading applications. It is possible for other applications, such as cyclic loading, random loadings and system identification, to be studied in future experiments.

Original/Value

Future researchers could apply the ANFIS model as an actuator model for the development of control strategies and analyse the control performance. The model also can be replicated in other industries with minor modifications to suit different needs.

Details

Multidiscipline Modeling in Materials and Structures, vol. 16 no. 6
Type: Research Article
ISSN: 1573-6105

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Article
Publication date: 9 July 2021

Ratna Candra Sari, P.L. Rika Fatimah, Sariyatul Ilyana and Hardika Dwi Hermawan

This study aims to examine financial socialization based on augmented reality (AR) technology for elementary school students, which it is hoped will improve their sharia…

Abstract

Purpose

This study aims to examine financial socialization based on augmented reality (AR) technology for elementary school students, which it is hoped will improve their sharia financial knowledge.

Design/methodology/approach

The experimental method with pre- and post-test and control groups was used to test the improvement in the young learners’ sharia financial knowledge. This study used AR for sharia financial socialization on elementary school students and focused on sharia’s basic concepts, which include earning money, balanced spending, borrowing, saving, investment, payment methods, financial technology and the concept of protection.

Findings

This study finds empirical evidence that the treatment group, who received sharia financial socialization via the AR media, increased their sharia financial knowledge to a greater extent than the control group did.

Research limitations/implications

This study provides encouraging evidence about the potential of sharia financial education for elementary school students using the appropriate learning strategies and media. The weakness in this study is that it was only carried out in one elementary school, with the children of middle- to upper-income parents. Further research should be undertaken at several schools with the children of parents with different income levels.

Practical implications

A shift in learning styles from verbal or visual to virtual encourages the use of AR-based learning media. Financial concepts can be abstract ones, and AR-based learning media is able to present intangible virtual elements so they become more concrete and tangible.

Social implications

The global COVID-19 pandemic has affected all aspects. One of the most severe and likely to be multiyear ahead is the financial aspect. Therefore, this research is expected to be a preparation for the younger generation as early as possible to strengthen social benefits in order to improve sharia financial literacy.

Originality/value

Research into the financial literacy, especially sharia financial literacy aimed at elementary school students, is still very limited. The teaching of financial literacy will be more effective if educators use the appropriate strategies and media. This study used financial socialization strategies and AR learning media that are aligned with the learning styles of young learners.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 3 December 2020

Nurwati A. Ahmad-Zaluki and Bazeet Olayemi Badru

This study aims to investigate the effects of the intended use of initial public offerings (IPO) proceeds that is disclosed in the prospectus on IPO initial returns.

Abstract

Purpose

This study aims to investigate the effects of the intended use of initial public offerings (IPO) proceeds that is disclosed in the prospectus on IPO initial returns.

Design/methodology/approach

A sample of IPOs listed on Bursa Malaysia from 2005 to 2015 is used. The intended use of IPO proceeds is categorised into three uses, namely, growth opportunities, debt repayment and working capital. In addition to ordinary least squares regression, the study applies a more sophisticated and robust approach using the quantile regression technique.

Findings

The results show that the intended use of IPO proceeds for growth opportunities and working capital is positively associated with IPO initial returns, whereas debt repayment is negatively associated with IPO initial returns. When the intended use of IPO proceeds for growth opportunities is further expanded into capital expenditure (CAPEX) and research and development (R&D), the intended use of IPO proceeds for CAPEX is positively associated with IPO initial returns, whereas R&D is negatively associated with IPO initial returns.

Research limitations/implications

These findings suggest that intended use of IPO proceeds provides useful information about IPO initial returns and investors can use this information as guidance to make informed decisions. In addition, regulatory authorities should pay close attention to the amount allocated to each intended use of IPO proceeds as this may play a critical role in the success of a company and the economy.

Originality/value

This study gives new empirical evidence on the desire and motivations of IPO and the usefulness of designated use of IPO proceeds disclosed in the prospectus in explaining IPO initial returns.

Details

Journal of Financial Reporting and Accounting, vol. 19 no. 2
Type: Research Article
ISSN: 1985-2517

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Book part
Publication date: 26 August 2019

Syuhaeda Aeni Binti Mat Ali, Rusni Hassan and Ahmad Azam Othman

The Malaysian economy is expected to face another tumultuous year in 2019. It has been reported more than 21,000 people lost their jobs in 2018, half of whom were in…

Abstract

The Malaysian economy is expected to face another tumultuous year in 2019. It has been reported more than 21,000 people lost their jobs in 2018, half of whom were in Selangor and Kuala Lumpur. This rising unemployment gravely affects a person’s source of income, particularly when he/she is the sole breadwinner of the family. It further leads to the inability to pay one’s monthly commitments such as home, personal and car financing. Notwithstanding the above situation, Sharīʿah encourages leniency on the part of the creditor, that is, when the debtor is in a difficulty, to grant him/her time until it is easy for him/her to pay. Nonetheless, in Malaysia, the inability to pay debt or non-performing loan/financing entitles the financial institutions (both conventional banks and Islamic financial institutions) to proceed with legal proceedings in civil court It is trite that Islamic financing in Malaysia is governed by Sharīʿah principles and legislations, which are conventional in nature; and contractual rights and duties involving Islamic finance are enforceable in the civil court of law. This chapter examines procedural laws governing the event of default of Islamic financing in Malaysia. The methodology adopted in this chapter is doctrinal legal analysis whereby the relevant laws, namely, Rules of Court 2012, Insolvency Act 1967, Limitation Act 1953, Evidence Act 1950, Court of Judicature Act 1964 and the National Land Code 1965 are analysed in addition to the relevant case law. The study reveals that while some of the provisions are sufficient to regulate the event of default of Islamic financing, the laws are largely inadequate. The chapter also finds a significant number of legal issues and challenges relating to event of default in Islamic financing, which require legal reform.

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

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Article
Publication date: 9 June 2021

Nor Ezatie Mukminah Muhammad Zamri, Mahazril ‘Aini Yaacob and Norazah Mohd Suki

The purpose of this study is to examine the key factors that influence the housing preferences of young civil servants in Malaysia.

Abstract

Purpose

The purpose of this study is to examine the key factors that influence the housing preferences of young civil servants in Malaysia.

Design/methodology/approach

A self-administered questionnaire was distributed to 400 respondents who fulfilled the eligibility criteria of civil servant working in Malaysia aged between 20 and 40 years, and currently renting a house, or staying with friends, immediate family or relatives. Data were analysed via exploratory factor analysis and Pearson correlation.

Findings

The results reveal that financial capability is the factor that most strongly influences the housing preferences of young civil servants, followed by neighbourhood and location. Young civil servants are highly inclined to consider the monthly repayment amount as the most important issue when deciding to buy a house. Furthermore, they prefer to buy a house in a neighbourhood that ensures high security and protection against crime.

Practical implications

Housing developers should develop affordable housing in suitable neighbourhoods and locations to match homebuyers’ preferences to avoid a mismatch between housing demand and supply, which is obviously one of the greater risks of unsold homes.

Originality/value

Given the lack of focus on this precise research sample (i.e. young civil servants), the study is justified in terms of its originality, as it examines a specific cohort by focussing on the correlations of location, financial capability and neighbourhood with housing preferences of young civil servants in Malaysia. These insights are invaluable, as this group has not been the specific focus of research.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 25 February 2014

Boo Ho Voon, Firdaus Abdullah, Nagarajah Lee and Karen Kueh

This empirical survey research aims to identify the dimensions of service excellence culture for hospitals. Ultimately, a measurement tool was developed for hospital…

Abstract

Purpose

This empirical survey research aims to identify the dimensions of service excellence culture for hospitals. Ultimately, a measurement tool was developed for hospital service excellence (i.e. HospiSE scale).

Design/methodology/approach

The survey research involved qualitative and quantitative approaches in the scale development process. The structured questionnaire was carefully designed after literature review and focus groups discussions. The respondents were employees from the public and private hospitals in Malaysia. A total of 1,558 usable questionnaires were used for the quantitative analysis. The HospiSE scale was empirically tested for reliability and validity through exploratory and confirmatory factor analyses.

Findings

This measurement-oriented research had identified three dimensions of service excellence culture for hospitals, namely: employee orientation, patient orientation and competitor orientation. The multi-dimensional measure consists of 21 items.

Research limitations/implications

Longitudinal research is required to provide evidence of the causal effects of HospiSE on employee satisfaction and loyalty. The HospiSE scale also requires further verification and refinement.

Practical implications

The parsimonious scale can serve as a strategic and practical measure to evaluate and manage service excellence culture at hospitals. Reliable and valid information can be obtained for fast and cost-effective diagnosis of the service culture for continuous improvement.

Social implications

The new scale is expected to be an important diagnostic to understand and measure service excellence culture at hospitals. The patients and society at large will benefit from the improved hospital service management.

Originality/value

The multi-item measurement tool is new and it can provide insights into service management, resource allocation and human resource management for excellent hospital service. The measurement development process is contextualized for the hospital services.

Details

International Journal of Quality & Reliability Management, vol. 31 no. 3
Type: Research Article
ISSN: 0265-671X

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Article
Publication date: 22 June 2021

Nero Madi, Corina Joseph, Mariam Rahmat, Jennifer Tunga Janang and Normah Haji Omar

The purpose of this paper is to investigate the extent of fraud prevention disclosure on the Malaysian public universities’ websites.

Abstract

Purpose

The purpose of this paper is to investigate the extent of fraud prevention disclosure on the Malaysian public universities’ websites.

Design/methodology/approach

The level of fraud prevention information disclosure was examined using content analysis of all 20 public universities in Malaysia based on the university fraud prevention disclosure index (UFPDi) previously developed by the authors’ research team.

Findings

The disclosures of eight aspects of fraud prevention policies, responses, initiatives and mechanisms were not satisfactory. Possible reasons could be because of lack of awareness and appreciation on the institutional mechanisms and lack of formal pressure from the relevant authority.

Research limitations/implications

Data collection for analysis was conducted during a period of one month only due to rapid changes of the information on the websites.

Social implications

The low level of disclosure using UFPDi will prompt the Malaysian public universities to take proactive actions in promoting transparent and good governance among the university staff hence assisting the government in addressing the fraud problem that is plaguing the nation.

Originality/value

This paper is an extension to the authors’ previous work on UFPDi. It further explains and highlights the extent of fraud prevention disclosures among academic institutions who are receiving financial resources from the government.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 February 2004

I.M. PANDEY and T. CHOTIGEAT

Although extensive empirical studies have been conducted on capital structure in the context of developed countries, few have been carried out on emerging markets using…

Abstract

Although extensive empirical studies have been conducted on capital structure in the context of developed countries, few have been carried out on emerging markets using large pools of data with comprehensive modeling techniques. This paper examines the financial characteristics of Malaysian companies and their debt policies using data of 106 firms from 1992 to 1999. The results of pooled GLS regressions show that all types of debt (short‐term, long‐term, and total) are influenced by the variables for profitability, size, and tangibility—but not by growth, risk, and investment opportunity (market‐to‐book‐value ratio). Thus, the latter results are contrary to evidence from developed markets. However, when the data are classified into two sub‐periods, only in the first (1992–95) does the risk variable reveal the hypothesized positive influence on all debt ratios, reflecting Malaysia's economic uncertainty in the throes of the Asian financial crisis and implementation during the second sub‐period (1996–99) of the domestic capital control policy. Profitability has a persistent and consistent negative relationship with all types of debt ratios in both periods; this confirms the capital structure prediction of the pecking order theory in an emerging capital market.

Details

Studies in Economics and Finance, vol. 22 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 28 May 2020

Chui Zi Ong, Rasidah Mohd-Rashid and Kamarun Nisham Taufil-Mohd

The purpose of this study is to examine the influence of underwriter reputation on the valuation of Malaysian initial public offerings (IPOs).

Abstract

Purpose

The purpose of this study is to examine the influence of underwriter reputation on the valuation of Malaysian initial public offerings (IPOs).

Design/methodology/approach

This study employed cross-sectional multiple regression models to analyse the relationship between underwriter reputation and IPO valuation that included 466 IPOs listed on Bursa Malaysia from 2000 to 2017.

Findings

The results revealed that underwriter reputation had a significant negative association with IPO valuation. Firms that engaged the services of reputable underwriters had their IPO offer prices set lower than the intrinsic values during the listing. After incorporating firms' size, this study found a positive relationship between underwriter reputation and IPO valuation. Big firms (high quality) hired reputable underwriters for certification purposes as issuers were aware that the cost of hiring a reputable underwriter would be justified by increased transparency after listing. Therefore, firms that engaged reputable underwriters had approximately fair values since issuers assumed that the price would be close to the intrinsic value following enhanced transparency post-listing.

Research limitations/implications

Future studies should focus on other non-financial factors, such as auditor reputation.

Originality/value

The present study provides new insights into the certification role of underwriters in valuing IPOs in the Malaysian market.

Details

Managerial Finance, vol. 46 no. 10
Type: Research Article
ISSN: 0307-4358

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