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Article
Publication date: 29 January 2020

Muhammad Hanif

Islamic capital markets, i.e. ICMs, featured as socially responsible investments, less levered and more reflective of the real sector, are a recent development in…

Abstract

Purpose

Islamic capital markets, i.e. ICMs, featured as socially responsible investments, less levered and more reflective of the real sector, are a recent development in financial markets showing an impressive growth and offering the potential for portfolio diversification benefits. The purpose of this study is to understand the long-run integration of ICMs in the Asia/Pacific region.

Design/methodology/approach

This sample includes ICMs of Asia/Pacific region (such as Pakistan, India, China, Japan, Thailand, Malaysia and Indonesia) for 280 weeks between 2011 and 2016. Selected indexes are FTSE Islamic except for Pakistan and Indonesia. Evidence was obtained through the application of correlation, unit root, Johansen cointegration and Granger causality tests.

Findings

This study documents the results of the integration of ICMs based on developmental stage, geographic location, economic cooperation and shared religious beliefs/civilization. Partial support was observed for all hypotheses: integration of markets based on economic grouping, location, economic treaties and shared civilization. The Japanese market was the most integrated, while the Indian and Malaysian markets are the least. Evidence supports the shift of leadership role from advanced markets to emerging markets.

Practical implications

Selected diversification opportunities are available for global Islamic as well as conventional investors. This study recommends closer cooperation among Muslim majority countries of the region, as well as the effective use of economic cooperation treaties for joint economic growth and prosperity.

Originality/value

This study contributes to the literature by providing evidence on the integration of ICMs in an economically important region (Asia/Pacific) that is witnessing an increasing role in the global gross domestic product and international trade.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 4
Type: Research Article
ISSN: 1759-0817

Keywords

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Article
Publication date: 1 July 2006

Hsin Kao, Peng‐Hsian Kao and Thomas A. Mazzuchi

Many scholars and practitioners argue about the Taiwanese government policy of investing in “Go‐South” or “Go‐West” approach. Therefore, this paper aims to present data

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1222

Abstract

Purpose

Many scholars and practitioners argue about the Taiwanese government policy of investing in “Go‐South” or “Go‐West” approach. Therefore, this paper aims to present data from two groups showing the differences of Taiwanese executives in China and in Malaysia from the point of view of knowledge management (KM) usage.

Design/methodology/approach

Knowledge management is very important since enterprises are eager to create value through the better use of knowledge in today's globalization trend. In this study, the State of Knowledge Management: An Assessment Questionnaire, which includes 19 KM tools, was used to identify various kinds of KM tools usage frequencies. Data were collected from 200 firms in China and Malaysia. These firms represent several manufacturing industries, including food, textiles, rubbers and plastics, electronics, and metal manufacturing.

Findings

The results show that executives in China have higher scores in 16 KM tools than executives in Malaysia, which means the former executives practice KM more than the later executives. Chinese people in both Taiwan and China share the same traditional values of respect for age, authority, hierarchy, culture, and language. Therefore, cultural and contextual variables differences may not affect the mix of knowledge‐sharing problems.

Originality/value

This paper reveals useful information showing the differences of Taiwanese executives in China and in Malaysia from the point of view of KM usage.

Details

VINE, vol. 36 no. 3
Type: Research Article
ISSN: 0305-5728

Keywords

Open Access
Article
Publication date: 1 December 2021

Mohammed Ayoub Ledhem and Mohammed Mekidiche

This paper aims to investigate empirically whether Islamic securities enhance economic growth in the Southeast Asian region based on the endogenous growth theory using the…

Abstract

Purpose

This paper aims to investigate empirically whether Islamic securities enhance economic growth in the Southeast Asian region based on the endogenous growth theory using the non-parametric analysis.

Design/methodology/approach

This paper applies panel quantile regression with Markov chain Monte Carlo optimization as an optimal non-parametric approach to investigate the effect of Islamic securities on economic growth starting from 2013Q4 to 2019Q4 in Southeast Asia. Total issued Islamic securities holdings are employed as a measure for Islamic securities, while the gross domestic product is employed as a proxy for economic growth. The sample includes all working Islamic financial foundations in the top progressive Islamic securities markets' countries of Southeast Asia (Malaysia, Indonesia and Brunei Darussalam).

Findings

The findings confirm that the increase of issuing Islamic securities in Islamic capital markets of Southeast Asia is increasing the levels of economic growth, reflecting the weighty role of the Islamic capital market development as an active contributor to economic growth.

Practical implications

This research would fill the literature gap by exploring Islamic securities–economic growth nexus in Southeast Asia using a robust non-parametric approach based on the endogenous growth theory for better estimation results. The findings of this review serve as a roadmap for financial analysts, policymakers and decision makers to stimulate the Islamic securities markets as another source of finance which can promote the economic growth.

Originality/value

This research is the first that investigates empirically the Islamic securities–economic growth nexus in Southeast Asia using a new empirical investigation built on the non-parametric analysis and outlined within the theoretical context of the endogenous growth model to gain robust evidence about this nexus.

Open Access
Article
Publication date: 14 December 2020

Mohammed Ayoub Ledhem

This paper aims to investigate empirically whether Sukuk financing is boosting the economic growth in Southeast Asia within the framework of the endogenous growth model.

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1733

Abstract

Purpose

This paper aims to investigate empirically whether Sukuk financing is boosting the economic growth in Southeast Asia within the framework of the endogenous growth model.

Design/methodology/approach

This paper applied dynamic panel one-step system generalized method of moments as an optimal estimation approach to investigate the impact of Sukuk financing on economic growth in Southeast Asia spanning from 2013Q4–2019Q3. Sukuk financing was proxied by the total issued Sukuk holdings, while economic growth was proxied by gross domestic product. The sample covered all full-fledged Islamic financial institutions in the most developed Sukuk financial markets countries in Southeast Asia (Malaysia, Indonesia and Brunei).

Findings

The findings demonstrated that Sukuk financing is boosting economic growth in Southeast Asia, which reflects the significant role of the Islamic financial markets of Sukuk as a vital contributor to economic growth.

Practical implications

This paper would fill the literature by investigating the link between Sukuk financing and economic growth in Southeast Asia within the framework of the endogenous growth model, as the outcome of this paper serves as a guide for financial researchers, decision-makers and policymakers to improve the Sukuk market globally as an alternative financing source for the best contribution to economic growth.

Originality/value

This paper is the first that investigates empirically the link between Sukuk financing and economic growth in Southeast Asia with a new theoretical context of the endogenous growth model to gain robust information about this link.

Details

PSU Research Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2399-1747

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Article
Publication date: 23 May 2008

Susan Freeman and Mark Sandwell

The purpose of this paper is to identify key barriers to internationalisation in emerging markets (EMs) for professional service firms (PSFs) from developed markets and to…

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4773

Abstract

Purpose

The purpose of this paper is to identify key barriers to internationalisation in emerging markets (EMs) for professional service firms (PSFs) from developed markets and to explain how PSFs use social networks to participate within EMs of Asia and overcome these barriers. The paper aims to provide a framework of this process.

Design/methodology/approach

A case‐based research design is used to explore key professional service industries (legal, media consulting and financial), providing three case studies, in a developed market (Australia) that are expanding rapidly into EMs (Thailand, Malaysia, and Vietnam) of Asia.

Findings

The elements of orientating, positioning and timing were identified as critical in the context of foreign entry, with the network perspective providing a useful theoretical explanation of this process and underpinning the conceptual framework. Key barriers to internationalisation in EMs for PSFs from developed markets are identified: face‐to‐face communication, language, cultural, work practices and government regulations. How PSFs use social networks to participate within EMs of Asia to overcome these barriers reveal that social network elements are critical to FME specifically into EMs: orientation, positioning and time.

Research limitations/implications

While the conceptual framework of key barriers and how PSF overcame them is theoretically supported by the findings, the framework could be tested more appropriately through an extended number of cases prior to a survey to provide generalizability.

Practical implications

Social networks were used by managers of PSFs to secure market knowledge and to act as a basis for strategic decision making, with foreign network actors a key influence in the foreign market entry process.

Originality/value

The paper provides a framework for identifying key barriers to internationalisation in EMs for PSFs.

Details

Journal of Services Marketing, vol. 22 no. 3
Type: Research Article
ISSN: 0887-6045

Keywords

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Article
Publication date: 13 April 2015

Masato Abe, Michael Troilo and Orgil Batsaikhan

The purpose of this paper is to propose policy suggestions for the financing of small and medium enterprises (SMEs) in the Asia-Pacific region. Recent literature suggests…

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4682

Abstract

Purpose

The purpose of this paper is to propose policy suggestions for the financing of small and medium enterprises (SMEs) in the Asia-Pacific region. Recent literature suggests that lack of capital is the most severe constraint for SME survival and growth. Enabling policymakers to assist SMEs in their search for financing will boost economic growth.

Design/methodology/approach

The methodology includes both quantitative and qualitative components. Current World Bank data on the strength of various financial institutions in the countries of interest is analyzed to discover areas of improvement. Additionally, 32 experts from East and South Asia were interviewed several times to determine areas of concern in financing SMEs. Their responses and the evidence from the World Bank data form the basis of the policy prescriptions in the paper.

Findings

Financing is a critical constraint for SMEs for several reasons. Many SME owners do not manage working capital effectively, information asymmetry between banks and SMEs retards the loan application and approval process, and underdeveloped equity markets deny SMEs future growth opportunities. Policymakers can ameliorate conditions by serving as facilitators and communicators; governments should not provide financing directly if possible.

Practical implications

It is hoped and expected that the policy prescriptions offered herein will enhance the growth and survival prospects of SMES, thereby creating more employment, innovation, and economic growth.

Originality/value

The main contribution of this work is its scope. While the financing of SMEs is a familiar topic, the review of issues and policies in East and South Asia, and their distillation into practical advice for officialdom, is what makes this manuscript unique.

Details

Journal of Entrepreneurship and Public Policy, vol. 4 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

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Case study
Publication date: 8 October 2014

Khairul Akmaliah Adham and Shamshubaridah Ramlee

Topics covered by the case include: strategic management processes; and strategies, especially of a platform business.

Abstract

Subject area

Topics covered by the case include: strategic management processes; and strategies, especially of a platform business.

Study level/applicability

The case is suitable for use in final-year undergraduate business/management degree programs and MBA or MSc in Management programs. The case can be utilized in courses such as strategic management and management of innovation. For MBA and MSc in management programs, the case can also be utilized in organization theory and design and organizational management, or any courses that cover topics of strategic management and management of innovation.

Case overview

By December 2010, the e-Pay terminal system was one of the most successful payment platforms in Malaysia. This business, which was launched in 1999, was an electronic prepaid mobile phone reload value distribution system known as e-Pay; it contributed about 80 per cent of the company's annual revenue. Over the past 10 years, e-Pay's terminal system had evolved into a comprehensive payment platform serving many providers on one side and end customers on the other side. However, since the past two years, the company has been facing pressures from their biggest customers on the provider side of its platform, the three giant telecommunication companies (telcos), which had moved to directly deliver reload values to their prepaid subscribers, bypassing e-Pay as the payment intermediary. On the customer side, the number of prepaid subscribers switching to postpaid services was increasing, and this threatened e-Pay's main source of revenue in the prepaid market. In response to this, the company added new service providers to its platform and launched multi-functional cashier machines with reload credits facility. By December 2010, as the market sunk into subscription saturation, the two founders of the company became deeply concerned about the company's future. They wondered if the problems would hinder their company from becoming a dominant payment player in Asia. This case presents an opportunity to discuss strategic posturing of a payment platform company operating in a mobile phone market which was mainly controlled by the telecommunication companies.

Expected learning outcomes

Understanding of strategic management process and related analysis enable case analysts to apply these concepts in many business situations involving strategy formulation and implementation.

Supplementary materials

Teaching Notes are available for educators only. Please contact your library to gain login details or email: support@emeraldinsight.com to request teaching notes.

Details

Emerald Emerging Markets Case Studies, vol. 4 no. 5
Type: Case Study
ISSN: 2045-0621

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Article
Publication date: 8 April 2014

Chee Seong Ow, Abdul Hamid Baharom and Muzafar Shah Habibullah

The purpose of paper is to investigate and determine the intertemporal changes in linkages between migration (both emigration and immigration) and economic conditions in…

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473

Abstract

Purpose

The purpose of paper is to investigate and determine the intertemporal changes in linkages between migration (both emigration and immigration) and economic conditions in during 1990-2000 period.

Design/methodology/approach

The paper employed cross-sectional analysis to investigate the relationship by employing data on immigration and emigration and as for economic condition the paper employed macro-variables such as real income differential (real gross domestic per capita), price level differential (consumer price index) and distance among the countries. Two different points of time were regressed cross-sectionally, with White standard being employed to remove traces of heterogeneity, albeit, 1990 and 2000.

Findings

Results clearly indicate that there are significant changes in terms of the relationship of chosen variables with migration over time. The results provide some evidence on the important role played by these variables in influencing migration throughout the period in question.

Research limitations/implications

Data covered is limited to 24 countries. The results from these countries alone are not sufficient to address the full impact of migration.

Originality/value

The study covers the traditional topic of migration with an econometric approach, with some empirical regression and findings.

Details

International Journal of Social Economics, vol. 41 no. 4
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 1 January 2005

Hue Hwa Au Yong, Keryn Chalmers and Robert Faff

This study investigates Asia Pacific banks' annual report disclosures on derivatives using the Basel Committee and IOSCO joint recommendations as the derivative and risk…

Abstract

This study investigates Asia Pacific banks' annual report disclosures on derivatives using the Basel Committee and IOSCO joint recommendations as the derivative and risk management disclosure benchmark. Based on our constructed disclosure index, the mean score is 35%, suggesting that many of the disclosure recommendations are not being adopted by the banks in our sample. Cross‐country and regional variation exists in the disclosure practices, with the variation associated with the extent to which accounting regulations for derivative instruments are operational. Hong Kong banks have the highest mean disclosure scores while the Philippines banks have the lowest mean disclosure scores. Australasian banks generally provide more disclosures than East Asian and South East Asian banks, and banks in developed countries generally have a higher level of disclosure relative to developing countries. The transparency of derivative activities by the banks is expected to improve as Asia Pacific countries promulgate accounting regulations congruent with international accounting standards.

Details

Asian Review of Accounting, vol. 13 no. 1
Type: Research Article
ISSN: 1321-7348

Keywords

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Book part
Publication date: 1 January 2014

Seng P. Yeoh

This chapter relies on comparative case analysis to examine how and why particular social entrepreneurs in a higher Asian middle income economy broke new grounds in…

Abstract

This chapter relies on comparative case analysis to examine how and why particular social entrepreneurs in a higher Asian middle income economy broke new grounds in private higher education. The study provides arguments as to why these private higher education entrepreneurs, when viewed inclusively, are social entrepreneurs. Findings from the study suggest that social entrepreneurs distinctively used prior insights from their working experiences to harness the financial power of local capital to fund the scaling up of their social ventures while simultaneously engaging with the country’s economic and social challenges.

Details

International Educational Innovation and Public Sector Entrepreneurship
Type: Book
ISBN: 978-1-78190-708-5

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