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Article
Publication date: 29 January 2020

Ibnu Qizam, Misnen Ardiansyah and Abdul Qoyum

The purpose of this study is to investigate the nature and integration of Islamic stock markets across the Association of Southeast Asian Nations (ASEAN-5) countries for…

Abstract

Purpose

The purpose of this study is to investigate the nature and integration of Islamic stock markets across the Association of Southeast Asian Nations (ASEAN-5) countries for economic community (AEC) development.

Design/methodology/approach

Using samples of daily closing prices from 2009 to 2014 across ASEAN-5 countries, co-integration and Granger-causality tests were applied.

Findings

This research finds that Islamic capital markets across ASEAN-5 countries remain highly integrated despite the global financial crisis of 2008, and it also finds the integration strength between Jakarta Islamic Index -Indonesia and Bursa Malaysia Emas Sharia-Malaysia Islamic capital markets to be the most influential across ASEAN-5 countries, while MSCI-Philippine Islamic capital market is the most vulnerable across ASEAN-5 Islamic capital markets.

Research limitations/implications

The overwhelming benefit of Islamic stock market integration across ASEAN-5 countries, and, even in a broader context, awaits further inquiry.

Originality/value

Islamic capital markets across ASEAN-5 countries are integrated regardless of the post-global financial crisis. This contributes to confirming cross-border integration policies, especially for AEC development.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 3
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 6 December 2019

Buerhan Saiti, Yusuf Ma, Ruslan Nagayev and İbrahim Güran Yumusak

The purpose of this paper is to investigate the extent to which Chinese equity investors can benefit from diversifying their portfolio into Shariah-compliant (Islamic…

Abstract

Purpose

The purpose of this paper is to investigate the extent to which Chinese equity investors can benefit from diversifying their portfolio into Shariah-compliant (Islamic) indices. It examines three Islamic stock indices (FTSE Shariah China price index, MSCI China Islamic IMI price index and the DJ Islamic Greater China price index) and ten sectoral indices in Shanghai Stock Exchange as a sample.

Design/methodology/approach

The multivariate GARCH dynamic conditional correlations (MGARCH-DCC) is deployed to estimate the time-varying linkages of returns of the selected indices, covering approximately eight years daily data starting from 28 August 2009 to 29 September 2017.

Findings

In general, in terms of volatility, the results indicate that all Islamic Indices are less volatile than the conventional indices. From the correlation analysis, the results imply that Chinese conventional equity investors would benefit from Islamic stock indices, especially when they include DJ Islamic Greater China in their portfolio.

Originality/value

The findings of this paper may have several significant implications for the Chinese equity investors and fund managers for better understanding about co-movements of the Chinese conventional sectoral indices with the Shariah-compliant stock indices with the purpose of gaining higher risk-adjusted returns through portfolio diversification.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 13 no. 1
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 9 August 2021

Premmilaah Gunasegaran, Jagadheswaran Rajendran, Selvakumar Mariappan, Yusman Mohd Yusof, Zulfiqar Ali Abdul Aziz and Narendra Kumar

The purpose of this paper is to introduce a new linearization technique known as the passive linearizer technique which does not affect the power added efficiency (PAE…

Abstract

Purpose

The purpose of this paper is to introduce a new linearization technique known as the passive linearizer technique which does not affect the power added efficiency (PAE) while maintaining a power gain of more than 20 dB for complementary metal oxide semiconductor (CMOS) power amplifier (PA).

Design/methodology/approach

The linearization mechanism is executed with an aid of a passive linearizer implemented at the gate of the main amplifier to minimize the effect of Cgs capacitance through the generation of opposite phase response at the main amplifier. The inductor-less output matching network presents an almost lossless output matching network which contributes to high gain, PAE and output power. The linearity performance is improved without the penalty of power consumption, power gain and stability.

Findings

With this topology, the PA delivers more than 20 dB gain for the Bluetooth Low Energy (BLE) Band from 2.4 GHz to 2.5 GHz with a supply headroom of 1.8 V. At the center frequency of 2.45 GHz, the PA exhibits a gain of 23.3 dB with corresponding peak PAE of 40.11% at a maximum output power of 14.3 dBm. At a maximum linear output power of 12.7 dBm, a PAE of 37.3% has been achieved with a peak third order intermodulation product of 28.04 dBm with a power consumption of 50.58 mW. This corresponds to ACLR of – 20 dBc, thus qualifying the PA to operate for BLE operation.

Practical implications

The proposed technique is able to boost up the efficiency and output power, as well as linearize the PA closer to 1 dB compression point. This reduces the trade-off between linear output power and PAE in CMOS PA design.

Originality/value

The proposed CMOS PA can be integrated comfortably to a BLE transmitter, allowing it to reduce the transceiver’s overall power consumption.

Details

Microelectronics International, vol. 38 no. 2
Type: Research Article
ISSN: 1356-5362

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Article
Publication date: 13 March 2019

N. Jayantha Dewasiri, Weerakoon Banda Yatiwelle Koralalage, Athambawa Abdul Azeez, P.G.S.A. Jayarathne, Duminda Kuruppuarachchi and V.A. Weerasinghe

The purpose of this paper is to identify the determinants of dividend policy in an emerging and developing market.

Abstract

Purpose

The purpose of this paper is to identify the determinants of dividend policy in an emerging and developing market.

Design/methodology/approach

The study employs a quantitative approach using 191 Sri Lankan firms and 1,337 firm-year observations as the sample. The authors apply a Binary Logistic Regression model to uncover the determinants of the propensity to pay dividends, and a Fixed Effect Panel Regression to investigate the determinants of dividend payout.

Findings

The authors identify past dividend decision, earnings, investment opportunities, profitability, free cash flow (FCF), corporate governance, state ownership, firm size and industry influence as the key determinants of propensity to pay dividends. In addition past dividends, investment opportunities, profitability and dividend premium are identified as the determinants of dividend payout. Moreover, there is a feedback between dividend yield and profitability in one lag and between dividend yield and dividend premium in two lags, as short-term relationships. Hence, past dividend decision or payout, profitability and investment opportunities are a common set of determinants with implications for both propensity to pay dividends and its payout. The findings support theories of dividends such as signaling, outcome, catering, life cycle, FCF and pecking order.

Practical implications

The findings are important for investors, managers and future research. Investors should focus on the determinants identified by our study when making investment decisions whereas managers should practice the same when formulating appropriate dividend policies for their firms. Future research should rely on propensity to pay dividends and its payout simultaneously to promote a theoretical consensus on the dividend determinant puzzle.

Originality/value

This is the first study that investigates determinants of propensity to pay dividends and dividend payout along with short-term relationships in a single study.

Details

Managerial Finance, vol. 45 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 19 September 2019

Azlan Long Abdullah, Zawiyah Mohammad Yusof and Umi Asma Mokhtar

The purpose of this paper is to explore, identify and gain insight into factors related to electronic records and information management (e-RIM) issues and their influence…

Abstract

Purpose

The purpose of this paper is to explore, identify and gain insight into factors related to electronic records and information management (e-RIM) issues and their influence on the implementation of e-RIM initiative in military service in Malaysia. This exploration was conducted via a literature review and case study.

Design/methodology/approach

This study adopted a qualitative approach and used a case study involving two army departments in Malaysia. Interviews triangulated by document content analysis and observations were used for data collection. The data were analysed using a directional content analysis approach.

Findings

This study reveals that people, organizations, technology and processes are the interrelated contexts underlying e-RIM issues which inevitably influence the implementation of e-RIM initiatives. Competency and leadership, governance structure, culture and strategic planning, technology development and record-keeping process are the main factors impacting such efforts, in turn forming potential obstacles for organizations implementing such initiatives.

Research limitations/implications

The research approach and design adopted and the sample size were insufficient for generalization of the findings.

Practical implications

This study shows that e-RIM initiatives pose greater challenges related to various issues that cause difficulties in improving and implementing the initiative. Thus, it is crucial for organizations to ascertain and comprehend the factors that influence e-RIM initiatives prior to formulating strategies and approaches in addressing those factors, which would in turn affect the implementation of e-RIM initiatives.

Originality/value

This study provides insights into the fundamental factors embracing the e-RIM issues which influence the initiatives, and thereby fosters further discussion and research in the subject matter in Malaysia.

Details

Records Management Journal, vol. 30 no. 1
Type: Research Article
ISSN: 0956-5698

Keywords

Content available
Article
Publication date: 18 December 2018

Harish Kumar Singla and Pradeepta Kumar Samanta

This paper aims to examine the determinants of the dividend policy of the construction companies in India.

Abstract

Purpose

This paper aims to examine the determinants of the dividend policy of the construction companies in India.

Design/methodology/approach

Data from 2011 to 2016 (six years) of 45 listed construction companies in India are collected, and a strong balanced panel is created. Dividend per share is dependent variable, and profitability, unstable earnings, institutional holding, cash flow, tangibility, liquidity, growth opportunities, age of the firm, life cycle, leverage, size of firm and taxation are explanatory variables. The panel is tested for stationarity and finally fixed and random-effect panel regression model with robust estimation option is performed.

Findings

The random effect model is found fit with an R2 of 62 per cent, and profitability, life cycle and size of the firm show a significant positive effect on dividend payment. Cash flow shows a negative significant relationship, indicating the presence of agency problem. Rest of the variables indicated an insignificant relationship.

Research limitations/implications

The study is carried out on a small sample of 45 companies with data of only six years. Further, there may be behavioral and psychological factors that drive the decision to declare dividend. Those factors have not been considered in present study. Despite considerable efforts, the author could not find more studies specific to the construction sector. Hence, the variables identified in the present study are more generic, even though a few sector-specific studies have been included.

Originality/value

The dividend policy determinants for the construction sector in India are investigated, and a comprehensive model based on 12 explanatory variables is tested to find the drivers of dividend payout in Indian construction companies. From the investor’s point of view, the sector has immense potential in terms of dividend as well as capital appreciation. Therefore, the study can be useful to the investors to understand the drivers of dividend payout in the construction sector. It can also be crucial for companies to create an appropriate dividend policy so as to attract and retain investors. The study contributes significantly to the existing body of knowledge by recommending the salient drivers of dividend payout in the construction sector based on a comprehensive dataset and using robust methodology.

Details

Journal of Financial Management of Property and Construction, vol. 24 no. 1
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 2 August 2011

L.S. Chuah, Z. Hassan, S.S. Tneh, M.A. Ahmad, S.K. Mohd Bakhori and Y. Yusof

The purpose of this paper is to propose a simple physical evaporation route in which catalyst‐free zinc oxide (ZnO) nanoscrewdrivers were deposited on silicon (Si) (111…

Abstract

Purpose

The purpose of this paper is to propose a simple physical evaporation route in which catalyst‐free zinc oxide (ZnO) nanoscrewdrivers were deposited on silicon (Si) (111) substrates.

Design/methodology/approach

Prior to the deposition, the Si (111) wafer was cut into pieces of 2×2 cm2. Then, the wafers were dipped for 1 min into mixture buffered oxide etchant to remove native oxide. Then, the samples were rinsed in an ultrasonic bath cleaned with boiling acetone, ethanol, and de‐ionized (DI) water for 10 min. Lastly, the wafers were rinsed in 25 ml DI water in stirred and then were blown dry with nitrogen. In this technique, the starting material is high‐purity metallic zinc (Zn) powder (99.99 per cent pure). Following, the Zn films were then annealed under air environment in the furnace at 500°C for 1 h deprived of any catalysts.

Findings

These ZnO samples were studied by scanning electron microscopy, high‐resolution X‐ray diffraction (HR‐XRD), and photoluminescence (PL) spectroscopy. Atomic force microscope (AFM) images were applied to ascertain surface morphology of produced ZnO nanoscrewdrivers. XRD pattern confirmed that the ZnO nanoscrewdrivers were of polycrystalline structure in universe with a hexagonal close packed type and c‐axis is perpendicular to the substrate. The peak at 34° correspond to the reflection planes of ZnO(002) crystallographic plane is perceived. The AFM surface images disclosed that the surfaces of produced ZnO thin films are not smooth. The PL spectrum of as‐synthesized nanoscrewdrivers shows a UV emission peak at 380 nm and a broad green emission peak at 500 nm.

Originality/value

The paper reports on a simple physical evaporation route, ZnO nanoscrewdrivers were synthesized via the thermal evaporation of the high‐purity Zn powders and annealed at 500°C under air atmosphere without introducing any hetero‐metal catalysts or other carrier gases approach.

Details

Microelectronics International, vol. 28 no. 3
Type: Research Article
ISSN: 1356-5362

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Book part
Publication date: 30 November 2020

Edem M. Azila-Gbettor, Robert J. Blomme, Ad Kil and Ben Q. Honyenuga

The study examines organization citizenship behavior (OCB) as a mediating variable between instrumental work values (IWVs) and organizational performance; and group…

Abstract

The study examines organization citizenship behavior (OCB) as a mediating variable between instrumental work values (IWVs) and organizational performance; and group differences between family manager and nonfamily manager for integrated models in family hotels. Data were collected from 189 hotels (n = 921) ranging from budget to three-star family hotels in Ghana using questionnaire administered conveniently. Data were analyzed using structural equation modeling. Work value positively influences OCB and organizational performance of family hotels. OCB mediates the relationship between work values and organizational performance. The study also found significant support for group differences between family and nonfamily firms for IWVs and mediating effect of OCB on the relationship between IWVs and performance.

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Article
Publication date: 9 October 2018

Precious Chikezie Ezeh and Anayo D. Nkamnebe

Islamic banking is an emerging product in Nigeria; it has evolved as a new reality in the Nigerian financial scene since 2011. Thus, the purpose of this paper is to…

Abstract

Purpose

Islamic banking is an emerging product in Nigeria; it has evolved as a new reality in the Nigerian financial scene since 2011. Thus, the purpose of this paper is to propose a conceptual framework for the study of Islamic banking adoption behavior among bank customers in Nigeria.

Design/methodology/approach

This study is a literature and theoretical review of past studies to develop a comprehensive framework for the study of Islamic banking adoption behavior in Nigeria.

Findings

In this conceptual study, the researcher identified 12 independent variables, namely, relative advantage, compatibility, complexity, observability, trialability, uncertainty, promotional efforts, awareness, customer involvement, perceived information quality, profit/loss sharing and religiosity, as suitable variables for the study of Islamic bank adoption in Nigeria.

Practical implications

As Islamic banking is an innovative and unique product, which differs from conventional banking, it is hopeful that upon validating the framework, it will provide useful insight on the adoption behavior of Islamic bank customers in Nigeria.

Social implications

This study will be useful to Islamic banks in gaining and maintaining their existing customer, and policymakers, regulators and other relevant stakeholders will be able to strategize in accordance with their respective assignments toward the development and growth of the Nigerian financial industry.

Originality/Value

Most previous studies concentrated on product attributes of innovation adoption. But, this current study inculcated the consumers’ attitude and perception toward adoption of Islamic banking. Thus, the authors then propose several factors that can influence adoption of Islamic banking in Nigeria.

Details

Journal of Islamic Marketing, vol. 9 no. 4
Type: Research Article
ISSN: 1759-0833

Keywords

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Article
Publication date: 6 August 2019

Muhammad Ali, Syed Ali Raza, Chin Hong Puah and Hanudin Amin

The purpose of this paper is to determine the factors influencing customer adoption toward takaful products in Pakistan.

Abstract

Purpose

The purpose of this paper is to determine the factors influencing customer adoption toward takaful products in Pakistan.

Design/methodology/approach

The study used five attributes of diffusion innovation theory (DOI), namely, relative advantage, compatibility, trialability, observability and complexity. Furthermore, the authors introduced two additional constructs, namely, consumer awareness and religiosity to analyze the adoption behavior of customers. A total of 365 questionnaires were distributed among the participants of the study. The survey was conducted in the Karachi city where the respondents were the existing and potential users of takaful products. The theoretical model of DOI theory was tested using structural equation modeling.

Findings

The findings report that complexity has a negative impact on the adoption of takaful, whereas relative advantage, compatibility, trialability, observability, religiosity and consumer awareness shows a positive and significant influence.

Originality/value

It is a noteworthy point that past literature is quite limited to investigate the determinants of consumer intentions to adopt takaful products. Based on this argument, the authors build the study to provide a scope and coverage in the field of Islamic insurance. The authors also expect that the research will encourage and provide a venue for forthcoming studies to help policy makers and academicians in this emerging business.

Details

International Journal of Emerging Markets, vol. 14 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

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