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Pre-IPO information and IPO valuation accuracy: the moderating role of book-building
Get PDFThe main objectives of this thesis are to investigate the valuation accuracy of initial public offerings (IPOs) using multiple methods (price-to-earnings, price-to-book, and price-to-sales) and the determinants of IPO valuation in Malaysia. The emphasis on IPO valuation accuracy is motivated by the lack of information on firms’ valuation after the regulation on price-to-earnings was abolished in 1996. This study examines 458 IPOs listed throughout 2000-2017 and found that that the price-to-sales method provides the most accurate valuation of firms, specifically for firms with high growth rates, high or low debts, and/or inconsistent earnings in consecutive years. Price-to-sales is then applied to the IPO valuation ratio measurement, which is estimated using multiple regression model based on pre-IPO information in prospectuses, namely disclosure regulation of earnings forecasts, underwriter reputation, institutional investor’s ownership, growth opportunity, retail investor’s ownership, and pricing mechanism. This study finds that the regulatory change in earnings forecasts disclosure from mandatory to voluntary and greater allocation to retail investors have negative impacts on IPO valuation. Meanwhile, higher allocations of shares to institutional investors and the book-building mechanism lead to positive impacts on IPO valuation. This study also analyses the moderating effect of pricing mechanism on the determinants of IPO valuation, and finds that book-built IPOs certified by prestigious underwriters are highly valued. The findings of this study suggest that underwriters should employ at least the price-to-sales method as it could reduce mis-valuation of IPOs. Managers should be aware of the findings to ensure that they recognise the importance of disclosing these indicators in prospectuses to boost their firms’ values. Regulators, such as the Securities Commission, could enhance the current regulation by re-imposing the disclosure requirement regarding earnings forecasts and incorporating new listing rules for the book-building mechanism
Impact of oil price fluctuation on comparative advantage of manufacturing sectors in ASEAN-5
Get PDFIn the ASEAN-5 economy, the manufacturing sector contributes more than 30 percent to Gross Domestic Product and its performance affects ASEAN-5’s comparative advantage. Even though there are studies found a significant impact of oil price fluctuations on economic activities, but effect on comparative advantage is largely ignored. Therefore, this study attempts to fill the gap of oil price fluctuations and comparative advantage in ASEAN-5 manufacturing sector for the period of 1991 to 2018. More specifically, it aims to evaluate the effects of oil price fluctuations on comparative advantage, the factors affecting changes in comparative advantage, and the dynamic changes in comparative advantage. The Seemingly Unrelated Regression (SURE), Probit model, Spearman rank correlation coefficient (SRC) are employed in this study. Using SURE model, oil price fluctuations adversely affect the comparative advantage of most manufacturing commodities in all technological classification of export. Results of the estimated Probit model, reveal that changes in the factors 1 (real gross domestic product, manufacturing value added, capital, foreign direct investment), factors 2 (labour, oil demand, research and development) and factors 3 (real oil price domestic, trade openness) have significant effects on the changes in comparative advantage. The findings from SRC reveal that there are dynamic changes in the rank of commodities in terms of comparative advantage. It is concluded that measuring competitiveness of manufacturing commodities using technological classification of export is crucial to focus on the products with high trade growth which could facilitate better economic growth in the future. The implementation of effective policy should be given serious consideration to ensure the comparative advantage is not affected by oil price fluctuations. ASEAN-5 needs to monitor the price of oil to ensure that unstable price will not harm the comparative advantage
The effect of internal marketing on job satisfaction among employees of government linked companies (glcs) in Malaysia
Get PDFJob satisfaction (JS) of employees has been an important factor in organisations as part of achieving organisational performance and goals. This factor has been discussed and deliberated over a century. This study was conducted to gain a better understanding of the factors affecting JS with specific reference to the employees of Government Linked Companies (GLCs). JS of employees is very important for organisations, especially in GLCs. GLCs are important as part of the catalyst for the economy. GLCs were incorporated as part of the nation’s strategy to propel and transcend the nation into achieving developed nation status by 2020. Internal marketing (IM) factors are factors that exist among employees in organisations. IM factors are relevant in organisations such as GLCs and act as indicators for JS of the employees in the GLCs. The IM factors, namely employee empowerment (EE), employee motivation (EM), training and development (TD), benefits and compensation (BC) and internal communication are studied as factors against JS in GLCs in the dissertation. Organisational culture (OC) was selected as the moderator against the IM factors towards the JS of the GLCs. 706 employees from 10 GLCs were chosen from the Ministry of Science, Technology and Innovation (MOSTI) for this study. 361 responses were received and 341 were deemed valid for analysis. The researcher collected the data through self-administered survey questionnaires. The hypotheses were tested using SPSS version 21.0 and PLS-SEM version 3.0. The findings showed that EE, EM and BC showed positive relationships with JS. OC did not moderate the relationship between the IM factors and JS. The study has shown the relevance of IM factors towards JS. It has also acted as the foundation for the study of JS factors among the employees of GLCs. It is hoped that the findings in the study will be used to improve the JS of employees in GLCs
The determinants of bitcoin returns and volatility: A quantile regression approach
Get PDFThe peak of the global financial crisis gave rise to the popularity and growth of the cryptocurrency market, particularly the bitcoin market. The issue centering on the price predictability of bitcoin is crucial to global investors and policymakers. Therefore, the present research aims to investigate the causal and predictive factors influencing the two major price dynamics of bitcoin i.e., returns and volatility, from October 9, 2013, to December 31, 2020. In doing so, the study analysed seven market micro-structure and financial variables and applied the advanced quantile-based method. The results observed the overall unidirectional quantile causality from bitcoin returns to market size, equity market, and financial uncertainty. The results found that bitcoin liquidity, information demand, energy, and gold prices cause bitcoin returns and vice versa. As for the bitcoin volatility, the findings confirmed the quantile causal association between equity prices to bitcoin volatility in all market states. Alternatively, bitcoin liquidity, market size, information demand, energy prices, and gold prices have shown feedback causality with the bitcoin volatility. Furthermore, the study found that the predictability of bitcoin returns relies on liquidity, market size, energy prices, gold prices, and financial uncertainty. However, only market liquidity and energy prices are found to partially influence bitcoin returns during normal market conditions. The findings regarding bitcoin volatility found that similar variables of liquidity, market size, energy and gold prices, and financial uncertainty are crucial to predict bitcoin volatility. However, bitcoin volatility is more predictable in a low-to-medium volatile market. The results established that during high volatile bitcoin market, only liquidity and energy prices partially influence bitcoin volatility. The outcomes have implications for managers, investors, and regulators in highlighting the relevance of the studied variables in the bitcoin market while emphasising the eminence of market states to support efficient risk management
Engineering employability skill development framework using university-industry collaboration: Service-dominant logic perspective
Get PDFEngineers are often regarded as one of the most crucial professions in a country. To produce future engineers, the university plays a vital role as one of the major key stakeholders in developing and providing appropriate engineering employability skills among engineering students. The current unemployment situation has in fact increased competition among engineering graduates, therefore, universities need to strengthen the collaboration with industry players to promote a mutual goal in enhancing employability skills among engineering students. In this research, Service-Dominant Logic, or also known as S-D logic is used as the fundamental applied as service value co-creation between university and industry as two stakeholders in improving employability skills. This research employed a qualitative research using case study method. The method of data collection used were interviews which were divided into three cases known as Case A, Case B and Case C, where all cases have included both university and industry stakeholders. A framework is developed based on three key elements of S-D logic in value co-creation of University-Industry Collaboration (UIC) that are recognized as resources, interactions and values. The element of resources is divided into two sub-elements identified as operant and operand resources. There are four items based on operant resources: engineering employability skills, communication skills, interpersonal skills and problem solving. There are three items in operand resources, categorized as laboratory, funding and industry-based modules. The elements of interactions are divided into three sub-elements: education and training, services and consulting, and research activities. In the values element, there are two sub-elements that determine the value that can benefit both as an individual and as an organization. For individuals, graduates can benefit from graduate employability. Meanwhile, for organizations, universities and industries can benefit by sharing their expertise, knowledge and resources. For future research, the involvement of graduates with both stakeholders are recommended to expand the findings framework
An improved requirement change management model for agile software development
Get PDFBusiness requirements for software development projects are volatile and continuously need improvement. Hence, popularity of Agile methodology increases as it welcomes requirement changes during the Agile Software Development (ASD). However, existing models merely focus on change of functional requirements that are
not adequate to achieve software sustainability and support change requirement processes. Therefore, this study proposes an improved Agile Requirement Change Management (ARCM) Model which provides a better support of non-functional requirement changes in ASD for achieving software sustainability. This study was
carried out in four phases. Phase one is a theoretical study that examined the important issues and practices of requirement change in ASD. Then, in phase two, an exploratory study was conducted to investigate current practices of requirement changes in ASD. The study involved 137 software practitioners from Pakistan. While in phase three, the findings from the previous phases were used to construct the ARCM model. The model was constructed by adapting Plan-Do-Check-Act (PDCA) method which consists of four 4 stages. Every stage provides well-defined aims,
processes, activities, and practices. Finally, the model was evaluated by using expert review and case study approaches. There were six experts involved to verify the model and two case studies which involved two software companies from Pakistan
were carried out to validate the applicability of the proposed model. The study proposes the ARCM model that consists of three main components: sustainability characteristics for handling non-functional requirements, sustainability analysis method for performing impact and risk analysis and assessment mechanism of ARCM using Goal Question Metrics (GQM) method. The evaluation result shown that the ARCM Model gained software practitioners’ satisfaction and able to be executed in a real environment. From the theoretical perspective, this study introduces the ARCM Model that contributed to the field of Agile Requirement Management, as well as the empirical findings that focused on the current issues, challenges and practices of RCM. Moreover, the ARCM model provides a solution for handling the nonfunctional requirements changes in ASD. Consequently, these findings are beneficial to Agile software practitioners and researchers to ensure the software sustainability are fulfilled hence empowers the companies to improve their value delivery
The effects of entrepreneurial orientation, foreign market knowledge and dynamic capability on export performance of manufacturing SMEs in Malaysia
Get PDFSmall and medium enterprises (SMEs) make up the largest business sector in Malaysia. The Malaysian government has implemented various initiatives and measures with the aim of promoting the growth of Malaysian SMEs in the global arena. Although globalisation has created opportunities for SMEs to use export strategy when competing internationally, Malaysian SMEs still face difficulties when trying to survive in a rapidly changing market. This study intended to examine the effects of entrepreneurial orientation, dynamic capability, and foreign market knowledge on Malaysian SMEs’ export performance, taking into account the international opportunity recognition as a mediating variable. This quantitative study collected primary data via survey questionnaires. The study sample comprised of Malaysian export-oriented manufacturing SMEs, and 180 valid responses were received. SmartPLS 3.0 was applied to test the hypotheses. Findings show that the dimension of entrepreneurial orientation, namely market sensing capability is the strongest predictor of SMEs’ export performance. In addition, findings indicate that international opportunity recognition significantly mediates the relationship between entrepreneurial orientation, foreign market knowledge, and SMEs’ export performance. The empirical evidence contributes to a better understanding of the interplay between entrepreneurial orientation, dynamic capability, foreign market knowledge, international opportunity recognition, and SMEs’ export performance that could induce greater attention to this area. The findings can help SME managers to identify critical success factors that can help them improve their export performance. Furthermore, policymakers can take further steps to formulate new policies and action plans to enhance the competitiveness of Malaysian SMEs in the export sector
The moderating effect of religiosity on customers' acceptance of Islamic micro finance in Kano State Nigeria
Get PDFLiterature has recognized the acceptance of Islamic microfinance as a strategic management tool used by individual customers of Islamic microfinance in Kano State, Nigeria, to distinguish itself in service quality, customer- perceived value and corporate image. However, studies are limited on the relationship between service
quality, customer -perceived value and corporate image. Nevertheless, the literature has yet to establish the moderating effect of religiosity on the relationship between service quality, customer- perceived value and corporate image. Based on a theoretical consideration, a model was proposed to examine these relationships and the study postulated 6 hypotheses. A quantitative approach and a cross-sectional design were adopted with a sample size of 360. Valid responses from 194 questionnaires were achieved and data was analyzed using the Statistical Package for Social Science (SPSS) for Windows version 22, and the Partial Least Square Structural Equation Model (PLS-SEM). The findings revealed that the direct relationship between service quality and customer- perceived value and acceptance of Islamic microfinance was supported. However, corporate image and acceptance of the Islamic microfinance reported an insignificant relationship. As postulated, the moderating effect of religiosity on the relationship between service quality and acceptance of Islamic microfinance was established in the study. However, the moderating effect of
religiosity on the relationship among customer-perceived value, corporate image and acceptance of Islamic microfinance was not significantly established. The study contributes to the present literature, both in practice and theory. Research in the future
may test the model in different country settings or organizations to add to the generalization of the finding
Pengunaan model CIPP dalam penilaian pengajaran tarannum bagi program kelas kemahiran Al-Quran
No full textProficiency in al-Quran recitation is an essential skill to be mastered by a muslim. Possessing this skill enables muslims to better internalise and appreciate the Holy Quran. To achieve proficiency in reciting a-Quran, the Ministry of Education has established a special class for reciting and learning al-Quran by heart which is
known as KKQ for all secondary schools in Malaysia. After three decades of its establishment, it was found that there are some issues and weaknesses in KKQ that can be tackled and improved especially in tarannum. Besides, this programme has never been evaluated for its effectiveness by the teachers directly involved in it.
Hence, a study should be conducted to create a model or an evaluation template that can specifically evaluate eight major constructs in the teaching evaluation of tarannum and Quranic recital at KKQ. The main objective of this study is to evaluate
the achievement of the tarannnum teaching objectives, to evaluate the constraints in teaching KKQ tarannum, to evaluate teachers‟ preparations of KKQ teaching resources, to evaluate teaching strategies of KKQ tarannum, to evaluate the assessment methods used, to evaluate students‟ skills in learning tarannum, to evaluate KKQ students‟ practices of values, and to identify significant differences among teachers based on school placement zone, school types and teaching experiences. In this study, the CIPP Evaluation Model by Stufflebeam (2007) will be used as the conceptual framework. This model portrays how the evaluation made can be used as an indicator to make an accurate decision in the teaching practices of tarannum in KKQ. The current study was conducted using a mixed-methods approach through qualitative and quantitative analyses. Qualitative data was analysed based on the interview transcripts of five KKQ master teachers. Meanwhile, for quantitative data, the analysis was done based on 250 survey forms representing KKQ teachers in Peninsular Malaysia using the Statistical Package for Social Science (SPSS) software version 21.0. Based on the analysis of the eight main constructs in the teaching evaluation concept, it was found that seven of them had
significant differences, whereas only one construct showed in significant differences in the evaluated categories. The study can contribute to the theory and concept of teachers‟ evaluation in the teaching of tarannum in terms of the objective, preparation and teaching resources. Besides, it provides input for teaching strategies and evaluation methods to be adopted efficiently for students in the KKQ programme based on the evaluation elements in the CIPP model
Gelagat kepatuhan pendidikan profesional berterusan dalam kalangan akauntan awam di Malaysia
Get PDFPendidikan profesional berterusan (CPE) berstruktur memainkan peranan yang sangat penting dalam membangunkan dan meningkatkan pengetahuan dan kemahiran para akauntan dalam amalan awam. Justeru, akauntan profesional di Malaysia diwajibkan untuk mematuhi keperluan CPE berstruktur. Walau bagaimanapun, laporan Institut Akauntan Malaysia (MIA) menunjukkan tahap kepatuhan CPE berstruktur dalam kalangan akauntan dalam amalan awam adalah tidak memuaskan. Isu ketidakpatuhan ini penting kerana ia boleh menjejaskan tahap kecekapan para akauntan dalam melaksanakan tugas dan tanggungjawab yang melibatkan kepentingan awam. Setakat ini, faktor-faktor yang mempengaruhi kepatuhan CPE berstruktur masih lagi belum diperjelaskan dalam mana-mana kajian empirikal. Justeru, objektif utama kajian ini adalah untuk menyelidik faktor-faktor yang mempengaruhi niat dan gelagat kepatuhan CPE berstruktur dalam kalangan akauntan di Malaysia. Model kajian ini adalah berasaskan kepada Teori Gelagat Terancang (TPB). Seramai 228 akauntan dalam amalan awam yang merupakan ahli MIA telah terlibat dalam kajian ini. Data untuk kajian ini diperolehi menerusi bancian soal selidik isi sendiri dan dianalisis menggunakan Partial Least Square-Structural Equation Modeling (PLS-SEM). Dapatan kajian menunjukkan tanggapan manfaat tanggapan implikasi ketidakpatuhan dan efikasi kendiri mempunyai hubungan positif dan signifikan dengan niat kepatuhan CPE berstruktur. Kajian ini juga mendapati niat kepatuhan CPE berstruktur mempunyai hubungan positif dan signifikan dengan gelagat kepatuhan CPE berstruktur. Selain itu, dapatan kajian menunjukkan pemboleh ubah perantara, iaitu efikasi kendiri, memainkan peranan sebagai perantara separa dalam hubungan antara tanggapan keterlibatan dan niat kepatuhan CPE berstruktur. Hasil kajian ini berupaya menyediakan asas yang baik dalam membantu pihak-pihak berkenaan seperti MIA dan AOB untuk membina dan menambah baik strategi dan polisi dalam memastikan tahap kepatuhan CPE yang lebih baik dalam kalangan akauntan awam