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The influence of political and military connections and ownership structure on firms’ investment efficiency in Pakistan
No full textCorporate political connections are prevalent worldwide and their impact has been investigated in many countries especially in countries with less protected property rights, high levels of corruption, and inadequate legal and institutional protection. Moreover, there is an ongoing academic debate on politicians' interference in commercial business activities. Hence, the existing empirical evidence is equivocal in assessing the impact of this connections on firms' decisions, particularly concerning firm's investment efficiency. This study examined the impact of political connections, military connections, and ownership structure on firm’s investment efficiency in Pakistan from 2011 to 2019. By utilising 257 non-financial firms listed on The Pakistan Stock Exchange, Fixed Effect Regression results revealed that military connections and political connections exert a positive and significant effect on a firm’s investment efficiency, which supports the Resource Dependence Theory’s prediction. Further tests revealed that the positive effects of connections are stronger in nonelection years than in election years. This implied the heightened agency issues faced by connected firms during the election years. The breakdown of the connection variables by the sources of connection (connected Chairman and CEO) is revealing. For political connections, the positive impact does not vary by the type of connection. However, for military connections, the impact of connection due to connected Chairman and CEO is statistically negative and high in magnitude. Except for family ownership, which exhibited a positive and significant impact on investment efficiency, none of the ownership variables were found to be significant. In summary, political and military connections were found to be valuable to Pakistani firms. However, caution must be exercised on military-connected firms controlled by connected Chairman and CEO. Moreover, policymakers need to articulate more efficacious laws to restrain conflicts of interest that could arise from the military-connected CEOs and chairmen surrounding the general election period. This helps the top management make objective and unbiased business deals while maximising shareholders’ value. Therefore, policymakers should design guidelines to monitor business dealings between firms and their connected insiders to minimise wealth expropriation of firms by the connected parties
Persepsi Tahap Kesejahteraan Guru Wanita Berasaskan Konsep Keseimbangan Kerja-Jagaan Anak
Get PDFProfesion perguruan merupakan profesion yang sangat mulia dan penting dalam arus Peningkatan masyarakat dan negara. Namun, peranan guru kian mencabar dalam Kepelbagaian tugas yang sentiasa berubah seiring dengan keperluan semasa. Kajian ini Dijalankan untuk melihat tahap kesejahteraan guru-guru wanita yang mempunyai dwitanggungjawab Terhadap tugas rasmi di sekolah dan menjaga anak-anak mereka di rumah. Responden kajian terdiri daripada kalangan guru wanita yang mempunyai anak berumur 0 hingga 12 tahun mengajar di sekolah sekitar negeri Selangor dan Kedah. Sampel dipilih menggunakan persampelan berkelompok dan persampelan rawak berstrata mengikut jenis sekolah. Analisis deskriptif iaitu analisis frekuensi dan peratusan digunakan bagi mengukur tahap tugasan kerjaya, tahap persekitaran dan pilihan jagaan anak bagi guru wanita. Untuk mengkaji hubungan faktor ekonomi dengan faktor pilihan jagaan anak guru wanita, analisis deskriptif telah digunakan. Manakala, analisis min digunakan untuk melihat tahap kesejahteraan guru wanita. Model Kesejahteraan guru wanita telah dibangunkan menggunakan analisis PLS-SEM. Secara keseluruhan model ini memperincikan bagaimana setiap item di dalam setiap konstruk dapat menunjukkan tahap kesejahteraan guru-guru wanita yang dikaji. Dapatan kajian untuk tahap tugasan kerjaya guru wanita mendapati majoriti bersetuju bahawa beban tugas mengganggu tugasan Sebagai guru. Walaubagaimanapun, tahap persekitaran kerja kurang memberi impak Kepada tugasan harian mereka. Bagi jagaan anak, faktor kualiti merupakan pilihan utama dan faktor ekonomi mempunyai kaitan dengan pilihan jagaan anak. Secara keseluruhan, Kesejahteraan guru wanita berada di tahap yang rendah. Model Kesejahteraan guru wanita dibentuk dan diuji untuk menilai pencapaian tahap kesejahteraan guru wanita Berasaskan faktor-faktor peramal terpilih. Dari aspek praktikal, kajian mendapati terdapat banyak faktor yang menyebabkan guru wanita berada di tahap kesejahteraan yang rendah. Cadangan penambahbaikan telah dikemukakan terutamanya terhadap pihak yang berwajib untuk mengurangkan beban tugas guru serta menambahkan bilangan guru dan staf sokongan serta menyediakan lebih banyak tempat jagaan dan perkhidmatan penjagaan anak yang berkualiti. Apabila guru-guru wanita ini berada di tahap kesejahteraan yang baik maka mereka dapat melaksanakan tugasan harian dengan cemerlan
Distress risk and stock returns : Malaysia evidence
Get PDFPredicting firms’ financial distress is important as accurate prediction would improve financial and investment decisions. The logit model and multiple discriminant analysis are commonly used predicting approaches among researchers, but both models encounter econometric problems that may affect the model's consistency and validity. In order to overcome the issues, researchers suggest hazard model to produce more consistent and valid prediction model. Thus, this study examines and compares the accuracy, consistency, and validity of the logit and hazard model in predicting financial distress. A model with high accuracy, consistency, and validity is used to measure distress risk, which represents one of the risk factors in estimating returns. Prior studies have employed a small sample size and short study period in predicting financial distress or estimating the relationship between distress risk and returns for the Malaysian market, where the results may not have adequately represented the entire market. To address this issue, this study utilises data from 1079 firms during the period of 1990 to 2020 to develop prediction models based on 18,314 firm-year observations. Meanwhile, in estimating return, this study uses 141,425 monthly observations. The results show that liquidity, activity, profitability, and leverage ratios are significant factors in predicting financial distress. Furthermore, the hazard model seems to generate higher accuracy and consistency relative to the logit model. In estimating returns, financial distress risk is consistently insignificant in all models while size and value show consistent significant results in all models. As the developed model could be used to complement the existing guidelines, these results are useful for policymakers such as Bursa Malaysia in improving the policies and guidelines related to Amended Practice Notes 17 (APN17). As for the creditors, the developed model is useful in making a lending decision since the model is helpful in measuring and monitoring firms’ distress levels
Penyelesaian hutang asnaf al-gharimin di Lembaga Zakat Negeri Kedah (LZNK), Malaysia
Get PDFThe background of this study focuses on asnaf al-gharimin at Lembaga Zakat Negeri Kedah (LZNK). Zakat plays a vital role as an Islamic fiscal policy tool that can enhance the economic development of the ummah. In Islam, zakat is to be distributed to eight groups of asnaf, but it seems like asnaf al-gharimin receives less attention. According toJumhur ulama’, asnaf al-gharimin are Muslims who are indebted to meet the needs of themselves, their families and society for things allowed by sharia. In Islam, the law of debt repayment is obligatory. The main issue in this study is that not all debtors can pay their obligations for specific reasons. Lembaga Zakat Negeri Kedah (LZNK) circulates zakat funds every year but to what extent are the asnaf al-gharimin assisted in settling their obligations? Therefore, this study contains three main objectives. First, to identify the definition, conditions and form of distribution of zakat al-gharimin in the Lembaga Zakat Negeri Kedah (LZNK). Second, to analyze the purpose and the factors contributing to asnaf al-gharimin’s failure to repay the debt in the Lembaga Zakat Negeri Kedah (LZNK). Third, to analyze the effect of zakat distribution among asnaf al-gharimin in the Lembaga Zakat Negeri Kedah (LZNK). This study adopted a qualitative approach using content analysis on interview transcrips of expert and asnaf al-gharimin informants. Additionally, content analysis was conducted on documents, relating to zakat algharimin. The findings show differences in the definition of asnaf al-gharimin in general and contemporary. In addition, the conditions of asnaf al-gharimin in LZNK are based on the current needs. The type of zakat distribution consists of cash and non-cash. This study also found that the purpose of indebtedness among the asnaf is to meet the needs of today's daruriyyah. The failure to repay debts among the asnaf al-gharimin is due to internal and external factors. The distribution of zakat can reduce the debt burden and improve the quality of life among the asnaf. This study recommends that LZNK to diversify the methods and types of zakat distribution among asnaf al-gharimin in order to achieve the goal of zakat distribution
Theory of planned behavior and financial literacy: a predictive model for saving money among Malay public servants in Northern Region of Malaysia
Get PDFThe way individual manages his finances varies around the world and it is being affected by the increase of living cost that influences the financial management. Although this situation affected the ability of the Malays to make savings, they still need to save money as a preparation for unexpected events or emergencies and for their future use. Accordingly, this study explores the extent to which eight factors influence the good attitude towards savings among employees working in the Malaysian public sector. It specifically examines the relationship between the eight factors which represent the independent variables and the attitude towards savings which represents the dependent variable of this study. Both quantitative and qualitative techniques were employed to identify the respondents’ attitude towards savings in this study by utilizing the use of a questionnaire and in-depth interview. The eight factors are financial distress (FD), family influence (FI), peer influence (PI), life satisfaction (LS), savings culture (SC), financial literacy (FL), government policy (GP) and environmental factor (EF). Based on the Partial Least Squares analysis (SmartPLS), FD, FI, PI, LS, SC, FL, GP and EF are significantly related to attitude towards savings. Therefore, the findings confirmed an earlier assumption that employees with not enough savings could not secure their future life. The study finally recommends ways to improve attitude towards savings among the employees, with an action plan to overcome the weaknesses, among others by having a more comprehensive savings plan that defines savings in terms of its purposes, key functions, efforts and competencies that are necessary to save money. The study also proposes that future research should look into the religious aspect that gives impact towards good savings behavior according to their religious teaching. The investigation equally highlights the importance of generating income as it can help individuals to face financial problems and improve their financial management practices. Besides that, aspects of parenting, consumerism programs and respondents’ choice have also been highlighted in this stud
The determinants of behavioural intention towards using mobile banking of Islamic banking institutions moderated by demographic variables
Get PDFThe purpose of this research is to examine the determinants of behavioural intention towards mobile banking adoption in Islamic banking institutions for Malaysian Muslim consumers. Malaysia is ranked first in the world in terms of Islamic banking assets based on the Global Islamic Economy Indicator Rank (2020). However, in comparison with Malaysian neighbours, mobile banking penetration rate is relatively low. In this case, to compete with the neighbouring countries, it is important for Malaysian Islamic banks to stay abreast with the latest technology. Besides the technology used in banking, factors such as customers’ attitudes, subjective norms and perceptions towards the latest technology are crucial. This is because no matter how advanced a technology is, it is deemed impractical if many people are not able and interested in using it. In this quantitative study, a modified version of the Decomposed Theory of Planned Behaviour was used to explain the relationship between the determinants and customer behavioural intention to adopt mobile banking by examining the following constructs, namely attitude, perceived usefulness, perceived ease of use, lifestyle, Shariah compliance, personal innovativeness, subjective norm, media influence, internal influence, influence of religious scholars, perceived behavioural control, self-efficacy and facilitating condition. This study used an e-survey questionnaire distributed through social media platforms to collect data. The data was then analysed using structural equation modelling using SmartPLS. Based on the analysis of 479 samples, the results show that the tested independent variables are significant. Perceived behavioural control was found to be the most significant construct for behavioural intention, while lifestyle was found to be the most significant construct that affects attitude. On the other hand, innovativeness is the least significant predictor of attitude. Multi Group Analysis shows that demographic variables such as gender, income, age, region, and education level are significant moderators. The significance of Shariah-compliant aspect and the influence of religious scholars have demonstrated a strong and persistent religious (Islamic) application in the Malaysian banking system, hence questioning the theory of secularization. The high significance of perceived behavioural control is suggesting the top management in the industry to emphasize on user-friendliness of the mobile banking service
Pelaburan emas di Malaysia menurut perspektif kewangan Islam
Get PDFGold investment has become an enthusiasm among investors particularly after a series of global recessions and economic crises. This has become a phenomenon for Muslims today with various products, techniques, and gold investment plans available on the current market. However, many studies show that the gold investment scheme introduced contains various muamalat issues such as gharar and riba. Thus, the objective of this study is to examine the extent to which gold investment transactions offered by gold investment companies and banking institutions today comply with the Islamic financial perspective. In addition, this study also examines the justification of Islamic muamalat and the current parameters used by institutions in gold investment transactions. Further, it analyses the modus operandi of gold investment in selected investment companies and banking institutions. The qualitative method is used to collect data from interviews conducted at Public Gold (PG), Hello Gold (HG), Kuwait Finance House (KFH), and A1 Rajhi Bank. Data analysis techniques used are document analysis and content analysis. According to the findings, various types of gold investment are available, including physical gold-based investments and gold investment accounts. The modus operandi discovered that multiple methods of handing over gold (qabadh), contract (akad), and (ijab and qabul) sighah are used in accordance with gold investment parameters and AAOIFI gold parameters. However, there are issues with the method of payment and delivery of ribawi goods that can be improved during transactions. This study contributes to a source of knowledge, especially to the Muslim community, in understanding the actual practice of shariah-compliant gold investment from various dimensions and market variations. From a practical standpoint, this study serves as a guide for industry players and Muslim investors to use the study's findings to improve the implementation of transactions, modus operandi, and existing practices for shariah-compliant gold investment
The impact of workplace bullying on employees’ wellbeing in an organization
Get PDFWorkplace bullying (WPB) is on the emergence, and it is both unlawful and undermines employees' rights. Intense workplace bullying can result in violence and violent abuse, although the most common occurrences are unpleasant motions and verbal abuse such as ominous glares, warning, yelling at the employee, refusing to connect vocally or electronically, and terminating the employee. It exists in companies and manifests in a variety of ways, causing mental stress, inefficiency, the loss of skilled resources, and injury to the targeted individual's self-esteem. It is critical for employers to catch workplace bullies early on in order to create a healthy workplace environment. Previous study has examined what bullying is and its effects, taking all of these factors into consideration. The objective of this study is to examine the relationship between bullying (verbal bullying, non-verbal bullying, psychological bullying, and physical bullying) and employee wellbeing in an organization. Data was collected by using the questionnaire that has been distributed to the respondents who mainly the employees working in organizations. The results indicated a significant relationship between the independent variables (verbal, nonverbal, psychological and physical) and the dependent variable (employee wellbeing). This study demonstrates that bullying can take different forms, such as psychological, verbal, non-verbal and physical. It is collective responsibility within an organization to ensure that proper systems and strategies are adopted to ensure employee wellbeing is upheld by eliminating or reducing bullying behaviours in the workplace. Overall, this thesis study provides a comprehensive perspective on the topic of workplace bullying and the well-being of employees in an organization in a different approach in ways of methods, findings, implications and significance
The influence of rewards towards job satisfaction among customer service employees
No full textThis study is conducted to determine the influence of rewards towards job satisfaction among customer service employees. the reward variable that will be asses is the promotional opportunities, job recognition and operating procedures, which represents the independent variable of this study. The relevance of these variables has been affirmed based on a few different underpinning theories namely Maslow’s Theory of Motivation, Herzberg’s Theory of Motivation and Alderfer’s ERG model. This study has been conducted through Daythree Business Services Sdn Bhd with 228 respondents across Subang, who are involved in customer service-related roles. The data has been collected in a form of a questionnaire which has been uploaded and distributed through Google Forms, and the responses are then analysed using the Statistical Package for the Social Science (SPSS). To verify the significance of the independent variables towards job satisfaction, a few different analyses such as Cronbach’s Alpha reliability test, Pearson’s Correlation Analysis, and Multiple Regression Analysis. The Cronbach’s Alpha reliability test will determine the reliability strength of the collected data, in which all three variables are between a ‘good’ to ‘strong’ level of reliability. Pearson’s Correlation Analysis proves that all three variables have a ‘strong’ and positive correlation with job satisfaction. Multiple regression analysis proves that the independent variables have significant influences on job satisfaction
Intention to use MyTax application system among active taxpayer in Johor Bahru, Johor
Get PDFMyTax Application System is a system introduced by LHDNM for the use of taxpayers to conduct taxation through an electronic platform. The use of MyTax Application System is a step to replace manual taxation in Malaysia. The main objective of this study is to investigate determining factors influencing intention to use MyTax Application System among active taxpayers in Johor Bahru, Johor. To achieve this goal, a survey method is used. Taxpayers who are in Johor Bahru, Johor have been selected as respondents for this study. The study was conducted using a self-administered questionnaire. Opinions from 297 respondents were used to analyse taxpayers' perceptions of the MyTax Application System. Multiple regression analysis was used to investigate the relationship between independent and dependent variables and to examine the most significant factor(s) influencing taxpayer's intention to use MyTax Application System in Johor Bahru, Johor. The study found that perceived Usefulness (PU), perceived ease of use (PEOU), perceived credibility, social influence, facilitating condition and age have a positive relationship with the intention to use MyTax Application System. However, the study also found out that age does not have significant influence with the intention to use MyTax Application System. Therefore, the study recommends that the government should ensure that the MyTax Application System is user friendly and easily navigable and that it should make sure the objective of MyTax Application System is achieved