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Corporate governance practices in Malaysia
No full textThis book contains 17 chapters contributed by authors specializing in the related areas. The objective of the book is to disseminate research findings and ideas on corporate governance issues including environmental highlights from empirical works and literature reviews. This book will provide bases of reference for companies in enhancing their governance practices as well as for future researchers
Finance and other services sectors in Peninsular Malaysia, Sabah and Sarawak: testing for stochastic convergence
No full textIn the last four decades, the financial services sector has becoming more important for the Malaysian economy. Despite gaining importance for enhancing economic growth, the contribution of the finance sector to the total services real Gross Domestic Product (GDP) has been ranked second in Peninsular Malaysia, third in Sabah and fourth in Sarawak. The purpose of the present paper is to determine whether the contribution of the financial services sector in the three regions in Malaysia, namely Peninsular Malaysia, Sabah and Sarawak show any distinct pattern. In the jargon of economic development literature, we seek to determine whether there is “convergence” or similarity in the patterns of the performance of the financial services sector among the three regions. Generally, our results suggest divergence of the finance sector and other sub-sector of the services among the three regions
Introduction
No full textThe concept of corporate governance covers the question of accountability, ethics and social responsibility of companies to society and stakeholders. In recent years, especially in the wake of the economic crisis, this concept has drawn attention of public worldwide including Malaysia and forcing companies to improve their governance in the interest of strengthening investors' confidence
The impact of capital regulation on risk-taking of Islamic banks
No full textThis study investigates the impact of capital regulation to the risk-taking behaviour of Islamic banks by examining the impact of bank-specific variables, regulatory pressure and relationship between capital ratios and bank riskiness; using two simultaneous equations namely the changes in capital ratios equation and the changes in bank riskiness equation over the sample of 70 Islamic banks extracted from BankScope database for the period 2004 to 2010 ..
The impact of exchange rate on tomato trade: evidence from Malaysia
No full textEconomists recognized that exchange rate have a significant impact on trade. In this study we employed the Autoregressive Distributed Lag (ARDL) bounds testing procedure to analyze the impact of exchange rate on tomato’s export and import for Malaysia. The period of study covers 1997-2007 using quarterly data. Real Effective Exchange Rate (REER) was used rather than conventional exchange rate since this study covers the trade between Malaysia and the rest of the world. Our results indicate that both the export and import of tomatoes exhibit significant long-run relationships with REER. Causal effects in both cases are bidirectional. However, while the sign is economically correct for the relationship between REER and export, the same cannot be said for the relationship between import and REER
Money supply, interest rate, liquidity and share prices: a test of their linkage
No full textThe money supply impacts on interest rate and liquidity were first proposed in 1961 by Friedman, the late Nobel laureate. The liquidity effect has yet received unanimous empirical support. Also, research interest on liquidity subsided in the 2000s. Using quarterly data over 1960–2011 and simultaneous solution to a system of equations, this paper reports positive liquidity effect from money supply. By extending the system of equations with a liquidity equation and after controlling the effect of earnings, evidence is found of a significant positive effect from liquidity on share prices. Money supply is found to be endogenous as in post Keynesian theory. These findings, obtained after solutions to several econometric deficiencies in prior studies, provide clear verification of the endogenous money supply theory, money effect on liquidity and on the extension of the model for a liquidity effect on asset prices
Laws pertinent to corporate governance of Islamic banks in Malaysia
No full textMalaysia is the cranium of Islamic banking and the most sophisticated laws on the matter could be found in Malaysia. Corporate governance legal infrastructure of Islamic banks is an area that is not explored much. Whenever a person talks about the corporate governance of Islamic banks, people perceive it as Shariah governance or the regulation of the Shariah Advisory Boards established in the Islamic banks. It has been misconceived that Islamic banks only apply Shariah or Islamic law which is not codified as legislations but based on what the Shariah scholars who sit in Shariah Advisory Boards derive. This may be the reason as to why Islamic banks are often considered to be prone to the effects of 'fatwa shopping' and also the reason why sometimes, Islamic banks are labelled as 'terrorism' financing institutions..
The legal evolution of Shariah corporate governance of Islamic banking in Malaysia
No full textCorporate governance is not an easy term to define and there is no definition for available it. Some authors view corporate governance as an indescribable term like love and happiness; the nature of it is easy to understand, but it is difficult to describe in words. The Organisation for Economic Co-operation and Development's ('OECD') Principles of Corporate Governance of 2004 defines corporate governance as the system through which companies are directed and controlled. Shariah corporate governance on the other hand, simply refers to corporate governance affairs which are in consistent with Islamic law. Shariah governance is just one part of the broad principle of Shariah corporate governance. However, why most literature that deals with Shariah corporate governance only focuses on Shariah governance is because, in the beginning of the development of Shariah corporate governance, Shariah Supervisory Boards were the only component that was added to the existing conventional corporate governance structures
Making development assistance sustainable through Islamic microfinance
No full textMicrofinance involves the provision of financial services for those too poor to have access to banks. Although microfinance schemes have been operational since the 1960s, they mostly involve conventional finance whereas many low-income Muslims would prefer to have shari'a-compliant finance. The aim of this chapter is to explore how microfinace could be provided on a shari'a-compliant basis and what instruments and structures could be used. The literature in this area has been very limited, but there have been a number of recent notable contributiions indicating the increasing interest in the topic