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Performance evaluation of agricultural sub-sectors from capital productivity perspective
No full textIn the present study, the productivity of capital input in different agricultural subsectors is assessed for the period 1976-2007 and the performances compared accordingly. In addition, the performances are compared in the context of various five year economic, social and cultural development plans based on the rate of growth of capital input during the implementation of the different plans. Results indicate that fisheries, and forestry sub-sectors have undergone a declining trend in the productivity of capital input, while field cropping, horticulture, and animal husbandry sub-sectors have experienced increasing trend in the productivity of capital input during the study period. Among the four agricultural sub-sectors, animal husbandry has exhibited a conspicuous performance in utilization of capital input, as it has had the highest productivity growth rate of capital input during the study period. On the other side, capital input has been utilized least effectively, in the fisheries sub-sector for which the growth rate of capital productivity has been negative over the period of the study. Additionally, the results indicate that animal husbandry sub-sector has had the most profitable performance in creating value added per unit of utilized capital input, while fisheries showing the worst performance as viewed: from this perspective
Research in accounting
No full textThis book is written with the aim of providing reading and reference materials of accounting related studies that have been carried out in the Malaysian context. It will not only assist students and young researchers in conducting future research but can also be a source of reference to policymakers, implementer and relevant agencies in designing national policies. This book covers the area of corporate governance, accounting information system, financial reporting, performance measurement system, ethics, internal control and Syari'ah based accounting
Takaful insurance: concept, history, development and future challenges
No full textMutual help and guarantee have been the ordinary practice of tribal Arabs even before the advent of Islam in Arabia. A similar but refined concept was reinforced by the Qur'an to be adopted by Muslims. It was widely applied in their daily lives. When the Muslims extended their trade by sea to the Far East, the concept of mutual assistance became more prominent and organised to protect their ships, merchandise and even lives from all sorts of dangers and mishaps. The practice by these merchants to put aside a sum of money before setting sail to the Far East for trade as a fund to compensate any loss incurred by any of them became the most prominent practice that led to the birth of what is today known as marine insurance. To circumvent some of the shari'ah non-compliant practices of mainstream insurance is the introduction of the concept of donating part of the participants' contribution which forms the special fund to compensate losses. From then on, the takaful operators started to emerge, first in Sudan and later in other parts of the Muslim world. Several models have been formulated, namely mudharabah, modified mudharabah, wakala and wakala-waqf. The success of the takaful companies around the world has also been strongly influenced by the recent upsurge in the petroleum price that has led to the unprecedented increase in sovereign and private wealth. The recent emergence of re-takaful companies add up further to the rapid growth in takaful operators and funds. Despite the success stories, there are a number of serious challenges facing takaful and retakaful operators which are worth noting
The volatility of Thai rice price
No full textThis study was conducted to explore the varying volatility of world rice price for the period 1961 to 2008 using monthly data. The paper provides estimates of two GARCH models, namely, GARCH and EGARCH which were used to capture the stochastic variation and asymmetries in the world rice price. The results indicate that EGARCH model gives better estimate of the volatility of world rice price. Furthermore the EGARCH model was able to describe the asymmetric volatility in the world price of rice. It was further discovered that the positive shocks (good news) is more dominant than the negative shock (bad news)
The impact of audit committee existence on the external audit: perceptions of Malaysian bankers
No full textThe efforts towards better corporate governance practices of firms in the Malaysian capital market were started by the Securities Commission (SC) as early as 1996 in three-phased shift disclosure-based regulations (DBR). During Phase 1 (1996-1999: Flexible/Hybrid Merit Based Regime), the emphasis was to regulate on disclosure, due diligence and corporate governance. Phase 2 (January 2000: Partial DBR) still focused on corporate disclosure, due diligence and corporate governance, but included focus on promotion of accountability and self-regulation. In Phase 3 (2001 onwards: Full DBR) the SC enforced high standards of disclosure, due diligence and corporate governance as well as exercise of self regulation and responsible conduct
The recent crisis: lessons from Islamic finance
No full textTwo alternative explanations of the financial crisis have emerged. One relies on deviations from the efficient capital market hypothesis - emergence of bubbles and informational problems - to explain the causes of the crisis. An alternative explanation views financial crises as internally generated instability episodes that inevitably arise from the basic debt-credit interest rate relations. Based on a number of assumptions, theory has demonstrated the inherent stability of Islamic financial system. However, in practice the assumptions of theory are not met and, therefore, such stability cannot be taken for granted. For one thing, theory, inter alia, assumes a 100 percent reserve banking system. Moreover, Islam provides an institutional scaffolding (behavioral rules) as support for its economic and financial systems. This paper contends that the recent global financial crisis holds valuable lessons for the operation of existing Islamic finance. One such lesson is that in the absence of the institutional framework appropriate for its operation. Islamic finance requires a regulatory supervisory framework much stronger than exists in the dominant system. In particular, such a framework has to be unified, uniform, and multinational in its design and implementation. Such a regulatory-supervisory system is far more important to the Islamic Financial system in its present stage of evolution than in the dominant system because the reputational risks of failure of a few Islamic finance institutions anywhere can pose far greater systemic risk and reputational damage than similar failure in the dominant system
Tests of the different variants of the monetary model in a developing economy: Malaysian experience in the pre- and post-crisis periods
No full textThis study examines the validity of four different variants of the monetary model of exchange rate determination for Malaysia covering both the preand post-crisis periods using the vector error-correction models. The findings demonstrate that for both periods, the variables used are cointegrated. Tests tend to suggest that of the four variants of monetary model, the sticky-price model holds in both periods and the flexible-price model holds only in the post-crisis period. The proportionality between the exchange rate and relative money does not hold in any period. The plotted actual and fitted exchange rates for both sub-samples show that the models are able to track the actual exchange rate trend quiet well
Testing for service-led and investment-led hypothesis: evidence from 'Chindia'
No full textThis study examines the meaningful relationship between economic growth, and service sector contribution and domestic investment in two major Asian economies, namely India and China. Autoregressive Distributed Lag (ARDL) bounds testing procedure is employed to analyze the impact of the selected variables namely (1) contribution by the service sector, (2) (4) domestic investment on economic growth and vice versa. The period of interest is 1960-2005 using annual data. The empirical results demonstrate that for the case of India, there is (1) a unidirectional causality from domestic investment to economic growth and (2) from economic growth to services. As for China, only unidirectional causality from services sector to economic growth is detected, while no meaningful relationship was found between domestic investment and economic growth
The Shariah view on letter of credit in contemporary banking transactions
No full textThis article deals with the definition, types, benefits in international trade, legality, and steps of initiating and executing Letter of Credit (LC). It discusses the questions raised about the conformity of some types of LC with the principles and criteria of Islamic law and the way to address issues related to its illegality. The article surveys the applications of LC in Islamic banks, which are based on the contracts of murabahah, mudarabah, musharakah and wakalah. It was concluded that LC can be legal in Islamic law as long as it does not involve both form and spirit credit based on usury/interest, but a financing based on real murabahah, mudarabah, musharakah and wakalah
Financial and economic turmoil: opportunities for re(takaful) as a viable alternative
No full textIt is exactly a decade after the East-Asian Financial crisis of 1997-98 that the world is saddled with yet a much bigger and deeper financial and economic turmoil. The East-Asian Financial crisis was mainly due to the serious structural weaknesses of the East Asian economies where rapid economic growth for over seven years was not supported by genuine growth engine. Rather it was fuelled by rapid monetary growth, current account deficits, negative Savings-Investment gaps and short term capital inflows. The vulnerability was further enhanced by overvalued exchange rate and reduction in foreign capital inflow