UNIMAS Journal (Universiti Malaysia Sarawak)
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THE IMPACT OF MONETARY POLICY ON STOCK MARKET PERFORMANCE IN NINE ASEAN COUNTRIES: THE MODERATING ROLE OF INSTITUTIONAL QUALITY
Full text linkThis study examines the impact of monetary policy on stock market performance in nine ASEAN countries, while also investigating the moderating role of institutional quality. Monetary policy variables, such as interest rates, gross domestic product, and inflation rates, are analysed to determine their influence on stock market returns. Recognising the growing importance of governance and institutional frameworks in shaping economic outcomes, this study incorporates institutional quality as a moderator to assess how it strengthens or weakens the effect of monetary policy on the stock market. Using panel data from 2015 to 2023, the study employs econometric techniques including descriptive analysis, Pearson’s correlation, multiple regression analysis, fixed and random effects models, and diagnostic tests to ensure robustness. Specifically, stronger institutional environments amplify the negative impact of rising interest rates on stock market performance, indicating heightened market sensitivity to policy changes. Additionally, institutional quality enhances the positive effect of GDP and reduces the influence of inflation on stock returns. These findings underscore the critical role of institutional strength in shaping the effectiveness of macroeconomic policy on financial markets, offering valuable insights for policymakers and investors in emerging economies
THEORIZING INFLUENCER MARKETING PROCESS: A GROUNDED THEORY ANALYSIS OF SOCIAL MEDIA INFLUENCER-LED TOURISM PROMOTION IN KASHMIR : A Grounded Theory Analysis of Social Media Influencer-Led Tourism Promotions"
No full textThis study aims to examine the influencer marketing process for tourist destinations and explore the strategies employed at each stage, with a focus on Kashmir. To achieve this, semi-structured interviews were conducted with destination marketing professionals as well as micro-level and macro-level social media influencers involved in Kashmir’s influencer marketing campaigns. A qualitative Grounded Theory approach was applied to analyse the data from nine interviews, using NVivo 12 for coding. The findings reveal that influencer marketing for tourist destinations unfolds in six stages: (1) setting objectives, (2) framing influencer selection criteria, (3) making content decisions, (4) determining the mode of remuneration, (5) coordinating with influencers, and (6) post-campaign content sharing. This study provides detailed documentation of the influencer marketing process in a conflict-affected destination and highlights key strategies adopted at different stages of such campaigns
REVISITING REMITTANCE-LED DEVELOPMENT NEXUS IN DEVELOPING COUNTRIES THROUGH THE ROLE OF DIGITALIZATION
Full text linkAlthough remittance inflow is personal income for recipient households, its aggregate determines national reserves, foreign exchange stability, capital formation, investment, employment, and income. We argue that digitalization plays a crucial role in promoting the remittance-led development nexus in developing countries via digital platforms that enable faster, cheaper, safe, and instant transfer of remittance. This study re-evaluates the moderating role of digitalization on the remittance-development nexus in the top ten developing countries with the highest remittances from 1999 to 2022. We apply the panel ARDL methods, which include mean group (MG), common correlate effects (CCE), and augmented mean group (AMG) estimators. The main findings of this study establish that digitalization has minimal influence on the remittance-development nexus in developing countries due to the insignificant coefficients in all the models estimated. The direct estimation indicates that remittance and digitalization promote economic development, but with weak coefficients in almost all the models. Policymakers in developing countries should come up with an effective policy framework that will focus on increasing digitalization while at the same time reducing the cost of sending remittances to promote remittance inflow via official channels for higher economic development
The Role of Digitalization and Digital Capabilities in Financial Performance: A Multilayer Perceptron-Based Hybrid SEM-ANNs Approach
Full text linkThis study aims to examine how different aspects of digitalization and digital capabilities affect financial performance of SMEs. The study employs a deductive approach, collecting data through questionnaires from 396 respondents and utilizing structural equation modeling and artificial neural networks analysis to empirically evaluate the proposed model. The results emphasize the importance of digital transformation, digital innovation, and digital servitization in enhancing the financial performance of SMEs by optimizing processes, reducing operational expenses, and improving customer engagement. Moreover, the research highlights the critical role of digital capabilities (encompassing human, technical, innovation and collaboration capabilities) in facilitating these improvements. Notably, human and innovation capabilities emerge as the most influential factors, demonstrating that a skilled workforce and robust innovative capacity are vital for converting technological investments into tangible financial benefits. This study advances resource-based view theory by examining how digital technologies and capabilities act as vital resources that boost the financial performance of SMEs. By integrating linear with non-linear methods, the research offers a detailed analysis of how digital resources contribute to competitive advantage. The study recommends targeted policies, including financial incentives, digital literacy programs, and innovation hubs, to align technology with SME business needs and foster growth, competitiveness, and sustainability
The Impact of Perceived Training Effectiveness on Innovative Work Behavior in Work-Based Learning Programs: A longitudinal Quasi-Experimental Study
Full text linkThis study aims to investigate the relationship between perceived training effectiveness and innovative work behavior within the context of work-based learning programs. Using a separate-sample pretest-posttest quasi-experimental design, the study compared IWB across three groups: (1) a pre-training/control group; (2) a post-training group – filled the survey immediately after the training completion; and (3) a follow-up group – filled the survey after a period of 3-12 months from their training completion. Data from 461 participants (227 pre-training, 126 post-training, and 108 follow-up) were analyzed using ANOVA and correlational methods. Results revealed a statistically significant increase in IWB from pre-training to follow-up, but not from pre-training to post-training. Additionally, a positive correlation emerged between perceived training effectiveness and IWB at both post-training and follow-up stages. These findings contribute to the understanding of training program effectiveness in enhancing IWB, highlighting the importance of well-designed WBL programs and the potential for delayed behavioral change
Impact of Various Pre-Treatments on the Lignocellulosic Compositions of Sarawak ‘Paun’ Pineapple Leaf Waste
Full text linkPre-treatment of lignocellulosic biomass is a crucial step in breaking down the complex structure of the plant`s cell wall to enhance the availability and digestibility of cellulose for bioconversion process of the biomass to value-added products. The overall efficiency of the process designed to convert lignocelluloses also lies on an accurate determination of compositions of the lignocellulosic substrate. In this study, local species of Sarawak ‘Paun’ pineapple leaves collected from Simunjan, Sarawak, were subjected to various pre-treatment methods including thermal treatment, acidic treatments and alkaline treatments. Compositional analyses of the raw and pre-treated leaves were conducted through a gravimetric method to study the effect of different methods of pre-treatments in altering the lignocellulosic compositions of the pineapple leaf wastes focusing on the hemicellulose, lignin and cellulose content. As the main purpose of a pre-treatment method focuses on its ability and efficiency to disintegrate the biomass complex structure, especially, in reducing lignin content for higher cellulose accessibility of enzymes in enzymatic hydrolyses. This study suggested that pre-treatment with 1.5% (v/v) hydrochloric acid solution displayed the most notable change to the lignocellulose contents of the leaves as highest cellulose content (51.5% w/w) and lowest amount of lignin (10.3% w/w) were recorded, compared to that of other pre-treatment methods. These findings may provide a better understanding for future research in designing a suitable biochemical process with enhanced enzymatic digestibility of cellulose present in the pineapple leaves to yield wealth-added products.
Physicochemical, Thermal, and Polymorphic Properties of Binary Blends from Bambangan Stearin and Palm Stearin
Full text linkIncreasing demand for sustainable and functional fat alternatives in the food industry has prompted research into fat modification resulting in specialty fats production that can imitate cocoa butter. This study investigates the binary blends of bambangan and palm stearin, focusing on their physicochemical, thermal, and morphological properties. The blends were blended in five different ratios, with the addition of palm stearin not exceeding 30%. The results show that the iodine value (33.78 to 34.24 g iodine+/g), slip melting point (33.25 to 38.35 °C), and acid value (1.31 to 1.59 mgKOH/g) of the blends were influenced by the palm stearin content. The melting behaviour and crystallisation properties of the blends analysed using differential scanning calorimetry revealed an improved melting profile compared to the palm stearin. The binary blends exhibited desirable polymorphic transitions to the stable β(v) form, preferred for chocolate applications. Notably, the blend with 70% bambangan stearin and 30% palm stearin (BS5) demonstrated an improved triglyceride profile with a reduction of tripalmitin content and melting properties similar to cocoa butter, reducing the waxy texture typically associated with palm stearin. The findings suggest that BS5 produced from bambangan seed waste is a functional, cost-effective alternative confectionery product, offering stability and desirable thermal properties
Antagonistic Potential of Phosphate Solubilizing Bacteria (Bacillus spp.) from Peat Soil against Erwinia sp. (BP1) from the Leaves Zig-Zag Spots Symptoms Disease of the Pontianak Siamese Citrus Plants (Citrus nobilis var. microcarpa)
Full text linkThe Pontianak Siamese orange (Citrus nobilis var. microcarpa) is one of the horticultural crops that is a leading commodity in the West Kalimantan area. However, in recent years, the production of Siamese oranges has decreased. One of the causes of the decline in the production of Siamese orange plants is the presence of diseases caused by bacteria. The Erwinia sp. bacteria, as the test pathogenic bacteria, were isolated from orange leaves with symptoms of zig-zag spots. Diseases in plants can be controlled using rhizosphere bacteria as biological agents. The phosphate-solubilising bacteria used as biological control agents in this research are rhizosphere bacteria originating from forest peat soil in Kubu Raya Regency, West Kalimantan. This research used a Completely Randomized Design (CRD) with five treatments. The in vitro antagonist test uses the dual culture method. The results showed that all phosphate-solubilising bacteria originating from peat soil Bacillus sp. (SGB1), Bacillus sp. (SGB2), and Bacillus sp. (SGB3) had antagonistic potential against the bacteria Erwinia sp. BP1
Bioactive Compound and Cytotoxic Analysis of Premna oblongifolia Merr. Ethanol Extract on Rat Bone Marrow-Derived MSC-like Cells
Full text linkThe use of natural products in regenerative medicine holds significant promise, especially in regions where traditional medicine is prevalent. This study investigates the bioactivity of the ethanol extract of green cincau leaves (Premna oblongifolia Merr.) (GCE) on bone marrow-derived mesenchymal stem cell-like cells (BM-MSCs). The leaves were extracted using the maceration method, and the bioactive compounds were analysed and detected by Gas Chromatography-Mass Spectroscopy (GC-MS). The cytotoxicity tests were conducted across a concentration range of 1–1200 μg/mL using WST-1 reagent, and cell viability was measured at 24, 48, and 72 h. The results of GC-MS indicated 28 bioactive compounds with the dominant groups being terpenoids and fatty acids. The most abundant compounds in GCE were phytol (19.06%), squalene (4.32%), Urs-12-en-28-oic acid, 3-hydroxy-, methyl ester, (3.beta.)- (6.23%) and 8,11,14-Eicosatrienoic acid, (Z,Z,Z)- (2.88%). The GCE maintained cell viability above 80% at all concentrations, indicating low cytotoxicity. Furthermore, Alizarin Red S staining revealed calcium deposit formation at 300 µg/mL, suggesting preliminary osteogenic activity. These findings suggest GCE may have potential for supporting BM-MSCs proliferation and demonstrates early osteogenic properties. Further investigation is recommended to explore its mechanism of action and therapeutic potential in differentiation applications
THE INFLUENCE OF FINANCIAL RISK ON BANK STOCK RETURN IN MALAYSIA
Full text linkThis study investigates how financial risk influences the stock returns of Malaysian banks listed on Bursa Malaysia from 2015 to 2024. Using a multivariate Generalized Least Squares regression model, the effects of credit risk, market risk, liquidity risk, and capital risk on quarterly bank stock performance were examined. The analysis leverages data from nine major listed banks, controlling for multicollinearity, heteroscedasticity, and autocorrelation. The findings reveal that among the four risk measures, only the capital-to-asset ratio has a statistically significant positive impact on stock returns, indicating that stronger capitalization enhances investor confidence. Credit, market, and liquidity risks do not show significant effects, suggesting market efficiency in incorporating public information. These results offer insights for investors, bank management, and regulators to improve risk mitigation strategies and bolster financial stability in Malaysia's banking sector