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Managing Pension Plan in an Aging Population -The Dynamic Profit-Share Pension Model
No full textThis study examined the profit-share pension model as a potential vehicle for generating capital accumulation and effecting a progressive redistribution of wealth. Taking the functions of the pension mechanism as the guiding principle, we attempted to incorporate a profit-share fund into a three-pillar pension system, eliminating the need for full funding from public resources. The general equilibrium model, with each agent solving a specific optimization problem, in which, on top of the full set of first order conditions for each problem, constraint conditions are imposed. Consideration of the equilibrium conditions gave us a complete system which conceivably, allowed us to solve the equilibrium paths for endogenous variables. The use of simulation techniques allowed us to accommodate a flexible and behaviorally realistic setting to examine the model’s behavior over time and compare its level of consistency to that of the real existing systems. The use of sensitivity analysis additionally investigated the model’s behavior in the presence of macroeconomic shocks by making changes to the model variables and observing their effects. The findings show profit-sharing has a positive impact on business and economic activity and also has a positive impact on pension activity
MACRO-ECONOMETRIC ANALYSIS OF INWARD CAPITAL FLOWS: A CASE OF NIGERIA IN TIMES OF SECURITY CHALLENGES
No full textThis study used quarterly data for the period of 2014Q1–2021Q2 to investigate the macro-econometric implications of capital flows to Nigeria in the face of security challenges. The ARDL bounds test technique identified the long-run relationships between macroeconomic dynamics, insecurity, and total capital inflows to Nigeria, while the error correction mechanism (ECM) identified the short-run relationships. The Toda-Yamamoto test was used to determine whether the model variables were causally related or not. The findings pointed to a short-term negative relationship between insecurity, exchange rates, lending rates, and inflows of capital, while a positive relationship was found between industrial production capacity, the consumer price index, and the total inflows of capital to Nigeria, with insecurity, exchange rates, the consumer price index, and lending rates being the most significant variables. In the long run, insecurity, lending rate, and consumer price index had no significant impact on inward capital inflows, while exchange rate and industrial production capacity exerted significant impacts on capital inflows. The lending rate had a negative impact on overall inflows of capital, whereas the exchange rate, industrial production capacity, and consumer price index had positive impacts. The exchange rate and industrial production capacity were the most important variables that affected capital inflows. Based on the ECM, it was realized that aggregate inward capital flows were stabilized by a factor of roughly 47.2% per quarter in order to reach long-run equilibrium. The Toda-Yamamoto causality tests indicated that the interactions between macroeconomic variables and insecurity strongly influenced capital flows to Nigeria. The overall findings suggested that promoting macroeconomic stability and combating insecurity could improve the investment climate, encouraging foreign capital flows into Nigeria
THE ROLE OF EMERGING TECHNOLOGIES OF STUDENTS\u27 ACADEMIC ACHIEVEMENT AT POLITEKNIK SEBERANG PERAI (PSP)
No full textEducation is crucial for global progress, constantly evolving with emerging technologies that impact teaching and learning. This essay explores how new technologies influence academic success, specifically examining elevated failure rates at Politeknik Seberang Perai (PSP) in Malaysia. Factors like insufficient information, slow progress, and inadequate time management are linked to these failurerates. The study investigates the influence of new technologies on academic achievement at PSP using an ex post facto research strategy and quantitative methods to collect data from 200 respondents across various departments. The research identifies the types of technologies used by students and evaluates their impact on academic performance. Chi-Square analysis and Spearman correlation coefficient are utilized to test hypotheses. Findings reveal that modern technology, particularly cell phones, is widely accessible to students, with notable discrepancies in access across departments. A weak correlation exists between the frequency of technology use and academic achievement, with a statistically significant association only found in obtaining material online. The study contributes to the literature on the use of new technologies for academic purposes within PSP. Results emphasize the necessity of educating students on effective technology use to enhance academic outcomes. It highlights that simply having access to new technologies does not guarantee academic success; it depends on how students integrate these tools into their learning processes. Recommendations include teaching students efficient technology utilization and recognizing that academic improvement is not assured solely by usingtechnology. The study underscores the importance of strategic technology integration in education to foster academic achievement
A PURPOSE CONCEPTUAL FRAMEWORK TO EXAMINE THE CORRELATON OF LOGISTICS SERVICE QUALITY, LOGISTICS PERFORMANCE & COMPETITIVE ADVANTAGE OF LOGISTICS SERVICE PROVIDERS IN THAILAND
No full textThe logistics service offers a crucial role in the process of developing into the worldwide market. Several nations must enhance their logistics service operations to achieve strong performance and attain a competitive edge in the market. Logistics service quality is a crucial element in Thailand\u27s logistics operations. It is a major feature in developing a new conceptual model for logistics service performance, which is essential for achieving competitiveness in the logistics sector. The aim of this study is to investigate the relationship between the framework of logistics service quality, logistics performance and competitive advantage of logistics service provider (LSPs) firms in Thailand. This study utilizes primary data and applies a quantitative methodology, involving the collecting and analysis of research data using a strategy that emphasizes quantification. The sample will be LSPs companies in Thailand. The future data in this study will be analyzed using the statistical software packages SPSS and Smart PLS. Partial least squares structural equation modelling (PLS-SEM) is a statistical method employed for data analysis, with the primary goal of enhancing the research model. Thus, the study presents a conceptual framework that suggests that enhancing service quality can improve the logistics performance and competitive advantage of the logistics service provider business in Thailand
Associations among equity risk premium models in Malaysia
No full textAlthough numerous equity risk premium estimates have been published using various estimation methods, especially in advanced economies, the accuracy of these estimations and which estimation method is the most appropriate remain inconclusive. There is, however, limited studies in emerging markets. This paper aims to bridge this gap by evaluating the associations among equity risk premium models for a small emerging market, i.e., Malaysia. This descriptive research adopts five methods to derive the risk premiums from 2005 to 2022, where the historical premiums are estimated using two averaging methods, i.e., arithmetic and geometric average, while the implied premiums are estimated using three methods. The first two implied premium methods are based on the constant growth dividend discount model, in which the first model uses the historical dividend growth, while the second applies the earnings retention model. The third is the yield-gap method. The findings demonstrate a wide disparity between arithmetic and geometric average historical premiums. The historical premiums are also highly volatile than the implied premiums, which is a common observation in emerging markets. Moreover, the historical premiums are very sensitive to financial or economic crises. Interestingly, the implied premiums appear to be exhibiting a mean reversion tendency since the global financial crisis, where the mean values ranged between 7.02 and 8.64 percent over time. The results may benefit policymakers, firms and investors in formulating accurate financing and capital budgeting decisions. The findings also contribute to the asset pricing literature by furnishing new evidence in a small emerging market context
THE ROLE OF ISLAMIC FINANCIAL LITERACY FROM THE PERSPECTIVE OF MAQASID AL-SHARIAH: A CASE STUDY OF COMMUNITY OF NAKA IN KEDAH
No full textThe research highlights a limited understanding of Maqasid al-Shariah and financial management principles among the rural community, coupled with inadequate digital and financial literacy. Economic hardships, lack of access to modern financial tools, and insufficient emphasis on long-term planning hinder their ability to achieve financial stability and align their practices with Islamic financial goals. Islamic financial literacy, when viewed through the lens of Maqasid al-Shariah, offers a holistic and ethical approach to financial management that aligns with the core objectives of Islamic law. Maqasid al-Shariah, aim to promote the welfare of individuals and society by preserving religion, life, intellect, progeny, and wealth. This study examines how these objectives shape financial literacy within an Islamic framework, emphasizing principles such as the prohibition of Riba (interest), the importance of Zakat (charitable giving), ethical investment, and the avoidance of extravagance and waste. The research employs a qualitative approach, utilizing secondary data collection through desktop research to analyze existing literature on Islamic financial literacy from the perspective of Maqasid al-Shariah. Additionally, it incorporates findings from a case study conducted in Naka, Kedah, focusing on the financial literacy and Islamic financial practices of villagers, supported by a pilot test with 27 participants who responded to workshop-survey sessions. By promoting a balanced and just approach to wealth management, Islamic financial literacy guided by Maqasid al-Shariah aims to advance financial stability, social equity, and overall well-being, thereby contributing to the holistic development of both individuals and communities. This research contributes by integrating Islamic financial literacy with Maqasid al-Shariah, offering a holistic framework for ethical financial management that promotes social welfare, enhances financial stability, and provides practical insights for empowering underserved communities through targeted education and tools aligned with Islamic principles
THE MODIFIED MEAN ABSOLUTE DEVIATION INTEGER LINEAR PROGRAMMING MODEL FOR GLOBAL PORTFOLIO ASSET ALLOCATION
No full textThis study develops a practical yet robust Mean Absolute Deviation (MAD) Mixed-Integer Linear Programming (MILP) model for a global investment portfolio tailored to the constraints faced by Malaysian retail investors, such as transactional fees and foreign currency exchange spreads, to provide more accurate estimations of portfolio returns. The MAD ILP model is modified to address these factors, aiming to enhance utility and efficiency. The study utilizes a Maybank 12-month fixed deposit cash account and ten selected Exchange-Traded Funds (ETFs) from iShares, Vanguard, and State Street Global Advisors for global portfolio construction. Forecasting techniques were utilized to generate expected returns for the ETFs and foreign currency exchange spreads. Based on the MAD model proposed by Konno and Wijayanayake (2001), the study introduces three modifications: incorporating transaction cost elements specific to Malaysian investors, including foreign currency exchange spreads in return calculations, and transforming the model from mixed-integer to pure integer model to accommodate minimum transaction lot constraint. Verification and validation exercises demonstrate the model’s ability to replicate real-world portfolio construction and reliable simulations. The model offers a practical tool for self-ascribed investors aiming to optimize global investment portfolios while considering unique constraints and transaction costs
TURKISH-GREEK RELATIONS: A FRAGILE STABILITY BETWEEN NEIGHBORS ON THE TWO SHORES OF THE AEGEAN SEA
No full textThis article considers the nature of Turkish-Greek relations, focusing on the question of how these should be characterized. This is animportant topic not only because there is a lack of a clear definition of the situation between the two countries in the literature, but also because providing a greater clarity of the issues about Turkish-Greek relations can assist in the long-term envisioning of a possible path that the two countries might take in the future. Employing a descriptive analysis, the article shows that a state of conflict rather than cooperation has determined the evolution of relations between Turkey and Greece. This sheds light on the intractable nature of the problems between the two countries, whether in Cyprus, the Aegean Sea, or the Eastern Mediterranean. The article concludes that Turkish-Greek relations are characterized by a historically grounded condition of fragile stability, with permanent tension and possible crisis prevailing, even if conflicts are frozen and war is not foreseen
THE HOMO SAPIENS SEAFARER DIASPORA IN THE SOUTHEAST ASIAN ARCHIPELAGO: TRAVERSING TRANSOCEANIC WATERS FROM THE MESOLITHIC TO THE NEOLITHIC ERA
No full textThis study delves into the profound impact of waters, seas, and oceans on the historical trajectory of Southeast Asia, challenging the prevailing narratives that have often overlooked the vital contributions of the region’s seafaring ancestors. Traditionally dismissed as mere sources of inspiration, these maritime expanses were instrumental in shaping the transition from traditional kingdoms to modern nationstates in Southeast Asia. While historical theories such as the Out of Yunan and Out of Taiwan paradigms proposed by Western scholars have dominated discussions on the development of traditional civilizations in the Southeast Asian Archipelago (Nusantara), this paper advocates for a Southeast Asia-centric perspective to rectify the marginalization of historical realities. The narrative encompasses the ancient epoch and prehistoric eras marked by the migrations of Homo erectus and Homo sapiens from mainland Asia, providing a comprehensive understanding of the early evolution of maritime civilizations in the region. This exploration highlights the risks and sacrifices made by seafaring communities from B.C. to A.D., as they navigated treacherous waters and stormy weathers to ensure the legacy and continuity of future generations. Far from being trivial, their millennia-long contributions have been likened to “shipwrecks laying at the bottom of the sea in their forgotten watery graves.” By elucidating how these communities utilized seas and oceans as sources of emancipation and development, this study aims to reposition Southeast Asia as an epicentre of civilization, rivalling any in the ancient world. Ultimately, this research provides a nuanced perspective on the region’s maritime history, challenging existing paradigms and contributing to the broader international discourse on the development of civilizations.
A REINTERPRETATION OF CHIU KENG GUAN’S OLA BOLA : A REDEFINED NOTION OF BANGSA MALAYSIA FROM AN ISLAMIC PERSPECTIVE
No full textNational identity plays a crucial role in the development of a nation, with its essence continually evolving over time. Consequently, various endeavors have been made by authorities to shape a national identity in Malaysia. Among these efforts is Mahathir\u27s concept of Bangsa Malaysia. Despite being labeled as a non-Islamic production, Chiu Keng Guan\u27s film, Ola Bola, subtly reflects Islamic principles in fostering national identity. This study aims to redefine the emergence of a Malaysian national identity depicted in Ola Bola, aligning with Islamic values, and to challenge the established notion of Bangsa Malaysia. Through a thematic analysis and literature review of Ola Bola, the film\u27s narrative is revisited and examined. Ola Bola, effectively conveying Islamic values in nurturing a cohesive national identity, was directed by a non-Muslim Malaysian, reshaping the predominantly Malay-centric concept of Bangsa Malaysia, as is evident. The film\u27s five principal themes redefine Bangsa Malaysia and resonate with Islamic ideals of multiculturalism and a pluralistic society within the Malaysian context