International Journal of Economics, Management and Accounting
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Management Functions Displayed by Prophet Muhammad in Two Major Events
Full text linkProphet Muhammad (á¹£al-AllÄhu Ê¿alayhi wa sallam) above all was a man. Before receiving his revelation (wahy) he worked as a businessman, conducted and managed a lady entrepreneur’s business, and subsequently married the owner. By contemporary definition he was a manager of a business but was not referred to as such in the literature. After becoming a Messenger (Rasul), he planned, organized, led and controlled – referred to as four management functions in contemporary literature -- several important events related to the affairs of Muslims. The two major historical events in which he had displayed the four management functions were migration (Hijrah) and Battle of Badr. The primary aim of this study is to identify the extent to which Muhammad (á¹£al-AllÄhu Ê¿alayhi wa sallam) displayed the four contemporary management functions in these two events. The study uses content analysis approach to dissect and synthesize the qualitative data. It attempts to pair the activities of Muhammad (á¹£al-AllÄhu Ê¿alayhi wa sallam) based on Qur'an and Sunnah which have existed over 1400 years with typical management functions developed only recently. Results reveal that activities of Muhammad (á¹£al-AllÄhu Ê¿alayhi wa sallam) may be approximated with four contemporary management functions
The Devaluation of the Naira and The State of the Nigerian Economy 1985 - 2015 (An Econometric Analysis)
Full text linkThe paper investigated the impact of devaluation on the Nigerian economy from 1985–2016. Currency devaluation as a macroeconomic policy could have favorable as well as the unfavorable impact on any economy. The Nigerian government has demonstrated frequent implementation of this policy from 1986 till date, evidenced by the naira exchange rate to the dollar of between 450 and 480 naira at the time of this study. Hence, the need for a thorough examination of the impact (whether positive or negative) of currency devaluation on the Nigerian economy. To analyze the influence of devaluation as a policy on the Nigerian economy this study adopts the elasticity approach by using the import and export demand equation. The study used secondary time series data. For the analysis, Ordinary Least Squares (OLS) regression was adopted, with initial stationarity and stability tests. The result of the unit root test showed that the variables were of the same order of iteration being stationary at first difference. This gave room for the co-integration and error-correction tests. The overall result showed that even at this period, devaluation is yet to provide a solution for the Nigerian economy. This was because the sum of the relative prices of import and export coefficients stood at less than 1. This confirms again that devaluation is not the right policy for the Nigerian economy
A Strategic Entrepreneurship Model Based on Corporate Governance in the Iranian Manufacturing Enterprises
Full text linkRecently much attention has been paid to the relationship between organizational entrepreneurship and corporate governance and their effects on firm performance. This study was carried out by survey and analysis of secondary data to investigate the relationships between strategic entrepreneurship, corporate governance and firm performance among the listed Iranian manufacturing firms. Some 80 companies from various industries were studied. To analyze data, Partial Least Squares (PLS) method of Structural Equation Modeling (SEM) was used. Findings indicate that the presence of executives in the board, the amount of ownership by the board members and also compensating board members according to long-term firm performance have a positive effect on strategic entrepreneurship intensity. However a negative result was found for the amount of stocks held by institutional investors. ANOVA test results also indicated that small businesses are more entrepreneurial than medium businesses and younger businesses and businesses having more technological opportunities show more entrepreneurial intensity. Moreover, three moderating variables namely company age, company size and company past performance have strong impact on the relationship between corporate governance and strategic entrepreneurship
Application of Fama and French Five Factor Model of Asset Pricing: Evidence From Pakistan Stock Market
Full text linkAssets pricing is one of the most debated domains of finance as pricing of securities plays an important role in the investment strategies of stock market players. This study tests the applicability of the Fama and French (2015) five factor model in the Pakistani stock market to explain the time series variation in excess portfolio returns. For portfolio sorting, we use data from June 2000 to June 2013 for 120 firms on the basis of market capitalization listed on the Pakistan Stock Exchange. We formulate 16 portfolios on the basis of size, book to market ratio, operating profitability and investment i.e. small minus big (SMB), high minus low (HML), robust minus weak (RMW), and conservative minus aggressive (CMA) along with marker risk factor are considered as four risk factors. For empirics, we apply the Fama and Macbeth (1973) two pass regression technique with the finding that the five factor model is an appropriate model for assets pricing in explaining risk adjusted time series portfolio variations. These findings have implications for investments in the Pakistani stock market listed stocks
The Philosophical Foundations of Islamic Management
Full text linkThis study seeks to explain the philosophical foundations of Islamic management. Most of the schools of management can be traced back to philosophical ideas. Using the deconstruction approach proposed by Malik (2017), the history of Western philosophy starting with the ancient Greek sis reviewed. At each stage, the similarities and differences between Western philosophy and the teachings of Islam are summarised. The ideas of Adam Smith, Karl Marx and Karl Popper are given special attention. Some of the differences are very significant, especially when it comes to the sources of knowledge and key beliefs. Nonetheless, the philosophies of Adam Smith (in their original form) and Karl Popper are critical. This study concludes that Islamic management seeks to combine the best ideas of Islamic sciences and conventional management while minimizing the negative unintended consequences of conventional management
Economic and Social Make-Over in Turkey: By Erdogan
Full text linkAfter the collapse of the Ottoman Empire, a new Turkey was born in 1923. Since then till 2001, the nation was governed by either military rule or democratically elected entity which, for political reasons, could not continue their term of reign. Post-birth of an independent Turkey, it has been going through a lot of ups and downs economically; before the arrival of Adalet ve Kalkınma Partisi-AKP (Justice and Development Party) in power, the country was in massive debt. The administrative strategy of Erdogan brought about a drastic geopolitical change in Turkey, not only that also, in the economic field. Today, Turkey is said to be the most influential country among the developing fellow nations who were in debt to IMF and World Bank. Now, the question comes to mind that in what sense of the country did he take initiatives to bring about such results? Some political groups blame him for the eradication of democracy whereas others rejoice him for handling the nation democratically. Recently, three events took place in Turkey respectively that marked history; firstly, the coup of July 15th 2016, in order to de-throne president Erdogan; secondly, the referendum in 2017 where he slightly won by 51%; and thirdly, with a new presidential system Erdogan once again won by 52.5% in 2018. To what extent do these circumstances provide for further economic and social development in Turkey? This paper evaluates the steps taken by Erdogan to bring about such an outcome, giving argumentative and empirical statements. 
Reviving the Promise of Islamic Economics
Full text linkFirst generation Islamic economics promised to create a system with just and equitable economic outcomes, which would be far superior to capitalism and communism. Historical circumstances led the second generation to forget this promise, and to consider Islamic Economics as a minor variant of capitalism. The second generation has been trying to create a sharī‘ah compliant system, where the form is Islamic but the spirit is capitalistic. We need to go back to the roots, and build a genuine Islamic system in form and spirit which is sharī‘ah based, rather than sharī‘ah compliant. By doing this, the third generation can revive the promise of Islamic Economics and create a model economic system which fulfills the promise of the first generation
A Panel Survival Analysis for Islamic Banks
Full text linkThis study aims at exploring the significant predictors of Islamic bank survival within the time-varying covariate of risk time exposure. Thus, limited survival studies on the Islamic banks divert the attention of policymakers and practitioners on the failure hazard likelihood and other means to mitigate its menace. The paper adopted panel survival analysis on the Islamic banks of 24 countries. Subsequently, mixed effect and logit model were employed to confirm the earlier predictions and to ascertain the most promising determinants for Islamic bank survival. The findings reveal that non-interest liabilities, assets quality, liquidity and per capita income have a strong influence in explaining Islamic bank survival. Additionally, managerial efficiency and time-varying covariate are better explained in the time survival models. Future survival studies have the opportunity to incorporate MaqÄá¹£id Al-Sharī‘ah index and outreach to verify the social justice compliance of the Islamic banks. Consequently, employing accelerated failure time model will provide other evidence in relation to time length to the event. The paper suggested monitoring the banks’ failure predictors and urged the banks to focus on the real economic sector investment coupled with efficient resource utilization for longer survival
On Malaysian Ringgit Exchange Rate Determination and Recent Depreciation
No full textThe Ringgit (MYR) has recently, since October 2015, suffered a large decline against most world currencies. In this study, based on the theory of exchange rate determination, we tested for a long run relationship between both MYRUSD and MYRGBP against the differential interest rate, differential money supply, price of world crude oil and Goods and Services Tax (GST, as dummy variable). We ran an Autoregressive Distributive Lag (ARDL) model on monthly data from January 2010 to January 2017. We found a negative long run relationship between MYRGBP and differential money supply and a positive long run relationship against the world crude oil price. As the Ringgit (MYR) supply increased relative to the British Pound, the Ringgit depreciated, and as the crude oil price strengthened, the Ringgit appreciated. A high dependency of the Ringgit on world crude oil implies a bad sign. In our view, Malaysia needs to work harder to attract foreign direct investment to maintain the value of the Ringgit at a healthy level
Some Management Lessons from SuÌ„rah Ä€li-‘ImrÄn Based on the Works of Khaled and Khan
Full text linkThis study identifies some management implications from SuÌ„rah Ä€li-‘ImrÄn, the third suÌ„rah of the Qur’aÌ„n by reviewing the explanations of Khaled (n.d.) and Khan (2012). The general theme of this suÌ„rah is developing discipline in the Muslim community. A particular emphasis is placed on the process of consultation (shÅ«rÄ) as a means of rebuilding trust after the battle of Uḥud. Allah emphasises that He loves the believers and that He has forgiven them for their mistakes but that they need to follow the Prophet (peace be upon him). To better understand the wisdom of this suÌ„rah, a case study of Ford Motor is reviewed. Trust and consultation were essential to save the company from bankruptcy. Further insights from the literature on decision making and building trust are reviewed. Particular emphasis is put on the work of Collins (2001). The implications for the management education of Muslim managers are discussed