International Journal of Economics, Management and Accounting
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On Muslim Consumer Behaviour: A Mathematical Set-Up
No full textOn Muslim Consumer Behaviour: A Mathematical Set-U
Conventional versus Mudarabah Financing: An Agency Cost Perspective
No full textConventional versus Mudarabah Financing: An Agency Cost Perspectiv
Labour Force Attachment: Explaining Gender-Differences in Earings and Employment
No full textLabour Force Attachment: Explaining Gender-Differences in Earings and Employmen
RATE OF RETURN REGULATION UNDER COURNOT OLIGOPOLY
No full textABSTRACTThis paper proposes two alternative extensions to the direct methods of fair rate of return regulation. First, is by imposing a rate of return (ROR) constraint on a simple symmetric Cournot oligopoly model as the first alternative extension. The second alternative model is one of a two-stage duopoly output game. The main objective in undertaking this theoretical study of industrial organization is to see that the "over capitalization" result holds not only in the monopoly framework, but also in the extended Cournot oligopoly, be it a one-stage game or a two-stage game.JEL Classification: C610, D210, D430, L130, L59
HEALTH, EDUCATION AND ECONOMIC GROWTH IN MALAYSIA
No full textHuman capital is vital for the development of a country. Investment in human capital ranges from basic needs expenditure to education and health provision. Economic growth is often used to measure the progress and development of a country. Today other indicators are used to emphasize physical quality of life, for example, education, health and basic needs provision. Using a simultaneous equation model, this paper estimates the relationship between economic growth and human capital variables including education, health and expenditure to enhance human capital possession. The paper aims to prove that economic growth and human capital variables are inter-related. The findings of this study can be used to generate concrete policy reform suggestions and also as a possible example for other developing countries.JEL Classification: H510, H520, H540, J240, O15
MEASUREMENT OF TECHNOLOGICAL CHANGE BIASES AND FACTOR SUBSTITUTIONS FOR MALAYSIAN RICE FARMING
Get PDFDue to a full-fledged initiation of irrigation facilities into all of Malaysia's major designated paddy areas in the late 1970s, the rice farming sector has undergone rapid transformation. In particular, double-cropping has become possible. However, never in the past have studies been undertaken to explicitly incorporate, and thus, investigate this recent phenomenon by means of a macro-type, and time series of cross-section data. Using a translog cost function approach, and by incorporating the seasonal and proximity factors into the analysis, the present paper empirically investigates the production structures underlying Malaysian rice farming for the period 1980-90. The results, though, seem to support Hicks' induced-innovation hypothesis and to some extent, the criticism against the Green Revolution. Perhaps, the method employed here could also be applied to investigate other countries' production structures whose rice farming sector shares similar characteristics to that of Malaysia.JEL classification: C23, D24, O39Key words: Production structures, Technological change, Factor substitution
CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE IN MALAYSIA: AN ANALYSIS OF ANNUAL REPORTS OF KLSE LISTED COMPANIES
Get PDFOur paper focuses on corporate social responsibility (CSR) disclosures made by 98 listed companies, across industries. Content analysis methodology was used. The purpose of our study is to examine the incidence of CSR disclosures in annual reports. Studies on CSR disclosures in developing countries are limited and in the case of Malaysia, the most recent published studies on CSR were in the eighties. The present study fills this gap in the literature. The sample selected comprises a representative cross-section of the industrial sectors in the Main Board of the KLSE. Previous studies have used ad-hoc samples, which limits the generalizability of the findings. Findings from the study suggest that the disclosures have a public-relations bias, with a very general, ‘good news’ type of disclosures being the norm. Consistent with prior studies in other developing countries, quantitative or monetary disclosures, as well as ‘bad news’ disclosures are minimal.JEL classification: M0, M14Key words: Corporate social responsibility disclosures, Content analysis, Annual report
THE QUESTION OF AN ISLAMIC FUTURES MARKET
Get PDFThis paper criticizes the tendency to characterize an Islamic futures market mainly in terms of the salam contract (e.g. Khan, 1995). Salam is not only a financing mode, like banking murabahah, but it is basically a means of hedging for capital providers not producers. The financing function of salam implies ‘discounted’ expected future prices, and hence salam is not an ideal means of projecting future prices. Alternatively, the istisnac contract is presented as the appropriate backbone of the Islamic futures market. Istisnac is uniquely characterized by the built-in flexibility of providing two simultaneous functions: a partial financing function and a partial hedging function. When the partial financial function is eliminated and total weight is placed on the hedging function, istisnac boils down to a forward contract. Accordingly, a good anchor will be established for future price movements not particularly affected by an implied ‘discounting’ process. The istisnac-based forward contract is proposed here as an ideal risk managing structure for a bankable profit and loss sharing (PLS) scheme. Although this article adopts the currently accepted juristic opinion, it is concluded by highlighting the need for a more up-to-date ijtihad to develop an Islamic futures market capable of capturing the merits of modern future markets and avoiding their demerits. It raises critical issues in relation to the juristic description of the forward contract as a prohibited debt for debt sale, with a special appeal to the critical juristic works of Kamali (2000), Muhiuddin (1986) and Hammad (1984).JEL classification: G20Key words: Forward contract, Istisna, Sala
DYNAMIC CAPITAL STRUCTURE: EVIDENCE FROM THE SMALL DEVELOPING COUNTRY OF JORDAN
Get PDFThis paper examines the determinants of the target capital structure of Jordanian manufacturing firms and the adjustment process towards this target. The study extends the empirical work on capital structure in two ways. First, it uses a dynamic model which sheds light on the dynamic nature of the capital structure adjustment process by firms. Second, the study employs a panel data analysis and GMM estimation techniques that control for unobserved firm-specific effects and the endogeneity problem. The findings of the paper suggest that Jordanian firms have target leverage ratios and they adjust to them relatively fast. Consistent with the predictions of capital structure theories, and the findings of the empirical literature, the results of this paper suggest that size, tangibility, profitability, growth opportunity, and earnings volatility exert significant effects on the capital structure choice of Jordanian firms.JEL classification: G3, G32, C33Key words: Dynamic capital structure, Asset tangibility, GMM estimatio
RIORITIZATION OF IDEAS IN AN AFFINITY DIAGRAM BY THE AHP: AN EXAMPLE OF K-ECONOMY
Get PDFThe affinity diagram, which is regarded as one of the seven ‘new’ management tools, is used to gather a large amount of subjective data concerning an issue and subsequently classify them into several groups. The ideas (or factors) which are similar in nature or have ‘affinity’ among themselves are placed in a particular group. The procedure of constructing an affinity diagram is to state the issue, brainstorm to collect ideas, sort the ideas into logical groups, develop concise headings for each group and prioritize the ideas belonging to the groups. In the existing literature on affinity diagram, no systematic approach has yet been applied to prioritize the ideas belonging to a group. This paper applies the Analytic Hierarchy Process (AHP), a popular multiple criteria decision making tool, to prioritize the ideas. To show the validity of the proposed improvement to the affinity diagram, the issue of the Malaysian K-economy has been considered as an example. In the brainstorming exercise, 5 academic staff, 2 administrative staff and 6 Masters students take part. In the first phase of the exercise, altogether 49 factors are generated. They are categorized by means of an affinity diagram and subsequently, using the AHP, priorities of the items belonging to each category or group are established. This prioritization process isolates the most important factors (pertaining to the issue) in each group. A list comprising the most important factors has been formed by taking the factors of higher priorities from each group. In the second phase of the study, again using the AHP, priorities of the important factors in the list are established. A brief description of the 10 higher ranked factors in the list are provided. The inner strength of the proposed modified affinity diagram is its capability to identify the most important factor(s) behind the issue under investigation. In the organizational context, the diagram can help managers focus on the key factors pertaining to an issue.JEL classification: A10, C61, M11Key words: Affinity diagram, K-economy, AH