International Journal of Economics, Management and Accounting
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AN ARDL MODEL OF TOURISM DEMAND FOR MALAYSIA BY MAJOR ASEAN COUNTRIES
No full textThis paper investigates the long-run and short-run relationships among tourists’ arrival to Malaysia, tourism price, substitute price, traveling cost, income and exchange rate for ASEAN-4 countries for the period 1970 to 2004 using the bounds testing cointegration procedures. The results show that tourism price, traveling cost, substitute price and income are the major determinants of Malaysia’s tourism demand. In the short run, repeat tourists, world economic crises and the outbreak of Severe Acute Respiratory Syndrome (SARS) significantly influence the demand for Malaysia’s tourism. The paper also employed the Ramsey Reset and CUSUM-Square tests to test for the functional form and stability of the tourism demand function.JEL classification: C01, C13, C22Key words: Tourism Demand, ARDL Model, ASEAN
ISLAMIC MORAL RESPONSIBILITY IN DECISION MAKING
Get PDFThis study looks at the ethical and moral responsibilities of Muslims in the area of problem solving and decision-making. This moral responsibility is based on the objectives of the shar¥cah (maqŒ§id al-shar¥cah) and ijtihŒd. This author defines management from an Islamic perspective (MIP) as "an effort by Muslim management experts to advise, based on evidence, two groups of Muslims. The first are legal scholars to help them derive fiqh rulings related to management. The second are practitioners, so that they manage their organisations taking ijtihŒd into consideration." A key issue is that some Muslims are appointed to management positions even though they have not been trained to solve problems. To remedy this problem, this author distinguishes between simple and complex problems and proposes nine 'thinking-tools.' It is argued that if Muslims do not use such tools, they are likely to fail in their moral responsibility to their firms and to the society at large.JEL classification: L60, M12Key words: Management-Islamic perspective, Problem solving, Decision-making
A Systematic Review of Research on Private Finance Initiative (PFI) and Public Private Partnership (PPP)
Get PDFThe study aims to systematically review the key characteristics and issues of PFI/ppp research in top public sector journals and to offer suggestions concerning the future direction of research on PFI/ppp. A qualitative meta-analysis method is used to analyse 108 PFI/ppp published papers from 26 selected public sector journals from 1992 to 2010. There is evidence of a growing trend in the amount of PFI/ppp literature since its inception in the UK in 1992. Past literature also mostly focuses on different PFI/ppp issues such as concepts and the application of PFI/ppp, risk management and performance of PFI/ppp, although other issues have been investigated from time to time. This study is important as it offers insights on the key characteristics of PFI/ppp literature in the selected public sector journals
Stock Price Forecasting in an Interest Free Economy
Get PDFStock price forecasting models are equally important for investor decisions in the western market as well as in the Islamic market. Both dividend discount and earning-based valuation models use interest rate as a fundamental measure to reflect the present value of future dividends and earnings respectively. In general terms, stock prices are forecasted based on the correlation between stock return and interest rate. However, in an Islamic, interest-free economy, no such correlation is available. This paper suggests that an interest-free economy could realize the principle of market efficiency more efficiently and would render stock prices more related to economic realities. In other words, stock prices would capture the real growth component of the concerned stock, rather than the speculative and artificial ones. It is argued that such an economy provides more accurate indicators to investors as to where to direct their funds for potential growth at a rate higher than the market capitalization rate
AUDIT COMMITTEE AND INTERNAL AUDIT: IMPLICATIONS ON AUDIT QUALITY
Get PDFThe purpose of this study is to investigate the association of audit committee expertise and internal audit function characteristics, with audit quality, which is proxied by audit fee. As highlighted by prior studies, audit committee and internal audit are among the corporate governance mechanisms. Hence, among the corporate governance characteristics included in this study are audit committee expertise, frequency of audit committee meetings, structure of internal audit function and size of internal audit function. Using publicly available information, 200 Malaysian listed companies were utilised for both 2009 and 2010. It was shown that a positive relationship exists between external audit fee and two of the audit committee characteristics, i.e. audit committee with postgraduate qualification and frequency of audit committee meeting. Further, a positive relationship was found between external audit fee and a characteristic of the internal audit function, which is size of the internal audit function. Apart from contributing to the literature on corporate governance and audit quality, this study may serve as an input for regulators to encourage strict enforcement for Malaysian listed companies to incorporate corporate governance practices, especially in respect of audit committee composition and internal audit function. Finally, it highlights the call for continuous education for directors, to become more resourceful in order to improve their relationship with auditors
Economic Development inIslamic Perspective: Concept, Objectives, and Some Issues
No full textEconomic Development inIslamic Perspective: Concept, Objectives, and Some Issue
Islamization of Knowledge in Economics: Issues and Agenda
No full textIslamization of Knowledge in Economics: Issues and Agend
COMPARATIVE EFFICIENCY OF THE ISLAMIC BANK VIS-A-VIS CONVENTIONAL BANKS IN MALAYSIA
No full textABSTRACTThis paper is an empirical study determining the relative efficiency position of the Islamic bank of Malaysia, i.e., Bank Islam Malaysia Berhad (BIMB) and conventional banks of Malaysia during 1992-1996. The paper examines productive and managerial efficiency in the sources and the uses of banks' funds. The weighted ratio approach has been adopted in measuring various types of efficiencies of the banks. The measures of managerial test indicate that the managerial efficiency of the conventional banks is higher than that of the Islamic bank. ANOVA supports our results as the null hypothesis of the equality of means of the two systems is rejected at 5 percent level of significance. The measures of productivity efficiency test, however, show mixed results. The paper is structured as follows: section 1 provides the introduction, objective, methodology and the rationale of this study; section 2 reviews the literature; section 3 defines banking efficiency and develops the analytical tool for measuring efficiency; and section 4 provides empirical evidence and analysis. Conclusions and the scope for future study are presented in section 5.JEL Classification: G210, G32