International Journal of Economics, Management and Accounting
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TOTAL FACTOR PRODUCTIVITY GROWTH IN THE MALAYSIAN MANUFACTURING SECTOR
Get PDFThis study utilizes the standard growth accounting model to estimate Total Factor Productivity (TFP) growth for Malaysian manufacturing industries during 1982-1997 which includes two cyclical sub-periods 1982-1986 and 1987-1997. The estimates show high TFP growth among the heavy industries as compared to the medium and light industries. The average TFP growth for the manufacturing sector as a whole was found to be negative during 1982-1986. However, it improved in the second sub-period of 1987-1997 and recorded positive annual growth of 4.05 percent. This improvement presumably reflects to some extent the success of changes in government policy which have taken place since 1985. Still, the growth of the Malaysian manufacturing sector was governed by input-driven growth rather than productivity-driven growth.JEL classification: D24Key words: Total factor productivity, Heavy industry, Government polic
PERFORMANCE OF INTEREST-FREE ISLAMIC BANK vis-a-vis INTEREST-BASED CONVENTIONAL BANK IN BAHRAIN
No full textby Abdus Sama
SOME EVIDENCE OF ENVIRONMENTAL REPORTING BY SHARIAH COMPLIANT COMPANIES
No full textSOME EVIDENCE OF ENVIRONMENTAL REPORTING BY SHARIAH COMPLIANT COMPANIE
MONEY DEMAND AND FOREIGN EXCHANGE RISK IN NIGERIA: A COINTEGRATION ANALYSIS USING AN ARDL BOUNDS TEST
Get PDFThe paper estimates the money demand function that incorporates a foreign exchange risk variable for Nigeria using annual time series data (1970-2006). The applied technique of cointegration analysis is the bounds test which involves autoregressive distributed lags (ARDL). Consistent with economic postulates, it is found that (a) the demand for money in the log-run is cointegrated with real income, exchange rate variability, interest rate and inflation; (b) the short-run income elasticity is less than one but greater than zero; (c) inflation is more significant than real income in the money demand function; and (d) the real money demand function is stable. JEL Classification: C13, C22, E41, E52, F31.Key words: Bounds test, Money demand, Foreign exchange risk, Autoregressive distributed lags (ARDL), Inflation targeting, Nigeria
A THEORETICAL ANALYSIS OF THE OPERATIONAL RISK FRAMEWORK IN ISLAMIC BANKS
Get PDFIn terms of operational risks, Islamic banks have certain similarities with the conventional banking system since they function within a similar financial environment. However, the challenges are more complex for Islamic banks owing to their particular contractual and financial transactions. For this reason, it is understood that operational risks in Islamic banks are perceived to be significantly higher. This is one of the main building blocks from which the paper is developed. The theoretical analysis offered by this paper starts with presenting the arguments as to why Islamic banks have a distinct operational risk aspect, as compared to conventional banks. It also examines operational risk exposures in Islamic banks by mapping such risks. In addition, the paper also sheds light upon operational risk issues from a regulatory point of view, namely Basel and the Islamic Financial Services Board (IFSB). Lastly, the analysis in this paper suggests the need for maintaining capital specifically to mitigate losses caused by operational risk in Islamic banks. This paper, hence, provides a step further in understanding operational risk issues by providing the four dimensions of operational risk in Islamic banks, namely SharE?ah compliance risk, fiduciary risk, people risk, and legal risk. JEL Classification: G21, G32, Z12 Key words: Islamic banks, Operational risk, Islamic Financial Services Boar
PRIORITIZING ISSUES OF MALAYSIAN VISION 2020: AN APPLICATION OF THE ANALYTIC HIERARCHY PROCESS AND QUALITY FUNCTION DEPLOYMENT
Get PDFThe objectives of this research are to obtain the people’s perception towards a number of issues pertaining to the realization of Malaysian Vision 2020, to rank the challenges of Vision 2020 and to collect suggestions to expedite the realization of the vision. Based on a nationwide survey, an affinity diagram was formed and the Analytic Hierarchy Process (AHP) was applied to identify the main issues for implementation. Furthermore, the Quality Function Deployment (QFD) model was utilized to show the strength of relationships between the various challenges of Vision 2020 and twenty categories of suggestions obtained in the survey. The respondents were also asked to rank the nine strategic challenges of Vision 2020, and the results show the three most crucial Vision 2020 challenges: ‘Establishing a fully moral and ethical society’, ‘Establishing a united Malaysian nation made up of one BangsaMalaysia (Malaysian nation)’, and ‘Creating a psychologically liberated, secure and developed Malaysian society’. The AHP prioritization process also identifies the salient public suggestions. The findings suggest that the government machinery should keep the public better informed of the issues, improve their perceptions and solicit their contributions. Since this study focuses on urban respondents with higher educational qualifications, future studies should focus on those in rural areas. As the government needs to be aware of the public feedback on the issue, this survey has managed to identify what are lacking in the government’s efforts and what more need to be done in order to expedite the realization of Vision 2020.  JEL Classification: O10, O20, H11 Key words: Vision 2020, Prioritization, Analytic Hierarchy Process, Quality Function Deployment, Malaysi
Perception of Future Marketers and Accountants Towards the Need for Marketing of Public Accounting Services
Get PDFThe paper sets out to ascertain whether marketing may be considered relevant to external auditors. The main purpose ofthe study is to present preliminary The law requires public companies to be audited, whereas auditing is optional for other type of business organizations.The paper set out to ascertain whether marketing may be considered relevant to external auditors.The main purpose of this study is to present preliminary assessments on whether future marketers and accountants think marketing might be considered a necessity or redundant for public accounting firms. The study uses pairs of scaled questions and open-ended components as instrument to solicit the opinions of two cohorts of university students associated with two disciplines. The first cohort comprise thirs year and graduating students who have studied at least a course in marketing whereas the second cohort consists of relatively junior students. The questionnaires were given to first cohort outside the class, hereas the second cohort in class. After careful screening, only 56 out of 104 questionnaires collected were found usable. The open-ended responses of the respondents were content analyzed by the authors independently and resulting classifications discussed to reachconsensus. While the prospective marketers and auditors thought that promotion is important to audit firms, their reputation and service quality supersede the former in importance
TECHNOLOGICAL INNOVATION AND ENTREPRENEURSHIP FROM THE WESTERN AND ISLAMIC PERSPECTIVES
Get PDFExtant theories of economic development and strategic management emphasize innovation and entrepreneurship in generating business profits and sustaining the industry toward achieving economic prosperity of a society. However, this domain of knowledge does not explicitly address the issues of social development and well-being in relations to innovation and entrepreneurship in the industries. This can mean neglecting social and moral development in the pursuit of economic development. To remedy this gap, this study brings in the Islamic worldview – an all-encompassing values-based view of life that embraces just economic and social development. The objective of this study is to provide a framework that conceptualizes innovation and entrepreneurship from an Islamic perspective. This study first discusses the concept of innovation and entrepreneurship from extant literature and then examines the concept from the Islamic perspective. In Islam, all conducts by members of organizations, including innovators and entrepreneurs, are tied to superordinate goals and conducted in accordance to the shariah and Islamic ethical standards as prescribed in the Qur’ân and Hadith. Such Islamic ethical dimensions, among others, emphasize the importance of akhlaq (good manners) of entrepreneur-managers, and their responsibility toward the well-being of the organization’s internal system as well as the society. All conducts when carried out earnestly (ikhlas with ihsan) form one’s ibadah, which are the acts of worshipping Allah. The conceptualization of Islamic perspective on innovation and entrepreneurship process supports the efforts of inventors and entrepreneur-managers to achieve worldly economic benefits that would ultimately enable them to attain the blessings of Allah (mardhatillah). Such superordinate orientations and value system, which address the issues of intentions and corresponding actions, enable the conduct of values-based innovation and entrepreneurship that achieve a balanced economic, social, and moral development. This perspective remedies the theoretical gaps and solves managerial problems that demand values-based endeavours in innovation and entrepreneurship
CREATING A TWO-WAY MARKET VIA SHORT SELLING AND ITS POTENTIAL USE IN THE ISLAMIC PARADIGM
Get PDFShort selling is the selling of a security that the seller does not own. In conventional finance, the ability to short is considered an important elementof an efficient and complete market. For most Muslim scholars, however,short selling is deemed undesirable when read in conjunction with theHadÊth lÉ tabiÑ mÉ laysa Ñindaka, which carries a verbatim meaning of sellnot what is not with you. There are, however, alternative interpretations ofthis Hadith that may justify the use of covered short selling as one of thelegitimate instruments in the Islamic paradigm. Covered short selling,which entails borrowing a security for the purpose of shorting it, may beused efficiently to lower asset prices, as theorized by Miller (1977). Thispaper discusses about the short selling mechanism and argues that shortselling may be beneficial to consumers in an Islamic market as it creates atwo-way market mechanism and can be used to stabilize asset prices
Measurement of Total Factor PRoductivity for The Malaysian Rice Sector
No full textMeasurement of Total Factor PRoductivity for The Malaysian Rice Secto