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Political Connections, Corporate Governance and Investment Efficiency: Evidence from Malaysian Firms
Get PDFThis study investigates the moderating role of corporate governance in the relationship between political connections and investment efficiency. Using a sample of Malaysian publicly listed firms from 2001- 2017, we find that political connections are negatively correlated with firm investment efficiency. Moreover, the relationship is robust with the inclusion of corporate governance mechanisms, which moderated the potential consequences of agency problems in politically connected firms. The evidence suggests that corporate governance appears to be an effective mechanism to improve investment efficiency in politically connected firms. Consistent with the agency costs of free cash flow theory, we also discover that political connections have a more significant detrimental impact on overinvestment compared to their positive influence on underinvestment. Nevertheless, the interaction results in corporate governance hold regardless of overinvestment or underinvestment. Further analysis reveals that domestic institutional ownership, Big Four auditors, and audit committees are effective governance mechanisms, whereas similar observations do not hold for foreign institutional ownership, board size, board independence, and director ownership. Resultantly, high direct policy relevance is provided for governance practitioners and policymakers in monitoring the investment activities of PCF
SME Branding at the Bottom of the Pyramid: Lessons Learned from Applying Phenomenological Case Study in the Indian Himalayas
No full textIn this paper, the authors share and reflect critically on the experience of applying phenomenological case study approach in a doctoral study examining SME branding at the Bottom of the Pyramid environment. Data collection for this study necessitated 22 months of fieldwork, with visits spread out over 43 non-consecutive days within the rugged Indian Himalayas. Reflecting on our experiences, we discuss the insights gained in the application of the phenomenological case study approach, data collection and analysis processes, challenges associated with preconceived notions, and ensuring the trustworthiness of our findings. Our key findings offer six crucial considerations for researchers: selecting appropriate cases, foregrounding lived experiences, utilising reflexivity for informed decisions, acknowledging researcher positionality, and navigating the data analysis and interpretation in phenomenological case studie
A Proposed Framework Of Islamic Inheritance And Estate Planning Of Digital Assets: The Malaysian Case Of Crypto Assets
Get PDFThis paper aims to propose a framework of Islamic estate planning of crypto assets in Malaysia. Design/Methodology/Approach — The paper used an interview method to obtain information related to Islamic estate planning of crypto assets. Semi-structured interviews were conducted with informants of five different backgrounds including lawyers, estate planners, Shari?ah experts, digital asset exchange (DAX) operators, and crypto owners. The data gathered was analysed using thematic analysis to construct the framework of Islamic estate planning of crypto assets. Findings — The paper identifies important prerequisites of Islamic estate planning of crypto assets. Further, a framework of estate planning of crypto assets is developed based on the information gathered from all related stakeholders. It is posited that the Securities Commission Malaysia (SC) has a vital role to play in safeguarding the financial interests of digital asset holders and their beneficiaries and that implementation of this framework would align with and uphold the objectives of Shari?ah (maqa?id al-Shari?ah).Originality/Value — This paper presents a framework of Islamic estate planning of crypto assets, it being one of the first studies to do so from the Islamic perspective, which is not only useful and relevant for Malaysians (Muslims) but also for other countries. Research Limitations/Implications — The first limitation of the paper is that the framework is developed based on a qualitative method. There is no evidence of its validity, which is a gap that can be explored in the future. Second, it involves the perceptions of five types of respondents, which may be broadened to other related stakeholders such as regulators—i.e., Securities Commissions or any ministries—in future studie
Rekonstruksi Dalaman Dialek Baling Purba
Get PDFKajian ini, dengan menerapkan tatakaedah rekonstruksi dalaman, merupakan satu usaha untuk membina bentuk hipotetikal dialek purba yang diandaikan wujud pada suatu masa dahulu di salah satu kawasan terpencil di Semenanjung Tanah Melayu. Dialek purba yang dimaksudkan diistilahkan dalam kajian ini sebagai dialek Baling purba (DBP). Bagi mengoperasikan tatakaedah rekonstruksi dalaman, datanya dikumpul di lapan buah kampung sekitar Baling, Kedah. Kesemua kampung yang dikunjungi itu mewakili lapan varian dialek Melayu Baling (DMB). Hasil rekonstruksi menunjukkan DBP mempunyai 4 fonem vokal iaitu **i, **u, **ə, **a dan 18 konsonan iaitu **b, **d, **g, **p, **t, **k, **m, **n, **ŋ, **ɲ, **ɣ, **s, **h, *c, **j, **l, **w dan **j. Dari satu segi, jumlah fonem DBP sejajar dengan fonem bahasa Malayik purba (MP) dan dialek-dialek turunannya. Dari segi yang lain, kewujudan fonem **ɣ menunjukkan kemandiran DBP, maka dialek purba ini terpisah daripada dialek dialek Melayu cabang semenanjung utara. Natijah dapatan ini ialah kemandirian DBP memerlukannya untuk dikelaskan dalam pengelompokan yang bar
Rural Youth Entrepreneurial Aspiration: an Assessment of TPB and Self-Efficacy
Get PDFThis study examines the factors influencing entrepreneurial intention among rural youth in Malaysia, focusing on the roles of attitude, perceived behavioural control, subjective norms, and self-efficacy within the Theory of Planned Behavior (TPB). Hence, TPB framework is proposed to be applied into rural contexts, it explores how self-efficacy interacts with psychological and social factors to shape entrepreneurial aspirations This study employed a quantitative approach, where valid data from 346 respondents were collected through an electronic survey over eight weeks. The subsequent analysis conducted with SPSS 24 and SmartPLS 4.0, tested ten proposed hypotheses. The findings reveal significant positive correlations between all three attitudinal factors (attitude, subjective norms, and perceived behavioural control) and entrepreneurial intention, with self-efficacy identified as a key mediator. Despite potential reservations about entrepreneurship, rural youth with higher self-efficacy are more likely to pursue entrepreneurial activities, emphasizing the importance of self-belief in fostering entrepreneurial success. The study highlights managerial implications, advocating for targeted self-efficacy enhancement programs such as entrepreneurship training and mentorship, as well as policies that provide access to resources and support networks tailored to rural youth. However, a limitation of the study is the lack of exploration into strategies for building self-efficacy. Future research should explore innovative methods, such as virtual reality (VR) simulations, to further enhance self-efficacy and entrepreneurial intention
The Impact and Crisis Management of Covid-19: An Analysis of Large Manufacturing Firms in Penang
Get PDFThis paper examines the impact of Covid-19 and movement control orders on large manufacturing firms in Penang, a major industrial hub in Malaysia with notable participation in the global value chain and identifies the response strategies undertaken by large manufacturing firms for this crisis. This study employs an exploratory qualitative research analysis based on a purposive sampling technique to gather data using an online semi-structured expert interview, with 22 large local and foreign manufacturing firms in Penang responding to the interview. The findings suggest that most of the firms expected a loss of business revenue, disrupted supply chains, employee redundancy, and an increase in government support. Persevering and innovation strategy is the most popular measure taken on by large manufacturing firms, and none of the firms interviewed choose pure persevering as a sole strategy to combat the crisis. The study provides an understanding of strategic responses undertaken by large manufacturing firms. Besides that, the study provides inputs to the government, industry, and policymakers' suggested policy interventions to improve future crisis management
Transformational Leadership and Project Success: The Roles of Social Capital and Self-Efficacy
Get PDFTransformational leaders must constantly monitor their environments to identify and develop significant internal and external exposure to multiple points of view. Transformational leaders serve as role models for bridging organizational boundaries and proactive outreach to external stakeholders to communicate information, develop inter-organizational cooperation, establish coalitions, and harness resources. The major goal of this article is to examine the dynamics that drive organizational project success, specifically the impact of transformational leadership on external and internal social capital in management teams. This research analyzed transformational leadership and project success relationships in Pakistan’s construction industry setting along with the moderating role of the project manager subordinate’s social capital and the mediating role of the project manager subordinate’s self-efficacy. The data were collected from196 subordinates of project managers of different private organizations. Data were examined through correlation, regression, and the Hayes model through SPSS. According to the results, transformational leadership is positively associated with project success and substantially associated with social capital. Additionally, self-efficacy is positively associated with transformational leadership and project success, and it mediates the relationship between transformational leadership and project success. Social capital moderates the relationship between transformational leadership and project success, according to additional findings. This study sheds light on the relationship between transformational leadership and self-efficacy in the context of project success
Exploring The Efficacy of Digital Meme Marketing Campaigns in Generating Leads Within the Generation Z Demographic
Get PDFQuite recently, marketers have used memes because they entice customers’ attention. It serves as a means to have a dialogue between customers and companies. Some companies would even hire people to browse the internet for relevant memes. The emergence of Generation Z, who are digital natives, has brought significant changes to how businesses interact with their target audience. One potential strategy is to use digital memes as a marketing tool to engage them. The study, using 271 respondents, investigates the use of the aforementioned tool to determine its appropriateness in lead generation based on the Attention, Interest, Desire, Action (AIDA) model. Using the software Analysis of Moment Structures (AMOS), a descriptive exploratory design using Structural Equation Modeling (SEM) was used to investigate the relationship between the different variables in the study. The findings show that attention impacts interest, interest influences desire, and desire significantly affects action at a significance level of p < 0.01. The study revealed that Digital memes are an effective tool that can be utilized to generate leads. Businesses can use digital memes to engage with the Generation Z segment. However, prudence in creating memes must align the message with corporate values and be relevant to the target audience
Solving Bipolar Fully Fuzzy Sylvester Matrix Equations with Negative Fuzzy Numbers
Get PDFSylvester matrix equations play a crucial role in control theory for controller design. Bipolar Fully Fuzzy Sylvester Matrix Equations (FFSME), incorporating both positive and negative components, are employed in controller design to address uncertainties that may affect a system’s performance and stability. However, there is not much existing research on combining bipolar fuzzy numbers and FFSME, and most of them mainly deal with positive coefficients. Thus, this paper presents a method that enables solving the negative coefficient of bipolar FFSME in the form of Left-Right (LR) triangular fuzzy numbers using an Associated Bipolar Linear System (ABLS). To obtain the ABLS, bipolar FFSME is transformed into a bipolar Fully Fuzzy Linear System (FFLS) using the Kronecker product and Vecoperator. Subsequently, the solution is derived through the inverse method, and the equation of the ABLS is rearranged as a bipolar fuzzy matrix. Additionally, this paper provides two numerical examples to illustrate the applicability of the constructed method
TR Sandah: Withering Judicial Activism
Get PDFThis study discusses the Federal Court judgment in the case of Director of Forest, Sarawak & Anor v. TR Sandah Tabau & Ors and other appeals [2017] 3 CLJ 1. The Federal Court’s decision was said to deviate from an earlier established principle of the common law recognition of existing indigenous peoples’ land rights, the content and extent of which are determined by community customary laws. The common law acknowledgement or recognition of indigenous peoples’ pre-existing rights to their traditional and customary lands held by the Federal Court in Adong bin Kuwau v Kerajaan Negeri Johor [1997] 1 MLJ 418 and Madeli Salleh v. Superintendent of Lands & Surveys & Anor [2005] 3 CLJ 697 complimented the existing safeguards given under the Federal Constitution and statutory laws relevant to Orang Asli in Peninsular Malaysia and the natives of Sabah and Sarawak. Therefore, this study aims to examine whether the Federal Court’s decision in TR Sandah FC reflects judicial conservatism by giving preference to statutory laws passed by the elected officials that resulted in the regression of the recognition of the indigenous peoples’ customary land rights. The method adopted in this study is a qualitative approach via doctrinal legal research. This is a text-based examination of legal texts and other scholarly materials. This shows judges in Malaysia are said to play a more conservative role in the interpretation of legislation. It would be fundamental to highlight the development of the judicial treatment of the indigenous peoples’ land rights in Malaysia and its implications