28725 research outputs found
Sort by
Zakat Disclosure Index by Islamic Banks and Development Financial Institutions in Malaysia
Get PDFPaying zakat and disclosing it transparently to stakeholders is one of the ways to demonstrate the Islamic ethical value and accountability of Islamic finance institutions (IFIs). Nevertheless, comprehensive zakat information disclosure practices by Islamic banks (IBs) and Development Financial Institutions (DFIs) have received less attention. Therefore, this study was conducted to develop a comprehensive Zakat Disclosure Index (ZDI) for IBs and DFIs and measure the ZDI level of these institutions. Content analysis was performed through financial statements, annual reports, annual integrated reports and annual sustainability reports for four consecutive financial years from 2016 to 2019. The entire population of 16 IBs and 6 DFIs was selected. The ZDI was developed with two categories based on the liability of paying zakat. The scoring was divided into three groups: (i) mandatory financial information versus voluntary financial information versus mandatory non-financial information versus voluntary non-financial information; (ii) mandatory versus voluntary; and (iii) financial
versus non-financial. The result showed that the overall disclosure level was at 60 percent, where mandatory disclosure was at 43 percent and voluntary disclosure was at 17 percent, while for financial and non-financial information, the scores were not much different at 25 percent to 33 percent. The study’s implication lies in establishing a standardised zakat index, enhancing comparability among reporting entities. Furthermore, the study holds importance for regulators as it aids in assessing the sufficiency of existing regulations and guidelines. It can guide regulatory actions to uphold the principles of maqasid shariah in reporting practice
The Co-Integration and Causality Effect Between Global Covid-19 Pandemic and the Stock Market Return in Malaysia: An Exploratory Sequential Mixed Methods Approach
Get PDFThe COVID-19 pandemic is one of the most unparalleled disasters the world has ever seen. Previously, the global community has faced the Middle East Respiratory Syndrome (MERS), Ebola Virus Disease (EVD), and Severe Acute Respiratory (SARS). However, the tremendous rate of infection created by the global COVID-19 pandemic is unmatchable with its rapid spread all over the world. Therefore, it is considered as a Black Swan event as created previously by the 2008 financial crisis, SARS, and 9/11 terrorist attack. All these events have triggered panic selling that affected the confidence of investors and businesses. Subsequently, stock market performance has affected the choice of investment decisions that translated into stock return. Therefore, this paper was undertaken to investigate the co-integration and causality relationship among global COVID-19 daily infected cases, COVID-19 recoveries rate, COVID-19 death rate, investor sentiment, government policy, foreign exchange rate, Malaysia gold price, and crude oil price towards the KLCI stock market return. This study employed an exploratory sequential mixed methods approach along with Johansen and Julius Co-Integration and Granger Causality in explaining the Malaysia stock market return. The empirical analysis concluded that COVID-19 daily cases, COVID-19 recoveries rate, government policy and foreign exchange have had a long-term effect in explaining the Malaysia stock return. On the other hand, all the study variables, except for government policy indicated a short-term effect on the Malaysia stock return. This study will contribute significantly to the body of finance literature on the impact of a disease outbreak, with highlights on the considerations of investors on the global COVID-19 pandemic in illuminating the variation of Malaysia stock market return
Tax Incentives, Common Institutional Ownership, and Corporate ESG Performance
Get PDFAgainst the backdrop of sustainable development, enterprises, the general public, and regulatory bodies are exhibiting an escalating level of concern regarding the performance in environmental stewardship, social responsibility, and corporate governance collectively referred to as ESG (Environmental, Social Responsibility, and Corporate Governance). This research, from the vantage point of external fiscal policy, investigates the examination of the impact of tax incentives on corporate ESG performance. Drawing upon panel data spanning from 2010 to 2021 at the level of China's A-share listed companies and grounded in the context of accelerated depreciation policy for fixed assets, this study commitment to both identify and empirically test the presence of a significant positive correlation between tax incentives and corporate ESG performance. Our analysis of the financial mechanism and the Research and Development (R&D) mechanism reveals that tax incentives are instrumental in alleviating the financing constraints faced by corporations, thereby augmenting their financial performance. Furthermore, they serve to intensify R&D efforts, thereby fostering the generation of green innovations. In conclusion, our findings underscore that tax incentive policies significantly enhance the ESG performance of enterprises with common institutional shareholdings, an effect attributed to the presence of governance and synergy effect
Green Site Management Practices in the Malaysian Construction Sites
Get PDFThis study intends to explore the available green site management practices for construction stakeholders. Green site management practices have been introduced to the construction industry to mitigate the negative impacts of construction activities if construction stakeholders start to implement them. Therefore, green site management practices such as land control, construction site waste management, dust, noise, and vibration control, and a green and conducive environment shall be explored to promote green development in the construction industry. A qualitative method was employed since this study focused on the views of construction stakeholders on green site management practices. Five contractors were randomly selected from the construction sites in Malaysia based on the convenience sampling method. All respondents were qualified to give opinions as they hold management posts. The process collecting of opinions from the respondents stopped when no new issues were found in their feedback. The results reveal that land control, construction site waste management, dust, noise, and vibration control, and a green and conducive environment were considered green development in the construction industry. However, these practices were not
systematically practised as there were no clear guidelines to lead the practitioners. The results also showed that the government has the power to enforce green practices on construction sites. Green site management practices will bring another new era to the construction industry, which is intended to protect the environment while ensuring that the practitioners can be financially sustainable. The results will shed light on green construction development, whereby these green practices can be promoted to construction site
Enhancing the Legal Framework for Sustainable Public Procurement: A Comprehensive Sustainable Development Plan for Indonesia
Get PDFThe concept of “sustainable public procurement” has emerged worldwide. It instructs governments to prioritize sustainability throughout the procurement process in the economic, social, and environmental aspects. Such a concept is significant as the government has an enormous purchasing power to stimulate the market. Nonetheless, past empirical research indicates that in the context of Indonesia, the country has not addressed several vital issues on sustainable public procurement despite the worsening environmental degradation. There have been no specific guidelines and capacity building system established for government officers. Therefore, this paper aims to discuss this problem from the perspective of law and suggest the necessary improvements in the legal framework, utilizing normative legal research methods focusing on the applicable laws. Through a comparative approach, using statutes and conceptual frameworks, this study examines the Indonesian current legal instruments governing sustainable public procurement. Several other countries will be used as exemplars of best practices. This research finds that the legal framework of sustainable public procurement in Indonesia is relatively inadequate compared to other countries, particularly regarding guidelines for implementation and institutional cooperation. In addition to its Presidential Regulation Number 12 of 2021, Indonesia should strengthen the planning, monitoring, and enforcement mechanisms through strategic overarching plans and further regulations to foster the effective implementation of a system of sustainable public procuremen