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Article
Publication date: 31 March 2023

Ismah Osman, Sharifah Faigah Syed Alwi, Mohsin Abdur Rehman, Ruhaini Muda, Faridah Hassan, Rohail Hassan and Hasni Abdullah

This study aims to empirically investigate the pathway to financial management behavioural intentions (FMBI) from Islamic perspectives, through dimensions of Islamic financial…

1194

Abstract

Purpose

This study aims to empirically investigate the pathway to financial management behavioural intentions (FMBI) from Islamic perspectives, through dimensions of Islamic financial literacy (IFL; Islamic financial knowledge [IFK], financial skills [FS] and self-efficacy [SE]) based on an extension to the theory of planned behaviour (TPB) model.

Design/methodology/approach

Data was collected via a self-administered questionnaire by 300 millennials (Muslims) working in Malaysia. Structural equation modelling was used for data analysis purposes by using SmartPLS.

Findings

The results present the positive and significant influence of IFK on financial attitude (FA), FS on the elements of FA, subjective norm (SN), perceived behavioural control (PBC) and perceived moral obligation (PMO), SE on FA, FS on the elements of FA, SN and PBC. Furthermore, PBC and PMO were strong predictors of FMBI from an Islamic standpoint.

Originality/value

The findings successfully contribute to the theoretical extension of the TPB model via dimensions of IFL (IFK, FS and SE) as predictors of FA, SNs, PBC and PMO. Besides, this study provides some new insights of millennial Muslims concerning IFL and financial management from Islamic beliefs.

Details

Journal of Islamic Marketing, vol. 15 no. 1
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 9 July 2021

Norfaridah Ali Azizan, Amirul Afif Muhamat, Sharifah Faigah Syed Alwi, Husniyati Ali and Amalia Qistina Casteneda Abdullah

Waqf (endowment) lands constitute as among the highest types of waqf (endowment) properties in Malaysia; yet it is still unable to reach its maximum potential due to various…

744

Abstract

Purpose

Waqf (endowment) lands constitute as among the highest types of waqf (endowment) properties in Malaysia; yet it is still unable to reach its maximum potential due to various challenges such as capital, location, legal and administrative issues. Therefore, this study intends to explore these issues by focussing on the two states in Malaysia (Selangor and Perak) that have fertile lands but different management authorities.

Design/methodology/approach

There were series of interviews that had been conducted with ten (10) key informants who are experts and practitioners in the areas of Shariah (Islamic law), farming, agribusiness, land management and waqf.

Findings

Findings exhibit that constraints and challenges that had been highlighted in the previous literature still exist (although some improvements had been made), but there is emerging theme that the study intends to highlight which is on the needs to secure market for the agribusiness produce and the potential role of anchor company in the agribusiness. It is pertinent that for agribusiness to thrive, selecting the right anchor company that has the capacity to address the challenges is necessary. This study posits two anchor company models (Waqf Trustee-Anchor Company and Waqf Trustee-Anchor Company-Community Farmers) that can be applied for agribusiness on the waqf lands.

Research limitations/implications

This study is based on the Malaysia's context influenced by specific country's features. Nevertheless, such findings can still be used as reference or benchmark by other endowment trustees in other countries especially for the Muslim countries as well as the non-Muslim countries that have significant Muslim populations.

Social implications

The suggested models have potentials to improve the living condition of the B40 (below 40% household income) in Malaysia because the models encourage their participation in the agribusiness activities.

Originality/value

This study focusses on the agribusiness, which is rarely being given attention in previous literature in the context of endowment lands. Therefore, this article bridges the literature gap and at the same time attempts to provide suggestion to address the pertinent issue – the underutilised endowment lands.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. 12 no. 3
Type: Research Article
ISSN: 2044-0839

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Article
Publication date: 16 June 2023

Siti Mazlita Yamaludin, Sharifah Faigah Syed Alwi, Romzie Rosman and Mohd Rahim Khamis

This study aims to explore the COVID-19 impact on the sustainability of gharimin (genuine debtors) in Islamic financial institutions (IFI) in Malaysia. The analysis was further…

693

Abstract

Purpose

This study aims to explore the COVID-19 impact on the sustainability of gharimin (genuine debtors) in Islamic financial institutions (IFI) in Malaysia. The analysis was further conducted to expand the interpretation of gharimin in zakat institutions (ZI) to use the role of zakat distribution during the post-pandemic period due to income shock and long-term unemployment.

Design/methodology/approach

This study adopted a qualitative research approach with grounded theory analysis to integrate theoretical insights into the interpretation of gharimin and current practices from the perspectives of ZI and IFI. An in-depth interview with 18 informants was conducted, and data were collected from senior management positions in the zakat distribution department, academicians who are experts in the area of zakat, and heads of Shariah departments in IFI.

Findings

Expanding the interpretation of gharimin could help ZI and IFI recover the sustainability of gharimin for preparedness during post-pandemic and any emergency crisis in the future.

Practical implications

This study implies the potential role of ZI in combating the risk of defaulting debtors in IFI to prepare for pandemic recovery in the future.

Social implications

The new interpretation assists gharimin in reducing the burden debt using the zakat fund and protects genuine debtors by preventing IFI from declaring default or bankruptcy.

Originality/value

This study narrows the literature gaps about gharimin in IFI in the context of the pandemic. To the best of the authors’ knowledge, this is, perhaps, the first paper to present the expansion of interpretation for gharimin into mu’sir in IFI in Malaysia.

Details

Journal of Islamic Accounting and Business Research, vol. 15 no. 6
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 31 January 2020

Muhammad Iskandar Hamzah, Abdul Kadir Othman and Faridah Hassan

The purpose of this paper is to examine whether individual market orientation facilitates the development of learning orientation before influencing business-to-business (B2B…

1030

Abstract

Purpose

The purpose of this paper is to examine whether individual market orientation facilitates the development of learning orientation before influencing business-to-business (B2B) salespeople’s performance within the banking industry.

Design/methodology/approach

Data were gathered from 539 B2B salespeople from 18 licenced local and foreign financial institutions in Kuala Lumpur, Malaysia, by means of a structured survey. The individual market orientation (I-MARKOR) scale was used to measure their market-oriented behaviour specifically in terms of information acquisition, information dissemination and coordination of strategic response. The data were analyzed using confirmatory factor analysis via structural equation modelling to examine the hypothesized relationships.

Findings

Information Dissemination and Coordination of Strategic Response are reported to impose significant intervention effects on the relationship between learning orientation and job performance. Salespeople who embrace positive learning values are in a favourable position to disseminate and respond to new market information. Subsequently, these behaviours helped them to achieve higher levels of job performance.

Practical implications

By assessing and profiling the market-oriented behaviour of their salespeople, firms will be able to focus on the right competencies training and market-focussed performance appraisal.

Originality/value

This paper contributes to the enrichment of the existing literature on individual market orientation and learning orientation by proposing a model that was empirically tested to be a valid and reliable predictor of job performance.

Details

Journal of Business & Industrial Marketing, vol. 35 no. 4
Type: Research Article
ISSN: 0885-8624

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Article
Publication date: 4 November 2014

Arshad Alam, Prabir K. Bagchi, Bumsoo Kim, Subrata Mitra and Fernando Seabra

The purpose of this paper is to analyze the impact of individual logistics-related factors, namely, supplier involvement (SI), length of supplier relationship (LSR), use of…

3161

Abstract

Purpose

The purpose of this paper is to analyze the impact of individual logistics-related factors, namely, supplier involvement (SI), length of supplier relationship (LSR), use of information technology (IT), and logistics integration (LI) on a firm's supply chain performance (SCP) and test for the mediating effect of LI in a multi-country survey conducted in Brazil, Korea and India. The paper also develops a composite variable, supply chain competency (SCC), as an overall measure of the quality of a firm's supply chain and demonstrate its effect on a firm's SCP.

Design/methodology/approach

The research methodology was based on designing and administering a survey instrument. Data collected from 187 organizations in Brazil, Korea and India were analyzed using the partial least squares structural equation modeling methodology.

Findings

Results show that for the combined data, the direct effects of SI, LSR and IT on SCP are insignificant while LI has a very significant direct effect on SCP. On the other hand, except for SI, LSR and IT have significant effects on SCP through LI establishing the mediating role of LI. The paper also finds that SCC has a significant effect on SCP. Further, when countries are considered individually the paper finds that IT has a significant indirect effect on SCP in the case of all the countries while LSR has a significant indirect effect on SCP, both in the case of Brazil and Korea. Additionally, in the case of Korea SI has a significant indirect effect on SCP.

Research limitations/implications

Like other survey-based research, the findings of this paper are also limited by the sample size. Especially, the observations specific to individual countries are as good as the respective sample sizes. Also, since all the respondents belonged to manufacturing firms, the findings of this paper are relevant for the manufacturing sector.

Practical implications

This paper establishes the mediating effect of LI in assessing the impact of logistics-related factors on a firm's SCP. It confirms that although logistics-related factors are necessary for a firm's superior SCP, they are not sufficient unless their interactions are taken into consideration, as evidenced by the significant positive relationship between SCC and SCP.

Originality/value

To the best of the authors’ knowledge, this paper is the first paper to study the effect of logistics-related factors on a firm's SCP and establish the mediating role of LI in a multi-country setting. This paper also develops a composite variable SCC and examines its effect on SCP.

Details

The International Journal of Logistics Management, vol. 25 no. 3
Type: Research Article
ISSN: 0957-4093

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Article
Publication date: 19 August 2011

Arshad Alam and Prabir K. Bagchi

The choice of an investment location by a multinational enterprise (MNE) is determined not only by firm‐specific variables that define the motive of foreign direct investment…

1513

Abstract

Purpose

The choice of an investment location by a multinational enterprise (MNE) is determined not only by firm‐specific variables that define the motive of foreign direct investment (FDI), but is also determined by variables that define locational aspects. The purpose of this paper is to report on the study of the constituents of production and logistics environment of a host country and its effect on FDI decisions of MNEs. The concept is introduced of supply chain capability (SCC) of countries, a long‐run variable based on the production and logistics environment, as shaping the FDI of MNEs.

Design/methodology/approach

The research uses regression analyses on secondary data to test the research hypotheses.

Findings

The analysis substantiates the basic proposition of SCC of a country being a determinant of FDI, and that its effect varies with the size of the host country's economy. Further, the study suggests a differential impact of SCC on developing and developed countries. The study also confirms that SCC is a determinant of vertical and export‐platform FDI but not of horizontal FDI.

Research limitations/implications

The study has limitations, in that the unit of analysis is a country. Countries, however, are not homogeneous in their SCC. Thus, regional differences or sectoral differences have not been taken into account.

Originality/value

By providing a holistic view, SCC helps MNEs in taking a more integrated view of a location's attractiveness. The study also has relevance and prescriptive value, especially for small developing countries which are seeking to improve their attractiveness as a FDI destination.

Details

Multinational Business Review, vol. 19 no. 3
Type: Research Article
ISSN: 1525-383X

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Article
Publication date: 18 September 2023

Muhammad Rehan and Mustafa Gül

This study aimed to examine the efficient market hypothesis (EMH) for the stock markets of 12 member countries of the Organization of Islamic Cooperation (OIC), such as Egypt…

198

Abstract

Purpose

This study aimed to examine the efficient market hypothesis (EMH) for the stock markets of 12 member countries of the Organization of Islamic Cooperation (OIC), such as Egypt, Indonesia, Jordan, Kuwait, Malaysia, Morocco, Pakistan, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates (UAE), during the global financial crisis (GFC) and the COVID-19 (CV-19) epidemic. The objective was to classify the effects on individual indices.

Design/methodology/approach

The study employed the multifractal detrended fluctuation analysis (MF-DFA) on daily returns. After calculation and analysis, the data were then divided into two significant events: the GFC and the CV-19 pandemic. Additionally, the market deficiency measure (MDM) was utilized to assess and rank market efficiency.

Findings

The findings indicate that the average returns series exhibited persistent and non-persistent patterns during the GFC and the CV-19 pandemic, respectively. The study employed MF-DFA to analyze the sequence of normal returns. The results suggest that the average returns series displayed persistent and non-persistent patterns during the GFC and the CV-19 pandemic, respectively. Furthermore, all markets demonstrated efficiency during the two crisis periods, with Turkey and Tunisia exhibiting the highest and deepest levels of efficiency, respectively. The multifractal properties were influenced by long-range correlations and fat-tailed distributions, with the latter being the primary contributor. Moreover, the impact of the fat-tailed distribution on multifractality was found to be more pronounced for indices with lower market efficiency. In conclusion, this study categorizes indices with low market efficiency during both crisis periods, which subsequently affect the distribution of assets among shareholders in the stock markets of OIC member countries.

Practical implications

Multifractal patterns, especially the long memory property observed in stock markets, can assist investors in formulating profitable investment strategies. Additionally, this study will contribute to a better understanding of market trends during similar events should they occur in the future.

Originality/value

This research marks the initial effort to assess the impact of the GFC and the CV19 pandemic on the efficiency of stock markets in OIC countries. This undertaking is of paramount importance due to the potential destabilizing and harmful effects of these events on global financial markets and societal well-being. Furthermore, to the best of the authors’ knowledge, this study represents the first investigation utilizing the MFDFA method to analyze the primary stock markets of OIC countries, encompassing both the GFC and CV19 crises.

Details

The Journal of Risk Finance, vol. 24 no. 5
Type: Research Article
ISSN: 1526-5943

Keywords

Available. Open Access. Open Access
Article
Publication date: 15 July 2020

Pick-Soon Ling, Ruzita Abdul-Rahim and Fathin Faizah Said

This study aims to investigate Malaysian stock market efficiency from the view of Sharīʿah-compliant and conventional stocks based on the effectiveness of technical trading…

3968

Abstract

Purpose

This study aims to investigate Malaysian stock market efficiency from the view of Sharīʿah-compliant and conventional stocks based on the effectiveness of technical trading strategies.

Design/methodology/approach

This study uses unconventional trading strategies that mix buy recommendations of Bursa Malaysia analysts with sell signals generated from 10 selected technical trading strategies (simple moving average, moving average envelopes, Bollinger Bands, momentum, commodity channel index, relative strength index, stochastic, Williams percentage range, moving average convergence divergence oscillator and shooting star) that are detected using ChartNexus. The period from 1 January 2013 until 31 December 2015 produces a total sample consisting of 1,265 buy recommendations of 125 Sharīʿah-compliant stocks and 400 buy recommendations of conventional stocks. The study period is extended until 31 March 2016 to provide an ample time for detecting the sell signal especially for buy recommendations that are released towards the end of 2015.

Findings

The resulting Jensen’s alpha show 8 out of 10 strategies are effective in generating abnormal returns in Sharīʿah-compliant samples while only 3 out of 10 strategies are effective in conventional samples. Prominent effectiveness of technical trading strategies in Sharīʿah-compliant stocks implies clear inefficiency in that stock market segment as opposed to those of the conventional stocks.

Originality/value

The results based on unconventional trading strategies provide new insights of Malaysian stock market efficiency especially in Sharīʿah-compliant and conventional stocks. The paper provides more robust findings on market efficiency as firms’ equity level data were focussed together with analysts’ buy recommendations from Bursa Malaysia.

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 2
Type: Research Article
ISSN: 0128-1976

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Article
Publication date: 12 June 2017

Murad Mohammed Al-Nashmi and Abdulkarim Abdullah Almamary

In an effort to build a useful conceptual framework that enhances understanding and permits practical application of ethics, this paper aims to understand the relationship and…

2117

Abstract

Purpose

In an effort to build a useful conceptual framework that enhances understanding and permits practical application of ethics, this paper aims to understand the relationship and impact of Islamic marketing ethics on brand credibility. Nowadays, recognizing the ethical dilemmas associated with business is an important aspect of marketing strategy (Murphy et al. 2012). As known, the pharmaceutical industry has access to a deep pool of resources with the potential to maintain an esteemed reputation for offering innovative products that improve the public’s health and well-being (Kim and Ball, 2013). However, recent years have yielded several high-profile safety issues associated with particular medications along with a growing perception that pharmaceutical companies are unethical and drive up healthcare costs by prioritizing profits over consumer needs (USA Today/KFF/Harvard SPH, 2008). Therefore, the reputation of the pharmaceutical industry has been damaged with only 11 per cent of individuals considering pharmaceutical companies to be trustworthy (Harris Interactive Poll, 2010). Thus, the pharmaceutical industry in Yemen is the target of this paper and the relationship between its brands’ credibility and Islamic marketing ethics has been highlighted.

Design/methodology/approach

In a study of 106 respondents, exploratory and confirmatory factor analysis were conducted to understand the relationship, between brand credibility and Islamic marketing ethics. Correlation and regression analyses were performed to evaluate the hypothesized relationships between the variables.

Findings

Significant and positive relationships were confirmed between brand credibility and Islamic marketing ethics, namely, Annasihah, Al-Istiqamah, Al-E’etedal, Al-Ihsan, As-Sidq, Attaqwa and Al-Amanah. The eighth Islamic marketing ethic, Attasamoh, has been rejected.

Originality/value

The paper evaluates brand credibility in relation to Islamic marketing ethics in the pharmaceutical industry in Yemen. Islamic marketing ethics have been confirmed as a new variable that correlates with brand credibility and helps in boosting the level of credibility.

Details

Journal of Islamic Marketing, vol. 8 no. 2
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 6 February 2019

Rubaiyat Ahsan Bhuiyan, Maya Puspa Rahman, Buerhan Saiti and Gairuzazmi Mat Ghani

Market links (and price discovery) between financial assets and lead–lag relationships are topics of interest for financial economists, financial managers and analysts. The…

856

Abstract

Purpose

Market links (and price discovery) between financial assets and lead–lag relationships are topics of interest for financial economists, financial managers and analysts. The lead–lag relationship analysis should consider both short and long-term investors. From a portfolio diversification perspective, the first type of investor is generally more interested in determining the co-movement of financial assets at higher frequencies, which are short-run fluctuations, while the latter concentrates on the relationship at lower frequencies, or long-run fluctuations. The paper aims to discuss these issues.

Design/methodology/approach

For this study, a technique was employed known as the wavelet approach, which has recently been imported to finance from engineering sciences to study the co-movement dynamics between global sukuk and bond markets. Data cover the period from January 2010 to December 2015.

Findings

The results indicate that: there is no unidirectional causality from developed market bond indices to Malaysia and Dow Jones indices, which is promising for fixed-income investors of a developed market; and in relation to emerging markets, the Malaysian sukuk market has a bidirectional causality with Indonesia, Malaysia, India and South Korea bond indices but not China bond indices, while in terms of the Dow Jones sukuk index, there is no unidirectional causality between the listed emerging markets and the sukuk index except Indonesia’s market during the sample period.

Research limitations/implications

This analysis provides evidence regarding the timely and appropriate measure of correlation changes and the behaviour of sukuk and bond indices globally, which is beneficial to the management of sukuk and bond portfolios.

Originality/value

The evidence hitherto unexplored, which was produced by the application of a wavelet cross-correlation amongst the selected sukuk and bond indices, provides robust and useful information for international financial analysts as well as long and short-term investors.

Details

International Journal of Emerging Markets, vol. 14 no. 4
Type: Research Article
ISSN: 1746-8809

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