Mohd Amar Aziz, Noor Hadzlida Ayob, Muhammad Hafeez Zakaria and Ratna Roshida Ab Razak
This study aims to examine the mediating role of government support programs in the halal cosmetics and personal care industry between local demand conditions and competitive…
Abstract
Purpose
This study aims to examine the mediating role of government support programs in the halal cosmetics and personal care industry between local demand conditions and competitive advantage.
Design/methodology/approach
Data were collected from 96 companies in the cosmetics and personal care industry in Malaysia, and the analysis was conducted using the partial least squares structural equation modeling approach.
Findings
The results indicate that demand conditions do not have a direct effect on competitive advantage in the halal cosmetics and personal care industry. However, government support programs, specifically regulatory and innovation programs, play a crucial mediating role between demand conditions and competitive advantage. This highlights the importance of both regulatory and innovation programs in shaping the halal market ecosystem.
Practical implications
The halal industry policy should prioritize innovation and regulatory programs to ensure that nonfood halal products, including beauty products, are evaluated not only based on ingredient content but also on broader aspects such as product effectiveness, quality, safety and affordability.
Originality/value
This study offers a unique perspective by highlighting the often-overlooked role of government support programs as key drivers in shaping the halal market ecosystem and enhancing competition in the halal cosmetics and personal care industry. While the government’s role is frequently neglected in market dynamics, this research emphasizes how government intervention, when implemented through effective policy, can significantly contribute to industry growth and competitiveness.
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Muhammad Zakaria and Bashir Ahmad Fida
The purpose of this paper is to analyse empirically the impact of trade openness on women's development in Pakistan.
Abstract
Purpose
The purpose of this paper is to analyse empirically the impact of trade openness on women's development in Pakistan.
Design/methodology/approach
Using cointegration analysis the paper empirically analyses the impact of trade openness on women's development in Pakistan applying annual time‐series data for the period 1981 to 2007.
Findings
The results show a significant positive long‐term relationship between trade openness and women's development in Pakistan. The results also show significant positive influence of foreign direct investment and private sector credit on women's development and significant negative effect of private investment on women's development in Pakistan. Significant negative coefficient of error term in error correction model indicates that convergence holds in the model.
Research limitations/implications
There is need to know the transmission mechanisms or channel variables through which trade openness and globalization affect women's development in Pakistan. This is left as an exercise for future research.
Practical implications
Since openness positively affects women's development, government may continue the policy of trade reforms in the country. Further, government should continue to enhance the role of the private sector and financial deepening to integrate women in the development process in Pakistan.
Social implications
The paper contributes to the literature on the subject and will initiate debate on the issue so that further research can be deepened in this area.
Originality/value
This paper is first study on the topic in Pakistan.
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Nazrul Hazizi Noordin, Muhammad Issyam Ismail, Muhammad Abd Hadi Abd Rahman, Siti Nurah Haron and Adam Abdullah
This paper aims to re-evaluate and thus recommends possible ways in improving the current practice of hibah trust in Malaysia.
Abstract
Purpose
This paper aims to re-evaluate and thus recommends possible ways in improving the current practice of hibah trust in Malaysia.
Design/methodology/approach
This study conducts a thorough and critical review on relevant literature on Islamic wealth management and estate distribution. Besides, the current practice and application of hibah trust by the Malaysian trustee companies such as Amanah Raya Berhad and As-Salihin Trustee Berhad is analyzed based on information gathered from their publications and direct consultation.
Findings
Based on the comparison made between hibah trust and its conventional counterpart, living trust, this study found that that the hibah trust product mirrors the conventional living trust, which provides a high degree of freedom to the benefactor to decide on the distribution of his wealth without taking into consideration the interest of the eligible heirs under farai’d. Nevertheless, it is undeniable that the practice of hibah trust would be able to expedite the lengthy and complex procedures of inheritance, reduce administrative costs and avoid legal impediments and inheritance tax.
Practical implications
This paper proposes a comprehensive framework for an improved asset distribution under hibah trust within the Malaysian Islamic wealth management industry by highlighting the significance of fara’id and wasiyyah rules. This proposed framework of hibah trust would become a useful reference for the policy makers in designing a dedicated regulation or legal provisions in the established laws that will govern the practice of hibah trust in Malaysia.
Originality/value
The novelty of this paper lies in highlighting the importance of adhering to the law of Islamic inheritance rules as ordained by Allah s.w.t in structuring contemporary Islamic estate planning instruments such as hibah trust, which is not evident in the current practice.
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Saeed Akbar, Shehzad Khan, Zahoor Ul Haq and Muhammad Yusuf Amin
The purpose of this study is to comparatively analyze the effect of dividend policy on shareholders’ wealth in Shariah-compliant (SC) and noncompliant (NC) nonfinancial firms in…
Abstract
Purpose
The purpose of this study is to comparatively analyze the effect of dividend policy on shareholders’ wealth in Shariah-compliant (SC) and noncompliant (NC) nonfinancial firms in Pakistan.
Design/methodology/approach
All the nonfinancial firms listed on the Pakistan stock exchange have been taken as a sample for 2016–2021. The Karachi Meezan index screening criteria were applied to screen SC firms. Based on the BPLM and Hausman test results, the authors used the fixed-effect and pooled OLS model for SC and NC firms, respectively. The F-test was used to compare the effect of each dividend policy variable on shareholders’ wealth for both firm types.
Findings
The findings reveal that the dividend policy does affect the shareholders’ wealth in both firm types. Dividend per share (DPS), dividend yield (DY) and earnings per share significantly affect the shareholders’ wealth in SC firms. For NC firms, the dividend payout, DPS and DY are critical. Moreover, the F-test results show that the DPS, DY and leverage effect on the shareholders’ wealth significantly differ for both firm types.
Research limitations/implications
This study fills the research gap in the Pakistani context specifically as well as globally by providing important insights into the relationship between a firm’s dividend policy and shareholders’ wealth for SC and NC firms. In addition, this study comprehensively compares the results for both firm types, which is also lacking in the existing literature. Because this study is based in Pakistan, the generalizability of the results would be limited.
Practical implications
The findings of this study are helpful for the management of SC and NC firms in devising their dividend policies that can maximize their shareholders’ wealth. This study also provides guidance and knowledge to investors in choosing companies for their investments that can maximize their wealth.
Originality/value
To the best of the authors’ knowledge, this is the first study that analyzes the relationship between dividend policy and shareholders’ wealth for SC firms in Pakistan. It is also the first study that comprehensively compares the dividend policy relationship with shareholders’ wealth for SC and NC firms. In addition, using the F-test for joint hypotheses to compare the specific effect of each dividend policy variable is a methodological contribution of the study.
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In 1966, Palestinian writer Ghassan Kanafani coined the term “literature of resistance” through his seminal work “Resistance Literature in Occupied Palestine 1948–1966” (Harlow…
Abstract
In 1966, Palestinian writer Ghassan Kanafani coined the term “literature of resistance” through his seminal work “Resistance Literature in Occupied Palestine 1948–1966” (Harlow, 1987). This genre focuses on depicting experiences of resistance and resilience amidst colonization, often investigating the personal struggles of writers within contexts of injustice and oppression. When created for children and youth, the literature of resistance diverges from that intended for adults due to many reasons. Eventually, this genre aims to engage children with significant societal issues such as patriotism, liberty, disdain for injustice, and the fundamental importance of justice. This chapter explores examples within the realm of children’s literature of resistance, encompassing both stories and novels tailored for young and teenage audiences. The chapter comprises four main sections. Firstly, a comprehensive introduction will elucidate the concept of resistance literature and underscore its scholarly significance. The second part will examine existing literature, highlighting thematic foundations and prevalent discourse within this genre. Subsequently, the third part will outline criteria used to ensure chosen narratives align with the overarching theme of resistance, followed by an examination of selected stories in terms of their literary and narrative aspects. Lastly, the fifth part will detail the dual analytical approach employed to offer a comprehensive understanding of how resistance is conveyed in the chosen narratives and the extent to which these stories fulfill their intended objectives.
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Rozaimah Zainudin, Nurul Shahnaz Mahdzan and Chee Hong Yet
The purpose of this paper is to analyse the relationship between stock price volatility (SPV) and dividend policy of industrial products firms listed on Bursa Malaysia.
Abstract
Purpose
The purpose of this paper is to analyse the relationship between stock price volatility (SPV) and dividend policy of industrial products firms listed on Bursa Malaysia.
Design/methodology/approach
The sample comprises 166 industrial products public-listed firms covering a time span from year 2003 to 2012. Using Baskin’s framework, firm’s SPV is related to dividend payout, controlling for earnings volatility, firm size, leverage and growth of assets. Further, the impact of the global financial crisis on the relationship between SPV and the tested variables is examined.
Findings
Earning volatility significantly explains SPV of industrial product firms during the crisis period, while dividend payout ratio (PR) predominantly influences volatility during pre- and post-crisis sub-periods. The empirical results indicate that dividend policy is a strong predictor of SPV of industrial products firms in Malaysia, particularly during the post-crisis period.
Originality/value
The paper explores the firm’s SPV and dividend policy for a new set of data focussing on industrial products firms listed on the Malaysian Stock Exchange.
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Rizqa Anita, Rahma Widya, Muhammad Rasyid Abdillah, Hadiyati Hadiyati and Nor Balkish Zakaria
This study investigates the intricate relationship between chief executive officer (CEO) narcissism, corporate social responsibility (CSR) and financial performance, focusing on…
Abstract
Purpose
This study investigates the intricate relationship between chief executive officer (CEO) narcissism, corporate social responsibility (CSR) and financial performance, focusing on the Indonesian business context. Leveraging upper-echelons theory, the research posits that CEO narcissism significantly predicts both CSR initiatives and firms' financial performance. Additionally, it explores CSR as a potential mediator in the link between CEO narcissism and financial performance, with particular focus on the CEO’s involvement in recommending CSR activities.
Design/methodology/approach
A sample of 644 observations was analyzed, revealing that narcissistic CEOs tend to lead firms with higher CSR engagement, which in turn is positively related to financial performance as measured by Tobin’s Q.
Findings
Regression models indicate that while CEO narcissism directly related to firm performance, the inclusion of CSR as a variable significantly strengthens this relationship. The indirect association analysis further confirms that CSR mediates the relationship between CEO narcissism on firm performance.
Originality/value
These findings contribute to the literature by elucidating the dual relationship of CEO narcissism on organizational outcomes and by highlighting the role of CSR in enhancing financial performance. This study also underscores the importance of considering cultural and institutional contexts in understanding the dynamics between executive personality traits and corporate strategies.
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Mustafa Mohd Hanefah, Muhammad Iqmal Hisham Kamaruddin, Supiah Salleh, Zurina Shafii and Nurazalia Zakaria
The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following…
Abstract
Purpose
The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following categories, namely, the effectiveness and efficiency of operations, the reliability of financial reporting and the level of compliance with applicable laws and regulations, as well as accounting and auditing standards. Sharīʿah non-compliant income (SNCI) is an important issue in IFIs’ operations. Thus, the purpose of this paper is to identify issues related to governance and internal control of SNCI in selected IFIs in Malaysia.
Design/methodology/approach
This research uses a case study approach to gather data on the measures of governance and risk management in relation to the internal control for SNCI in IFIs. Interviews were conducted with officers of the Sharīʿah and internal audit departments on internal control practices regarding SNCI.
Findings
Regulator’s guidelines on SNCI are simple and brief, lacking rigour in terms of governance, risk management and audit procedures. The section on SNCI is only a brief statement within the Bank Negara Malaysia’s Guidelines on Financial Reporting for Islamic Banking Institutions and also in the Operational Risk Integrated Online Network system operated by IFIs. Most of the respondents in the interviews suggested that there should be a proper guideline in determining the classification of SNCI. Second, although IFIs have established the purification account to manage SNCI, the real practice varies from one IFI to another. Third, although there are supposedly documented procedures established in relation to management and administration of SNCI, the following events still occur in practice, namely, no authorisation from the Sharīʿah Committee (SC) on various types of income channelled to the SNCI account; unauthorised use of SNCI for other purposes; SNCI not being reported in the annual financial reports; and distribution of SNCI prior to obtaining the SC’s consent. Fourth, there is an absence of Sharīʿah risk assessment conducted on operational risk by IFIs to identify any potential Sharīʿah non-compliant event.
Research limitations/implications
This research contributes to the importance of Islamic corporate governance theory and Sharīʿah risk management, as well as strengthening the case for reporting SNCI to shareholders. It also contributes to the body of knowledge on the capability of the management in managing the internal control system of IFIs’ SNCI.
Originality/value
A new internal control assessment matrix is proposed for Sharīʿah-compliance in IFIs.
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Nor Balkish Zakaria, Muhammad Farhan Nordin, Allezawati Ismail, Nurul Huda Ahmad Shukri and Elif Baykal
This study departed from the aim to progress Malaysia as a high-income nation in 2025 via decent work and economic growth (Sustainable Development Goal 8). Thus, this study aims…
Abstract
Purpose
This study departed from the aim to progress Malaysia as a high-income nation in 2025 via decent work and economic growth (Sustainable Development Goal 8). Thus, this study aims to examine the effects of demographic, experience and organisational factors on the ethical integrity of local enforcement officers from self-proclaim and colleague perception perspectives.
Design/methodology/approach
The data of this study was collected from Pusat Latihan Penguatkuasa Selangor (PULAPES), a training centre for local enforcement officers in Selangor. Based on a survey in 2019, this study used primary data based on a scenario-based questionnaire survey with a total sample of 535 respondents.
Findings
From a self-proclaim perspective, the results show that secondment and training factors have a positive relationship with the ethical integrity of local enforcement officers. From a colleague perception perspective, the results indicate that the secondment factor has a positive relationship with ethical integrity. In contrast, the officer rank factor has a negative relationship with the ethical integrity of local enforcement officers.
Practical implications
This research seeks to develop new theories or refine existing ones to explain how diverse circumstances affect law enforcement ethics. Learning people’s habits through observation and consequences like rewards or punishments impact behaviour recurrence are suggested. Law enforcement ethics can be examined by examining how peers, supervisors and organisational culture shape officers’ ethics.
Social implications
The finding of this study could serve to evaluate training programmes or rewards and punishments for ethical behaviour including how accountability and community involvement aid to promote law enforcement ethics.
Originality/value
The survey results of this study are based on local enforcement officers’ ethics that serve to aid in illuminating the elements which affect ethical behaviour among law enforcement personnel and identify the tactics for fostering ethical behaviour.
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Chintal A. Desai and Khoa H Nguyen
The purpose of this paper is to identify three (maturity, agency, and information) effects that help explain the change in idiosyncratic volatility after a firm initiates a…
Abstract
Purpose
The purpose of this paper is to identify three (maturity, agency, and information) effects that help explain the change in idiosyncratic volatility after a firm initiates a dividend.
Design/methodology/approach
The paper uses a cross-sectional analysis where the standard errors are adjusted for heteroskedasticity. As for robustness check, the authors perform two-stage analysis to control for potential self-selection bias. The authors also control for 2003 Dividend Tax Cut effect, matching-firm volatility, and confounding events.
Findings
Using a sample of 688 dividend-initiating firms for a period of 1977 to 2010, the authors find evidence consistent with the hypotheses based on the maturity, agency, and information effects. The volatility changes upon the dividend initiation can be reliably explained by the changes in profit volatility and free cash flow per total assets, and whether the firm consummated a stock split prior to the dividend initiation. The information effect is also found to be economically significant.
Originality/value
By studying a firm’s decision to initiate a dividend and its impact on the change in its volatility, the research helps contribute to the payout policy and volatility literatures.