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Article
Publication date: 9 July 2018

Ahmad Hakimi Tajuddin, Nur Adiana Hiau Abdullah and Kamarun Nisham Taufil Mohd

The purpose of this paper is to examine the impact of Shariah-compliant status on oversubscription of initial public offerings (IPOs) in Malaysia. It is believed that the Shariah

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Abstract

Purpose

The purpose of this paper is to examine the impact of Shariah-compliant status on oversubscription of initial public offerings (IPOs) in Malaysia. It is believed that the Shariah-compliant status serves as a platform that sends a credible signal to investors which could possibly explain the IPO oversubscription anomaly.

Design/methodology/approach

This study used a multivariate and quantile regression model which involved 252 IPOs listed on Bursa Malaysia from 2005 to 2015.

Findings

The results show a significant positive relationship between Shariah-compliant status and oversubscription ratio, which suggests that companies with Shariah status could draw the attention of the investors. Strict guidelines and permissible elements of Shariah-compliant are considered agreeable and amicable by the investors.

Research limitations/implications

Future studies should look into financial ratio benchmark (cash and debt) for determining Shariah-compliant status to enhance the understanding of oversubscription of IPOs in Malaysia.

Practical implications

This study offers practical understanding to the issuers and underwriters on the factors that should be considered in assuring a good early performance of their issuance. Therefore, it will benefit the issuers and underwriters in managing and planning the IPO process carefully.

Social implications

The results of this study provide a new insight for investors regarding important information found in the prospectus when making the decisions to subscribe to IPOs.

Originality/value

This paper is one of the first to provide an empirical evidence of the impact of Shariah-compliant status on oversubscription in the IPO market.

Details

Journal of Islamic Accounting and Business Research, vol. 9 no. 4
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 28 November 2019

Woei-Chyuan Wong, Adilah Azhari, Nur Adiana Hiau Abdullah and Chee Yin Yip

The purpose of this study is to examine the impact of crime risk on housing prices at a national level in Malaysia during the period from 1988 to 2016.

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Abstract

Purpose

The purpose of this study is to examine the impact of crime risk on housing prices at a national level in Malaysia during the period from 1988 to 2016.

Design/methodology/approach

A hedonic regression approach was used to estimate the Malaysian households’ valuation for crime risk. Specifically, the state-level property index on the state-level reported crime rate was regressed while controlling for state-level socioeconomic variables. The macroeconomic panel nature of the data set provides the merit to use a panel dynamic model instead of the traditional static panel data techniques (fixed effects or first difference).

Findings

Panel dynamic estimators consistently show a negative impact of crime risks on housing prices. The estimated elasticity of housing prices with respect to crime risks ranges from −0.141 to −0.166, in line with existing literature using micro level data. In fact, householders in crime hotspot states are willing to pay more for crime reduction compared to householders in non-hotspot states. The willingness to pay has also increased since the implementation of nationwide crime reduction plans in 2010.

Research limitations/implications

This is the first study that has examined the Malaysian people’s willingness to pay to reduce crime. This information is important in determining the optimal level of government expenditures for public safety.

Originality/value

This is the first study to examine the relationship between crime rates and housing prices in Malaysia. This study contributes to the literature by examining the impact of crime rates on housing prices at a national level by using panel dynamic models. The macro level data results are consistent and complement the existing literature based on micro level data.

Details

International Journal of Housing Markets and Analysis, vol. 13 no. 5
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 6 March 2017

Nur Adiana Hiau Abdullah, Kamarun Nisham Taufil Mohd and Woei Chyuan Wong

The purpose of this paper is to examine the performance of 19 Malaysian Real Estate Investment Trusts (M-REITs) over the period 1999 to 2014, following the implementation of…

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Abstract

Purpose

The purpose of this paper is to examine the performance of 19 Malaysian Real Estate Investment Trusts (M-REITs) over the period 1999 to 2014, following the implementation of dividend tax reforms announced in the 2007, 2009 and 2012 budgets.

Design/methodology/approach

Sharpe index, Treynor index and Jensen α are utilized to compare the performance of M-REITs against a newly developed tax-adjusted value-weighted M-REITs index, equity market, property sector and three month Malaysia Treasury Bills (T-Bills). The calculation of M-REITs returns has been adjusted to take into account the dividend tax reforms which have never been considered in previous studies.

Findings

Most M-REITs outperform the tax-adjusted value-weighted REITs index, equity market, property sector and three month T-Bills. Property sector performs worst during those periods. Some of the M-REITs have a higher standard deviation than the equity market and the tax-adjusted value-weighted M-REITs index. Most M-REITs have a lower total risk than the property sector. Further analysis shows that before (after) the tax reforms, most M-REITs underperform (outperform) the other sectors. The introduction of the tax reforms benefits both REITs and investors. A significant positive Jensen α for some M-REITs indicates that fund managers are able to time the market or to select undervalued assets.

Practical implications

Findings of the study would enable investors to evaluate the performance of all REITs in comparison to other financial assets during the period of study for better investment decision making. A more accurate assessment on REITs performance that take into account the tax reforms, is available for investors and fund managers to decide on the investment mix to be included in their portfolio. Moreover, fund managers’ performance can be assessed whether they perform better or worse than the equity market, property sector and three month T-Bills.

Originality/value

This study contributes to the scant literature on dividend tax reforms and their implication toward REITs performance. It is the first study to thoroughly assess the returns of REITs by taking into account the changes on dividend tax rates announced in the 2007, 2009 and 2012 budgets.

Details

Journal of Property Investment & Finance, vol. 35 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 2 September 2013

Sany Sanuri Mohd Mokhtar, Nur Adiana Hiau Abdullah, Nordin Kardi and Mohd Idzwan Yacob

– This paper aims to highlight the planning and implementation processes of a higher education institution ISO 9000 quality management system.

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Abstract

Purpose

This paper aims to highlight the planning and implementation processes of a higher education institution ISO 9000 quality management system.

Design/methodology/approach

The paper discusses the issues and challenges faced by the institution in the process of maintaining and going beyond the minimum requirements of a quality management system.

Findings

The paper finds that senior leaders of an organization play an important role in driving the organization to quality improvement and organizational excellence.

Practical implications

The paper suggests practical information for management of a higher education institution to maintain and sustain a quality management system.

Originality/value

Maintaining a quality management system remains critical for an organization that has obtained certification. It has been observed that maintaining a quality management system is a far more daunting task than obtaining one.

Details

Business Strategy Series, vol. 14 no. 4
Type: Research Article
ISSN: 1751-5637

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Article
Publication date: 3 August 2015

Ahmad Ridhuwan Abdullah and Nur Adiana Hiau Abdullah

The purpose of this paper is to examine the risk-adjusted performance of rated funds and determine the usefulness of Lipper Leader rating of unit trusts in Malaysia during the…

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Abstract

Purpose

The purpose of this paper is to examine the risk-adjusted performance of rated funds and determine the usefulness of Lipper Leader rating of unit trusts in Malaysia during the period 2000 to 2010.

Design/methodology/approach

The paper utilizes the Sharpe ratio, Treynor ratio, Jensen’s alpha and Fama-French three-factor model to measure performance.

Findings

During the period of study, the performance of the market index and risk-free rate outperformed that of 68 equity unit trust funds in the 3-year, 5-year and 10-year investment horizons. The ranking, based on four performance measures, corresponds to Lipper rating for the lowest rated and leader funds, but not for the three- and four-key rated funds. Further, there is a significant difference in the performance of the five-key, four-key and three-key rated funds which outperform the lowest rated funds, indicating that Lipper rating is able to distinguish superior and inferior unit trust funds.

Research limitations/implications

Some of the limitations in this study are that the indexes could be self-constructed. The existing index might not represent the asset allocation of the funds concerned. Additional variables might have to be considered when examining fund performance as they should correspond to the characteristics of a fund.

Practical implications

The results indicate that Lipper rating classification could identify the highest and lowest performing funds. Therefore, investors could use this rating to make informed investment decisions without undertaking time-consuming analysis to ascertain the good- and bad-quality funds in the market.

Social implications

The findings of this study could be used by the academia as another source of reference to enhance their understanding of the applicability of Lipper rating for unit trust funds in an emerging market.

Originality/value

The contribution of this study is that it analyzes the effectiveness and capability of Lipper Leader rating in identifying quality funds in the context of an emerging market. Performance comparison between Lipper Leader rating and methods used in the portfolio theory bridges the theory-practice gap between practitioners and academics. To date, there have been no attempts to study and compare the ratings of advisory firms with theoretical performance measures, particularly in the context of Malaysia.

Details

Studies in Economics and Finance, vol. 32 no. 3
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 31 May 2013

Abd Halim Ahmad and Nur Adiana Hiau Abdullah

The purpose of this paper is to investigate the effect of leverage on Malaysian listed firms' value and the optimal level of debt at which a firm could maximize its value.

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Abstract

Purpose

The purpose of this paper is to investigate the effect of leverage on Malaysian listed firms' value and the optimal level of debt at which a firm could maximize its value.

Design/methodology/approach

The authors employ an advanced panel threshold regression estimation developed in 1999 by Hansen that will indicate whether there are positive and negative impacts of leverage on firm value. This estimation procedure has the advantage of quantifying the threshold level of debt as compared to the ad hoc classification procedure of splitting the sample.

Findings

The results show that debt is only pertinent to the firm value up to a threshold level of 64.33 per cent. Additional debt beyond the threshold level does not add to a firm's value. The appropriate level of debt should be applied, which would thus maximize the firm and stockholders' value.

Originality/value

To the best of the authors' knowledge, this is the first study to look at this issue for Malaysian listed firms. The findings from this paper may provide a critical analysis of the usage of debt in firms' capital structure. An excessive level of debt could lead to a debt overhang situation and insolvency at the microeconomic firm level; this could eventually could cause vulnerability in financial systems and thus lead to the financial catastrophes.

Details

Studies in Economics and Finance, vol. 30 no. 2
Type: Research Article
ISSN: 1086-7376

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