Mohammad Bintang Pamuncak, Hairunnizam Wahid, Abdul Ghafar Ismail and Tamat Sarmidi
This study aims to discuss literature of zakat collection, particularly to compare what Scopus and Web of Science (WoS), as the two most popular databases, provide to complete the…
Abstract
Purpose
This study aims to discuss literature of zakat collection, particularly to compare what Scopus and Web of Science (WoS), as the two most popular databases, provide to complete the pattern and the direction of future research of zakat collection using bibliometric analysis.
Design/methodology/approach
This study collected 266 manuscripts from the Scopus database and 106 manuscripts from the WoS database covering more than three decades from 1987 to the beginning of 2023.
Findings
This study identifies a wider horizon of future research of zakat collection literature. Where Scopus database mostly discusses the connection between the state, government and zakat, meanwhile the WoS database discusses smaller scope of zakat collection, which includes zakat institution and its governance along with behavioural and commitment of zakat payers.
Research limitations/implications
The results imply that future research agenda may include the discussion of state-government-zakat collection policy connection and behavioural and commitment of zakat payers.
Practical implications
The results also imply to widening and deepening the zakat collection. Further, it also implies to administratively to zakat agencies/zakat institution.
Originality/value
To the best of the authors’ knowledge, this study is among the first study (or the first) that compare Scopus and WoS database in the zakat collection literature.
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Abdollah Ah Mand, Hawati Janor, Ruzita Abdul Rahim and Tamat Sarmidi
The purpose of this paper is to investigate whether market conditions have an effect on investors’ propensity to herd in an emerging economy’s stock market. Additionally, given…
Abstract
Purpose
The purpose of this paper is to investigate whether market conditions have an effect on investors’ propensity to herd in an emerging economy’s stock market. Additionally, given the lack of research on Islamic behavioral finance, the authors further investigate if the herding phenomenon is distinct in Islamic versus conventional stocks.
Design/methodology/approach
The authors used daily data for the period of 1995–2016 according to the herding behavior model of Chang et al. (2000), which relies on cross-sectional absolute deviation of returns.
Findings
Findings reveal the herding behavior of investors among Shariah-compliant during up and down market exits with non-linear relationship to the market return, while for conventional stocks herding behavior does not exist with linear nor nonlinear relationships during the up and down market. Furthermore, for the whole market, herding behavior only exists during upmarket with a nonlinear relationship to the market return. However, this relationship is not significant. Moreover, the results of this study are robust with respect to the effect of the Asian and global financial crisis.
Practical implications
The findings are useful for investors to identify which market conditions are associated with rational and irrational behavior of investors.
Originality/value
Most of the theoretical and empirical studies on herding behavior have focused on developed countries. Only a few studies have paid attention to the herding behavior in Islamic financial markets, particularly in the context of an emerging market such as Malaysia. This study fills this void.
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Wai Weng Yap, Tamat Sarmidi, Abu Hassan Shaari and Fathin Faizah Said
The purpose of this paper is to investigate the nonlinear relationship between shadow economy and income inequality and determine whether the size of shadow economy can influence…
Abstract
Purpose
The purpose of this paper is to investigate the nonlinear relationship between shadow economy and income inequality and determine whether the size of shadow economy can influence the level of income inequality.
Design/methodology/approach
Both parametric (panel OLS) and nonparametric/semiparametric regression suggested by Robinson (1988) will be used to capture the dynamic nonlinear relationship between these variables using unbalanced panel data of 154 countries from 2000 to 2007. Additionally, the relationship between income inequality and shadow economy on both developed and developing countries will be analyzed and compared.
Findings
First, semiparametric analysis and nonparametric analysis are significantly different than parametric analysis and better in nonlinear analysis between income inequality and shadow economy. Second, income inequality and shadow economy resemble an inverted-N relationship. Third, the relationship between income inequality and shadow economy is different in developed countries (OECD countries) and developing countries, where OECD countries have similar inverted-N relationship as before. However, for developing countries, income inequality and shadow economy show an inverted-U relationship, similar to the original Kuznets hypothesis.
Practical implications
This study suggests that there is a possible trade-off between income inequality and shadow economy and helps policy makers in solving both problems effectively.
Originality/value
Despite the growing importance of income inequality and shadow economy, literature linking the two variables is scarce. To the best of the authors’ knowledge, there is no literature that nonlinearly links these two variables. Furthermore, the dynamics of the relationship between these two variables in developed countries and developing countries will be explored as well.
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Najla Shafighi, Abu Hassan Shaari, Behrooz Gharleghi, Tamat Sarmidi and Khairuddin Omar
The purpose of this paper is to identify whether any financial integration exists among ASEAN+5 members and some East Asian countries, including China, Japan, Korea, Hong Kong…
Abstract
Purpose
The purpose of this paper is to identify whether any financial integration exists among ASEAN+5 members and some East Asian countries, including China, Japan, Korea, Hong Kong, and Taiwan, through interest rate, exchange rate, level of prices, and real output.
Design/methodology/approach
Therefore, the authors intend to identify any long-term relationship among these variables utilizing the data in the most efficient manner via panel cointegration and panel unit root tests. The study likewise uses a panel-based vector error correction (panel-vec) model for comparison and also short-run relationship analysis. The long-run relationship is estimated using dynamic ordinary least square technique and a panel multi-layer perceptron (MLP) neural network.
Findings
For the ten countries under consideration, the empirical result supports the long-run equilibrium relationship among real output, exchange rate, interest rate, and level of prices, and that the cointegration relationship implies unidirectional causality from exchange rate to real output. This result is favorable to a model that contains real output as a dependent variable and exchange rate, interest rate, and level of prices as explanatory variables. Panel-vec results indicate no evidence of short-run causality from exchange rate to real output. Furthermore, the comparison result of long-run equation estimation shows the superiority of neural networks over econometric models.
Originality/value
This paper adds to the literature by examining the financial cointegration using a panel model that contains real exchange rate, interest rate, real output, and inflation rate in ASEAN+5. Additionally this paper applied the MLP neural network to yield a robust estimation of the long-run equation obtained among the variables.
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Winny Perwithosuci, Izza Mafruhah, Evi Gravitiani and Tamat Sarmidi
Environmental degradation is a global concern that results from massive economic activities. Carbon dioxide (CO2) emissions are one of the environmental degradation indicators…
Abstract
Environmental degradation is a global concern that results from massive economic activities. Carbon dioxide (CO2) emissions are one of the environmental degradation indicators. This study investigates the impact of population, oil consumption, international tourist arrival, and corruption on CO2 emissions in ASEAN’s five developing countries of Malaysia, Indonesia, Thailand, Philippines, and Vietnam from 1998 to 2017. This study employed panel Fixed-effect (FE) regression to estimate the panel data generated by British Petroleum and World Bank. The result revealed that the population has a significant positive effect on CO2 emissions. Furthermore, oil consumption has a significant positive effect on CO2 emissions. Meanwhile, the effect of tourism and the corruption perception index (CPI) as a proxy of corruption on CO2 emissions was positive but not significant. Authorities should construct such policies to reduce CO2 emissions by applying low-carbon technologies, green mass transport, and creating less corrupt behavior.