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International Journal of Management Studies (IJMS) Vol. 12, No. 2 December 2005

Scale and Technical Efficiency of Development Finance Institutions in Malaysia
Ong Hway-Boon, Zarehan Selamat & Norhazlin Ismail
Faculty of Management
Multimedia University
Muzafar Shah Habibullah
Faculty of Economics and Management
Universiti Putra Malaysia
Abstract Ɩ Full Text
This study focuses on the performance of credit guarantee corporations and development financial institutions that promotes industrialisation, agricultural investment, and growth in small and medium enterprises in Malaysia. A non-parametric technique is used in this analysis to determine the scale and technical efficiency of development financial institutions since the performance of these institutions is directly reflected in the development and economic growth of the sector they promote. The empirical findings we obtained suggested that all development financial institutions are operating satisfactorily in extending their services to small and medium local enterprises.
Keywords: Technical and scale efficiency; development financial institutions; non-parametric approach.

Malaysian Indirect Tax Administration System: An Analysis of Efficiency and Taxpayers’ Perceptions
Muzainah Mansor, Mahamad Tayib & Rohana @ Norliza Yusof
Faculty of Accountancy
Universiti Utara Malaysia
Abstract Ɩ Full Text
This study examines the level of efficiency of the indirect taxes administration system. The level of efficiency was analysed through the trends of the costrevenue ratio; arrears-revenue ratio; and revenue detected-collected ratio. Further investigation was carried out to see whether the Malaysian indirect tax system has all the characteristics of a good tax system as perceived by the taxpayers based on the tenets proposed by the Institute Chartered Accountants of England and Wales (ICAEW). The result of the study revealed that the Malaysian Customs Department has been collecting less indirect taxes revenue each year as compared to the costs incurred in the process of acquiring the revenue. An analysis on the ratio of total arrears to total revenue collected also indicated that uncollected indirect tax revenues is on the increasing trend. It shows that the rate of increase in the amount of overdue taxes is more than the amount of revenue collected each year. It was also revealed that on the average, only 60% of the revenue loss detected could be recovered for the period 1995 to 2001. The trend of collection has been rather stable even though the revenue detected had increased. Regarding the characteristics of a good tax system, based on the respondents surveyed, there are mixed responses for each characteristic as perceived by the taxpayers. The findings revealed that there is an existence of a good legislation under the tax system and the tax system is constant and regularly reviewed. However, they had disagreed that the present system is certain and simple; proper consultation has been made before any new legislation is issued; and that the overall system is fair. From all the characteristics suggested, the taxpayers ranked “statutory” as the highest and “proper consultation” as the lowest.
Keywords: Globalisation; tax administration; indirect taxes; and efficiency.

Risks of User-Developed Application In Small Business
Zulkhairi Dahalin
Faculty of Information Technology
Universiti Utara Malaysia
Abstract Ɩ  Full Text
This paper discusses the risks of developing computerised business applications by end-users particularly in the small business environment. As today’s endusers are becoming more and more sophisticated, coupled with the proliferation of Information Technology (IT) that has brought the computerisation of business activities within reach of many small firms, understanding the benefits and risks of user-developed applications would contribute towards the small firm’s effectiveness in IT adoption. This is particularly relevant in today’s managing business where businesses, including the small firms, in a volatile environment will have to compete not only locally but also globally, and IT is seen to be an enabler that can help small firms to increase their competitiveness. Relevant literature on the benefits and risks of user-developed applications were sought and summarised in this paper. Findings were also based on a case study investigation of small firms with no formal IT function where observations were made on the end-user developers who were given the responsibility to develop the firm’s computerised applications. Whilst the benefits have been enormously highlighted and at times overshadowed the risks, due attention is given to examining the risks so as to provide a more balanced report and a precautionary measure for end-user developers. Risks were categorised according to organisational and individual risks following the application development stages of planning, analysis, design and implementation.

The Relationship between Government Revenue and Expenditure in Malaysia
Wong Hock Tsen
School of Business and Economics
Universiti Malaysia Sabah
Lim Kian Ping
Labuan School of International Business and Finance
Universiti Malaysia Sabah
Abstract Ɩ Full Text
The study examines the relationship between government revenue and expenditure in Malaysia. The results of the Dickey and Fuller (1979) and Phillips and Perron (1988) unit root test statistics show that government revenue and expenditure are integrated of order one. The results of the Johansen (1988) and Gregory and Hansen (1996) cointegration methods show that government revenue and expenditure are cointegrated. Thus, there is a longrun relationship between the government revenue and expenditure. The intertemporal budget constraint is not violated and the budget deficit of the Malaysian government is generally said to be sustainable. The results of the Granger-causality test generally show that the government revenue leads to government expenditure in Malaysia.
Keywords: Budget deficit; Intertemporal budget constraint; Government revenue and expenditure; Cointegration; Malaysia.

Influence of Store Attributes On Shopping Intentions in Factory Outlet Malls
Wan Zawiyah Wan Halim
Faculty of Business Management
Universiti Utara Malaysia
Linda K. Good
Michigan State University
Abstract Ɩ  Full Text
This paper examines the effects of eight types of consumer decision-making styles and shopping behaviour on future shopping intentions at factory outlet malls. Results indicate that six out of eight decision-making styles are positively related to future shopping intentions. Conclusions drawn from the current study’s findings and their implications for consumer decision-making and shopping behaviour are discussed.

Money Growth and Malaysian Stock Prices: A Test of Policy Ineffectiveness Proposition
Noor Azlan Ghazali
Faculty of Economics and Business
Universiti Kebangsaan Malaysia
Wong Sen Min
Foreign Exchange Administration Department
Bank Negara Malaysia
Abstract Ɩ Full Text
The policy ineffectiveness proposition proposed by Lucas (1972) and Sargent and Wallace (1975) along the rational expectation model is tested in this study. The proposition claims that unanticipated changes in monetary aggregates exert significant influence on real economic activities while anticipated policy is neutral. In line with this, the efficient market hypothesis indicates that in an efficient market share prices incorporate anticipated information instantaneously leaving only the unanticipated components of the information set to affect share prices. We investigate this proposition on the Malaysian stock returns. Specifically the response of share returns toward changes in actual and decomposed (anticipated and unanticipated) growth of monetary aggregate is analysed. The single equation regressions and the system estimation of Vector Autoregressions (VAR) both point toward the validity of the proposition. The results indicate that positive reactions of share returns to actual money growth are due to the unanticipated components. Movement of share prices is neutral with respect to the anticipated monetary growth. The findings generally favour the policy ineffectiveness proposition that leads to an efficient pricing process for Malaysian shares.

Internet Banking: From the Perspective of Malaysian Bankers
Rohaya Shaari & Hafizi Muhamad Ali
Faculty of Finance and Banking
Universiti Utara Malaysia
Abstract Ɩ  Full Text
The electronic revolution in the Malaysian banking sector is now more noticeable as banks are trying to keep abreast with information, communication and technology (ICT). Internet banking is a new delivery channel that offers a one-stop service and information unit to gain competitive advantage in the banking sector. While it promises enormous benefits both to consumers and banks, what do bank managers, as providers perceive internet banking? This article seeks to examine the perceptions of bank managers on internet banking with respect to strategic, operational, customer-related and technological issues. A total of 54 responses were received from questionnaires distributed to bank managers in the Northern region of Malaysia. Interestingly, they provide conflicting views. While internet banking enhances customer service, it is perceived to have reduced human resource and banker-customer relationships. Hence, this finding suggests that the management should continue to offer personalised services to its customers. Internet banking should be used as an informational and transactional tool to complement and enhance banking operations.
Keywords: Internet Banking; Strategic; Operational; Customer; Technology; Malaysian Banks.

Kemeruapan Kadar Syarat Perdagangan dan Pertumbuhan: Peranan Perbelanjaan Fiskal
Azmafazilah Jauhari, Fathin Faizah Said & Md. Zyadi Md. Tahir
Faculti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
Abstract Ɩ Full Text
Kajian ini menganalisis hubungan antara liberalisasi perdagangan antarabangsa dengan saiz perbelanjaan kerajaan dan kesannya terhadap kestabilan dan pertumbuhan pendapatan. Kajian ini menguji kesan kemeruapan kadar syarat perdagangan (TOT) terhadap pertumbuhan ekonomi bagi sebuah ekonomi terbuka dan bagaimana perbelanjaan kerajaan berperanan mengurangkan kesan kemeruapan tersebut. Kajian tertumpu kepada kes negara ASEAN-6 iaitu Filipina, Malaysia, Myanmar, Singapura, Thailand dan Indonesia dalam tempoh 32 tahun (1970 hingga 2002). Analisis dijalankan menggunakan kaedah ARCH dan GARCH(1,1) terhadap model pertumbuhan stokastik endogen. Keputusan kajian mendapati liberalisasi perdagangan di semua negara yang dikaji adalah tidak tegar dan meningkatkan kesan pendedahan risiko TOT terhadap pertumbuhan ekonomi negara tersebut.  Dasar perbelanjaan fiskal negara dikaji juga didapati gagal menstabilkan kemeruapan tingkat pendapatan yang disebabkan oleh risiko luaran, seperti pengaruh keterbukaan dan TOT. Berdasarkan penemuan kajian yang diperolehi beberapa implikasi dasar turut dikemukakan.
Kata kunci: Kemeruapan; kadar syarat perdagangan; pertumbuhan ekonomi; perbelanjaan kerajaan.

Hubungan Antara Hasil dengan Perbelanjaan: Bukti Empirikal Kerajaan Persekutuan dan Kerajaan Negeri di Malaysia
Zulkefly Abdul Karim & Aminudin Mokhtar
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
Abstract Ɩ  Full Text
Objektif utama kajian adalah untuk mengkaji hubungan sebab-menyebab antara pemboleh ubah fiskal iaitu perbelanjaan kerajaan dengan kutipan hasil cukai. Berdasarkan kajian lepas, terdapat tiga hipotesis yang menerangkan hubungan antara perbelanjaan dengan hasil iaitu (1) hipotesis belanja-hasil (spend-revenue hypothesis), (2) hipotesis hasil-belanja (revenue-spend hypothesis) dan (3) hipotesis arah sebab menyebab dua hala (bi-directional causality hypothesis) antara hasil dengan perbelanjaan yang menyokong ‘the fiscal synchronization hypothesis’. Justeru, bagi menguji hipotesis-hipotesis tersebut, kaedah ekonometrik siri masa seperti ujian kointegrasi, ujian sebab menyebab Granger, kaedah penguraian varians dan fungsi tindak balas diaplikasikan dalam kajian ini. Dapatan kajian menunjukkan bahawa hipotesis belanja-hasil (spend-revenue hypothesis) wujud bagi kerajaan persekutuan. Ini bererti, pertumbuhan perbelanjaan kerajaan persekutuan mempengaruhi pertumbuhan jumlah hasil. Bagi kerajaan negeri, keputusan empirikal menunjukkan arah sebab menyebab dua hala (bi-directional causality hypothesis) antara hasil dengan perbelanjaan yang menyokong ‘the fiscal synchronization hypothesis’. Di samping itu, pertumbuhan GDP juga mempengaruhi pertumbuhan perbelanjaan kerajaan persekutuan dan kerajaan negeri iaitu menyokong teorem Wagner.

Kesedaran Membayar Zakat: Apakah Faktor Penentunya?
Hairunnizam Wahid, Mohd Ali Mohd Noor & Sanep Ahmad
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
Abstract Ɩ  Full Text
Kesedaran akan tanggungjawab membayar zakat dilihat masih lagi di tahap yang rendah. Zakat yang dimaksudkan ialah zakat ke atas harta memandangkan masyarakat Islam sememangnya tidak ketinggalan membayar zakat fitrah di bulan Ramadhan setiap tahun. Ini berlaku antaranya disebabkan persepsi dan pemahaman masyarakat Islam yang menganggap membayar zakat hanya tertumpu kepada zakat fitrah semata-mata. Kesedaran ini boleh ditingkatkan sekiranya pendidikan dikemaskini, tindakan undang-undang terhadap keengganan membayar zakat dikenakan dan keyakinan golongan berkewajipan membayar kepada institusi zakat dapat diperbaiki. Lantaran itu, terdapat sebahagian kecil golongan ini mempunyai pelbagai alasan untuk tidak membayar zakat dan sebahagian pula membayar bukan kepada saluran rasmi kerajaan. Keadaan ini tidak seharusnya berlaku kerana keengkaran membayar zakat bermakna pengambilan hak orang lain dalam penghasilannya. Keadaan kedua pula menunjukkan terdapat masalah keyakinan pembayar zakat terhadap institusi yang dilantik kerajaan. Justeru itu, kajian ini bertujuan mengenal pasti faktor yang mempengaruhi pembayaran zakat dilihat dari perspektif lokasi, demografi, keyakinan, kemudahan, pendidikan dan seterusnya menentukan faktor yang paling signifikan menyumbang kepada pembayaran zakat. Kajian menggunakan model regresi logistik untuk menguji pemboleh ubah yang dipilih terhadap pembayaran zakat. Keputusan daripada analisis ekonometrik menunjukkan faktor kepuashatian agihan zakat oleh institusi zakat di samping beberapa faktor yang lain adalah signifikan mempengaruhi pembayaran zakat. Beberapa cadangan juga diutarakan untuk membantu meningkatkan kesedaran pembayar zakat terhadap tanggungjawab mereka ini.
Kata Kunci: Persepsi agihan zakat; institusi formal; model logistik.

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