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International Journal of Management Studies (IJMS) Vol. 13, No. 2 December 2006

 
The Random Walk Behaviour of Malaysian Stock Market: Evidence from Individual Stocks
Kian-Ping Lim, Mathew Kien-Chung Vun & Hock-Ann Lee
School of International Business and Finance
Universiti Malaysia Sabah
 
Abstract Ɩ Full Text
This study re-examines the price behaviour of 77 individual stocks listed on Bursa Malaysia in light of the random walk hypothesis. With a new statistical tool, namely the Brock-Dechert-Scheinkman( BDS)test, it is possible to detect a more complex form of dependencies in series of financial returns that often appear completely random to standard statistical tests, such as serial correlation tests, runs test, variance ratio test and unit root tests. Our econometric results reveal that the market in general as proxied by the KLCI and all the 77 individual stocks do not follow a random walk process. This conclusion holds even when the sample period is broken down into two sub-periods with the exception of five stocks- IOICorp, KLK, MUllnd, Pos Hldgs and Tchong. The price behaviour of these five stocks in the sub-periods before and during the crisis provides empirical support to our conjecture that the Asian financial crisis in 1997 adversely affected the market's ability to price stocks efficiently, thus preventing stock prices from following a random walk process.
 
Keywords: Random walk; weak-form efficiency; BDS test; Malaysian stock market.
 

 
Impression Management: The Case of Malaysian Financial Graphs
Azham Md. Ali & Ram Al Jaffri Saad
Faculty of Accountancy
Universiti Utara Malaysia
 
Abstract Ɩ  Full Text
This study investigates the use and abuse of graphs in the annual reports of 100 component stocks of the Kuala Lumpur Stock Exchange (KLSE) (now, Bursa Malaysia) Composite Index for the year 2001. It is found that 79% of companies use graphs and that 8.1 is the mean number of graphs per graphusing companies. The most commonly graphed financial variables are sales, profit, EPS and DPS. Column and bar graph types are more popular than line and pie graphs for both KFVs (Key Financial Variables) and non-KFVs. Column and bar graphs account for 98% of KFVs and 75% of all graphs. However, line and pie graphs are more likely found for the non-KFVs than the KFVs. Though there is widespread use of graphs by Malaysian companies, azailable evidence point to the direction that Malaysian companies are not quite sophisticated users of graphs as their counterparts in the western developed countries such as the United States and Britain. This is especially clear when it concerns impression management practices of selectivity and measurement distortion where the evidence is moderately supportive of studies overseas. This is perhaps expected considering the fact that the Malaysian stock market is not as strong as those in the United States and Britain.
 
Keywords: Company Annual Reports; financial graphs; impression management; Malaysia.
 

 
Policy and Tolerance towards Substance Use and Abuse in Malaysian Organisations
Mahmood Nazar Mohamed
Faculty of Human and Social Development
Universiti Utara Malaysia
 
Abstract Ɩ Full Text
Since 1983, the Malaysian government has treated its drug problem as a security issue. From the legal aspect, it has four Acts that deal with issues on drug possession, use, abuse, manufacturing, trafficking, and distribution of illegal substances. Individuals who traffic drugs would be served a death sentence and those who use drugs would be subjected to mandatory treatment and rehabilitation in governmental rehabilitation centres. With the current legal scenario, the likely assumption is that there is acceptable organizational tolerance towards drug use and abuse at the workplace. Therefore, the objective of this study is to explore the types of tolerances that organisations have towards different types of drug use at the workplace. In addition, the study also identified guidelines and provisions that organisations have towards its employees who use drugs and their wouldingness to submit their employees to either a mandatory or private drug treatment or rehabilitation. These were then compared with different categories of employees, and special focus given to employees categorised as white collar, valued, high performing, and productive. Moreover, this article also discussed possible biases HR practices in this context, that aim to retain valued employees for the purpose of maintaining organisational competitiveness and dismiss those who are not considered as contributing to the achievement of organisational objectives.
 

 
Do Healthcare Personnel Promote Organisational Citizenship Behaviours?
Noraini Othman
Faculty of Business Management
Universiti Utara Malaysia
 
Abstract Ɩ  Full Text
Healthcare services in Malaysia have evolved over the past century to become among the best in the world, although with strenuous working conditions to the healthcare personnel. This situation, however, provides an interesting avenue to understand whether nurses in the public sector exhibit organizational citizenship behaviours (OCB) amid the working environment that hampers such behaviours. This study explores the OCB practices amongst public healthcare nurses in Malaysia. In general, this study has found that nurses do display OCB in their daily 7uorkpractices. Results from the 727 respondents indicated that there were no significant relationships between demographic variables and OCB, consistent with earlier studies in this field. The study also found that there were significant relationships between job satisfaction and OCB, and between organisational commitment and OCB. These results indicated that job satisfaction and organisational commitment contributed significantly to the prediction of OCB. Further investigation into each dimension of OCB has found that altruism or helping behaviour had the lowest score and this suggested a contradictory description of job and gender.
 
Keywords: Organisational citizenship behaviours (OCB); organizational commitment; job satisfaction; nurses.
 

 
Liquidity-Profitability Trade-Off: Is It Evident Among Malaysian SMEs?
Nasruddin Zainudin
Faculty of Finance and Banking
Universiti Utara Malaysia
 
Abstract Ɩ  Full Text
The purpose of this study is to empirically examine the relationship between liquidity and profitability on a sample of small and medium-sized enterprises (SMEs) in the Malaysian manufacturing sector. Using the nonparametric Spearman rank correlation coefficient analysis, the result reveals that there is a moderate positive association between liquidity and profitability. This suggests that profitable firms tend to maintain higher liquidity levels. The same test is again employed to establish the association bet7ueen liquidity and size of firms. The result indicates a weak positive correlation between the two variables, signifying that larger small firms tend to maintain higher liquidity levels. Finally, the Kruskal-Wallis test statistic was applied to investigate whether or not different industry sectors had different levels of liquidity. The outcome confirms that different industry sectors do have different degrees of liquidity.
 

 
Program Pemasaran dan Perhubungan Awam Institusi Pemuziuman: Pengajaran dari Los Angeles County Museum of Arts
Azilah Kasim
Fakulti Pengurusan Pelancongan dan Hospitaliti
Universiti Utara Malaysia
 
Abstract Ɩ  Full Text
Artikel ini mengimbau isu menurunnya daya tarikan sektor pemuziuman dalam industri pelancongan negara dan mengupas beberapa isu pemasaran yang boleh dijadikan panduan dalam usaha menangani pemasalahan ini. Beberapa faktor penurunan kadar kedatangan pengunjung ke muzium, galeri dan arkib di Malaysia diulas termasuklah persaingan, kurangnya kadar kesedaran masyarakat tentang tarikan yang ada di muzium, kurangnya penglibatan masyarakat dalam acara-acara berkaitan dengan pemuziuman, kurangnya inisia tif untuk mengkaji demografi , gaya hidup,citarasa dan kehendak semasa masyarakat. Ini diikuti dengan cadangan-cadangan ke arah pemasaran terancang dan berkesan melalui penerapan budaya pemasaran di empat peringkat. Beberapa contoh terutamanya dari Los Angeles County Museum of Arts (LACMA) telah diketengahkan bagi mengilustrasi bagaimana sektor pemuziuman negara boleh memperbaiki usaha mengekalkan daya tarikan sektor pemuziuman agar setanding dengan daya tarifan pelancongan lain di negara ini.
 
Kata kunci: Sektor pemuziuman; persaingan; pemasaran; daya tarikan pelancongan.
 

 
Keseragaman Penggunaan Istilah-Istilah Perakaunan dalam Laporan Tahunan Korporat di Malaysia
Azhar Abdul Rahman, Mohd Herry Mohd Nasir & Shahifol Arb1 Ismail
Fakulti Perakaunan
Universiti Utara Malaysia
 
Abstract Ɩ  Full Text
Kajian ini melihat amalan, keseragaman dan penggunaan istilah-isfilah perakaunan dalam laporan tahunan Bahasa Melayu di kalangan syarikat-syarikat di Malaysia. Sebanyak 91 laporan tahunan diambil sebagai sampel. Kajian ini melihat istilah-istilah untuk 20 item yang terdapat dalam lembaran imbangan. Ujian kekerapan, 'Chi-square' dan 'Kruskal Wallis' digunakan untuk menganalisis data. Dapatan kajian ini menunjukkan bahawa 15 daripada istilah-istilah tersebut adalah selaras dengan istilah-istilah Bahasa Melayu yang dicadangkan oleh Lembaga Piawaian Perakaunan Malaysia (Malaysian Accounting Standards Board-MASB). Kajian juga mendapati wujudnya keseragaman dalam penggunaan 14 daripada istilah-istilah tersebut dalam pelbagai industri. Kajian ini adalah penting kerana ia merupakan perintis kepada kajian-kajian lanjutan mengenai penggunaan Bahasa Melayu dalam laporan kewangan.
 

 
Penswastaan Institusi Zakat dan Kesannya Terhadap Pembayaran Secara Formal di Malaysia
Sanep Ahmad, Hairunnizam Wahid & Adnan Mohamad
Pusat Pengajian Ekonomi
Universiti Kebangsaan Malaysia
 
Abstract Ɩ  Full Text
Isu bocoran bayaran zakat sering diperbahaskan. Sesetengah individu didapati lebih gemar membayar zakat terus kepada asnaf berbanding membayarnya kepada institusi formal sebagai amil yang dilantik. Malah terdapat individu yang membayar zakat di luar kawasan permaustatin mereka. Keadaan ini tentunya menjejaskan koleksi zakat dan seterusnya memberi kesan kepada keberkesanan agihan. Walaupun kewujudan institusi formal seperti Pusat Pungutan Zakat (PPZ) dan Pusat Zakat Selangor (PZS) dapat memperbaiki pengurusan zakat dari segi kutipan dan agihan, namun gejala ini tetap berlaku. Soalnya mengapa ia terus berlaku dun apakah faktor yang mendorong individu untuk terus berbuat demikian. Sehubungan itu, kajian ini akan meneliti apakah faktor yang dapat mendorong ketaatan individu untuk membayar zakat kepada institusi formal agar dengannya dapat mengurangkan bocoran dun menaikkan jumlah kutipan. Kajian dilakukan berdasarkan data primer dan dianalisis menggunakan kaedah diskriptif dan model logit. Keputusan kajian mendapati rasa puas hati individu terhadap pengurusan institusi formal adalah antara faktor terpenting menentukan kepatuhan bayaran kepada institusi formal. Oleh itu, untuk menarik lebih ramai individu kepada institusi formal maka institusi formal perlu terlebih dahulu meningkatkan kepuasan individu pembayar zakat. Di antara cara yang boleh dilakukan ialah memperbaiki prestasi, sentiasa menjaga nama baik, lebih telus dan menambah agihan yang bersifat produktif.
 

 
Penentu Utama Permintaan Pelancong Antarabangsa ke Malaysia dari Pasaran Asia Timur dan Pasifik
Redzuan Othman & Norlida Hanim Mohd Salleh
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
 
Abstract Ɩ  Full Text
Dalam tempoh hampir dua dekad yang lepas industri pelancongan negara telah mengalami pembangunan yang cukup pesat. Antara tahun 1985 - 2002, ketibaan pelancong antarabangsa dan pendapatan yang diperoleh masing-masing telah meningkat daripada 3.1 juta ketibaan kepada 13.3 juta dan daripada RM1.5 bilion kepada RM24 billion. Antara pasaran pelanconganutama antarabangsa yang mengalami perkembangan yang pesat ialah pasaran Asia Timur dan Pasifik. Mengikut Pertubuhan Pelancongan Dunia (MTO), syer ketibaan pelancong ke pasaran ini meningkat begitu ketara sekali.Jika  pada tahun 1960 pasaran ini menguasai hanya hampir 1 % daripada jumlah ketibaan pelancong antarabangsa tetapi menjelang tahun 2010 dijangka pasaran ini menguasai hampir 20% daripada ketibaan pelancong antarabangsa mengatasi pasaran Amerika. Malaysia merupakan salah satu pasaran dalam kumpulan ini dun lebih menarik lagi sebahagian besar ketibaan pelancong antarabangsa ke Malaysia juga datangnya dari kaluasan yang sama.Peningkatan kemasukan pelancong antarabangsa ini disebabkan oleh pelbagai faktor tarikan yang terdapat di Malaysia dan faktor tolakan daripada negara pengunjung. Kajian ini cuba menentu dan menganggarkan kepentingan beberapa faktor ekonomi penting yang dijangka mernpengaruhi kemasukan mereka ke negara ini. Antara faktor yang dikenal pasti ialah kos semasa melancong di Malaysia, tingkat pendapatan pelancong, kadar pertukaran mata wang asing, kegiatan promosi, keadaan kegawatan ekonomi dan bencana alamseperti jerubu dan ketakstabilan politik antarabangsa. Dengan menggunakan model permintaan konvensional, kajian ini cuba menganggarkan secara empirik kepentingan faktor ekonomi yang dinyatakan ini. Secara keseluruhan hasil kajian didapati konsisten dengan pendekatan teori dan ekonometrik enam daripada tujuh negara yang dikaji menunjukkun lebih daripada separuhpemboleh ubah yang digunakan adalah signifikan sebagai penerang kepada kemasukan mereka ke Malaysia. Keanjalan permintaan harga (kos semasa melancong) didapati secara relatifnya Iebih anjal daripada lain-lain keanjalan.
 
Kata kunci: Pelancongan; permintaan; penentu permintaan; keanjalan permintaan.
 

 
Pemodelan Rangkaian Suap Balik Elman bagi Peramalan Harga Rumah
Siti Mariyam Hj. Shamsuddin, Siti Zaiton Mohd Hashim & Rozaida Ghazali
Fakulti Sains Komputer dan Sistem Maklumat
Universiti Teknologi Malaysia
Azuraliza Abu Bakar
Fakulti Teknologi dan Sains Maklumat
Universiti Kebangsaan Malaysia
 
Abstract Ɩ  Full Text
Artikel ini rnembincangkan satu pendekatan Rangkaian Suap Balik iaitu Rangkaian Elrnan bagi peramalan harga rumah teres di Kuala Lumpur. Rangkaian Elman dengan algoritma pembelajaran rambatan balik dikaji bagi mencerap kelakuan data perumahan untuk mendapatkan satu model peramalan yang baik. Lapan faktor yang mempengaruhi harga rumah dicadangkan dan diolah sebagai input parameter rangkaian suap balik Elman. Berdasarkan kutipan pembelajaran pada rangkaian Elman terhadap 80% data latihan perumahan, didapati bahawa rangkaian ini berjaya menghasilkan keputusan yang lebih baik dengan kadar pengelasan adalah 97.6% dan penghasilan ralat yang kecil iaitu 0.012744 terhadap 20% data ujian perurnahan tahun 1997.
 
Kata kunci: Rangkaian Suap Balik; rangkaian elman; rangkaian neural piawai; pemodelan; peramalan.

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