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International Journal of Management Studies (IJMS) Vol. 15, No. 2 December 2008

Islamic Dinar and 100 Percent Reserve Requirements Monetary System
Masudul Alam Choudhury
College of Commerce and Economics
Sultan Qaboos University
Abstract Ɩ  Full Text
The Gold Dinar/Islamic Dinar is studied as a currency that mobilises financial resources into Shari’ah-compliant ends within a general system approach to complement relations between money, finance, and the real economy. Thus, a 100% Reserve Requirement Monetary System (100% RRMS) is formalized in the context of the gold standard that mobilises resources and stabilizes currency value within the money, finance, and real economy complementary relations. Such complementary relations are established by circular causation on the basis of the Islamic epistemology of unity of knowledge applied to systemic relations. Unity of knowledge as the epistemology ultimately, arises from the unity of the divine law (Tawhid). Upon this episteme, the arguments stand the reasoning and formalism of the Islamic socio-scientific system.
Keywords: Islamic economics and finance; monetary economics; Islamic Dinar; money and real economy.

Perceived Elements of Purchase Acceleration: A Study in Kuala Lumpur
Ting Ding Hooi & Oon Poh Leng
School of Business
Monash University Malaysia
Abstract Ɩ  Full Text
There have been many studies on product promotion by retailers, but the studies on purchase acceleration by customers is still immature. In order to gain better understanding on aspects regarding purchase acceleration, it is vital to understand the factors that will accelerate purchases in the retail arena by customers. This study was conducted to test several hypotheses on promotional strategies, namely discounted prices, coupon, and buy-one-get- one-free deals. These elements are believed to affect purchase acceleration dealing with individual’s purchase decision with the purchase acceleration as the dependent variable. Primary data was gathered by distributing questionnaires to respondents throughout Kuala Lumpur city, the capital of Malaysia. Area sampling was used in this research. All the independent variables tested were found to significantly influence purchase acceleration. The output of the research is crucial to assist managers in choosing accurate promotional strategies to attract more purchases. This research looks forward to providing a better understanding of and wishes to carry out changes and development in Malaysia’s product marketing industry.
Keywords: Purchase acceleration; price discounts; coupons; buy-one-get-one-free deals; Kuala Lumpur.

Market Efficiency of the Malaysian Stock Exchange: Further Evidence
Chin Wen Cheong
Faculty of Information Technology
Multimedia University, Malaysia
Abu Hassan Shaari Mohd Nor
Faculty of Economic and Business
National University Malaysia
Zaidi Isa
Faculty of Science and Technology
National University Malaysia
Abstract Ɩ  Full Text
This paper investigates the weak-form of market efficiency using the Malaysian Stock Exchange over a period of January 1991 to December 2006. The long-spanning data set enabled us to study piecewise before and after the economic crisis encountered by the Malaysian stock market. Using the daily price index, the weak-form efficiency is examined according to the price, return, and volatility. The unit root test was performed for both the price level and price changes to verify the presence of random walk processes. In order to account the characteristics of emerging markets, the daily returns are adjusted for infrequent trading and non-linearity behaviour. The nonlinearities are further examined by the exponential GARCH-M to ensure that the observed return predictibility is not resulted by time-variation in the market risk premium. Besides the clustering volatility, the predictability of the long-range dependence volatility was also checked. The empirical results evidenced the mixtures of efficient and inefficient markets in the Malaysian stock exchange for the studied sub-periods.
Keywords: Random walk hypothesis; market efficiency; long-range dependence.

Confucius Revisited: An Analysis of the Dingzhou Analects for Managerial Application and Understanding in China and Beyond
Charles A. Rarick
Purdue University-Calumet
United State
Abstract Ɩ Full Text
Confucian principles have provided a foundation for much of Chinese culture, including managerial practice. The “Saying of Confucius” or the “Analects” gave the Chinese a behavioural framework and a set of values that has endured for thousands of years. Much of managerial practice in China can be traced to the Confucian tradition. With the recent discovery and translation of the oldest edition of the Analects, the Dingzhou manuscript, a better understanding of Confucianism can be achieved. This paper first explains the basic aspects of Confucian thought and then examines the new manuscript. It is suggested that the Dingzhou Analects have much relevance for modern day management, especially in the areas of leadership, human resource development, and ethical orientation.

Use of Dichotomous Choice Contingent Valuation Method to Value the Putrajaya Wetland Park
Alias Radam, Mohd Rusli Yacob & Juwaidah Sharifuddin
Faculty of Economics and Management
Universiti Putra Malaysia
Abstract Ɩ  Full Text
This study presents the application of dichotomous choice contingent valuation method (CVM) to value outdoor-recreational resources in Putrajaya Wetland Park. Both the logit and probit models were used to analyse the primary data obtained through personal interviews. The maximum likelihood estimates of this model showed that income and price are significant variables in determining one’s willingness to pay (WTP). This study has shown that visitors to the Putrajaya Wetland Park are willing to pay about RM3.77 for the entrance fee. The estimated revenues that could be derived if the fees were charged can also be calculated according to the WTP framework.
Keywords: Contingent valuation method; wetland; willingness to pay.

Contribution to Society in National Development: A Case of Malaysian Government Retirees
Khulida Kirana Yahya, Johanim Johari, Zurina Adnan, Mohd Faisal Mohd Isa & Zulkiflee Daud
College of Business,
Universiti Utara Malaysia
Abstract Ɩ Full Text
The number of Malaysian senior citizens is expected to rise to 2.71 million by the year 2020. By then, Malaysia will be an ageing society, which includes the government retirees who have reached their mandatory retirement age of 56 years old. The objective of this study was to determine the type of contribution the government retirees in Malaysia are able to provide to society and subsequently to the nation as a whole. Given this, a total of 1609 questionnaires were gathered and analysed using SPSS. Findings indicated that most of the retirees have acquired vast skills and other characteristics throughout their years of service, especially in the area that relates to their tasks and responsibilities. However, these retirees are unable to transfer their invaluable skills and other characteristics appropriately, once they have retired. It is therefore of paramount importance for the government and non-government bodies to develop a proper means for these retirees to utilize their skills. Recommendations bring to fore several policy guidelines and activities, such as retirees’ involvement in businesses, flexible reemployment programmes, and various social rehabilitation programmes. These measures can be undertaken by the relevant authorities to help government retirees optimise their skills and other characteristics for national development.
Keywords: Government retiree; skill; other characteristics; Malaysia.

Exports, Domestic Demand, and Real GDP Per Capita: Empirical Evidence from Malaysia
Wong Hock Tsen
School of Business and Economics
Universiti Malaysia Sabah
Abstract Ɩ  Full Text
This study examined the role of exports and domestic demand on real gross domestic product (GDP) per capita in Malaysia. There was weak evidence that real GDP per capita Granger causes domestic demand and exports and exports Granger cause real GDP per capita. Government consumption and investment are found to Granger cause real GDP per capita. However, the results of Geweke (1982) decomposition of causality showed that linear dependence between domestic demand and real GDP per capita and linear dependence between exports and real GDP per capita are dominated by contemporaneous causality between these variables. Generally, domestic demand and exports are important to real GDP per capita, and real GDP per capita, is important to domestic demand and exports in Malaysia.
Keywords: Exports; domestic demand; real GDP per capita; Malaysia; causality.

Analisis Kecekapan Teknikal Firma Melayu dalam Sektor Pembuatan Malaysia
Rahmah Ismail & Norlinda Tendot Abu Bakar
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
Abstract Ɩ  Full Text
Penglibatan kaum Melayu sebagai usahawan semakin meningkat dan ini selaras dengan hasrat kerajaan untuk mewujudkan Masyarakat Perdagangan dan Perindustrian Bumiputera (MPPB). Dalam mencapai hasrat ini, kerajaan telah menyediakan pelbagai keistimewaan dan kemudahan kepada usahawan Melayu yang merupakan komponen terbesar Bumiputera. Walau bagaimanapun, kecekapan syarikat Melayu dilihat masih lagi rendah dan mereka juga kurang berdaya saing. Artikel ini bertujuan menganalisis dan mengenal pasti faktor penentu kecekapan teknikal (technical efficiency) syarikat milik Melayu dalam sektor pembuatan di Malaysia. Analisis diasaskan kepada 246 usahawan Melayu yang telah ditemubual menggunakan borang soal selidik pada tahun 2001/2002. Dalam mencapai objektif ini dua tahap penganggaran model dijalankan iaitu pertama, menganggarkan fungsi pengeluaran dengan menggunakan pendekatan perbatasan stokastik (stochastic frontier) untuk mendapatkan nilai kecekapan teknikal dan kedua menganggarkan Model Tobit untuk mengenal pasti faktor penentu tahap kecekapan teknikal. Keputusan penganggaran peringkat pertama menunjukkan purata kecekapan teknikal syarikat Melayu dalam sektor pembuatan adalah pada tahap sederhana, dengan subsektor keluaran logam yang direka, jentera, alat elektrik dan pengangkutan merupakan subsektor paling cekap, manakala subsektor keluaran bukan logam, kaca dan tembikar merupakan subsektor paling kurang cekap. Selanjutnya kajian ini mendapati saiz firma dan tahun bersekolah usahawan adalah signifikan dalam menentukan tahap kecekapan teknikal firma yang dikaji.
Kata Kunci: Kecekapan teknikal; usahawan Melayu; syarikat Melayu; sektor pembuatan.

Variabiliti Harga Relatif dan Inflasi: Bukti Empirikal Di Semenanjung Malaysia, Sabah Dan Sarawak
Zulkefly Abdul Karim, Mohd. Azlan Shah Zaidi & Mansor Jusoh
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
Abstract Ɩ  Full Text
Kajian ini bertujuan untuk mengkaji hubungan antara variabiliti harga relative (VHR) dengan inflasi di tiga buah wilayah Malaysia iaitu Semenanjung Malaysia, Sabah dan Sarawak dengan menggunakan data siri masa bulanan iaitu dari Januari 1970 hingga Mac 2005. Kajian ini menggunakan kaedah siri masa tidak linear iaitu model STAR dan LSTAR. Dapatan kajian menunjukkan variabiliti harga relatif mempunyai ciri tidak linear LSTAR bagi ketiga-tiga kes wilayah Malaysia. Selain itu, didapati pengaruh inflasi adalah signifikan dan berhubungan positif dengan variabiliti harga relative di Semenanjung Malaysia, Sabah dan Sarawak. Hasil kajian juga mendapati hubungan antara pemboleh ubah variabiliti harga relatif dengain inflasi adalah dalam bentuk tidak linear. Kcputusan kajian ini menyokong teori kos menu yang menyatakan bahawa variabiliti harga akan meningkat apabila berlakunya kenaikan dalam harga umum. Selain itu juga, didapati komponen stokastik bagi variabiliti harga relatifi mempunyai kelangsungan (persistence) dalam ketiga-tiga wilayah dalam tempoh kajian. Penemuan kajian ini memberikan implikasi bahawa dasar kawalan harga dan perlaksanaan dasar kewangan perlulah memfokuskan usaha mengawal kestabilan harga relatif dalam kalangan kumpulan barang.

Potensi Eksport Firma Usahawan Bumiputera Perusahaan Kecil dan Sederhana (PKS) dalam Sektor Pembuatan
Noorasiah Sulaiman & Mohd Nasir Mohd Saukani
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
Abstract Ɩ  Full Text
Keupayaan mengeksport adalah indikator kepada penglibatan firma dalam menyertai era globalisasi. Peratus keluaran yang berjaya di eksport oleh sesebuah firma menjadi penentu kepada tahap penglibatan firma dalam merebut peluang globalisasi. Walau bagaimanapun eksport bukan mudah dilakukan, khususnya dalam kalangan firma Perusahaan Kecil Sederhana (PKS) yang kurang mampu untuk bersaing pada peringkat antarabangsa. Artikel ini bertujuan menyelidik sejauh mana firma PKS sektor pembuatan Bumiputera mempunyai perancangan untuk mengeksport. Seterusnya regresi logistik bertujuan menganalisis hubungan pemboleh ubah bersandar eksport dengan ciri-ciri yang menyumbang kepada penglibatan eksport. Hasil kajian regresi logistik menunjukkan pemboleh ubah penerang bagi usia firma, pengalaman, jumlah pekerja dan nilai pengeluaran firma penting terhadap kecenderungan pengusaha untuk mengeksport. Jenis industri pula mendapati kategori bagi keluaran logam asas, logam direka, besi dan keluli mencatatkan kebarangkalian terhadap eksport lebih tinggi berbanding industri lain.
Kata kunci: Kebarangkalian eksport; keupayaan usahawan Bumiputra; Sektor pembuatan dan PKS.

Kepentingan Stesen Kerja Ergonomik Terhadap Kesihatan Pekerjaan: Kajian ke atas Organisasi Multinasional di Malaysia
Zafir Mohamed Makhbul
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
Durrishah Idrus
Fakulti Pengurusan dan Pembangunan Sumber Manusia
Universiti Teknologi Malaysia
Mat Rebi Abdul Rani
Fakulti  Kejuruteraan Mekanikal
Universiti Teknologi Malaysia
Abstract Ɩ Full Text
Masalah kesihatan pekerjaan dalam organisasi merupakan isu utama yang perlu dilihat dari sudut ekonomi. Tinjauan literatur menunjukkan bahawa persekitaran stesen kerja yang tidak ergonomik merupakan antara penyebab utama  kepada masalah kesihatan pekerjaan. Oleh itu, penyelidikan ini bertujuan mengkaji perhubungan di antara faktor stesen kerja ergonomik dan kesihatan pekerjaan. Sampel seramai lima ratus operator pengeluaran telah dipilih daripada sebelas organisasi perkilangan elektronik yang berdaftar dengan Malaysian International Chamber of Commerce and Industry (MICCI) dengan menggunakan kaedah persampelan rawak berstrata berkadaran. Kaedah soal selidik telah digunakan dalam proses pengumpulan data kajian ini. Penemuan utama menunjukkan reka bentuk stesen kerja ergonomik merupakan strategi penting dalam meminimumkan masalah kesihatan pekerjaan dalam organisasi. Analisis regresi linear berbilang menunjukkan kedudukan tubuh badan, reka bentuk ruang kerja, pengudaraan, kerja syif dan tempoh masa bekerja signifikan dengan masalah kesihatan pekerjaan. Analisis Korelasi Pearson mengukuhkan kenyataan ini dengan menunjukkan  kesemua faktor stesen kerja ergonomik tersebut mempunyai kekuatan hubungan yang lebih ketara dengan kesihatan pekerjaan

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