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International Journal of Management Studies (IJMS) Vol. 11, No. 2 December 2004

 
Short-Run Overreaction, Stock Prices and Investors’ Irrationality in the Kuala Lumpur Stock Exchange
Zamri Ahmad & Suwandi Tjan
School of Management
Universiti Sains Malaysia
 
Abstract Ɩ Full Text
This paper argues that investors are not always rational decision makers as assumed in most finance theories. As humans, investors are said to demonstrate biases in their judgement and decision making. Relying on intuition and ruleof- thumb, being optimistic and overconfident, and having the tendency to follow others are among the attributes which could prevent humans from being rational investment decision makers. Besides, being ill-informed due partly to institutional deficiencies may also contribute to their irrationality. This paper undertakes a study on short-run behavior of the Kuala Lumpur Stock Exchange (KLSE) prices, and documents the existence of short-run price overreaction in the January-December 1997 period. There are performance reversals in the portfolios of winners and losers in the ranking and test period weeks. We argue that investors’ irrationality may have played an important part in explaining the results. This study shows that in explaining behavior of share returns, the psychology of human decision making should be taken into consideration.
 
Keywords: Stock Price Behaviour, Overreaction, Irrationality, Emerging Market.
 

 
Keanjalan Penggantian antara Kemahiran dalam Sektor Pembuatan di Malaysia
Rahmah Ismail
Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
 
Idris Jajri
Fakulti Ekonomi dan Pentadbiran
Universiti Malaysia
 
Abstrak Ɩ Full Text
Maklumat tentang keanjalan penggantian antara pelbagai kategori pekerjaan dan antara kemahiran dengan modal fizikal amat perlu diketahui. Ini kerana maklumat ini dapat membantu pengusahamerancang tenaga kerja mereka pada masa depan. Maklumat ini jugapenting kepada pembuat dasar kerana kejayaan sebarang dasar yangberkait dengan perubahan harga input relatif bergantung kepada nilai keanjalan penggantian antara input tersebut. Dari segi sistem pendidikan, maklumat ini juga penting dalam merancang penawaran pendidikan yang diperlukan di pasaran. Artikel ini bertujuan menganalisis keanjalan penggantian antara modal fizikal dengan buruh dan antara pelbagai kategori kemahiran buruh, iaitu profesional, teknikal/penyeliaan, mahir, separa mahir dan tidak mahir dalam sub industri pembuatan di Malaysia berdasarkan kepada data Penyiasatan Industri Pembuatan 1985-1996. Fungsi pengeluaran keanjalan penggantian malar (CES) merupakan asas kepada kaedah penganggaran. Hasil kajian menunjukkan keanjalan penggantian dalam kebanyakan kombinasi input adalah melebihi uniti tetapi masih pada peringkat rendah. Keanjalan penggantian antara pekerja peringkat lebih tinggi dengan pelbagai kemahiran adalah lebih besar jika dibandingkan dengan kategori pekerjaan peringkat lebih rendah. Pekerja dalam industri yang lebih berintensifkan modal juga didapati mempunyai keanjalan penggantian yang lebih tinggi. Ini bermakna pekerja peringkat tinggi lebih mudah digantikan dengan pekerja lain sekiranya berlaku peningkatan harga mereka. Begitu juga pekerja dalam industri berintensifkan modal lebih mudah diganti antara satu sama lain.
 
Kata kunci: Keanjalan penggantian, modal fizikal, buruh, kemahiran, sektor pembuatan.
 

 
The Linearity Property of ASEAN-5 Real Exchange Rates in Pre-Asian Currency Crisis Period
Venus Khim-Sen Liew & Ahmad Zubaidi Baharumshah
Faculty of Economics and Management
Universiti Putra Malaysia
 
Kian-Ping Lim
Labuan School of International Business and Finance
Universiti Malaysia Sabah
 
Abstract Ɩ Full Text
This study extends the work of Liew et al. (2003) in two directions. First, it examines whether or not the 1997 Asian currency crisis has resulted in the nonlinearity of ASEAN-5 real exchange rates. Second, it characterizes the type of nonlinearity governing these rates. Results of the current study, among others, show that nonlinearity existed even before the outbreak of the crisis, suggesting that nonlinearity in these rates is not crisis-induced. Moreover, this study provides robust empirical evidence that most of the pre-crisis ASEAN-5 real exchange rates exhibit LSTAR-type nonlinear dynamics, indicating that the market responds with respect to (1) appreciation and depreciation of real exchange rates and (2) the overvaluation and undervaluation of nominal exchange rates towards the purchasing power parity equilibrium levels are asymmetrical in nature. This study is important to central banks and other foreign exchange market players in this ASEAN region especially in the sense that it provides insightful information regarding the effective way of understanding, measuring and monitoring the ASEAN- 5 exchange rates movement.
 
Keywords: Nonlinearity; Linearity test; ASEAN-5; Real exchange rates.
 

 
Advertizing, Concentration and Profitability in Malaysian Manufacturing Revisited: A Simultaneous Equation Approach
Shri Dewi Subramaniam
Fakulti Ekonomi
Universiti Utara Malaysia
 
Nor Ghani Md. Nor
Fakulti Ekonomi
Universiti Kebangsaan Malaysia
 
Ahmad Zainuddin Abdullah
Fakulti Ekonomi dan Pengurusan
Universiti Putra Malaysia
 
Abstract Ɩ Full Text
The original Structure-Conduct-Performance (SCP) paradigm that postulates a unidirectional relationship between concentration, advertizing and profitability had been used as the theoretical framework for many empirical works in industrial organizations before the mid seventies. Thereafter, doubts had begun to surface over the unidirectional postulate and there is new theory suggesting simultaneous interdependence. Unfortunately, not only are Malaysian studies in this area few and far between (exhaustive literature review yields only three published studies namely, Gan and Tham, 1977; Gan, 1978; and Rugayah, 1992), they also failed to incorporate the more recent theoretical development on the simultaneity of effects. This paper revisits the SCP paradigm as applied to the relationship among concentration, advertizing and profitability by conducting an empirical test that allows for simultaneous interdependence among variables. A set of three equations was estimated using three stage least squares (3SLS). The results provide considerable support to the feedforward and feedback effects between the three variables. Advertizing intensity exerts a significant influence on profit and concentration in the industry and there exists a feedback effect running from concentration to advertizing intensity. This finding suggests that advertizing does have an anti-competitive impact on the industry and therefore has a direct bearing on competition policy analysis.
 

 
Relationship Between Organizational Career Management and Individual Performance
Khulida Kirana Yahya & Siti Zubaidah Othman
Faculty of Human and Social Development
Universiti Utara Malaysia
 
Nura Meruda
Ph.D Student
Universiti Utara Malaysia
 
Abstract Ɩ Full Text
This paper looks at organizational career management and individual performance among insurance salespeople in Kedah. The objective of the paper is to determine whether there is a relationship between organizational career management and individual performance. Organizational career management comprised measure of career management policies, career development, and career information while individual performance is measured in terms of the output performance. The questionnaire was developed and distributed to the sample. The sample comprised insurance salespeople working at an insurance company in Alor Setar. A total of 169 questionnaires were sent but only 57 were returned, thereby achieving a response rate of 33.7%. The result found that there was a significant relationship between organizational career management and individual performance. Therefore, it could be inferred that organizational career management is strongly associated to individual performance.
 
Keywords: Organizational career management, performance.
 

 
Keberkesanan Komunikasi Organisasi: Satu Analisis Multidimensi
Che Su Mustaffa
Fakulti Komunikasi dan Bahasa Moden
Universiti Utara Malaysia
 
Abstrak Ɩ Full Text
Komunikasi memainkan peranan penting dalam konteks survival sesebuah organisasi. Kajian-kajian lepas menunjukkan bahawa terlalu sedikit kajian yang dilakukan menumpukan kepada hubungan antara kepuasan komunikasi dan komitmen terhadap organisasi dalam konteks Malaysia. Tambahan pula, hubungan kedua-dua pembolehubah berkenaan adalah lebih berbentuk andaian tanpa bukti-bukti empirikal melalui kajian di berbagai organisasi. Sehubunganini, kajian ini memberikan fokus kepada hubungan antara kepuasan terhadapkomunikasi organisasi dan komitmen terhadap organisasi di Malaysia. Data dikumpulkan menggunakan soal selidik Kepuasan Komunikasi yang dibentuk oleh Downs (1990) dan soal selidik Komitmen Organisasi oleh Meyer dan Allen (1990). Sejumlah 317 orang responden terlibat dalam kajian ini. Hasilkajian menunjukkan wujud hubungan yang positif antara kepuasan terhadapkomunikasi organisasi dan komitmen terhadap organisasi. Kajian ini turutmemaparkan kepentingan kepuasan komunikasi dikaji sebagai elemenmultidimensi. Setiap dimensi mungkin mendatangkan kesan yang berbezaterhadap komitmen.
 

 
Kesaksamaan Agihan Sistem Perkongsian Untung-Rugi: Analisis Koefisien Gini
Sanep Ahmad
Fakulti Ekonomi
Universiti Kebangsaan Malaysia
 
Abstrak Ɩ Full Text
Perkongsiaan untung-rugi dalam sistem kewangan Islam dikatakan dapat menghasilkan agihan pendapatan yang lebih baik berbanding sistem kadarbunga. Alasannya adalah kerana dalam sistem kewangan Islam pelabur danpengusaha bersama menanggung risiko perniagaan di mana keuntungan ataukerugian sebenar akan menentukan jumlah perolehan yang diterima. Namundemikian keabsahan kenyataan ini belum dibuktikan secara fakta. Sehubunganitu, kajian ini akan cuba membuktikan secara teori keabsahan pernyataantersebut dengan menggunakan koefisien Gini. Keputusan menunjukkanbahawa perkongsian untung-rugi dijangka dapat menghasilkan agihan yanglebih saksama berbanding sistem kadar bunga tertakluk kepada beberapakeadaan tertentu.
 
Kata kunci: Sistem kewangan Islam, perkongsian untung rugi, agihan pendapatan, koefisien Gini.
 

 
Simulating Primary Manufacturing Area (PMA) Activities of Fixed Trailing Edge Panels Production
Mohd Kamal Mohd Nawawi & Razman Mat Tahar
Faculty of Quantitative Sciences
Universiti Utara Malaysia
 
Abstract Ɩ Full Text
Simulation clearly has the potential to play an important role in manufacturing decision-making at many levels. This simulation study is conducted at the local manufacturing plant that manufactures fixed trailing edge panels for the aerospace industry. The model focused on operational activities at the primary manufacturing area of cutting and laminating of aircraft’s composite parts. The model built was used to investigate a variety of issues, for example to determine the impact of a proposed change, without affecting production. The result shows that when production rate was increased by 20% to investigate the current plant capacity, the current resources capacity was unable to tolerate this increment. From the model experimentation, an increase of 60 minutes working time for ply cutter machines and 75 minutes of lay up operators found to be the best design to meet the expected production throughput and increase resources utilisation.
 
Keywords: Simulation, Modelling, Manufacturing, Planning, Aircraft
 

 
Persepsi Pelajar Universiti Sains Malaysia Terhadap Penggunaan Sebenar Perpustakaan Secara Talian
T. Ramayah, Jasman J. Ma'ruf, Liong Wai Hang & Soh Keng Lin
School of Management
Universiti Sains Malaysia
 
Abstrak Ɩ Full Text
Tujuan utama kajian ini adalah untukmengkaji sama ada hubungan langsung mahupun tidak langsung antara persepsi kebergunaan, pengalaman mengguna komputer, reka bentuk skrin, ilmu domain, persepsi kesenangan mengguna, dengan penggunaan sebenar perpustakaan secara talian di kalangan pelajar Universiti Sains Malaysia (USM). Penyelidikan ini telahmenggunakan 150 orang responden. Penemuan penyelidikan inimenunjukkan bahawa data yang digunakan adalah sesuai (fit) dengan model,yang mana Root Mean Square Error of Approximation (RMSEA) adalah 0.071. Pembolehubah kebergunaan dan pengalaman mempengaruhi secarabererti penggunaan sebenar perpustakaan secara talian. Juga didapati persepsisenang menggunakan mempengaruhi persepsi kebergunaan, dun 2pembolehubah berikutnya, iaitu reka bentuk skrin, dan ilmu domainmempengaruhi persepsi kesenangan menggunakan. Dengan mengenal pastiperanan berbagai faktor dalam model, maka pihak pentadbiran perpustakaanboleh membangunkan satu laman web yang sesuai dmgan memahami danmemenuhi keperluan pelajar untuk meningkatkan penggunaan di kalanganpelajar.
 
Kata kunci: Perpustakaan secara talian, Theory of Reasoned Action, Technology Acceptance Model, Theory of Planned Behavior, Structural Equation Modeling, Universiti Sains Malaysia.
 

 
Kecenderungan Keusahawanan: Satu Kajian Empirikal di Kalangan Tenaga AkademikPoliteknik-Politeknik Malaysia
Mohd. Noor Mohd. Shariff, Ooi Yeng Keat & Mohd. Zin Mamat
 
Abstrak Ɩ Full Text
Kajian lalu telah membuktikan bahawa terdapat potensi untuk mewujudkan golongan usahawan di kalangan tenaga akademik setelah mereka meletakjawatan, bersara wajib atau pilihan daripada perkhidmatan kerajaan. Artikelini bertujuan untuk mengkaji kecenderungan keusahawanan di kalangankakitangan akademik di Jabatan Perdagangan Politeknik-PoliteknikKementerian Pendidikan Malaysia. Kajian mengenai kecenderungankeusahawanan daripada perspektif personaliti atau sifat dan pendekatandemografi, kurang berkesan untuk mengukur kecenderungan keusahawanan.Kajian ini menggunakan pendekatan sikap dalam menentukan kecenderungankeusahawanan di kalangan kakitangan akademik. sampel kajian terdiridaripada kakitangan akademik Jabatan Perdagangan di Politeknik-Politeknikdi Malaysia. Analisis korelasi digunakan bagi menguji hipotesis-hipotesis.Hasil kajian mendapati terdapat dua faktor iaitu ‘role model’ dan tahappendidikan responden mempengaruhi kecenderungan keusahawanan dikalangan kakitangan akademik. Beberapa cadangan dikemukakan untukmembantu pihak-pihak berkenaan bagi meningkatkan lagi kesedaran danmemupuk semangat kecenderungan keusahawanan di kalangan kakitanganakademik Jabatan Perdagangan di Politeknik-Politeknik Malaysia.

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