This work takes a comprehensive look at the macroeconomics and equity market performances from the Asia perspective, using five indicators namely inflation rate (CPI), interest rate (IR), money supply (MS), exchange rate (ER), economic growth (GDP), against six equity market indexes of FBM KLCI (Malaysia), IDX (Indonesia), SENSEX (India), BIST-100 (Turkey), SSE (China), and Nikkei-225 (Japan) based on the framework of the Arbitrage Pricing Theory (APT). The annual data from 1988:2021 are sourced from World Bank, FRED of Federal Reserve Bank, and Central Bank Official website for selected countries. The analysis technique employed is Pooled Ordinary Least Square (POLS). The study established that all four variables which are CPI, IR, ER, and GDP are strongly significant with the actual direction in affecting the performances of six Asia stock exchanges. Our results confirm the economic theories and empirics that there are strong relationships between macroeconomic indicators and equity market performances in six Asia regions. The current study reveals new insights where a modified version of APT Model multifactor is correctly specified when more than one variable is dominant, which suggests that all four independent variables are crucial in explaining the variation of the equity market performances in South East, South West, Central and North East Asia regions.
This paper evaluates the financial performance of Small and Medium Enterprises (SMEs) of services sector in Malaysia, from the periods of 2003 to 2007. These firms have taken the Islamic guarantee schemes as provided by the Credit Guarantee Corporation Malaysia Berhad (CGC), which were introduced to meet the demand of entrepreneur for Shari'ah-compliant financing facilities.The results indicate that the firms were efficient and able to sustain profit, though some of the firms did not perform well. These findings suggested that the nature of Islamic financing should be changed from debt to equity financing, since equity financing could generate more income and the problem of non performing financing could be minimised.
Trilemma policy refers to a concept of international economics that states it is impossible to gain all three variables at one time, which is also known as Mundell-Fleming framework. The trilemma policies consist of independent monetary policy, exchange rate stability, and free capital mobility. Pursuing any two of the variables will shadow the other one. Sterilization, on the other hand, reflects the policy set by Central Bank to limit the effects of inflow and outflow of capital money supply. Trilemma policy may influence sterilization, proxy by Central Bank Reserve, as the latter depends on the former. This study determined the relationship between trilemma policy and sterilization by placing focus on four nations, namely Qatar, Kuwait, Indonesia and Japan. Monthly data were gathered from 2009 to 2017. At the end of this research, the findings verified if it is "possible or not possible to maintain all the three variables in the trilemma policy to achieve a stable economic condition by way of sterilization."
The increasing publication and citation performances of Firm Efficiency research for the past 35 years have attracted scholars to further embark on this area. Hence, the main objective of this study is to explore what scholars have learned from Firm Efficiency research over the past 35 years. This study uses bibliometric analysis to analyze top productive countries, top 10 journals, top 10 prominent authors, top 20 cited articles, and emerging themes. Selected findings indicated that the United States, China and Taiwan are the top three most productive countries in Firm Efficiency research. In addition, five emerging themes were highlighted in Firm Efficiency research for the past 35 years. The five themes were: 1) Stochastic Frontier Analysis in measuring firm productivity and size, 2) Bootstrapping DEA and SFA in measuring firm efficiency, 3) Corporate Governance and Technical Efficiency, 4) DEA as benchmarking in Firm Efficiency, and 5) Capital Structure and Ownership Structure. This study provides three contributions – 1) encourage scholars to observe the trends in publication and citation performances. 2) Allow scholars and authors to collaborate with an expert in Firm Efficiency research in the future, and 3) inspire the authors to look at the potential research gap and future directions in Firm Efficiency research.
The Malaysian government has provided green financing initiatives to encourage companies to embark on those projects. One of the green financing initiatives is the introduction of the Green Technology Financing Scheme (GTFS). The scheme has been offered since 2010, and RM 3.5 billion allocated funds have been utilised within seven years. Despite the huge amount of funds being allocated, the utilisation of the funds has been relatively slow and underutilised. Preliminary observations indicate that the cause is mainly the perceived risk that hinders users or borrowers from participating in the financing package. In addition, there seems to be a vast distance between application approval and rejection volume among the users because applicants cannot meet the technical requirement, and GTFS is an unattractive financing package. Thus, GTFS is considered high risk with little or no success story in the past. There are two objectives of the study. First, to analyse the Green Financing trend in Malaysia. First, to examine the relationship between the determinants with the intention to utilise and utilization behaviour of GTFS in Malaysia. Second, to determine if perceived risk moderates the relationship between performance expectancy with intention, and effort expectancy with intention to utilise GTFS in Malaysia. Keywords: Utilisation, UTAUT 2, Green Financing, Perceived Risk, Intention to Utilise
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