There has been a significantly increasing emphasis on the quality of interactions between employers and employees in the context of managerial and organisational studies in Malaysia. To encourage a desirable workforce, organisations often list factors associated with quality of work life, employee engagement, and lifelong learning as contributors to achieving optimal organisational goals. However, do quality of work life and employee engagement truly lead to employee disposition for lifelong learning? This paper aims to explore quality of work life and employee engagement as precursors to establishing a workforce that embraces lifelong learning. Structural Equation Modeling analysis was employed on 472 samples obtained from working adults holding different positions in various organisations in the country. The empirical results demonstrate that quality of work life leads to employee engagement, which in turn, positively contributes to lifelong learning. The results also suggest that employee engagement fully mediates the relationship between quality of work life and lifelong learning. This study provides a more in-depth understanding of what it takes to create a workforce that engages in continuous learning, and sets the tone for compelling narratives in rolling out organisational vision and mission for lifelong learning in Malaysia.
{"title":"QUALITY OF WORK LIFE AND LIFELONG LEARNING AMONG WORKING ADULTS IN MALAYSIA: THE MEDIATING ROLE OF EMPLOYEE ENGAGEMENT","authors":"Bradley C.Y. Ho, Norizah Mustamil, S. Jayasingam","doi":"10.32890/MMJ2021.25.5","DOIUrl":"https://doi.org/10.32890/MMJ2021.25.5","url":null,"abstract":"There has been a significantly increasing emphasis on the quality of interactions between employers and employees in the context of managerial and organisational studies in Malaysia. To encourage a desirable workforce, organisations often list factors associated with quality of work life, employee engagement, and lifelong learning as contributors to achieving optimal organisational goals. However, do quality of work life and employee engagement truly lead to employee disposition for lifelong learning? This paper aims to explore quality of work life and employee engagement as precursors to establishing a workforce that embraces lifelong learning. Structural Equation Modeling analysis was employed on 472 samples obtained from working adults holding different positions in various organisations in the country. The empirical results demonstrate that quality of work life leads to employee engagement, which in turn, positively contributes to lifelong learning. The results also suggest that employee engagement fully mediates the relationship between quality of work life and lifelong learning. This study provides a more in-depth understanding of what it takes to create a workforce that engages in continuous learning, and sets the tone for compelling narratives in rolling out organisational vision and mission for lifelong learning in Malaysia.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46042418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The increasing rate of fraud occurrence and poor profitability rate in the listed Deposit Money Banks (DMBs) in Nigeria calls for a research investigation. To unravel the likely connection between fraud and profitability, this study has examined the effect of fraud on the profitability of listed DMBs in Nigeria. To achieve this objective, the study adopted a correlational research design and utilised secondary data extracted from the Nigerian Deposit Insurance Commission (NDIC) and published financial statements of the DMBs. The study focused on 14 listed DMBs for a six-year period (2012-2017). Panel multiple regression technique was used to estimate the model of the study. The findings showed that fraud (proxied by actual loss from fraud and staff involvement in fraud) has a negative and significant effect on profitability (proxied by return on asset) of listed DMBs in Nigeria. In line with the findings, this study has recommended that listed DMBs should establish fraud detection mechanisms which will entail the setting up of an efficient, reliable and functioning fraud detection unit to monitor transactions that may be susceptible to fraud.
{"title":"THE EFFECT OF FRAUD ON PROFITABILITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA","authors":"Suleiman Salami, Abass Wahab Olabamiji","doi":"10.32890/MMJ2021.25.7","DOIUrl":"https://doi.org/10.32890/MMJ2021.25.7","url":null,"abstract":"The increasing rate of fraud occurrence and poor profitability rate in the listed Deposit Money Banks (DMBs) in Nigeria calls for a research investigation. To unravel the likely connection between fraud and profitability, this study has examined the effect of fraud on the profitability of listed DMBs in Nigeria. To achieve this objective, the study adopted a correlational research design and utilised secondary data extracted from the Nigerian Deposit Insurance Commission (NDIC) and published financial statements of the DMBs. The study focused on 14 listed DMBs for a six-year period (2012-2017). Panel multiple regression technique was used to estimate the model of the study. The findings showed that fraud (proxied by actual loss from fraud and staff involvement in fraud) has a negative and significant effect on profitability (proxied by return on asset) of listed DMBs in Nigeria. In line with the findings, this study has recommended that listed DMBs should establish fraud detection mechanisms which will entail the setting up of an efficient, reliable and functioning fraud detection unit to monitor transactions that may be susceptible to fraud.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43808866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examined the effect of corporate governance variables of board independence, institutional ownership, managerial ownership, board size, and director expertise on the market reaction to seasoned equity offering (SEO) announcements by firms in the Nigerian stock market. The event study methodology was employed, and abnormal returns were computed using the market model. A total of 62 announcements by 38 firms listed on the Nigerian stock exchange from 1st January 2006 to 31st December 2016 were included in the analysis. The study recorded significant positive cumulative abnormal returns before and after the announcement day, and a significant negative cumulative abnormal return upon the announcement day of SEOs. Similarly, significant positive cumulative abnormal returns were recorded six months before the SEO announcement day and negative significant cumulative abnormal returns six, twelve, and twenty-four months after the announcements. Furthermore, there were significant cumulative abnormal returns upon SEO announcements for all the proxies of corporate governance assessed by the study. The implication of the findings of negative significant cumulative abnormal returns on the day of the announcement and beyond was consistent with previous arguments that firms issuing SEOs earn negative abnormal returns on the day of the announcement was the result of the information asymmetry between managers and investors. By contrast, the significant cumulative abnormal returns based on corporate governance suggested that corporate governance significantly impacted on SEO announcement returns in Nigeria. These findings suggest that policy makers should pay more attention to directors’ expertise, institutional ownership, board independence, and board size, as our results showed that investors might view them as dependable pointers of positive corporate information for the market, thus guaranteeing the best use of SEO proceeds.
{"title":"CORPORATE GOVERNANCE AND STOCK MARKET REACTION TO SEASONED EQUITY OFFERING ANNOUNCEMENT BY FIRMS IN NIGERIA","authors":"M. Bello, A. K. Kurfi, B. Tijjani","doi":"10.32890/MMJ2021.25.4","DOIUrl":"https://doi.org/10.32890/MMJ2021.25.4","url":null,"abstract":"This study examined the effect of corporate governance variables of board independence, institutional ownership, managerial ownership, board size, and director expertise on the market reaction to seasoned equity offering (SEO) announcements by firms in the Nigerian stock market. The event study methodology was employed, and abnormal returns were computed using the market model. A total of 62 announcements by 38 firms listed on the Nigerian stock exchange from 1st January 2006 to 31st December 2016 were included in the analysis. The study recorded significant positive cumulative abnormal returns before and after the announcement day, and a significant negative cumulative abnormal return upon the announcement day of SEOs. Similarly, significant positive cumulative abnormal returns were recorded six months before the SEO announcement day and negative significant cumulative abnormal returns six, twelve, and twenty-four months after the announcements. Furthermore, there were significant cumulative abnormal returns upon SEO announcements for all the proxies of corporate governance assessed by the study. The implication of the findings of negative significant cumulative abnormal returns on the day of the announcement and beyond was consistent with previous arguments that firms issuing SEOs earn negative abnormal returns on the day of the announcement was the result of the information asymmetry between managers and investors. By contrast, the significant cumulative abnormal returns based on corporate governance suggested that corporate governance significantly impacted on SEO announcement returns in Nigeria. These findings suggest that policy makers should pay more attention to directors’ expertise, institutional ownership, board independence, and board size, as our results showed that investors might view them as dependable pointers of positive corporate information for the market, thus guaranteeing the best use of SEO proceeds.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48293970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Suhaily Maizan Abdul Manaf, N. Bidin, W. Salleh, A. Idris, Zetty Zahureen Mohd Yusoff
This paper examines the macroeconomic factors influencing the profitability performance of private telecommunication firms in Malaysia. A yearly basis data between 2007 and 2016, which contained a total number of 49 data observations were analyzed using the Random Effects Model to estimate the factors of concern. The sources of these data have been predominantly extracted from DataStream. The variables involved in this investigation were liquidity (LIQ), leverage (LEV), firm size (SIZE), and gross domestic product (GDP). This study has been motivated by the declining profitability performance of private telecommunication firms in Malaysia, which has been attributed to the decreasing return on assets. The findings suggest that leverage has a significant and negative relationship with return on assets, while liquidity has a negative insignificant towards the firms’ profitability. On the other hand, firm size and gross domestic product have a substantial and positive relationship with return on assets. Moreover, the findings seemed to suggest that the bigger the size of a firm, the higher the total assets would be, which in turn, would improve the firm’s profitable performance. In sum, the prerequisite attribute that a telecommunication firm needed to possess in attaining high profitability performance was its strong and high productivity in the management of its total assets.
{"title":"PROFITABILITY PERFORMANCE ANALYSIS: THE EVIDENCE FROM PRIVATE TELECOMMUNICATION FIRMS IN MALAYSIA","authors":"Suhaily Maizan Abdul Manaf, N. Bidin, W. Salleh, A. Idris, Zetty Zahureen Mohd Yusoff","doi":"10.32890/MMJ2021.25.8","DOIUrl":"https://doi.org/10.32890/MMJ2021.25.8","url":null,"abstract":"This paper examines the macroeconomic factors influencing the profitability performance of private telecommunication firms in Malaysia. A yearly basis data between 2007 and 2016, which contained a total number of 49 data observations were analyzed using the Random Effects Model to estimate the factors of concern. The sources of these data have been predominantly extracted from DataStream. The variables involved in this investigation were liquidity (LIQ), leverage (LEV), firm size (SIZE), and gross domestic product (GDP). This study has been motivated by the declining profitability performance of private telecommunication firms in Malaysia, which has been attributed to the decreasing return on assets. The findings suggest that leverage has a significant and negative relationship with return on assets, while liquidity has a negative insignificant towards the firms’ profitability. On the other hand, firm size and gross domestic product have a substantial and positive relationship with return on assets. Moreover, the findings seemed to suggest that the bigger the size of a firm, the higher the total assets would be, which in turn, would improve the firm’s profitable performance. In sum, the prerequisite attribute that a telecommunication firm needed to possess in attaining high profitability performance was its strong and high productivity in the management of its total assets.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43277732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
R. Rahim, Pick-Soon Ling, Muhammad Airil Syafiq Mohd Khalid
The predictability of asset prices works against the notion of an efficient market where asset prices reflect all available and relevant information. This paper examined the predictability of Bitcoin and 51 other cryptocurrencies that have been classified into the following five categories: Application, Payment, Privacy, Platform, and Utility. Two market efficiency tests (Ljung-Box autocorrelation and Runs tests) were run on the daily returns of the 52 unique cryptocurrencies and the MSCI World index from 28 April 2013 to 30 June 2019. The results showed that Bitcoin was consistently efficient, whereas most of the other cryptocurrencies and even the MSCI World index were not, implying that their prices were predictable. Categorically, Payment altcoins were the most consistent in showing inefficiency. Since altcoins in this category also recorded the third highest risk-adjusted returns, investors with advanced technical trading strategies had a great chance of exploiting the market information to make extremely high abnormal returns.
{"title":"ASSESSING THE PREDICTABILITY OF CRYPTOCURRENCY PRICES","authors":"R. Rahim, Pick-Soon Ling, Muhammad Airil Syafiq Mohd Khalid","doi":"10.32890/MMJ2021.25.6","DOIUrl":"https://doi.org/10.32890/MMJ2021.25.6","url":null,"abstract":"The predictability of asset prices works against the notion of an efficient market where asset prices reflect all available and relevant information. This paper examined the predictability of Bitcoin and 51 other cryptocurrencies that have been classified into the following five categories: Application, Payment, Privacy, Platform, and Utility. Two market efficiency tests (Ljung-Box autocorrelation and Runs tests) were run on the daily returns of the 52 unique cryptocurrencies and the MSCI World index from 28 April 2013 to 30 June 2019. The results showed that Bitcoin was consistently efficient, whereas most of the other cryptocurrencies and even the MSCI World index were not, implying that their prices were predictable. Categorically, Payment altcoins were the most consistent in showing inefficiency. Since altcoins in this category also recorded the third highest risk-adjusted returns, investors with advanced technical trading strategies had a great chance of exploiting the market information to make extremely high abnormal returns.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46145286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Noor Sharida Badri Shah, N. Yusuf, Rozihanim Shekh Zain, Sofia Alia Rosli, M. Azman
Massive technology, business pressure and the growth of global market penetration have led to most businesses becoming more environmentally friendly. The issue of climate change, waste management, air pollution and water pollution have all challenged the practice of business ethics, notwithstanding the ever-present pressure for companies to be more competitive in the marketplace. To be more financially sustainable, most of the businesses are forced to keep the balance between resources available and future sustainability in the long-term period. To ensure the success of sustainability, green technology is one of the most important initiatives to motivate companies to become more financially sustainable in the future. Thus, the purpose of this study is to examine the factors that have influenced the financial performance of Malaysian green technology companies using Tobin's Q. The dependent variable is Tobin’s Q which represents the firm’s market value, while independent variables are measured by carbon productivity, waste productivity, energy productivity, growth and firm size. The data for the study came from 10 selected green technology companies listed in the Bursa Malaysia and were the top-ranked eco-friendly companies in Malaysia. The findings indicate that all independent variables (growth, carbon productivity, waste productivity and energy productivity) were significant, but firm size was not significant. The findings imply that by adapting to the use of green technology, companies benefited a lot in terms of minimizing cost, sustaining a healthy environment, as well as helping companies to become sustainable in the long term.
{"title":"DETERMINING THE FINANCIAL PERFORMANCE OF MALAYSIAN GREEN TECHNOLOGY COMPANIES USING TOBIN’S Q","authors":"Noor Sharida Badri Shah, N. Yusuf, Rozihanim Shekh Zain, Sofia Alia Rosli, M. Azman","doi":"10.32890/MMJ2021.25.9","DOIUrl":"https://doi.org/10.32890/MMJ2021.25.9","url":null,"abstract":"Massive technology, business pressure and the growth of global market penetration have led to most businesses becoming more environmentally friendly. The issue of climate change, waste management, air pollution and water pollution have all challenged the practice of business ethics, notwithstanding the ever-present pressure for companies to be more competitive in the marketplace. To be more financially sustainable, most of the businesses are forced to keep the balance between resources available and future sustainability in the long-term period. To ensure the success of sustainability, green technology is one of the most important initiatives to motivate companies to become more financially sustainable in the future. Thus, the purpose of this study is to examine the factors that have influenced the financial performance of Malaysian green technology companies using Tobin's Q. The dependent variable is Tobin’s Q which represents the firm’s market value, while independent variables are measured by carbon productivity, waste productivity, energy productivity, growth and firm size. The data for the study came from 10 selected green technology companies listed in the Bursa Malaysia and were the top-ranked eco-friendly companies in Malaysia. The findings indicate that all independent variables (growth, carbon productivity, waste productivity and energy productivity) were significant, but firm size was not significant. The findings imply that by adapting to the use of green technology, companies benefited a lot in terms of minimizing cost, sustaining a healthy environment, as well as helping companies to become sustainable in the long term.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45525706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study applied the conventional ratcheting notion that managers (agents) chose to restrict their performance because they anticipated that firms (principals) would respond to higher performance levels by raising targets or by cutting pay in a piece-rate labour environment. A cross-sectional panel model was developed to subject this baseline notion of ratcheting hypothesis to multi-period and ex-post competitive labour market environment, bearing in mind that there was information asymmetry to both parties. It was observed, as predicted by the theoretical model that there would be substantial ratchet effects in the absence of competition. However, when subjected to ex-post competition, the ratchet effects were reduced, regardless of whether market conditions favoured the firms or the managers and thereby making the manufacturing companies in Sub-Saharan Africa safer than when they were exposed to ratcheting in its conventional form.
{"title":"COMPETITION AND RATCHET HYPOTHESIS: HOW SAFE ARE MANUFACTURING COMPANIES IN SUB-SAHARAN AFRICA?","authors":"O. Olowofela, Akanbi M. A Tonade, W. Sanyaolu","doi":"10.32890/mmj2021.25.3","DOIUrl":"https://doi.org/10.32890/mmj2021.25.3","url":null,"abstract":"This study applied the conventional ratcheting notion that managers (agents) chose to restrict their performance because they anticipated that firms (principals) would respond to higher performance levels by raising targets or by cutting pay in a piece-rate labour environment. A cross-sectional panel model was developed to subject this baseline notion of ratcheting hypothesis to multi-period and ex-post competitive labour market environment, bearing in mind that there was information asymmetry to both parties. It was observed, as predicted by the theoretical model that there would be substantial ratchet effects in the absence of competition. However, when subjected to ex-post competition, the ratchet effects were reduced, regardless of whether market conditions favoured the firms or the managers and thereby making the manufacturing companies in Sub-Saharan Africa safer than when they were exposed to ratcheting in its conventional form.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41975566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-30DOI: 10.32890/MMJ.24.2020.9732
L. Mohammed, Aliyah Musa Mubi
The importance of debt financing to firms as a basis for decision-making cannot be over-emphasised. This implies that the maturity structure of debts becomes important for understanding the outcomes of firms’ decisions. There is a dearth of evidence from the Nigerian context in the current body of literature on factors that determine debt maturity structure of listed firms. We observed a persistent and steady decline in the average ratio of length of maturity period among non-financial firms among listed non-financial firms in Nigeria. This study examined the extent to which non-debt tax-shield, liquidity, assets intensity, diversification, investors’ confidence, growth opportunity, firm size, profitability and dividend policy determines the debt maturity structure of non-financial firms in Nigeria. The secondary data collected from the annual reports of a sample of 92 listed non-financial firms were analysed using the Two-stage Generalised Method of Moments (GMM) regression model for the period between 2010 and 2015. The results indicate that the non-debt tax-shield, liquidity, assets intensity, diversification, growth opportunity, firm size and the dividend policy significantly determine the debt maturity structure among the listed non-financial firms in Nigeria. However, the evidence is not enough to conclude that profitability and investors’ confidence determine the debt maturity structure among the non-financial firms in Nigeria. Firm diversification and liquidity appeared to have the most profound negative effect on the debt maturity structure in line with predictions of special use of debt hypothesis and the pecking order theory. Overall, it is concluded that the firm-specific factors determine the choice of debt maturity structure among Nigerian listed non-financial firms. Although the findings of the study are robust, future studies in the areas can extend the literature by identifying and investigating institutional and macroeconomic factors that drive debt maturity structure in Nigeria.
{"title":"FIRM-SPECIFIC DETERMINANTS OF DEBT MATURITY STRUCTURE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA","authors":"L. Mohammed, Aliyah Musa Mubi","doi":"10.32890/MMJ.24.2020.9732","DOIUrl":"https://doi.org/10.32890/MMJ.24.2020.9732","url":null,"abstract":"The importance of debt financing to firms as a basis for decision-making cannot be over-emphasised. This implies that the maturity structure of debts becomes important for understanding the outcomes of firms’ decisions. There is a dearth of evidence from the Nigerian context in the current body of literature on factors that determine debt maturity structure of listed firms. We observed a persistent and steady decline in the average ratio of length of maturity period among non-financial firms among listed non-financial firms in Nigeria. This study examined the extent to which non-debt tax-shield, liquidity, assets intensity, diversification, investors’ confidence, growth opportunity, firm size, profitability and dividend policy determines the debt maturity structure of non-financial firms in Nigeria. The secondary data collected from the annual reports of a sample of 92 listed non-financial firms were analysed using the Two-stage Generalised Method of Moments (GMM) regression model for the period between 2010 and 2015. The results indicate that the non-debt tax-shield, liquidity, assets intensity, diversification, growth opportunity, firm size and the dividend policy significantly determine the debt maturity structure among the listed non-financial firms in Nigeria. However, the evidence is not enough to conclude that profitability and investors’ confidence determine the debt maturity structure among the non-financial firms in Nigeria. Firm diversification and liquidity appeared to have the most profound negative effect on the debt maturity structure in line with predictions of special use of debt hypothesis and the pecking order theory. Overall, it is concluded that the firm-specific factors determine the choice of debt maturity structure among Nigerian listed non-financial firms. Although the findings of the study are robust, future studies in the areas can extend the literature by identifying and investigating institutional and macroeconomic factors that drive debt maturity structure in Nigeria.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49259773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-30DOI: 10.32890/MMJ.24.2020.11089
M. Kaukab, V. Aryanto
Data on real-time marketing performance from micro, small and medium enterprises (MSMEs) selling their products in marketplace e-commerce corporations (MECCs) is a big challenge for researchers studying the performance of MECCs capital structure. This article explores the use of Google Trends to determine the impact of Foreign Direct Investment (FDI) on MECCs’ performance. The findings of the trend analysis are explained using the N-OLI framework. It is found that there was a sharp trend decrease in MECCs with partial FDI (Tokopedia and Bukalapak) and full domestic investment (Blibli).On the other hand, there was a sharp increase in MECCs full FDI (Shopee). Other MECCs with full FDI, namely Lazada, has experienced a decrease but it is not as consistent as that of partial FDI. An increase trend in Shopee has negative correlation with a decline trend in Bukalapak. However, after being grouped, partial FDI has a significantly higher mean score compared to full FDI, and MECCs without FDI has the lowest mean score. This finding shows that in the case of Indonesia, FDI plays a role in encouraging the success of MSMEs, especially in MECCs, which have a combination of FDI and domestic investment.
{"title":"FOREIGN DIRECT INVESTMENT AND THE PERFORMANCE OF INDONESIAN MARKETPLACE E-COMMERCE CORPORATION: AN APPLICATION OF NETWORK, OWNERSHIP, LOCATION AND INTERNALISATION FRAMEWORK","authors":"M. Kaukab, V. Aryanto","doi":"10.32890/MMJ.24.2020.11089","DOIUrl":"https://doi.org/10.32890/MMJ.24.2020.11089","url":null,"abstract":"Data on real-time marketing performance from micro, small and medium enterprises (MSMEs) selling their products in marketplace e-commerce corporations (MECCs) is a big challenge for researchers studying the performance of MECCs capital structure. This article explores the use of Google Trends to determine the impact of Foreign Direct Investment (FDI) on MECCs’ performance. The findings of the trend analysis are explained using the N-OLI framework. It is found that there was a sharp trend decrease in MECCs with partial FDI (Tokopedia and Bukalapak) and full domestic investment (Blibli).On the other hand, there was a sharp increase in MECCs full FDI (Shopee). Other MECCs with full FDI, namely Lazada, has experienced a decrease but it is not as consistent as that of partial FDI. An increase trend in Shopee has negative correlation with a decline trend in Bukalapak. However, after being grouped, partial FDI has a significantly higher mean score compared to full FDI, and MECCs without FDI has the lowest mean score. This finding shows that in the case of Indonesia, FDI plays a role in encouraging the success of MSMEs, especially in MECCs, which have a combination of FDI and domestic investment.","PeriodicalId":34347,"journal":{"name":"Malaysian Management Journal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47106905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-30DOI: 10.32890/MMJ.24.2020.9362
Hossein Kazemi, Fatemeh Bakhshandeh, H. S. Tooranloo
The most prominent feature of today’s economy is rapid change. To succeed in such an economy, countries must be able to adapt to these changes with great agility. One of the most potent tools for achieving this end is sustainable entrepreneurship. Sustainable entrepreneurs are those who undertake entrepreneurial endeavors while taking into account different aspects of social, economic and environmental sustainability. These entrepreneurs strive to keep their resources focused on sustainable development and to balance the objectives of entrepreneurial success and sustainability so as to solve social and environmental problems. In this study, after reviewing the research literature and identifying the factors pertinent to sustainable entrepreneurship, a conceptual model was developed by drawing on the expertise of 10 experts, who were selected by snowball sampling. Interpretive Structural Modeling (ISM) approach was used to examine the network of relationships among the factors. The findings showed that the considered factors fall into four levels: sustainability culture was placed at the most fundamental level, legal requirements, resource preservation, social participation, green management and human resources management were placed at the second level, social justice, effective and efficient processes, and customer-centricity were placed at the third level, and social well-being and economic benefits were identified as the top-level factors or outputs of sustainable entrepreneurship. The proposed model depicted means, process, first order and ultimate goal in inhacing entrepreneurship sustainability endeavors.
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