Jurnal Pengurusan UKM Journal of Management最新文献

{"title":"Size, Seasonality, Market States and Contrarian Profits","authors":"Simone Kew, Lain-Tze Tee","doi":"10.17576/PENGURUSAN-2018-52-12","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2018-52-12","url":null,"abstract":"ABSTRACT The study investigates the profitability of contrarian and momentum strategies for short, intermediate and long investment horizons in the Malaysian stock market from 1990-2016. Unlike developed markets, the findings reveal that momentum strategies do not generate profits in Malaysia. Rather, contrarian strategies realise significant returns over short, intermediate and long investment horizons. Contrarian profits are most pronounced among medium- and small-capitalisation stocks. Moreover, the previously documented February/Chinese New Year effect is evident in contrarian profits. Further, market states are important determinants of contrarian profits. Specifically, contrarian returns are greater following market downturns than market upturns. The findings provide important implications for investors who are considering momentum and contrarian strategies as potential investments. Keywords: Contrarian strategies; momentum strategies; firm size; monthly seasonality; market states ABSTRAK Kajian ini mengkaji keuntungan strategi momentum dan kontrarian dalam tempoh pelaburan jangka masa pendek, sederhana dan panjang di pasaran saham Malaysia dari tahun 1990-2016. Tidak seperti negara-negara maju, hasil kajian menunjukkan bahawa strategi momentum tidak menjana keuntungan di Malaysia. Sebaliknya, strategi kontrarian menghasilkan keuntungan yang signifikan dalam tempoh pelaburan jangka masa pendek, sederhana dan panjang. Keuntungan strategi kontrarian adalah paling tinggi di kalangan saham-saham bersaiz kecil dan sederhana. Selain itu, keuntungan kontrarian yang tinggi diperoleh pada bulan Februari/Tahun Baru Cina. Tambahan pula, keadaan pasaran merupakan faktor utama keuntungan kontrarian. Secara khususnya, pulangan kontrarian adalah lebih tinggi berikutan kemerosotan pasaran berbanding dengan pertumbuhan pasaran. Hasil kajian ini memberikan implikasi yang penting kepada pelabur yang sedang mempertimbangkan strategi kontrarian dan momentum sebagai pilihan pelaburan yang berpotensi. Kata kunci: Strategi kontrarian; strategi momentum; saiz firma; seasonaliti bulanan; keadaan pasaran","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130662555","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}

{"title":"Green Supply Chain Management Practices and Organizational Performance: An Empirical Study in Malaysian Manufacturing Firms","authors":"C. Tan, S. Yeo, Chea Huat Low","doi":"10.17576/PENGURUSAN-2018-52-02","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2018-52-02","url":null,"abstract":"ABSTRACT This study aims to examine the influence of green supply chain management practices (GSCMP) and manufacturing capabilities on organizational performances. A quantitative method was used with the data obtained from the sample of 103 large manufacturing firms listed in the Federation of Malaysia Manufacturers (FMM). Smart-PLS 3.0 software was employed to confirm the data validity and reliability, and test the structural path modeling. This implies that GSCMP with manufacturing capabilities as the mediator is important to foster the organizational performance among manufacturing firms. A total of 103 manufacturing companies in Malaysia participated in this study with a response rate of 18%. It shows that only eight sub-hypotheses out of thirteen sub-hypotheses were supported, and the remaining five sub-hypotheses were not supported. The conclusion of this study provides the theoretical and practical implications as well as suggestions for future studies in different industries such as service, tourism and information technology. Keywords: Green supply chain management practices; organizational performances; manufacturing capabilities; Resource Based View Theory; Federation of Malaysia Manufacturers; Malaysia. ABSTRAK Tujuan kajian ini adalah untuk mengkaji pengaruh amalan pengurusan rantaian bekalan hijau dan keupayaan perkilangan terhadap prestasi organisasi. Kaedah kuantitatif telah digunakan untuk dapatan data 103 sampel dari firma perkilanagan yang tersenarai di Persekutuan Pekilang-pekilang Malaysia (FMM). Perisian Smart-PLS digunakan untuk manjalankan analisis statistik bagi memastikan kesahan dan kebolehpercayaan, dan juga menguji path modeling. Kajian ini melibatkan amalan pengurusan rantaian bekalan hijau dengan keupayaan pengeluaran sebagai mediator adalah penting terhadap prestasi organisasi di kalangan firma perkilangan. Sejumlah 103 firma perkilangan di Malaysia telah mengambil bahagian dalam penyelidikan tersebut dengan kadar tindakbalas sebanyak 18%. Dapatan kajian menunjukkan bahawa terdapat lapan daripada tiga belas andaian yang disokong dan lima andaian yang tidak disokong. Kajian ini memberikan implikasi kepada teori dan praktikal serta boleh dicerakinkan untuk kajian masa depan di industri yang berlainan seperti perkhidmatan, perlancongan dan informasi teknologi. Kata kunci: Amalan pengurusan rantaian bekalan hijau; prestasi organisasi; keupayaan pengeluaran; Resource Based View Theory; Persekutuan Pekilang-pekilang Malaysia; Malaysia","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128069328","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}

{"title":"Basel III New Liquidity Framework and Malaysian Commercial Banks Profitability","authors":"Rasidah Mohamad Said","doi":"10.17576/PENGURUSAN-2018-52-09","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2018-52-09","url":null,"abstract":"ABSTRACT In the light of the 2007-2008 global financial crisis, Basel Committee on Banking Supervision proposed the Net Stable Funding Ratio (NSFR), a new liquidity framework under Basel III. Its aim is to promote sustainable funding structures of the financial institutions. This current paper attempts to analyse NSFR impact on Malaysian commercial banks profitability. Using panel data of eight domestic Malaysian commercial banks for the period 2005-2011, the results suggest there is a convincing evidence that this new liquidity ratio is an important factor in affecting the sample banks’ profitability. The ability of banks in managing the stability of their funding sources as well as liquidity of its asset is an advantage to them and is translated into higher profitability. In addition, this study also confirms finding of previous studies that relates bank-specific determinants and profitability. Keywords: Basel III; liquidity framework; net stable funding ratios; liquidity coverage ratio; profitability ABSTRAK Lanjutan daripada krisis kewangan global yang bermula pada tahun 2007-2008, Jawatankuasa Basel berkenaan Penyeliaan Bank telah mencadangkan sebuah kerangka kecairan di bawah Basel III yang dikenali sebagai Net Stable Funding Ratio (NSFR). Tujuannya ialah untuk memperkenalkan sebuah struktur pendanaan yang teguh kepada institusi kewangan. Kajian ini bertujuan menganalisis kesan NSFR ke atas keuntungan bank-bank perdagangan di Malaysia. Dengan menggunakan data panel dari lapan bank perdagangan tempatan di Malaysia untuk tempoh 2005-2011, keputusan analisa membuktikan bahawa nisbah kecairan baru ini merupakan faktor penting yang boleh mempengaruhi keuntungan bank-bank yang dikaji. Keupayaan bank-bank dalam menguruskan kestabilan sumber dana dan kecairan aset mereka memberikan kelebihan kepada bank untuk meningkatkan keuntungan bank. Selain itu, kajian ini juga menyokong keputusan kajian-kajian lepas yang menunjukkan hubungan antara faktor penentu bank dengan keuntungan bank. Kata kunci: Basel III; kerangka kecairan; nisbah dana kestabilan bersih; nisbah perlindungan kecairan; keuntungan","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130084873","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}

{"title":"Pembangunan dan Penilaian Model Hasrat Mengguna Aplikasi Mudah Alih Penasihatan Penyakit Tanaman Lada Hitam","authors":"S. Kamarudin, R. Alan, Noraidah Sahari, Amelia Natasya Abdul Wahab, Riza Sulaiman","doi":"10.17576/PENGURUSAN-2018-52-17","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2018-52-17","url":null,"abstract":"ABSTRAK Kajian hasrat mengguna aplikasi mudah alih dalam domain pertanian masih kurang diterokai. Penggunaan m-Pertanian seperti aplikasi memberi faedah apabila menerima dan mengguna aplikasi tersebut. Tujuan kajian ini adalah untuk membangun sebuah model Tingkah laku hasrat mengguna (HM) aplikasi mudah alih penasihatan penyakit untuk tanaman lada hitam (m-Naslada), mengesah model HM serta membangun prototaip m-Naslada berdasarkan beberapa faktor daripada model HM. Model kajian dibangun berteraskan Model Penerimaan Teknologi. Faktor yang dipertimbangkan pada model kajian adalah Mobiliti, Kesederhanaan, Norma Subjektif, Keserasian, Inovasi Kendiri, Efikasi Kendiri, Kualiti Maklumat, Interaktif, Persepsi Kebergunaan, Persepsi Mudah Guna dan Tingkah Laku Hasrat Mengguna. Kaedah kuantitatif dengan instrumen soal selidik baharu diguna bagi mengesah model kajian. Tinjauan sebenar dilaksana dengan mentadbir instrumen kepada 200 orang pekebun kecil lada hitam di Sarawak. Data diperoleh dianalisis mengguna pendekatan Pemodelan Persamaan Berstruktur melalui kaedah Kuasa Dua Terkecil Separa (KDTS), ujian analisis kuasa statistik post hoc dan ujian Kebagusuaian Global (KBG). Hasil kajian mendapati faktor Mobiliti, Kesederhanaan, Norma Subjektif, Keserasian, Inovasi Kendiri, Efikasi Kendiri, Persepsi Kebergunaan, Persepsi Mudah Guna mempengaruhi Tingkah Laku Hasrat Mengguna. Berdasarkan ujian analisis kuasa statistik post hoc, pelaksanaan kajian ini didapati memberi impak sebenar kepada populasi pekebun kecil lada hitam. Hasil analisis ujian KBG mendapati model HM boleh dipakai dalam kajian ini. Secara keseluruhan, model dan instrumen kajian boleh menjadi indikator bagi mengukur hasrat mengguna sesebuah aplikasi mudah alih untuk domain pertanian. Kata kunci: Aplikasi mudah alih; hasrat mengguna; Model Penerimaan Teknologi; pertanian ABSTRACT Studies of intention to use mobile applications in the agricultural domain remain untapped. The use of m-Agriculture such as mobile application would provide benefits to farmers upon them accepting and using the application. Therefore, this study aims at developed a model of intention to use disease advisory mobile application for black pepper crops (m-Naslada), validated the model of intention to use as well as developed m-Naslada prototype based on several factors from model of intention to use. Factors considered in the research model were Mobility, Simplicity, Subjective Norm, Compatibility, Self Innovation, Self Efficacy, Quality of Information, Interactive, Perceived Usefulness, Perceived Ease of Use and BI. A real survey was conducted by administering the instrument to 200 black pepper farmers in Sarawak. The data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) approach, post hoc statistical power analysis test and Global Goodness-fitness model (GoF) test. Results found that factors of Mobility, Simplicity, Subjective Norm, Compatibility, Self Innovation, Self Efficacy, Perceived Us","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133492793","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}

{"title":"Managing Change: A Model for Organisational Readiness to Adopt Pharmacy Information Systems","authors":"Mohd Radzi Abdul Aziz, M. Yusof","doi":"10.17576/PENGURUSAN-2018-52-16","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2018-52-16","url":null,"abstract":"ABSTRACT Although research in organisational readiness is growing, there are still gaps in the context of adopting pharmacy information systems. Evaluating factors that affect organisational readiness to adopt pharmacy information systems might help the health sector to be more successful and avoid negative impacts or losses due to its failure. This paper discussed a proposed model for organisational readiness to adopt pharmacy information systems and factors that affect organisational readiness. A qualitative case study was conducted using interviews, document analysis and observations. This study identified four main categories of factors that influence the organisational readiness to adopt information systems, such as (1) change valence that contributes towards improving the commitment to change, (2) organisational ability that contributes to change efficacy, (3) contextual factors and (4) implementation methods that affect both, commitment to change and efficacy. The study’s findings supported and extended the theory of organisational readiness for change and expanded its use in the context of adopting pharmacy information systems. This study also provides the basis for evaluating organisational readiness on a wider domain such as adopting information systems. Keywords: Change management; organisational readiness; information systems; pharmacy information systems; evaluation ABSTRAK Meskipun kajian bidang kesediaan organisasi semakin berkembang, masih terdapat jurang dalam konteks penerapan sistem maklumat farmasi. Penilaian faktor yang mempengaruhi kesediaan organisasi terhadap penerapan sistem maklumat farmasi dapat membantu sektor kesihatan untuk meningkatkan kejayaan serta mengelak implikasi negatif dan kerugian akibat kegagalannya. Kertas ini membincangkan cadangan model kesediaan organisasi terhadap penerapan sistem maklumat farmasi serta faktor yang mempengaruhi kesediaan organisasi. Kajian kes kualitatif dilaksanakan melalui temu bual, analisis dokumen dan pemerhatian. Empat kategori utama faktor yang mempengaruhi kesediaan organisasi terhadap penerapan sistem maklumat dikenal pasti: 1) valens perubahan yang menyumbang kepada peningkatan komitmen perubahan, 2) keupayaan organisasi menyumbang kepada keberkesanan perubahan, 3) faktor kontekstual dan 4) kaedah pelaksanaan yang memberi kesan kepada komitmen dan keberkesanan perubahan. Hasil kajian ini menyokong dan mengembangkan teori kesediaan organisasi untuk perubahan dan meluaskan penggunaannya dalam konteks penerapan sistem maklumat farmasi. Kajian ini juga menyediakan asas kepada penilaian kesediaan organisasi terhadap penerapan sistem maklumat dalam domain yang lebih luas. Kata kunci: Pengurusan perubahan; kesediaan organisasi; sistem maklumat; sistem maklumat farmasi; penilaian","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115544627","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}

{"title":"Market Competition, Lean Manufacturing Practices and The Role of Management Accounting Systems (MAS) Information","authors":"Kamisah Ismail, C. Isa, Lokman Mia","doi":"10.17576/PENGURUSAN-2018-52-04","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2018-52-04","url":null,"abstract":"ABSTRACT Adoption of advanced manufacturing techniques such as lean manufacturing is one of the strategies that help manufacturing firms to sustain their competitiveness and achieve the desired outcomes. It is argued that the traditional Management Accounting Systems (MAS) are no longer capable of providing information necessary to operate in the ever changing business environment. This study examines the role of MAS information in the relationship between market competition, lean manufacturing and organisational performance. Data were gathered using a questionnaire survey from manufacturing firms listed in the Federation of Malaysian Manufacturers (FMM) Directory. The results reveal the relationships between lean manufacturing and the MAS, as well as between the MAS and performance, are positive and significant, which suggest that the relationship between lean manufacturing and performance is indirect through the MAS. This provides evidence that the use of MAS information in a lean manufacturing environment facilitates firms in improving organisational performance. Keywords: Lean manufacturing; just in time; total quality management; market competition; management accounting systems ABSTRAK Penggunaan teknik pengilangan maju seperti pengilangan ‘lean’ adalah salah satu strategi yang membantu syarikat pengilangan untuk mengekalkan daya saing mereka dan mencapai hasil yang dikehendaki. Adalah dikatakan bahawa sistem perakaunan pengurusan (MAS) tradisional tidak lagi mampu menyediakan maklumat yang diperlukan untuk beroperasi dalam persekitaran perniagaan yang sentiasa berubah-ubah. Kajian ini mengkaji peranan maklumat MAS dalam hubungan di antara persaingan pasaran, pengilangan ‘lean’ dan prestasi organisasi. Data dikumpulkan dengan menggunakan soal selidik dari firma-firma pengilangan yang disenaraikan di Direktori Persekutuan Pekilang-Pekilang Malaysia (FMM). Keputusan mendedahkan bahawa hubungan di antara pengilangan ‘lean’ dan MAS, serta di antara MAS dan prestasi, adalah positif dan signifikan, yang menunjukkan bahawa hubungan di antara pengilangan ‘lean’ dan prestasi adalah secara tidak langsung melalui MAS. Ini memberikan bukti bahawa penggunaan maklumat MAS di dalam persekitaran pengilangan ‘lean’ memudahkan syarikat untuk meningkatkan prestasi organisasi. Kata kunci: Pengilangan ‘lean’; ‘just in time’; pengurusan kualiti menyeluruh; persaingan pasaran; sistem perakaunan pengurusan","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115986511","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}

{"title":"Indonesian Stock Market’s Dynamic Integration with Asian Stock Markets and World Stock Markets","authors":"R. Robiyanto","doi":"10.17576/PENGURUSAN-2018-52-15","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2018-52-15","url":null,"abstract":"ABSTRACT The study examines the relationship and integration of stock markets by using a DCC-GARCH from the period of January 1999 to September 2015. The period of January 1999 to September 2015 is chosen because in this period there has been a revocation of foreign ownership restrictions on the Indonesia Stock Exchange. By using this dynamic approach, the relationship, even the integration, of the ever-changing stock markets need to be analyzed with an approach that can accommodate and capture the dynamism of emerging stock markets studied in more detail. Beside DCC-GARCH, several additional analysis were also conducted. The data used in this study are the stock price index data on the stock markets studied namely Nikkei 225 index, Dow Jones Industrial Average (DJIA), FTSE index, All Ordinaries index, Straits Times Index (STI), SET index, KOSPI index, Taipei WG index, KLSE Composite Index, Hang Seng Index (HSI), Manila Composite index (PSEi) and Jakarta Composite Index (JCI). This study found that after subprime mortgage crisis in 2008, the Indonesian stock market was more integrated with several stock markets in Asia and especially in the stock markets in the ASEAN region. By separating the study period into three periods of pre-crisis, during crisis and post-crisis, this study found that the level of stock market integration in Indonesia with stock markets in Asia and the world is increasing. This study shows the importance of dynamic approach’s usage in stock market integration analysis. Keywords: DCC-GARCH; stock market integration; stock market segmentation; emerging market; established market ABSTRAK Kajian ini mengkaji hubungan dan integrasi pasaran modal dengan menggunakan DCC-GARCH untuk tempoh Januari 1999 sehingga September 2015. Tempoh Januari 1999 sehingga September 2015 dipilih kerana pada tempoh ini berlakunya penarikan semula sekatan terhadap pemilikan asing di Bursa Saham Indonesia. Dengan menggunakan pendekatan dinamik ini, hubungan dan integrasi pasaran saham yang sentiasa berubah perlu dianalisis dengan pendekatan yang dapat menampung dan menangkap dinamisme pasaran saham baru muncul yang dikaji dengan lebih terperinci. Selain DCC-GARCH, beberapa analisis tambahan juga turut dijalankan. Data yang digunakan dalam kajian ini adalah data indeks harga saham di pasaran saham yang dikaji iaitu indeks Nikkei 225, Dow Jones Industrial Average (DJIA), Indeks FTSE, Indeks All Ordinaries, Indeks Straits Times (STI), indeks SET, indeks KOSPI, Indeks Taipei WG, Indeks Komposit KLSE, Indeks Hang Seng (HSI), Indeks Komposit Manila (PSEi) dan Indeks Komposit Jakarta (JCI). Kajian ini mendapati selepas krisis “gadai janji subprima” pada tahun 2008, pasaran saham Indonesia lebih terintegrasi dengan beberapa pasaran saham di Asia dan terutama di pasaran saham di rantau ASEAN. Dengan memisahkan tempoh kajian kepada tiga tempoh pra-krisis, semasa krisis dan pasca krisis, kajian ini mendapati bahawa tahap integrasi pasaran saham di Indonesia denga","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126124585","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}

{"title":"Carhart and Q-Factor Views of Mutual Fund Performance","authors":"R. Rahim, R. Othman, Ling Pick Soon","doi":"10.17576/PENGURUSAN-2017-51-22","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2017-51-22","url":null,"abstract":"ABSTRACT This study evaluates the performances of 321 Malaysian equity mutual funds for the period of June 1998 to May 2015. These mutual funds appear to generate an average monthly rate of 0.6878 percent (8.25% per annum), a performance close enough to that of the market (8.42% per annum). The Jensen’s alphas show that only around 22 percent of these funds significantly outperform the market. While multifactor models are expected to produce better explanatory power, Carhart rather than q-factor model seems to fit the Malaysian funds data better. The results reveal that (i) funds’ returns are closely linked to market performance, (ii) effect of fund managers’ stock selection and market timing skills are both weak and insignificant on fund performance, (iii) of the five investment styles exhibited in these multifactor models, only value (HML) and profitability (RMW) have gained attention from fund managers, (iv) adoption of RMW tend to give an equal chance of deteriorating and improving funds’ returns. The results of this study in general imply that investors might be better off investing in the equity market directly and passively through index-tracking and buy-and-hold strategies that are less costly. Keywords: Mutual funds; Jensen’s alpha; Carhart model; q-factor model; stock selection; market timing; investment styles; multifactor model ABSTRAK Kajian ini menilai prestasi 321 dana amanah ekuiti Malaysia bagi tempoh Jun 1998 hingga Mei 2015. Dana amanah ini didapati menjana kadar pulangan bulanan 0.6878 peratus (8.25% setahun), satu prestasi yang hampir sama dengan prestasi pasaran (8.42% setahun). Nilai alpha Jensen menunjukkan hanya sekitar 22 peratus daripada dana amanah tersebut mengatasi prestasi pasaran secara signifikan. Walaupun model-model multifaktor dijangka menghasilkan kuasa jelas yang lebih tinggi, model Carhart didapati lebih sesuai bagi data dana amanah Malaysia berbanding model faktor q. Dapatan kajian menunjukkan (i) pulangan dana amanah berkait rapat dengan prestasi pasaran, (ii) kesan pemilihan saham dan pemasaan pasaran terhadap prestasi dana adalah lemah dan tidak signifikan, (iii) daripada lima gaya pelaburan yang diuji dalam model-model multifaktor tersebut, hanya gaya nilai (HML) dan keuntungan (RMW) mendapat perhatian dari pengurus dana, dan (iv) penggunaan RMW bagaimanapun cenderung menunjukkan peluang yang sama untuk meningkat dan menyusutkan pulangan dana. Penemuan kajian ini umumnya menyarankan pelabur mempunyai peluang yang lebih baik dalam pasaran saham dengan melabur secara langsung dan secara pasif melalui pengguaan strategi mengikut indeks dan beli-dan-pegang yang kosnya sangat rendah. Kata kunci: Dana amanah; alpha Jensen; model carhart; model faktor q; pemilihan saham; pemasaan pasaran; gaya pelaburan; model multifactor","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115233791","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}

{"title":"The Realisation of Green Ideals into Management Practice: The Use of Management Control System in a Hospitality Setting","authors":"Rozaidy Mahadi, A. Siti-Nabiha, K. Stocker","doi":"10.17576/PENGURUSAN-2017-51-11","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2017-51-11","url":null,"abstract":"ABSTRACT The hospitality sector has been under pressure to ensure that its operations are environmentally sustainable. The effective implementation of green practices requires a link between environmental strategies, management accounting and control. Hence, the purpose of this paper is to explain how management control systems support the internalisation of green ideals within an organisation. A case study is undertaken of a hotel that promoted its green image, using Dambrin, Lambert and Sponem’s (2007) framework to understand the use of Management Control Systems in the internalisation process of the green philosophy of the hotel. The internalisation of the hotel’s Environmental Management Practices (EMPs) started with the introduction of the ideal of becoming a green hotel, which was translated and communicated through the notion of a business case. The adaption and integration of green practices have been internalised, mainly with the support of the hotel’s informal control techniques. Keywords: Management control systems; green hotel; environmental management practices; green ideals; hospitality ABSTRAK Sektor hospitaliti menerima tekanan untuk memastikan kelestarian persekitaran operasi mereka. Amalan persekitaran yang efektif memerlukan strategi persekitaran dikaitkan dengan pengurusan perakaunan dan kawalan. Kertas kerja ini menjelaskan bagaimana sistem kawalan pengurusan menyokong penghayatan cita-cita hijau di organisasi. Kajian kes sebuah hotel yang mempromosikan imej hijau dengan kerangka analisa Dambrin, Lambert dan Sponem (2007) digunapakai bagi menjelaskan penggunaan Sistem Kawalan Pengurusan dalam menyokong proses penghayatan falsafah kelestarian di organisasi tersebut. Penghayatan Amalan Pengurusan Persekitaran (EMP) bermula dengan pengenalan ideal untuk menjadi hotel hijau yang diterjemahkan melalui idea perniagaan. Adaptasi dan integrasi penghayatan amalan hijau dilaksanakan, terutamanya dengan sokongan teknik kawalan tidak rasmi. Kata kunci: Sistem pengurusan dan kawalan; hotel hijau, amalan pengurusan persekitaran; cita-cita hijau; hospitaliti","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121345138","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}

{"title":"Co-operative Governance and the Public Interest: Between Control and Autonomy","authors":"N. Saleh, Noradiva Hamzah","doi":"10.17576/PENGURUSAN-2017-51-17","DOIUrl":"https://doi.org/10.17576/PENGURUSAN-2017-51-17","url":null,"abstract":"ABSTRACT Co-operatives are jointly owned by their member-users, who also democratically control the enterprise. In turn, all members share the benefits of co-operatives. Thus far, not much is understood about the role of the regulator vis-a-vis the co-operative board in the governance of the claimed, social enterprise. The objectives of this study are to evaluate co-operative governance from the public interest perspective and provide narratives of the nature of governance practices for accountability of Malaysian co-operatives. This study adapts a public interest view borrowed from the political theory framework as proposed by Cochran (1974) for the evaluation of governance practices in relation to co-operatives’ accountability. Data was collected through in-depth interviews. The framework suggests co-operatives follow a consensualist view, responsible to the specific community or members they serve, which demands a certain degree of autonomy to operate effectively. The description of the nature of control over co-operatives and the public’s interest in co-operatives that this study provides, recommends control by regulators is, to a certain extent, needed in order for co-operatives to be effective in discharging their accountabilities as there are a lack of members’ activism and co-operative board competency inherent the industry in Malaysia. Keywords: Co-operative governance; public interest; autonomy; accountability ABSTRAK Koperasi dimiliki oleh ahli-pengguna, yang juga mengawal secara demokratik enterpris berkenaan. Sebagai pulangannya, semua ahli berkongsi manfaat koperasi. Setakat ini, belum banyak yang difahami mengenai peranan pihak pengawal selia berbanding lembaga koperasi dalam governans yang dikatakan enterpris sosial ini. Objektif kajian ini adalah untuk menilai governans koperasi dari perspektif kepentingan awam dan memberikan naratif mengenai bentuk amalan governans bagi mencapai akauntabiliti koperasi-koperasi di Malaysia. Penelitian ini mengadaptasi pandangan kepentingan awam yang dipinjam daripada kerangka kerja teori politikal seperti yang telah dicadangkan oleh Cochran (1974) dalam penilaian amalan governans yang berkaitan akauntabiliti koperasi. Data telah dikutip melalui temubual mendalam. Kerangka kerja tersebut mencadangkan koperasi cenderung menurut pandangan konsensualis, bertanggungjawab dan berkhidmat kepada komuniti atau ahli-ahli tertentu, yang perlu kepada darjah autonomi tertentu utuk beroperasi dengan berkesan. Gambaran yang diberikan kajian ini mengenai bentuk kawalan ke atas koperasi dan kepentingan awam ke atas koperasi, mencadangkan kawalan oleh pihak pengawal selia, masih diperlukan untuk keberkesanan koperasi dalam menjalankan akauntabilitinya kerana kelemahan dalam keaktifan ahli dan kecekapan lembaga pengarah koperasi di Malaysia. Kata kunci: Governans koperasi; kepentingan awam; autonomi; akauntabiliti","PeriodicalId":311489,"journal":{"name":"Jurnal Pengurusan UKM Journal of Management","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121295737","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}