Asian Academy of Management Journal of Accounting and Finance最新文献_第9页

The Financial Performance of Islamic Real Estate Investment Trusts (REITs) in Malaysia 马来西亚伊斯兰房地产投资信托基金(REITs)的财务表现

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-08-31 DOI: 10.21315/aamjaf2019.15.1.8

S. Ruslan

引用次数: 9

The Effect of Industry Homogeneity on the Magnitude of Post-Earnings Announcement Drift: Evidence from Korea 行业同质化对收益公告后漂移幅度的影响:来自韩国的证据

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-08-15 DOI: 10.21315/aamjaf2019.15.1.5

Heejeong Shin, Su-in Kim, Sorah Park, Hyejeong Shin

引用次数: 1

Impacts of Risk Based Capital Regulation in Malaysian Islamic Insurers (Takaful) 风险资本监管对马来西亚伊斯兰保险公司的影响

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-08-15 DOI: 10.21315/aamjaf2019.15.1.2

H. Lee, F. Cheng, A. Nassir, N. H. A. Razak

{"title":"Impacts of Risk Based Capital Regulation in Malaysian Islamic Insurers\u0000 (Takaful)","authors":"H. Lee, F. Cheng, A. Nassir, N. H. A. Razak","doi":"10.21315/aamjaf2019.15.1.2","DOIUrl":"https://doi.org/10.21315/aamjaf2019.15.1.2","url":null,"abstract":"Risk Based Capital framework for Takaful operators (RBCT) is enforced by the Central Bank of Malaysia with the aim to ensure that Takaful operators have adequate capital to provide sound financial service. The objectives of this article is to examine the impacts of RBCT on efficiency, productivity and competitiveness level of Family Takaful Operators (FTO) and the relationship between efficiency and competitiveness in FTO in Malaysia. This study employs three methods namely Data Envelopment Analysis (DEA), Malmquist Productivity Index (MPI) and Panzar Rosse (PR) to investigate the impacts of RBC on the efficiency, productivity and competitiveness of FTO in Malaysia. The efficiency results indicate that after RBCT comes into effect, the cost efficiency has achieved higher efficient level. Although the productivity efficiency are improving, the technological systems of FTO are yet to achieve a reasonable level. From competitiveness results, the FTO are less competitive prior the implementation of RBCT, but has become more competitive after the regulation of RBCT framework. Furthermore, the more efficient of a Takaful market, the more competitive the market is. The implication of this study is that regulators need to impose prudent risk based capital regulation because it will improve the efficiency and competitiveness of Islamic insurers.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2019-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44349117","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}

引用次数: 6

A Test of the Catering Theory of Dividends: Empirical Evidence from an Emerging Economy India 股利迎合理论的检验:来自新兴经济体印度的经验证据

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-01-01 DOI: 10.21315/aamjaf2019.15.2.2

Nishant B. Labhane

{"title":"A Test of the Catering Theory of Dividends: Empirical Evidence from an Emerging Economy India","authors":"Nishant B. Labhane","doi":"10.21315/aamjaf2019.15.2.2","DOIUrl":"https://doi.org/10.21315/aamjaf2019.15.2.2","url":null,"abstract":"The present study examines the catering theory of dividends proposed by M. Baker and J. Wurgler in 2004 for 781 sample firms listed on National Stock Exchange (NSE) in India during 1994–1995 to 2014–2015. The dividend premium, a proxy to measure the time-varying investors’ desire for dividends, is captured in each year during the study period. The dividend premium is negative for most of the years of the study period which is consistent with the previous research studies in the U.S. The results for the relationship between the dividend payment variables and the investors’ demand for dividend indicate that when the dividend premium is high the non-dividend paying firms initiate dividend payment in the following year whereas, when the dividend appear at the stock market dividend discount the dividend-paying firms omit (not continue) paying dividend in the subsequent year. The empirical results suggest that the decision to initiate and continue dividend payment have strong predictive power for the future excess share returns of dividend-paying firms over non-dividend paying firms. Thus, our results support the notion that the managers of Indian firms cater rationally to investors demand for dividends by paying dividends when investors place a premium on dividend-paying firms and vice versa.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"15 1","pages":"29-52"},"PeriodicalIF":0.9,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67727508","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}

引用次数: 2

Malaysian SMEs’ Liability Structure and its Impact on Profitability and Growth 马来西亚中小企业的负债结构及其对盈利能力和增长的影响

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-01-01 DOI: 10.21315/aamjaf2019.15.2.4

W. Wong, S. Sabki, Anggapan Regupathi, Syed Salim

{"title":"Malaysian SMEs’ Liability Structure and its Impact on Profitability and Growth","authors":"W. Wong, S. Sabki, Anggapan Regupathi, Syed Salim","doi":"10.21315/aamjaf2019.15.2.4","DOIUrl":"https://doi.org/10.21315/aamjaf2019.15.2.4","url":null,"abstract":"This paper offers new evidence as to how the heterogeneity in small and medium enterprises’ (SMEs’) liability structure affects their growth and profitability. On average, SMEs in our sample incurred a shortage in spontaneous (supplier) financing of 24.9% of total assets. This shortage is financed by bank debt of 21.1% which consists of trade-line facilities (9.6%) and term loans (11.6%). SMEs also finance this shortage in spontaneous financing with non-bank financing sources such as leasing (3.3%) and related party loans (2.9%). Regression results show that SMEs that are efficient in working capital management (shorter cash conversion cycle) tend to perform better. This value creation in efficient working capital management mainly arises from longer payable period enjoyed from the suppliers. SMEs that obtained more loans from related parties tend to exhibit higher performance. Conversely, SMEs that extend more loans to their related parties are associated with lower performance. In terms of growth, SMEs with access to banking facilities tend to enjoy higher growth rate. However, excessive debt in balance sheet is detrimental to SMEs’ growth prospect.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"15 1","pages":"77-94"},"PeriodicalIF":0.9,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67727680","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}

引用次数: 2

Performance of Local Versus International Focus Malaysian-based Mutual Funds 本地与国际焦点马来西亚共同基金的表现

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-01-01 DOI: 10.21315/aamjaf2019.15.2.3

R. Rahim, Pick-Soon Ling, R. M. Rashid

引用次数: 2

Discretionary Loan Loss Provision Behaviour and Banks’ Liquidity Creation 任意贷款损失拨备行为与银行流动性创造

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-01-01 DOI: 10.21315/aamjaf2019.15.2.6

Sanzid Haq, D. Tran, M. Hassan

{"title":"Discretionary Loan Loss Provision Behaviour and Banks’ Liquidity Creation","authors":"Sanzid Haq, D. Tran, M. Hassan","doi":"10.21315/aamjaf2019.15.2.6","DOIUrl":"https://doi.org/10.21315/aamjaf2019.15.2.6","url":null,"abstract":"Over the last 30 years, liquidity creation has become a USD12.3 trillion business and large banks seem to have all but secured their indelible footprint in the banking industry. Moreover, over a 24 years period (1984 through 2008) big banks have managed to turn their 76% dominance to a prodigious 86% footprint, while the medium and small banks lost ground in the wake. So, looking for ways to create liquidity has become an existential crisis for non-large banks also an avenue for larger banks to maintain their leads. In an effort to find an innovative way to create liquidity, banks have turned to tools that lend themselves to be manipulated at discretion without material consequence to the rest of the business. Discretionary loan loss provision (DLLP) has become such a tool. Using a large sample of the U.S. bank holding companies from the first quarter of 2000 through the fourth quarter of 2015, we explore the relationship between discretionary loan loss provision and liquidity creation and find that, perhaps much to the dismay of some banks, earning manipulation through a tool like DLLP has a negative impact on liquidity creation. Moreover, this impact is indiscriminate regardless of whether the banks are facing an economy that is marred by financial crisis or otherwise. Our findings stand the test of various sensitivity tests to demonstrate their robustness and consistent with prior findings in the literature.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"15 1","pages":"119-154"},"PeriodicalIF":0.9,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67727291","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}

引用次数: 2

The Effect of Economic and Fundamental Factors on the Australian Property Performance 经济和基本面因素对澳大利亚房地产表现的影响

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2019-01-01 DOI: 10.21315/aamjaf2019.15.2.7

R. Tarazi, M. Z. Hasan

{"title":"The Effect of Economic and Fundamental Factors on the Australian Property Performance","authors":"R. Tarazi, M. Z. Hasan","doi":"10.21315/aamjaf2019.15.2.7","DOIUrl":"https://doi.org/10.21315/aamjaf2019.15.2.7","url":null,"abstract":"This study examines the effect of the trade weighted index (TWI) return on the volatility of Australian Real Estate Investment Trusts (REITs). This study also contributes to the existing literature by measuring the impact of the macroeconomics and fundamental factors on the real estate market for three major states in Australia including New South Wales, Victoria, and Queensland. Using monthly house and unit prices and covering the period from 2009 to 2016, this research uses both fixed and random effect panel data models and the vector autoregressive (VAR) model. The findings of the study suggest that the movement of the TWI has positive and statistically significant impact on Australian REITs suggesting the real estate investors expect risk premium on exchange rate factor. The results also purport that both house and unit prices in Australia are exposed to the fluctuations of the fundamental risk factors. Rental yield, a return component, has a positive relationship with the real estate market in New South Wales and Queensland. The findings of the study provide significant insight to the investors in their portfolio formation since they have the understanding of the priced risk factors.","PeriodicalId":44370,"journal":{"name":"Asian Academy of Management Journal of Accounting and Finance","volume":"15 1","pages":"155-184"},"PeriodicalIF":0.9,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67727484","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}

引用次数: 0

Board Gender Diversity and Its Risk Monitoring Role: Is it Significant? 董事会性别多样性及其风险监控作用：意义重大吗？

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2018-08-15 DOI: 10.21315/AAMJAF2018.14.1.4

K. Khaw, Jing Liao

引用次数: 14

Financial Sector and Aggregate Import Demand: A General Equilibrum Perspective with Japan Data 金融部门与总进口需求:基于日本数据的一般均衡视角

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Asian Academy of Management Journal of Accounting and Finance Pub Date : 2018-01-01 DOI: 10.21315/aamjaf2018.14.2.3

Tuck Cheong Tang

引用次数: 4