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  UM Refereed Academic Journals
 
 
Asian Journal of Business and Accounting
 
Demographic and Lifestyle Profiles of Ethnocentric and Non-Ethnocentric Urban Malaysian Consumers
Md Nor Othman*, Fon-Sim Ong And Heng-Wai Wong,

Abstract:
The globalization of markets presents considerable challenges and opportunities for domestic and international marketers. This has led to a renewed interest in the effects of consumer ethnocentrism on buying behaviour. The main objective of this paper is to investigate the ethnocentric tendency among urban consumers in Malaysia. Specifically, the paper endeavours to identify the psychographic and demographic characteristics of ethnocentric and non-ethnocentric consumers. This study employs a survey approach. In terms of data collection technique, the study utilizes self-administered questionnaires. The study finds that five out of six demographic characteristics are significant to differentiate between the two ethnocentric groups. In terms of lifestyle dimensions, six out of eight dimensions are found to be significant. In general, the research results show that ethnocentric consumers tend to be Malay, married, female, have a low income and are mostly blue collar. They tend to be family and home concerned as well as price conscious.

Keyword: Consumer Behaviour; Ethnocentrism; Demographic; Lifestyle Profiles

Full Paper: Vol1(1)-Article1.pdf
 

 
Board Independence, CEO Duality and Accrual Management: Malaysian Evidence
Hafiza Aishah Hashim*, S. Susela Devi,

Abstract:
This paper focuses on two important characteristics of board effectiveness: (1) the proportion of independent non-executive directors; and (2) CEO Duality. The objective of this study is to examine whether the presence of a majority of independent non-executive directors and the separation role between chairman and CEO, as recommended in the Malaysian Code on Corporate Governance (MCCG) 2000, effectively constrains the incidence of earnings management as measured by income-increasing and incomedecreasing discretionary accruals. Using data from the top 200 nonfinancial companies listed on Bursa Malaysias Main Board and Second Board for the year 2004, this study finds a positive significant result of board independence when firms undershoot target earnings. Although contradictory to the prediction of agency theory, the results show that a higher proportion of independent non-executive directors is associated with higher income-increasing earnings manipulations. Neither board independence nor CEO Duality was found significant in other models tested regarding income-increasing and incomedecreasing earnings management. The results of this study cast doubt on the notion that the independence of directors and the role separation between the chairman and the CEO reduces the incidence of earnings management activity, especially with highly concentrated ownership as is typical in Malaysia.

Keyword: Accrual Management; Corporate Governance; Malaysia

Full Paper: Vol1(1)-Article2.pdf
 

 
The Efficiency Effects of Mergers and Acquisitions in Malaysian Banking Institutions
Rasidah Mohd Said*, Fauzias Mat Nor, Soo-Wah Low And Aisyah Abdul Rahman,

Abstract:
This paper analyses the efficiency and financial performance using CAMEL-type variables, three years before and after the consolidation programme for the domestic banking sector initiated by Bank Negara as a result of the 1997 financial crisis. The results suggest that the mergers did not seem to enhance the productive efficiency of the banks as they do not indicate any significant difference. The financial performance suggests that the banks are becoming more focussed on their intermediation activities to generate high net interest income. However, due to their conservative loan loss reserve policies and cost inefficiencies after the merger, it has somehow resulted in the loan growth and interest earning ratio variable giving a negative impact on ROE.

Keyword: Bank Mergers; Efficiency; Performance; Data Envelopment Analysis; CAMEL Variables

Full Paper: Vol1(1)-Article3.pdf
 

 
Selection Approach to Assessing the Alignment between Business Strategy and Use of Multiple Performance Measures in Malaysian Manufacturing Firms
Ruzita Jusoh*, Daing Nasir Ibrahim, Yuserrie Zainuddin,

Abstract:
This paper reports the results of an empirical investigation into alignment, by way of the selection approach, combining Miles and Snows business strategies and use of multiple performance measures. The selection approach (Drazin & Van de Ven, 1985) defines fit (or alignment in this paper) in terms of predictable correlations between Miles and Snows business strategies and the use of multiple performance measures. Utilizing the four balanced scorecard (BSC) perspectives of performance measures, the correlational analysis provides empirical evidence that the usage of three perspectives of the BSC measures, namely, customer, internal business process, and innovation and learning, are significantly correlated with the degree to which firms emphasize prospector strategy and analyzer strategy. However, the usage of financial measures is not significantly correlated with the degree to which firms emphasize prospector strategy and analyzer strategy. No evidence is found of an alignment between the usage of all perspectives of the BSC measures and the degree to which firms emphasize defender strategy.

Keyword: Balanced Scorecard; Performance Measures; Strategy; Alignment

Full Paper: Vol1(1)-Article4.pdf
 

 
Intra-Market Price Discovery in an Emerging Stock Market: Vector Fractionally-Integrated Error Correction Model and Toda-Yamamoto Level VAR Approaches
A. Mansur M. Masih* And Rumi Masih,

Abstract:
The study investigates the price discovery process by which markets attempt to find equilibrium prices among a system of disaggregate daily spot share price indices relating to the Malaysian Stock Exchange using a VAR. Specifically: (i) a vector fractionallycointegrated error-correction model is proposed and estimated to investigate the short-run dynamics accounting for the long-run information via a fractionally-integrated error-correction term; and (ii) the Toda-Yamamoto (1995) [k + d(max)]th-order VAR procedure to specify a level VAR containing integrated and cointegrated processes of arbitrary orders is adopted to uncover the long-run driving forces behind stock market linkages. The results are interpreted in the context of the price discovery process among spot stock prices. Our findings indicate consistently that the price discovery process was focused on the palm oil market in Malaysia in the sense that this market played, relatively, the leading role (both in the short- and long-term) being the most exogenous of all. In particular, we demonstrate that previous research, by using ordinary difference VARs either by intent or lack of support of cointegration in the standard sense, ignored an important component of linkages displayed over the long run.

Keyword: Intra-Market Price Discovery; Granger Causality; Mean-Reversion; Fractional Cointegration.

Full Paper: Vol1(1)-Article5.pdf
 

 
Intellectual Capital and Corporate Performance of Technology-Intensive Companies: Malaysia Evidence
Kin Gan* And Zakiah Saleh,

Abstract:
This paper examines the association between Intellectual Capital (IC) and corporate performance of technology-intensive companies (MESDAQ) listed on Bursa Malaysia by investigating whether value creation efficiency, as measured by Value Added Intellectual Capital (VAICTM), can be explained by market valuation, profitability, and productivity. Correlation and regression models were used to examine the relationship between corporate value creation efficiency and firms market valuation, profitability and productivity. The findings from this study show that technology-intensive companies still depend very much on physical capital efficiency. The study also suggests that individually, each component of the VAIC commands different values compared to the aggregate measure, which implies that investors place different value on the three VAIC components. The results also indicate that physical capital efficiency is the most significant variable related to profitability while human capital efficiency is of great importance in enhancing the productivity of the company. This study concludes that VAIC can explain profitability and productivity but fails to explain market valuation.

Keyword: Intellectual Capital; Market Valuation; Productivity; Profitability; Value Added Intellectual Coefficient

Full Paper: Vol1(1)-Article6.pdf
 

 
Work Value Congruence and Satisfaction at Work: Is this Western Concept Applicable to a Developing Country such as Malaysia?
Kamarul Zaman Ahmad*,

Abstract:
This study aims to fulfil two literature gaps in the person-environment fit theory, in particular the supply-value fit or S-V fit relating to work congruence. Firstly, previous research in S-V fit tended to look mainly at autonomy and supervision style. However, there appears to be no reported research that has simultaneously investigated, in a single study, the effects of the discrepancy between the perceived and desired levels of work quantity, variety, power, responsibility and concentration required for the job and its relationship with satisfaction at work. Secondly, the S-V fit theory has been relatively established in developed countries such as America and Britain. However, it would be interesting to discover whether the theory is also applicable among workers in small isolated towns in a developing country such as Malaysia. Questionnaires were distributed and collected from two hundred and eighty respondents working in small towns in Peninsular Malaysia. Support for the S-V fit theory was obtained, as results suggested that the greater the discrepancy between the supplies and values of work quantity, variety, power, responsibility and concentration required at work, the lesser was the satisfaction.

Keyword: Job Satisfaction, Person-Environment Fit, Supply-Value Fit

Full Paper: Vol1(1)-Article7.pdf
 

 
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