The role of executives in hostile takeover attempts

This paper proposes a two-stage game theoretic model where the discretionary power of executives acts as an implicit defense against hostile takeovers. Following managerial enterprise models, this paper analyzes the effects of discretionary power of target’s executives over R&D and advertising expenditures in defeating hostile takeover attempts. It is shown that in vertically differentiated industries, in equilibrium, target’s executives keep low level of R&D and advertising expenditures to make their firm an unattractive target for hostile takeovers. The model reveals that executives are influenced by their self-interest of monetary and non-monetary benefits and this self-interest makes the industry more differentiated.     

Equity-Based Sukuk： Robust Performance of Musharakah and Mudharabah Contract

The purpose of this study is to analyze the robust performance of equity-based sukuk in Malaysia, that is, Musharakah and Mudharabah contract. Accounting and Auditing Organization for Islamic Financial Institutions （AAOIFI）, as an international standard-setting organization for Islamic finance, raised an issue that 85% issuances of Musharakah and Mudharabah sukuk have breached the shariah rulings and do not comply with Islamic principles （AAOIFI, 2002）. Consequently, the performance of equity-based sukuk in Malaysia was affected. This study used a secondary data for size of issuances which are gathered from Bank Negara Malaysia （BNM）＇s Bond Info website and Securities Commission （SC） website. The performance of equity-based sukuk, either Musharakah or Mudarabah, is robust in the study year period of 2000-2012 as regards their sizes of issuances.     

Predicting Malaysian managers' objective and subjective career success

Compared with the extensive research on managerial career in the west, little has emerged from Asia. This study reports an investigation of the determinants of objective and subjective career success of managers working in the Malaysian public sector. Surveys were received from 288 managers of various managerial grades. The findings revealed that managers' objective and subjective career success were predicted by different variables. Objective career success was predicted by human capital and demographic variables. Subjective career success was predicted by structural variables, individual variables, and demographic variables. The implications for research and practice are highlighted.     

A Comparative Analysis of Global Halal Certification Requirements

The aim of this study is to compare the various Halal certification bodies around the world based on the criteria for Halal certification. As the process of awarding Halal certificates varies among the certification bodies, it is pertinent to identify the differences between these selected certification bodies to gauge the gap existing among them. This study will also identify the position of JAKIM, which is the main Halal certification body in Malaysia, among the other main certification bodies around the world. Nine categories were identified in awarding Halal certification to companies. Comparative analysis was then used to see the differences that exist between these certification bodies. The results of the analysis indicate that, based on the nine categories identified, JAKIM is the strictest body in awarding Halal certification to companies.     

Factors influencing individual in adopting eWallet

This research examines individuals’ feasibility of adopting digital wallet also known as ‘eWallet.’ It aims at assessing the technological readiness among customers especially youth by measuring the acceptance level of digital wallet adoption in a massive implementation of the digital economy. Adoption of eWallet can potentially enhance the efficiency of financial institutions and the provision of new services for the convenience of the customers. The nature of this study was developed in the context of South East Asia focusing on Brunei Darussalam. The study using a framework for assessment based on the unified theory of acceptance and use of technology model revealed that the main construct of the model to be predictors of behavioral intention, was attitude towards using technology and anxiety. These results might be as a result of the millennial generation being in constant interaction with various types of technology, paired with the rising Internet connectivity leading to the minimal impact of the digital wallet adoption.

     

Determining the Key Factors of Customer–Brand Relationship Investment Dimensions: Insights From Malaysian Mobile Phone Users

This study aims to empirically test a scale to measure the dimensions of relationship investment. An exploratory factor analysis and reliability analysis were conducted on a sample of 150 mobile phone customers, whereas a confirmatory factor analysis was conducted on a sample of 539 customers. The results identified 2 dimensions each for customer and brand investment and validated the measurement items for each dimension. Thus, this study offers a sound scale for potential use in future studies and a useful tool for companies to use to diagnose and plan for an effective engagement strategy.     

Explaining Heterogeneity in the Effect of the Exchange Rate and Exchange Rate Volatility on Foreign Direct Investment: A Meta‐Analysis Approach

This study examines the effect of exchange rate and exchange rate volatility on foreign direct investment (FDI) by using a meta‐analysis. We filter out publication bias within the 1,329 estimates, pooled from 101 studies and employ Bayesian Model Averaging to reduce model uncertainty and explain the existing heterogeneity. The results reveal that the exchange rate system, estimation characteristics, and the modeling approach have an important and noticeable influence on the statistical significance and direction of the estimates. On one hand, the impact of exchange rate volatility is relatively lower in countries with higher trade openness, human capital and better protection of intellectual property rights. On the other hand, greater geographical distance and technology gap between the host and the home economy are associated with greater uncertainty and thus accentuate the negative causality between exchange rate volatility and FDI. Such sensitivities suggest that greater emphasis should be placed on reporting estimates of the impact of the exchange rate and its volatility on FDI across a variety of methodological characteristics and specification and estimation choices.