Papers by Assoc. Prof Dr. Azlan Ali
Management and Labour Studies, 2016
This article aims to investigate the relationship between working capital management and firm per... more This article aims to investigate the relationship between working capital management and firm performance in an emerging market. The analysis is done over a long window spanning across 2000–2014 by using ordinary least square (OLS), fixed- and random-effects model and generalized method of moments (GMM) on 2,327 firm-year observations, a panel data of 179 companies listed on the S&P BSE 500 Index of Bombay Stock Exchange (BSE). For robustness, in addition to accounting performance, market-based performance measure has also been employed to measure firm performance. This study based on India finds a negative relationship between the working capital management and firm performance, necessitating the need to efficiently manage the working capital for enhanced profitability.
The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Compo... more The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI) based on the theory of wavelets on the basis of monthly data from the period January 1990 December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as w...
Our paper evaluates the capital structure of Malaysian firms from a unique perspective by evaluat... more Our paper evaluates the capital structure of Malaysian firms from a unique perspective by evaluating the impact of Shari’ah compliance on firms’ financing decision. We find that firms that are Shari’ah compliant tend to lean towards lower debt issues to finance their deficits, implying that the compliance status has an impact on their cost of equity which ultimately affects cost of capital.
Eurasian Journal of Economics and Finance, 2014
The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Compo... more The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI) based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-cross-correlation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long a...
Frontiers in Psychology
Amid difficulty, the psychological capital of small tourism firm owners/managers has been given l... more Amid difficulty, the psychological capital of small tourism firm owners/managers has been given less attention. In the coronavirus disease-2019 (COVID-19) pandemic, this research examined how psychological capital (self-efficacy, hope, optimism, and resilience) affects organizational resilience. By structural equation modeling (AMOS 21.0), 644 small tourism firm owners in Malaysia were randomly selected to investigate the relationship between psychological capital and organizational resilience, and the mediating effect of problem-focused and emotion-focused coping strategies on this relationship. The findings of the study supported hypothesized relationships, as the psychological capital of small tourism firm owners in Malaysia significantly affects organizational resilience. Furthermore, the study discovered that problem-focused and emotion-focused coping strategies have partial mediating effects on the association between psychological capital and organizational resilience. In the...
Amidst the prevailing corporate ecosystem, it is incontestably that the conspicuousness of firms ... more Amidst the prevailing corporate ecosystem, it is incontestably that the conspicuousness of firms ought to be placed on effectiveness in managing short-term resources particularly ensuing the manifestation of global financial crisis. With the purpose to investigate the effect of working capital management (WCM) on firm performance, this study intends to furnish finance manager as well prospective investors in envisaging the momentous of WCM in trading-off liquidity and returns. This study adopts one-step system generalised method of moments (GMM) in order to capture for the endogeneity issues arising from the unobserved time-invariant firm-specific elements as well enhance the data efficiency. Adopting a sample of 156 Malaysian public companies listed on bursa Malaysia in industrial products sector with the interval of 10 years (i.e. from 2007 through 2016), the study unveils the insignificant linkage between WCM proxy (i.e. CCC) and firm performance (FP). Despite of the diminutive a...
Contemporary Economics, 2019
The present study was aimed at investigating the influence of risk-taking behavior on profitabili... more The present study was aimed at investigating the influence of risk-taking behavior on profitability for IBs in MENA region for a span of time covering 2005-19. The profitability of IBs were measured by ROA, ROE and NIM while the risk-taking behavior was identified with insolvency risk, capital risk, liquidity risk and credit risk. In addition, some controlling factors like efficiency; revenue, profit and cost efficiency and development indictors; stock market development, banking sector development and banking competition along-with macro indicators like inflation rate and GDP growth rate were used. The annual stream of data was formed in panel order by accessing the same from WDI and bank scope databases. The study uses panel data estimation like fixed, random and OLS as well as the dynamic panel estimations like GMM. The Hausman specification test and LM test were not significant which validate the use of OLS for panel estimation while Arellano-Bond, Sargan and Hansen test are not...
This paper provides a critical review on the relevance and impact of capital structure decisions ... more This paper provides a critical review on the relevance and impact of capital structure decisions and its tax implications on firm value. We provide a brief look at the fundamental theoretical predictions from a basic framework established in the literature. Furthermore, we discuss the implications of one of the most important market imperfections: taxes. This is driven by the tax shield provided by debt issues as well as the impact income taxes at the personal investor level. The empirical literature does provide reasonable evidence to support the framework. However, further studies highlight that it remains puzzling why managers are reluctant to increase debt levels to reduce firms‟ tax burden given that the potential savings remain largely underutilized in practice. The evidence in the empirical literature provides contention which questions the fundamental framework of the theory as it remains unresolved as to whether debt issues do have a net marginal tax benefit to firm value. ...
Knowledge management (KM) has been identified as one of the new economic assets of an organisatio... more Knowledge management (KM) has been identified as one of the new economic assets of an organisation as it entails to a more relationship oriented business process that use knowledge sharing as the framework to increase its service quality for the benefits of customer satisfaction. This study aims to discuss on the relationship of customer knowledge, knowledge management and service quality on customer satisfaction in retail Islamic banking environment. In depth study on the service quality (SQ) aspect in the retail Islamic banking was firstly conducted in order to identify the element of knowledge that resides in the service quality items and how it relates to the customer knowledge and customer satisfaction. Secondly, the construct of KM relationship between the service quality, customer knowledge and customer satisfaction is critically assessed. The focus of KM is on the effective knowledge transfer process via the SECI model where the knowledge acquisition and sharing process in t...
This paper provides a critical review on the relevance and impact of agency problems and its impa... more This paper provides a critical review on the relevance and impact of agency problems and its impact on the borrowing levels of firms. We provide a brief look at the fundamental theoretical predictions from a basic framework established in the literature. Furthermore, we discuss the implications of the conflicts between managers and shareholders as well as shareholders and debtholders. The empirical literature provides some interesting insights on the potential mechanisms that can be used to reduce agency problems which range from managerial incentives, concentration of shareholders as well as the level, nature and maturity of debt. The findings are however inconclusive on the ability of such mechanisms to effectively control agency problems and subsequently reduce agency costs. Thus the issues highlighted remain unresolved and leaves ample room for future researchers.
The International Journal of Entrepreneurship and Innovation
SMEs still need innovation to boost their performance in the age of globalisation and fierce mark... more SMEs still need innovation to boost their performance in the age of globalisation and fierce market rivalry. Previous studies have identified that innovation capability is an essential driver in manufacturing industries for their survival. Yet, the featuring role of innovation capability has been considered theoretically in developed economies whereas empirical studies in emerging economies are still lacking. Therefore, the purpose of this study to examines the importance of innovation capability towards SME performance and the mediating role of technology-adoption. Structured questionnaires were used to collect the data from a sample size of 611 SMEs operating in the developing market of Malaysia. Derived hypotheses were verified through Structural Equation Modelling (SEM) using AMOS 21. The findings of the study indicated that innovation capability has a significant positive impact on SME performance. Technology- adoption partially mediates the relationship between innovation capab...
International Journal of Business Forecasting and Marketing Intelligence
Journal of Security and Sustainability Issues
International Journal of Energy Economics and Policy
The present study utilized continuous wavelet power range, and wavelet coherence power range esti... more The present study utilized continuous wavelet power range, and wavelet coherence power range estimations to analyze the relationship among renewable energy consumption, non-renewable energy consumption and environmental degradation by taking about quarterly data for the time of 1997(1) to 2017(4). Moreover, the consequences of wavelet coherence affirm that ENG and CO 2 emission have a bi-directional causal association with one another in the medium run and a uni-directional causal relationship where ENC is driving in a short run era. However, we found no proof of a causal relationship in a long and long run period. Finally, the aftereffects of wavelet coherence affirm that RENE and CO 2 emission have a bi-directional causal association with one another in short run and a uni-directional causal relationship where CO 2 emission is driving in medium run day and age. Nonetheless, we found a proof of a uni-directional causal relationship in a long and long run period where causality is running from renewable energy consumption to environmental degradation in Malaysia.
We investigate the relationship between bank liquidity risk and credit risk and the impact of ban... more We investigate the relationship between bank liquidity risk and credit risk and the impact of bank capital on liquidity risk. Using 19 Malaysian commercial banks data over 2002-2011 and applying dynamic panel data GMM estimation after controlling for bank-specific and macroeconomic variables, empirical results document a positive relationship between liquidity and credit risk and a non-linear U-shaped relationship between bank capital and liquidity risk.
International Journal of Engineering & Technology
Knowledge for customer roles (KC) in student services is essentially very much important since th... more Knowledge for customer roles (KC) in student services is essentially very much important since the linkage of knowledge creation, sharing, dissemination and acquisition would be the value created for the customers. One of the important elements of customer knowledge (CK) is knowledge for customer roles (KC) and it reflects on how the process of knowledge transfer and exchange are conducted for the benefits of customer satisfaction (CS). This study aims to discuss on the relationship of knowledge for customer roles (KC) and service quality dimensions (SQ) on customer satisfaction (CS) in student services environment. In depth study on the customer knowledge (CK) dimension will be conducted in order to identify the level of knowledge of customers on student services and how the process of knowledge transfer and exchange are taking place. The study of service quality dimensions (SQ) in the student services is also conducted in order to identify the element of knowledge transfer and exc...
Advanced Science Letters
In this paper, we estimate the speed of adjustment for firm level data. We introduce an extrinsic... more In this paper, we estimate the speed of adjustment for firm level data. We introduce an extrinsic limitation to the model to test the impact on rate of adjustment. We find that extrinsic limitations have a significant impact on speed of adjustment.
Afro-Asian J. of Finance and Accounting, 2015
ABSTRACT
ABSTRACT The study investigates causality between palm oil price, exchange rate and the Kuala Lum... more ABSTRACT The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI) based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-cross-correlation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.
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Papers by Assoc. Prof Dr. Azlan Ali