Pulangan,risiko dan kemeruapan sektor sekuriti diluluskan syariah : Pendekatan GARCH dan CAPM bersyarat

Bagi menunjukkan sistem kewangan Islam adalah satu alternatif yang terbaik, maka prestasi saham syariah perlu dikaji dun membandingkannya dengan saham konvensional. Pulangan yang tinggi akan menarik pelabur membuat pelaburan dalam sekuriti tersebut.Ini kerana pulangan kepada syarikat seterusnya dibahagikan kepada para pemegang saham dalam bentuk keuntungan dan dividen Walau bagaimanapun, pelabur juga mengetahui bahawa pelaburan yang berisiko tinggi akan menjamin pulangan yang tinggi (high risk high return).Oleh itu, kajian ini adalah satu usaha untuk mendalami pengetahuan tentang prestasi pulangan sekuriti lulus Syariah. Salah satu kajian yang perlu dilakukan ialah melihat hubungan di antara pulangan dan beta (pengukur risiko) dan peranan beta dan CAPM dalam menerangkan perbezaan keratan rentas pulangan sekuriti lulus Syariah. Kajian ini menumpukan kepada 456 sekuriti lulus Syariah yang tersenarai di Papan Utama dengan melihat hubungan bersyarat purata pulangan dan beta bagi sekuriti-sekuriti yang diluluskan oleh Majlis Penasihat Syariah. Sementara itu kemeruapan pulangan saham ditakrifkan sebagai serakan terhadap purata pulangan saham atau lebih dikenali sebagai varians. Maklumat dan pengetahuan mengenai gelagat kemeruapan pulangan saham begitu penting kepada ahli ekonomi dan para penganalisis kewangan dalam menyelesaikan beberapa masalah ekonomi yang berkaitan. Poterba dan Summers (1986) telah mengaitkan pengaruh keberterusan pulangan terhadap hubungan antara perubahan kemeruapan dengan harga saham manakala Bollerslev et. al. (1992) pula menyatakan bahawa terdapat tiga sifat yang mempengaruhi kemeruapan pulangan saham iaitu sifat keberterusan pulangan, sifat min-varians, dan sifat hubungan tidak simetri. Kajian ini menggunakan model-model keluarga ARCH untuk menganalisis gelagat kemeruapan pulangan saham lulus syariah di Bursa Saham Kuala Lumpur, Malaysia. Penganggar empirikal ini menggunakan data mengenai harga saham lulus syariah untuk setiap hunter, volume dagangan, Indeks industri Dow Jones (IZDJ), Indeks Syariah, Indeks Komposit, Kadar Faedah Antara Bank dun Kadar Faedah Antara Bank Islam. Analisis seterusnya adalah membandingkan dapatan untuk melihat hubungan antara risiko,pulangan dan kemeruapan

Pembangunan perindustrian Malaysia mengharungi cabaran globalisasi: dari sudut penglibatan bumiputera / Abu Sufian Abu Bakar and Hussin Abdullah

Dasar Pembangunan Nasional (DPN) yang mengambilalih Dasar Ekonomi Baru (DEB) dengan kerangka menjadikan masyarakat Malaysia sebagai masyarakat industri saintifik yang berlandaskan Wawasan 2020. Sehubungan dengan itu beberapa rancangan pembangunan strategik dari RMKe-6 ke RMKe-8 telah dibuat dengan matlamat masyarakat Malaysia menjadi pemangkin dan pengeluar teknologi di samping sebagai pengguna teknologi. Dalam mengharungi globalisasi dikatakan bahawa mereka yang lemah dan hanya mengharapkan pertolongan orang lain akan ketinggalan. Sebaliknya, mereka yang cekap dan bijak merebut peluang akan berjaya. Persekitaran ekonomi yang terbuka dan pergerakan masa yang semakin pantas tidak memungkinkan seseorang itu duduk berpeluk tubuh menanti bantuan tiba padanya. Lantaran itu, sudah tiba masanya Bumiputera khususnya usahawan mengubah sikap dan bersiap sedia menghadapi cabaran yang semakin hebat. Kertas kerja ini ingin melihat sejauhmana globalisasi memberi kesan kepada polisi kerajaan dan peranan yang dimainkan oleh institusi kewangan. Di samping itu juga ingin melihat bagaimana globalisasi membuka mata masyarakat Bumiputera di dalam mengenal pasti peluang dalam tempoh Dasar Pembangunan Nasional (DPN) yang mempunyai matlamat mewujudkan "masyarakat Perdagangan dan Perindustrian Bumiputera" yang berjaya. Peranan Bumiputera dalam pembangunan perindustrian, bagaimana mereka perlu meningkatkan daya saing, berpandangan jauh dan inovatif dalam bidang-bidang perindustrian yang diceburi

Tingkat daya saing industri Malaysia dalam globalisasi

Dalam sistem Ekonomi Baru, setiap negara terdedah kepada persaingan global. Dunia tanpa sempadan atau dikenali sebagai pengaruh globalisasi memaksa setiap negara menjadi lebih berdaya saing dan inovatif, atau terpaksa menjadi pemangsa globalisasi. Pasaran kini bersifat dinamik, persaingan bersifat global, dan bentuk organisasi bersifat jaringan, bukan lagi bersifat pegun, domestik, dan organisasi birokrasi. Pengeluaran bukan lagi bersifat 'mass production' tetapi pengeluaran yang fleksibel. Kunci kepada pertumbuhan adalah pengetahuan dan inovasi. Sementara teknologi yang digunakan bukan lagi bersifat mesin tetapi berbentuk digital. Dengan berkembangnya fenomena tersebut menyebabkan tingkat persaingan global semakin sengit. Sehubungan dengan itu perindustrian di Malaysia perlu bersedia menghadapi persaingan global dengan cepat, pantas dan tepat melalui peningkatan daya saingnya, terutama peningkatan kualiti sumber tenaga manusia yang mahir dalam rangka menghadapi AFTA, APEC dan WTO

Economic growth, defence expenditure and threats in Nigeria 1980-2013: Bound co-integration analysis

The research of Benoit (1973, 1978) has triggered a great deal of research interest on the defense expenditure and growth relationship, however, the findings still remain inconclusive.The variations are attributed largely to the distinctive socioeconomic factors associated with different countries; availability of data, methodological differences, models and diverse econometric techniques employed.Furthermore, studies conducted on this aspect in Nigerian context, concentrate in examining the causal relationship between economic growth and defence expenditure.Recently, the activities of deadly “Boko Haram” and Niger Delta Militant have threatened the country.This research aims at testing the impacts of defense expenditure and threats on economic growth in Nigeria, between 1980 and 2013 on the basis of Aizeman and Glick arguing that defense expenditure in the presence of threats can stimulate economic growth. The study adopts the robust ARDL Model to solve most of the problems associated with Cointegration analysis in the presence of small sample size and mix integration order.The ARDL results revealed that there is significant long run relationship between defence expenditure and threat on economic growth in Nigeria both in the short and long run conditions.The result further indicates bidirectional positive relationship between defence expenditure and economic growth in Nigeria while threat has unidirectional negative impact running from threat to economic growth.One of the policy implication of the study is that the policy makers should revisit the funding of defence sector as the current 0.5% budget is seen as grossly inadequate for the defence sector while considering the internal threats and the global military expenditure trend

Kepentingan modal sosial dalam pertumbuhan ekonomi

Social capital is just like one of the many forms of capital, such as physical capital, produced economic capital and human capital which has individual role that contribute to the country's growth and prosperity. Physical capital is the combination of production input and labour input in order to produce output. Human capital investment is considered as one of the catalysts to the county's growth. Nowadays, social capital is an indirect new source that contribute to the county's growth. Nevertheless, the study on contribution of social capital is still new and has various definitions. The measurement of social capital needs insight on social functioning, and the network and link between individuals in a community. All these insights can be utilised to contribute positive outcomes for the individual, ethnic group and community a like. This understanding can provide a picture of how individuals in a community cooperate in achieving mutual goals for building a prosperous county. This article looks at the role of social capital in assisting a county's economic growth. The Human Development Index (HDI) which is utilised by the World Bank will be used depict the relationship between economic growth and social capital. The regression analysis outcome on the relationship between HDI and Gross Domestic Product (GDP) shows a positive and significant relationship

The Interactional Impact of Defence Expenditure and Arms Importation on Economic Growth in Nigeria: An Autoregressive Approach

Little is done on the empirical analyses of the impact of defence expenditure on arms and economic growth. The few conducted concentrated on developed countries, which are exporters of arms. This study examines the short run and long run impact of arms importation on the economic growth in Nigeria, using ARDL model. Literature on defence expenditure and economic growth are often conflicting and inconclusive. These outcomes are due to the non-linear growth effects of defence and incorrect model specifications. The crucial growth effects of defence expenditure can be traced by properly controlling the interaction term. This paper examines the defence-arms interaction on Nigeria in the context of Aizeiman and Glick (2006) models. The result reveals that defence-arms interaction in Nigeria exerts negatively on the economic growth. It therefore recommends that defence R&D as well Defence Industrial Cooperation of Nigeria (DICON) should be properly financed and managed for efficiency and self-reliability. Keywords: Defense expenditure; Arms Importation; Economic growth. JEL Classifications: H5, H56, H57, Q3

The Legal Implications of a Sale of Property by the Malaysian Developers under the Private Lease Scheme: In two minds?

This paper aims to evaluate the legal implications of the private lease scheme (PLS) for a property sale by the developers. It mainly relies on statutes and court cases as its primary sources of information. PLS is selling a lease to purchasers by the developers. If purchasers were misled to believe a property is purchased and not the purchase of the lease, it is considered misrepresentation. An amendment to the law is timely to cater for a scheme that may address a different legal status of the purchaser. Australia introduced a certificate of lease to enhance the security of tenure. Keywords:: Private Lease Scheme; Developer; Cetificate of lease; Misrepresentation. eISSN: 2398-4287© 2021. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians/Africans/Arabians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI: https://doi.org/10.21834/ebpj.v6i17.286