Prospek perintah khidmat masyarakat di Mahkamah Syariah

Hukuman maksimum bagi kesalahan jenayah Syariah yang termaktub dalam enakmen dan akta mahkamah Syariah di Malaysia ialah tiga tahun penjara, RM5,000 dan enam kali sebatan. Apabila dikaji secara mendalam, hukuman ini didapati tidak setimpal dengan berat kesalahan jenayah yang dilakukan. Enakmen dan akta mahkamah Syariah juga tidak menyebut mana-mana hukuman lain yang boleh dihukumkan kepada pesalah jenayah Syariah di Malaysia. Justeru, kajian ini dilakukan untuk meneliti ruang pelaksanaan perintah khidmat masyarakat berdasarkan bidang kuasa mahkamah dan mengkaji prospek perintah khidmat masyarakat di Mahkamah Syariah menurut perspektif Hakim-hakim Syarie. Kajian ini menggunakan kaedah temu bual separa struktur dengan menemu bual sembilan orang Hakim Mahkamah Tinggi Syariah dan seorang Ketua Pendaftar Mahkamah Syariah di lima buah negeri di Malaysia. Sementara itu, dapatan kajian dianalisis menggunakan kaedah tematik dan deskriptif. Dapatan kajian ini menunjukkan perintah khidmat masyarakat boleh dilaksanakan sebagai satu hukuman pilihan bagi kesalahan jenayah Syariah di Malaysia. Ini berdasarkan kepercayaaan para Hakim Syarie bahawa perintah ini mempunyai prospek yang cerah untuk dilaksanakan dan boleh memberi kesan positif kepada pesalah. Kajian ini penting untuk menjadi panduan kepada pengamal undang-undang Syariah di Malaysia bagi melaksanakan perintah ini

Kesan kekangan kewangan dan gelagat eksport ke atas produktiviti firma di Malaysia

Firma memasuki pasaran antarabangsa untuk meluaskan pasaran bagi produk mereka. Untuk itu, mereka memerlukan pembiayaan yang mencukupi. Kajian ini bertujuan untuk menganalisis kesan kekangan kewangan dan gelagat mengeksport terhadap produktiviti firma di Malaysia dari tahun 2000 hingga 2015. Firma yang dipilih adalah firma yang tersenarai di Bursa Malaysia. Kaedah penganggaran kaedah momen teritlak (GMM) telah diaplikasikan bagi menganalisisdata kajian. Keputusan kajian secara umumnya menunjukkan faktor kewangan dalaman memainkan peranan yang amat penting dalam mempengaruhi produktiviti firma di Malaysia. Selain itu, faktor saiz, umur firma, tahap keumpilan dan tingkat produktiviti terdahulu juga mempengaruhi tingkat produktiviti semasa. Manakala, analisis subsampel menunjukkan firma pengeksport sangat bergantung kepada pembiayaan dalaman. Namun, faedah daripada eksport mengurangkan kebergantungan peningkatan produktiviti ke atas kewangan dalaman. Dapatan ini menunjukkan kepentingan eksport dalam mengurangkan pengaruh kekangan kewangan ke atas produktiviti. Implikasinya, dasar kerajaan yang memudahkan aktiviti eksport dapat memastikan peningkatan produktiviti yang berterusan di kalangan firma serta meningkatkan pertumbuhan ekonomi

Institutions and foreign direct investment (FDI) in Malaysia: empirical evidence using ARDL model

Since 1990’s, institution factors have been regarded as playing important roles in stimulating foreign direct investments (FDI). However, empirical studies on their importance in affecting FDI are still lacking especially for small open economies. This paper attempts to investigate the role of institutions upon the inflow of foreign direct investment (FDI) in a small open economy of Malaysia. Using bounds testing approach (ARDL model), the empirical findings reveal that there exists a long run relationship among FDI and the institution variables. Specifically, several institution variables namely government stability, bureaucracy, and corruption are found to play prominent roles in influencing the inflow of FDI. Thus, in attracting foreign investors, implementing FDI-friendly policies by providing and maintaining the quality of domestic institutions would be beneficial to Malaysian economic growth.Institutions; Foreign Direct Investment (FDI); ARDL

Financial constraints and firm investment in Malaysia: an investigation of investment-cash flow relationship

This paper investigates the presence of financial constraints among firms in Malaysia using firm level panel data analysis. The empirical results based on panel GMM demonstrate that financial constraints are present in the market, which indicate that the firms are unable to access to external forms of financing. In addition, the presence also signifies the presence of asymmetric information problem between the firm and its financer. Thus, the neoclassical investment theory which based on assumption of complete information such that only factor prices and technology determine firm’s desired capital stock is simply rejected. Eventually, their investments are much affected by fluctuations in their cash flows or retained earnings

A Management Framework of Islamic Micro Financing for Sustainable Palm Oil Farming

The growth of demand and production in palm oil has increased rapidly from time to time, as this scenario has a positive impact on the development of economy. However, in the long run,the scenariomay give a negative impact if it is not closely controlled; like the issue of haze. Therefore, thisstudy is aimed to create a sustainable mechanism framework of palm oil farming among smallholders using Islamic micro financing.This is because; the position of smallholders is an issue in the sustainability debate in the palm oil industry at the global level. Using library research, this study discovered the constraints and the challenges faced by independent smallholders to create sustainable palm oil farming. Hence, the study was developed around the specific objectives that looked into the Islamic microfinance form and appropriate mechanisms for the implementation. In doing so, this study employed the qualitative method. From the results, it was concluded that Islamic microfinance is indeed a source of funding for a number of independent smallholders of oil palm. Later on, Islamic microfinance may contribute to sustainable palm oil production. Furthermore, by introducing a workable mechanism, more Islamic financial institutions should be involved in providing Islamic microfinancing to smallholders

Does firm size matter for the financial constraints?

This article empirically investigates the presence of financial constraints in the Malaysian capital market. The existence of financial constraints gives firm less access to external funds to finance their investment activities. Therefore, the constrained firm has to rely on internal sources of financing. The severity of financial constraints is relatively different according to firm size. Hence, the sample is divided into large and small firm subsamples. Using the Q model of investment, the results show that financial constraints are present in the Malaysian market using the full sample. The subsample results however show that large firms are not financially constrained. On the other hand, the smaller firms are facing the constraints in their investment decisions

Was bail-out a success? Evidence from the investment-cash flow relationship = Adakah dasar menjamin keluar berjaya? Bukti daripada hubungan aliran tunai-pelaburan

The 1997-1998 Asian financial crisis affected the balance sheets of many Malaysian firms, which increased the financial constraints on such firms. To counter the impacts, the Malaysian government carried out various directed policy measures known collectively as the bail-out policy. The present paper examines the success of the policy to reduce the financial constraints. The present paper uses panel estimation methods to analyze the relationship between firms’ investments and their cash flows. The sample of study is split into two subsamples, consisting of the periods before and after the financial crisis, respectively. The success of the policy is measured based upon the easing of financial constraints faced by Malaysian firms. Using annual financial data, consisting of unbalanced panel from the period of 1988 to 2005, the results found favour the bail-out policy. This finding indicates the success of the bail-out policy to reduce the severity of financial constraints. Krisis kewangan Asia pada tahun 1997-1998 telah memberi kesan ke atas kunci kira-kira banyak firma Malaysia yang boleh menyebabkan berlaku kekangan kewangan. Untuk mengatasi impak ini, kerajaan Malaysia telah melaksanakan pelbagai bentuk dasar terarah yang dikenali sebagai dasar jaminan keluar. Oleh itu, kertas kerja ini bertujuan untuk mengkaji kejayaan dasar tersebut untuk mengurangi kesan kekangan kewangan. Kertas kerja ini menggunakan kaedah penganggaran panel untuk menganalisis hubungan antara pelaburan firma dan aliran tunai. Sampel kajian dipecahkan kepada dua subsampel masa sebelum dan selepas krisis kewangan. Kejayaan dasar jamin keluar adalah bergantung kepada keringanan kekangan kewangan. Dengan menggunakan data panel tidak seimbang bagi tahun 1988 hingga 2005, keputusan kajian menunjukkan sokongan kepada dasar jaminan keluar. Dapatan kajian ini menunjukkan kejayaan perlaksanaan dasar jamin keluar untuk mengurangkan tekanan kekangan kewangan

Financial constraints and Islamic finance: Lesson learned from external financing perspective

This study examines the presence of financial constraints and explores the role of profit-loss sharing (PLS) in mitigating the problem of the financial constraints stemmed from the capital market imperfections. Using Malaysian listed companies’ data, this study finds that the financial constraints are present in the capital market. This finding implies the imperfect capital market. In Islamic PLS framework, there are two options of financing contracts that may be enforced in the capital market as financing mechanisms, i.e. al-musharakah and al-mudharabah. These schemes promote sharing of information and mutual trust between financiers and ‘borrowers’. In these contracts, there are strict terms and conditions to be adhered to by both parties so that the contracts pursue to be valid. Besides, PLS mechanism may reduce the cost of capital since the profit and loss are shared rather than be burdened only on one shoulder. In this regard, the imperfect market problems namely asymmetric information, agency problem and transaction cost can be reduced if not be overcome

Dasar fiskal terhadap perbelanjaan swasta: analisis SVAR di Malaysia

Bermula dengan episod belanjawan defisit yang berpanjangan sejak tahun 1998 di NSM, menunjukkan kutipan hasil cukai kerajaan tidak berupaya untuk menampung perbelanjaan yang menyebabkan kerajaan perlu memikirkan sumber pembiayaan alternatif seperti melalui terbitan bon. Mengikut teori dana boleh pinjam, terbitan bon kerajaan menyebabkan penurunan harga bon dan seterusnya cenderung meningkatkan kadar bunga pasaran. Kenaikan kadar bunga pasaran menyebabkan kos dana meningkat yang menyebabkan firma cenderung mengecilkan saiz pelaburan. Ini menyebabkan peningkatan perbelanjaan kerajaan yang dibiayai melalui terbitan bon tidak dapat memberikan kesan sepenuhnya kepada peningkatan pendapatan negara malahan mewujudkan kesan asakan keluar ke atas pelaburan swasta. Kertas ini bertujuan untuk mengkaji keberkesanan dasar fiskal iaitu kejutan positif perbelanjaan kerajaan dan hasil kerajaan (cukai) terhadap pelaburan swasta di Malaysia. Kajian ini menggunakan model SVAR (Structural Vector Autoregressive) dalam ekonomi terbuka bersaiz kecil untuk mengenal pasti tindak balas dinamik kejutan dasar fiskal terhadap pelaburan swasta. Data kajian adalah data siri masa sukuan bagi tempoh 1991:1-2016:3. Analisis fungsi tindak balas impulse dan penguraian varian telah digunakan untuk mengupas keberkesanan dasar fiskal terhadap perbelanjaan swasta. Hasil kajian menunjukkan kesan kejutan perbelanjaan kerajaan mewujudkan kesan asakan keluar terhadap pelaburan swasta manakala bagi penggunaan swasta mengalami kesan positif. Bagi kesan kejutan hasil cukai kerajaan menunjukkan keputusan yang sama iaitu pelaburan swasta mengalami kesan negatif manakala penggunaan swasta mengalami kesan positif