ASEAN – Jurnal Pengurusan

Meneroka Konsep Keusahawanan Sosial di Rantau ASEAN: Ulasan Penskopan Definisi

asriwn — Tue, 09 Dec 2025 08:32:28 +0000

Keusahawanan sosial merupakan pendekatan yang berkesan untuk menangai cabaran ekonomi dan sosial yang saling berkait di rantau ASEAN. Perusahaan sosial berpotensi membentuk dunia yang inklusif, saksama dan mampan, namun tiada definisi standard yang disepakati di ASEAN, hanya segelintir negara memiliki definisi atau kerangka undang-undang rasmi. Kajian ini menggunakan kaedah ulasan penskopan untuk membandingkan dan menganalisis definisi keusahawanan sosial di negara ASEAN dari perspektif undang-undang dan dasar, dengan mengambil kira konteks sosioekonomi dan budaya setiap negara. Carian sorotan kajian yang sistematik telah dijalankan terutamanya melalui Google Scholar, Scopus dan ÿ�մ��appLibrary yang telah mengenal pasti 23 penerbitan berkaitan dalam tempoh 2015 hingga 2025 yang menumpukan kepada definisi keusahawanan sosial dan pembangunan ekosistem di ASEAN. Analisis terhadap 23 penerbitan mendapati terdapat tiga ciri konsisten dalam definisi keusahawanan sosial di ASEAN: (i) misi sosial atau alam sekitar sebagai teras, (ii) strategi berasaskan pasaran untuk kelestarian kewangan dan (iii) pelaburan semula keuntungan untuk misi sosial. Terdapat perbezaan ketara dari segi pengiktirafan undang-undang, bentuk entiti, dan sektor tumpuan, dipengaruhi oleh dasar, tahap pembangunan, dan budaya. Kajian ini memetakan variasi definisi dan kerangka perundangan, memperlihatkan jurang, serta peluang penyelarasan serantau, sekali gus membentuk dasar dan amalan bagi memperkukuh ekosistem, meningkatkan legitimasi dan mengoptimumkan impak sosial.

Corporate Governance, Leverage, and Stock Returns of Non-Financial Listed Firms in the ASEAN Region: The Moderating Role of Firm Growth

asriwn — Tue, 20 May 2025 04:13:08 +0000

A well-structured board, with diversity, independence, and strong audit committee supervision, can enhance shareholder value by improving monitoring, decision-making, and investor trust, ultimately leading to higher returns However, empirical research has revealed a more subtle perspective, with various relationships that can be positive, inconclusive, or negative. highlighted the importance of further studies on the moderating factors that help explain these diverse findings. This study examines the moderating role of firm growth on the effects of corporate governance mechanisms and leverage on the stock returns of non-financial listed firms in the ASEAN region. Data were obtained from six countries in the ASEAN region comprising 412 firms covering to 2012-2022 from the LSGE-Eikon database. This study reveals a positive relationship between board independence, gender diversity, and robust audit committees and returns, emphasising the importance of strong governance in aligning interests and reducing agency costs. It also highlights the role of firm growth in influencing governance elements, and emphasizes the link between strategic leverage and growth expectations. Establishing robust independent audit committees and sharing financial information consistently is recommended to promote openness and confidence. This study implies that businesses with strong corporate governance, particularly those with higher price-to-book ratios, experience better supervision and decision making.

Kebolehramalan Pergerakan Harga Pasaran Mata Wang Asing ASEAN-5 Dengan Menggunakan Indikator Dagangan Indeks Kekuatan Relatif Era COVID-19

asriwn — Wed, 11 Oct 2023 23:50:18 +0000

Pandemik Covid-19 telah menyebabkan pergerakan harga mata wang menjadi tidak stabil dan tahap kecekapan yang rendah. Tidak terkecuali, pasaran FOREX ASEAN turut menerima tempias dari pandemik ini. Tujuan kajian ini adalah untuk meneliti kebolehramalan pergerakan harga dalam pasaran spot FOREX di beberapa buah negara ASEAN yang terpilih meliputi mata wang USD/SGD, USD/THB, USD/MYR, USD/PHP, dan USD/IDR dengan menggunakan indikator dagangan Indeks Kekuatan Relatif (RSI) dan diuji terhadap dua kaedah iaitu parameter standard 70/30 dan parameter ekstrem 80/20. Kajian dibuat bermula dari 1 Januari 2020 sehingga 30 September 2022. Prestasi strategi dagangan diukur dengan menggunakan nisbah Sharpe dan ujian-t. Hasil kajian menunjukkan parameter standard 70/30 memberikan pulangan yang paling tinggi serta disokong oleh dapatan statistik ujian-t. Pulangan terbesar diraih semasa tercetusnya pandemik COVID-19 iaitu pada tahun 2020, dan berkurangan pada tahun seterusnya. Hasil kajian mampu memberikan input kepada badan pengawalseliaan pasaran terhadap penyediaan rangka kerja kawal selia yang utuh agar nilai mata wang mereka kekal kompetitif dan tidak terdedah terhadap sebarang kemungkinan manipulasi dan spekulasi, terutamanya ketika pandemik atau kemelesetan ekonomi.

Kemeruapan Bersyarat dan Korelasi Dinamik Pasaran Saham ASEAN

Faris A181711 — Tue, 11 Oct 2022 04:19:26 +0000

This study attempts to look at the relationship between stock markets in ASEAN-5 region by using multivariate GARCH models (MGARCH). The results show that most markets are experiencing a higher degree of volatility in periods of crisis, especially during the Asian financial crisis. The results also show a positive correlation between markets and changing over time with the degree of correlation between markets seen higher in the crisis period. The study also fi nds significant effects of asymmetric shocks in influencing the correlation between the stock markets in ASEAN-5. Market volatility and economic crisis were among factors that may affect the correlation between the stock markets. The results also show that the stock markets in ASEAN-5 were increasingly integrated with the degree of correlation between the markets tends to increase after the global financial crisis. This situation may give an indication of the economic convergence process in the ASEAN region. The findings are important for policy and economic (financial) implications mainly to investors and financial practitioners as well as policy makers.

Whistleblowing Disclosure Policy and Cost of Equity in Asean 5 Publicly Listed Companies: A New Establishment of Regional Whistleblowing Disclosure Scoring Index

Nur_161 — Sat, 08 Oct 2022 16:24:34 +0000

Healthy corporate governance is necessary for attracting investor participation and alleviating corruption. Akin to other developing nations, two major challenges arise. First, Increasing foreign direct investments (FDIs) and second, controlling corruption are faced by all countries in the Association of South East Asian Nations (ASEAN) for their economic development. Phenomenal practices of whistleblowing policies in developed countries, especially in Europe and the US, have become crucial elements for modern corporate governance. Such practices also play important roles in detecting fraud and enhancing FDI and GDP growth. The aims of this study are twofold: to uncover the extent of the effects of whistleblowing disclosure quality on cost of equity (COE) and to propose whistleblowing disclosure scoring index as a new mechanism to integrate whistleblowing disclosure policy in the ASEAN region. Furthermore, a proposal for promulgating a comprehensive whistleblowing policy with inclusive internal and external programmes, which are necessary for establishing strong corporate governance, is presented. Empirical results confirm that whistleblowing disclosure quality has a significant negative relationship with COE. Our finding suggests that a uniform and comprehensive whistleblowing policy is needed to strengthen the best practices of ASEAN Corporate Governance Codes.