/jurnalpengurusan Sat, 15 Oct 2022 13:05:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 /jurnalpengurusan/article/indonesian-stock-markets-dynamic-integration-with-asian-stock-markets-and-world-stock-markets/?utm_source=rss&utm_medium=rss&utm_campaign=indonesian-stock-markets-dynamic-integration-with-asian-stock-markets-and-world-stock-markets Sat, 15 Oct 2022 13:05:50 +0000 /jurnalpengurusan/?post_type=article&p=6424 The study examines the relationship and integration of stock markets by using a DCC-GARCH from the period of January 1999 to September 2015. The period of January 1999 to September 2015 is chosen because in this period there has been a revocation of foreign ownership restrictions on the Indonesia Stock Exchange. By using this dynamic approach, the relationship, even the integration, of the ever-changing stock markets need to be analyzed with an approach that can accommodate and capture the dynamism of emerging stock markets studied in more detail. Beside DCC-GARCH, several additional analysis were also conducted. The data used in this study are the stock price index data on the stock markets studied namely Nikkei 225 index, Dow Jones Industrial Average (DJIA), FTSE index, All Ordinaries index, Straits Times Index (STI), SET index, KOSPI index, Taipei WG index, KLSE Composite Index, Hang Seng Index (HSI), Manila Composite index (PSEi) and Jakarta Composite Index (JCI). This study found that after subprime mortgage crisis in 2008, the Indonesian stock market was more integrated with several stock markets in Asia and especially in the stock markets in the ASEAN region. By separating the study period into three periods of pre-crisis, during crisis and post-crisis, this study found that the level of stock market integration in Indonesia with stock markets in Asia and the world is increasing. This study shows the importance of dynamic approach’s usage in stock market integration analysis.

]]> /jurnalpengurusan/article/identifying-the-determinants-of-financial-distress-for-public-listed-companies-in-malaysia/?utm_source=rss&utm_medium=rss&utm_campaign=identifying-the-determinants-of-financial-distress-for-public-listed-companies-in-malaysia Sat, 08 Oct 2022 12:34:28 +0000 /jurnalpengurusan/?post_type=article&p=2613 Companies that face financial distress are always regarded as the root cause of enormous financial and economic losses for many stakeholders and at the same time, contribute to social unrest within the society. Identifying the determinants of financial distress in advance will bring many advantages to stakeholders so that they can manage their companies effectively. This study aimed to identify the determinants of financial distress for Malaysian public listed companies (PLC) by utilising financial ratios and market data. Additionally, this study focuses on finding a better distress prediction model between the traditional statistical approach that utilises a logistic regression and an artificial neural networks (ANN) model. Sixteen ratios were selected in the study and two techniques were used to assess the data of 192 Malaysian PLC. The empirical findings from this research show that current assets turnover (CAT), working capital to total assets (WCTA,) and retained earnings to total assets (RETA) display the highest ability to distinguish between financially distressed and non-distressed groups. The results also indicate that the mentioned variables possessed a high discriminant and predictive power. This study also found that the ANN model has a higher predictive accuracy compared to the logistic regression model.

]]> /jurnalpengurusan/article/the-lead-lag-relationships-of-equity-fund-flows-evidence-of-an-emerging-market/?utm_source=rss&utm_medium=rss&utm_campaign=the-lead-lag-relationships-of-equity-fund-flows-evidence-of-an-emerging-market Sat, 08 Oct 2022 11:35:52 +0000 /jurnalpengurusan/?post_type=article&p=2562 This study examines the lead-lag relationships among four arrays of equity fund flows into Malaysian equity market. The equity fund flows are of (1) local institutional and retail investors and (2) foreign institutional and retail investors. Using a daily aggregate data, the findings of this study reveal that foreign institutional equity fund flows have an impact on both local institutional and retail equities’ fund flows. However, local institutional equity fund flows do not have relationships with either foreign institutional or retail equity fund flows. This research also shows that there is a bi-directional causality between local retail and foreign institutional equities’ fund flows. However, there is a uni-directional causality running from local retail to foreign retail equity fund flows. The finding also discloses that there is no lead-lag relationship between foreign institutional and retail equities’ fund flows. Even though both local institutional and retail equities’ fund flows influence each other, the impact of local institutional on local retail equity fund flows is stronger. Fund flows own innovations explain more on the variability in both foreign institutional and retail equities’ fund flows, as well as local retail equity fund flows. However, innovations in other types of equity fund flows on aggregate basis explain more on the variability in local institutional equity fund flows as opposed to its own innovations. Finally, among the four categories of equity traders, foreign institutions and local retailers seem to drive Malaysian equity market.

]]> /jurnalpengurusan/article/smes-export-performance-the-effect-of-learning-orientation-and-innovativeness/?utm_source=rss&utm_medium=rss&utm_campaign=smes-export-performance-the-effect-of-learning-orientation-and-innovativeness Sat, 08 Oct 2022 05:39:59 +0000 /jurnalpengurusan/?post_type=article&p=1823 This study investigates the role of innovativeness and learning orientation on the internationalisation performance of small and medium entrepreneurial firms. Exporting has been the most appropriate mode of expansion into foreign market for SMEs due to lower risk and less resource commitment. The literature insists that future study should pay more attention on how SMEs improve export performance. Review of literature brings to the conclusion that innovativeness and learning orientation are pertinent in building the success of SMEs in export markets. Notwithstanding the existing investigation on the impact of innovativeness on performance, the results are inconclusive, reinforcing the need for investigation in the context of emerging market and SMEs. In addition, learning orientation composed of three dimensions namely managerial commitment, system perspective and openness and experimentation. Previous studies view learning orientation as summate of all three dimensions. Unlike previous studies, this study investigates the effect of each dimension on innovativeness. A conceptual framework was developed based on the resource-based view. Data were collected from small and medium business exporters in the manufacturing sector of an emerging market. A total of 220 respondents participated in this study. Data were analysed using structural equation modeling to test the hypotheses, and the results show that innovativeness is positively related to export performance. In addition, the findings reveal that managerial commitment is a function of innovativeness. System perspective, and openness and experimentation have no significant effect on innovativeness. Implications and limitations are also discussed in this study.

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