Current Issue : July - September Volume : 2015 Issue Number : 3 Articles : 5 Articles
The main objective of this study is to measure the effect of some variables to the return on\ninvestment in industrial companies in Aqaba city. It has been found that were three\ndeterminants of a positive impact on return on investment they are an indebtedness,\nautomation and growth rate, while the two variables found to have a negative impact, the\nliquidity ratio and the rate of turnover in accounts receivable. The study recommended that\ncompanies resort debt in financing on their operations especially in asset purchase and rely on\nfixed assets at their production process and reduce the liquidity ratio as much as possible and\nto examine the reasons for the negative relationship between table circulation of accounts\nreceivable and the rate of return on investment and to overcome them or reduce them....
The increasing importance of the Islamic unit trust industry requires a more detailed and efficient analysis on the various aspects of the industry. The purpose of this study, therefore, is to investigate the relationship between the NAV of the Islamic equity unit trust funds and microeconomic variables, namely fund dividends, fund Risk, fund historical performance, fund size, fund management experience and hedge fund investment in Malaysian unit trust industry. The analysis based on monthly closing price for a sample of 30 Islamic equity unit trust funds over a period of 7 years, from January 2006 to December 2012, by applying ARDL ââ?¬â?? bounds testing approach. The results indicate that the NAV of Islamic equity unit trust funds and its microeconomic determinants share long run relationship, but with two variables exception, which are the fund risk and fund management experience. This indicated that fundââ?¬â?¢s managers in the Malaysian unit trust industry performed poorly in security analyses (stock selection ability) and market entry timing. Hence, the study proposes that the fundââ?¬â?¢s managers have to focus on and sharpen their abilities of timing skills and stock selecting ability in order to achieve a better performance of their activities in prudently managing their portfolio investments. However, fund managers performed fairly well in risk-adjusted returns and typically maintained well-diversified portfolios. Therefore, the empirical result of this study may present the investors (unit-holders) with new prospective of making right decision investment when they come to select their fund as a part of their portfolio investment. This could be done through considering the microeconomic factors that found to be significantly influence the funds unit prices to either enhance their portfolio return or to mitigate their portfolio risks when they make decisions to invest in the Malaysian unit trust industry....
Outlier is the observation that is not consistent with the rest of observations. It exists not only in stock prices but also in the economic variables. In multi factor asset pricing model, the ordinary least square method (OLS) is commonly used to estimate coefficients. The existence of outliers can lead to inadequate results under the OLS framework. Huber�s robust method (HRM) can be used to avoid the bad impacts of outliers and the abnormal problems. Appling both methods to Shanghai stock market, the outlier observations are analyzed to examine its influence on the results and parameters estimation. The result of this study found that HRM outperforms OLS....
This study aims to explore the influence of the board of directors� characteristics on corporate social responsibility (CSR) disclosure of Islamic banks operating in Gulf Cooperation Council (GCC) countries. A sample of 53 Islamic banks was collected from five GCC countries in 2008. An ordinary least square regression is used to examine the relationship between CSR disclosure and board of directors� attributes. The results indicate that there is no significant relationship between selected board of directors� characteristics (board size, board composition, and CEO duality) and CSR disclosure. The results of board size and CEO duality are consistent with the Islamic viewpoint, while board composition is not. This study suggests the need for improving the current practice of corporate governance for Islamic financial institutions by imposing additional constraints on the board of directors� characteristics. The findings of this study are useful for policy makers in evaluating the present corporate governance standards and whether these requirements are sufficient for users of CSR information, such as investors in making investment decisions. This is the first CSR study on Islamic financial institutions using a legitimacy theory to fill the gap in the literature regarding the influence of the board of directors� attributes on CSR disclosure by Islamic banks....
This study examines the perception of corporate taxpayers on compliance behaviour under\nself-assessment system in Nigeria. Data was gathered using questionnaire survey method.\nThe questionnaires were distributed to the 267 public listed companies in Nigeria. Out of\nwhich 53 were returned and analyzed using the multiple regression statistical method of\nanalysis. The findings in the study revealed that the corporate taxpayers perceived the tax\nlaws to be complex for their understanding. The result also indicated that tax complexity, tax\nfairness, tax responsibility and compliance behaviour were found to be positively and\nsignificantly related. Therefore, the study recommended that the relevant authorities should\nreview and simplify the tax laws for the taxpayers� understanding....
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