経済学および管理科学の国際ジャーナル

The study aims to find the relationship between inflation and stock returns. Inflation was distinguished as expected and unexpected inflation. The study revealed that there is long run relationship between expected and unexpected inflation with stock returns but there is no short run relationship between these variables for Malaysia and US but it exists for China.

This paper seeks the suitability of project management methods in bungalow house construction project in Kuala Terengganu, Malaysia. The data are collected through interviews. There are a total of 24 respondents interviewed, all of whom were home builders (contractors) from several locations in Kuala Terengganu, Malaysia. The data collected were based on the premise of the implementation of project management methods of construction of bungalow house project. The findings from the study revealed that close monitoring by responsible parties would result in successful solution to the existing problems in construction industry. Furthermore, it is believed that the current management issues at site could have been minimised or resolved should the home builders adapt to the proper project management methods of construction. The studies further suggested that government plays a vital role in assisting home builders, especially the inexperienced or the newcomers. The government, through various agencies especially the Construction Industrial Development Board (CIDB) could assist the builders to establish their footing in the industry. These agencies should make available programs that act as a platform to impart the knowledge and skills to the home builders. Further, the government could enforce a new policy that make it compulsory for the would-be home builders to enrol in a specially-designed project management training before embarking in the construction business. These moves could help boost up the growth of the construction industry, particularly in the development of bungalow houses in Kuala Terengganu, Malaysia.

Enterprise Risk Management is believed to have an impact of firm value. However empirical evidence on its impact is still considered scarce. The objective of this study is to estimate the relation between ERM and firm value in the Malaysian public listed companies. Tobin’s Q is used to measure the firm value. The approach employed is to model firm value (TOBIN’S Q) as a function of Enterprise Risk Management (ERM) and other determinants: size (SIZE); leverage (LEV); profitability (ROA); international diversification (INTDIV); and majority ownership (OWN). The study is based on 2007 for 528 companies. Our findings suggest that the regression model is significant at the 1 percent level with the adjusted R-squared of 0.654. Empirical results report that ERM is positively related to firm value but it is not significant. The results do not support the hypothesis that firms which practice ERM would have a higher Tobin’s Q ratio than firms which are not. SIZE and ROA establish a negative and significant relationship with firm value. LEV and companies that do not diversify internationally (INTDIV = 0) have a positive and significant relationship with firm value. Finally OWN is positive but not significantly related to firm value.

Foreign direct investment is an important indicator to boost the economic growth of Malaysia. Foreign direct investment was identified as a medium in order to acquire skills, knowledge, technologies and to internationalize business and at the same time to reduce debts. However, in the year 2009, inflow of foreign direct investments into Malaysia had decline as much as 81.13 percent. McKern (1996), Kathuria (1998, 2000 and 2001) and Noorbakhsh et al., (2001) believed that foreign direct investment does not take place automatically in a nation. Whereby, inflow of foreign direct investment should be encouraged. Hence, this study aims to identify which location advantage channels and its threshold value that can influence the inflow of foreign direct investment into Malaysia. Location advantage channels were formed using human capital development, financial development and environmental condition whilst foreign direct investment was used as an interactive term as well as an independent variable. The results revealed that, without incorporating interactive terms, all the location advantage channels were able to stimulated economic growth. However, when location advantage channels were used as an interactive term with foreign direct investment, the result revealed that all the interactive term variables become insignificant towards economic growth. Thus, the study support that a certain value of location advantage channels are important as a precondition for foreign direct investment to have a positive effect on economic growth in Malaysia.

This study was designed to examine the relative technical efficiency and its determinants on gender basis in maize production in Essien Udim Local Government area of Akwa Ibom State of Nigeria. A multi-stage random sampling technique was used to select 100 maize farmers, (50 males and 50 females) from five out of eight clans in the Local Government Area. Data were collected using a well structured questionnaire and interview schedule administered on the respondents were analyzed using description tools and stochastic frontier production function. The estimated farm level technical efficiency for male and female farmers were 93 percent and 98 percent respectively. Results further indicated that the estimated production function revealed that farm size at 1 percent and quantity of fertilizer at 1 percent significantly influenced the maize production function for male farmers while farm size at 1 percent, labour at 5 percent, maize seeds at 10 percent and quantity of fertilizer at 10 percent significantly influenced that of the female farmers. Household size, extension contact, marital status, educational status, and credit access were found to be positively and significantly related to the technical efficiency of the male farmers while age, cooperative membership, and farm size were negatively but significantly related to their technical efficiency. For the female farmers, household size, credit access and farm size were positively significant while age and educational status were negative but significantly related to their technical efficiency. The results therefore call for policies aimed at encouraging the youths who are agile and young and experience to engage in maize production. Female farmers should be allowed access to farm land and other farm input and technologies for improved efficiency.