The rapid development of live-streaming e-commerce has driven billions of sales revenues and made customers' purchase intention a life-and-death issue for sellers. This study examines the influencing factors of customers' purchase intention from a value perspective by adopting and extending the Theory of Consumption Values (TCV). We also incorporated streamer popularity as a moderating variable to reveal its significant impact on live-streaming e-commerce. This study collected 457 valid online questionnaires from Chinese live-streaming e-commerce users. Our findings show that five of six consumption values, namely functional, social, emotional, conditional, and self-gratification value, are significant drivers of purchase intention. In addition, streamer popularity has strengthened the influence of functional, social, emotional, and self-gratification value on purchase intention. This study deepens the current understanding of live-streaming and customer value research by establishing and validating a comprehensive research model, and reveals the decisive role of multi-dimensional value and streamer popularity in live-streaming industry. The research findings could guide live-streaming merchants to increase sales by reallocating their resources to different consumption values and optimising their investment strategy in popular streamers.
President Obama of the United States of America announced this April the Brain Research Through Advancing Innovative Neurotechnologies (BRAIN for short) investment, while Professor Henry Markram's team based in the European Union will spend over a billion euros on the Human Brain Project, breaking through the unknowns in the fifth science of the decade: Neuroscience. Malaysia's growth in the same field needs to be augmented, and thus the Universiti Sains Malaysia's vision is to excel in the field of clinical brain sciences, mind sciences and neurosciences. This will naturally bring up the level of research in the country simultaneously. Thus, a center was recently established to coordinate this venture. The four-year Integrated Neuroscience Program established recently will be a sustainable source of neuroscientists for the country. We hope to establish ourselves by 2020 as a global university with neurosciences research as an important flagship.
In this paper, we present a method to estimate the market parameters modelled by an asymmetric jump diffusion process. The method proposed is based on Kou's jump diffusion model while the market parameters refer to the market drift, the market volatility, the jump intensity on market price, and the rate of jump occurrence in a consistent manner throughout the entire paper. The model captures the asymmetric nature of the price fluctuation during up trend markets and down trend markets. The results are compared to conventional options to observe the impact of jump effects. The results from simulation show that the asymmetric jump diffusion model can estimate the fair prices of European call options and annuity better than the Black-Scholes model and the symmetric jump diffusion model proposed by Kou and Merton.
We examine the evidence from the long-run abnormal returns using data for 76 health care and biopharmaceutical initial public offerings (IPOs) listed in a 29-year period between 1986 and 2014 in the Association of Southeast Asian Nations (ASEAN) countries such as Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Myanmar, and Laos. Based on the event-time approach, the 3-year stock returns of the IPOs are investigated using cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR). As a robustness check, the calendar-time approach, related to the market model as well as Fama-French and Carhart models, was applied for verifying long-run abnormal returns. We found evidence that the health care IPOs overperform in the long-run, irrespective of the alternative benchmarks and methods. In addition, when we divide our sample into 5 groups by listing countries, our results show that the health care stock prices of the Singaporean firms behaved differently from those of most of the other firms in ASEAN. The Singaporean IPOs are characterized by a worse post-offering performance, whereas the IPOs of Malaysian and Thai health care companies performed better in the long-run.
The rapid growth of corporate investment in the Malaysian private hospital sector has had a considerable impact on the health care system. Sustained economic growth, the development of new urban areas, an enlarged middle class, and the inclusion of hospital insurance in salary packages have all contributed to a financially lucrative investment environment for hospital entrepreneurs. Many of Malaysia's most technologically advanced hospitals employing leading specialists are owned and operated as corporate business ventures. Corporate hospital investment has been actively encouraged by the government, which regards an expanded private sector as a vital complement to the public hospital system. Yet this rapid growth of corporately owned private hospitals has posed serious contradictions for health care policy in terms of issues such as equity, cost and quality, the effect on the wider health system, and the very role of the state in health care provision. This article describes the growth of corporate investment in Malaysia's private hospital sector and explores some of the attendant policy contradictions.
The implementation of this research consists of 2 (two) aspects: the making and testing of bio-briquettes called technological aspects and economic analysis called economic aspects. Bio-briquettes is made from cashew nutshell waste obtained from Southeast Sulawesi, Indonesia. It is followed by pyrolysis, which is carried out in a simple batch type reactor by heating using liquefied petroleum gas (LPG). The bio-briquettes product has a calorific value of 29.49 MJ/kg, moisture content of 5.3%, ash content of 4.96%, volatile substances content of 17.16%, and carbon content of 72.62%, which meets the universally accepted bio-briquettes standard (SNI 016235-2000), Japanese, English and ISO 17225. The bio-briquettes product is suitable as an energy source. The economic analysis of the cashew nutshell was analyzed to determine its economic feasibility. For the bio-briquettes production capacity in 2,000 tons/year, cashew nut shell-briquettes products can be sold at 1,052,878 USD/year. The total production cost is USD842,304/year. The net profit is of USD147,402/year. The cost of LPG for 2,000 tons/year production capacity is USD954,358/years. The replacement of LPG with cashew seed bio-briquettes tends to help the average household of Muna Regency community to reduce the annual cost by 37.00%. In conclusion, bio-briquettes production's economic feasibility as analyzed from the investment rate is 23.55%, payout time is 3.42 years, and break-even point is 50.09%.
The purpose of this study is to investigate how investor's money attitudes shape their stock market participation (SMP) decisions. This study followed the theory of planned behavior (TPB), and a survey was conducted to collect the responses from active investors. Structural equation modeling (SEM) was used for the analysis of proposed relationships among the constructs, and a confirmatory factor analysis (CFA) was conducted to check the interrelation of the variables and validity of the constructs. This research has concluded that investor's money attitudes are significant to affect their stock market participation decisions. Further, it was found that risk attitudes partially mediate the relationship between money attitudes and stock market participation. Moreover, financial knowledge and financial self-efficacy positively moderated the relationship between money attitudes and stock market participation. This research is one of the early attempts at studying the money attitudes of investors and introduces financial self-efficacy as a moderating construct between money attitudes and stock market participation. The sample size for this study was 250 respondents which can be increased in future research, and the same relationships can be tested by using a larger sample. Moreover, this study has used money attitudes as predictors of stock market participation. Still, many other variables, like personal value, can also be taken to investigate their influence on stock market participation.
The outbreak of COVID-19 has weakened the economy of Australia and its capital market since early 2020. The overall stock market has declined. However, some sectors become highly vulnerable while others continue to perform well even in the crisis period. Given this new reality, we seek to investigate the initial volatility and the sectoral return. In this study, we analyse data for eight sectors such as, transportation, pharmaceuticals, healthcare, energy, food, real estate, telecommunications and technology of the Australian stock market. In doing so, we obtain data from Australian Securities Exchange (ASX) and analysed them based on 'Event Study' method. Here, we use the 10-days window for the event of official announcement of the COVID-19 outbreak in Australia on 27 February 2020. The findings of the study show that on the day of announcement, the indices for food, pharmaceuticals and healthcare exhibit impressive positive returns. Following the announcement, the telecommunications, pharmaceuticals and healthcare sectors exhibit good performance, while poor performance is demonstrated by the transportation industry. The findings are vital for investors, market participants, companies, private and public policymakers and governments to develop recovery action plans for vulnerable sectors and enable investors to regain their confidence to make better investment decisions.
COVID'19 pandemic has devastated several industries and solar energy is no exception. In its economic relief package, Malaysia has announced approximately US$ 2.9 billion in expenditure for the installation of new grids, LED street lights and rooftop solar panels. The Government will also open the tender for a 1400 MW solar power project in the year 2020, which is expected to generate 5 billion ringgit (US$1.1 billion) in investments. As these measures are intended to sustain the existing growth of solar energy potential in the country, it is vital to assess its status quo. Hence, this paper aims to review the current status of renewable energy in Malaysia as well as the initiatives taken before the pandemic to promote solar photovoltaic (PV) technology to meet the energy demands through the low-carbon pathway.
The study aimed to investigate the impact of behavioral biases on herding for Islamic financial products with the mediation of shariah literacy. An adopted questionnaire from several published studies was used to collect data. The data were collected from 410 respondents and were analyzed with SmartPLS. The results for the direct impact showed that self-attribution, illusion of control, and information availability have a positive and significant impact on herding for Islamic financial products while shariah literacy showed an insignificant impact on herding. The results for mediation showed that previously significant and positive impact turned to insignificant when shariah literacy was introduced as mediating variable between the illusion of control, self-attribution, information availability, and herding. From a theoretical perspective, this study would contribute to the existing body of knowledge of financial decision making from shariah literacy point-out. On the other hand, the findings of this study may be useful for investors to avoid herding in the Islamic financial markets. The authors synthesize the contribution made by behavioral finance studies in extending the knowledge of herding behavior in Islamic financial products with a mediating role of shariah literacy. The key limitation of the study includes data that were collected from three districts of Punjab, Pakistan.
Malaysia is a member of Developing-8 (D-8), which facilitated the formation of bilateral trade relations among member countries. This study focuses on Malaysia’s foreign direct investments (FDIs) within D-8. The purpose of this study is to strengthen the FDI ties with D-8 member states, where Malaysia must focus on cooperating for long-term investments and examining the existing FDI policies under Malaysia and its D-8 counterparts, as well as studying the opportunity of interdependence between Malaysia’s FDIs with D-8 member states. The main issue is the imbalance of Malaysia’s FDI preference with D-8 member states, which is followed by the weakness of Malaysia’s FDI outwards policy, specialised among the D-8 counterparts. Thus, Malaysia’s FFDI lacks penetration with D-8 member states. The qualitative research method, data collection, interviews, and content analysis method are used for this study. The respondents’ agencies for interviews are experts from the Ministry of Foreign Affairs (MOFA), The Bilateral Economic and Trade Relations Division of the Ministry of International Trade and Industry (MITI and the Foreign Investment Promotion Division of the Malaysian Investment Development Authority (MIDA). Coding techniques are applied for the coding process of the content analysis. This study also uses the theories of interdependence and political economy with SWOT analysis to examine the implementation of Malaysia’s FDI with D-8 counterparts. The findings of the study show that Malaysia is looking for quality investments without choosing where the investments come from, and FDIs with D-8 counterparts in several sectors can still be implemented if the D-8 counterparts are offering quality investments for Malaysia.
Malaysian construction firms have increasingly gained investment opportunities in foreign countries pushed by the competitive and saturated domestic market. However, the entry location decision involves complex factors to be considered by these firms prior to their international operations. Currently, based on a secondary data obtained from the Construction Industry Development Board (CIDB) Malaysia, there are twelve (12) firms that are actively operating in international markets. The main objective of this preliminary study is to develop an entry location assessment criteria (ELAC) model based on the performance of Malaysian construction firms in international markets. The ELAC formula was derived through a development of taxonomy criteria from previous studies. The construction firms’ performance was analyzed and ranked using a weightage score characterized under three (3) dimensions of country with the taxonomy criteria. First dimension involves entry location decision to countries in ASEAN, Non-ASEAN and both regions, while the second dimension involves entry location decision to ASEAN, Asia, Africa, United States of America and Europe while the third dimension involves entry location decision to countries categorized as Developing Countries (DLC); Least Developed Country (LDC); Newly Industrialized Countries (NIC); Developed Countries (DC); and Highly Developed Countries (HDC). The ELAC score shows that three (3) construction firms which are, Sapura Energy Berhad (66%), Gamuda Berhad (53%) and Sime Darby Berhad (50%) have sustained international operations in various locations by obtaining an ELAC score of more than 50% by venturing to ASEAN countries, developing countries and developed countries. Even though his study is limited to Malaysian construction firms, it provides significant information and contributes to the current knowledge in international market expansion. This ELAC model is useful especially for construction firms that are just beginning to explore foreign business opportunities or for the global players that are expanding geographically to new international markets.
Nowadays, gold prices have been volatile, and the wealth of gold investors depend on the movement of gold prices. The purpose of this study is to examine the relationship between gold prices, crude oil prices, inflation rate, real interest rate and stock prices in United States. This study uses monthly data covering the period ranging from January 1990 to August 2018. The Johansen and Juselius (JJ) Cointegration test and Vector Error Correction Model (VECM) are conducted in this study. The result shows that there is a long-run relationship among gold prices, crude oil prices, inflation rate, real interest rate and stock prices. The results show that inflation rate and crude oil prices are significance and positively related to gold prices, while stock prices and real interest rate are negatively affecting gold prices. There are three unidirectional Granger causality and one bidirectional Granger causality in the short run. Only inflation rate Granger cause gold price, which means that inflation rate directly affects the gold prices. This study allows community such as central bank, government, financial institution, economist, investor and policy makers in manipulating and controlling the movement of the gold prices so that they have a better decision making to diversify their risks.
Pulmonary sequestration is defined as a segment of ç separated from the tracheobronchial tree and receiving its blood supply from a systemic artery rather than a pulmonary arterial branch. Classically, it has been described in two forms: (1) intralobar sequestration (ILS), in which the sequestrated part of lung lies within normal pulmonary visceral pleura, and (2) extralobar sequestration (ELS), in which the abnormal segment of lung is completely separate and enclosed in its own pleural investment. The term sequestration was coined by Pryce in 1946 to describe a disconnected bronchopulmonary mass or cyst with an anomalous systemic artery. Since this original description, terminology has become confusing as investigator has recognized many variants of sequestration not strictly meeting the original description. The spectrum now recognized as a continuum, with normal vessels supplying abnormal lung at one end and abnormal vessels supplying normal lung at the other end. Recently, we incidentally found an asymptomatic, intralobar pulmonary sequestration during CT pneumocolon.
A rainwater harvesting system (RWHS) was proposed for small and large commercial buildings in Malaysia as an alternative water supply for non-potable water consumption. The selected small and large commercial buildings are AEON Taman Universiti and AEON Bukit Indah, respectively. Daily rainfall data employed in this work were obtained from the nearest rainfall station at Senai International Airport, which has the longest and reliable rainfall record (29 years). Water consumption at both buildings were monitored daily and combined with the secondary data obtained from the AEON's offices. The mass balance model was adopted as the simulation approach. In addition, the economic benefits of RWHS in terms of percentage of reliability (R), net present value (NPV), return on investment (ROI), benefit-cost ratio (BCR), and payback period (PBP) were examined. Effects of rainwater tank sizes and water tariffs on the economic indicators were also evaluated. The results revealed that the percentages of reliability of the RWHS for the small and large commercial buildings were up to 93 and 100%, respectively, depending on the size of rainwater tank use. The economic benefits of the proposed RWHS were highly influenced by the tank size and water tariff. At different water tariffs between RM3.0/m3 and RM4.7/m3, the optimum PBPs for small system range from 6.5 to 10.0 years whereas for the large system from 3.0 to 4.5 years. Interestingly, the large commercial RWHS offers better NPV, ROI, BCR, and PBP compared to the small system, suggesting more economic benefits for the larger system.
The rapid depletion of fossil fuels and ever-increasing environmental pollution have forced humankind to look for a renewable energy source. Microalgae, a renewable biomass source, has been proposed as a promising feedstock to generate biofuels due to their fast growth rate with high lipid content. However, literatures have indicated that sustainable production of microalgae biofuels are only viable with a highly optimized production system. In the present study, a cradle-to-gate approach was used to provide expedient insights on the effect of different cultivation systems and biomass productivity toward life cycle energy (LCEA), carbon balance (LCCO2) and economic (LCC) of microalgae biodiesel production pathways. In addition, a co-production of bioethanol from microalgae residue was proposed in order to improve the economic sustainability of the overall system. The results attained in the present work indicated that traditional microalgae biofuels processing pathways resulted to several shortcomings, such as dehydration and lipid extraction of microalgae biomass required high energy input and contributed nearly 21 to 30% and 39 to 57% of the total energy requirement, respectively. Besides, the microalgae biofuels production system also required a high capital investment, which accounted for 47 to 86% of total production costs that subsequently resulted to poor techno-economic performances. Moreover, current analysis of environmental aspects of microalgae biorefinery had revealed negative CO2 balance in producing microalgae biofuels.
The domestic demand for broiler meat is one of the highest in the Malaysian markets. The
industry requires continuous evaluation to identify the existing problems and improves its
competitive advantage. Thus, economic analysis of this sort will continue to update current
statistics on production cost, output and profitability. Following this, the study, therefore, aims
to assess the existing financial condition of farmers, marginal cost of production, total net
income and input-output ratio of broiler production in different regions in Peninsular Malaysia.
The study used multi-stage sampling in selecting 310 operators from Southern, Northern, East
Coast and Centeral regions. The analytical tools include descriptive statistics and farm budget.
The findings disclosed that the broiler farm incurs major cost from acquiring operating inputs
especially feed. The operations in the East Coast region was almost unprofitable for the reason
that feed conversion rate is more than 2 resulting in higher production cost. But the other three
regions indicate positive returns based on the estimated input-output ratios of 1:1.09, 1:1.17
and 1: 1.23 for Northern, Southern and Central regions, respectively.The study advocates for
both managerial and policy measures that will help cut the cost of production to attract more
investors and increase export.
Portfolio optimisation is one of the most crucial issues in investment decision-making and has received considerable attention from researchers and practitioners. Traditionally, the portfolio optimisation models are formulated based on the assumption that investors have complete information on the distribution of random returns. However, in real life case, this is not possible since decisions have to be made under uncertainty. This paper deals with a fuzzy portfolio optimisation problem in which returns and turnover rates of securities are represented by fuzzy variables. A goal programming model is proposed to optimise three objectives: maximisation of portfolio return, maximisation of liquidity and minimisation of the portfolio risk. The cardinality constraints, floor and ceiling constraints are also taken into consideration. Finally, a numerical experiment using real data is conducted to demonstrate the applicability of the model.