Razali Haron

International Islamic University Malaysia

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Co-Authors

Khairunisah Ibrahim

Inspire Institute

Naji Mansour Nomran

Kingdom University

Anwar Hasan Abdullah Othman

International Islamic University Malaysia

Fauzias Mat Nor

Universiti Sains Islam Malaysia

Monsurat Ayojimi Salami

Ankara University

Izani Ibrahim

Prince Sultan University

Maizaitulaidawati Md Husin

University of Technology Malaysia

Rusni Hassan

International Islamic University Malaysia

Salina Kassim

International Islamic University Malaysia

Ejaz Aslam

Minhaj University Lahore

Cooperative Institutions

International Islamic University Malaysia

International Centre for Education in Islamic Finance

Universiti Teknologi MARA

Islamic Development Bank

Universiti Malaysia Kelantan

University of Malaya

Islamic University of Indonesia

Airlangga University

National University of Malaysia

International Islamic University, Islamabad

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Impact of Cash Conversion Cycle (CCC) on Firm Performance: Evidence from OIC and non-OIC Countries

Pakistan Journal of Life and Social Sciences (PJLSS) (2023)

Muhammad Imran Bhatti Razali Haron

This research aims to examine the effect of CCC on firm performance across OIC and non-OIC nations.In this study, we employ a panel dataset of 54,725 firm-year observations from 22 OIC countries and 486,036 from 42 non-OIC countries from 2000 to 2020.The data has been collected from the Compustat database.The results were obtained through the use of regression analysis.We discover that, in OIC firms, CCC has a negative effect on firm performance, whereas, in non-OIC firms, CCC has a favorable effect on firm performance.By analyzing the effect of the cash conversion cycle on business performance among firms belonging to OIC and non-OIC countries, this study adds to the body of knowledge on working capital management.The context of OIC counties has never been examined before, which makes this study significant.Also, this study makes a comparison as to how CCC affects firm performance among firms belonging to OIC and non-OIC countries.

Cash conversion cycle

10.57239/pjlss-2023-21.2.017

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The Dynamic Capital Structure Decision of Firms in Indonesia

Studies in computational intelligence (2022)

Razali Haron Naji Mansour Nomran Anwar Hasan Abdullah Othman

Capital (architecture)

Tax shield

10.1007/978-3-030-99000-8_6

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How director remuneration impacts firm performance: An empirical analysis of executive director remuneration in Pakistan

Borsa Istanbul Review (2019)

Ejaz Aslam Razali Haron Muhammad Naveed Tahir

This study empirically investigates the interrelationship between pay and performance of CEOs/board of directors in an emerging market, Pakistan. The study uses GMM approach to account for the problem of potential endogeneity and unobserved heterogeneity that arises due to the potential reverse causality (pay and performance) for a sample of non-financial firms listed in the KSE over the period of 2009–2016. This study provides evidence that the pay-performance framework supports the agency theory whereby CEOs/board of directors are compensated for their prior level of market-based performance. In addition, it weakly supports the notion of the steward/tournament theory. Thus, CEOs/board director's remuneration is highly persistent and takes time to adjust to long-run equilibrium.

Remuneration

Endogeneity

Sample (material)

Empirical evidence

10.1016/j.bir.2019.01.003

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Citations (63)

Cryptocurrencies, Fiat money or gold standard: an empirical evidence from volatility structure analysis using news impact curve

International Journal of Monetary Economics and Finance (2019)

Anwar Hasan Abdullah Othman Syed Musa Alhabshi Razali Haron

This study investigates whether symmetric and asymmetric volatility effects are persisted in the daily return series of Bitcoin currency compared to the gold and fiat money system using GARCH family models. The symmetric analysis shows that the three monetary systems exhibit time-varying volatility with high persistence and predictability behaviour whereas asymmetric analysis indicates that Bitcoin currency and gold are not significantly respond to asymmetric information effects in the financial markets however, the US dollar index is affected by the positive shocks. This suggesting Bitcoin and gold have the capability for hedging or safe-haven assets against market risk specifically during times of economic turmoil. Evidence suggests that cryptocurrency is a potential alternative to current fiat money system, offering benefit for policy makers and a good investment option for positional investors in terms of hedging, portfolio diversification strategy and risk management.

Fiat money

Safe haven

10.1504/ijmef.2019.100262

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Citations (8)

The financing choices of firms after financial liberalization : Indonesian evidence

Razali Haron

The purpose of this study is to evaluate the impact of firm level and three industry level determinants; dynamism, munificence and industry concentration on the capital structure decisions. This study also analyses which capital structure theories better explain the financing decisions of firms in Indonesia. This study employs three regression techniques, the Pooled Ordinary Least Square (OLS), the Fixed Effects and the Random Effects to analyse the relationship between the determinants and the capital structure decisions based on panel data during the period of 2000-2014. Three different definitions of leverage (TD/TA, LTD/TA, STD/TA) have been used to test the robustness of the findings. This study found that large growing firms operating in a highly dynamic environment in Indonesia seem to employ high level of debt and seem to take advantage of the tax shield, reflecting the influence of the trade-off theory. Nevertheless, aged and highly profitable firms with high intangible assets and liquidity level operating in a high munificence environment tend to follow the pecking order theory. This study offers originality and fills the gap by examining the impact of industry characteristics on capital structure which is fairly novel in the study of capital structure especially on emerging market. In addition to that, the significant influence of intangible assets over capital structure decisions as depicted in this study should not be ignored by policy makers in Indonesia.

Tax shield

Pecking order theory

Leverage (statistics)

Dynamism

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Financial Performance in Islamic Banking and Shari’ah Supervision under Interventionist Regulatory Approach: A System-GMM Dynamic Panel Analysis

TURKISH JOURNAL OF ISLAMIC ECONOMICS (2021)

Naji Mansour Nomran Razali Haron

The relationship between Shari’ah supervision and Islamic banks’ (IBs) performance is still ambiguous particularly for banks across countries that have different regulatory environments. Pakistan adopts an interventionist regulatory approach which is exclusive to Shari’ah governance (SG) system in Pakistan. This approach differs from the other adopted approaches in countries that have either high or low degree of regulatory interference. Thus, this study examines how Shari’ah supervision mechanism, as represented by the Shari’ah supervisory board, and its characteristics, can influence the performance of IBs in Pakistan. The sample comprises 67 Islamic bank-year observations for the period from 2007 to 2015. The performance-governance relationship is estimated using a range of econometric techniques including the dynamic system-GMM estimator. The results reveal modest support for a positive association between Shari’ah supervision and performance. The study concludes that SG practices in the Pakistani IBs still suffer from some drawbacks which require more improvements by the respective regulators. Most of these drawbacks are related to the SG regulatory frameworks which are related to the SSBs’ roles and characteristics.

Sample (material)

Regulatory authority

Islamic Banking

10.26414/a095

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Citations (11)

COMPARATIVE ANALYSIS OF BANK STABILITY IN INDONESIA: A NON-PARAMETRIC APPROACH ON DIFFERENT BANKING MODELS

Journal of Islamic Monetary Economics and Finance (2018)

Norzitah Abdul Karim Syed Musa Syed Jaafar Alhabshi Salina Kassim Razali Haron

The present study, grounded in theory of financial intermediation, provides new empirical evidence on comparison of bank stability measures of Islamic banks, conventional banks and other bank models in Indonesia. Specifically, 72 conventional banks, 4 Islamic banks, 3 conventional banks with Islamic subsidiaries and 2 subsidiary Islamic banks in Indonesia are considered, focusing on the sample period of 1999-2015. The study adopts z-score as a measure of bank stability, while a non-parametric multiple comparison analysis was used to test the significance of the differences in the bank stability of the different bank models, namely Islamic banks, conventional banks, Subsidiary Islamic banks and conventional banks with Islamic subsidiaries. The sample period is further divided into three sub-periods, namely, before the global financial crisis (1999-2006), during the global financial crisis (2007-2009) and after the global financial crisis (2010-2015) so as to gain more detail findings on the impact of the global financial crisis on the banks’ stability. The impact of local crisis periods (1999-2001) on bank stability of different bank models is also investigated. Findings of this study contribute towards extending the theory of financial intermediation through empirical works of stability of different banking models namely Islamic banks, conventional banks, Subsidiary banks and conventional banks with Islamic subsidiaries.

Intermediation

Sample (material)

10.21098/jimf.v3i2.891

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Citations (1)

Income Zakat Collection Through Salary Deduction in Selangor. A Proposed Framework for Sustainability

AZKA International Journal of Zakat & Social Finance (2022)

Mohamad Zaidy Darapar Razali Haron

This study aims to improve the method of zakat collection through salary deduction by improving calculation in the salary system. Specifically, the objectives of this study are to increase zakat collection in the future in Selangor, to recommend suitable measures to develop income zakat calculation in the salary system and to suggest deduction of income zakat as of the deduction of LHDN income tax deduction (MTD or PCB) in the salary system. The aim of this study are, to increase income zakat collection, to calculate income zakat with accurate calculation for employees based on their eligibility in the salary system and to avoid a non-movement of zakat deduction in employees’ salaries in the coming years. To achieve this, auto calculation will be imposed by employer on employees for income zakat in the salary system before income tax deduction for organisations in Selangor. This study is significant since zakat is one the important elements in Islamic Social Finance that is very crucial to be explored and utilized for ummah betterment. Hence, for the significance of this study, it will be beneficial for the ummah, especially for zakat payer (muzakki) and zakat receiver (asnaf). The benefit is also for the Lembaga Zakat Selangor and to the future researchers on how to improve income zakat collection. This is by proposing a framework on how to maintain zakat sustainability in future by improving the collection method especially for income zakat and to ensure zakat collection is more than zakat distribution in the future in Selangor.

Salary

10.51377/azjaf.vol3no3.133

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Crude palm oil market volatility: pre and post crisis periods. Evidence from Qarch

Razali Haron Monsurat Ayojimi Salami

This study aims to examine the volatility of Malaysian Crude Palm Oil (CPO) markets for it has important implication to both business communities and policy makers. This study adopted the GARCH (1,1) model and the result of the finding exhibited persistent volatility as well as volatility clustering in Malaysian CPO market. The persistent volatility implies that the percentage of market volatility is closer to unity. This reflects the frequency of occurrence of the CPO markets volatility while volatility clustering provides useful information on the broadness of the shock. Adequate understanding on the degree of volatility of the market can instigate informed decision by policy makers which may mitigate persistent uncertainty of returns. Business communities will consistently be alert on market volatility and ready to make sound decision on any events of the market. This study enhances the understanding on commodity market volatility by quantifying the half-life of decay of the shock in the market and contributes to the literature by providing in sight information on the volatility of the market.

Volatility clustering

Commodity market

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DEMOCRACY AND SOCIO-ECONOMIC INCLUSION IN NIGERIA: REDUCING THE MUTUAL EXCLUSIVITY THROUGH ISLAMIC MICROFINANCE

Journal of the International Institute of Islamic Thought and Civilization (2017)

Abideen Adeyemi Adewale Razali Haron

Nigeria’s return to democratic rule about 18 years ago heralded anew beginning that was expected to promote political stability,ensure economic prosperity and build societal civility. However,Nigeria is now politically disintegrated, socially dislocated andeconomically unstable mainly due to many reasons but chieflysocio-economic exclusion. Notwithstanding its large Muslimpopulation, policy recommendations from the West towards solvingits myriad of political-economy issues often discounts Islamicalternatives. This has brought to the fore a challenge to the statusquo as well as the philosophy that underlines Nigeria’spolitical-economy inclinations and implications for its teemingpopulation. The objective of this theoretical paper is to stimulatediscourse on the policy directions that are in alignment with politicaleconomy reality of Nigeria as a Muslim majority country.Specifically, this paper profiles Nigeria’s current socio-economicrealities, and its political economy vis-a-vis the global economicorder. The paper argues that the various Islamic social financeplatforms especially Islamic microfinance may play a big role inmitigating the mutual exclusivity of democracy and socio-economicinclusion of Nigerians especially the Muslims.

Prosperity

Nigerians

Civility

Political instability

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Citations (2)