Journal of Management & Science

Volume 4 No. 1 June 2006 - contents

Research articles:

 

1

A Phenomenological Approach to Understanding Academic Entrepreneurship in Private Higher Education in Malaysia: A Case Study of KUTPM. Mohd Shukri Ab Yajid, Amat Taap Hj. Manshor, Jayati Roy.

 

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A Phenomenological Approach to Understanding Academic Entrepreneurship in Private Higher Education in Malaysia: A Case Study of KUTPM. Mohd Shukri Ab Yajid, Amat Taap Hj. Manshor, Jayati Roy. (vol.4 no.1, 2006) p.1

Abstract
Trends in the development of higher education show that universities are not just custodians of knowledge and power houses of learning, but are also factors of production in a knowledge economy. As such, academic entrepreneurship encompasses within itself a tacit interface of three different areas: the university, a research institute and industry. The university has most undoubtedly therefore made inroads and has gained a stronghold in what has traditionally been the domain of business and industry. This paper however adopts a non-traditional stance, where the focus is not on the commercialization of university-based research or of knowledge sharing with industry. The objectives of this paper are to further our understanding of how academic entrepreneurship flourishes and what it means in the context of private higher education in Malaysia. In adopting a phenomenological approach, a case study of KUTPM (University College of Technology and Management Malaysia) forms the basis of the framework of understanding.


10

Exchange Rate Forecasting: Performance of ARIMA and GARCH Models. M.Shanmugam, B. R.Ravindran.

 

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Exchange Rate Forecasting: Performance of ARIMA and GARCH Models. M.Shanmugam, B. R.Ravindran. (vol.4 no1, 2006) p.10

Abstract
Autoregressive Conditional Heteroscedastic (ARCH), and Generalized Autoregressive Conditional Heteroscedastic (GARCH) models have been widely used in the area of forecasting in several time series data including inflation, stock, and interest rates. This paper examines the forecasting accuracy of Autoregressive Integrated Moving Average (ARIMA) and GARCH models using Australian Dollar – Malaysian Ringgit exchange rates (XRs). Initially, the ARIMA and GARCH coefficients were estimated by using daily exchange rates’ returns of 2004 using MATLAB. Subsequently, using these coefficients the ex-ante returns for 2005 were simulated and converted back to exchange rates. The simulated exchange rates for 2005 and the actual exchange rates for 2005 were plotted to see their convergence or divergence in twelve different time lags. The results indicate a significant forecasting accuracy for the first three months in all the selected time lags. Interestingly, it is also found that the forecasting accuracy is closer for 6 months for three select time lags. The models used in this research demonstrate a significant forecasting accuracy and might be of interest for several purposes including hedging decisions.
Keywords: ARIMA, GARCH, XRs, Lags, Stationary, Differencing, Integration, Simulation Ex-post, Ex-ante, and Forecasting.


22

Determinants of Non-Traditional Debt Financing Choices. M.Thenmozhi, Preeti, S.K.

 

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Determinants of Non-Traditional Debt Financing Choices. M.Thenmozhi, Preeti, S.K. (vol.4 no.1, 2006) p.22

Abstract
The pace of securities innovation over the past two decades has brought about a significant change in the type of financial instruments available to firms and investors. This paper examines why firms use non-traditional debt instruments for financing. A multiple discriminant analysis and logistic regression analysis using determinants of capital structure and using factor scores of determinants show the different characteristics of firms with and without non-traditional debt. The results indicate that large sized firms prefer to issue innovative securities when profitability is low and bankruptcy costs are high and confirm the information asymmetry theory. The results support the general principle of firms in maintaining a stable total business risk and confirm pecking order hypothesis and trade-off theory.
Keywords: Capital Structure, Convertible Debt, Information Asymmetry, Logit analysis, financing choice.


47

Women Entrepreneurship in Malaysia: An Analysis of Government Policies and Practices. K. Sharanee, M.Shanmugam.

 

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Women Entrepreneurship in Malaysia: An Analysis of Government Policies and Practices. K. Sharanee, M.Shanmugam. (vol.4 no.1, 2006) p.47

Abstract
Entrepreneurship has been considered as one of the most crucial factors for the rapid development of a country's economy. Essentially, entrepreneurs create wealth and jobs. In recent years, there has been a tremendous growth of women entrepreneurs both in the developed countries and in the developing countries. The advent of the Information Age has created radical changes, with access to knowledge and information equal to both men and women in general, and expected to create exciting opportunities for women and women's leadership in particular.
Malaysia, a multiracial country, has been encouraging women entrepreneurs through several institutions, governmental organizations, and Ministries. The launching of the Women Institute of Management (WIM) in 2004 in fact, keeps bringing several aspiring women into the entrepreneurial network. However, there appears to be redundancy in the growth pattern of women entrepreneurs in Malaysia comparing with the developed countries. Hence, in this article, initially, we compare the growth pattern of the women entrepreneurs in select developed countries with the growth pattern of women entrepreneurs in Malaysia. In the second section a detailed analysis of the key government policies and practices of the select developed countries that were instrumental for the growth of women entrepreneurs is presented. In the third section, the current policies and practices of the Malaysian Government pertaining to the women entrepreneurs is listed. In the final section, we bring out the gap areas in the existing women entrepreneurship schemes which might be useful to the government for appropriate decision making purposes.
Key Words: Entrepreneurship, Women Institute of Management (WIM).


59

Factors That Affect the Propensity of Malaysian Small Firms to Engage In Strategic Alliances. Dina Abdul Razak.

 

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Factors That Affect the Propensity of Malaysian Small Firms to Engage In Strategic Alliances. Dina Abdul Razak. (vol.4 no.1, 2006) p.59

Abstract
The aim of this research is to study the factors that may affect the propensity of small firms to engage in strategic alliances. The behavior of the companies in an alliance is a multidimensional concept and these are the factors that can be observed in a wide range of attitudes and actions . The main objective of this paper is to examine the relative importance of various driving forces that motivate them to get involved in strategic alliances. In the study of alliances between companies it is convenient to go more deeply into which attitudes and actions are expected in each of the partners with respect to the other companies. Cooperative agreements have their own characteristics, which distinguish them from other types of relationships between companies, among which stand out the need for a mutual commitment and an important effort for the coordination and conflict solving. The problems would mainly be caused by internal and external environmental elements such as lack of capabilities and resources, poor management, low technology, competition, economies, technology, sociocultural and international factors. These problems can be overcomed if firms are wiling to work together. Gathering and building on previous research, alliance learning priorities are analyzed through a research framework. Study limitations and implications for managers and future research conclude the paper.
Key words: strategic alliance, small firms


65

Did Price Discovery Exist In A Nonlinear Way?. Azizan, Noor Azlinna, Brookfield, David.

 

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Did Price Discovery Exist In A Nonlinear Way?. Azizan, Noor Azlinna, Brookfield, David. (vol.4 no.1, 2006) p.65

Abstract
We comprehensively examine and test for evidence of nonlinear lead lag behaviour in the future and spot index markets for London, Singapore and Malaysia. By so doing, we attempt to investigate whether price discovery existed in a nonlinear way and its implications for efficiently functioning markets. If the lead lag relationship existed the efficiency of future market can be questioned, as we can use the model to forecast the movements of the futures and spot price, which will induce arbitrage opportunity.
Our findings suggest firm evidence of nonlinear behaviour which might imply market predictability when there should not be according to efficient market theory. Market participants may therefore be exposed to a level of risk in their trading should their transaction costs exceed market norms.


74

Past Solutions of Driver Scheduling and a Promising Path via Genetic Algorithm. Nor Hazli Ghazali, Razamin Ramli.

 

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Past Solutions of Driver Scheduling and a Promising Path via Genetic Algorithm. Nor Hazli Ghazali, Razamin Ramli. (vol.4 no.1, 2006) p.74

Abstract
Transportation is one of the most important services in the world. In one aspect, it deals with drivers such that it fulfills the process of sending goods or people from one destination to another. The drivers work under a certain schedule to ensure that there are efficiency and high quality in their transportation tasks. However, driver-scheduling problem is an extremely complex part of the operational planning process of many transportation companies. This paper thus, reviews the scheduling of this type of manpower available in transportation services such as trains and buses. The working environments of these drivers are explored. The solution techniques used are also observed and compared. Many earlier work implemented techniques such as mathematical programming and heuristics. Subsequently, a framework for a driver scheduling is suggested, which adopts a meta-heuristic approach namely, the genetic algorithm (GA). GA has been known for its efficient performance in many problem environments. In this preliminary work another environment of driver scheduling that is, the truck driver scheduling is also explored. The anticipated outcome is an efficient and high quality schedule of trips that satisfies boy the management’s and the driver’s constraints.
Key Words: driver scheduling, manpower scheduling, mathematical programming, heuristics, genetic algorithm.


84

Assigning Nursing Staff through Rescheduling Rostering. Siti Nurin Ima Amad, Razamin Ramli.

 

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Assigning Nursing Staff through Rescheduling Rostering. Siti Nurin Ima Amad, Razamin Ramli. (vol.4 no.1, 2006) p.84

Abstract
This paper describes various solution models that have been used to solve some particular nurse rostering problems (NRP). It reviews previous work done in this health care delivery service. These work can be classified into types of solution approach, namely optimization, heuristic and hybrid approaches. The optimization approaches are able to provide optimal solutions. On the other hand, the hybrid approaches if compared to the optimization approaches or to heuristic approaches, are able to produce higher quality solutions in many practical scheduling problems. The classification of these rostering solutions has provided some insights into the trend of previous nurse rostering work. Hence, this paper proposes a framework for a hybrid tabu search (TS) technique to develop an efficient roster for the nursing workforce. TS is to be used to further improve the solution after the initial approach. Thus, the final solution will be an efficient shift work schedule.
Key Words: Nurse rostering problem, heuristic techniques, mathematical programming, tabu search, review.


 


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