• International Area Studies Review
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• v.13 no.2
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• pp.505-523
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• 2009

We study the cost of capital of Islamic enterprise using the Capital Asset Pricing Model(CAPM). When there exists no risk-free interest rate, the security market line(SML) of Islamic enterprise shows an upward slope starting from the origin. The slope is bigger than that of SML with risk-free interest rate. This is because the cost of capital of Islamic enterprise is higher than that of western firms for the same level of systematic risk. When the effect of zakat is considered, the risk-free interest rate is replaced by minimum required rate of return. The SML of Islamic enterprise reveals an upward slope but it does not pass through the origin. This is because Islamic enterprise cannot invest on risk-free asset. In order to overcome the theoretic limits of CAPM, we propose to use multi-factor approach such as arbitrage pricing model instead of single-factor model for future study.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.817-828
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• 2021

This article aims to examine the intention to use Islamic microfinance by women entrepreneurs in Malaysia. Microfinance plays a significant role in developing the modern economy in the world by alleviating poverty, creating employment, and empowering women in society. The framework was built on Innovation and Diffusion Theory and Planned Behaviour Theory. The present study has adopted a quantitative research method, which focused on cross-sectional research design to address this problem. Primary data was collected and processed by using a 5-point Likert scale. For this research, a total of 178 questionnaires were distributed among women owners of micro-enterprises in Malaysia by using area collection sampling. To analyze the data, the SmartPLS 3 software package was used. This study developed seven hypotheses, all which have been supported both directly, indirectly, and mediated. This result will be beneficial in assisting policymakers, academics and future researchers who must consider the supported variables. Thus, the study contributes to developing a unique framework to assist women-owned micro-enterprise to success. It will be beneficial for practitioners to enhance women micro-enterprise success rate as well. Indeed, all of the grounded methods have implications both in theory and their main application for the business in SMEs.

• Industrial Engineering and Management Systems
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• v.7 no.3
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• pp.228-244
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• 2008

ISO9000 set of standards has been widely applied in Iranian Automotive manufacturing industry. Regarding the effects of TQM and ISO9000 set of standards various studies have been conducted and different quantitative conclusions have been made. Due to lack of quantitative information, in many of the cases, using qualitative information becomes the best option. The qualitative nature of data in such cases, requires qualitative analysis methods that might lead to some challenging computational issues. This paper examines the impact of ISO9000: 2000 certification and its perceived benefits for an automotive manufacturing company. Using an empirical approach, the paper seeks to ascertain if certification has indeed improved the performance of the company. Our null hypothesis rotates around the effect of ISO9000: 2000 on the 4W's of an enterprise. To carry out the research, first we developed a couple of questionnaires including all criteria of ISO9000 and 4W's. Second, the questionnaires were discussed with two researchers knowledgeable in the field, and then submitted to the quality practitioners and executives of Iran Khodro Enterprise-a leading company in Iranian automotive manufacturing industry. Finally the null hypothesis was tested and the technology improvement dimensions were ranked through nonparametric tests. The results illustrated a reasonable cause and effect relationship, suggesting that ISO9000: 2000 has positive effect on the 4W's of company result. In this work we investigate the effect as technology improvement viz., the improvement of techno-ware, human-ware, info-ware, and organ-ware.

• The Journal of Industrial Distribution & Business
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• v.8 no.1
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• pp.23-31
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• 2017

Purpose - Market orientation is a key factor for business performance in today's fluctuating conditions. This study investigates whether the employment of innovation can improve the innovative capability and increase the performance by gaining competitive advantages or not. Therefore, this study aims to investigate the effects of market orientation on the performance of small and medium size distributer enterprises (SMDEs) in Iran. Research design, data, and methodology - Customer orientation, Competitor orientation, and Inter-functional coordination have been regarded as market orientation indices to determine the effects of these indices on marketing innovation, gaining competitive advantages, and companies' performance as well. Data were collected from managers and experts in SMDEs in Iran. The structural equations modeling are used for analysis. Results - The results indicated that marketing innovation has been improved in competitive companies that enjoyed a high level of Inter-functional coordination among the various units. Besides, marketing innovation resulted in gaining competitive advantages regarding cost management, concentration, and differentiation in these companies. In addition, it was observed that SMDEs that obtain competitive advantages are equipped to reap superior performance. Conclusions - With cost management, differentiation and concentration are more likely to enhance the enterprise efficiency and effectiveness than other companies. Additionally, competitiveness, inter-functional coordination, and marketing innovation in SMDEs have a positive impact on marketing innovation.