• The Journal of Asian Finance, Economics and Business
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• v.9 no.9
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• pp.205-216
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• 2022

This study investigates the effect of serv-qual and reputation on customer loyalty through the trust of deposit customers in Micro Finance Institutions. The population was deposit customers at BMT distributed into 5 provinces of the Special Region of Yogyakarta, and a survey was conducted from January 2021 to February 2022. The probability random sampling technique was used to select the final sample, and a total of 221 responses were collected using a questionnaire. Technical data analysis was done using the Structural Equation Modeling (SEM), supported by AMOS 22.0 program. The results showed that serv-qual and reputation have a positive and significant impact on the trust and loyalty of deposit customers at BMT. Customers positively and significantly impact the relationship between serv-qual and reputation on customer loyalty. The biggest contribution to loyalty was generated by the variable customer trust (0.399), followed by service quality (0.359) and reputation (0.166). Micro Finance Institution needs to improve the management of deposit customers by improving serv-qual, reputation, and customer trust and conduct comparative research between conventional financial institutions and other informal financial service institutions.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.725-735
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• 2021

This study investigates whether the Islamic Exchange-Traded Funds (ETFs) provide significant benefit to investors relative to conventional ETFs. Six pairs of Islamic and conventional ETFs with 10-year daily price data from 2010 to 2019 have been selected from major market indices like MSCI World Index, MSCI Emerging Markets, MyETF Dow Jones Islamic Market Malaysia, MSCI South East Asia and Wahed FTSE Shariah USA Index for this study. For ETFs that are launched after 2010, the price data from launch date to 2019 are used. Our results show: First, Islamic ETFs are more likely to trade at a premium rather than at a discount, implying the investors are willing to pay a premium. Second, it is also found that Islamic ETFs have a relatively shorter period of price deviation from the benchmark, implying more price stability. Third, conventional ETFs have higher return and lower tracking errors relative to Islamic ETFs. These new findings add to the stylized facts of Islamic ETFs in the extant literature for investors, plan sponsors and regulators as to the differences between the ETFs. As policy suggestion, asset management companies can design new investment products to bridge the gap between conventional and Islamic finance.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.4
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• pp.191-196
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• 2022

From several socioeconomic perspectives, the present health crisis can be connected to the 2008 financial and economic catastrophe. Governments worldwide are working hard to keep the markets in check, as evidence suggests that the health crisis may soon become an economic crisis. This paper aims to analyze the effect of COVID-19 on the selected stock market. Using a panel of daily COVID-19 confirmed cases and deaths and the stock market from 22 developing countries, we exploit an oil price as a shock to the stock market and examine the effect of COVID-19 on the slowdown of the stock market. We find a negative and significant impact of COVID-19 on the stock market in the first stage till April. However, there is no net influence on the stock market downturn when we extend the period. However, further study suggests that the outbreak's negative influence on the selected stock market has diminished and has begun to decline as of mid-April. As a result of the COVID-19 effect on the chosen stock, our findings imply that the government in the chosen market should consider a regulatory mechanism to reduce the stock market slowdown induced by the pandemic COVID-19.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.293-302
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• 2021

Being able to survive during the Covid19 pandemic is a big task for a company, as such, empowerment of employees is a must. The sample in this study was 300 employees who worked in Spas throughout Bali. The sampling technique was purposive sampling. Data analysis was using SEM and SMARTS as data processing. The results showed that green communication, namely communication that occurs between employees, superiors, and the environment, has a very good influence on the sustainability of employee performance. To become green management, a green organizational commitment that cares about the safety of employee health and the environment is an important factor as motivation in green dedication or positive employee productivity, but communication between work actors and justice is also a motivating factor. Work safety and job security for employees empower employees (which is a green line), especially for freelance work organizations so that further research in subsequent studies can make samples in a more varied industrial sector.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.149-157
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• 2022

The primary goal of this study is to investigate the impact of social capital on consumer attitudinal evaluations. We propose a hypothetical receptacle, thereby applying a mediation framework because of social capital. We expect that increasing social capital would improve brand image and consumer-company (C-C) identification, resulting in positive in-role and extra-role customer behavior toward the brand. Data was collected from 425 respondents primarily from Karachi's five zones (East, West, North, South, and Central) and analyzed using confirmatory component analysis and structural equation design. The findings showed that social capital had a positive and significant relationship with customer extra-role behavior, as well as two mediators, brand image and consumer business identity. Furthermore, both mediators have a significant impact on both in-role and extra-role behavior. However, there is no evidence that social capital has a direct impact on in-role behavior. This study will help businesses in gaining a competitive advantage by concentrating on social capital to improve their brand image and customer relationship.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.85-93
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• 2020

This study aimed to explore the impact of macroeconomic (Real GDP growth (GDPG), Inflation rate (INF)) and bank -specific variables (profitability (ROA), capital adequacy (CADEQ), non-performing loans (NPL), deposit growth (DEPG)) on the liquidity (lIQ) of 13 listed Jordanian commercial banks for the period 2011-2018. Panel data analysis, Pooled least square, fixed effects model and random effects model, Lagrange multiplier test, and Hausman test were used. The random effects model output shows that, macroeconomic variables have a significant impact on Jordanian commercial banks liquidity since inflation has a positive impact while GDPG has a negative impact on banks (LIQ). On the other hand among the bank-specific variables capital adequacy and deposit growth have a positive significant impact on banks (LIQ), while (NPL) and (SIZE) have a negative significant impact on Jordanian commercial banks liquidity. But ROA has a negative insignificant impact on (LIQ). The findings of the study suggest that commercial banks departments need to pay attention to the economic and internal variables of banks in order to maintain acceptable levels of liquidity.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.533-542
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• 2021

The main objective of this article is to investigate the existence of the lunar effect during the full moon period (FM period) and the new moon period (NM period) on the selected Islamic stock market returns and volatilities. For this purpose, the Ordinary Least Squares model, Autoregressive Conditional Heteroscedasticity model, Generalised Autoregressive Conditional Heteroscedasticity model and Generalised Autoregressive Conditional Heteroscedasticity-in-Mean model are employed using the mean daily returns data between January 2010 and December 2019. Next, the log-likelihood, Akaike Information Criterion and Schwarz Information Criterion value are analyzed to determine the best models for explaining the returns and volatility of returns. The empirical results have deduced that, during the NM period, excluding Malaysia, the total mean daily returns for all of the selected countries have increased mean daily returns in contrast to the mean daily returns during the FM period. The volatility shocks are intense and conditional volatility is persistent in all countries. Subsequently, the volatility behavior tends to have lower volatility during the FM period and NM period in the Islamic stock market, except Malaysia. This article also concluded that the ARCH (1) model is the preferred model for stock returns whereas GARCH-M (1, 1) is preferred for the volatility of returns.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.353-361
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• 2021

An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. The Islamic financial system faces a number of challenges as part of its role as a tool for developing economic activities. This study intends to advance research by Lassoued (2018) by expanding the research population to include Islamic banks in Asia and adding new dimensions - the size of the independent commissioner and corporate governance. The population of this study is the 100 largest Islamic banks in Asia. Statistical calculations with the STATA application is used for data analysis. Based on the test results, it was found that the size of the sharia board and the independent board of directors did not affect the financial stability of Islamic banking companies. Another finding is that the size of the independent commissioner affects financial stability. This finding shows that commissioners have played an active role in the company, indicating that if the sharia banking company has an ideal number of independent commissioners, it will be advantageous to the company's stability and business sustainability.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.575-583
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• 2020

Vietnam is the country with the largest animal feed production in Southeast Asia. Domestic animal feed manufacturing enterprises play an important role in animal husbandry in particular and in agriculture in general. However, domestic animal feed enterprises in Vietnam are encountering shortcomings. This paper is conducted to investigate the impact levels of external determinants on business performance of domestic animal feed manufacturing enterprises, including: (i) policy and economic mechanism, (ii) supply-demand of animal feed products, and (iii) nature and level of market competition. We presented a research method, explaining the dependent variable 'business performance' and the independent variables. Data were collected from 120 questionnaires from domestic animal feed manufacturing enterprises. Based on these data, we use Cronbach's Alpha, EFA and run regression model for assessing the impact levels of each independent variable on the dependent variable of business performance of domestic animal feed manufacturing enterprises. The results show that three external determinants including (i) policy and economic mechanism, (ii) supply-demand of animal feed products, and (iii) nature and level of market competition, have positive relationships with business performance. Based on the findings, some recommendations are given for improving business performance of domestic animal feed manufacturing enterprises to ensure sustainability.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.6
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• pp.11-21
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• 2022

The perspectives on aging women's financial security during their retirement years are based on their behavior, planning, and decision-making processes during their working years. Elderly women are considered vulnerable and have a longer life expectancy, lower-income, and limited financial understanding compared to males; therefore, drastic steps need to be taken to improve their financial stability and quality of life. The current study sought to determine the most important contributors to retired women's financial health by measuring the value of four factors/variables: capability, opportunity, willingness, and biopsychosocial. This study used a mixed model approach, with qualitative analysis in the first phase involving a focus group discussion session, a pilot analysis, and quantitative analysis for phase two involving the distribution and collection of questionnaires completed by retired women. The surveys were distributed across Malaysia in five distinct zones and yielded 339 usable replies to support the theory. The outcomes of the Multiple Regression Analysis in Malaysia revealed that capability, opportunity, and biopsychosocial factors are significant predictors of retired women's financial security, whereas the willingness indicator lacked statistical significance.