Muhammad M. Ma'aji - Profile on Academia.edu (original) (raw)

Papers by Muhammad M. Ma'aji

Determinants of Sme Success or Failure in Frontier Markets

International Journal of Banking and Finance

SME competitiveness, financial stability, and and its continuity as a going concern are important... more SME competitiveness, financial stability, and and its continuity as a going concern are important considerations for companystakeholders. This research is utilizing logistic regression to examine the determinants of SME business success or failure in Cambodia. A total of 314 successful and 78 failing SMEs were examined. Information was gathered through a survey questionnaire that had been previously validated in various countries based on the financial and non-financial information of SMEs. The study found that four factors, namely the owner’s education level, owner’s marketing skills, customer complaints, and the age of the business were important in determining the success or failure of SMEs. The predictive accuracy of the model was 95.5 percent, with an R-square estimation of 64 percent. Policymakers can use the results of this study to prepare and train aspirant entrepreneurs and current SME proprietors to keep proper records and maintain financial control, and develop marketing...

Management of change, lean practice and organisational performance of private companies in Malaysia

Organizations can gain competitive advantage from lean production practices. Such practices enabl... more Organizations can gain competitive advantage from lean production practices. Such practices enable the organization to get superior performance through reduction of wastes and other related costs (Ohno, 2008).Industries are nowadays facing a problem of broad production in their organizations thus resulting to lots of wastage. This has seen many companies experience problems of waste along the supply chain and the liability to make the right products for customer satisfaction.Procurement managers are bound to embrace the essence of adopting lean production which is a business initiative to reduce waste in manufacture production.To this extent therefore, this initiative leverage companies to achieve long term competitive advantages by putting in place the proper production systems and technologies particularly with regard to product quality, shortening product design time, the reducing of wastage improving end customer satisfaction and inventory management (Womack &Jones). Organizatio...

Journal of Economics and Business, 2021

The purpose of this paper is to examine how corporate governance instruments impact firm value in... more The purpose of this paper is to examine how corporate governance instruments impact firm value in the context of Cambodian banks. This paper considers foreign and domestic-owned banks in Cambodia. This study opts for a balanced sample of foreign and domestic owned banks for the period 2014-2018. Panel data regression is adopted for estimation of main results. The suitable model, i.e. fixed and random effect model is selected using the Hausman specification test where the result shows that the random effect model using generalized least square (GLS) regression is more suitable for the analysis. The findings show that Cambodian banks are having a substantially higher percentage of NEDs on their board, high implementation of governance procedures on board committees where on average the banks are having more than the required two board committees (audit and risk committees) as required by the Prakas on the governance of banks by National Bank of Cambodia. The average board size is arou...

Asian Academy of Management Journal of Accounting and Finance, 2016

Predicting financial distress among SMEs can have a significant impact on the economy as it serve... more Predicting financial distress among SMEs can have a significant impact on the economy as it serves as an effective early warning signal. The study develops distress prediction models combining financial, non-financial and governance particularly ownership and board structures, on the likelihood of financial distress by using the logit model. The final sample for the estimation model consists of 172 companies with 50% non-failed cases and 50% failed cases for the period from 2000 to 2012. The prediction models perform relatively well especially Model 3 that incorporates governance, financial and nonfinancial variables, with an overall accuracy rate of 93.6% and 91.2% in the estimated sample and holdout sample respectively. This evidence shows that the models serve as effective early warning signals which are beneficial for monitoring and evaluation purposes. Controlling shareholder, number of directors and gender of managing director are found to be significant predictors of financially distressed SMEs.

Journal of Islamic Banking and Finance, 2014

The aim of this paper is to study is to review the performance of Asset based (Mudharabah) and co... more The aim of this paper is to study is to review the performance of Asset based (Mudharabah) and commodity based (Murabaha) Islamic securities on a yearly basis in the Islamic Inter-Bank Money Market (IIMM) in Malaysia. The money market is a key appendage of the banking system and banking system is considered as very important for the development of any economy. Banks depend on the money market to manage their liquidity. While liquidity management is not the only use of money markets for banks, it is by far the most important. Recent statistics shows that the Malaysian Islamic banking sector continues to outperform the conventional banking sector with average annual asset growth rate of 18.6% during 2008-2012, in comparison to the conventional banking growth of 9.3% during the same period. The paper will also highlight the kinds of risk for Asset and commodity based Islamic securities in IIMM which are likely to be face by participant of the market.

The change in the way a tourism company operates its business is becoming crucial in order to rem... more The change in the way a tourism company operates its business is becoming crucial in order to remain relevant in a stiff business competition. One of the approaches is to change the processes of carrying out operations to give value to both company and its stakeholders. The purpose of this paper is to increase an understanding of the process change of the Global Distribution Systems (GDS), a webbased process change implemented in a travel company. A case study of Agadar Travel was conducted in order to understand the business process change embarked in the key processes. Semi-structured interviews were administered to the process owners and employees on the subject being investigated. The mind mapping and table of description were presented in order to understand the results in more in-depth. The analysis indicates after the implementation of the web-based processes change, significant improvements were achieved in terms of quality, flexibility, delivery, productivity, cost reductio...

Predicting financial distress among SMEs can have a significant impact on the economy as it serve... more Predicting financial distress among SMEs can have a significant impact on the economy as it serves as an effective early warning signal. The study develops distress prediction models combining financial, non-financial and governance, variables and analyse the influence of major corporate governance characteristics, i.e., ownership and board structures, on the likelihood of financial distress. The two extensively documented approaches, MDA and logit methods were used. The final sample for the estimation model consists of 172 companies with 50 percent nonfailed cases and 50 percent failed cases for the period between 2000 to 2012. The prediction models perform relatively especially in the logit and MDA model that incorporate governance, financial and non-financial variables, with an overall accuracy rate of 93.6 percent and 90.7 percent respectively in the estimated sample. The accuracy rate in the holdout sample was 91.2 percent for the logit and MDA model. This evidence shows that t...

European Scientific Journal, ESJ, Mar 31, 2018

Predicting financial distress among Small and Medium Enterprises (SMEs) can have a significant im... more Predicting financial distress among Small and Medium Enterprises (SMEs) can have a significant impact on the economy as it serves as an effective early warning signal. The study develops distress prediction models combining financial, non-financial and governance variables which were used to analyze the influence of major corporate governance characteristics, like ownership and board structures, on the likelihood of financial distress. Multiple Discriminant Analysis (MDA) model as one of the extensively documented approaches was used. The final sample for the estimation model consists of 172 companies with 50 percent non-failed cases and 50 percent failed cases for the period between 2000 to 2012. The prediction models perform relatively well especially in the model that incorporate governance, financial and non-financial variables, with an overall accuracy rate of 90.7 percent in the estimated sample. The accuracy rate in the holdout sample was 91.2 percent. This evidence shows that the models serve as efficient early warning signals and can thus be beneficial for monitoring and evaluation. Controlling shareholder, number of directors, and gender of managing director are found to be significant predictors of financially distressed SMEs.

Investors behavior in regard to earnings announcement during the Covid-19 pandemic: evidence from Cambodia

Pressacademia

Working Capital Financing Preference Among Small Businesses in Cambodia

JOURNAL OF ECONOMICS AND SUSTAINABILITY

The purpose of this paper is to investigate working capital financing preference among small busi... more The purpose of this paper is to investigate working capital financing preference among small businesses in Cambodia using a quantitative and qualitative approach. Small business often relies heavily on internal finance as a major source of short-term finance for working capital needs. This is because small businesses are likely to face problems associated with their size when accessing external finance, such as information asymmetry and higher agency costs. Interestingly, using descriptive statistics and inferential statistics, the findings lead us to believe that these firms mostly relied on internal sources (retained profit, early settlement discount, delayed payment to suppliers) of finance as compared to external sources (bank loan and equity). In some cases, they have to rely on informal sources (private, family, friend, money counting/lenders, funds/wealthy families, rotating savings and credit associations) to finance working capital requirement. These results suggest that fi...

Pressacademia

Purpose-Despite the reported high bankruptcy rate among small businesses (SMEs) in Nigeria, this ... more Purpose-Despite the reported high bankruptcy rate among small businesses (SMEs) in Nigeria, this study is the first to develop failure prediction models specifically for SMEs using financial and non-financial variables. Methodology-The study employed logistic regression to a sample of 344 SMEs during the period 2000-2014. Findings-The increased in the predictive accuracy of the model shows that data relating to the age of business and location make a significant contribution. Additionally, the study finds that high leverage and operational expenses and low profitability are associated with SMEs failure. The prediction accuracy rate was 92.1 and 93.8 percent for model 1 and model 2 respectively. Conclusion-The findings will serve as an early warning signal for management to take proactive measures to overcome the threats of failure. Financial institutions such as banks will benefit from this study as it will help them set their internal control systems and procedures to manage credit risk for SMEs.

Talent Management, Management of Change and Firm Performance: An Exploratory Study on Government-Linked Companies (GLCs) In Malaysia

The Malaysian Government has acquired a large shareholding in several Malaysian companies to meet... more The Malaysian Government has acquired a large shareholding in several Malaysian companies to meet national aspirations, social concerns and global challenges. Known as ‘Government-Linked Companies’ or GLCs, they play a vital role in the country’s economy. For the GLCs to sustain in the industry it is operated, it has to find ways to optimize the best practices such as in talent management and management of change that can improve its organization competencies, particularly the performance. The sample includes all of the twenty six (26) public listed companies of the GLCs in Malaysia. The study uses a structured questionnaires to collect the data from the firms meeting the criteria of government linked companies or GLCs, the disproportionate sampling technique employed is to choose 5 executives from each company, making a total of 520 respondents. Results showed all hypotheses were supported; therefore, GLCs should ensured the favorable results to give the right priority to the imple...

Predicting financial distress among SMEs can have a significant impact on the economy as it serve... more Predicting financial distress among SMEs can have a significant impact on the economy as it serves as an effective early warning signal. The study develops distress prediction models combining financial, non-financial and governance particularly ownership and board structures, on the likelihood of financial distress by using the logit model. The final sample for the estimation model consists of 172 companies with 50% non-failed cases and 50% failed cases for the period from 2000 to 2012. The prediction models perform relatively well especially Model 3 that incorporates governance, financial and non-financial variables, with an overall accuracy rate of 93.6% and 91.2% in the estimated sample and holdout sample respectively. This evidence shows that the models serve as effective early warning signals which are beneficial for monitoring and evaluation purposes. Controlling shareholder, number of directors and gender of managing director are found to be significant predictors of financially distressed SMEs.

The Malaysian Government has acquired a large shareholding in several Malaysian companies to meet... more The Malaysian Government has acquired a large shareholding in several Malaysian companies to meet national aspirations, social concerns and global challenges. Known as ‘Government Linked Companies’ or GLCs, they play a vital role in the country’s economy. For the GLCs to sustain in the industry it is operated, it has to find ways to optimize the best practices such as in talent management and management of change that can improve its organization competencies, particularly the performance. The sample includes all of the twenty six (26) public listed companies of the GLCs in Malaysia. The study uses a structured questionnaires to collect the data from the firms meeting the criteria of government linked companies or GLCs, the disproportionate sampling technique employed is to choose 5 executives from each company, making a total of 520 respondents. Results showed all hypotheses were supported; therefore, GLCs should ensured the favorable results to give the right priority to the implementation of the best practices in order to improve organizational performance.

This paper examines market reaction to international dual listings. The sample consists of the on... more This paper examines market reaction to international dual listings. The sample consists of the only six (6) firms that
cross-listed their equity abroad and which are also listed in the Nigerian Stock Exchange. The market reaction to a cross-listing program is positive and seen as a welcoming development to the selected companies and their shareholders at large. The stock price reaction is related to choice of exchange, geographical location (i.e. emerging or developed markets), and avenues for raising equity capital (i.e., public versus private offerings).

Determinants of Sme Success or Failure in Frontier Markets

International Journal of Banking and Finance

Management of change, lean practice and organisational performance of private companies in Malaysia

Journal of Economics and Business, 2021

Asian Academy of Management Journal of Accounting and Finance, 2016

Journal of Islamic Banking and Finance, 2014

Predicting financial distress among SMEs can have a significant impact on the economy as it serve... more Predicting financial distress among SMEs can have a significant impact on the economy as it serves as an effective early warning signal. The study develops distress prediction models combining financial, non-financial and governance, variables and analyse the influence of major corporate governance characteristics, i.e., ownership and board structures, on the likelihood of financial distress. The two extensively documented approaches, MDA and logit methods were used. The final sample for the estimation model consists of 172 companies with 50 percent nonfailed cases and 50 percent failed cases for the period between 2000 to 2012. The prediction models perform relatively especially in the logit and MDA model that incorporate governance, financial and non-financial variables, with an overall accuracy rate of 93.6 percent and 90.7 percent respectively in the estimated sample. The accuracy rate in the holdout sample was 91.2 percent for the logit and MDA model. This evidence shows that t...

European Scientific Journal, ESJ, Mar 31, 2018

Investors behavior in regard to earnings announcement during the Covid-19 pandemic: evidence from Cambodia

Pressacademia

Working Capital Financing Preference Among Small Businesses in Cambodia

JOURNAL OF ECONOMICS AND SUSTAINABILITY

Pressacademia

Talent Management, Management of Change and Firm Performance: An Exploratory Study on Government-Linked Companies (GLCs) In Malaysia

Predicting financial distress among SMEs can have a significant impact on the economy as it serve... more Predicting financial distress among SMEs can have a significant impact on the economy as it serves as an effective early warning signal. The study develops distress prediction models combining financial, non-financial and governance particularly ownership and board structures, on the likelihood of financial distress by using the logit model. The final sample for the estimation model consists of 172 companies with 50% non-failed cases and 50% failed cases for the period from 2000 to 2012. The prediction models perform relatively well especially Model 3 that incorporates governance, financial and non-financial variables, with an overall accuracy rate of 93.6% and 91.2% in the estimated sample and holdout sample respectively. This evidence shows that the models serve as effective early warning signals which are beneficial for monitoring and evaluation purposes. Controlling shareholder, number of directors and gender of managing director are found to be significant predictors of financially distressed SMEs.

The Malaysian Government has acquired a large shareholding in several Malaysian companies to meet... more The Malaysian Government has acquired a large shareholding in several Malaysian companies to meet national aspirations, social concerns and global challenges. Known as ‘Government Linked Companies’ or GLCs, they play a vital role in the country’s economy. For the GLCs to sustain in the industry it is operated, it has to find ways to optimize the best practices such as in talent management and management of change that can improve its organization competencies, particularly the performance. The sample includes all of the twenty six (26) public listed companies of the GLCs in Malaysia. The study uses a structured questionnaires to collect the data from the firms meeting the criteria of government linked companies or GLCs, the disproportionate sampling technique employed is to choose 5 executives from each company, making a total of 520 respondents. Results showed all hypotheses were supported; therefore, GLCs should ensured the favorable results to give the right priority to the implementation of the best practices in order to improve organizational performance.