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2021 | Book

The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries

The Impact of New Technologies and Entrepreneurship on Business Development


About this book

This book introduces the students, researchers and practitioners into the subject and enabling technologies and applications pertaining to of technology, entrepreneurship and business development through research articles, case studies etc. It is primarily intended for academic purposes for learners of computer Science, management, accounting and information systems disciplines, economics,- entrepreneurship. Publishing chapters in the book is new innovative idea to spread the book in the Middle East and Arab countries and make the book achieve more sales. As many students in all levels, graduates and undergraduates in addition to research, professionals are not able to get sufficient resources because of the language concern.

Table of Contents


Implementation of Artificial Intelligence, IoT and Innovative

Innovative Mobile Device for Human Health Monitoring

In this article the integrated set of measured values and computational in-formative parameters for the mobile diagnostic devices used for monitoring and diagnostics of cardiovascular system of the person is brought. Methods of definition of current values of controllable parameters are examined, their merits and demerits are revealed. For the most effective estimation of a condition of cardiovascular system of the person (definition of parameters of central and peripheral hemodynamics, control parameters of transport of oxygen) it is necessary to use the complex method including volumetric compression oscillometry, electrocardiography, the blood pressure measurement by pulse wave together with a method of an estimation of requirement of an organism of the patient in oxygen. This mobile device can be used for the early diagnosis of COVID-19. The functional scheme of mobile diagnostic device is presented. The scheme includes the set of blocks, which are optimal by price and quality. All modules have built-in batteries, equipped with non-contact charging system that supports wireless communication channel, and boxed in waterproof, ergonomic case. Results of testing of separate blocks of mobile diagnostic device are described in the article.

V. M. Sokolsky, I. Yu. Petrova, M. V. Sokolsky
The Role of Technological Capabilities: A Study of Malaysian High-Tech Born Global Companies’ Early Internationalization

Technological capabilities are important because they play crucial role to born global and successful internationalization of businesses in terms of their innovativeness, creation of business links, technological learning, and the attainment of international experience. This paper aims to enhance the understanding of high-tech born global companies in Malaysia by looking at the role of technological capabilities among high-tech born global companies’ early internationalization in Malaysia. Although the innovation and technological capabilities have been the subject of inquiry by prior studies, very little research however have been done into the role of technological capabilities. Multiple case analysis was used to explore the role of technological capabilities towards the early internationalization of high-tech born global companies in Malaysia. The results of the study show that all three technical capabilities: technical knowledge, supporting technological tools and technology partners have a positive influence on early internationalization in Malaysia. However, technical knowledge and technological tools seems more important for these companies in Malaysia to expand their businesses into the international market. This study contributes to the field in several ways. First, it provides empirical research on internationalization by looking at the early internationalization that have been used in Malaysia and secondly, the study provides a model that explains how technological capabilities are used under the resource-based view theoretical lens.

Sathiswaran Uthamaputhran, Solomon Gbene Zaato, Noor Raihani Zainol, Nur Ain Ayunni Sabri, Nadzirah bt Mohd Said
Energy Management Based on Internet of Things

The Internet of Things (IoT) is a fast-growing reality with tremendous physical entities connected to the internet. Energy management through IoT is one of the recent efficient applications of it. This research analyses the energy management based on IoT technology for AC control for a residential unit. It shows the management capabilities of a smart home AC system as well as an estimation of the savings in terms of power consumed and cost. It is found that there is a 29% decrease in energy consumption when the smart AC system acts to manage the power consumption of the units in the home. As a result, significant financial benefit is achieved.

Maryam Alsaeedi, Basel Ali, Thomas Mazzuchi
The Effect of Cloud Computing on Organizational Flexibility

Cloud computing adoption behavior varies from country to country, and people become disparate to its benefits from it. This research looks at the adoption factors of cloud computing in the Gulf region and their effectiveness on organization’s flexibility, organization to organization activities, knowledge management applications, and organizational behavior. The flexibility has been presented in the form of performance and process in the Gulf market. A qualitative study was used to build a model that measures the relation between two flexibility aspects, in connection with the cloud computing adoption factors: relative advantage, security concerns, vendor credibility, ease of use, organizations resistance. A live cloud portal was built for this experiment instrumenting Microsoft office cloud solutions. A total of 30 respondents participated in this study using a convenience sampling method. Pearson’s correlation and multiple regression analysis were used to examine the relationship between IT flexibility dimensions, specific to cloud computing (relative advantage, security concerns, vendor credibility, ease of use and organizations resistance).

Nasser Azzam Al-Sabbagh, Mahmoud Al-Alawi
Financial Disclosures by Using Machine Learning Analysis

The effect of Age, Liquidity, Leverage, Size, Industry and Profitability in listed firms in Bahrain bourse is examined in this research paper and machine learning regression techniques in Python programming analysis is adopted to measure the effect of these factors (Age, Liquidity, Leverage, Size, Industry and Profitability) on the Electronic Financial Disclosure (EFD) through the Website of each firm listed in Bahrain Bourse (BB). Listed firms in Bahrain Bourse (BB) during 2017 is taken as sample size in this research. The main finding is that profitability factor is having highest impact on the level of Electronic Financial Disclosure (EFD) which has been tested and predicted using KNN, Polynomial, Multiple Linear Regression techniques. The implication of this study helps firms in Bahrain to use machine learning techniques to predict the effect of the firm characteristics and the level of Financial Disclosure.

Adel Sarea, Suresh Subramanian, Bahaaeddin Alareeni, Zakir Hossen Shaikh, Iqbal Thonse Hawaldar, Abdulsadek Hassan Elshaker
Medical Mobile Applications (e-Health) and the Acceptance of the Electronic Medical Record Systems (EMRS) Among Physicians in Bahrain

Purpose: the main objective is to explore the usability of medical mobile applications and to study the factors affecting the acceptance of the Electronic Medical Record Systems (EMRs) among physicians in Bahrain. Methodology: The study followed a quantitative design employing a questionnaire based on the Extended Technology acceptance Model (TAM2) to test the relationship between the acceptance of EMRs and the factors affecting it; System Perceived Usefulness (PU), Perceived Ease of Use (PEOU), Job Relevance and Output Quality in addition to descriptive questions to understand the extent of use of the mobile medical Apps among the physicians. The study covered 53 physicians from various hospitals across Bahrain. SPSS was used to analyze data. Findings: Acceptance of EMR is positively affected by US, EOU, Job Relevance and Output Quality and thus accepts all the intended hypothesis. Implication: the research emphasizes on the role of hospitals’ management to introduce the importance, usefulness and impact of such technological advancements on the physicians work flow and quality of patient care and to provide effective training and support on how to use the implemented EMR so end-users may own the system.

Mishleen M. Aqleh, Mukhtar Al-Hashimi, Allam Hamdan
Application of Fuzzy Logic Data Analysis Method for Business Development

The developments in production technologies in recent years and the availability of manufactured products to the global market have increased the expectations of the customer, who has many alternatives for the products that can be purchased. In this context, the importance of product quality has increased and product quality has become a multi-dimensional concept, not a one-dimensional concept. For companies to increase their market share and create competitive advantage in the sector in which they operate, they need to analyze the quality of the products they produce according to the products of their competitors in the industry. One of the methods that can be used to evaluate companies operating in a particular sector in terms of product quality and to determine the best-performing business is “Fuzzy Data Application Analysis (FDAA)” method. In this study, the product quality in Turkey’s 5 production sites located on the machine operating in the business, realized with fuzzy data envelopment analysis method.

Milind Gupta, Bahaaeddin Alareeni, Liudmila Akimova, Sandeep Kumar Gupta, Marta O. Derhaliuk
Detection of Fake News Problems and Their Evaluation Through Artificial Intelligence

For some years, as repeatedly as likely to increase of social media, fake news, have occur to a common public issue, in some event distribution more and quicker than the true information. Social media plays a main requirement in positive things during our social life. Social media life assists, we will position some important information with lower cost. It similarly gives easy conduit in limited time. In any case, at times web-based life gives ability for the quick distribution of false information. So, there is an open door that low quality information with false news is increase during the social media. This shows an insistent contact on the quantity of individuals. Here and there it may contact society too. Along these lines, detection of fake news has huge suggestion. False information has been spread out in more important volume and has formed ever more fraud, while fake news is very, it gets basic to application computational system to find out; this is the reason the use of python like “Count Vectorizer”, “Tfidf Vectorizer”, Model for the recognition of fake information in community datasets is planned. Python language was applied for experiments.

Sandeep Kumar Gupta, Bahaaeddin Alareeni, Marta I. Karpa, Lokendra Singh Umrao, Milind Gupta
An Enriched Framework for CRM Success Factors Outlining Data Analytics Capabilities’ Dimension
A Case Study from the Retail Industry

The evolution of Big Data has been attracting many researchers who emphasized on the growing role of data analytics capabilities (DAC) in enhancing marketing decisions within enterprises. Although various hypothesis and theories have been previously generated, yet case studies validating them by real-life examples have been scarce. This research paper serves as an exploratory qualitative research, based on a single case study with a retail company established in Lebanon: The United Company for Central Markets SARL (UCCM). The grocery retail industry is a good example because it’s changing faster than most other complex industries, making it harder to detect and keep any competitive advantage. The study on hand aims to inductively develop theory further, and reflects UCCM’s results by illustrating an enriched conceptual framework for understanding how efficient CRM systems, when integrated with DAC, can enhance Marketing decisions during times of crisis management. UCCM’s research design and decision-making process allow addressing DAC as a new key dimension for the enriched conceptual framework. UCCM’s results also clarify how DAC play a crucial integrative role in adding value to the three factors of a CRM successful implementation: People, Technology and Process. The enriched conceptual framework proves to be a valuable heuristic tool that highlights the importance of establishing and acquiring a new skill set of competencies that combine Marketing with technologies and data analytics, especially during times of crisis management.

Roula Jabado, Rim Jallouli
Modelling Innovative Teaching as a Driver of Competitive Advantage in Pondok Institution: A Concept Paper

This concept paper aim to propose a new model of innovative teaching that can be implemented in pondok institution without neglecting its traditional learning system. Qualitative approach by using in-depth interview will be conducted to explore the acceptance of the proposed innovative teaching model. The sample in this study will include the management of pondok institution registered with Department of Islamic Development of Malaysia (JAKIM). It is hope that finding from this study will help the pondok management to consider the proposed innovative teaching model in improving and reforming their learning system in order to remain pondok sustainability in facing with challenges related to Industrial Revolution 4.0 and globalisation. It is hope that the results of this study could help the Malaysian government develop a model for strengthening the pondok institution curriculum in line with mainstream education.

Azira Hanani Ab Rahman, Nur Syafiqah A. Samad, Norzalizah Bahari, Siti Fariha Muhamad, Siti Rohana Mohamad, Md Nazrun Yaacob
The Impact of Internet Addiction on Bahraini Employees’ Performance

This paper aims to examine the influence of internet addiction in workplace on the performance of employees. Such internet addiction in workplace has proven to be a recent important phenomenon. That is why many companies nowadays try to implement certain effective measures and regulations to prevent this internet usage within workplace to assure the good performance of their employees and to achieve customer satisfaction along with the good quality of the service provided. In order to investigate this impact of internet addiction in workplace on the performance of employees, the researchers have decided to use the quantitative method, using the questionnaire tool, which is set to get answers to the research questions, Gathering all those results and analyzing the study findings, we understand that the internet addiction has a high effect on employee’s productivity, as the results of the questionnaire shows big percentages that needs to be in consideration, it indicates that the majority spend more than 6 h on the internet seeking entertainment.

Mukhtar Al-Hashimi, Anjum Razzaque, Allam Hamdan, Sameh Reyad, Sherine Badawi, Araby Madbouly
The Implementation of Artificial Intelligence in Organizations' Systems: Opportunities and Challenges

Nowadays, the revolution of technology plays a major role in organizations' success, Artificial intelligence emerged widely in most of business sectors, and became a crucial part in some businesses. Artificial intelligence (AI), complex algorithms, machine learning and data analytics greatly influence the human live and societies nowadays, even more than before. The benefits of AI applications are wide ranged and it finds it place in various domains and the possibilities are even far-reaching. The AI application is proven in form of unmanned vehicles, medical diagnosis, transport management, air traffic management, environmental sustainability and many more. Thanks to the latest progress in computer hardware, some AI advancements have already gone beyond the human experts’ capacities. The purpose of this research paper is to demonstrate the power of Artificial intelligence in organizations' operations, highlight the current benefits of the AI technology and also gave an insight on the possible challenges and risks associated with this technology. The research is based on previous researches, articles, and specialists’ opinions.

Mohammed H. Ali, Allam Hamdan, Bahaaeddin Alareeni
Artificial Intelligence for Public Sector: Chatbots as a Customer Service Representative

Many governments began to give customer service a major priority until they became competitive in some of the services provided by its various ministries, global profit companies, in terms of the way and quality of the service provided, depending on the integration of government systems, continuous training for customer service employees, as well as electronic transformation and the use of the latest technologies.This chapter addresses the technologies used in government service centers, in particular artificial intelligence techniques, and on the feasibility of using the Chatbots and its benefits, how it works best to ensure its effectiveness in providing services, also about the role that can be played in providing its services in light of the Coronavirus pandemic outbreak, finally will try to answer the most important question whether can this technology replace the human customer services representative?

Sayed Mahmood Adnan, Allam Hamdan, Bahaaeddin Alareeni

Sustainable Finance, Innovation and Business Uncertain Situations

The Impact of COVID-19: A Need for SMEs to Understand Business Model Innovation

This paper reveals the meanings of business model innovation process that helps entrepreneurs with the new paradigm so a new business model that can cope with changing environment can be created. Therefore, the findings on SMEs that relates to business model is revealed as a guideline. It is essential for SMEs to understand the business model innovation to generate more money. This study employs qualitative research method from three cases of a tuition centre and data collected were transcribed and coded to develop themes of the study. Findings reveal that SMEs with positive attitude and strategic actions culture helps to generate income. The themes that emerge are ‘The interaction strategy’, ‘The golden opportunities’, and ‘The killer teacher’. Future research should focus on the interactionism of SMEs within other industries with difference geography and strategy. This study expects to contribute to the business growth for the short and long term.

Siti Som Husin, Anis Amira Ab Rahman, Dzulkifli Mukhtar, Shah Iskandar Fahmie Ramlee
The Effect of Financial Innovations on Competitive Advantage

Nowadays, in the ever-competing market, organizations strive towards gaining competitive advantage over others. It is now possible to generate new innovation prospects which aid organizations towards achieving competitive advantage. The aim of this research is to present the findings regarding the questionnaire targeted at banks to identify whether or not financial innovations have effect on achieving competitive advantage. Primary data was obtained from a questionnaire distributed to employees working within the banking sector in Bahrain. Secondary data was obtained from previous literature conducted by various authors regarding financial innovations and competitive advantage. A total of 110 questionnaires were gathered from respondents and analyzed through SPSS version 23. The analysis includes a reliability test, normality test to assess distribution, and a regression analysis to test the hypothesis. The results of the research showed that financial innovations do have effect on achieving competitive advantage. The contribution of the research is significant as it fills the gap in knowledge regarding studies conducted on the factors affecting competitive advantage. The research is beneficial to banks in order to realize the importance of investing in financial innovations within their organizational processes as this leads to achieving competitive advantage.

Amina Bucheeri, Allam Hamdan
Strategy of Rural Retailers Towards Sustainability: Case Study Evidence from Malaysian Micro Enterprise

The demand arising for retailing in micro enterprise sustainability in rural areas has received an attention in these recent years. There are great competition from the other rural retailers and immigrant retailers that become a threat for rural retailers to sustain especially in rural area. To remain sustain in the market, the rural retailers need to have an effective strategy and to explore the possibility of the strategy. Therefore, the objectives of this study are to explore the business strategy used by the rural retailers to sustain in the marketplace. This study use inductive approach, case study research strategy, cross sectional time horizon and thematic analysis technique. 9 informants have been interviewed based on interview protocol using in-depth interview technique. The findings reveal that rural retailers’ strategy to sustain in the rural area market are customer relationship, family influence, community engagement, marketing strategy, employee welfare, product and service quality, financial performance, and also the religious element. The results show that the new strategy to sustain in micro enterprise for rural retailers is within the domain of economic, social network and professional ethics. The findings of this study will be a guideline to the practitioners in retail micro enterprise to plan strategically towards business growth.

Anis Amira Ab Rahman, Noor Raihani Zainol, Sathiswaran A. L. Uthamaputran, Bahaaeddin Alareeni, Md Zaki Muhammad Hasan
Strategic Vectors of the State Financial and Credit Incentives for Innovation

Innovation is an important factor in the development of the country’s economy, its regions, and business entities. Therefore, the regulation of innovative processes and their activation should be put on priority positions in state policy. The purpose of the article is to analyze the modern features of the state financial and credit stimulation of innovation and determine its strategic vectors taking into account the needs, opportunities, and threats in the field of economic and social development. We set the task to determine strategic guidelines for the influence of the state with the help of financial and credit levers on innovative activities. For this, an analysis of the state’s modern participation in creating a favorable financial environment for the innovative development of the economy was carried out, problems in the field of state financial and credit support for innovation were identified. Recommendations have been developed to strengthen the influence of financial and credit levers on the activation of innovative processes and ensuring a high level of scientific and technical development, strengthening national security, and improving the quality of life of the population. The feasibility of using separate budgetary, tax, credit instruments to stimulate innovation is justified. The prospects of lending to innovation on the principles of public-private partnership and the need for state financial and credit support for innovative entrepreneurship have been proved. A conceptual scheme for the implementation of strategic guidelines for state financial and credit incentives for innovation was proposed, which can be used by the Cabinet of Ministers of Ukraine, regional and district states administrations, the Ministry of Economic Development and Trade, and the Ministry of Finance in the formation of strategies for innovative development of the economy and social sphere. The Cabinet of Ministers of Ukraine and the National Bank of Ukraine can use the recommendations on the creation of the Ukrainian State Development Bank as the central financial institution in the field of financial and credit support for innovative projects priority for the state and society.

Nadiia Reznik, Galina Palchevich, Volodymyr Popov, Larysa Petrenko
Rising Eminence of Sustainability Reporting – Evidence from India

This paper is an attempt to examine the sustainability reporting practices of the top 40 public & private Indian companies (as per the ET-500 list). Using NVivo software, each company’s overall disclosure index is calculated on seven identified parameters. The study is conducted by applying content analysis on the past two-year’s annual reports of all the companies. To identify substantial variation in public and private company’s disclosure norms, the Mann-Whitney U test was applied for statistical analysis. Results indicate a significant difference in disclosure of environmental, human rights, social performance, society, product responsibility, and six capitals. Public sector companies are found to be more inclined in societal disclosures while the private sector companies are more inclined towards social responsibility. Environmental disclosures exhibit higher values for public companies and social performance indicators display higher values for private sector companies.

Nandita Mishra, Shruti Ashok, Deepika Dhingra
Modeling the Labor Market Stability in Conditions of Uncertainty as a Component of Strategic Management

The labor market modeling makes it possible to objectively assess its current state and development trends, as well as to make sound management decisions in the field of employment and efficient use of human resources in rural areas. On the basis of the offered mathematical model of the labor market the following is possible: creation of information base and system of labor market monitoring; determination of various parameters of the labor market; providing interested services with information for analysis and forecasting of labor market conditions and trends; analysis of labor consumers; identification of the most desirable professionals in demand; analysis of labor distribution and redistribution in terms of further use in the economy; analysis of the existing system of employment incentives for the employment policy formation; forecasting the labor market, number of jobs and their needs, as well as the level and structure of employment of the population and its migration.

Anatoliy Ostapchuk, Liliia Kustrich, Liudmyla Tranchenko, Oleksandr Botsula, Valentyna Kolmakova, Iryna Patoka
Principles of Business Activity in the Context of Sustainable Development

Scientific research is based on the fact that the business activity of subjects is one of the key elements in achieving sustainable development goals. Considering that business activity is carried out on the basis of certain principles, the authors believe that the goals of sustainable development have an impact on the modernisation and the formation of new principles of business activity. Compliance with these principles contributes to the actualisation of the business (economic) turnover in modern reality.The aim of the article is to substantiate the formation of new principles of business activity of subjects as the main guiding principles of its implementation and appropriate regulation in the context of sustainable development.This study aims to prove that the following elements can be considered the new principles of management: a) ensuring the vital interests of entrepreneurs, consumers and society in information environment; b) corporate social responsibility; c) fair competition in entrepreneurship; d) corporate greening.To achieve this goal, the authors provided the characteristics of these principles and analysed the current state of their application. To solve the problem, first, the relationship between the listed principles and the goals of sustainable development is analysed. And secondly, the analysis of the influence of each of the principles on business activity is carried out.While conducting the scientific research, methods such as dialectical, system-structural analysis, formal-legal, comparative, as well as other methods and scientific approaches were used to achieve the goal of the study.In the course of the study, it was substantiated that the listed principles fully fit into the concept of sustainable development, which includes economic, social and environmental components. The conclusions summarise the characteristics of each of the new principles of business activity. Also, recommendations were formulated regarding the optimisation of the regulatory consolidation and the practical implementation of these economic principles, taking into account the European and Ukrainian experience. The results of the study are important for theory and practice, since they regard the presented principles as those that can be used to assess the activities of specific business entities, as well as the state of legislation and government policy. The obtained results of the assessment can be used to develop proposals for improving the legal regulation and state policy of the economic sphere (including business and entrepreneurial activity).

Kateryna Kalachenkova, Svitlana Melnyk, Yuliia Pavliuchenko, Olena Titova, Raisa Kvasnytska
Relationship of Investment Development and Innovative Activity of Industrial Enterprises

The article researches the problem of increasing investment activity, determines the impact of investment activity fordevelopment of innovative activity of industrial enterprises. The analysis of the dynamics of capital investment and foreign direct investment in the Ukrainian industry by industrial activities was made; their structure by sources of financing and types of assets was examined; the structure of foreign direct investment from abroad in the Ukrainian economy was analysed. It was concluded that the decrease in investment from the leading countries of the world is caused by unsustainable social and economic development, overload of the legal system, excessive tax obligations, reduction in financial stability of industrial enterprises, aggravation of the economic crisis. It was determined that in conditions of political, economic and social instability, foreign investors have no interest to invest due to insufficient assurance of receiving revenues.The algorithm of the model of the development of innovation activity is elaborated in this article. The stages of construction of the model of innovative activity of industrial enterprises are described. The groups of indicators according to the criteria of the economic and informational component of the model of innovative activity of industrial enterprises are determined. The author offers the groups of indicators related to the criteria of innovative-social and organizational - ecological components of the model of innovative activity.

Alla Cherep, Tetiana Mostenska, Oleksandr Cherep, Halyna Tarasiuk, Liliia Bexhter
Impact of COVID-19 on Malaysian Takaful Business

The COVID-19 Pandemic still surges persistently in 2020, affecting lives, all forms of businesses, individuals, and industries globally. The pandemic has a clear and strong effect on world economic development. The assessments so far show that the COVID-19 could slash global economic growth by 2.0% for each month when existing challenges persist. World commerce might also slash by 13% to 32%, subject to the penetration and level of a world economic depression. The aim of this study is to evaluate the effect of COVID-19 on Malaysian Takaful business and future effect of COVID-19 in Malaysia at 2020. By this time, it is obvious that the pandemic has intense detrimental effect on both the Malaysian macroeconomic and economic welfare of the people. Bank Negara Malaysia in 2020 has forecast that GDP growth will fall between 3.5% and 5.5%. Currently, unemployment is expected to rise to 5%. Islamic economy is also being affected by the virus incidence. The Malaysian Takaful industry is not excluded from the anticipated impact of the economic slowdown in 2020 amid the COVID-19 pandemic. Apart from considerably hampered growth in 2020, Takaful operators will also have to cope with the increased volatility and rising credit risks of their investments in 2021 and may be 2022. During the pandemic spread of COVID-19 the Malaysian government took financial actions to save the economic sector and to reduce the negative effects of MCO. Malaysian Takaful companies provide better service by using new technological tools; thus, to maintain the operations and social responsibility.

Monther Eldaia, Mustafa Mohd Hanefah, Ainulashikin Binti Marzuki, Saddam Ali Shatnawi
Franchising Relationship: Malaysian Franchisees’ Perspectives

Nowadays, when entrepreneurs wish to expand their businesses in either domestic or international markets, they will adopt for franchising. Franchising has become extremely popular in many countries across the world, including Malaysia. It is a business platform that distributes the products and services based on a contract made by a two-party relationship. Even though franchising has been recognized as a rapid platform for business growth, franchisees’ perspective about franchising relationships is an area less explored and less understood. Thus, this study addresses the important aspects in franchising relationship by using the concepts from Agency Theory, Plural Organization Theory and Resource Based View Theory. For the methodological aspect, textual analysis was undertaken across the case of food and beverages industries and education and learning center industries to explore the matter further. The analysis was divided into four themes namely: (i) proven business format; (ii) brand equity of franchising; (iii) franchising cost; and (iv) training and support, to attempt to explain the elements of franchising relationship. The adopted deductive approach has provided rich information that will lead future research by using other methods.

Nurul Ashykin Abd Aziz, Mohd Hizam Hanafiah, Nik Syuhailah Nik Hussin, Mohd Nasrulddin Abd Latif, Zuraimi Abdul Aziz
Developing Dynamic Capabilities for New Product Development in Business Ecosystem: Case Study of Malaysian Firms

Governments in emerging economies have introduced a variety of technological catch-up strategies in order to develop national creative capacity. These initiatives have been introduced with the key objectives of developing new product development (NPD) capabilities in their local small and medium-sized enterprises. Few will be disappointed with the fact that NPD capabilities have faded away from companies with more technology-intensive capabilities over the years. But how have these skills been nurtured in a business ecosystem that strives to make businesses more dynamic? Specifically, what is the help flow from the value network of the business ecosystem? How do companies and organisations work in particular industries that have benefited the entire value chain of the market ecosystem? This qualitative paper addressed two in-depth case studies of companies receiving business and technical support from the high-tech ecosystem. Case study was chosen as an inclusive approach and aimed to focus primarily on interviews with key informants. Observation and record review approaches are used to improve the results. Themes emerge from the findings, including: (1) support for firms' NPD in terms of commercialization of research outputs; (2) proof of firms' ability to reconfigure complex capability upgrade capabilities; and (3) the ability of firms to adapt to evolving environments by delivering high-tech products that meet regulatory requirements and consumer demand. There is evidence that the business environment in terms of the government support programme for high-technology sectors has created the effect of enhancing innovation capabilities in NPD processes. These skills contribute to production, distribution and product improvement activities in the innovation phase. They provide an example of the role and how to promote the dynamic capabilities of companies in the production of new goods. The key implication is to strengthen our understanding that these skills are based on the ability of companies to adapt to an evolving world by delivering high-tech goods that meet regulatory requirements as well as consumer demand.

Dzulkifli Mukhtar, Michael Ehret, David J. Smith
Applied Aspects of Formation of Facilitation-Reflective Methodology of Personnel Motivation Management in the Energy Management System

The largest energy consumers in Ukraine continues to be enterprises of construction sector, which employs more than 50% of the produced energy. Therefore, from the standpoint of the strategy of sustainable development and rational use of material and energy resources and increase of energy efficiency of construction enterprises, it is necessary to carry out a corresponding economic substantiation of the energy saving strategy.The intensification of the energy saving process implementation at all levels of the economic system contributes to the diversification of economic and managerial practices and institutional forms, manifesting a fundamental heterogeneity of the economic environment for the implementation of industrial and commercial activities of the enterprise.The aim of the article is to develop a structured and logical scheme of a facilitative-reflexive methodology for motivation management in the energy management system of the enterprise, which will take into account modern organizational and management technologies and be based on the principles of the ISO 50001 standard.The current state and development trends of the energy-saving management system at enterprises will require the introduction of modern management approaches to contribute to the formation of an energy-efficient production and economic system policy based on international standards.In modern enterprises development formations, the problem of ensuring their energy efficiency, energy independence and energy security rises, which can be realized through the introduction of an energy management system based on ISO 50001.One of the determinants of the formation and implementation of an effective energy management system in an enterprise is the motivation of personnel to save energy, which ensures the optimal use of energy resources for the effective implementation of human resources.Methodology. Theoretical and empirical basis of the article were the methods of scientific knowledge, general scientific principles, developments in the field of energy saving management of enterprises. The following scientific methods were used in the article to solve the set tasks. Theoretical generalization, comparison, Appreciative Inquiry, Search Conferences, Open Space Technology, Technology of Participation and conceptual provisions of “Methodology of Facilitation”, reflexive management.The leading countries of the world use the latest methodologies for working with large groups, such as the “Methodology of Facilitation” in Ukraine this process has not yet found sufficient interest. Now, a number of facilitation methods have been developed for working with personnel that are successfully used in the process of organizing, managerial and socioeconomic transformations. The aforementioned issues actualize the study of the possibility of forming an economic and managerial mechanism of motivation for energy saving of construction enterprises based on the “Methodology of Facilitation”Conclusions. It is proposed to determine the criterion for assessing the economic efficiency of the motivation object based on the application of the facilitative-refiexive methodology, which made it possible to analyze, using the example of five enterprises, the influence of the developed methodology for working with personnel in the framework of the formation of an energy management system.A functional toolkit of the facilitative-reflexive type has been developed, including.’ an applied operational-reflexive methodology for managing energy saving taking into the motivation of the personnel to energy saving, where a criterion has been established for assessing the economic efficiency of the motivation object in the algorithm for implementing the economic and managerial mechanism for motivating staff to save energy at the enterprise.A structural-logical scheme of the facilitation-reflexive methodology for managing personnel motivation in the energy management system of the enterprise is proposed, which will allow the introduction of energy saving measures by the production and economic system with clear regulation in accordance with ISO 50001.The developed facilitative-reflexive methodology for managing personnel motivation in the energy management system of an enterprise can be interpreted based on the functions of subjects and subject-object relationships, the allocation of subsystems of instrumental, formalized scientific and empirical, informatization of change management, strategic and tactical management, as well as blocks. “complex collection”, “processing and analyzing data on the current state of energy saving measures”, “facilitative-reflexive methodology”, “reflexive management”, “parametric characteristics of the mechanism on functional basis”, “regulation of motivation process for energy saving”, “goal-setting”, “coherent-cohesive interaction” and “change management”.Using the developed software package based on Statistics 6.1. a cluster analysis of indicators affecting the energy saving potential of the enterprise was carried out in the context of the introduction of a facilitated- refiexive methodology for managing personnel motivation, in particular, a criterion for assessing the economic efficiency of the motivation object at five leading enterprises of the market construction sector was also determined.The obtained results confirm the effectiveness of the developed facilitation-reflexive methodology for managing personnel motivation in the enterprise energy management system.

Fedun Igor, Innola Novikova, Marina Klymchuk, Tetiana Ilina, Pietukhova Olha, Galina V. Artamonova
Challenges to Reduce Budgetary Slack Creation in Developing Economies

The public budget plays a vital role for the government in ensuring the stability of the country's economy and achieving the objectives of social development. A well-planned budget is therefore essential to ensure the achievement of these objectives and the well-being of the public. However, the public budget has been criticised for non-optimal expenditure and inefficient allocation of public resources. Examination of budgetary laxity in government organisations may be useful in reducing budget laxity. Budgetary slack is a common practise between officials and organisations, even though it is dysfunctional towards organisations. The main objective of this paper is to identify the challenges of reducing Malaysia's budget deficit. This paper suggests that the challenge of reducing the budget deficit lies in the lack of budgetary control, red tape, political negotiation and tightening of the budget. Top management should therefore highlight these issues, design and implement sound management control.

Nur Shahirah Adilah Mohd Sairazi, Dzulkifli Mukhtar, Razli Che Razak
Food Packaging Trends and Issues Approaching Sustainability: Insights from Industrial Experts in the UK

The growing awareness of the environmental damage associated with food product packaging waste has led the public to a keen interest in the development of sustainable packaging in the UK. However, previous research shows that not all sustainable packaging would encourage consumers’ decision making towards more sustainable choices. With this study, insight information from the experts in food industry had been explored on the current trends and issues relating to the consumer demands towards significant food packaging. A qualitative approach of in-depth interviews had been conducted with the industrial experts in the UK. The interviews transcribed verbatim and NVIVO 11 used to analyse the results. The findings indicated there are three particular aspects or themes that showed both food producers and consumers are significantly focused on in the UK, recently. All in all, consumers and food producers are moving towards more sustainable options of food packaging, within a consideration of consumer’s personal convenience and preferences are still placed in the highest priority.

Nur Hafizah Muhammad

Marketing, E-commerce and Social Media

Toward Successful Social Media Viral Marketing: A Knowledge Management Approach

The purpose of this paper is to investigate the determinants that lead organizations to go viral through knowledge management (KM). KM has been widely recognized as a main driver of competitive advantage, as well as of the success of the organization. Indeed, the significance of knowledge on organizational activities has increased dramatically within the economical era and researchers believe that KM is an important organizational resource to enhance firms’ competitive capabilities. Moreover, many recent studies have pointed out the importance of social media as a competitive marketing tool, as it creates a platform of true interactivity. Viral marketing (VM) on social media refers to the dissemination of specific content or material about an organization or product by individuals through social media. Viral campaigns are considered to have many advantages over traditional media campaigns, particularly in respect to reach and cost-effectiveness. Consequently, VM has attracted the attention of marketers and researchers who are seeking to identify the characteristics of knowledge and information shared online and what leads to the customers’ sharing behavior via social media. This paper and its conclusion will add to this body of research by filling the aforementioned gap in the literature, namely by exploring the firms’ determinants of achieving viral status on digital platforms in Bahrain. This paper also points out the limitations and possible directions of future research.

Amani Al Abbas, Sherine Badawi, Maryam Husain Almahdi
Bahraini Public’s Dependency on Social Media as a Source of Information About COVID-19 Pandemic

This study aims to identify the role of media campaigns factors to combat Corona Virus (COVID-19) in the Kingdom of Bahrain applying to a simple random sample of 250 through questionnaire tool. The results showed the campaigns focused on many ways to prevent the disease, namely: washing hands frequently with soap and water, using disinfectants to clean the house, using tissues when coughing or sneezing, ventilating the house constantly the campaigns showed also many indicators of Corona Virus infection such as high temperature in all body parts, and severe coughing.

Mahmoud Gamal Sayed Abd El Rahman, Abdulsadek Hassan, Sameh Reyad, Adel M. Sarea, Bahaaeddin Alareeni
Human Personality in the Conditions of Media Being

Man is affected by various information resources. It has significantly changed the conditions and quality of person’s life and led to the emergence of media being. The article considers only some of the factors which shape the personality in a growing moral crisis and limiting the state of existence. Media being as a state of existence prevails and creates various influences, as well as forms a certain reflection through awareness of person’s own needs and comfort situation. The 21st century is a stage of systemic transformation of society. This century is also associated with changes in the balance between the components of person’s own life and rational guidelines in the whole human universe. Today, existentialism is the philosophical trends which will help to orient in society and create a model. It is based on modern stereotypes. Existences, which were recognized as the driving forces of man in his perception of the world, have lost their properties today. Media being forms other states of existence. It considers that existences which help to find the optimal set of conditions for the development and formation of personality.

Nezhyva Olga, Teslenko Natalia, Holik Oksana, Kamianetska Oksana, Fedun Igor, Zinaida V. Smutchak
Economic Culture for Non-professionals Through Social Media (Personal Experience)

The research problem can be summarized in the decline of economic culture regarding social media posts. So, we notice an increase in the percentage of debtors who do not do well in many countries of the world, but social media has increased social jealousy that urges for extravagance and the waste of available economic resources. The importance of the study arises from two main points: the importance of the subject of the study, which is the economic culture and the preservation of the economic resources available in the world in light of the scarcity of resources or their relative scarcity, as well as the huge inflation in the number of social media users, where the users of the three methods (subject of study) reached more than 3.5 Billion at the beginning of 2019, which raised the global percentage to 45% of the total number of people around the world. The study objectives focus on showing the groups benefiting from this personal experience through Instagram, Twitter and YouTube, shedding light on the economic aspects that this personal experience was keen to cover through social media, as well as detailing the beneficiary groups, along with mentioning samples of the feedbacks of those who follow the experience through social media. The study concentrated on the time limits from 2017 to 2020, while its human limits are all viewers and listeners of all Arabic native speakers.

Muwafak Bishr Muhamed
Factors Influencing Consumers’ Purchasing Decision on Local Products

The purpose of this research is to identify the factors that influence consumers’ purchasing decision on the local products. Malaysia as a developing country still import products heavily. While the imports products of Malaysia increased by average 10% yearly, amounting to RM 80.2 billion in 2018. Malaysian like to buy foreign products rather than local products and this will affect the Malaysia’s economic growth such as the value of Malaysian Ringgit will decrease, and small local companies will not be able to compete with foreign companies will eventually fail. The factors will be tested in this research are perceived product quality, attitudes toward advertising and informational influence that might influence consumers' purchasing decision on local products. Quantitative method has been carried out through questionnaires and distributed to 384 respondents while the target respondents are the young adults and adults that have their own purchasing power in Kuala Lumpur, Malaysia. Data collection analysis involves Reliability Test, Descriptive Statistics Analysis, Pearson Correlation Analysis and Multiple Regressions Analysis by using the Statistical Package for Social Science (SPSS) version 25. The research finding showed that perceived product quality, attitudes toward advertising and informational influence has significant positive relationship with consumers' purchasing decision on local products.

P. Y. Permarupan, K. Z. Xuan, T. K. Ling
Formation of Marketing Concept of Rural Economic Development

The evolutionary features of the formation of marketing concepts have been studied in line with social growth. It has been substantiated that the generalized context of their transformation was formed depending on the general world changes for a certain period of economic development of mankind as vital needs grow. It has been emphasized that the growing importance of the role of marketing is caused by the prevalence of its basic provisions in the formation of the mechanism for the development of economic systems against the background of the introduction of market management levers.It has been theoretically substantiated that the modern interpretation of marketing concepts should be based on the fact that any system (enterprise, territory, region, market, industry, etc.) has inherent properties and features of functioning, as well as mechanisms to respond to market challenges. In addition, certain rules (formal and informal) and laws are formed within the system. The key to effective management of the system development is clear awareness of these rules and their strict observance.It has been established that the marketing concept of rural economic development is based on the configuration of different marketing concepts as components of an integral structure. These components have common marketing management technology at all levels of the system hierarchy, consistent mechanisms of interaction and methods used to satisfy the requirements of stakeholders interested in rural economic development. The content of the components of the proposed holistic approach to the concept has been explained. They primarily include socially responsible marketing, integrated marketing, interactive marketing, internal marketing, territorial marketing, government marketing, public sector marketing and sustainable development marketing.

Tarasovych Liudmyla, Yaremova Maryna, Vlasenko Olena, Shuliak Bohdan, Kotova Liubov
A Comprehensive Methodology for Assessing the Effects of Management and Marketing on the Value of the Enterprise Based on the Development of Intellectual Capital

Significant success of the country is provided first of all by the effective use of intellectual potential. All over the world, intellectual property serves as a source of additional income during the implementation of projects, gives the company the opportunity to ensure product quality and competitiveness, expand market opportunities, and prevent problems as a result of disputes in case of infringement of intellectual property rights.Science and high technology at the present stage of human development have become not only the main sources of economic growth. They also create unprecedented before conditions for the formation the same social values of people around the world. The purpose of the work is to assess the intellectual capital of the organization, as well as to reveal effective tools and improve practical recommendations for the management of intellectual capital. We present the distribution of qualitative and quantitative composition of researchers. In our study, the share of costs is justified of the total cost of research and development by types of work. The planned number of patents for inventions and utility models is calculated. The basic principle of the knowledge-based economy is that knowledge and information are seen as commercial assets that can be disseminated for profit. Costs for the functioning and development of the state system of legal protection of intellectual property. The methodological basis for the study was system-structural, comparative analysis, graphical, economic-statistical and scientific methods of cognition. Comparative analysis and the method of logical generalization, which are most relevant to the research. The results of the study presented in the work allow us to conclude that the developed measures for the management of intellectual capital can help increase the IC of the enterprise. The distribution of applications for utility models from national applicants by regions of Ukraine is determined. The current system of regulatory regulation of valuation in Ukraine, the results of research and valuation practice allow companies to assess the value of intellectual property rights independently. Obtaining a reliable valuation is possible only if it is properly organized.

P. Reznik Nadiia, D. Ostapchuk Anatoliy, V. Sachynska Liudmyla, O. Kostiuk Tatiana, M. Pietukhova Olha
Self-efficacy on Social Capital and Financial Empowerment Towards Socioeconomic Wellbeing Development Among Women Participants in Malaysia

Social capital and financial empowerment create opportunities for women in social enterprises project that lead to socioeconomic wellbeing with perceived women’s efficacy (self-efficacy). With the strength of social capital that women entrepreneurs have, it is become easier for them to get financial accessibility. Whereas a strong efficacy enhances women’s accomplishment that contributes to the socioeconomic wellbeing. This study has employed a cross-sectional design and data from 157 women entrepreneurs in Peninsular Malaysia. This study indicated that social capital, financial capabilities and self-efficacy enhancement contributed to women empowerment to develop their socioeconomic wellbeing in social enterprise projects in Peninsular Malaysia. Given those important investments in social capital and financial empowerment, the government and private agencies should therefore focus on social enterprise development projects which are related to sustainable development goals.

Nur Ain Ayunni Sabri, Noor Raihani Zainol, Nurul Izyan Mat Daud, Yusrinadini Zahirah Md Isa@Yusuff, Sathiswaran Uthamaputhran, Mohd Ikhwan Aziz
An Empirical Analysis on Customer Satisfaction in Takaful Products

Alongside its growing potential in Islamic banking, Malaysia is set to become a hub for takaful in the Asia region. The takaful industry in Malaysian market is placed in the top three in the world. The study aimed to explore whether technology, product offered, and consultancy have a significant relationship to customer satisfaction who have purchased takaful products. The study had utilized a survey approach and took a sample of 150 respondents among the community in Kelantan. The results indicated that products offered and consultancy have a strong positive relationship with customer satisfaction while technology had shown a moderate positive relationship with customer satisfaction.

Farah Hanan Muhamad, Mohd Zulkifli Muhammad, Noorshella Che Nawi, Norfazlirda Hairani, Wan Arif Wan Ahmad
The Impact of Eco-Friendly Products and Social Media Toward Environmental Awareness: Moderating Role of Knowledge

The study was conducted to investigate the impact of eco-friendly product and social media usage toward the awareness of consumers to conduct environmental behavior with the moderating role of knowledge. The research framework is conceptualized with the adaptation of Behavioral Change Model. By using PLS-SEM software, 118 online responses were collected to analyze the research hypotheses. The research findings showed that eco-friendly product and social media usage have a significant effect on environmental awareness. Data also supported the moderating role of knowledge and proved that higher consumers’ knowledge on green products could increase environmental awareness among consumers to conduct pro-environmental behavior. This study examines new link and contribute to the literature by assessing the effect of knowledge as a moderator and acknowledges the importance of social media in influencing environmental awareness among consumers.

Azila Jaini, Wan Farha Wan Zulkiffli, Mohammad Ismail
Retail Customer Acceptance Toward QR Code Payment System in Malaysia

The purpose of this study is to analyze the significant factors that affect the acceptance of retail customers toward Quick Response (QR) code payment system in Malaysia. Cross sectional study was conducted by using convenient sampling which data collected through online survey. The result showed there was significant positive fair correlation between ease of use and acceptance of QR code payment (p value < 0.001, r = 0.796), significant positive fair correlation between social influence and acceptance of QR code payment (p value < 0.001, r = 0.686) and significant positive fair correlation between security and acceptance of QR code payment (p value < 0.001, r = 0.753). The findings provide useful insight into how the retailers should implement QR code payment system efficiently as it will enhance their customer service as most of the retail customers’ opted QR code payment system due to its convenience in terms of ease of use.

Norfazlirda Hairani, Farah Hanan, Mohd Faizal Omar, Khalizul Khalid, Mahathir Muhamad
A Model for E-Commerce Adoption by SMEs in Developing Countries

SMEs; Small and Medium-sized Enterprises are the backbone of the development of the economy of any country. They had recently experienced rapid growth and improved their business activities in terms of customer numbers and revenue expansion when they began using e-commerce. Nevertheless, SMEs e-commerce adopting in developing countries is inefficient because of many factors as the lack of a clear model for adopting it. Consequently, some of the most widely used e-commerce adoption models in developing countries were emphasized, that were Theory Planned Behavior (TPB), Theory Reasoned Action (TRA), Diffusion of Innovation Theory (DOI), Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology (UTAUT), Technology Organisation Environment (TOE), Integration of TOE and TAM, Perceived eReadiness Model (PERM). The exploratory research was used in this study. This paper is set as follows. The second section reviews the relevant literature and the models/theories used in the adoption of e-commerce in developing countries, with an indication of the strengths and weaknesses of each model/theory. Section 2 discusses researchers’ views on the weaknesses of the models/theories used and an explanation of ways to overcome them by proposing a model. Finally, Sect. 3 concludes the paper and recommendations for future research.

Houache Hassen, Noor Hayani Binti Abd Rahim, Anwar Hasan Abdullah Othman, Asadullah Shah
Customer Loyalty: Are They Really Loyal?

The significant growth of online shopping makes the competition in this industry become more intense. Maintaining customer loyalty has been recognized as one of the essential factors for business survival and growth. The purpose of this study is to examine empirically the influence trust, perceived risk, satisfaction and habit on customer loyalty in online shopping. This study discusses the influence of trust, perceived risk, satisfaction and habit on customer loyalty toward online shopping. However, the results revealed that trust, perceived risk, satisfaction and habit have significant impact on customer loyalty toward online shopping.

Nurul Awati Mohd Lazin, Muhamad Saufi Che Rusuli, Noraani Mustapha, Wan Mohd Nadzrol Wan Mohd Nasir, Siti Sarah Omar, Rosmaini Tasmin
Online Customer Satisfaction: An Analysis of the Kelantan Fashion Industry

The purpose of this study is to examine the factors that influence online customer satisfaction in the fashion industry in Kelantan. This study was conducted in Pengkalan Chepa, Kelantan. The sample size is 307 respondents and was selected using the convenience sampling method. Data from the research questionnaire were gathered and analyzed by using IBM SPSS Statistics version 26. The result showed that the variables, e-logistic ease, website interactivity, website informativeness, and visual engagement, were significant and positively related to online customer satisfaction. This finding implies that the e-retailer of online fashion products in Kelantan should put their efforts into visual engagement and website informativeness to enhance online consumer satisfaction. Future research suggests using other variables that might affect the dependent variable and can be conducted in another place with a different view and opinion on each question for each independent variable.

Nik Noorhazila Nik Mud, Mardhiah Kamaruddin, Norfazlirda Hairani
The Brand Impact on Culture: Case of Coca Cola Cultural Issues in India

The study purpose was culture assumes a pivotal role in brand and relying on underlying cultural philosophies. The Indian culture differences impacts on Coca-Cola brand; culture affects other brands very strongly. Productive brands have been able to adopt this dominant cultural paradigm. The measurements are based on the quantitative methods with criteria that were framed by culture and brand factors through customer perceived value to find out Coca-Cola’s brand cultural issues, the SmartPLS analysis was generated to study conceptual framework that was conducted restricting samples size of (N = 500). The study found that the culture and brand factors were effects on customer perceived value which was explained by (R2 Adj. = 78.5%), While, the whole model was effective by Coca-Cola cultural issues with (R2 Adj. = 80.9%). Further, culture has a significant effect on firm performance. Results of examination help companies to realize the significance of brand culture and product identity on the target market. The originality of this paper gives clear observations into the integration and combining of cultural fibers that make the brand prosper in the target market. It also clearly shows that several brands were successfully integrating and combining Indian culture in the market.

Asaad Ali Karam
Impact of Artificial Intelligence on E-Commerce Development

Artificial Intelligence (AI) in the E-trade industry is being utilized by online retailers for giving visit bot administrations, dismembering customer comments, and for offering redid sorts of help to online clients. In all honesty, a 2019 Impartial assessment found that 1 in every 5 clients are anxious to purchase products or organizations from a discussion bot, while 40% of the online clients are scanning for unfathomable offers and shopping deals from visit bots. While the overall Web-based business bargains are foreseen to contact $4.8 billion continually in 2021, Gartner predicts that around 80% of all customer affiliations will be regulated by PC based insight headways (with no human expert) ceaselessly 2020. Taking everything into account, how has Man-made mental aptitude in Online business changing or changing the shopping contribution with 2019? Through this part, we are going to highlight a segment of the noteworthy employments of man-made mental aptitude in Web-based business nearby a segment of the certifiable plans of action.

Ahmad Yousef Areiqat, Allam Hamdan, Ahmad Fathi Alheet, Bahaaeddin Alareeni

Supply Chain Quality Management Practices and Blockchain Technology

The Acceptance of Blockchain System Among Zakat Users: Case of Pengkalan Chepa, Kelantan

This study was carried out to identify most important factors that affecting the acceptance of the blockchain system with several factors of knowledge, social influence and performance expectancy among zakat users in Pengkalan Chepa, Kelantan. The issues of the studies because of unorganized zakat distribution. Thus with the zakat distribution system must change along with new technology such as blockchain technology in which it will help to increase efficiency of zakat management in Malaysia. A quantitative research technique in descriptive field of survey method was adopted in this research. A total of 132 respondents which made up from zakat users in Pengkalan Chepa, Kelantan were participated in the study from whom data were collected using questionnaire. The method data analysis were made using Statistical Package for the Social Sciences (SPSS). Using the evaluating by pearson’s correlation coefficient analysis, frequency distribution analysis, descriptive analysis and reliability analysis were use in this research. The findings reveal a significant positive relationship between knowledge, social influence, performance expectancy and the acceptance of the blockchain system among the zakat users. However, performance expectancy is the most important factor that influence the acceptance of blockchain system among zakat users. The study provides recommendations on zakat institutions to empower their administrative system to adapt with new technology such as blockchain system to accommodate the administration of zakat to be more efficient and transparent.

N. H. Nordin, N. N. Nordin, M. S. Ab Kadir, M. A. Fauzi, M. Hamran, M. M. K. Meor Hamdan
The Influence of Raw Material Factors and Demand Factors on the Formation of Supply of Products by Milk-processing Enterprises on the Regional Market: Ukrainian Experience

Milk-processing enterprises of Ukraine play an important role in ensuring food security of the country and contribute to the saturation of consumer demand. Over the last decade, they have been functioning under market conditions characterized by a sharp change in environmental factors, which in turn put significant pressure on the formation of market situation conditions. This study focuses on the analysis of factors that determine, on the one hand, the supply of dairy products by milk-processing enterprises in Cherkassy region of Ukraine, and, on the other hand, influence the level of demand from potential consumers. In the first case, the influence of the selling price and disposable income per person was studied, and in the second - the availability of quality raw milk and its cost. The study of the level of the influence of these factors was carried out by means of methods of correlation and regression analysis, as well as analysis of the coefficients of elasticity of demand by price and by income. The results of the analysis of consumption of milk and dairy products by residents of Cherkassy region of Ukraine during 2010–2017 showed no clear trend in reducing or increasing the demand per capita, and the impact of the price factor of demand and income effect was insignificant. It makes the number of consumers a limiting factor for increasing the supply. Among the raw material factors, only the lack of raw materials of proper quality has a significant impact on the formation of supply by dairy enterprises.

Penkova Oksana, Kharenko Andrii, Lementovska Valentyna, Poberezhets Ivan, Nehanov Victor
Blockchain Technology Implications on Supply Chain Sector: A Review of the Literature

Blockchain is a revolutionized decentralized ledger that emerged with the introduction of cryptocurrencies like Bitcoin. This new technology provides a framework to record and transfer data or assets in a safe and stable way. Blockchain has the potential to drive a new future for supply chain systems by delivering efficient, transparent, and integrated network for sharing data across the entire supply chain processes and stakeholders. This review describes the current threats of the supply chain system and the benefits of adopting blockchain technology to supply chain framework. In view of current methodologies and results presented by various scholars the paper also aims to address the research gaps in literature concerning blockchain in supply chain applications.

Batool Alawi, Allam Hamdan
Determining the Stresses in Beams Due to Short-Term Effect on Their Supports

In many engineering cases, forces acting on structures are random process excitations. Some of them can be treated as stationary random process, however, most of them should be considered as non-stationary random process. The problems solved in this paper are posed as follows. It is believed that at some time, all the supports and fixed-end beam sections (or part of them) begin to move according to the well-known laws, and the duration of the support motion is short in comparison with the first period of transverse vibrations of the beam. It is required that the internal forces arising in the beam during its subsequent movement be determined. Solutions in the form of trigonometric series, under the assumption that the shaking motion of the supports is short, ineffective due to the fact that it is necessary to deal with the determination and summation of a large number of harmonics of the series. Solutions are built using the method of successive approximations. Zero approximation is the solution for an infinitely long beam with a single support. Consideration of the solutions show that although the original equation is not a wave one, its solutions are of quasi-wave character in the sense that each subsequent approximation substantially changes the solution only from a certain time moment, all the more, the higher the number of the approximation being made will be. In this regard, from our point of view, the most significant conclusion: no features (such as: supports, concentrated inclusions, etc.), which are distant from the bearing undergoing shaking by a greater distance corresponding to the magnitude n = 50, cannot affect the maximum value of internal forces in its proximity. The method described above can be successfully applied while solving problems of the same category. Here we limit ourselves to providing operational representations of solutions for some of the respective tasks; a simple comparison of them with the representations obtained earlier shows that the transition from these representations to the originals in its essence is not different from the above.

Yevhen Kalinin, Saychuk Olexander, Romanchenko Volodymyr, Ivan Koliesnik, Andrii Kozhushko
Drop Shipping in the Supply Chain: Fiqh Perspective

Drop shipping entails movement of goods where a dropshipper as entity A, sells goods that are physically stocked with entity B on a retail basis to a consumer using the online networking system. In Shari’ah, the permissibility of such business arrangement revolves around a fundamental concept of not selling what you do not own. There also exist information asymmetry between the parties where only the retailer merchant has more information than both the seller and the customer. Given its prevalence and increase patronage by Muslims, this study examined the permissibility of the dropshipping using juristic adaptation (Takyīf Fiqh) to ascertain the Sharī'ah compliance of the existing model. Analysis of the Shariah compliant issues in the transaction cycle show that the existing dropshipping model is not fully compliant with the Shariah. Thus, alternative Shari’ah compliant contract in Wakālah, Salam and Parallel Salam are proposed to validate the dropshipping model for entrepreneurs who opt for Shari’ah compliant approach.

Saheed Abdullahi Busari, Sikiru Olanrewaju Aminu, Habeebullah Zakariyyah
Digitalizing Commodity Trading Value Chain: An Assessment for Turkey

In the value chain of the agricultural commodity sector, innovative solutions have been introduced in order to reduce deficiencies, to improve efficiency and to secure food supply as well as to advance cooperative advantages from farm to fork. Likewise, traditional commodity trading venues have also been challenged.In this study, we analyse digital technologies that can be utilized to transform commodity-trading venues in the agricultural sector in Turkey. A framework for agricultural commodity trading chain digitalization is proposed and its implications for research and practices are discussed. Based on the literature review, blockchain technology is proposed for digitalization of contract farming, commodity financing via token based smart contracts, commodity-backed token and smart contract trading and commodity hedging.

Necla İ. Küçükçolak, Ali Sabri Taylan

Tourism, Technology and Hospitality and Health Care Services

A Systematic Review on Medical Leadership in Hospital Setting

Background and Objective: Medical leadership is conceptualized as the formal management governed by the physicians. This systematic review focuses on different conceptualizations related to medical leadership with respect to its activities and roles and types of medical leaders involved in it. Methods: By undertaking PRISMA guidelines, this systematic review has searched for seven different databases to extract relevant publications on the subject of interest during the time period from February 1st 2017 to July 20th 2020. Finally, eight articles were selected that ranged from quantitative study design to systematic reviews. Results: Total 685 articles were searched, out of which 432 articles were further proceeded and finally eight articles were selected. Majority of the studies were based on systematic reviews covering international context. Type 1 medical leadership was mostly reported in studies, which refers to physicians in current leadership role and are described as medical management or medical leadership. Conclusion: This review paper has found different characteristics that are associated with the particular context in which a medical leader performs his or her role such as role ambiguity, lack of support and time and the presence of competing logics in hospitals.

Noor M. AL-Hashimi, Mukhtar AL-Hashimi
The Contribution of Healthcare Middle Managers as Change Agents in the Era of Covid-19: Critical Review

This paper critically investigates the contribution of effective Healthcare Middle Management as change agents based on recent studies, and argues that management change in a crisis such as the COVID-19 pandemic can be well-handled by Healthcare Middle Managers, who are critical components in the stability and success of organizational transformation in a turbulent economy. With the emergence of the COVID-19 pandemic, organizations around the world have struggled to adapt effectively to change, and healthcare organization have especially suffered through subjective responses. However, these methods have been proven ineffective by recent studies. This paper critically discusses the recent literature on the contribution of Healthcare Middle Managers as change agents in organizational change during cases of crisis and uncertainty. The results have shown that supporting Middle Managers in Healthcare is crucial for creating a sense of change to other immediate and relevant parties within the organization, while minimizing unnecessary costs and losses. Consequently, this paper contributes to clarifying the problem of not engaging the Middle Managers sufficiently with Healthcare owners and directors, and addresses the problem of disregarding Middle Managers as change agents. Thereby, the paper develops management knowledge, and it creates an opportunity for researchers to test this study on quantitative and qualitative methods in any population.

Noor Ahmed, Allam Hamdan, Bahaaeddin Alareeni
Improving the Process of the Financial Potential Management of Tourism Enterprises

The objective of this study was to explore theoretical and practical basis of improving the process of the financial potential management of tourism enterprises. In the conditions of pandemic and post-pandemic time, the tourism industry of Ukraine and other countries of the world faces many new challenges, including the preservation and use of its financial potential. Based on the financial statements of 12 tourism enterprises, the financial potential of the business entities of the industry has been assessed, and regression analysis methods have been applied to the financial resources that form this potential. After carrying out correlation and regression analysis of own capital and main indicators of financial potential of tourist enterprises, a high degree of interdependence has been revealed. With the developed “Matrix of Strategic Benchmarks for Strengthening the Financial Potential of Tourism Enterprises”, industry entities can assess their financial security and potential, as well as ways to improve them. Based on the results of the activity of the examined tourism enterprises, the effectiveness of strategic benchmarks for strengthening the financial potential in the context of three groups of indicators was tested: indicators of financial security, financial independence and financial stability.

Nataliya Tanklevska, Viktoriia Petrenko, Alla Karnaushenko, Vitalina Yarmolenko, Tetiana Kostiuk
A Predicting Performance Through Strategy and Innovation in Small Hotel Industry

Despite having a great advantage of potential natural resources and cultural resources, the Kelantan small hotels industry is still perceived to have great potentials to be developed as par as other states in Malaysia. The small hotel industry performance is generally linked to the selection of strategy and innovation type they used. Therefore, this study aims to explore the current practice of strategies and innovations among small hotels in Kota Bharu, Malaysia. The data was collected through questionnaires and employed SmartPLS3 to analyze data. Findings of this study suggest that a cost leadership strategy and differentiation strategy are significantly relating to incremental and vitality of innovation. However, the blue ocean strategy is not found to be significantly related to innovation and the perceived performance of the small hotels. Besides, radical innovation is also found not mediating the relationship between the blue ocean strategy and perceived performance. In contrast, small but active incremental innovation relates to the productivity of the small’s hotel. The study contributes to the present pool of knowledge about the impact of competitive strategy that matches with the type of innovation practices that affect the performance of small hotel business in the country.

Firdaus Basbeth, Roselina Ahmad Saufi, Khairil Bin Awang, Nur Ain Ayunni Sabri
Exploring the Potential of Pondok Institutions as an Islamic Spiritual Tourism Product- The Case of Malaysia

The purpose of this paper is to explore the potentials of developing Pondok Institutions as an Islamic tourism product. Due to Islamic tourism growth, there is a need to diversify Islamic tourism products to cater to Muslim spiritual tourists' niche market. In order to explore various attributes of Pondok institutions, a series of in-depth interviews with the Pondok operators throughout the country was conducted. The interviews were transcribed and coded into different themes. The research findings revealed four main themes describing Pondok institutions' potentials as an Islamic spiritual tourism product. These were grouped under distinct themes: tranquility of the Pondok environment, curricula and facilities and services. Based on the Pondok attributes identified in this paper, future studies might focus on the pondok visitors' characteristics using quantitative study. Exploring the impact of Covid-19 pandemic on the Pondok operations might also be conducted.

Mohd Fadil Mohd Yusof, Derweanna Bah Simpong
The Influence of the Third Parties Organizations Activities on the Efficiency of the Tourism Services Market Entities

The purpose of the study is to identify the impact of third-party organizations on the effectiveness of tourist services the market. The importance of legal entities in the market of tourist services is substantiated, which allows to conduct research on the effectiveness of their activities based on the level of commissions, agencies and other rewards. The research methodology is based on the calculation by the least corrected squares method and opportunities determination for tourism development in the regions of Ukraine.The peculiarities of third-party organizations activity in the market of tourist services are analyzed, which allowed to substantiate the separation of those who provide placing, and also tourists’ accommodation and their transport services. The necessity of using the method of analysis of the operating environment to assess the impact of costs on placing, as well as tourists’ accommodation and also their transport services on the amount of commissions, agency and other fees is proved. The environment of functioning of subjects on tourist services rendering of regions of Ukraine is constructed that allowed not only to reveal a technical inefficiency level, but also to analyze possibilities of optimization of expenses and increase in commissions, agency and other rewards. The size of the general coverage, undercoverage and cross-coverage was revealed in the regions of the country, which allowed to draw a conclusion about the development of placing, and also accommodation and transport services in most re- gions, though in tourist-attractive regions the tourism system is absent as a separate branch of the national economy.The scientific value of the article lies in the formation of evaluation methods that can identify and reduce the impact of third-party organizations on the efficiency of tourist services market. The research and recommendations presented in the article can be used by state authorities and tourist organizations in the strategies and program.

Mariia Paska, Anatolii Konokh, Viktoriia Kiptenko, Serhii Bodnar
Assessment of the Competitiveness of Travel Agencies in Ukraine: Methodological Tools

Trends in modern economic development in Ukraine are characterized by the revival of competition and intensification of structural changes in the tourism sector. Besides, the high degree of uncertainty in the market situation, political and international instability, seasonal fluctuations in demand for tourism services, limited resources, lead to crises in tourism enterprises, and increases the complexity of their management. All this requires more and more effort from market participants to create sustainable competitive advantages and support them. In fact, the competition for the consumer today goes into two planes: service (or product) and emotional plane. In the first - the tourist enterprise improves a tourist product, invents a system of discounts and interests intermediaries, expands the range, etc. In the second plane, there is a struggle for the mind of the consumer, for the place of the brand in the consciousness of the person who should choose from a large number of similar tourist products.The purpose of the study is to develop a methodological approach to assessing the level of competitiveness of the tourist enterprise, which would take into account the interests of consumers and service providers. The data for the study obtained based on a survey of clients of travel companies in Kyiv. The results of the study provide an opportunity to: form a system of criteria for assessing the competitiveness of a travel agency and identify the most significant of them from the standpoint of consumers of travel services; to create general requirements of the consumer to the process of tourist service; to develop a rating model for assessing the competitiveness of a travel agency, which includes an assessment of both the service process and the quality of services offered.

Victoria Ilchenko, Vladislava Bondarenko, Kateryna Zhelezniak, Svitlana Petrovska, Reznik Nadiia

Fourth Industrial Revolution Implementation of Artificial Intelligence and FinTech for Growing Business Success

FinTech in Bahrain: The Role of FinTech in Empowering Women

The purpose of this paper is to review the definition of Financial Technology (FinTech) discipline from different perspectives and scholars. Moreover, the research will explore FinTech history and its evolution stages throughout the years based on existing literatures. In addition, it will present the different concepts and categories of FinTech. The research will also discuss FinTech implementation in the Kingdom of Bahrain and focus on women role within the FinTech, and the initiatives taken to empower women within the industry. The research is based on review of literatures and interviews to explore women role and achievements within Fintech in Bahrain, and it proposes recommendations for future thorough research.

Haya Yusuf Mohamed, Allam Hamdan, Magdalena Karolak, Anjum Razzaque, Bahaaeddin Alareeni
The Implementation of Artificial Intelligence in Social Media Marketing and Its Impact on Consumer Behavior: Evidence from Bahrain

Businesses and brands have taken advantage of social media to reach a wider market. AI has made it easier for businesses to know what people are talking about, what people want all thanks to AI’s analysis on finding the most discussed about topics and summarizing it into trending lists to get a better understanding on consumer behaviors.The aim of this research is to discuss how Artificial Intelligence is used in social media, as well as how can business use this information to market their products. This research will also answer the question Does AI have an impact on consumer behavior? To find help find the results the method used in this survey is a questioner. At the end of this research the finding were they AI has an effect of consumer behavior.

Eman Ahmed Albinali, Allam Hamdan
Audio Classification - Feature Dimensional Analysis

An audio signal is an analogue signal representation in one-dimensional function x(t) with t the continual variable depicting time. Such signals, generated from diverse sources, can be discerned as music, speech, noise or any combination. For machines to understand, these audio signals must be represented such as the extraction of its features which are representations of the composition of the audio signal and behavior over time. Audio feature extraction can enhance the efficacy of audio processing and hence a benefit for numerous applications. We are presenting an emotion classification analysis with reference to audio representation (1 Dimensional and 2 Dimensional) with focus on audio recordings obtainable in Ryerson Audio-Visual Database of Emotion Speech and Song (RAVDESS) dataset, classification is based on eight (8) different emotions. We scrutinize the accuracy evaluation metric on the average of five (5) iterations for each audio signal (raw audio, normalized raw audio and spectrogram) representation. This presents the extraction of features in 1D and 2D as input using the Convolutional Neutral Network (CNN). A Variance of analysis (ANOVA - single factor) analysis was done to test the hypotheses on obtained accuracy values to show significance between the different audio signal representations of the dataset. Results obtained on F-ratio is greater than the critical F-ratio hence this value lies in the critical region. Thus, a shred of evidence that at 0.05 significance level, the true mean of the varied dataset does differ.

Olukayode Ayodele Onasoga, Nooraini Yusof, Nor Hazlyna Harun
Artificial Intelligence and Entrepreneurship in Bahrain

Bahrain Economic Vision 2030 is a comprehensive vision for Bahrain’s economy, which provides a clear image of the economy’s continuous development for Bahrain. Moreover, it is reflected in a substantial common goal that is represented in providing a good life for residents.The main strategy that the government of Bahrain is adopting is shifting the reliance from oil wealth to the productive, globally and competitive economy. One of the main factors to increase the diversity in the market is the existence of the Entrepreneurship, Therefore, lately Kingdome of Bahrain encouraging the privet sector by creating a clean environment to invest and provide a competitive incentive to make Bahrain ideal for entrepreneurship. Coinciding with the Fourth Industrial Revolution (4IR) to increase the efficiency of the entrepreneur’s organization is to adopt artificial intelligence whether in their process or production.The aim of this research is to define the concepts of entrepreneurship and artificial intelligence (AI), and how can artificial intelligence increase the efficiency of entrepreneurship in Bahrain. Furthermore, several case studies of (AI) and its application in various sectors in the context of business entrepreneurship. Based on academic insights, the major potential challenges are discussed that are faced by entrepreneurs while integrate Artificial intelligence (AI) into their venture process as well as the solutions are proposed to those challenges.

Khawla Mohamed Khaifa, Allam Hamdan, Bahaaeddin Alareeni
The Use of Information Technology in Accounting Education, Evidence from Jordan

The aim of this study is to clarify the importance of IT knowledge, IT techniques and IT skills in achieving the required knowledge for accounting students. The researchers discussed an important topic; which is: What are the information technology skills and competencies required for accounting students in the pre-qualification stage; according to international standards. In general, the results showed the following: 1) Improving accounting education requires more improvements in terms of educators and strategies. 2) The International Education Practice Statement # 2 (IEPS 2) does not prescribe the specific IT knowledge and competences for the professional accountant. 3) IFAC emphasized that the professional accountant requires set of skills; such as; organization skills, technical skills, interpersonal skills, and other social skills. 4) This study showed some factors that hinder the bridge between accounting education and information technology in Jordan.

Rami Mohammad Abu Wadi, Raed Jameel Jaber
The Effect of Fintech on Banks’ Performance: Jordan Case

The innovations in financial technology services dominates the traditional financial services. This study examines the effect of fintech services on banks performance in thirteen Jordanian commercial banks for the period (2012–2018) using the panel data. The research employed return on equity (ROE) as a proxy to measure the performance level in addition to three types of control variables applied in this study Gross Domestic Product (GDP) growth, Bank size (BS) and financial leverage (LEV). The Fintech factors include automated teller machines services, internet banking services and phone banking services. The empirical findings revealed that the effect of Fintech on Jordanian banks’ performance was positive. Regarding the control variables, the bank size and GDP positively affected the profitability, while the financial leverage was not significant.

Ala’ Bashayreh, Rami Mohammad Abu Wadi
The Role of Information Technology in Accounting: Literature Review

In last decades, the business is changing drastically because of advancement of technology. Information technology (IT) has changed every industry function, including accounting function. While businesses might not be able to afford an in-house accounting system, information technology makes it possible to get any kind of accounting and finance services from off-site location and these are equally effective and accurate services. At the same time, information technology is a key factor to avoid any barrier that prevents limitations and time to be applied by users and enable them to become available quickly and in a more satisfactory way. The task will be performed in better way and transformed paper methods into electronic methods.The result of the analysis shows that the IT has a positive impact on the accounting practice, which means information technology affect the accounting professions in a positive way. With the technology the accounting data processing is seamless, timely, retrievable and accurate.

Rami Mohammad Abu Wadi, Gagan Kukreja, Raed Jameel Jaber
Artificial Intelligence and Coronavirus COVID-19: Applications, Impact and Future Implications

Artificial Intelligence (AI) acts as the potentially powerful tool in fighting against the spread of COVID-19. Since the outbreak of the pandemic, the use of AI in the healthcare sector has been largely evident. This chapter provides a detailed analysis regarding the use of AI technology in the healthcare sector and identifies its contributions in the fighting against the deadly pandemic, i.e. COVID-19. Discussion regarding the challenges in the AI technology is further provided. Following the analysis, it has been revealed that AI is effective and contributes under six areas; including the production of early warnings and alerts, tracking and prediction, data bash boards, diagnosis and prognosis, information related to treatment and cures resulting in controlling the widespread of the disease. In broader terms, AI is effective and can be used to identify and analyze patterns in complex and large data sets in a more precise time and high speed which was never done before. It is further useful in providing a thorough search related to the literary studies conducted previously regarding the development of different drugs. Furthermore, manufacturing of drugs is held through robots designed by the infusion of the AI technology for fast and quick delivery of services. Contributions of AI when used in the healthcare industry is further important to search out patients that are suitable for the clinical studies. AI due to its fast-tracking systems is further effective in reducing the workload of radiologists, since it is capable of reading the radiological reports through deep learning and machine learning systems. These scans can be stored for some time and are available when required in order to train the AI systems. AI through its fast-tracking quality, allows cost and time effective functions by quickly analyzing a number of scans resulting in providing better treatment to patients.In the healthcare sector, AI has shown promising results by detecting conditions such as; pneumonia, skin cancer, eye diseases etc. Also, most hospitals used AI technologies to analyze echocardiography scans, ultra sound system, neurological conditions, speech patterns or to predict the psychotic episodes. Many surgical robotics are being designed to assist clinical experts in surgical processes. In the prevailing diseases like pandemic, AI technology-based robots are used by various countries for medication and routine checkup purposes in order to reduce the chances of doctors being affected by the disease contact. However, in the existing crisis the role of AI has been limited since only limited countries were able to install the AI technology which has limited its impact in controlling the virus. Besides, the lack of data in providing the accurate predictions regarding the spread of disease was another major gap in reducing the overall impact of the disease. Overcoming these barriers and limitations are effective in developing the right balance between public health and data privacy leading towards the development of human based AI interactions. These gaps will likely to address the issues faced in the time of the present pandemic situation, as by gathering extensive data related to the infected population countries will be able to save thousands of lives, through prior preparations.

Mukhtar AL-Hashimi, Allam Hamdan

Public Administration and Digital Economy

Problems of Cryptocurrency Transactions: Foreign Experience and Development Prospects in Ukraine

The article is devoted to the research of the problem of legal regime of cryptocurrency under the legislation of Ukraine and foreign countries, which is due to the lack of proper legal regulation of cryptocurrency circulation in Ukraine. The legal nature of cryptocurrency is analyzed and suggested ways to overcome the decentralization of the last. The subject of this paper is the representation of the cryptocurrency transactions in the modern socioeconomic conditions.The results of the article are aimed at developing theoretical provisions for determining the legal regime of cryptocurrency and related categories. In the course of writing the article, a step-by-step model of consolidating virtual assets in the legislation of Ukraine was formed. The following methods were used throughout the researching process: the dialectical method, the method of systematic-structural analysis, comparative method, forma1-1ega1 method, as well as other methods and scientific approaches.The results of this research are of crucial importance for practice and theory as it provides deep understanding of the nature of cryptocurrency. The article provides the readers with the essence of virtual assets, allowing scholars and practitioners to understand the particularities of cryptocurrency transactions. The importance of this research’s results increases taking into account it should be used as a legal guide for the participants of the commercial relations, being forced to adapt their economic activity to the modem conditions.

Oleg Podtserkovnyi, Nadiia Reznik, Antonina Zghama, Siuzanna Tsurkanu, Ihor Kovalevych
The Impact of Minimum Wage on Employment in Malaysia

On 1 May 2012 minimum wage regulation was introduced by Malaysia government and was gazette on 16 July 2012. The rate at RM900 for Peninsular Malaysia and East Malaysia (Sabah, Sarawak and Labuan) at RM800. In 2019, new rate was effective for nationwide at RM1100. The ambiguous finding from the past research drive this research to be conduct. Specifically, this study test whether, an implementation of minimum wage may benefit an employment in Malaysia. An Ordinary Least Square estimation method was employed. The result suggests that minimum wage significantly influence employment in Malaysia.

Nurnaddia Nordin, Nurhaiza Nordin, Nurza Mohamed Yusoff, Norzalina Zainudin
The Effect of Health on Economic Growth: Threshold Evidence from Selected Asian Countries

This paper dealing with the role of health in moderating the productivity-growth effect in Asian countries. Panel threshold regression analysis proposed by Hansen (1999) are employ to assess the hypothesis of study. This methodological technique is selected due to the fact it’s miles bendy sufficient to house the opportunity that the effect of TFP “accelerate” most effective after host nations have accomplished a sure stage of health situation. The finding result shows that there’s a threshold impact within side the TFP-growth relationship such that the high quality effect of TFP accelerate handiest after host nations gain a positive stage situation of employee health. This locating is constant with the view that host nations have to have absorptive potential in an effort to gain from TFP. Therefore, policymakers need to weigh the value of regulations aimed toward making sure the health of the employees to be taken into consideration in order for the first-class and productiveness of the employees to growth as a health has a first-order effect on economic boom.

Nurnaddia Nordin, Nurhaiza Nordin, Norzalina Zainudin
Optimization and Asset Allocation Under Uncertain Lifetime

This paper studies the optimal decisions on investment, consumption, and annuitization strategy of the retiree with an uncertain lifetime. The model introduced by Milevsky in 2007 is followed and obtain analytical solutions by using the substitution method to solve the Hamilton Jacobi Bellman equation. A numerical example is providing to show the effect of the pensioner’s decision model. Different with the current literature, this study analyzed the effect of variety model parameters on the optimal utility and found that the individual’s optimal utility depends on the initial wealth, investment volatility and time of death after retirement. This study also observes that investment volatility has a negative effect on the pensioner’s decision on optimal utility.

Nur Ain Ayunni Sabri, Nurul Izyan Mat Daud
Crowdfunding Development Trends: Foreign Experience and Ukrainian Realities in the Digital Economy

The purpose of this study is the current globalization process of crowdfunding. The main theoretical approaches to defining the essence of crowdfunding are revealed, the main types of crowdfunding services are identified, the advantages of using this type of financing from the standpoint of each participant in the process are considered. The evolution of the development of crowdfunding platforms both at the global level and at the level of modern economic development of Ukraine has been studied. The leading foreign and domestic experience of functioning of the market of crowdfunding services is analyzed. Based on statistical data, its dynamic development in economically developed countries in the context of globalization is substantiated. The main directions of its development in the conditions of digital transformation of economy of Ukraine are offered.

Nataliya Tanklevska, Tetiana Povod, Alina Ostapenko, Liubov Borovik
Some Evidences of Aqua-Logistics in the Malaysian Aquaculture Industry

The aquaculture industry, particularly the production of freshwater aquaculture fish is growing, and it requires an efficient supply chain, which involves a large number of stakeholders. It begins right after fish farming to final consumption. An intensive logistics system is required to handle the shipment since the aquaculture products especially aquaculture fish are perishable. Therefore, this paper aims to propose a framework of aqua-logistics in aquaculture industry. Data are collected through the Focus Group Discussion (FGD) to gain understanding in aqua-logistics system of aquaculture products. The study discovers that there were linkages along the value chain of aqua-logistics in aquaculture industry, which provides a specific recommendation to stakeholders in managing day-to-day logistics operations.

Zuraimi Abdul Aziz, Nik Syuhailah Nik Hussin, Mohd Rosli Mohammad, Nurul Ashykin Abd Aziz
Force Majeure Circumstances as the Ground for Release from Economic Liability: The Analysis of Modern European and Ukrainian Approaches

The scientific research is devoted to the problematic issues of force majeure circumstances as the ground for release from the liability in the economic sphere. The aim of the article is to represent the main peculiarities of force majeure circumstances in the modern socio- economic conditions. The definition, features and specialties of application of force majeure clause are thoroughly studied. As well as that the division between force majeure and superior force circumstances is provided. The special attention is paid to the specifics of release from economic liability due to COVID-19. In the survey the authors analyse the possibilities of application of force majeure clause in the conditions of the world pandemic situation.The authors suggest an efficient algorithm of actions while conducting of economic activity in the conditions of force majeure circumstances. In the article it is highlighted that the terms of superior force and force majeure circumstances are not strictly defined in the legislation. However, this fact does not prevent to consider these events according to such their features as extraordinary and exceptional nature defined in the legal acts. While conducting the research following methods were used, namely the dialectical method, the method of systematic-structural analysis, comparative method, as well as other methods and scientific approaches.The results of the survey are of crucial importance for practice and theory as it provides deep understanding of the nature of force majeure circumstances. The research conclusions stipulate the main rules of application of force majeure clause while closing and execution of commercial contracts. The article provides the readers with the essence of force majeure circumstances, allowing scholars and practitioners to understand the particularities of force majeure circumstances in various situations, namely in the condition of COVID-19. As a result of this the survey becomes even more important as it may act as a legal guideline for participants of commercial relations facing the necessity of adapting and adjusting their economic activity to modern conditions.

Antonina Zghama, Dina Ziatina, Yana Tytska, Natalia Atamanova, Lesia Matviychuk
Technical and Economic Analysis of Implementation of Standards for Solid Fuels

In this research, the technical and economic feasibility was analyzed as to the use of wastes originated from the deep excavation activity (continuous helical piles) and by demolition of old constructions for the application in layers of subgrade, sub-base and base in paving project. For such, laboratory tests were conducted for the verification of granulometry, real density, limits of consistence, compaction with intermediate energy, California Bearing Ratio tCBR1 with measuring of expansion, which exposed the quality of the materials and its potentials. A comparative analysis was carried out between recycled material costs and the aggregate commonly used in paving project, discovering, besides the technical advantage, also the economic advantage of this alternative material.

Nataliya Halysh, Olena Borysiak, Vasyl Brych, Volodymyr Korol, Oksana Vakun, Lesya Zaburanna
Discrimination of Inhabitant Satisfaction with the Public Infrastructure Between Region and Various Income Groups in Punjab, Pakistan

In the prevailing circumstances, an analysis of residents’ satisfaction with the quality of public infrastructure is essential in determining the degree of contentment of society. The aim of this study is to determine the degree of serenity of the inhabitant with the different public infrastructure provided for their use. This assessment is based on different regional and income classes in the province of Punjab, Pakistan. The stratified random sampling technique is used to explain such regional economic segregation by selecting 14 out of 36 districts in Punjab, Pakistan. A total of 1500 people from large, medium and small districts are interviewed. Multinomial logistic regression and study of the Chi-square tests were adopted. We see that the satisfaction of the population with the facilities (education, health, electricity, transport, water and sanitation) varies considerably within the region and the income classes. The government must therefore adopt a realistic strategy for balanced growth between the various regions and implement a labor-intensive project in small districts.

Munawar Hassan, Shafqat Iqbal, Shahbaz Gul Hassan, TranThi KieuVan, Yan YunXian
Mechanisms for Attracting Foreign Investment in the Agrarian Sector of Ukraine

The article reveals the mechanisms and trends of foreign investment in the agricultural sector of Ukraine under the conditions of instability in international markets for goods and capital. The trends and problems of attracting foreign investments in the agro-industrial complex of Ukraine are revealed. Factors of investment attractiveness of the agricultural sector of Ukraine are determined. The level of regulatory restrictions for foreign direct investment in the agricultural sector of Ukraine is diagnosed on the basis of international comparisons. The expediency and priorities of modernization of the state investment policy of Ukraine in the agricultural sector are substantiated on the basis of the index approach. Practical recommendations on formation of strategy of attraction of foreign investments on the enterprises of agricultural sector and directions of development of investment management are offered. The results of the study can be used by Ukrainian companies-recipients of foreign investment, investors in making decisions on investing in investment projects in the agricultural sector of Ukraine, public authorities to improve the investment climate.

Tetiana Nagachevska, Mykhailo Apostol, Igor Fedun, Olena Kuzioma, Olga Prygara
The Role of Local Government Bodies in Formation of Economic Potential of Rural Territories in the Conditions of Decentralization Reform

The article is devoted to the research of changes in the role of local government bodies in shaping the formation of potential of rural territories in the conditions of decentralization reform. The main methods of research are logical, generalization, analysis, synthesis and analogy, as well as observation.The role of local governments in the economic sphere continues to be limited to the development of various planning documents and the collection of statistical information on its implementation. However, all these powers do not allow local governments not only to be extras but to really influence the local economic situation. Therefore, the next stage of decentralization reform should be to improve the mechanisms and instruments of influence of local governments on the economic development of communities.Despite of the lack of legislative support, the newly formed united territorial communities are in fact exercising local economic development authority in the following areas: development of planning documents; preparation of projects and search for sources of its financing; creating conditions for business development in the territory, in particular small and medium; attraction and support of investments. Areas in which local governments have no instruments of influence or de jure are: regulation of the local labor market; control over payment of business taxes; the possibility of applying sanctions for damages inflicted by businesses on the community’s natural environment.The directions of improving mechanisms for powers implementation of local government bodies are offered in the article. The expected results are: reconciling the economic interests of rural areas on a local, regional and state level and occupying a community with their own niche in the regional division of labor; increased participation of individuals and legal entities in regional and international economic development projects under the auspices of the state; development of human resources and social infrastructure; providing scientific research, information, methodological support for the business activity of population and personal development; minimization of anthropogenic impact on the environment, elimination of threats of natural and artificial origins; achieving full compliance of the ecological profile of the territory with the regulatory requirements for the organization of production of a certain type of goods and services.

I. Korobenko Roman, D. Kostyuk Olga, L. Mostenska Tetiana, D. Ostapchuk Anatolii, A. Kovtun Olena
The Challenges of Developing the Saudi Sukuk Market in Line with Objectives of Vision 2030

The paper aim to explore the impact of five challenges on the development of sukuk issuances market in the Kingdom in line with the financial sector development plans within vision 2030 objectives. The study adopted quantitative method by distributing a questionnaire to 115 experts involved in the Saudi sukuk market. The results have been analyzed by Smart PLS 3, and it showed a statistically significant effect on the relationship between the five challenges and the sukuk market development in the Kingdom. At the level of sub-challenges, the results have showed that there was no statistically significant impact between the legal framework regulating sukuk issuance in the Kingdom and sukuk market development. While there was a statistically significant impact of the other four challenges on sukuk market development, namely: (1) Shari’ah governance, (2) secondary market activation, (3) the credit rating (4) yield curve. The research has recommended setting a mandatory framework of Shari’ah governance for sukuk issuance, allowance to retail investors for trading in sukuk, requiring sukuk issuers to credit rating the local sukuk issuance, and finally announcement of the yield curve on Saudi government sukuk and considering it as a benchmark pricing index.

Ahmed Mohamed Hassan Alnagar, Anwar Hasan Abdullah Othman, Azman Mohd. Noor, Habeebullah Zakariyah
Organizational and Economic Mechanism of the Development of Foreign Economic Activity of Industrial Production
Akymenko Olena, Nadiia Reznik, Skrytskiy Dmytro
Managers’ Bait-and-Switch Tactics in the Malaysian Initial Public Offerings Market

Studies have shown that initial public offerings (IPOs) issuers’ intended use of IPO proceeds could provide insights into the motives for IPOs, however, whether or not issuers deviate from the stated use as disclosed in the prospectus remains unexplored. Therefore, this study used a sample of Malaysian IPO companies to investigate whether the actual use of IPO proceeds differs from the intended use of capital raised as stated in the prospectus. Based on the content analysis of IPO companies’ annual reports, 27 out of 121 companies examined were unable to explain how the proceeds raised were applied. A total of 73 out of 121 companies exhibited changes in the intended use of capital raised, while 21 companies used the IPO proceeds exactly as intended. Noticeably, 20 out of the 73 companies sought for board approval for changes in the use of capital raised as stated in the prospectus. Therefore, there is indication that IPO issuers do change their intended use of IPO proceeds after listing on Bursa Malaysia. The implication of this is that the market may react to such changes and the post-IPO performance may be at stake. Therefore, future studies should examine how IPO companies’ performance is influenced by the intended and actual use of capital raised as this may help regulators and market participants to monitor its actual use.

Bazeet O. Badru, Nurwati A. Ahmad-Zaluki
Special Tax Scheme for Malaysia’s Social Enterprise: An Incentive for Public Good

Social enterprise operations are always associated with the dual mission, i.e. social mission and profit orientation. These two missions are embedded as a mechanism for combating social problems through innovative approach in the organization of social enterprises. Social enterprise operates in Malaysia through different form business entities, such as partnership, company, and limited liability partnership. Social entrepreneurs will have the capacity through these business enterprises to produce their own profit and profits without relying on the government. Although their primary purpose is to serve social needs, Malaysia's social enterprise denies the benefit of tax exemption as applied to charities. These are being also levied on other private business companies with high rate taxes. The goal of this paper is therefore to explore the possibility of implementing new tax treatment for social enterprise in Malaysia, in order to encourage their involvement in social mission. This paper adopted library research approach combining legal research methodology which mainly involves document analysis such as case law, legal provision and legal theories to see how they might be used to the subject matter.

Shahril Nizam Md Radzi, Syarizal A. Rahim, Noor Raihani Zainol, Zuhairah Ariff, Munirah Mansyar, Raja Rosnah Raja Daud
Development of Land Assets Valuation Methodology in Agriculture of Ukraine

The article substantiates the need to revise the methods of valuation of agricultural land in market conditions, taking into account the moratorium on land sales. In the process of developing market relations in agriculture, land resources become the subject of economic circulation, which makes it possible to transform them into land assets. However, in the existing institutional conditions, land resources do not create capital in agricultural production, which requires justification of the mechanisms for involving them in economic turnover with the aim of providing investment support to the agricultural sector of the economy.The bias of the normative monetary valuation of agricultural lands for their capitalization and inclusion in the market as financial assets has been proved. It is determined that one of the ways of objective valuation of land assets in the conditions of institutionally limited operating of the land market is the capitalization of land rent payments. Based on this, a method for calculating the value of land assets, which can be calculated by dividing the average annual rent for land by the capitalization rate, is proposed. This can allow the “monetization” of agricultural land to run properly in the field of market circulation. Such monetization in the future will serve as a guideline for any transactions (including sale and purchase).

Yosyp Dorosh, Oleksii Shkuratov, Olga Dorosh, Bogdan Avramchuk, Olexander Saychuk
Microcredit and Economic Wellbeing: A Study Among the Urban and Rural Members of Amanah Ikhtiar Malaysia (AIM)

This study is designed to investigate the effects of capital equity fund accessibility and the development of microenterprise training programmes on micro-entrepreneurship, economic vulnerability, and household income among members of Amanah Ikhtiar Malaysia (AIM). This research adopted a cross-sectional study design and collected data through questionnaires and structured interviews. The participants were 523 impoverished families and low-income households in Peninsular Malaysia who were selected based on the information provided by AIM. Multiple regression analysis was used to analyse the collected data. The outcomes of this study presented some concrete evidence that access to the working capital generated a positive impact on low-income households and decreased the economic vulnerability among low-income urban and rural members of AIM. Furthermore, it was also found that the elongation of the participation period had a negative impact on microenterprise income and lowered the economic vulnerability level among the urban participants but displayed an opposite effect among the rural participants. In contrast, economic loan received had a positive impact on urban participants but negatively impacted the microenterprise income of rural participants. This study has extended the assets and financial approach of the neoclassical theory and also the understanding of low-income communities by offering some policy development to increase poverty eradication among the urban and rural low-income members of AIM in an emerging economy.

Noor Raihani Zainol, Samsidine Aidara, Marvello Yang, Abdullah Al Mamun, Fatihah Mohd
Provision of Gender Equality by Non-Governmental Human Rights Organizations in Ukraine

The article analyzes the peculiarities of gender equality provision in Ukraine by non-governmental human rights organizations. The authors identified the problems of effective participation of Ukrainian human rights NGOs in the field of gender equality provision and suggested the ways to tackle them. The purpose of the article is to define the nature and the rate of engagement of non-governmental human rights organizations in the issue of provision of gender equality in Ukraine. Materials and methods: The investigation was based on the theoretical methods that cover the content analysis of statutory documents and reports of non-governmental human rights organizations that carry out activities on provision of gender equality in Ukraine. The empirical methods are related to the processing of statistical data on the amount of legal services provided and human rights-related activities of non-governmental human rights organizations in the field of promotion of female rights in Ukraine. Discussion and Conclusion: Human rights NGOs play a fundamental role in the provision of gender equality in Ukraine. Human rights NGOs in the field of gender equality provision founded in Ukraine are of international, national, and local levels. Most human rights NGOs in the field of gender equality provision are concentrated in large regions of Ukraine. Ways of increasing the amount of gender-related human rights NGOs are suggested. Human rights NGOs in Ukraine carry out educational, advocacy, consulting, monitoring, and research activities. The most common activity carried out by Ukrainian human rights NGOs is educational. Few Ukrainian human rights NGOs publish reports on the results of their activities, which demonstrates the low level of transparency of such organizations’ activities. Due to weak connection of human rights NGOs with governmental human rights and research institutions, there is a low number of gender-related monitoring and scientific projects within the activity of human rights NGO. Enhancement of such connection based on the policy documents of the Ministry of Science and Education of Ukraine is suggested.

Nataliia Melnychuk, Denys Novikov, Nadiia Reznik
Behavioral Intention of Using A Complementary Currency in Palestine

The absence of a Palestinian currency deprived the Palestinian Monetary Authority of the ability to set its monetary policy, causing a very inflationary system. The primary goal of this study is to undertake an adoption analysis of behavioral intention of using a complementary currency in Palestine. This study adopts the theory of planned behavioral with adding facilitating condition, complexity and trust to the model. To analyze the behavioral intention of using a complementary currency system in Palestine, the study adopts a structural equation modelling. The findings show that attitude, subjective norms, facilitating conditions and trust have a significant positive influence on the behavioral intention. Complexity has a significant negative impact on behavioral intention. Only perceived behavioral control shows an insignificant effect on behavioral intention. This research has expanded the knowledge base of complementary currencies as a tool for monetary sovereignty. However, the proposed model did not discuss on the mechanism of the system and how it will be implemented technically and legally. Future research is recommended to overtake the technological implementation of the proposed approach and legal issues.

Basheer Hussein Motawe Altarturi, Anwar Hasan Abdullah Othman
Gold and Inflation in Canada: A Time-Varying Perspective

This study purposes of investigating the roles of gold as a hedge or a safe haven against inflation in Canada. We utilize the standard and quantile techniques in the volatility models, with the time-varying conditional variance of the regression residuals based on the TGARCH descriptions. We found that gold only plays a minor role as a hedge and safe haven against inflation since their returns do not evolve with the same rhythm as inflation. The rolling regression analysis, on the other hand, demonstrates that the incidents of refuge against purchasing power loss only occasionally occur at different times and not consistently across holding periods. These findings indicate that gold does not have the ability to secure Canadian investment during high inflationary periods and at all the time. Thus, Canadian investors should hold a well-diversified portfolio to earn sustainable return and protection from purchasing power loss.

M. F. Ghazali, N. F. Mohd Ussdek, H. Amin, M. Z. Muhammad

Entrepreneurship, Start-up and Business Success and Social Implications

Factors Affecting Competitive Advantages Among the Batik SMEs in Malaysia

The economic development of emerging economies is mainly focusing on SMEs’ performance. Moreover, the increasingly competitive business landscape forced SMEs to cultivate their competitive advantage for improvement. This work aimed to examine the effects of firm’s innovation, customer, competitor, and supplier orientations with the firms’ absorptive capacity regarding competitive advantage. This study utilised a cross-sectional research design and collected data from batik SMEs in Kelantan and Terengganu situated in Malaysia. The structured interview obtained 213 valid responses for data analysis. The analysis used variance-based structural equation model such as PLS-SEM. The results revealed that the significant and positive effect of a firm’s innovation orientation, competitor orientation, supplier orientation, and firm’s absorptive capacity on the firm’s competitive advantage. However, the firm’s customer orientation had an insignificant effect on the firm’s competitive advantage. Moreover, the firm’s competitor orientation and absorptive capacity were the most significant contributors to the firms’ competitive advantage. Finally, this paper presented the discussion and implications in concluding the research findings.

Noorshella Che Nawi, Abdullah Al Mamun, Raja Rosnah Raja Daud, Noorul Azwin Md Nasir
Why Kelantan Entrepreneurs Prefer Takaful Over Conventional Insurance?

The current study studies factors that can affect entrepreneurs in choosing Takaful over conventional insurance Kota Bharu, Kelantan; product features, expertise, satisfaction, understanding and religiosity. This paper explores how entrepreneurs make their preference for Takaful over traditional insurance. Regarding this study, an informant is selected among entrepreneurs in Kota Bharu, Kelantan. This study is based on qualitative methods using ATLAS.ti Version 8 software to ensure effective validity of the information examined. As a result, respondents chose to choose Takaful over traditional insurance due to compliance with Shariah law, have adequate awareness and fulfil the products offered.

Mohd Zulkifli Muhammad, Farah Hanan Muhamad, Mahathir Muhamad, Wan Mohd Yusuff Wan Ibrahim, Teuku Meldi Kesuma
Stages of Restructuring of Enterprises in Ukraine

The focus of this research is to evaluate the importance of enterprise restructuring and trends of enterprise restructuring management over the past 25 years in Ukraine. The effective managing of enterprise restructuring depends on many different factors and among them the understanding of the restructuring process is one of the most important factors. Restructuring has various forms that depend on key environmental factors and are determined by the capabilities of the enterprise. The purpose of the research is not only to define the role of restructuring in improving the efficiency of enterprises, but also to highlight key tasks for management. The enterprise restructuring is a tool for business owners and managers to find areas of activity that need to be improved and require immediate action. The research results are useful in identifying priority areas for understanding of restructuring directions.

Tetiana L. Mostenska, Eduard Yurii, Olena Kovtun, Olga Kostyuk, Tetiana G. Mostenska
Selection of Priority Investment Projects in the Investment Management System of the Enterprise

It is substantiated the need to use methodological approaches and tools for classification of investment projects, ranking and evaluation of its effectiveness, as a result of the research to solve the management problem. In order to define the priority positions of investment projects, it is offered to build a matrix of priority investment projects of innovation activities based on its ranking, which is adapted to the chemical industry. It is offered a variant to solve the problem of managerial decision-making in the construction of economic-mathematical model, which combines the principles of the theory of system constraints and the instrument of fuzzy set theory. Due to the model of complex assessment based on the formation of a ranked series of financial indicators and ratios, the integrated indicators of the state of the industrial enterprise are defined, which allows to take into account the uncertainty factor when choosing priority investment projects. The practical significance of the obtained results is that the developed algorithm for defining priority investment projects and its evaluation of efficiency will contribute to the optimal use of investment resources that will provide effective management of investment activities in the industrial enterprise.

Petro Korenyuk, Nataliia Stebliuk, Alevtyna Voronina, Hennadii Karimov
Wasiyyah Preparation Among Women Micro-entrepreneurs Using Theory of Planned Behavior (TPB)

The growing number of unclaimed assets reaching RM5.7 billion in cash was due to the failure to identify the legal owner when the deceased died intestate or without wasiyyah. Therefore, this study aimed to identify the influence factor for wasiyyah preparation among micro-entrepreneurs in using Theory of Planned Behavior (TPB) with Aqidah as an added variable. This research employed a quantitative approach, choosing 313 female micro-entrepreneurs as respondents. The result shows that all independent variables have significant relationship with wassiyyah preparation purpose.

Mohd Zulkifli Muhammad, Mohd Nor Hakimin Yusoff, Farah Hanan Muhamad, Noormariana Mohd Din, Warjio
Audit Risk Assessment Model in Automated Accounting Systems of Enterprises in Ukraine

The topicality of searching tools to minimize (neutralize) the probable consequences of information risk of financial reporting users in data processing computing environment requires components’ revision of the traditional multiplicative risk assessment model by auditor. The result of the research is confirmed by two inter-complemented hypotheses: theoretical (about the necessity to expand the classical model of audit risk assessment) and empirical (about the expediency of using intellectual analysis methods of reporting in audit). The aim of the study is to substantiate the needs and formalize the procedures of expanding the components of traditional multiplicative model of audit risk assessment in computer systems processing accounting data of audit’s client to reduce the level of information risk for financial reporting users.Practical value of the authors’ approach consists in increasing formalization level of auditor’s professional opinion and substantiating the size of audit samples. This enables to reduce information uncertainty of interested users of financial statements.It is proven that using multifactor models of correlation-regression analysis will make it possible for auditor to predict the values of report items that can be an instrument of manipulation and distortion of enterprises’ financial statements.

Ponomarenko Oksana, Kantsedal Nataliya, Aranchiy Valentyna, Ostapchuk Serhii
The Proclivity of Re-migrating to Entrepreneurship in Livestock: A Case Study of Malaysian FELDA Youth

Unemployment issue among youth is gaining attention and becoming a crucial agenda worldwide, including Malaysia. One of the methods to lessen this issue is the sustainability of national food security via livestock entrepreneurship. Livestock entrepreneurship is becoming a challenge due to the re-migrating problem among the young generation, prompted by the lack of successors in this industry. The re-migration to the origin place towards livestock entrepreneurship is not only able to provide employment opportunity and self-income but also act as a colossal protein supplier to the population. Thus, this study aims to highlight the proclivity of FELDA youth to re-migrate to a rural area to become livestock entrepreneurs in the future. This study has formulated a conceptual framework through the integration of Lee’s Migration Decision theory (migration force) and Theory of Planned Behaviour (TPB) in order to discover the youth’s inclination to re-migrate to the rural area to embrace livestock entrepreneurship. A total of 300 FELDA youth were collected via a self-administered questionnaire which has utilised the purposive sampling technique. The data was analysed and tested via descriptive analysis and Hierarchical Multiple Regression by using IBM SPSS Statistics. The main findings have confirmed that the factors of attitude, perceived behavioural control and the pressure to migrate are significant and positively related; meanwhile, the subjective norm is insignificant to youth’s intention to re-migrate towards livestock entrepreneurship. The nature of the study is essential to strengthen the existing policies and develop business ideas towards producing future livestock entrepreneurs in the community.

Syamsuriana Sidek, Nik Atikah Suhailah Nik Sazila, Nurul Azwa Mohamed Khadri, Hazrina Hasbolah, Farah Adila Abdullah
Organizational and Economic Support of Implementation of Changes in the Structure of Personnel of Enterprises

The article is devoted to the study and substantiation of measures for organizational and economic support for the implementation of changes in the personnel structure of enterprises. It is established that the efficiency of the use of labor resources is fully manifested through the indicators that characterize the results of the enterprise. It is determined that the information obtained as a result of the analysis of the number of employees for the operational period provides details for individual employees, determining the implementation of the work regime, the causes of violations of labor discipline and development of organizational measures to ensure efficient use of labor potential. Based on the general approaches proposed in Sect. 1 and our research, the authors have developed a method of improving the staff structure in order to increase the efficiency of the enterprise. It has been proven that the improvement of the personnel structure should be carried out considering the systemic connections of the personnel structure with other factors of competitiveness. As a result of generalization of research, it is specified that any measures of organizational or technological character cannot be carried out separately from policy of personnel management and should be comprehensively considered in the program of improvement of structure of personnel of the enterprise prevention and protection against negative risk factors. Companies that have created such a system of protection, in the face of risk factors, may even improve their competitive position relative to companies that do not have such a system.

Nadiia P. Reznik, Anna M. Slobodianyk, Andrii V. Cherkasov
Bolstering Small Business Performance via Entrepreneurial Orientation Practices, External Finance and Competitive Advantages

Numerous contributions of small business performance to economic development have been recognised since many years ago. However, many businesses are unable to sustain due to various factors including lack of entrepreneurial orientation practices, insufficient financial resources and no competitive advantage. The main aim of this paper is to analyse the impact of entrepreneurial orientation practices and access to external finance on small business performance. This research has introduced serial mediating effects of access to external finance and competitive advantages toward the relationship between entrepreneurial orientation and small business performance. A sample of 280 small businesses in the East Coast Region of Malaysia, which has utilised the proportionate stratified random sampling, was selected to construct a structural model. The structural model has confirmed that entrepreneurial orientation practices are significantly related to small business performance. The study has verified that access to external finance has partially mediated the relationship between entrepreneurial orientation practices and small business performance. In extending existing literature, this study has underlined entrepreneurial orientation practices and small business performance as partially serial mediated by the access to finance and competitive advantage. Besides consolidating the Resource-based View theory, this research is also significant to government bodies, NGOs, private bodies, policymakers and small entrepreneurs. The research highlights the importance of entrepreneurial orientation practices and sufficient access to finance on generating competitive advantages, ultimately increasing business performance variation.

Syamsuriana Sidek, M. Mohd Rosli
Entrepreneurial Self-efficacy and Competencies: Reinterpreting Entrepreneurial Embedded Resources

In a new venture development process, entrepreneurs need to have a high degree of self-confidence and competence to perform unique entrepreneurial tasks. These elements are known as built-in entrepreneurial tools. At the early stage of the new entrepreneurship process, it is important to consider these two factors, since they can influence the thought, behaviour and actions of entrepreneurs. The main purpose of this paper is to enhance our understanding of embedded entrepreneurial capital. We analysed and clarified the framework for evaluating entrepreneurial autonomy and skills. We conducted interview with business incubator tenants to compare the growth of entrepreneurial performance and skills. This study empirically demonstrates that the capacity of entrepreneurs to execute business tasks is reflected in their prior experience in executing tasks successfully. Behavioral findings have been a central factor in assessing actual entrepreneurs’ competences in the area of self-confidence. This emphasises the need to move from the emphasis to a relatively important entrepreneurial training programme which takes into account the role of entrepreneurs within the business cycle.

Dzulkifli Mukhtar, Muhammad Fahimi Sofian, Ahmad Firdause Md Fadzil
Ageing Population on Health Expenditure in China

A rise in the ageing population will lead to change in the health care spending. Health care system will be expected to accommodate care for ageing population to other population such as young population. As an increase in ageing population the health care systems will have to adapt. In China, ageing population will rise to 26% of the total population by 2050 as the demographic projection forecasts. Hence, the issues of the study is whether ageing population have an impact to the health expenditure. In this study using the ADRL approach to test the relationship between the variables with the data from China from 1970 to 2016. From the analysis using ARDL testing, the results shows that there have a long run relationship and the results is significant between ageing population and healthcare expenditure. The control variable such as life expectancy, gross domestic product per capita and hospital beds also have a relationship with health expenditure. This findings support the hypothesis that, ageing population spend more in health expenditure on medication and consultation.

N. H. Nordin, N. N. Nordin
The Influence of Entrepreneurial Orientation on SMEs Performance in Ghana: The Role of Social Capital and Government Support Policies

The primary aim of this current theoretical paper is to propose a research framework on the influence of Entrepreneurial Orientation (EO) on SMEs performance in Ghana with the role of Social Capital (SC) and Government Support Policies (GSPs). The study re-viewed existing literature and theories pertaining EO, SC and GSPs by using the five EO dimensions of Lumpkin and Dess (1996) to further ascertain the mediating and moderating effect of SC and GSPs in relation to SMEs performance and in Ghana and used measures of SC, and GSPs. A questionnaire will be administered to 380 registered SME-owners of Ghana based on Ghana Statistical Survey (2016) using simple random sampling technique, and the data will be analysed by the Partial Least Square-Structural Equation Modelling (PLS-SEM) approach to determine the emerged hypothesis. This study would be hinged on the resource-based view and the social capital theories stressing the need for SMEs to focus more on their unique internal and external resources that existed with-in their social capital network based on their reciprocal relations. This novel study would further provide new insight to practitioners to understand and appreciate the role of SC in explaining the EO of SMEs and how GSPs can enhance the EO and SMEs performance relationship.

Solomon Gbene Zaato, Mohammad Ismail, Sathiswaran Uthamaputhran, Wilberforce Owusu-Ansah, Joseph Owusu

Corporate Finance and Accounting

Financial Statement Audit Utilising Naive Bayes Networks, Decision Trees, Linear Discriminant Analysis and Logistic Regression

Initial big data analytics (BDA) implementation regarding data mining mechanisms in the audit process, remain un-der-researched and hence, more investigation is needed in developing classification prediction models utilising data mining analytics to identify appropriate auditing opinion. Empirical results show that the decision tree technique provides a balanced model for choosing the right audit opinion, with it achieving higher evaluation rates for two datasets (for the years 2018 and 2019) than Naive Bayes Networks (NBN), Linear Discriminant Analysis (LDA), and Logistic Regression (LR). In addition, for both datasets the LR model achieved higher evaluation rates than NBN and LDA. Moreover, the evaluation results for NBN exhibited a gap between 2019 and 2018 datasets, which means that it is an unbalanced model and hence, is not a good predictor of audit opinion. This paper is a pioneering effort utilising the sample of a company that have big data, based on financial and non-financial data to develop a model able to predict the correct audit opinion.

Aram Khalaf Nawaiseh, Maysam F. Abbod
On Developing the Conceptual Model for Measuring User Acceptance of Islamic Financial Technology Service Based on the Unified Theory of Acceptance and Use of Technology (UTAUT)

This paper discusses the development of conceptual model for measuring user acceptance of Islamic Fintech service based on the Unified Theory of Acceptance and Use of Technology (UTAUT). We adapt 4 (four) constructions developed by Venkatesh et al. in 2003, then add a new construct of Islamic Principle. The new constructions including Performance Expectancy (PE), Effort Expectancy (EE), Social Influence (SI), and Facilitating Condition (FC), and Islamic Principle (PI). As a proof of concept, we discuss when the conceptual model is adapted to the case of Indonesia, which is the first largest Muslim population in the world.

Robi Prasetio, Muhammad Suryanegara
The Effect of Voluntary Risk Disclosure on Assets Quality, Capital Adequacy, and Sensitivity to Market Risk – An Empirical Study on Commercial Banks in Jordan

This study investigates the effect of voluntary risk disclosure (credit, operational, market) on capital adequacy, assets quality, and sensitivity to market risk in Jordan. Annual pooled data gathered from the annual financial reports of 13 commercial banks, which were published by the Amman stock exchange from 2014 to 2018 were used and analyzed by using the random effect model of multivariate panel regression. The results of the study showed a significant effect of voluntary risk disclosure (credit, operational, market) on capital adequacy, assets quality, and sensitivity to market risk in Jordanian commercial banks.

Ammar Daher Bashatweh, Emad Yousif Ahmed
Financial Statement Fraud Detection of Ukrainian Corporations on the Basis of Beneish Model

The article analyzes the level of financial statements fraud in Ukrainian corporations based on the use of the Beneish model. The purpose of the article is to analyze the content of the Beneish model and its modified version to detect fraud of financial statements, as well as their use to identify such abuses by Ukrainian corporations. The study used the assumption that the application of the Beneish model and its modified version based on the improvement of the information base for their calculation can be used to detect fraud of financial statements of enterprises. The system of indicators of Beneish model for determining fraud of financial statements has been identified and analyzed. The 8-factor Beneish model has been analyzed for calculating the values of the M-Score (Beneish). The 5-factor Roxas model has been analyzed for calculating the values of the M-Score (Roxas). The information support for unobstructed application of the Beneish model and it modified by Roxas 5-factor variance in the process of identifying the level of falsification of financial statements has been identified and grounded. An algorithm for applying the Beneish and Roxas models to detect financial statements fraud has been developed. The indicators (variables) of the Beneish model for 30 leading Ukrainian corporations for 2017–2018 have been identified and analyzed. The value of the M-Score indicator according to the Beneish and Roxas models for 30 Ukrainian corporations for 2017–2018 has been calculated and analyzed. M-Score coincidences and differences for the Beneish and Roxas models for 30 Ukrainian corporations for 2017–2018 has been allowed to identify 4 possible interpretations of the results (M-Score (B) < −2.22 and M-Score (R) < −2.76; M-Score (B) > −2.22 and M-Score (R) > −2.76; M-Score (B) > −2.22 and M-Score (R) < −2.76; M-Score (B) < −2.22 and M-Score (R) > −2.76). Based on the comparison of actual and normative values of the M-Score indicator according to the Beneish and Roxas models, the level of reliability and the level of possible financial statements fraud of Ukrainian corporations has been identified.

Serhii Lehenchuk, Tetiana Mostenska, Halyna Tarasiuk, Iryna Polishchuk, Mykola Gorodysky
Protecting the Interest of Profit-Sharing Investment Account Holders in Islamic Banks: The Nigerian Experience

Islamic banks (IBs) have three major sources of funds; from shareholders, transaction deposits and profit-sharing investment account holders (PSIAHs). Shareholders are protected by the IBs’ directors, while transactional deposits are guaranteed by the IBs. PSIAHs have no representation on the banks’ board and their funds are neither guaranteed nor repaid on demand. They rely on the goodwill of the banks’ directors and management to protect their interest and share profit (if any) from the investment of their funds, and could lose part or all their capital if the bank incurs losses. This could lead to moral hazard and agency problem which put the PSIAHs at disadvantage that requires the establishment of policies to protect them. The objective of this paper is to review corporate governance challenges in the management of PSIAHs by IBs and share Nigeria’s experience in the protection of PSIAHs. The paper contributes to literature on deposit practices by IBs which has been reported to be scarce.

Ya’u Isah, Romzie Rosman, Ashurov Sharofiddin
The Influence of Green Human Capital on Business Performance: The Mediation Role of Innovation Activity

This study focuses on ‘green’ topic, especially green human capital (GHC) in manufacturing MSMEs in two provinces in Indonesia, namely Daerah Istimewa Yogyakarta (DIY) and Central Java. In this study, green human capital is associated with the improvement of Micro, Small and Medium Entreprises (MSMEs) business performance mediated by innovation activity.The survey is conducted at manufacturing MSMEs in DIY and Central Java Province. The sampling technique is carried out with purposive sampling method with a sample target of 200 respondents. Data collection is conducted by distributing questionnaires to the owners, managers, and both owners and managers of the MSMEs. The statistical technique is done by Analysis of Moment Structure 23. The result shows that GHC is able to improve business performance of the MSMEs mediated by innovation-based activities.

Muafi Muafi, Tomasz Norek, Yuni Siswanti
The Analysis of Investment Account Platform (IAP) to Promote Investment Account Product in Islamic Banks

Investment Account Platform (IAP) as the first bank-intermediated financial technology platform was established to encourage Islamic banks to utilize equity-based product i.e. investment account. This paper tries to analyze the current practices of IAP as well as the issues and challenges faced by IAP and the sponsoring banks in Malaysia. Furthermore, the innovation of IAP may give insights for the advancement of investment account product in Indonesia. This study adopts qualitative research which includes interviews with the employees of IAP and the sponsoring bank. This study also gathers information from library research and webinars related to this topic. This study shows that IAP has successful projects listed on the platform; however, it still has not reached its objective to give wider financing opportunities to SMEs. There are some challenges faced by the platform and its sponsoring banks. Nevertheless, future collaboration with international institution may scale up this platform. Some important lessons can be learned for the development of an investment account platform in the future for Indonesia. This is one of the early studies that give analysis on the performance of IAP and the possible application in Indonesia.

Mahdiah Aulia, Rusni Hassan
Goodwill Evaluation at the Machine Building Plants

The main goal of the research is to outline theoretical approaches of goodwill recognition and assessment techniques that can be applied in the management practices. The article considers historical development of the goodwill and business reputation definition and value recognition methods in Anglo-Saxonian accounting systems. There is contemporary European methodology for goodwill evaluation illustrated and analyzed in the economic theory and bookkeeping practices. Four Ukrainian machine buildings companies are considered in perspective of goodwill and intangible assets management approaches. The research conducted evidenced low efficiency of intangible assets utilization and lack of visible actions towards goodwill creation and value up building. General conclusions and recommendations are made to improve goodwill and business reputation management techniques. Further studies are required to enhance both managerial and accounting practices in goodwill recognition and administration over companies’ operations lifetime to increase capitalization and market attractiveness of machine building enterprises.

A. Iu. Koval, I. M. Riepina, H. O. Shvydanenko
Motivations Aspect for the Adoption of Islamic Financing Among Halal Entrepreneurs in Malaysia

Halal and Islamic finance are in accordance with Islamic law and have been established in the context of halal economic development. The purpose of this study was to investigate the factors in the adoption of Islamic financings by Halal Entrepreneur. This study was employed qualitative approach using interview with halal food entrepreneurs. The results indicated that the knowledge, religious obligation, cost benefit and government support of non-users and users of Islamic financing product are mainly elements to support the adoption and continues adoption of Islamic financing among Halal entrepreneurs. This study implies that Islamic banking industry should focus on the people’s level of awareness, cost benefit charged by the Islamic bank, the roles of Islamic banking to educate the customers towards Sharia practising in the operations and government support that would have an impact on customer decision to patronize Islamic financing products. This study’s finding is limited to producers of Halal Food Entrepreneur. Future works should extend beyond the current scope to Halal Pharmaceutical, Halal logistics or Halal Cosmetic to investigate the research model in the different context.

Siti Zamanira Mat Zaib, Azwan Abdullah, Nurul Hafizah Mohd Yasin, Siti Salwani Abdullah, Nur Farahiah Binti Azmi
Increasing the Investment Attractiveness of the Financial Reporting Indicators by Applying Innovations

The paper considers the approaches to determination of the main investment attractiveness indicators by the approved methods. It is established that the investment attractiveness of financial statements in the modern world is increasingly dependent on innovative, i.e. intangible assets. It is determined that the main indicators characterizing the investment attractiveness are those of financial stability, business activity, assets, liquidity of assets and profitability. The purpose of the study is to identify the impact of intellectual property on the level of investment attractiveness of financial statements and to improve their balance reporting approaches. The methodology for identifying, evaluating and balancing intellectual property assets has been developed. Its effectiveness is established according to the simulated balance by way of example of the Plant Production Institute nd. a. V. Ya. Yuryev of National Academy of Agrarian Sciences of Ukraine financial statements.

Yu. Kyrylov, N. Stoliarchuk, M. Kisil, H. Khioni, V. Hranovska, R. Korobenko

Corporate Governance, Financial Markets and Performance

The Impact of Merger and Acquisition on Value Creation: An Empirical Evidence

The aim of this paper is to examine the impact of post merger and acquisitions on value creation. The paper also analyses the impact of lagged synergy (a proxy of sales growth) on the post merger and acquisition (M&A) performance of acquiring firms. The study employs System Generalised Method of Moment model (System GMM) to the panel dataset of 64 Indian firms from 2012 to 2018 to determine the synergy impacts and value creation post merger and acquisition (M&A). The outcome of the study signs that mergers create positive value for post merger acquiring firms, and lagged synergy influences future synergies positively. The lagged dependent variable synergy (p-value is 0.000) shows a significant positive effect on dependent variable synergy, which indicates that previous year sales of the firm have a positive effect on future year sales. If the acquisition of firm post merger and acquisition (M&A) effectively absorbs acquired firm resources and digests nutrition from those resources, then the value can be created, and synergy can be achieved, or at least not damaged. Corporate managers, policy makers and regulators can lure significant conclusions from the outcomes of the study. This study for managers concludes that a strong view of possible synergies that can be accomplished through mergers, timelines and processes to achieve them, all of which will aid in the post merger integration process. This knowledge and understanding also helps to optimise the effect of lagged synergies. The results have also important consequences for academics and give impetus to further research. Future research can be undertaken by comprising premiums paid, cross borders mergers, hostile or friendly mergers that may shed some supplementary insights. This paper contributes to value addition in the literature of post M&A as it analyses value creation and effect of lagged synergy in terms of sales. There are limited studies that observed the relationship of value creation and merger and acquisition (M&A), especially in the context of Indian sectors; moreover, this paper takes into consideration different sectors viz. Manufacturing, Mining, Electricity, Construction, Service and Real Estate which gives a holistic view of Indian sectors.

Isha Gupta, Nandita Mishra, Naliniprava Tripathy
Proxy Measure for SMEs Financial Performance in Opaque Markets

Opaque markets suffer from asymmetry of information and inaccessibility to financial data. SMEs operating in such markets play an important role and substantially contribute to their economy. Evaluating SMEs financial performance for such markets remains a hard task and hence such sector is completely marginalized. This paper attempts to proxy the financial performance by gathering a bundle of qualitative traits that play a mediating role towards financial performance. We support our study by identifying three specific areas that best describe SMEs internal capabilities and environmental conditions. We measure a score, validate it and use it to proxy SMEs financial performance in Lebanon. We find a positive relationship between the score and return on investment (ROI) and return on assets (ROA), which support our hypotheses.

Nohade Nasrallah, Rim El Khoury
Impact of Uncertainty on Financial Performance: An Analytical Review with Reference to Accounting, Corporate Finance and Auditing

Uncertainty has been prevailing in the business world since its existence. However, with the developed Trade, Industry and Commerce, Businesses have realized crucially of the impact and intensity of the uncertainties. It is found that finance managers and auditors are not adequately aware of types and degree of intensity of uncertainty on financial performance. Hidden opportunity cost could be incurred by the uncertainty and its impact on financial performance also remaining unearthed. Indian GAAP and IFRS integration with regard to the anticipation and inclusion of the concept of uncertainty in the financial performance and its probable impact on the decision making should be dealt in separately. Identifying the impact of financial performance on quality of finance, accounting and auditing practices, IFRS disclosure and overall reporting remains to be the necessary but challenging task in front of Accounting and Auditing professionals.This paper highlights the awareness on nature, intensity and types of uncertainty affecting financial performance. From the operating level business transactions to capital investment decisions, from disclosure and presentation norms to interpretation of financial analyses, from internal checks and controls to the devising and implementation of forensic accounting practices, uncertainty has a potential to change the direction and intensity of the intended results of the activities.

Abhijit S. Kelkar, Nithya Ramachandran
The Use of Speculative Operations in the Capital Market and Their Importance

The article is devoted to substantiation of significance of speculative operations and follows the goal to study their condition and development. It is substantiated that existence and stability of the securities market plays a significant role in development of financial market, which in turn becomes a key element in the mechanism of economy. The authors emphasize that the liquid market continues to function even with a large number of economic agents while price fluctuation of securities have a little change. Yet, arrival of speculators increases the number of participants in stock exchange transactions, thus promoting competition and, ultimately, more efficient detection of real value of economic subject. It has been proven that stock trading is very attractive for those who are interested in a combination of excitement and the possibility of a large quick profit, and is an extraordinary opportunity for profit as process of trading itself appears to be technically simple. It has been established that speculation can be carried out on the stock exchange both using cash and in futures transactions. However, operating with cash transactions has fewer combinations and in general less profitable, thus the main arena of speculators becomes the market of future transactions. It has been proven that speculative profits are possible during both “bullish games” and in shortings, thus becoming an important tool for additional attraction of investments. In summary, speculations have a crucial role in achieving a balance between capital market participants .

P. Reznik Nadiia, M. Slobodianyk Anna, S. Blahodatnyi Andrii
A Risk-Based Supervisory Framework for Islamic Banks in Nigeria

The objective of this research is to propose a new bespoke risk-based supervisory framework (RBSF) for Islamic banks in Nigeria, that accommodates their specificities in terms of the “unique inherent risks” and “unique risk management control functions” of the Islamic banking business model. Current conventional banking based RBSFs fail to capture these specificities, which this new RBSF aims to bridge. The fast-growing systemic importance of the Islamic banking industry in various jurisdictions around the globe warrants effective supervision that recognises their specificities. The new RBSF gives a more accurate assessment of Islamic banks’ health (risk profile) which ensures more effective risk-based supervision of Islamic banks in a bid to improving their safety and soundness to promote overall financial system stability. The methodology adopted has been a qualitative approach through both content analysis of the current RBSF in Nigeria to identify gaps and a semi-structured interview (analysed with Atlas ti-8) to obtain expert recommendations on developing the new RBSF tailored for Islamic banks in Nigeria. The expected contribution of the Framework proposed by this study is that Islamic banks will be better supervised by regulators which will lead to safer Islamic banks and in turn promote the safety and soundness of the financial system at large. The study will also aid Islamic banks to better understand and manage the unique risks inherent in their line of business (Islamic banking). This paper also contributes to alleviating the current shortage of academic literature on the crucial regulatory subject of risk-based supervision in the Islamic finance industry.

Suleiman Sani Dalhatu, Ashurov Sharofiddin
Expanding the Financial Inclusion Frontiers: An Assessment of the Roles of Developing Eight (D-8) Countries Financial Regulators

This study's objective is to embark on an exploratory study to compare the roles played by the several regulators of each of the D-8 countries towards engendering financial inclusion through the Islamic finance offerings in their domain and lessons that can be deduced by their counterparts for adoption and implementation. The study relies on secondary data sourced from official publications, working papers, articles, e-books, websites, and online resources on how the roles played by the financial regulators of the D-8 countries impact on financial inclusion. Content analysis was carried out on the collated data to determine the status of each of the D-8 countries . The study found that while the regulators of some D-8 member countries had maximized the Islamic social finance offerings to combat financial exclusion within their domain, other regulators are yet to maximize same due to factors that include weak political and or administrative will, social peculiarities among others. The study concludes by recommending the adoption of the Islamic social finance instruments in climes where same has yet to be implemented or fully adopted, to shore up the shortfalls of government expenditure, more appositely in this era of shrinking public expenditure and post Covid-19 that has exacerbated the predicament of the financially excluded.

Tesleem Olajuwon Isa Akosile, Ashurov Sharofiddin
Social Entrepreneurial Intention: A PLS-SEM Approach

The aim of this paper is to examine the effects of perceived desirability and perceived feasibility on social entrepreneurial intention and the moderating role of culture. The study on culture as a moderator is still limited and this study can provide a better explanation regarding the moderating impact of culture. The data collected from 386 undergraduate and postgraduate students are analysed by using partial least squares structural equation modelling (PLS-SEM). The findings discover that perceived feasibility has a positively significant relation with social entrepreneurial intention while perceived feasibility does not and culture is proven to not moderate the existing relationships in this study. Lastly, some limitations and several recommendations for future studies are discussed.

Mohd Nazri Zakaria, Aisyah Bahiah Aidul Bahrein, Noorshella Che Nawi, Azwan Abdullah
A Review on the Influence of Corporate Governance Mechanism on Earnings Quality of Banks

Corporate governance mechanisms play significant roles in protecting the rights of stakeholders especially in assuring that the stakeholders get the reliable and relevant financial information regarding the performance of the banks. Effective corporate governance mechanism is important in ensuring high quality of financial reporting. This paper focuses on the earnings quality as a measure of financial reporting quality in the context of banking industry and its relation with the corporate governance mechanisms. This paper highlights the relationship between board of directors (board size and board independence), audit committee (audit committee size and audit committee independence) and external auditor and earnings quality. The findings of previous literature, however, still inconclusive, and this paper serves as preliminary study for future study.

Siti Fariha Muhamad, Farah Hanan Muhamad, Azira Hanani Ab Rahman, Mohd Zulkifli Muhammad, Nur Syafiqah A. Samad, Norzalizah Bahari

Islamic Economics and Finance

Empirical Analysis on Quality Waqf Reporting Practices of Waqf Institutions in Malaysia

The purpose of this study is to investigate the current quality waqf reporting practices by waqf institutions in Malaysia. Five factors that influence quality waqf reporting practices namely relevance, faithful representation, understandability, comparability and timeliness were studied. Twenty items were used to measure the current level of quality waqf reporting practices in all 14 waqf institutions in Malaysia. Results show the current quality waqf reporting practices by waqf institutions in Malaysia are at a moderate level as it only scored 40.29%. Among the five factors, timeliness scored the highest with 54.29% while the lowest score is comparability at 27.5%. Among the 14 waqf institutions, Perbadanan Wakaf Malaysia (PWS) achieved the highest score with 82%. On the other hand, there are eight (8) waqf institutions that only scored 20% (all 20 items are scored with one (1) as the lowest score value). This research provides an important extension on previous knowledge and relevant literature of quality waqf reporting practices by waqf institutions in Malaysia. Moreover, this research focuses on the key dimensions of quality waqf reporting practices reported in the literature. This research helps especially the management of waqf institutions to measure their current disclosure level to improve quality waqf reporting practices.

Mustafa Mohd Hanefah, Muhammad Iqmal Hisham Kamaruddin, Rosnia Masruki, Fuadah Johari, Aimi Fadzirul Kamarubahrin
The Effect of Islamic Spiritual Intelligence on Human Resource Performance: Individual and Organizational Perspective

This study aims to explore the effects of a concept known as Islamic spiritual intelligence. There has been a confirmed evidence on the effects of Islamic spiritual intelligence on negative affective conditions, organizational justice, and the performance of human resources as revealed by the Quranic revelation and the hadith, as well as a number of studies on conventional spiritual intelligence indicating the relationships between these two constructs. However, based on the development of a broader theory, a comprehensive study of Islamic spiritual intelligence is needed, especially for the scientific and practical revolution in Muslim majority regions or countries.

Mohammad Ziad Anwar, Muafi, Widodo, John Suprihanto
The Comprehension of Maqasid Shariah Towards Cashless Tools Among Muslim Entrepreneurs

This study is conducted to explore the exposure of cashless tools usage by entrepreneurs and to relate it is usage with the comprehension of Maqasid al-Shariah. The main approach to fulfil the objectives of study is qualitative approach. This study has supported by seven Kelantan’s entrepreneurs from some of business background. The findings indicated that the cashless tools usage majority have been exposed by Kelantan’s entrepreneurs. Specifically, the usage if cashless tools brings the positive impact not only for the well-being of their business and Maqasid Shariah. It can be concluded that the usage if cashless tools by entrepreneurs can lead to comprehension of Maqasid Shariah.

Noormariana Mohd Din, Mohd Zulkifli Muhammad, Mohammad Ismail, Tengku Mohd Azizuddin Tuan Mahmood
The Concept of Zakat of Mustaghallat and Its Application to Long Term Investment Sukuk

The topic of financial markets and the Zakat rulings related to its products is among the topics that reoccur from time to time with the changes in product versions and features as there are new developments related to long term investment products ranging from the shares in the stock market to the various forms of sukuk. Is it therefore conceivable to develop a fiqh ruling for those who own such long term instruments for investment and are awaiting the returns – similar to Zakat on “mustaghallat” (rental and lease income generating assets), where the zakat is only paid on the rental income? This is in fact the opinion of some of the Zakat bodies and institutions in Malaysia, specifically for Zakat on long-term investment products such as shares and Sukuk, where zakat is due on the dividends only after the passing of a full year, which is in line with the tax system. The question that this research presents is: Can zakat on long-term investment sukuk be considered equal to zakat on mustaghallat which is compulsory on the yields/rental income only? This research aims to investigate the new data on sukuk and review the accuracy of the ruling that their zakat is the same as the zakat of mustaghallat.

Azman Bin Muhammad Noor, Abdoul Razzak Kaba, Ahmad Zakirullah bin Mohamed Shaarani, Abdulmajid Obaid Hasan Saleh
The Accomplishment of Knowledge Delivery Towards Islamic Banking Employees

The Islamic Banking (IB) sector in Malaysia has gone beyond three decades. Various challenges and obstacles need to be pursued for development. Among it includes the aspect of the knowledge delivery of IB employees. In this context, knowledge delivery of IB employees is defined as the execution of IB literacy, ethics, and knowledge enhancement by IB employees. The purpose of this paper is to develop an enhanced framework for knowledge delivery through a triangulation study. The framework consists of three define variables: accomplishment of knowledge delivery in IB, IB literacy, Islamic marketing ethics, IB knowledge enhancement and Islamic wellbeing attributes by IB employees. The article highlighted the use of a triangulation study. The questionnaires were distributed to 405 IB employees across Malaysia. The constructs and items used in the questionnaire were derived from basic guidelines provided in the literature review, al-Quran, and al-Hadith. The partial least squares structural equation modelling (PLS-SEM) method was the main statistical technique employed in this study. In parallel, qualitative approach was used, in forms of semi structured interviews with four Islamic banks’ experts. The data also gathered from Quran and Hadith. Analysis of the responses demonstrated that IB literacy affected the accomplishment on knowledge delivery of IB employees most significantly compared to Islamic marketing ethics and IB knowledge enhancement. The result also indicates that Islamic wellbeing attributes have significant effect on knowledge delivery of IB employees, and partial mediating effect on the relationship between each independent variable of IB literacy, Islamic marketing ethics, and IB knowledge enhancement with the accomplishment on knowledge delivery of IB employees. On this basis, it is recommended that Islamic Banks use IB literacy, Islamic marketing ethics, and IB knowledge enhancement as key factors in accomplishing the knowledge delivery of IB employees.

Adibah Alawiah Osman, Azwan Abdullah, Zatul Karamah Ahmad Baharul Ulum
Shariah Supervision Controls of Islamic Banks: A Critical Analytical Study

The current Shariah supervision in Islamic banks requires specific and organized work, based on the idea of governance and building consensus standards, and away from partial solutions, this is, due to the expansion and the development of Islamic banks. Islamic banks have expanded and branched out significantly, which requiring decision-makers from the scholars and administrative elites to lay new foundations that correspond to the level of this momentum, in order to build on what has been done, and move forward where the efforts ended. This research discusses a set of ideas that establish an independent institutional for Shariah supervision over Islamic banks. There are problems at the level of poor public confidence, interest groups, the absence of agreed upon Shariah standards, and the lack of unity on one vision and criteria. In this study, it was adopted the descriptive and analytical approach, by studying and analyzing the most important problems facing Shariah supervision, as well as developing scientific conclusions and solutions for Shariah supervision.

Abdulmajid Obaid Hasan Saleh, Alinasser Abdirasak, Habeebullah Zakariyah, El Amrani Taoufiq
Assessing the Islamic Credit Card Users’ Satisfaction on Paying Zakat: Issues in Achieving

Zakat’s payment is compulsory for all Muslims. The eligible payers are required to commit for a fixed portion of one’s wealth for distributing to the eight asnaf of Zakat. Even the collection of Zakat are increased annually, but the payers of Zakat that eligible to pay are still low. Hence, credit cards can be considered as an alternative for the users for the Zakat’s payment. Actually, there are numerous study have been done on customer preferences of Islamic banking in credit card, but there are less study have been conducted on payment of Zakat via credit cards. Therefore, this study aims to examine the factors such service quality, customer knowledge, Shari’ah compliance that can influence the customer satisfaction of credit cards on paying Zakat. The questionnaires were distributed by employing the convenient sampling technique and Statistical Package for Social Scientist (SPSS) is used to analysis the data that will be gathered. The results of all the hypotheses have significant relationship on customer satisfaction in paying Zakat by using Islamic credit card.

Muhammad Zulfaris Mohd Salleh, Azwan Abdullah, Noorshella Che Nawi
Factors Affecting Willingness in Using Islamic Microfinance Products in Mauritania

This study aims to identify factors affecting willingness to use Islamic microfinance products in Mauritania. Based on the experience of the Islamic microfinance institution PROCAPEC-Nouakchott, the study tests the effect of social barriers, religiosity, and debt-phobia in affecting the respondents’ usage. As well as testing the moderator effect of gender on relationships in the model. The study uses cross-sectional design data gathered through a questionnaire from a sample of 381 beneficiaries of an Islamic microfinance institution (PROCAPEC). It uses Structural Equation Modeling (SEM) to determine the impact of the voluntary factors on the use of Islamic microfinance products. The study finds that social barriers have a significant effect on the use of Islamic products; however, religiosity and debt-phobia did not impact the usage of Islamic microfinance products. Gender has a moderator effect on the relationship between social barriers and usage. Nonetheless, gender does not have a moderator effect on the relationship between debt-phobia and usage and religiosity and usage. The findings are useful for the policymakers and managers of Islamic microfinance to consider the suitability strategies of awareness to patronize Islamic microfinance products voluntarily.

Vatimetou Mokhtar Maouloud, Salina Kassim, Anwar Hasan Abdullah Othman
Identifying Creditworthiness Criterions and Financing Approval Process of Islamic Banks in Indonesia

The study aims to identify the creditworthiness criterions and approval factors in providing financing facility to corporate and commercial clients of Islamic banks in Indonesia. It also explores the financing approval process in the Islamic bank for this segment. It employs qualitative study of in-depth and semi-structured interviews method via the available online tool. The study selects 3 (three) Islamic bank officers from the different banks as the respondents. The study finds that the 5Cs elements are all important by emphasizing in proper fixed asset collateral and sound capacity of the clients. There is a typical internal approval process with the timing is different between each bank. It highlights the importance of financial covenants and the requirement to use CASA products. The study also reveals that covid-19 pandemic has impacted the client’s business and its ability to repay the banks. The strategy is to conduct relaxation, reprofiling, and restructuring of the client’s facilities as per guideline from regulator.

Muhammad Imaduddin, Ashurov Sharofiddin
Moderating and Mediating Effect of Micro-takaful and Training Activities Between Islamic Microfinance and Micro-entrepreneurship: A Case Study of Yemen

Although Yemen has adopted policies and measures to develop micro-entrepreneurship as a tool to combat unemployment and help unemployed people create their micro-enterprises over the past 20 years, the micro-entrepreneurship is still facing critical challenges and the unemployment rate continues to increase significantly. The objective of the study is to examine the moderating and mediating effect of micro-takaful and training respectively between the Islamic microfinance and micro-entrepreneurship in Yemen. The study utilized a Quantitative research approach and convenience sampling with a self-administered survey using Structural question modelling (SEM) for data analysis. The respondents were customers of Islamic microfinance institutions (IMIFs) in Yemen. The sample of the study was 290 responses collected from Sana’a governorate. The outcomes of the study indicate that the micro-takaful and entrepreneurship training play as effective moderating and mediating factors between the Islamic microfinance and micro-entrepreneurship in Yemen. It also revealed that Microfinance has a significant and positive effect on Micro-Entrepreneurship. Moreover, the findings of the study therefore provide guidance for policymakers and microfinance institutions as well as the microenterprises to avoid the operating risks and improve their business activities.

Mohammed Yahya Alrashedi, Mustafa Omar Mohammed, Anwar Hasan Abdullah Othman
Issues and Challenges of Islamic Trade Finance Faced by Islamic Banks in Malaysia

Trade financing is one of the facilities offered by Islamic banks in Malaysia. However, as the products are considered to be complex and ever-evolving, the portion of Islamic trade finance in Malaysia is very small. Therefore, this study intends to analyze the issues and challenges that hinder the growth of Islamic trade finance in Malaysia. Most of the literature studies and reports basically mentioned on the general issues and challenges such as political risk, legal risk, currency and foreign exchange risk, financial crisis, and the most common issues which is Shariah issues pertaining to the operations and contracts used in ITF. However, the above-mentioned issues and challenges are defined generally for all countries. The question is, does all the issues and challenges mentioned relevant in the context of the Malaysian ITF industry? This research adopts qualitative method as the main research methodology. The data collection method was done through questionnaires interview given to three selected Islamic bank’s practitioners who were directly involved in the operation of ITF. The findings portray that indeed all the issues mentioned are significant to Malaysia and legal aspect is considered as one of the big challenges in Islamic trade finance. Consequently, further study needs to be conducted in order to explore in details on the highlighted issues and its impact towards the development of Islamic trade finance in Malaysia.

Siti Aqilah Binti Ismail, Rusni Hassan
Factors Influencing the Adoption of Islamic Banking Products: A Review of Literature

The aim of this paper is to review empirical studies that examined the factors influencing the adoption of Islamic banking products and services with a view to making suggestions to the stakeholders in the Islamic finance services industry (IFSI) in Nigeria. The paper employed the literature review methodology to synthesize research findings in the study area. Most of the studies reviewed showed that Attitude, subjective norms and perceived behavioral control positively and significantly influence the use of Islamic banking products. Others influencing factors include knowledge, awareness, compatibility, religiosity and perceived government support. The paper recommended that Islamic banks in Nigeria should develop robust marketing strategies that will boost the beliefs and attitudes of consumers of banking services, at the same time decreasing their perceived risks. In addition, they should increase customers’ awareness through effective communication, as well as develop low cost Islamic financial products that will improve competitiveness.

Abdurrahman Abdullahi, Anwar Hasan Abdullah Othman, Salina Kassim
A Comparative Rural Development Scheme of Islami Bank Bangladesh Limited and Grameen Bank: Finding a Cost Effective Institutional Mechanism to Rural Development for the Emerging Economies

There is growing need that economic development should focus rural development to be sustainable & meaningful in the countries, territories or conveyances where majority of the population live in the villages or semi urban clusters. It is especially important in the traditional Muslim societies where the value system plays a vastly and valuable dominant role. Bangladesh is a country with more than 90% of its population are Muslims. It stands as the fourth-largest Muslim-populated country and “the constitution of Bangladesh declares Islam as the state religion”. There is a famous maxim “Familiarity breeds confidence” Islami Bank Bangladesh Limited (IBBL) is an institution that is Muslim faith based and engaged in rural poverty reduction program through its instrumentality RDS (Rural Development Scheme). The main aim of the study is to confirm that Shariah based banking through its cost effective outreach to rural development is efficient than contemporary microfinancing. The method used is to compare & contrast the secondary data for financial information of both Islami Bank Bangladesh Limited (IBBL) & Grameen Bank (GB) that supports the above assertion.

Hafizur Rahman, Mohammed Quasem, Golam Arshad
A Model Development of Shariah Principle in E-Payment: The Case of Malaysia

Issues concerning online transactions, e-payment mode are among the new challenges that Islamic scientists and researchers must face in broadening the reach of the Shariah e-commerce transaction concept. As Malaysia moves towards e-commerce and online shopping, there is no new trend; there are challenges for solutions based on the Shariah principles. This study aims to investigate and suggest the model development for Shariah e-payment system in Malaysia. This study utilizes a qualitative approach. The data employed were drawn from library research. The contents and textual analyses were employed to achieve this purpose. This study found a model consisting of a number of components, namely the Shariah core component, sound technical means, regulatory body and legal provision to enabling e-commerce transactions.

M. Mohd Zulkifli, A. Tamrin, M. D. Noormariana, G. Mohd Fahmi, R. Razman Hafifi
A Comparative Performance Analysis of Islamic and Conventional Banking: A Case Study of Pakistan

The objective of this research is to critically evaluate the performance indicators which are used in previous studies and propose a comprehensive indicator to check the performance of selected Islamic and Conventional banks of Pakistan over the period of 2011–2016. The comprehensive indicator of performance is comprised of indicator of profitability, customer satisfaction and cost & revenue efficiency. Where the efficiencies measured using Stochastic Frontier Analysis, while overall indicator has been constructed using Principle Factor Analysis. This study provides ranking of selected banks based on the new indicator of performance and insights to what are possible determinants in conventional and Islamic banking system. This study then compared the determinants of performance such as Bank size, Operating efficiency, Management efficiency, Employee efficiency, and Funding cost between conventional and Islamic banks which are comparable in size. To compare the determinants of performance, regression analysis was applied. Feasible Generalized Least Square (FGLS) approach later used to compare the determinants of performance. Findings show that Meezan bank tops in revenue efficiency and Askari bank tops in cost efficiency. In overall performance comparison, Meezan bank tops accordingly. This study identifies Operating efficiency, Management efficiency, Employee efficiency, and Funding cost as important determinants of Pakistani banking sector.

Altaf Ahmad, Habeebullah Zakariyah
Alternative Commercial and Operational Solutions in Islamic Banking: The Contribution of Mufti Taqi Usmani

Shari’a compliance remains one of the main features in all the products and services offered by Islamic banking institutions. Muftī Taqi Usmani (b. 1943) is a world-renowned figure in Islamic banking due to his crucial position as Chairman of the Shari’ah Board (Bahrain). He has contributed to Islamic banking through his advanced writings and addressing vital issues of global interest in the industry.Using qualitative methodology, this study examines the alternative solutions that were suggested by Muftī Taqi to various financing solutions, which are deemed to be not acceptable as per the classical view of Islamic jurists. His efforts contribute immensely to providing solutions to the financing institutions. The paper divided the suggested solutions into five categories: formation of the contract, contracting parties, subject of the sale, price, and risk management. There were more than 15 solutions suggested by Muftī Taqi, and two-third of them were workable, and the rest were challenging against the original conventional solutions. Future studies could expand their scope into other areas of contributions as well.

Yousuf Azim Siddiqi, Aznan Hasan, Rusni Hasan
The Muslim Entrepreneur’s Doctrine Towards Halal Supply Chain Management

The paper aims to explore the Muslim entrepreneur’s doctrine towards halal supply chain management in scope of Halal ingredients, halal packaging and halal transportation in order to ensure the understanding of Halal follows with guidelines from Sharia compliance. This exploratory research paper is based on in-depth interviews to better understand the doctrine of Muslim Entrepreneurs about Halal ingredients, packaging, and transportation in halal supply chain management. The main approaches in this research are also known as the qualitative approach. In exact, the product and market characteristics are important variables in the supply chain management of Halal supply chains. Further exploratory research is needed to measure the understanding of Muslim entrepreneurs. However, further qualitative and quantitative research is needed in order to provide the industry with concrete tools to design effective Halal supply chains.

Noormariana Mohd Din, Mohd Zulkifli Muhammad, Tengku Mohd Azizuddin Tuan Mahmood, Azizah Musa

Corporate Social Responsibility

Testing the Moderating Effect of Openness to Change and Imposed Change on Employees’ Readiness for Converting Commercial Banks to Islamic Banks

The specific objective of this paper is to investigate the moderation effect of openness to change and nature of change (imposed or voluntary) on employees’ readiness to convert to Islamic banking. Two studies were conducted to examine these effects. Study 1 was conducted to examine the moderation effect of openness to change on the relationship between involvement in the conversion process to Islamic banking and employees’ readiness to convert to Islamic banking. To confirm the results of study 1, we inserted Nature of change in study 2 as a moderator between openness to change and employees’ readiness to convert to Islamic banking. By distributing 482 self-administered questionnaires to 12 public and private banks in Libya, a total of 316 valid responses were analysed. The findings showed that openness to change was statistically significant with full moderation effect whereas Nature of change was a partial moderator with negative direction. This means that imposed change does not affect employees’ readiness to convert to Islamic banking and regardless of the openness level of employees whether higher or lower. The results of this paper contribute to the body of literature of managing change especially the non-remarkable effect of the imposed change on employees’ readiness for change as prior studies were showing the opposite. It is also contributing to the literature of conversion to Islamic banking as it is among the first studies that applied change theories. These findings may benefit Central Bank of Libya as well as banks’ managers in implementing the conversion process smoothly and avoiding resistance to change.

Mahmoud A. S. Abusloum, Khaliq Ahmad Mohamad, Anwar Hasan Abdullah Othman
Social Responsibility of Ukrainian Business in the Conditions of the Covid-19 Pandemic: Foreign and Domestic Practice

The authors prove in the article that socially responsible activity of enterprises in the current conditions is considered as an example of solidarity of business and society to help save lives, and will help raise living standards of Ukrainians, in particular, providing decent working conditions and wages, improving health care, reducing the negative impact on the environment. The article analyzes that due to the spread of COVID-19, companies around the world are counting losses, and governments are developing anti-crisis measures for national economies. It is highlighted that in Ukraine, a new significant expansion of the set of measures to the existing list may lead to the loss of millions of jobs and significant losses of budgets at various levels. Entrepreneurs have been shown to be responsible for the well-being of millions of our employees and are also looking for possible ways to prevent businesses from shutting down to avoid more serious consequences and leave a large part of the country's population without livelihoods. Thus, for Ukraine in the system of such methods it is important to focus on the synergistic effect of the implementation of socially responsible business, state and human relations during the introduction of quarantine measures and the spread of socially responsible activities at the macro and micro levels.

P. Reznik Nadiia, M. Slobodianyk Anna
Waqf Potentials as a Relief Tool During Covid-19 Lockdown in Lagos, Nigeria

The foundational principle of Islam is Rahman and the beloved Prophet of Islam (peace be upon him) has been sent as rahmatan Lil Alamin, mercy to all mankind. It is upon this principle that Islam incorporates different programs that will make life comfortable for all mankind. These kinds of programs include Sadaqah, Zakat, and by extension Waqf. The latter has been used in many countries such as Malaysia, Turkey, Kuwait, etc. as a way of alleviating poverty, bridging the socio-economic gap, and empower masses especially the vulnerable. As the whole world was unexpectedly sparked by the novel pandemic, COVID 19, every country has been on toe not only to protect her habitants and city but also to render assistance on the basic needs. Some countries like Nigeria have been overwhelmed in successfully carrying out this task. They become “lone wolf” in this situation. This paper assesses how the pandemic affects the livelihood of people in Lagos state in Nigeria and the reliefs provided by the government to help the situation. It is thus revealed that Lagos State has the highest number of coronavirus cases with more than ten thousand cases. The pandemic affected the source of income of people and everyone finds it difficult to meet ends meet. The government has supported people through cash transfer and food distribution. However, it is found that the government alone was on the ‘battlefield’ making the matter complicated and the relief provided insubstantial. It is on this base that this study recommends creation of Waqf institution to provide complementary role in such situation and beyond.

Yushau Zakariyah, Habeebullah Zakariyah, Azman Mohd Nor
Evaluation of Coronavirus Covid-19’s Impact on Malaysian-Based Global Companies

The coronavirus outbreak has created a massive chaos and affected the domestic and global opportunities of Malaysian economy. Majority of the businesses affected in Malaysia are micro, small and medium sized enterprises. The aim of this article is to rewind back the impact of COVID-19 outbreak on Malaysian-based global companies and provide recommendations for policymakers to focus on main agenda that are very important during post-COVID-19 that is needed mainly to reduce business losses and survival throughout this crisis. This paper will help practitioners to put in place proper measures to curb any future pandemics of this kind by been proactive and apply the tenants of entrepreneurial orientation to survive in the midst of any turbulent business environment.

Sathiswaran Uthramaputhran, Solomon Gbene Zaato, Hazriah Hasan, Noor Raihani Zainol, Mohd Ikhwan Aziz, Nurul Hasliana Binti Hamsani

Business Management, HR and Business Success

Banking Stability and Prudential Regulation Interactions in DSGE Model for Tunisia

Since the last financial crisis, the financial system has taken and continues to be on guard against these unexpected shocks. In this direction, this article focused with these decision-makers as well as his researchers on a more advanced macroeconomic modeling, based on the integration of different hazards (economic, social, cultural, environmental…), the concept of micro-foundations, of the different types of imperfect competition accompanied by some price rigidities. We are proposing a new Dynamic Stochastic General Equilibrium (DSGE) model tailored to the banking sector in Tunisia. Our model captures the role played by prudential regulations in correcting fluctuations in the business cycle and restoring macroeconomic and financial stability.

Nadia Mansour, Salha Ben Salem, Haykal Haj Salem
Impact of Information and Communication Technology (ICT) on the Performance of Nigerian Food Production Industry

The aim of this study was to ascertain the impact of Information and Communication Technology ICT in the Nigerian food production industry. Specifically the study sought to determine the impact of Information and Communications Technology on Nigerian food production industry performance. The study adopted descriptive survey design. The participants comprised of selective Nigerian food production industry in Lagos. The study relied on data collected through questionnaires structured to meet the objectives of the study. Data was analyzed with the help of SPSS. The main findings were that, ICT had facilitated production of ad hoc reports, improved quality of work, enabled availability of reliable information on power generation and facilitated knowledge sharing and building on each other‘s ideas in real time. In addition, ICT had enabled Nigerian food production industry to empower its employees and facilitated employees learning. However, impact of ICT on performance is being hindered by insufficient access rights to the systems. The study recommends that the Nigerian food production industry should ensure that employees have adequate access rights to the system to enable them work comfortably. Further the management should facilitate training of employees on ICT systems so that they can have required skills and knowledge on the systems.

Izuchukwu Collins Nwaka, Mohd Fazli Mohd Sam
Human Resource Management Practices and Turnover Intention in Higher Education: The Moderating Role of Job Opportunities

The purpose of this study was to investigate the relationship between perceived HRM practices and faculty members’ turnover intention. Drawing on the social exchange theory, we hypothesised that perceived HRM negatively relates to turnover intention and that perceived job opportunities has a moderating effect on this relationship. The data was collected from 170 Pakistani full-time faculty members that were conveniently available. The hypotheses were tested using partial least square structural equation modelling (PLS-SEM). The results provided support for the negative relationship between perceived HRM practices and turnover intentions. The findings also revealed that job opportunity moderated the negative relationship between HRM practices and turnover intentions. The cross-sectional nature of the study and the use of a single source for data collection limit the generalizability of the study. This study helps HR professionals in designing strategies that not only reduce faculty turnover but also provide competitive advantages to the organization over its competitors in terms of attracting and retaining employees. The study is the first of its kind that examined the moderating effect of job opportunities on HRM practices-turnover intention relationship. Besides, this is the only study on HRM practices, job opportunities and turnover intention from the perspective of faculty members working in higher education and Pakistan.

Abdul Samad kakar, Roselina Ahmad Saufi
The Joint Influences of Resource and Time Bases in Management Earnings Guidance Disclosure

This study provides evidence that investor’s evaluation is jointly influenced by multiple reference points of resource (internal and external), and time (backward-and forward-looking) information associated with management earnings guidance (MEG) disclosure. Investors have greater belief when they consider a company external information (as a company’s macroeconomics information) and MEG’s time information (as forward-looking future-oriented information) in earnings announcement than a single reference point only, which in turn, influences their judgments in evaluating company’s performance. This study also presents evidence that investors have greater anchor when a company’s macroeconomics is considered in earnings announcements than do when they are given internal information only.Overall, the experimental results suggest that company external (as a company’s macroeconomics information) and MEG disclosure (as forward-looking future-oriented information) in earnings announcement, effectively help investors in evaluating company’s performance. Moreover, this study shows that MEG disclosure, besides earnings announcement, and external information, have information contents, that investors use these multiple reference points of information to predict a company’s performance in the future.

Sri Wahyuni, Jogiyanto Hartono
Analysis of Trajectory of Client’s Attitude Formation in Managerial Decisions for Improving the Customer Service Value

When interacting with the market, rational management of the customer service value is an important factor in the success of the service provider. Customer service value is the client’s feeling of the difference between the benefits and the sacrifices gained in the process and the outcome of the service. To improve service, the provider usually measures the client’s perception of the service process at its some control points and (or) by specific elements of its customer value. Measurements of customer service value are made in the form of client’s attitude using various ordinal scales (e.g. Likert, Stapel, Semantic differential). Client’s attitude usually measured as static indicator. But the final measured level of customer service value depends on trajectory of forming the client’s attitude. The service provider often has no idea about the path of client’s consciousness changed before measuring the customer service value. So this information should be useful to manager. The aim of study is development of method of measuring of trajectory of client’s attitude formation as base for managerial decisions for improving the customer service value. It can contribute to the further rationalization of managerial decisions aimed to improve the service. The data were obtained during survey of passenger’s attitude to public transport in city Kyiv. We show how manager can uses the waterfall chart of trajectory of client’s attitude formation at managerial decisions to improve passenger transportation service.

Olexander Bakalinsky, Olena Lozhachevska, Victoria Ilchenko, Nataliia Kovalenko
Predictive Accuracy Comparison Between Structural Equation Modelling and Neural Network Approach: A Case of Intention to Adopt Conservative Agriculture Practices

Human decision-making is a complex and mostly non-linear phenomenon. The existing linear analysis techniques are suitable for hypotheses testing and the shortfall in the prediction for the human decision for the future. Intention to adopt CAPs studied with the traditional and newly developed second stage statistical analysis of the structural equation modelling. However, this study applied artificial neural network (ANN) analysis to evaluate the non-linear and non-compensatory analysis technique. As human decision-making is non-linear and non-compensatory. The data collected from the rice farmers with the use of an interview-based survey. 336 sample analyzed with SmartPLS 3.1. To test the professed hypotheses. However, ANN analysis performed with the SPSS multilayer ANN. The ANN results provide more information for the more in-depth understanding of the formation of an intention to adopt CAPs with the farmer’s personal capacities and CAPs attributes. SmartPLS coefficient of determination explains the 30.9% of the change in the intention to adopt. Whereas the ANN can explain, 42.6% of the variance in the intention to adopt CAPs. Moreover, the ANN analysis provides direction for future research and policy implications better than the SmartPLS.

Naeem Hayat, Abdullah Al-Mamun, Noorul Azwin, Noorshella Che Nawi

Education Management, Technology, Smart Universities and Covid-19 Impact

Is Job Shadowing a Panacea for Educational Drop Outs?

A major concern that is griping the world over is the rise in the number of educational dropouts. This has resulted in impacting society, institutions, Government, and Students themselves. This paper investigates the issues relating to dropouts and also looks at how the pieces of evidence are co-related. It is observed through the findings of a research work carried out in USA and UAE (Sample of eighty five students at each location using multi variate tests analysis) that students without a strategic perspective as well as a non-commitment to education end up having a very poor academic performance. This has a knock-on impact, not only in terms of completion success rates but also demonstrating a high risk of discontinuing or abandoning the degree. Therefore academic performance along with the aspect of practical/experiential learning is a key variable in getting the students to decide their future course of action, which is either to stay or drop out. This paper has adopted a three steps approach in its methodology to identify factors leading to high educational dropouts. They being, student-oriented factors, institution oriented factors, family-oriented factors, community, and social media-oriented factors. Articles were examined based on open coding content analysis to further assess the quality of the facts and data provided. The study does finally extend to how practical approaches like job shadowing could be considered to reduce the dropout rates at every level by understanding the benefits it has to offer.

Ashok Chopra, Satish Menon
The Usage of Cashless Transaction in University Community in Pengkalan Chepa City

Cashless technology is a new development technology introduced in Malaysia. Though the goal of the government is to increase the use of e-payment by 200 transactions per person, the value and the usage shows imbalance figures. The purpose of this study is to observe the preference of cashless transactions among the local community in the university. This study used a quantitative method to analyze the data. This study is based on the primary data which is collected by using an online structured questionnaire from a sample of 357 respondents at the University of Malaysia Kelantan (UMK) in Pengkalan Chepa city. SPSS software is used to run the correlation analysis. The result indicates there is a significant positive relationship between the cashless transaction and independent variables which are fast and convenient, security and privacy and social influence. It is also revealed that fast and convenient has the highest connection to the preference of cashless transactions among this community.

Farah Hanan Muhamad, Mohd Zulkifli Muhammad, Noorshella Che Nawi, Hazriah Hasan, Nadzirah Mohd Said, Siti Rohana Mohamad, Zuki Rasuly
Noosphere Education as a System of Environment Personality Development

The presented experimental and descriptive study was conducted on the basis of mathematical analysis of biorhythmological processes and semi-structured interviews with 200 residents of family farmsteads and family settlements. It has been determined that noospheric education promotes community awareness and creates conditions for multifunctional personal development and harmonization of relations between all participants in the education system. The purpose of the study is to reveal the essence of bio-adequate methodology of noospheric education as a cultural and educational environment and the basis of the society of the future. The pedagogical experiment became the methodological basis of the research. System-synergetic analyses, sociological methods of cognition were also applied. All mentioned above allowed us to evaluate the effectiveness of noospheric education theoretically and practically. The combination of holistic, gestalt and suggestopedic effects provokes the emergence of a wellness effect and increased knowledge. The most fully biodeficient methodology of noospheric education is being implemented in family farmstead and family settlements as a society-oriented environment. There is a close link between the student’s health, environment and methodological approaches to learning. The variance of school efficiency is 0.87%.

Maria Goncharenko, Oleksiy Buluy, Mariia Plotnikova, Tetyana Shvets, Arsentieva Olena
Modeling Talent Shortage for Entrepreneurship Among Student with Government Policy Support as Mediating Effect: SEM Approach

In this study, it tests the government factor as a mediator to see the significant impact of the relationship between talent demand and talent supply towards talent shortage. As currently, the rise of a talent shortage among student as an entrepreneur in acute condition. The nation right now faced increment number unemployment among young graduate. Government has proposed young graduate to be entrepreneurship to beat this issue—however, the entrepreneurial skills among young graduate far below expectation. Do government do not adequately provide enough support for the entrepreneur ecosystem among young graduate to growth as an entrepreneur. Hence this paper, focusing on developing a significant model to beat talent shortage with the perspective of demand and supply. Then, 371 respondents among public universities student by using simple random sampling. Data analysed with IBM-SPSS and IBM-AMOS to develop a model through path analysed. It was found that the government factor provides a significant factor as a mediator and both talent demand and positively significant towards talent shortage. All hypotheses positively supported. This paper significantly impacts to the government, higher education institution, entrepreneur, and student itself with finding presented.

Mohd Ikhwan Aziz, Hasannuddiin Hassan, Sathiswaran Uthamaputran, Rooshihan Merican, Marlisa Rahim
The Mediating Efeects of Entrepreneurial Education Towards Antecedents of Entrepreneurial Intention Among Undergraduate Students

The dramatic rose numbers of graduated students from higher education institutions cause unemployment issues among youth in Malaysia. Therefore, the entrepreneur indicated as one of the overcome determinants to against this issue. This study intended to identify the factors that influence entrepreneurial intention among undergraduate students among University Malaysia Kelantan since University Malaysia Kelantan is an entrepreneurial university. A total of 370 undergraduate students selected randomly, and all responses were collected by an online questionnaire. Furthermore, all data were proceeded by SmartPLS software. The finding showed that attitude, entrepreneurial education, and perceived behavioral control directly affect entrepreneurial intention, whereas subjective norms and attitudes have positively significant towards entrepreneurial educations. However, entrepreneurial education does not mediate effect in this study. Therefore, this study provides several benefits for higher institutions, public, and government organizations.

Nadzirah Mohd Said, Sathiswaran Uthamaputhran, Wan Farha Wan Zulkiffli, Lu Man Hong, Chin Wai Hong
Developing Readability Computational Formula for Arabic Reading Materials Among Non-native Students in Malaysia

Efficient measures on the readability of Arabic reading materials are important in ensuring quality text to be used. However, there are limited tools in assessing readability of Arabic reading materials. Thus, the lack of measuring tools to assess the suitability of textbooks amongst non-native speakers is a constraint which led to this study. In this regard, this paper discusses the efforts to develop a readability formula for Arabic reading materials in Malaysia. This study involved 313 samples of population from thirteen Arabic textbooks used in religious secondary schools in Malaysia. A linguistic analysis is performed as well as an inference analysis to see the strength of the relationship of each linguistic pattern with the level of readability. The findings show that the relationship between the linguistic features that is being analysed is not strong. But this finding can be used as the basic formula for improvement. This is because the textbooks that have been sampled do not have good writing features. Thus, a comprehensive effort is needed to ensure the preparation of Arabic language textbook is of good quality for non-native students.

Kamarulzaman Abdul Ghani, Ahmad Sabri Noh, Nik Mohd Rahimi Nik Yusoff, Nur Hafezah Hussein
Strategic Planning in Palestinian Public Universities and Its Role in Sustainable Development

This study aimed to identify the strengths and weaknesses of the Palestinian Public Universities and their opportunities and the threats they face, and the role that strategic planning has in sustainable development, the study used the descriptive analytical method, the study population was all the administrative and academic employees in the Palestinian public universities (PTUK and Al-Istiqlal university) with a total of 923 employees, a sample of 278 employees was taken based on, a questionnaire was developed to collect data on the strengths, weaknesses, opportunities, threats and development strategies and was distributed on the study sample.The study used Structural Equations Modeling (SEM) to analyze the data using the advanced statistical program Smart PLS-3, the study concluded that the Palestinian public universities take into consideration the strengths, weaknesses, opportunities and threats in the development of their strategies and administrators and academics participate in developing the Palestinian public universities strategic plan.The study recommended that the Palestinian public universities should provide new programs needed by the Palestinian market, in partnership with the local community and the commercial and industrial sectors, and to develop a plan for open and E-education and developing programs that guarantee the efficiency of outputs, in partnership with virtual universities that have long experience in such programs, and to support scientific research within the universities..

Suhair Ibrahim Shumali, Mohammad Kamal Abuamsha, Anas Jawad Nassar
Factors Affecting the Perceived Level of Stress Among Students Taking Entrepreneurship Program in a Public University in Malaysia

This study aims to investigate the effects of academic stress and family support toward the perceived level of stress among students in an entrepreneurial-focused university. This study utilizes a quantitative approach to investigate the causal effects between the variables. The data was collected through an online survey to get the information from a sample of 205 students using a 5-point Likert-Scale question. The findings revealed that all the three independent variables, namely the academic stress and family support are positively associated with the risk of having stress among students. The findings suggest that a continuous stress awareness education among students in coping the stress they experience in taking entrepreneurship program.

Mohd Zulkifli Muhammad, Ahmad Ridhuwan Abdullah, Mahathir Muhamad, Muhammad Naqib Mat Yunoh, Zul Karami Che Musa, Abd Aziz Mat Hassan, Siti Fariha Muhamad
Environmental Factors and Academic Performance: The Mediating Effect of Quality of Life

The study of students’ academic performance has gained much recognition internationally where it has drawn the attention of educational researchers, particularly in the previous decade. As such, this study examined the impact of the environmental factors on student’s academic performance at the University Malaysia Kelantan (UMK) city campus. It described three environmental factors, consisting of infrastructure and services; pollution and healthy environment and environmental hazard, with quality of life as a mediator. This is a survey type of study by distributing questionnaires randomly to 300 fourth-year students; however, only 200 returned and usable questionnaires were received. The study used the regression and correlation analysis to analyse the data. The result of the study shows that all variables significantly impacted academic performance of students. The result also indicates that all the variables were consequential in affecting the students’ quality of life (QoL). Since this is the first effort to look at the challenges at the UMK city campus, it offers useful inputs into the causes so that UMK and other academic institutions can take actions to provide a better environment and QoL for students in order for them to reach their fullest academic performance potential.

Ainon Ramli, Rosmaizura Mohd Zain, Mohd Zaimmudin Mohd Zain, Anis Amira Ab. Rahman
Reopening National Border and the Treat of COVID-19 Towards Malaysia: A Systematic Review Approach

Pandemic pneumonia caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is spreading globally at an accelerated rate, with an approximate reproductive number of 2–2.5, suggesting that two or three individuals may be infected with index patient cases. Current coronavirus disease 2019 (COVID-19) impact on disadvantaged populations and areas where there are inadequate health services to treat the infection, it is entirely dangerous and triggering serious public health emergencies. This study also highlights the review of COVID-19 for the reopening of Malaysia’s borders and puts together the new draught options for the country’s reopening. Malaysia’s border controls have been tightened to deter imported cases, mitigate locally transmitted cases, and increase the capacity of Malaysian health care facilities. The study has analysed secondary data as the primary input. The aim of this writing is to discuss the potential outbreak of COVID-19 in Malaysia in the event of the national border reopening and the question of COVID-19 protection and security. In order to find the required articles for reference, the literature search was performed throughout Google Scholar. The goal of the study is to express a view that can be seen by tertiary maternity units that are capable of treating those affected by the pandemic, but at the same time ensuring that the people at their heart are safe.

R. Razman Hafifi, M. H. Muhammad Zaly Shah, R. Ratna Hafiza, W. S. Wan Yusoff, M. Mohd Zulkifli
The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries
Dr. Bahaaeddin Alareeni
Prof. Dr. Allam Hamdan
Dr. Islam Elgedawy
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