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All Journal Gadjah Mada International Journal of Business International Journal of Islamic Business and Economics (IJIBEC)
Abdul Ghafar Ismail
International Islamic University Malaysia (IIUM)
Economics, Econometrics & Finance

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Testing of the Ricardian Equivalence proposition: An Empirical Examination for Malaysia (1962-2006) Ismail, Ismadi; Ismail, Abdul Ghafar; Amiruddin, Rosilawati
Gadjah Mada International Journal of Business Vol 10, No 2 (2008): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper investigates the effects of debts and budgetary deficit on real variables using structural Vector Error Correction Model (VECM) method with long-run restrictions. We compare our estimates of the impulse responses with those based on levels Vector Auto-Regressive (VAR) with standard recursive order restrictions. The test is conducted on the Malaysian data covering the period of 1962-2006. The empirical results do not support the existence of “Ricardian Equivalence” hypothesis. The effects of budgetary deficit and government spending have a significant influence on private consumption and private investment.
An Empirical Analysis of Cash Flow and Investment Fluctuations Using Firm-Level Panel Data Ismail, Abdul Ghafar; Sanusi, Nur Azura
Gadjah Mada International Journal of Business Vol 7, No 1 (2005): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Since the pioneering work of Gurley and Shaw (1955), the attempt has been done to justify money as a primary focal point of macroeconomic theorizing. However, other researchers argue that variables such as financial development and indicators are also important to be linked with macroeconomic performance. Here, if money can be thought as means of production and consumer goods as the ultimate end toward which production is directed, and then capital also occupies a position that is both logically and temporarily intermediate between original means and ultimate ends. This temporarily intermediate status of capital is not in serious dispute, but its significance for macroeconomic theorizing is rarely recognized. The firms’ decision to acquire funds through debt and equity financings affects the capital structure, and, in the firm’s balance sheet, the impact of capital appears to influence the inventory investment. Hence, the significance of capital structure –induced inventory distortions in the context of firm-level is the basis for our article. The sample for our analysis is compiled from the balance sheets of listed syaria firms in the Kuala Lumpur Stock Exchange for the period 1995-2000.
Monetary Policy, Debt and the Cyclical Behavior of Inventories Ismail, Abdul Ghafar; Bahari, Zakaria
Gadjah Mada International Journal of Business Vol 9, No 1 (2007): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

An earlier study on the determinants of inventories investment has been proposed by Lovel (1961). However, the study fails to mention the effects of financial variables. The puzzle prevails on account of imperfect capital markets. This implies that interest rate generally affects inventory investment indirectly through the debt channel. For instance, in the period of tight monetary policy, increasing interest rates have a negative impact on the present value of firms’ collateralizable net worth. In addition, they also weaken firms’ balance sheets as interest expenses also rise up. In imperfect capital markets, this fact indicates an increase in the amount of external financing that firms need, a rise in the premium on external financing that they face, and a reduction in their accumulation of assets, their spending and their production. Given the low adjustment cost that characterizes firms, it will be inventories that firms will initially reduce. Therefore, this paper is contributes to the issue of monetary policy transmission in Malaysia. Our specific attention is limited to the channel of monetary policy on a firm’s inventory. Using micro data, we try to take into account the relevance of the firm’s balance sheet conditions in the transmission of monetary policy.
Incentive Zakat Agency Mechanism, a Comparison between Indonesia and Malaysia Siswantoro, Dodik; Nurzaman, Mohammad Soleh; Nurhayati, Sri; Munandar, Agus; Ismail, Abdul Ghafar
International Journal of Islamic Business and Economics (IJIBEC) Vol 5 No 1 (2021): IJIBEC VOL. 5 NO. 1 JUNE 2021
Publisher : Faculty of Islamic Economics and Business of Institut Agama Islam Negeri (IAIN) Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v5i1.3067

Abstract

The objective of the research is to compare the incentive zakat agency mechanism between Indonesia and Malaysia. In Indonesia, private institutions are permitted to collect zakat and have the agency to support zakat collection, while in Malaysia only state institution collects zakat. To enhance zakat fund collectability, they need agencies located in specific institutions. However, both countries share a similar mechanism of incentive zakat agency allocation. The method of the research is based on a qualitative study. Some respondents are questioned and interviewed on a specific topic of incentive zakat agency mechanism. The result shows that the agency mechanism in private zakat institutions in Indonesia is more flexible than Malaysia. The agency is authorized to get zakat allocation to be disbursed to surrounding zakat recipients and develop the allocation report. On the other hand, a zakat rebate can be a supporting factor for Muslims to pay zakat more in Malaysia than in Indonesia. This is the first study which compare the incentive zakat agency mechanism between Indonesia and Malaysia. Most of previous research does not investigate and compare the zakat incentive.
Experience-Based Knowledge in Islamic Perspective Sari, Yuli Indah; Mislan Cokrohadisumarto, Widiyanto bin; Fachrunnisa, Olivia; Ismail, Abdul Ghafar
International Journal of Islamic Business and Economics (IJIBEC) Vol 5 No 2 (2021): IJIBEC VOL. 5 NO. 2 DECEMBER 2021
Publisher : Faculty of Islamic Economics and Business of Institut Agama Islam Negeri (IAIN) Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v5i2.2886

Abstract

The development of technology has created problems regarding challenges and opportunities in utilizing knowledge obtained by humans from various experiences. Experience-based knowledge has been seen as a special advantage for individuals and Islam has a unique way to explain this aspect. This paper aimed to develop an experience-based knowledge model from an Islamic perspective. This study used a qualitative approach based on literature reviews sourced from Al-Qur’an, Al-Hadith, and relevant previous kinds of literature. This study is expected to provide contributions to the development of theories related to experience-based knowledge from an Islamic perspective. The results show that knowledge could be learned and obtained by humans from various experience sources, such as personal experiences, other people's experiences, experts’ experiences, and experiences said in Al-Qur’an and Al-Hadith. This experience-based knowledge helped individuals improve their abilities and were disseminated to the other individuals for Allah’s blessings and achieving the embraced organizational goals and success.
Co-Authors Agus Munandar, Agus Dodik Siswantoro Fachrunnisa, Olivia Ismadi Ismail Mislan Cokrohadisumarto, Widiyanto bin Mohammad Soleh Nurzaman Nur Azura Sanusi Putri Bintusy Syathi, Putri Bintusy Rosilawati Amiruddin Sari, Yuli Indah Sri Nurhayati Zakaria Bahari