Implementation of maximum demand charge is a possible solution to better reflect the cost of generating and delivering electricity. However, this implementation leads to additional charge in the electricity bill and would effect on the electricity affordability among the residential customers. As a preliminary study on the issue related to electricity affordability and willingness to pay for maximum demand charge, this paper uses survey data collected from 411 residential electricity customers in Malaysia and descriptive analysis. Findings from this study indicates most of the respondents do not face electricity unaffordability problem and seem to be willing to pay for the maximum demand charge. � BEIESP.

Previous numerical methods for solving systems of higher order ordinary differential equations (ODEs) directly require calculating the integration coefficients at every step. This research provides a block multi step method for solving orbital problems with periodic solutions in the form of higher order ODEs directly. The advantage of the proposed method is, it requires calculating the integration coefficients only once at the beginning of the integration is presented. The derived formulae is then validated by running simulations with known higher order orbital equations. To provide further efficiency, a relationship between integration coefficients of various order is obtained.

This study aims to examine whether the family control affects the relationship between the effectiveness of board of directors and firm performance. This study depends on a panel data set drawn from 120 firms listed on the Amman stock exchange for the period from 2009 to 2013. The mechanisms of the effectiveness of the board of directors are considered as predictors of the firm performance that will measured by the return on assets (ROA) and Tobin's Q. The family control represents the moderating variable. To identify the moderating impact of the family control on the relationship between the effectiveness of the board of directors and performance, this study depends on a composite measure of the effectiveness of board of directors to capture the aggregate impact of board's effectiveness on firm performance. The findings of the hierarchical regression analysis find that the family control has a significant negative moderating impact on the relationship between the effectiveness of board of directors and firm performance measured by Tobin's Q. Conversely, the study found an insignificant positive relation with ROA. � 2018 Academy of Accounting and Financial Studies Journal.

In this study, we explore how the debt equity choices of Listed Malaysian Government linked Companies (GLCs) are influenced by the firm specific characteristics and macroeconomic variables using a sample of 13 GLCs from 1997 to 2009. Two elements of leverage, book value of total debt ratio (BVTDR) and long term debt ratio (BVLTDR), were used to check for any significant changes in corporate financing and found mixed results. Tangibility and firm size are the most significant variables to determine the corporate financing of GLCs. Liquidity and interest rate are negatively significant with BVTDR and BVLTDR, respectively.The study concluded that profitability is inconsequential in determining corporate financing; inconsistent with the findings of previous Malaysian studies. With the proper design of capital structure and intervention from the government, the study also concludes that GLCs are rely less on leverage to support their investment activities. � 2014 Econjournals. All right reserved.

We examine the comprehensive simultaneous relationship between countries, tertiary sector, financial leverage and firm financial performance. Most researchers routinely control for the industry or the country as a dummy variable in order to test how the firm financial leverage affect firm financial performance. However, the significant difference in the tertiary sector and, if there is, how the tertiary sector is different across countries, namely Malaysia and Indonesia have not extensively examined. Therefore, from the methodological standpoint, the PLS-SEM procedures and, as an extension, the PLS-MGA approach would make a valuable difference to current knowledge, especially from the perspectives of the capital structure theory. We test the equality of coefficient effects using Partial Least Square of Multi-group analysis (PLS-MGA) between country comparisons for tertiary sector of the economy. The data sample consists of 13 subsectors with the total final sample of 2720 for Malaysian and Indonesian tertiary sectors. The result reveals that there are few firm-country attributes to financial leverage and financial performance are differ across countries. However, we find that the Malaysian and Indonesian tertiary sector shows consistent equal effects in their financial leverage and firm financial performance.

In 2016, Tenaga Nasional Berhad (TNB) had introduced an upgrade in its Billing and Customer Relationship Management (BCRM) as part of its long-term initiative to provide its customers with greater access to billing information. This includes information on real and suggested power consumption by the customers and further details in their billing charges. This information is useful to help TNB customers to gain better understanding on their electricity usage patterns and items involved in their billing charges. Up to date, there are not many studies done to measure public understanding on current electricity bills and whether this understanding could contribute towards positive impacts. The purpose of this paper is to measure public understanding on current TNB electricity bills and whether their satisfaction towards energy-related services, electricity utility services, and their awareness on the amount of electricity consumed by various appliances and equipment in their home could improve this understanding on the electricity bills. Both qualitative and quantitative research methods are used to achieve these objectives. A total of 160 respondents from local universities in Malaysia participated in a survey used to collect relevant information. Using Ordered Probit model, this paper finds respondents that are highly satisfied with the electricity utility services tend to understand their electricity bills better. The electric utility services include management of electricity bills and the information obtained from utility or non-utility supplier to help consumers manage their energy usage or bills. Based on the results, this paper concludes that the probability to understand the components in the monthly electricity bill increases as respondents are more satisfied with their electric utility services and are more capable to value the energy-related services. � Published under licence by IOP Publishing Ltd.

There is a subsequent work from the previous studies on the relationship between firm-specific attributes and firm leverage. Then, during the last decade, international studies started to extend this field by scrutinizing how the firm leverage influences firm performance. However, much of the discussion from previous studies have not systematically investigated the simultaneously of the cause-effect framework on the impact of firm-specific attributes on firm financial performance through firm leverage which acts as a mediator variable. In short, it is reasonable to examine the mediating effects in which whether firm leverage may mediate or indirectly influence the relationship between firm-specific attributes and firm financial performance, particularly, from the perspective of Malaysian Shariah Compliant companies. The main motivation for this research is to contribute to corporate finance literature and how firms tend to choose their financing structure from the perspective of the capital structure theories. We obtained data of 398 Malaysian Shariah compliant companies from the Bursa Malaysia stock exchange with a total number of samples of 7414 for the sample data period from 2000 to 2018. We find that there are three relationships that categorize as competitive mediation which is the relationships between the asset tangibility (AT), growth opportunities (GRW), firm size (FS) and firm financial performance. While, non-debt tax shield (NDTS) is categorized as a complementary mediation. We use the PLS-SEM approach in SmartPLS software 3.0 M3 to develop a set of mediation model from the perspective of capital structure theory for the Malaysian Shariah compliant companies. 2020, Sciedu Press.

In theory, capital structure determinant is a cause-effect model. We investigate the simultaneously of cause-effect framework on the impact of specific attributes on firm’s financial performance through leverage which acts as a mediation variable. We use the partial least squares-structural equation modeling that capable of providing a greater understanding of the prediction for the construct relationship among each other with simultaneous techniques with only one time process (Chin, 1998). We endeavor to examine in a complex model that consists with 14 construct (LVs) and 33 indicators in Malaysia for the period from 1990 to 2010. The implication is that the Malaysian firms could attempt to choose less risky route, as Malaysia is recognized as a “market-based oriented.” In addition, we find that some attributes could influence the relationship to firm’s financial performance by indirect effect (leverage). Thus, firms tend to act with partial action on their capital structure, which believe to attain a sustainable performance.

In 2010, Energy Commission (EC) had introduced Incentive Based Regulation (IBR) to ensure sustainable Malaysian Electricity Supply Industry (MESI), promotes transparent and fair returns, encourage maximum efficiency and maintains policy driven end user tariff. To cater such revolutionary transformation, a sophisticated system to generate policy driven electricity tariff structure is in great need. Hence, this study presents a data analytics framework that generates altered revenue function based on varying power consumption distribution and tariff charge function. For the purpose of this study, the power consumption distribution is being proxy using proportion of household consumption and electricity consumed in KwH and the tariff charge function is being proxy using three-tiered increasing block tariff (IBT). The altered revenue function is useful to give an indication on whether any changes in the power consumption distribution and tariff charges will give positive or negative impact to the economy. The methodology used for this framework begins by defining the revenue to be a function of power consumption distribution and tariff charge function. Then, the proportion of household consumption and tariff charge function is derived within certain interval of electricity power. Any changes in those proportion are conjectured to contribute towards changes in revenue function. Thus, these changes can potentially give an indication on whether the changes in power consumption distribution and tariff charge function are giving positive or negative impact on TNB revenue. Based on the finding of this study, major changes on tariff charge function seems to affect altered revenue function more than power consumption distribution. However, the paper concludes that power consumption distribution and tariff charge function can influence TNB revenue to some great extent. � Published under licence by IOP Publishing Ltd.

This research investigate the impact of six dimensions of country governance to the price efficiency of Islamic and conventional banks. The empirical analysis is focused on the Islamic and conventional banks operating in the Bahrain, UAE, Kuwait, Oman, Qatar and Saudi Arabia countries. The data envelopment analysis (DEA) method applied to compute the revenue efficiency of Islamic and conventional banks. Then used the Multivariate Panel Regression Analysis with the Ordinary Least Square as an estimation method to investigate the potential determinants and the effect of country governance on the revenue efficiency. The empirical findings indicate that greater voice and accountability, political stability, regulatory quality, rule of law and control of corruption enhance the revenue efficiency of both Islamic and conventional banks. The dimension of government effectiveness exerts positive sign relationship with the banks revenue efficiency only on conventional banks. Copyright 200x Inderscience Enterprises Ltd.

Shariah Advisory Council (SAC) of Securities Commission (SC) formulated a new revised Shariah screening methodology of two-tier quantitative assessment for activity-based screening benchmarks and the newly- formulated financial ratio benchmarks, while the qualitative assessment remains the same. The revised methodology is an effort to expand the Islamic capital market's (ICM) international reach which is in line with the SC objectives. The objective of this paper is to examine the impact of the recent announcement of new changes in the Shariah screening methodology by the Malaysian Securities Commission on the share prices of the affected companies and Islamic capital market. We use an event study method to see if the changes have a significant reaction from the market, specifically, from investors and fund managers. On the announcement date, that is, on 29 November 2013, 158 non-Shariah compliant stocks were removed from the previous list of Shariah compliant stock that was issued in May 2013 and 16 stocks were added to the approved list. Out of 158 non-Shariah compliant stocks, only 137 stocks are available for the analysis. For the new Shariah compliant stocks, only 16 stocks are included in the sample. We find an immediate but short lived negative impact on the stock returns towards the deletion, but none towards the addition of new stocks to the Shariah index. However, the announcement has no significant impact on the overall return of the FBM Emas Shariah index.

Nonlinear phenomena in science and engineering such as a periodically forced oscillator with nonlinear elasticity are often modeled by the Duffing oscillator (Duffing equation). The Duffling oscillator is a type of nonlinear higher order differential equation. In this research, a numerical approximation for solving the Duffing oscillator directly is introduced using a variable order stepsize (VOS) algorithm coupled with a backward difference formulation. By selecting the appropriate restrictions, the VOS algorithm provides a cost efficient computational code without affecting its accuracy. Numerical results have demonstrated the advantages of a variable order stepsize algorithm over conventional methods in terms of total steps and accuracy. � Published under licence by IOP Publishing Ltd.

Up to now, far too little attention has been paid to emergency fund preparation among young adults. This study provides an exciting opportunity to advance our understanding of why young adults prepare their emergency fund and what their perspective on that. Open-ended survey was used to answer the research objective. Interestingly, the purpose of emergency fund allocation among young in this study was not only to cover their necessity unexpected expenses and medical bills, but to help them to travel and paid for their leisure activities. Successful in preparing for emergency fund was found related to wise money management plan. The present study provides additional evidence with respect to study emergency fund from a behavioural perspective. � 2018 Authors.

This study examines capital structure determinants using a simultaneous causal model with interaction effects between manifest and latent variables. Partial Least Squares (PLS) is an approach to Structural Equation Models (SEM) that allows researchers to analyse the relationships simultaneously. It is interesting to compare and contrast this approach in analysing mediation relationships with the regression analysis. In addition to statistical data, logical arguments are presented supported by two case studies from PLS-SEM and regression models. We find that the choice between regression and PLS-SEM matters even with the simplest scenarios per item for constructs. This study�s originality is the provision of new comparative analyses of PLS-SEM versus regression analysis in the context of capital structure determinants. The �indirect� and �mediate� macro syntax normal theory of the Sobel test, and the bootstrapping techniques are compared with PLS-SEM. We find that the PLS-SEM analysis provides less contradictory results than regression analysis in terms of detecting mediation effects. � Springer International Publishing AG 2018.