Journal of Management and Muamalah

The Moderating Effect of Corporate Social Responsibility Disclosures between Family Ownership and Firm Competitiveness

Shuhaimi Jaafar — 2025-11-26

Ownership structure remains an important determinant of firm competitiveness, with family ownership occupying a particularly prominent role in emerging markets. Given the intricate interdependence between the business and the family, family firms exhibit unique governance features that may influence strategic outcomes. This study investigates the relationship between family ownership and firm competitiveness. It also examines the moderating role of corporate social responsibility (CSR) disclosure on this relationship. The empirical analysis is conducted using a sample of 254 publicly listed Malaysian firms over the period from 2020 to 2022. The results indicate that family ownership does not exert a significant impact on firm competitiveness. Nevertheless, CSR disclosure demonstrates a significant moderating effect, reinforcing the relationship between family ownership and firm competitiveness. These findings underscore the strategic importance of CSR disclosure in enhancing competitive positioning, particularly for family-owned firms. This study contributes to the literature by integrating agency theory, entrenchment and alignment effect theory and legitimacy theory to provide a comprehensive understanding of ownership structure, CSR practices and firm competitiveness. From a policy standpoint, the results highlight the need for enhanced CSR disclosure frameworks to promote competitiveness across the corporate sector. For practitioners and managers, the findings offer actionable insights on leveraging CSR initiatives to build stakeholder trust and strengthen legitimacy towards firm competitiveness.

The Effect of Company Complexity and Auditor Size on Audit Fee A Study on Financial Sector on the Indonesia Stock Exchange (IDX) (2021-2023)

Dwi Puryati — 2025-11-26

The aim of this research is to investigate the impact of company complexity and audit firm size on audit fees. In this research, company complexity and auditor size act as independent variables, while audit fees represent the dependent variable. The study focuses on the financial sector of the Indonesian listed companies during the 2021–2023 period. The secondary data derived from the annual reports of financial sector companies. The approach used in this study is both descriptive and confirmatory. The total population is 105 firms, and a purposive sampling technique was employed to select the sample, leading to 61 companies over a three-year period and resulting in 183 observations. The data were analyzed using panel data regression and hypothesis testing methods. The findings of this study reveal that company complexity does not affect audit fees, whereas auditor size has a positive influence on audit fees. The adjusted R-squared value of 0.296993 indicates that 29.7% of the variation in audit fees is explained by the independent variables, while the remaining 70.3% is attributed to other factors not included in this study. The findings imply that audit firm size plays a more decisive role than company complexity in determining audit fees, so that companies can focus more on auditor selection strategies and efficient audit budget management.

Consumer Purchasing Behavior on Furniture: A Systematic Literature Review and Future Research Agenda

Aimi Fadzirul Kamarubahrin — 2025-11-26

Research on consumer furniture purchasing, longstanding, has recently expanded globally, focusing on diverse factors influencing buying behavior. Although interest in this subject is expanding, there aren't enough thorough and rigorous reviews, which results in a fragmented understanding of how consumers behave when buying furniture. Hence, this study aims to identify which research topics of interest are more evident in consumer purchasing behavior on furniture and provide future researchers with directions to explore other research areas on purchasing furniture. Adopting the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) search methodology, the searched keywords included “consumer*” OR “purchasing*” OR “purchase*” AND “furniture”, extracted from the Wiley Online Library electronic database. The study applied specific inclusion criteria, including publication dates from 2015 to 2025, country, methodology, model/theory, and other dimensions. Through a comprehensive method-based systematic literature review, out of the 61 initial records, two articles published in the consumer behavior purchasing furniture literature were included. Key trends, top publication sources and contributors, and the present body of research regarding furniture-buying consumer behavior are all identified by this study. This review highlights the limited methodological and geographical diversity of existing studies on furniture purchasing behavior. Some relevant research may not have been included, as the analysis was confined to studies meeting the review’s specific inclusion criteria. This paper contributes to uncovering the literature on consumer purchasing behavior on furniture to date. This review might act as a basic and instructive guideline for scholars to continue expanding knowledge in the topic with the suggested future research directions.

Pelaksanaan Kontrak Hibrid dan Cabaran Pematuhan Syariah dalam Penerbitan Sukuk Wakalah di Bank Rakyat

Ahmad Azam Sulaiman — 2025-11-26

Sukuk telah berkembang sebagai instrumen kewangan Islam utama dalam pasaran modal global, dengan Malaysia muncul sebagai peneraju dalam inovasi dan penerbitan sukuk. Perkembangan terkini menampilkan penggunaan kontrak hibrid yang menggabungkan beberapa akad Syariah seperti wakalah bi al-istithmar dan tawarruq murabahah bagi membentuk struktur pembiayaan yang lebih fleksibel dan kompetitif. Walaupun pendekatan ini berpotensi memperluas akses pembiayaan patuh Syariah, ia turut menimbulkan cabaran dari sudut kesahihan hukum dan pematuhan terhadap piawaian Syariah domestik serta antarabangsa. Kajian ini menggunakan pendekatan kualitatif melalui analisis kes dan dokumen terhadap struktur Sukuk Wakalah Bank Rakyat, termasuk mekanisme pengumpulan aset, pelaksanaan murabahah komoditi, dan peranan purchase undertaking dalam menjamin pulangan pelabur. Data diperoleh daripada laporan rasmi Bank Rakyat, dokumen penerbitan sukuk, dan garis panduan Syariah oleh Bank Negara Malaysia serta AAOIFI. Analisis fiqh dan perbandingan digunakan bagi menilai pandangan ulama terhadap kontrak hibrid serta kesannya terhadap prinsip maqasid al-shariah. Dapatan menunjukkan bahawa struktur ini secara asasnya mematuhi prinsip Syariah dengan menekankan keadilan, amanah, dan ketelusan. Namun, isu seperti risiko “form over substance”, kebergantungan kepada pasaran komoditi, dan penilaian harga aset perlu diberi perhatian untuk memastikan keselarasan antara hukum dan tujuan Syariah. Kajian ini menegaskan kepentingan standardisasi, tadbir urus Syariah yang telus, dan penjajaran dengan maqasid Syariah sebagai asas bagi memperkukuh pasaran modal Islam global.

Sukuk has evolved into a key Islamic financial instrument within the global capital market, with Malaysia recognised as a leading jurisdiction in sukuk innovation and issuance. Recent developments have introduced the use of hybrid contracts that combine multiple Shariah principles such as wakalah bi al-istithmar and tawarruq murabahah to create more flexible and competitive financing structures. While this approach has the potential to broaden access to Shariah-compliant financing, it also raises concerns regarding legal validity and adherence to both domestic and international Shariah standards. This study adopts a qualitative approach through case and document analysis of the Sukuk Wakalah structure issued by Bank Rakyat, including mechanisms for asset pooling, the execution of commodity murabahah, and the role of the purchase undertaking in safeguarding investor returns. Data were obtained from Bank Rakyat’s official reports, sukuk issuance documentation, and Shariah guidelines issued by Bank Negara Malaysia and AAOIFI. A fiqh-based and comparative analysis was employed to examine scholarly perspectives on hybrid contracts and their implications for the principles of maqasid al-shariah. The findings indicate that the structure generally complies with Shariah requirements by emphasising justice, trustworthiness, and transparency. However, issues such as the risk of “form over substance”, dependence on commodity markets, and asset valuation require further attention to ensure alignment between legal rulings and the objectives of Shariah. This study underscores the importance of standardisation, transparent Shariah governance, and alignment with maqasid al-shariah as essential foundations for strengthening the global Islamic capital market.

Integrating Prophetic Leadership into the Strategic Management Process of Muslim Entrepreneurs: A Conceptual Model

Siti Syuhada Abd Rahman — 2025-11-26

Prophetic leadership, grounded in the four cardinal traits of the Prophet Muhammad SAW which includes siddiq (truthfulness), amanah (trustworthiness), fathonah (wisdom), and tabligh (effective communication) represents the foundation of comprehensive and ethical Islamic leadership. However, the integration of these prophetic values into the strategic management process of Muslim entrepreneurs remains underexplored in contemporary scholarship. Therefore, this study aims to propose a conceptual model that illustrates the integration of prophetic leadership within the three core phases of strategic management: strategy formulation, implementation, and evaluation. Employing a qualitative approach through conceptual analysis and theoretical synthesis, this study draws upon Islamic sources (the Qur’an and Hadith), the Strategic Management framework by David and David (2023), and Antonio’s (2010) Prophetic Leadership and Management Wisdom model. The findings suggest that siddiq guides the formulation of truthful and integrity-based strategies; amanah ensures responsible and accountable implementation, while fathonah and tabligh strengthen the evaluation process through wisdom and transparent communication. This study contributes to the body of Islamic leadership and strategic management literature by introducing a prophetic-value-based strategic management framework, offering practical guidance for Muslim entrepreneurs in developing ethical, effective, and sustainable business strategies

A Thematic Review of Digital Technology Suitability in Improving Inter-Organisational Collaboration Workflows in the Malaysian Public Sector E-Payment Systems

Naharudin Saadan — 2025-11-26

In Malaysia, the adoption of electronic payment systems within public sector agencies has expanded rapidly, reflecting the government’s commitment to a cashless and digitally integrated financial ecosystem. Despite this progress, post-collection operations such as fund reconciliation, settlement, and accounting record integration continue to face challenges arising from fragmented workflows, manual verification, and limited coordination among government agencies, acquiring banks, and accounting offices. This study examines the suitability of emerging digital technologies, namely Robotic Process Automation, Artificial Intelligence, Cloud Computing, and Blockchain Technology, in enhancing inter-organisational collaboration workflows within Malaysia’s public sector electronic payment systems. Guided by the inter-organisational collaboration framework, which emphasises collaboration, trust, control, and information exchange, a thematic review of 66 scholarly articles published between 2019 and 2025 was conducted. The findings indicate that although Artificial Intelligence and Robotic Process Automation improve operational efficiency and decision making, their adoption is constrained by socio-technical and integration challenges. Cloud Computing promotes interoperability and shared data environments yet raises issues concerning vendor dependency and data sovereignty. Blockchain Technology, however, provides the most resilient inter-organisational workflow through its decentralised and transparent structure that reduces reconciliation delays, strengthens service level compliance, and improves communication among agencies. The study advances conceptual understanding and offers practical insights for policymakers pursuing accountable and interoperable digital ecosystems in Malaysia.

Mengintegrasi Nilai dan Strategi: Kelestarian Usahawan Siswazah dalam Peruncitan

Hafidzan Faudzi — 2025-11-26

Usahawan siswazah memainkan peranan penting dalam mengukuhkan ekonomi negara serta memajukan sektor peruncitan di Malaysia. Namun, tahap kelangsungan perniagaan mereka masih rendah walaupun memiliki pendidikan tinggi dan menerima pelbagai bentuk sokongan kerajaan. Maka, kajian ini bertujuan meneroka pengalaman usahawan siswazah dalam mengekalkan kelestarian perniagaan melalui empat dimensi utama: ekonomi, sosial, persekitaran dan spiritual. Kajian menggunakan kaedah kualitatif melalui temubual mendalam bersama enam usahawan graduan yang mengendalikan kedai runcit melebihi 10 tahun. Analisis tematik dilaksanakan bagi mengenal pasti pola strategik yang menyumbang kepada daya tahan perniagaan. Dapatan menunjukkan peserta memulakan perniagaan dengan modal sendiri dan dipacu keyakinan terhadap rezeki serta ketentuan Allah SWT. Fokus turut diberikan kepada kualiti produk, kebersihan premis dan kepelbagaian barangan untuk memenuhi keperluan pelanggan. Amalan infak, penyertaan dalam aktiviti komuniti dan penjagaan kebajikan pekerja didapati memperkukuh hubungan setempat. Kajian juga mengenal pasti kewujudan timbal balik sosial apabila sumbangan mereka dihargai melalui sokongan pelanggan yang berterusan. Kajian ini menyumbang kepada literatur dengan menjelaskan bagaimana integrasi dimensi spiritual berinteraksi dengan strategi ekonomi, amalan sosial dan keprihatinan persekitaran ke arah membentuk kerangka kelestarian usahawan siswazah dalam konteks peruncitan di Malaysia.

Graduate entrepreneurs play a vital role in strengthening the national economy and advancing the retail sector in Malaysia. However, the sustainability of their businesses remains relatively low despite their high educational background and the various forms of government support provided. Therefore, this study aims to explore the experiences of graduate entrepreneurs in sustaining their businesses through four key dimensions: economic, social, environmental, and spiritual. A qualitative approach was employed, using in-depth interviews with six graduate entrepreneurs who have operated retail shops for more than 10 years. Thematic analysis was conducted to identify strategic patterns that contribute to business resilience. The findings indicate that participants began their businesses using personal capital and were driven by strong confidence in divine sustenance and the will of Allah SWT. Emphasis was also placed on product quality, shop cleanliness, and product variety to meet customer needs. Practices such as infaq (charitable giving), involvement in community activities, and caring for employee welfare were found to strengthen local relationships. The study also identifies a form of social reciprocity, where their contributions are appreciated through continued customer support. This research contributes to the literature by demonstrating how the integration of spiritual dimensions interacts with economic strategies, social practices, and environmental awareness to shape a sustainability framework for graduate entrepreneurs within the Malaysian retail context.

Halal Hospitality Education in Malaysia: A PRISMA-Based Systematic Review on Its Role, Challenges, and Future Development

Nur Iman Hashim — 2025-11-26

Despite Malaysia’s ambition to position itself as a global halal tourism hub, its halal hospitality education system remains fragmented, unstandardised, and insufficiently aligned with industry needs. Without a systematic development of halal hospitality education, Malaysia risks losing its leadership position in the halal tourism industry. This study presents a systematic review of research on halal hospitality education in Malaysia, aiming to map current developments, identify challenges, and highlight future directions to enhance national competitiveness. Following the PRISMA 2020 protocol, studies published from 2010 to 2025 were systematically retrieved from Scopus, Web of Science, Google Scholar, and ResearchGate using predefined keywords and Boolean operators. After rigorous screening, quality appraisal, and thematic synthesis, 37 studies were included, revealing seven key themes: authentic halal experience, workforce training and competency, halal certification standards, cultural sensitivity, institutional collaboration, innovation and digital transformation, and SME empowerment. The findings indicate that, despite notable advancements, substantial inconsistencies persist across institutions, and coordination among academia, industry, and policymakers remains limited. Strengthening Malaysia’s leadership in global halal tourism therefore requires comprehensive curriculum reform, structured training frameworks, and enhanced multi-stakeholder collaboration. Accordingly, this study advocates the establishment of a national halal education framework, underpinned by strategic support from JAKIM, the Ministry of Higher Education, and industry partners, to ensure workforce readiness, maintain educational quality, and promote sustainable growth in the halal tourism sector.

Issues and Challenges of Managing Unclaimed Moneys in Malaysia

Norhanizah Johari — 2025-11-26

The issue of unclaimed money within companies has emerged as a critical concern for financial regulators, stakeholders, and corporate entities both in Malaysia and globally. According to a report by the New Straits Times (2023), a total of RM11 billion of unclaimed money remained unclaimed in 2023 and this amount is increasing every year. Unclaimed money includes salaries, bonuses, commissions, and other payments made to employees; dividends and profits declared for distributions; insurance claims; tender deposits; and various creditors or debtors with a credit balance. In Malaysia, the management of unclaimed money has become increasingly complex, necessitating more stringent oversight in managing the funds. The Malaysian Accountant General's Department (ANM), who manages unclaimed money, had made some efforts to locate the rightful owners and return their unclaimed funds. The purpose of this research is to examine the existing frameworks in managing unclaimed money, highlighting the unique challenges faced in Malaysia while also drawing necessary recommendations to address the challenges. A semi-structured interview was conducted to collect primary data that includes a comprehensive review of regulatory policies, industry practices, and case studies. This study proposes a strategic roadmap in managing the unclaimed money. The findings suggest that a standardized approach, integrated with technological advancements and stricter regulatory oversight, can significantly improve the tracking and managing of unclaimed money. It is believed that unclaimed money has the potential to benefit the owner, society, and the government for socio-economic and national development. This paper concludes with recommendations for policymakers and corporate entities in Malaysia and around the world to adopt more robust systems that ensure unclaimed money are appropriately managed and reported thereby, increasing the rate of refund of unclaimed money to the rightful claimants and their next of kin

Effects of Corporate Governance on Cash Holdings of Shariah-Compliant Firms

Norlita Zainudin — 2025-11-26

This study aims to enhance the understanding of the impact of corporate governance on cash holdings. Although previous studies have documented the significant impact of corporate governance on cash holdings, the findings focusing on Shariah-compliant firms (SCFs) are still limited. Therefore, this study examines the effects of corporate governance, represented by board characteristics, on cash holdings of SCFs listed in Bursa Malaysia using a static panel data regression. This study tests the robustness of the model by estimating standard errors clustered by firms while addressing both firm fixed and time effects. The results show that board size has a significant positive effect, while board independence and CEO duality demonstrate insignificant negative effects. These findings suggest that a smaller board is an effective corporate governance mechanism and that SCFs have superior corporate governance policies and practices. Hence, their managers' actions and decisions regarding cash holdings are unaffected by their independent board and their CEO's dual role. This study contributes to enriching the literature on corporate governance and corporate decisions for SCFs, and provides insights to regulators for the encouragement of good governance practices. Potential avenues for further research could involve investigating and contrasting the findings between SCFs and Non-Shariah-Compliant Firms (NSCFs) to highlight the similarities and differences.

Pengaruh Tingkah Laku Hutang Terhadap Kesejahteraan Kewangan Mahasiswa

Nurul Hidayah Md Razali — 2025-11-26

Peningkatan kebergantungan mahasiswa terhadap pinjaman pendidikan dan kemudahan kredit menimbulkan kebimbangan terhadap kesejahteraan kewangan generasi muda. Kajian ini menilai pengaruh tingkah laku hutang terhadap kesejahteraan kewangan mahasiswa, dengan menggunakan data seramai 110 responden yang dipilih melalui persampelan dua peringkat (kuota dan mudah). Analisis menggunakan regresi linear mudah dengan kesejahteraan kewangan sebagai pembolehubah bersandar dan tingkah laku hutang sebagai pembolehubah tidak bersandar. Keputusan kajian menunjukkan tingkah laku hutang memberi kesan positif dan signifikan terhadap kesejahteraan kewangan. Penemuan ini menunjukkan bahawa kesedaran awal tentang implikasi hutang membantu mahasiswa mengurus komitmen kewangan secara lebih berhemat, walaupun berdepan pinjaman pendidikan, hutang peribadi, dan kemudahan bayar kemudian. Kajian ini menyumbang kepada pengayaan literatur mengenai kewangan mahasiswa dengan bukti empirikal baharu serta mencadangkan penggubal dasar dan pemberi pinjaman pendidikan memperkukuh pemantauan dan program literasi kewangan bagi mengelakkan masalah hutang melampau yang boleh menjejaskan kesejahteraan kewangan mahasiswa.

The rising reliance of university students on education loans and credit facilities has raised concerns regarding the financial well-being of the younger generation. This study examines the influence of debt behaviour on students’ financial well-being, using data from 110 respondents selected through a two-stage sampling method (quota and convenience). Simple linear regression analysis was employed, with financial well-being as the dependent variable and debt behaviour as the independent variable. The results reveal a positive and significant effect of debt behaviour on financial well-being. These findings suggest that early awareness of debt implications enables students to manage financial commitments more prudently, despite facing education loans, personal borrowings, and buy-now-pay-later facilities. This study contributes to the literature on student financial management by providing new empirical evidence and recommends that policymakers and education loan providers enhance monitoring and financial literacy initiatives to prevent excessive debt that may undermine students’ financial well-being

The Application of Al-Tawarruq in Personal Financing: Evidence from Islamic Banks in Malaysia

Muhamad Mu'izz Abdullah — 2025-11-26

Bay' al-tawarruq is among the Shariah contracts that has become increasingly popular in the modern financing of Islamic banking products. However, the application of this contract among the Islamic banks in Malaysia demonstrates notable variations in practice. Therefore, this study focuses on the implementation of personal financing products involving these contracts and determines their significant challenges. Bank Islam Malaysia Berhad (BIMB) and Bank Muamalat Malaysia Berhad (BMMB) are selected as the sample Islamic Financial Institutions (IFSs) to examine the application of the al-tawarruq contract. This study employs a qualitative approach based on content analysis. The data obtained is then analysed descriptively. This study employs a qualitative approach based on document and content analysis, using product manuals, policy documents, and regulatory guidelines. The findings reveal that both banks extensively use bay’ al-tawarruq in personal financing to ensure Shariah compliance, despite criticisms and operational challenges, such as Shariah alignment, commodity validation, and overreliance on a single contract. The study highlights the need for diversification and continuous improvement in Shariah-compliant financing models to maintain industry credibility and sustainability.

The Influence of Compensation, Work-Life Balance and Psychological Well-Being on Employee Retention: Evidence from an IT Company Based in Shah Alam Malaysia

Mazlina Che Malek — 2025-11-28

Employee retention is a critical concern for organizations seeking to sustain workforce stability and maintain competitive advantage. This study investigates the influence of compensation, work-life balance, and psychological well-being on employee retention in an Information Technology (IT) company based in Shah Alam, Malaysia. This study employs a quantitative research method using a structured questionnaire distributed to 81 employees. Findings from Pearson’s correlation analysis indicated that employee retention was positively and significantly associated with compensation, work-life balance, and psychological well-being. Results from the multiple regression analysis further showed that compensation was the strongest predictor of employee retention, followed by work-life balance and psychological well-being. These results underscore the integrated role of financial, structural, and emotional resources in influencing employees’ decisions to remain with the organization. This study contributes to the growing literature on retention by providing empirical insights from Malaysia’s IT company, emphasizing the need for competitive compensation, flexible work practices, and initiatives that strengthen psychological well-being. The findings offer practical guidance for HR managers and policymakers in designing holistic retention strategies that support a committed and stable workforce.