ISSN 2232-1608 Vol. 19 No. 2, December 2012

ISSN 2232-1608

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LIST OF CONTRIBUTORS/SENARAI PENYUMBANG

1. John Lipinski P. O. Box 75 Middle Tennessee State University Murfreeboro, TN 37132 E-mail: John.Lipinski@mtsu.edu

2. Ramlee Ismail Faculty of Management and Economics Universiti Pendidikan Sultan Idris 35900 Tanjong Malim Perak Darul Ridzuan E-mail: ramlee@fpe.upsi.edu.my

3 . Marinah Awang Faculty of Management and Economics Universiti Pendidikan Sultan Idris 35900 Tanjong Malim Perak Darul Ridzuan E-mail: marinah@fpe.upsi.edu.my

4. Khatijah Omar Faculty of Management and Economics Universiti Malaysia Terengganu 21030 Kuala Terengganu Terengganu E-mail: khatijah@umt.edu.my

5. Marhana Mohamed Anuar Faculty of Management and Economics Universiti Malaysia Terengganu 21030 Kuala Terengganu Terengganu E-mail: marhana@umt.edu.my

6. Abdul Halim Abdul Majid School of Business Management UUM College of Business Universiti Utara Malaysia 06010 UUM Sintok Kedah Darul Aman E-mail: ahalim@uum.edu.my

7. Husna Johari School of Business Management UUM College of Business Universiti Utara Malaysia 06010 UUM Sintok Kedah Darul Aman E-mail: husna@uum.edu.my

8. Samsinar Md Sidin Faculty of Economics and Management Universiti Putra Malaysia 43400 UPM, Serdang Selangor Darul Ehsan E-mail: sms@putra.upm.edu.my

9. Dahlia Zawawi Faculty of Economics and Management Universiti Putra Malaysia 43400 UPM, Serdang Selangor Darul Ehsan E-mail: dahlia@econ.upm.edu.my 10. Carol Teo Boon Hui Faculty of Business Management Universiti Teknologi Mara (UiTM) 40450 Shah Alam Selangor Darul Ehsan E-mail: carol215@uitm.edu.my

11. Mohamed Sharif Bashir Faculty of Business and Management Sciences Sultan Sharif Ali Islamic University Brunei Darussalam E-mail: msharief@hotmail.com 12. Nurul Nabilah Haji Ali Faculty of Business and Management Sciences Sultan Sharif Ali Islamic University Brunei Darussalam E-mail:

13. Hyzulkifl i Haji Hashim Islamic Business School UUM College of Business Universiti Utara Malaysia 06010 UUM Sintok Kedah Darul Aman E-mail: hydzulkifl i@uum.edu.my

14. Asmak Ab. Rahman Department of Syariah and Economics Universiti Malaya 50603 Kuala Lumpur Malaysia E-mail: asmak@um.edu.my

15. Norain Mod Asri Faculty of Economics and Management Universiti Kebangsaan Malaysia 43600 UKM, Bangi Selangor Darul Ehsan E-mail: norain@ukm.my

16. Zulkefl y Abd Karim Faculty of Economics and Management Universiti Kebangsaan Malaysia 43600 UKM, Bangi Selangor Darul Ehsan E-mail: mz@ukm.my

17. Md Zyadi Md Tahir Faculty of Economics and Management Universiti Kebangsaan Malaysia 43600 UKM, Bangi Selangor Darul Ehsan E-mail: mzyat@pkrisc.cc.ukm.my

18. Wook Endut Faculty of Economics and Management Universiti Kebangsaan Malaysia 43600 UKM, Bangi Selangor Darul Ehsan E-mail: wook@ukm.my

19. Abu Hassan Shaari Mohd Nor Faculty of Economics and Management Universiti Kebangsaan Malaysia 43600 UKM, Bangi Selangor Darul Ehsan E-mail: ahassan@ukm.my

20. Mori Kogid School of Business and Economics Universiti Malaysia Sabah Jalan UMS 88400 Kota Kinabalu Sabah E-mail: edy@ums.edu.my

21. Tamat Sarmidi Institute of West Asian Studies Universiti Kebangsaan Malaysia 43600 UKM, Bangi Selangor Darul Ehsan E-mail: tamat@ukm.my

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KNOWLEDGE STICKINESS, KNOWLEDGE MANAGEMENT, AND THEIR IMPACT ON FIRM LEVEL COMPETITIVE ADVANTAGE

JOHN LIPINSKIDepartment of Management and Marketing

Middle Tennessee State University

Abstract

This paper explores the areas of Knowledge Stickiness and Knowledge Management. In doing so, it develops a set of propositions for considering the Stickiness of Knowledge as a construct to be used to understand the impact of knowledge management strategies and fi rm-level performance within a given industry. The result of this work builds on previous work in knowledge management and business strategy thus providing a research stream that looks at the relationship between a fi rm’s knowledge management strategy and how the fi rm views its boundaries with other fi rms in the industry.

Keywords: Knowledge management, sticky knowledge, competitive advantage, tacit knowledge, explicit knowledge.

Introduction

Management scholars strive to answer the questions of why fi rms exist and why certain fi rms out-perform others. In the process, multiple theories have been developed. Many of the leading theories suggest that fi rms exist to facilitate the development, sharing, and dispersion of knowledge; and the organizations that excel have developed superior competencies in managing this process (Li & Hsieh, 2009). This paper adds new dimensions to the theory that discrepancies in fi rm performance within an industry can be answered, at least in part, by knowledge asymmetries among the fi rms within the industry (Earl, 2001) and how fi rms manage the fl ow, or stickiness of this knowledge. The interpretation and transfer of knowledge requires multiple stakeholders (Busch, 2008, 1). Due to its importance, the topic has been widely explored, but researchers fi nd that knowledge management and stickiness remain a fruitful area for exploration as many key questions remain open for debate and new ideas are formulated (Venkitachalam & Busch, 2012; Collins, 2010).

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Von Hippel (1994,1998) worked to defi ne knowledge stickiness. The more diffi cult it is to obtain, transmit, and employ information at a new location, the stickier it is. Management scholars have argued that knowledge is the most valuable resource for fi rms (Lee, 2000; Drucker, 1994). As such, organizations have embarked on numerous programmes to increase the availability of knowledge via training programmes and networks to their employees. Unfortunately, successful knowledge networks represent the occasional island dott ing a sea of failures. While many organizations are eager adopters of knowledge networks stems, individual users frequently abandon them, leaving a trail of million-dollar paperweights. To be self-sustaining, knowledge networks must be sticky, though stickiness is an elusive design objective (Bush & Tiwana, 2005). Knowledge must fl ow within an organization, but not right out the door. One approach to address fi rm advantages is to consider knowledge asymmetries. As such, in seeking a competitive advantage management scholars argue that fi rms exist to coordinate the knowledge eff orts of diverse individuals within the marketplace (Conner & Prahalad, 1996). Knowledge management which targets explicit knowledge being able to identify and codify knowledge makes knowledge transfers more successful (Mooradian, 2005) Under this coordination of knowledge-eff orts view, fi rms exist to facilitate the transfer of knowledge where appropriate, and combine knowledge types where needed to produce a higher order good. The fi rm as knowledge facilitator view assumes that the fi rm is a more effi cient means to transfer or to bring together diverse units of knowledge than one can achieve in a market dynamic; the transaction costs are less in a fi rm than in market dynamics (Conner & Prahalad, 1996).

This paper draws from and adds to the stream of literature arguing that fi rms exist to facilitate knowledge (Grant, 1996; Kogut & Zander, 1992). The coordination of the knowledge eff orts of diverse individuals and eff ective knowledge management is paramount for long-term success in organizations. Therefore, developing an eff ective strategy with respect to both dispersing and protecting their knowledge assets and processes, given the industry and market position occupied, is necessary for fi rms to achieve a long-term competitive advantage.

Given these assumptions, this paper develops a set of propositions to addres the stickieness of knowledge and the fi rms’ knowledge-management strategies as a way to understand fi rm performance within a given industry. The result of this work will build upon previous work in knowledge management and business strategy and

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provide a pathway to a research stream focusing on the relationship between a fi rm’s knowledge-management strategy and how the fi rm views its boundaries with other fi rms in the industry. In order to accomplish this task, section 2 of this paper consists of a brief literature review of knowledge-management and the stickiness of knowledge, key terms, and defi nitions; section 3 is devoted to the development of the propositions suggested by this research; section 4 summarizes the work presented here, and section 5 suggests future eff orts and directions in relation to the propositions developed.

Literature Review

The fi eld of organizational knowledge research stems from Ryle’s (1949) distinction between knowing-that and knowing-how Polanyi (1967) later refi ned this concept into tacit and explicit knowledge. Since the publication of these two works, knowledge issues have polarized the distinctions made by Ryle and Polanyi and continue to this day.

Von Hippel (1994) was the fi rst to suggest the term “sticky” in relation to business applications. His research concerns technical development areas and in particular, he is concerned with the impact that sticky information has on innovation and problem-solving within organizations. He defi nes sticky information as knowledge that is costly to move from one location to another. The problem for Von Hippel is in the recognition that (a) any monopoly may be broken since the information, once out, may be reproduced by anyone; and (b) in order to solve a problem, the information necessary to answer the question must be brought to a single location--either “physically or ‘virtually’” (p. 429).

For instance, considering the generalized labourer possessing a high degree of gestalt, one is left questioning what type of stickiness this might be since this type of classifi cation carries litt le meaning. However, one can easily conceptualize a specialized expert with a high degree of gestalt; for instance, an expert carpenter whose knowledge is not easy to replicate and therefore, the most cost-eff ective way to transfer the knowledge (or information for Von Hippel) is to co-locate the source and the recipient. The problem with knowledge is that it is costly to acquire, transfer, and use in a new location. For instance, in the case of the carpenter, not only does one have to bring in the expert from outside, but the fi rm also has to pay

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for the non-productive training time. Additionally, there may exist a need to later bring the expert back to the location as unanticipated problems are encountered. Thus, for Von Hippel, any information that is costly because of acquisition or transfer expenses is considered “sticky”; moreover, the greater the degree of stickiness, the higher the associative costs. Knowledge requires a high degree of gestalt such as Polanyi’s knowing by doing where there is a long apprenticeship period or a great deal of education required for individual training.

Von Hippel (1994) makes four claims regarding sticky information and the locus of problem solving:

1. If sticky information is held at one location and the problem may be addressed at that location, then the problem-solving activity will be carried out at this location.

2. If multiple locations of sticky information are called upon in order to address a problem (i.e., if the resolution to the problem is dependent on multiple sites), then the problem resolution will occur through an iterative process passing from location to location until the problem is resolved.

3. If the iterative process is cost prohibitive, then the problem will be partitioned into “subproblems” so that each location will handle a specifi c portion of the problem.

4. Finally, where possible, eff orts will be made to reduce the cost of stickiness of the information. Von Hippel operationalizes a unit of stickiness as the additional incremental costs necessary to transfer one unit of information from one location to another in a format that is usable by the second location in a given instance. This paper adopts Von Hippel’s operationalization of a unit of stickiness.

For Szulanski (2003, 1996), information is relatively costless and easy to transfer; it is simply data. However, knowledge containing a set of expert heuristics, making it more diffi cult to codify knowledge gets closer to this paper’s defi nition of knowledge as an actionable heuristic and exemplifi es Polanyi’s knowing in action. He conceptualizes a theory of sticky knowledge as a dyadic exchange of information between a source and a recipient where the source att empts to transfer a fi rm best-practice to the recipient in a process that involves four stages: initiation, implementation, ramp-up, and integration. Szulanski uses the term “transfer” rather than diff usion for his theory of sticky knowledge to emphasize that the act of the knowledge transference is discrete and deliberate.

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Although Szulanski and others use the word “tacit” to speak about the stickiness of knowledge, they do so only to indicate the internal nature of the knowledge. As the literature evolved, scholars have come to see stickiness as a continuum rather than see knowledge as dichotomously tacit or explicit; there is friction (understood in the literature as stickiness) in all knowledge transfer. (Chon, 2011; Li & Hsieh, 2009). Tacit knowledge is seen as vague and ambiguous. This ambiguity creates confusion that in turn makes developing and implementing knowledge strategies more diffi cult (Mooradian, 2005). Collins (2010: 6–7) goes so far as to suggest that there is a problem understanding what “explicit” knowledge means. He states that explicit knowledge is rooted in tacit knowledge and also proclaims that tacit knowledge depends on the explicit. He further states that the debate goes back, at least, as far as the Greeks.

For Szulanski, tacit is used in the Rylian sense of knowledge held internally and not externally verifi able by another human; the knowledge of one individual may only be approximated by another. Recall that Polanyi’s knowledge is a gestalt knowledge developed over time and therefore, knowledge transferred in a discrete act fails to earn the level of Polanyi’s gestalt. Knowledge falls on a continuum from tacit to explicit or from gestalt to information.

With the preceding foundation established and some of the diff erences in the interpretation of information and various types of knowledge, it is now possible to talk about how one might conceptualize an integrated theory of sticky knowledge and fi rm strategy in order to further explain competitive advantages and knowledge asymmetries in an industry. The remainder of this paper focuses on the development of propositions that suggest how to capture some of the variances in fi rm performance.

Proposition Development

Much of the research on knowledge management assumes that knowledge is a dichotomous variable where it is either explicit or tacit. Although this makes the coding of research easy, it does not accurately refl ect the true nature of what knowledge is or how it might reside in organizations. Rather than the “either-or” assumption stemming from Ryle and Polanyi, it is far more likely that knowledge resides on a continuum between explicit and tacit that refl ects various degrees of “knowing” (Albino, Garavelli & Schiuma, 2001). The fact

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that knowledge cannot be labelled dichotomously is refl ective of the imperfect nature of the transfer of knowledge between individuals. Hence, a fi rm exists to manage and coordinate the knowledge eff orts of individuals to produce higher order goods and industry heterogeneity exists because of diff erences in the abilities of fi rms to manage those assets. Therefore, a fi rm is able to maintain long-term competitive advantages under conditions where the fi rm either inherently reduces the diffi culty in the transfer and duplication of knowledge or when the diffi culty is purposively created so that outside fi rms experience diffi culty in the capture or duplication of knowledge. This leads to the following propositions:

P1: A fi rm’s long-term competitive advantage is positively correlated with the fi rm’s ability to maintain or induce knowledge stickiness across fi rm boundaries relative to competitors in an industry.

P2: There is a direct relationship between a fi rm’s att empt to decrease the permeability of its boundaries and the increase in internal stickiness.

It is important to note that a fi rm may have an overall strategy for its knowledge “management” but in certain circumstances it may opt to alter its procedures to achieve specifi c goals. When managerial knowledge which is diffi cult to transfer from one fi rm to another owing to its sticky characteristics is considered, the possession of absorptive capacity becomes more important (Park, 2010). This is premised on the theory of information processing (Galbraith, 1977; Subramaniam, Rosenthal et al., 1998) that views the fi rm as an information processor. The purpose of the fi rm under the theory of information processing is to reduce fi rm uncertainty and lack of knowledge by processing information. Given this view of the fi rm, if information gets “stuck” at any location--whether that locus is temporal, spatial, or human (Orlikowski, 2002)--then the fi rm fails to reduce uncertainty and may even increase it. Firm orientation may be seen as an additional att empt to mitigate those places where knowledge may get stuck or to stick knowledge where the fi rm does not want to allow diff usion. Hence, the fi rm may have two knowledge strategies: strategy one is for knowledge that must be kept immobile; strategy two is for knowledge that must be mobile. Given that a fi rm may have several knowledge strategies, knowledge management then becomes an issue of controlling knowledge practices relative to context.

Firm orientation is defi ned as the way that the fi rm views its boundaries with other organizations especially within the same or similar industry. Furthermore, the fi rm’s orientation may be selected based

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on a continuum between porous and compartmentalized boundaries with respect to other fi rms in the industry. For instance, in the case of a fi rm with an extremely porous orientation (PO), the organization is willing to allow any individual to walk into the organization and openly inspect all aspects of the operation. A fi rm that is said to be absolutely porous might be represented by an organization that openly and honestly allows the public and competing fi rms to inspect every aspect of its operations to include contracts as well as profi t and loss statements. At the other end of the continuum is the organization that selects a compartmentalized orientation (CO). The CO is represented by an organization that places each aspect of its operations into various relatively autonomous departments so that should information “leak” from one unit, it would be useless without information leaks in other units. In this case, one can make a claim that what “leaks” is not knowledge as it has been defi ned here but information; the knowledge comes from the limited number of agents who possess the ability to synthesize the information. A fi rm that is absolutely compartmentalized may be represented by an organization where no individual within the fi rm has knowledge of what any other individual in the fi rm has knowledge of. In fact, one would only expect to rarely, if ever, see a fi rm that represents or aspires to be at either end of the orientation spectrum.

P3: There is a direct positive relationship between a fi rm with a porous-boundary orientation and the amount of “public” transparency.

P4: There is a direct negative relationship between a fi rm with a compartment-boundary orientation and the amount of “public” transparency.

Firm Orientation

Knowledge strategy is defi ned as the course of action that the fi rm may elect to take with respect to how it deals with the assets of its knowledge production. Since the fi rm is interested in the maintenance or the development of competitive advantages, the fi rm must develop action sets that allow it to capture bett er than average rents from the production of organizational knowledge. This view assumes that knowledge can, at least to some degree, be objectifi ed. The object of knowledge does not necessarily have to exist as a codifi ed text that is saleable, but it can exist in the minds of individuals within the organization who may be outsourced as either employees or consultants to other fi rms.

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A pure diff used or open-sourced strategy may exist where absence of stickiness is desired in order to secure long-term rents. One may expect to see this type of strategy employed in industries such as high tech or emergent areas where a certain critical mass needs to be achieved for technology acceptance; LINUX system is the prime example of a near pure diff used strategy employed by a fi rm (Lee & Cole, 2003). The developers post their code for applications so that other developers can inspect, critique, and alter.

One might expect that a fi rm employing a pure patent or licensing strategy to be represented best by research fi rms. In this type of organization, the fi rm employs researchers to develop new compounds or formulae that need litt le or no expertise to use, but the knowledge is easily transferable through the knowledge of the compound itself. The fi rm then sells the use of its “discovery” to other fi rms who may have specialized knowledge in the production processes necessary to capitalize on the new compound. The fi rm that developed the new compound may not possess the skills necessary to capitalize on the discoveries themselves and therefore licenses the production of all intellectual capital. The production of the intellectual capital in this type of pure strategy must be easily codifi ed for packaging.

The pure protectionist strategy is best represented by the government-intelligence community. Within the government-intelligence community the production of the intellectual capital is highly guarded since the release of the information may represent serious threats to security. Additionally, this type of information is extremely tacit and specifi c. Often the production of the knowledge is not easily codifi ed since the knowledge must be translated by particular specialists.

There is a direct relationship between the fi rm’s orientation and the strategy that it employs with respect to knowledge. Therefore, if on average, as a fi rm engages in a protectionist strategy with respect to internal knowledge, the fi rm will be represented by a more compartmentalized structure. One would expect to fi nd such strategies in industries that are R&D intensive and produce the products of their own research. This is not to say that all fi rms will be found on the central regression line since some fi rms may fi nd it cost prohibitive to develop a compartmentalized organizational structure while others may fi nd that it is more cost benefi cial to have a more porous border. However, one would expect that under no circumstance will it be benefi cial to have both a protectionist strategy and a completely porous orientation. This suggests that as fi rm

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strategy increases toward complete protectionism and as the fi rm trends toward complete compartmentalized orientation, the costs associated with stickiness increase.

The above discussion leads to the following propositions:

P5: The greater the degree of protectionist strategy, the greater the degree of compartmentalized orientation with respect to organizational boundaries.

P6: The greater the degree of diff used strategy that the fi rm adopts, the greater the degree of permeability in the organizational boundaries.

An industry of type X will compartmentalize information to a measurable degree represented by a knowledge function that will limit the diff usion of proprietary knowledge in order for the fi rm to capitalize on rents. On the same continuum, a fi rm of type Y will spend resources to develop a porous internal boundary in order to facilitate the transfer of “best” practices despite the diff usion of knowledge outside of the organization in order to minimize internal costs and hence maximize revenues from the transfer of knowledge. In each case, the researcher may develop a “sticky” function that allows him or her to predict both the orientation of the organization for various types of organizational activities and the fi rm’s expenditures during various parts of the industry’s life-cycle. However, in order to accomplish this task, the researcher must have a thorough conceptualization of a theory of knowledge stickiness. This theory must clearly outline the boundary conditions, units of analysis and system states (Dubin,1978).

In reality, one should not expect that there will be any fi rms or industries that employ pure strategies for several reasons. Albino et al. (2001) have demonstrated that in reality there are fi ner distinctions for knowledge metrics than just tacit or implicit knowledge. Additionally, other authors have demonstrated that knowledge does not exist as a dichotomous polarization between explicit and implicit but that in reality knowledge more likely exists as a continuum between the polar classifi cations. Moreover, it is unlikely that a fi rm will be able to control all aspects of its boundary. Thus one would expect them not to fi nd a fi rm with either completely porous or purely compartmentalized boundaries. The question remains: how does sticky knowledge relate to the above theory of fi rm strategy with respect to fi rm orientation?

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P7: The more a fi rm employs a porous orientation and a diff used strategy, the more the fi rm will make eff orts to reduce the stickiness of knowledge.

P8: The more a fi rm employs a compartmentalized orientation and a protectionist strategy, the more the fi rm will att empt to make knowledge sticky or ensure knowledge remains sticky.

The theory of sticky knowledge presented here is premised on the ability of a fi rm to leverage its knowledge to collect “rents” where rents are defi ned as the incremental increase in revenues that the fi rm may receive from the application of practices derived from the knowledge obtained or sold. However, also included in this defi nition, is that savings in operations may be realized from the application of the knowledge being leveraged. However, abnormal rents gained from knowledge asymmetries may only be collected if the knowledge remains tacit to outside organizations (Hayward, 2002; McEvily & Chakravarthy, 2002). In the resource-based view (RBV), knowledge is perceived as an asset that diff erentiates the fi rm’s abilities from other fi rms in an industry and gives it a strategic advantage over other fi rms in the market (Kearns, 2003; Spender, 1996; Barney, 1991; Wernerfelt, 1984). For RBV, rents gained from knowledge advantages are short-lived since knowledge is quickly diff used within an industry through employee contact with other individuals outside of their fi rms, backward engineering, employee turnover, and so forth and hence is too limited a conceptualization of fi rm knowledge since some fi rms are able to leverage their knowledge base despite the widespread diff usion of information. Hence, this paper builds on the premise that some organizations are bett er able to leverage their knowledge base than others despite the widespread availability of existing knowledge.

Summary

There remains a great debate in the knowledge management literature on how best to codify and share or conversely protect knowledge and in each instance use it to enable organizations to achieve a sustainable competitive advantage. The propositions in this paper posit that fi rms will att empt to induce sticky knowledge under certain circumstances and reduce sticky knowledge under other circumstances. This is a function of how the fi rm att empts to actualize its boundaries with other organizations in the industry. Additionally, this paper suggests that fi rm orientation and knowledge strategy are functions of the nature of the industry in which the organization exists.

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Future Eff orts

This paper has suggested several propositions with a potential set of test metrics for both laboratory testing and data collection. Testing these propositions will enable organizations to make bett er informed decisions on optimal knowledge-management strategies based on the organization’s individual circumstances. Many propositions in this paper can be tested in the laboratory with a series of experiments conducted with MBA-level professionals. Others will require collecting data from a diverse sample of organizations and the most practical method would be a series of questionnaires and subsequent analysis of the data to test the propositions. This testing will provide a venue for rapid development of the ideas presented here as well as a refi nement of the key concepts. The results of the laboratory-test environment will also help to clarify the boundary conditions and system states for actual data collection. The result will be a more fully-developed theory on the relationship between the stickiness of knowledge and fi rm orientation that will help focus time and eff ort in the collection and analysis of actual fi rm data. A research study that focuses on the actual collection of fi rm data will help to elaborate on the strategic question of why fi rms exist. In addition, a study of the type suggested here will help provide insights into fi rm orientation and strategy that will help the knowledge-management practitioner focus his or her eff orts.

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Szulanski, G. (2003). Sticky knowledge: Barriers to knowing in the fi rm. Thousand Oaks: Sage Publications.

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Von Hippel, E. (1994). “Sticky information” and the locus of problem solving: Implications for innovation. Management Science, 40(4), 429–439.

Von Hippel, E. (1998). Economics of product development by user the impact of sticky local information. Management Science, 44(5), 629–644.

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AN EMPIRICAL STUDY OF KNOWLEDGE-MANAGEMENT C ONTEXTUAL FACTOR IN THE EMERGENCE OF INFORMATION

COMMUNICATION TECHNOLOGY IN SCHOOLS

RAMLEE ISMAILMARINAH AWANG

Faculty of Management and EconomicsUniversiti Pendidikan Sultan Idris

Abstract

Information technology in schools aggressively emerged in the late 1990s to reinvent the teaching and learning process in Malaysia. Schools no longer existed merely for the purposes of traditional teaching and learning but were needed to enhance their knowledge activities so as to be able to cope with the rapid changes that were taking place. The objectives of this study are to determine the contribution of knowledge contextual factors to the knowledge activities, with particular reference to the emergence of information technologies in schools, and to evaluate progress with respect to knowledge activities in school education. The research is designed around questionnaires based on a knowledge-management conceptual framework administered to random samples of teachers in information technology-facilitated schools and regular schools so as to be able to make comparisons. Interestingly the fi ndings show that the information technology under the “ICT Facilitated school” is not a key factor contributing to knowledge sharing among the teachers. The fi ndings also provide evidence that culture is the most important factor relating to a knowledge activity. Knowledge friendly, motivating staff , committ ed leadership, openness and mutual trust are some examples of positive school culture, whereas management factor remains crucial in facilitating learning and sharing among teachers.

Keywords: Knowledge management, school, culture, management, technology.

Introduction

The last decade of the 20th century saw unprecedented and accelerating changes in the global market accompanied by advances in ICT (information communication technology). As part of the global

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player, Malaysia has initiated a mega project called Multimedia Super Corridor (MSC) which consists of seven fl agships; E-Government, Telehealth, Multipurpose Card, Smart School , R&D Cluster, E-Business and Technopeneur Development. It is the intention of MSC to propel the transfer of technology and become the test bed for research and development in high-tech industries.

Information communication technology (ICT) in schools aggressively emerged in the late 1990s when the Smart School project was launched in July 1997. As part of the MSC, the Smart School Project is to engage and reinvent the process of teaching and learning. The major diff erence between the ICT- facilitated schools and the regular schools was in the technological facilities provided. The ICT infrastructure in the respective schools enabled an integrated management and learning system, so that administrative and supervisory tasks could be streamlined and automated. These new technological challenges led to an explosion of data, information and knowledge; schools no longer existed merely for the purposes of traditional teaching and learning but were needed to enhance their knowledge activities so as to be able to cope with the rapid changes that were taking place.

The ICT-facilitated schools and the regular schools

The ICT-facilitated schools in this study refer to the 90 selected schools which participated in the Smart School Integrated Solution (SSIS) project. The schools were selected from the three school types, namely the regular schools, the fully-residential schools and the religious schools. The 90 schools were chosen based on the schools’ overall performance and their strategic locations to be able to function as an education hub to the surrounding area. The regular schools refer to those other than the 90 selected schools that come from the same school type. The decision of having ICT-facilitated schools was to cater for knowledge-driven workers as well as to fulfi ll the national aspiration for Vision 2020.

The major diff erence between the ICT facilitated schools and the regular schools lies in the facilities supplied to the schools. For example, a level “A” ICT-facilitated school is equipped with 520 computers, 5 notebooks and 6 servers per school. A level “B”, on the other hand, received 81 computers, 2 notebooks and 3 servers. On top of that, they were also supplied with Local and Wide Area Network (LAN & WAN), broadband and wireless facilities at the speed of

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512/256 kilobyte per second (kbps) for a level “A” school and 128/64 kbps for a level “B” school. Conversely, the regular schools received far fewer computers based on the number of students. For example, schools with 400 or less students received 10 computers, 1 computer lab and a server. Schools with more than 800 students were given a slightly greater number of computers; i.e. 40 computers, 2 computer labs, 2 servers and 1 LCD projector. Schools with between 400–800 students enrolments received 20 computers, 1 computer lab, 1 server and 1 LCD projector. In terms of networking, the regular schools were only provided with Local Area Network (LAN) and dial-up internet connection. The diff erence does not stop here as they are also operated with nine Smart School Integrated Solution components which are comparable with Smart School models elsewhere such as in Ireland, New Zealand and the USA (Ministry of Education, 2000 & 2004).

Due to the number of computers and the complexity of the ICT infrastructure, the Ministry of Education set up a centralized help-desk that addresses the maintenance issues relating to the ICT infrastructure. Generally the help-desk centre will handle queries relating to a wide range of hardware, software and communications equipment. ICT-facilitated schools are also given priority by receiving an ICT technician and an Information Technology Coordinator to ensure the facilities are running smoothly. The IT coordinators are appointed from among the school’s teachers who have an interest in and knowledge of computers. Those who are appointed are trained in using and handling the equipment. The school IT coordinator has a very important role as he/she is responsible for supporting all the issues related to the ICT equipment and networking, and conducting periodic training for teachers and students. In order to be always updated with the ICT facilities, the school IT coordinators have their own nationwide Support Group to form a peer-to-peer network for sharing ideas, and experiences and source support. As for the regular schools, the coordinator could be anybody that the school’s principal thought to be a computer-savvy person, who had the best interest, commitment, knowledge and skill in computers. The teacher will have to use his/her own initiative to learn about computers and run the system. However, sometimes they were also invited for computer courses tailored for the regular schools. In terms of teaching and learning materials, the regular schools were also using the same software and courseware as their counterparts because the existence of ICT-facilitated schools does not defeat the purpose of having a centralized curriculum. Therefore, the development of these materials was not for the ICT-facilitated schools alone but to be used by all

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schools nationwide. Courseware for four subjects (Malay Language, English Language, Science and Mathematics) was developed by experts in the National Curriculum and classroom sett ings. However, there seems to be less emphasis on the usage of this courseware in the regular schools as they need to have a more compatible and stable system to support the software. To start with, schools need to have enough computers for each individual student in order to use the courseware interactively.

Secondly, schools also need to have computers which can support the courseware system, for example, computers using 64MB with the XP2000 operating system. Unfortunately some regular schools cannot take advantage of having this courseware either due to the lack of appropriate facilities or less enforcement by the authorities. Apart from having developed courseware, teaching and learning is also integrated and interactive with online activities in order to make learning more interesting. Several websites were developed and teachers and students could access these online, downloading information and sharing knowledge, problem solutions, exam papers, curriculum content, forums and discussions. Again, when it comes to internet connection, ICT-facilitated schools have more advantages than the regular schools. As mentioned earlier all 90 ICT-facilitated schools were connected with LAN, WAN and Wireless broadband. Unlike them, the regular schools were not so fortunate as they were only connected with low speed and dial-up internet connection facilities.

Another aspect of the ICT-facilitated schools is the deployment of a single integrated school and learning management system also known as the Smart School Management System (SSMS). SSMS encompasses 32 modules with a whole range of school functions including school governance, student aff airs management, educational resources management, fi nancial and technology management. Technically, SSMS should integrate with other departments such as human resources, accounting and e-commerce, so that administrative and supervisory tasks could be streamlined and automated. This situation diff ers from the regular schools due to the minimal ICT infrastructure which does not support the SSMS. As an alternative they use a number of individual software suites supplied by the Ministry of Education to cater for diff erent purposes, for example, staff records (Employment Management System), students’ database, discipline records and examination records none of which are integrated. Regardless of whether it is SSMS from ICT-facilitated schools or the

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individual software for the regular schools, each responsible teacher has to familiarize himself/herself with each of the programmes to be able to enter their data.

Literature Review

The use of technology and computer networks in education indubitably has grown tremendously. Evidence has shown that ICT is no longer about data mining and warehousing, it is also about expanding networks to other schools and gaining access to advice from the schools’ communities of practice (CoP), locally and internationally. Studies also show how schools are becoming networks and how computers had impacted upon their work in terms of distributed leadership, knowledge sharing and professionalization (Bushweller, 2000; Haughey, 2006). The role of ICT in facilitating knowledge sharing is imperative for a number of reasons. In principle, ICTs would appear to off er individuals and organisations faster, cheaper, broader sources of data and enable information exchange and the capturing, generating, sharing and storage of knowledge (Walsham, 2001; Huysman & Wulf, 2006). The availability of a range of new technologies and tools has been a major catalyst to knowledge management initiatives (Davenport & Prusak, 2000; Alavi & Leidner, 2001; Barret, Cappleman, Shoib & Walsham, 2004; Alavi & Tiwana, 2005) and some, such as e-mail, video-conferencing and virtual teaching and learning forum, provide valuable learning support to the schools’ CoPs. In addition, individuals also believe that the usage of ICT and electronic media contributes to valuable information (Jarvenpaa & Staples, 2000).

However, the importance of face-to-face contact cannot be overlooked, particularly in the dissemination of tacit knowledge (McKinlay, 2002), both in terms of one-to-one and one-to-many interactions. Furthermore, one must consider the issue of cost eff ectiveness on which ICTs depend (Barret, Cappleman, Shoib & Walsham, 2004) and the balancing of benefi ts, such as superior technical performance and quality, with defi cits, such as poor infrastructure, outdated systems and high maintenance budgets. For some, the decision to implement tools is based on the assumption that technology can be the panacea for knowledge problems, however, most organisations which have engaged with ICT soon fi nd the leveraging of knowledge through the use of technology diffi cult to achieve (McDermott , 1999).

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Studies have claimed that, in fact, technology contributes only 20 per cent of the entire success of knowledge management, compared to people and culture (Davenport & Grover, 2001). Whilst technology is by no means unnecessary, it must be employed in a culture that promotes knowledge sharing. No matt er how strong the commitment and approach to knowledge management, the organisational culture has a much stronger impact (Fahey & Prusak, 1998). Several studies have examined the relationship of having ICT in initiating knowledge management in organisations. For example, Basu and Sengupta (2007) and Edvardsson (2008) noted that in the case of an exploitative strategy against an explorative Human Resources Management (HRM) strategy, the distinction is merely clear. The exploitative HRM strategy which has a greater emphasis on explicit knowledge depends heavily on IT solution. On the other hand, the explorative HRM strategy which has emphasis on tacit knowledge tends to increase the transfer of knowledge, innovation and organizational learning. In another study involving knowledge management approaches using IT solution Haesli and Boxall (2005) suggested that the two approaches (with and without IT) should not be treated as mutually exclusive but rather as complementing.

Every school has the potential to enhance overall performance by using a knowledge-based approach to support learning and sharing (Zhao, 2010). In an era of economic and political globalization, in which the world is dependent on primary resource industries and bureaucratic industrialization, schools are seen as fundamental to the process of transforming old industrialized systems into knowledge-based societies. As such, schools have become a part of broader policy agendas and need to respond to changes in the economy and to parental and governmental demands for change (Istance & Kobayashi, 2003; Haughey, 2006). By and large, knowledge management can always be used to support changes in educational administration. Through knowledge-management initiatives schools should be able to evolve from traditional bureaucracies to a more educational-knowledge environment that is appropriate in an information-technology and knowledge-economy driven society (Petrides & Guiney, 2002). This agenda is trying to address the quality of teaching, restructure the school management system, and strengthen the teaching profession in order to cater for the changes in educational sett ings. Hence, this study is aimed at determining the contribution of knowledge-contextual factors to the knowledge activities in schools with comparisons between ICT-facilitated schools and the regular

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schools. Three main contextual factors were chosen in this study, which are management, culture, and technology. The type of school is included as an independent variable to justify the comparison between schools in knowledge activities ( capturing, creating, sharing, storing and applying).

The Methods

A conceptual model formed the research framework and essentially encompassed the infl uences of management, culture and technology on the creation, capture, storage, application and sharing of knowledge, upon which the survey instrument was based. Stratifi ed sampling was used to select 40 ICT-facilitated and regular schools across the four main geographical areas of Peninsular Malaysia. A total of 50 teachers from each school were randomly selected irrespective of their background profi les to participate in the self-administered surveys.

The questionnaire was divided into two sections. The fi rst section was mainly on the respondents’ background profi le whereas the second section was divided into 5 sub-sections corresponding to the variables in the research model: the importance of managing knowledge; facilities and methods of managing knowledge; knowledge-sharing barriers and knowledge activities. The fi nal section of the questionnaire focused on the contributing factors to managing knowledge, namely management, culture and technology, which are the focus of this paper.

A fi ve-point Likert scale was used for each item, ranging from ‘strongly disagree’ to ‘strongly agree’. The questionnaire was piloted among two groups of 30 participants each from ICT-facilitated and regular schools. Finally, the items were tested using the Cronbach alpha and those with low coeffi cient values were dropped, thereby increasing the overall alpha value from 0.908 for 101 items to 0.913 after the removal of fi ve items. The fi nal questionnaire consisted of 96 items. The data was analysed using the independent sample t-test for comparison of knowledge-management contextual factors between ICT-facilitated schools and regular schools. The regression model was employed to determine the contributing factors to knowledge activities. The model was,

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where, Knowledge Activities capturing, creating, sharing, storing and applying were the dependent variables; ICT-facilitated school (ICTFS) was a dummy for the type of school. Five (5) model regressions were used to represent each knowledge activity.

Results

A total of 2000 questionnaires were distributed among the 20 ICT-facilitated schools and 20 regular schools in Peninsular Malaysia. 900 respondents in total participated in the survey, where 474 (52.7%) were from the ICT-facilitated schools and 426 (47.3%) were from the regular schools. The result shows that there were more respondents from the rural than the urban areas, which was 494 (54.9%) and 406 (45.1%) respectively. 656 (72.9%) respondents were females and 244 (27.1%) were males. This was unavoidable due to the fact that the teaching profession in Malaysia is dominated more by women than men in which out of the 412,720 teachers nationwide, 285,299 are women and 127,421 are men (MOE, 2012). Respondents spanned the range of age categories from below 30 to 50 years or over. This sample comprised less than 30% of the respondents aged 30 years or below, and roughly 45% from the middle group aged 31 to 40 years old. Meanwhile 21% were from the age group of 41 to 50 years old and only 4% were above 51 years old. Most of the teachers held degrees in several fi elds. The sample indicated that 81.8% of the respondents were degree holders, whereas 10.5% held masters degrees with the balance of 7.7% being diploma holders. As far as the length of experience was concerned, 47.1% of the respondents had 10 years or less teaching experience while 39.0% had between 11 to 20 years of teaching experience. Only a handful of respondents (13.9%) had more than 30 years of teaching experience.

Knowledge Activities

The mean scores for these variables were quite high, demonstrating their importance in managing knowledge in schools. As for knowledge capture, both respondent groups stressed the importance of collaborative relations, with the majority believing the basic source of new knowledge to be external, such as the Ministry of Education, Department of Education or other schools. Knowledge creation tended

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to be eff ected through social discussions, teamwork or work projects, additionally, through individual activities such as reading and self-refl ection. Knowledge sharing through informal discussions was agreeable, with respondents perceiving that their friends were always ready to share and contribute new ideas. Mentoring was also a way of sharing knowledge. Knowledge application in context could increase individual experience. Knowledge could also be applied through problem solving when people ask for advice, during work tasks set by the management and through rules, procedures and organisational routines.

Finally, in terms of knowledge storage, it was regarded as easier to access explicit than tacit knowledge. Respondents perceived that they could access information easily, including important information. However, perceptions were not so clear as to whether it was bett er to store knowledge in paper form or electronically. The overall mean scores demonstrated that knowledge management initiatives are gathering pace, albeit at a relatively slow r

Diff erentiating between ICT-Facilitated Schools and Regular Schools

Table 1 shows the t-test output for diff erences in knowledge activities and contextual factors contributing to managing knowledge reported by respondents from both types of schools, with a signifi cance test of 0.05 level. The results revealed no statistical signifi cance between ICT-facilitated schools and regular schools in knowledge activities, except for storage context. As expected, the facilities of technology used for storage of information showed a signifi cant diff erence. The t-value was 3.384, p < 0.05, demonstrating the understandable diff erence between the facilities provided to ICT-facilitated schools as opposed to regular schools.

In terms of contextual factors, the technology variables was signifi cant. This result is consistent with ICT-facilitated schools having bett er equipment and facilities and therefore being able to take greater advantage of technology as an enabler of knowledge management. Nonetheless, technology does not explain all of the variance in knowledge-related behaviour; the human factor no doubt was a mediating factor in technological diff erences between the two types of schools. Unexpectedly, the mean for knowledge creation among regular school teachers was higher than those in ICT-facilitated schools; the former believing they created more knowledge. However, the 95% interval for the diff erence in mean is

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not signifi cant. Time might be a factor here, with teachers’ workload a perennial issue in schools (Lortie, 2002; McDermot & O’Dell, 2000; Rosenholtz , 1989; Louis, 1994). Findings from those studies agreed that lack of time remains the major barrier in managing knowledge, teachers being increasingly required to teach and perform many tedious administrative duties. The culture factor did not show any signifi cant mean diff erence between the ICT-facilitated schools and the regular schools, possibly because the sample was relatively homogeneous from the same environmental sett ing. Moreover, school culture across Malaysia tends to be homogeneous under the government and the control of the Ministry of Education with the resulting top-down style of management.

Table 1

Independent Samples Test (T-Test for Equality of Mean)

Variables t df Sig.(2-tailed)

Mean diff erence

95% confi dence interval of diff erence

Lower UpperCapture –0.900 898 0.369 –.135 –0.431 0.160Creation –1.814 898 0.070 –.261 –0.544 0.021Sharing 0.624 898 0.533 0.113 –0.241 0.467Application 0.175 898 0.861 0.029 –0.296 0.354Storage 3.384 898 0.001 0.624 0.262 0.986Management 1.870 898 0.062 0.434 –0.022 0.889Technology 3.994 898 0.000 1.062 0.540 1.585Culture 0.814 898 0.416 0.208 –0.293 0.709

Regression Results

Knowledge activities constituted the dependent variables for the regression models, with the predictors, being management, technology, culture, school type, gender and experience. The results are shown in Table 2.

The overall result showed that among the three contextual factors, management and culture were seemingly signifi cant for all the knowledge activities; capturing, creating, sharing, applying and storing. Whereas for the technology factor, only sharing, applying and storing show evidence of signifi cance. In terms of school types, the coeffi cient for school type (ICT-facilitated school as a dummy variable) is signifi cant for knowledge creation, showing that teachers at regular schools experience more knowledge-creation activity as

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compared to teachers from ICT-facilitated schools. Apparently, teachers from ICT-facilitated schools are statistically signifi cant for knowledge-storing activity than their counterparts in regular schools. The result also revealed that there were no signifi cant diff erences between male and female and, experienced and inexperienced teachers in all knowledge activities.

Table 2

Regression Results

Independent variables

Knowledge activities (n=900)Dependent variables

(1)Capture

(2)Create

(3)Share

(4)Apply

(5)Store

Constants 10.51* 13.10* 14.31* 14.76* 10.26*Management 0.129* 0.080* 0.219* 0.155* 0.077*Technology 0.034 0.230 0.670* 0.062* 0.103*Culture 0.114* 0.100* 0.075* 0.103* 0.199*School type –0.255 –0.337* –0.053 –0.124 0.439*Gender 0.105 –0.151 –0.476 –0.050 0.001Experience –0.017 –0.011 –0.017 –0.005 0.004F 26.051 15.098 32.288 27.336 37.085R2 0.149 0.100 0.178 0.155 0.199

Note. *signifi cant at 5 per cent and below.

The beta value for knowledge capture was signifi cantly related to management and culture, with the former being suggested as the most important predictor of the three. The coeffi cient for school type is not signifi cant, showing that there is no diff erence in the activity of knowledge capture for both school types. For knowledge creation two factors were statistically signifi cant, with culture being the most important predictor of knowledge creation followed by management. As for knowledge sharing all factors were statistically signifi cant, except for school type, gender and experience suggesting that knowledge-sharing activity occurs beyond time and space. Knowledge application activity has shown that all three contributing factors were statistically signifi cant with evidence of management as the most important predictor followed by culture and technology. For knowledge storage all factors were also statistically signifi cant, with school culture being the best predictor followed by technology and management.

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In summary, culture was very important in contributing to sharing, applying, creating, capturing and storing knowledge, while technology was less important for knowledge capture and creation. Knowledge storage was perceived to be bett er in ICT-facilitated schools with bett er ICT facilities and equipment but technology did not support knowledge capture and creation. Similarly a study by Chu, Wang and Yuan (2011) also shows that people and culture were critical for promoting knowledge management in schools. Meanwhile, the knowledge capture, sharing and application activities were not signifi cantly diff erent between these school types. On the other hand, gender and experience were found to be not statistically signifi cant with all fi ve knowledge activities possibly suggesting that knowledge activities are boundary less.

Discussion and Conclusion Knowledge management contextual factors are vital in school sett ings. Culture appears to be a signifi cant factor in generating knowledge activities. Schools need to embrace a positive culture to foster learning and sharing. Teachers and school leaders need to play a prominent role to ensure that knowledge management initiatives can be accomplished. This study suggested that school cultures were identifi ed as knowledge-friendly, motivating staff to share knowledge with a committ ed leadership, showing openness to change, mutual trust and learning, appearing along with technology and management as the important factors in generating knowledge-activities in school.

Management is inevitably essential in supporting the success of knowledge-management initiatives in schools. The management factor defi nes the chain of command governing communication and decision-making, as well as encouraging knowledge-sharing and facilitating continuous transformation of ideas. This study pointed out that management encouraged staff -learning, organised appropriate training and promoted knowledge acquisition both internally and externally.

There was also evidence for technology as a factor in knowledge-management initiative in schools. As expected schools with more facilities were able to share, apply and store knowledge but did not necessarily have an advantage in knowledge capture and creation. Considering the relative diff erence between ICT-facilitated schools and regular schools in terms of funding allocation, facilities and

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bureaucracy, school type is not a determinant factor in knowledge activities. ICT-facilitated schools are expected to act as the educational hub for their surrounding areas and have superior resources in terms of infrastructure, manpower and funding. They could take on the responsibilities for networking, dissemination and activity generation amongst the group of schools to work with other schools and share best practices. Meanwhile, ICT facilities seemed to be widely used and were functioning well in schools nationwide, with information and records stored in electronic databases and being accessible to all members of staff in those schools.

As far as the contribution of the contextual factors to knowledge activities, culture was an important instrument in all the knowledge activities, but it was certainly not the only or the most prominent one.

References

Alavi, M. K., & Leidner. D. E. (2001). Review: Knowledge management and knowledge management systems: Conceptual foundations and research issues. MIS Quarterly, 5(1), 107–138.

Alavi, M. K., & Tiwana, A. (2005). Knowledge management: The information technology dimension. In M. Easterby-Smith & M. A. Lyles (Eds.), Handbook of organisational learning and knowledge management. Oxford: Blackwell.

Barret, M., Cappleman, S., Shoib, G., & Walsham, G. (2004). Learning in knowledge communities: Managing technology and context. European Management Journal, 22(1), 1–11.

Basu, B., & Sengupta, K. (2007). Assessing success factors of knowledge management initiatives of academic institutions – A case of an Indian business school. The Electronic Journal of Knowledge Management, 5(3), 273–282.

Bushweller, K. (2000). The smarter offi ce. Electronic School, 187(3), 26–28, Retrieved from www.electronic-school.com.

Chu, K. W., Wang, M., & Yuen, A. H. K. (2011). Implementing knowledge management in school environment: Teachers’ perception. Knowledge Management & E-Learning: An International Journal, 3(2), 139–152.

Davenport, T. H., & Prusak, L. (2000). Working knowledge. Boston: Harvard Business School Press.

Davenport, T. H., & Grover, V. (2001). Knowledge management [Special issue]. Journal of Management Information Systems, 18(1), 3–4.

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Economic Planning Unit. (2006). The 9th Malaysian Plan 2006–2010. Putrajaya: Economic Planning Unit.

Edvardsson, I. R. (2008). HRM and knowledge. Employee Relations, 30, 553–561.

Haesli, A., & Boxall, P. (2005). When knowledge management meets HR strategy: An exploration of personalization-retention and codifi cation-recruitment confi gurations. International Journal of Human Resource Management, 16, 1955–1975.

Haughey, M. (2006). The impact of computers on the work of the principal: Changing discourses on talk, leadership and professionalism. School Leadership and Management, 26(1), 23–36.

Huysman, M., & Wulf, V. (2006). IT to support knowledge sharing in communities, towards a social capital analysis. Journal of Information Technology, 21, 40–51.

Istance, D., & Kobayashi, M. (Eds.). (2003). Networks of innovation: Towards new models for managing schools and systems. Paris: OECD.

Jarvenpaa, S. L., & Staples, D. S. (2000). The use of collaborative electronic media for information sharing: An exploratory study of determinants. Journal of Strategic Information Systems, 9, 129–154.

Lortie, D. C. (2002). Schoolteacher (2nd ed.). Chicago: University of Chicago Press.

Louis, K. S. (1994). Beyond managed change: Rethinking how schools change. School Eff ectiveness and School Improvement, 5(1), 2–24.

McDermott , R. (1999). Why information technology inspired but cannot deliver knowledge management. California Management Review, 41(4), 103–117.

McDermott , R., & O’Dell, C. (2000). Overcoming the “cultural barriers” to sharing knowledge. Retrieved from htt p;//www.apqc.org.

McKinlay, A. (2002). The limit of knowledge management. New Technology, Work and Employment, 17(2), 76–88.

Ministry of Education Malaysia. (2004). Benchmarking the smart school integrated solution. Kuala Lumpur: Multimedia Development Corporation Malaysia, Frost and Sullivan.

Ministry of Education. (2012). Main statistics. Retrieved from htt p: www.moe.gov.my

Petrides, L. A., & Guiney, S. Z. (2002). Knowledge management for school leaders: An ecological framework for thinking schools. Teachers’ College Records, 104(8), 1702–1717.

Rosenholtz , S. J. (1989). Teacher’s workplace: The social organization of schools. New York: Longman.

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Walsham, G. (2001). Knowledge management: The benefi ts and limitations of computer systems. European Management Journal, 19(6), 599–608.

Zhao, J. (2010). School knowledge management framework and strategies: The new perspective on teacher professional development. Computers in Human Behavior, 26(2), 168–175.

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ORGANIZATIONAL COMMITMENT AND INTENTION TO LEAVE AMONG NURSES: THE MEDIATING ROLE OF MORAL OBLIGATION

KHATIJAH OMARMARHANA MOHAMED ANUARFaculty of Management and Economics

Universiti Malaysia Terengganu

ABDUL HALIM ABDUL MAJID HUSNA JOHARI

UUM College of Business Universiti Utara Malaysia

Abstract

In today’s fast-paced economic competition, committ ed and loyal employees are important for the profi t-oriented organizations to gain and sustain their competitiveness. Even for non-profi t-oriented organizations like hospitals and universities, these committ ed and loyal employees will lead to bett er quality service and improved organizational performance. Thus, it is vital for the organizations to sustain employees’ commitment because once the employees’ commitments decrease, it would be diffi cult for organizations to retain their employees. This study investigated the relationship between organizational commitment and intention to leave among nurses in Malaysian public hospitals, and determined the role of moral obligation as a mediator on the relationship between organizational commitment and intention to leave. The study focused on permanent nurses working in public hospitals in Peninsular Malaysia. The results supported that organizational commitment was signifi cantly and negatively related to intention to leave. The macro results also showed that moral obligation was a mediator in the relationships between organizational commitment and the intention to leave. The results were crucial to be looked into so that management and employers could have ample understanding and guidelines if they were to draft retention strategies. Even though many studies had been conducted on the intention to leave, most of them were conducted in developed countries and this study is believed to enhance the literature gap since it has an emphasis in the Malaysian context.

Keywords: Intention to leave, organizational commitment, moral obligation.

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Introduction

There have been abundant studies on intention to leave. However, at a time when nursing shortage has become a global issue (Buchan & Calman, 2004) and a serious problem in the vast majority of post-industrialized countries (Gallett a, Portoghese & Batt istelli, 2011), the issue seems to be relevant and still needs special att ention. In many developing countries, the situation is worsening as many trained nurses hop over to the private sector or leave their own countries to serve in developed countries due to bett er salaries and benefi ts. The issue of nursing shortage in most parts of the world, having high turnover rate and losing a number of nurses to the private sector and foreign countries also suggests that, instead of looking at the workers’ turnover itself, it is bett er for the organization to detect the feeling of intent to leave among their employees so that retention strategies could be drafted and implemented. The turnover rate itself could thus possibly be minimized.

The shortage of nurses has become a critical issue all over the world (Elsevier Foundation, 2010; Khaliq, Broyle & Mwachofi , 2009; Brush, 2008; Yearwood, 2007). The situation is worsening, especially in poor- resource countries (Elsevier Foundation, 2010; Pillay, 2007; Yearwood, 2007) where by many trained nurses hop over to the private sector or leave their own countries to serve in foreign countries due to bett er off ers and benefi ts. To mitigate the problem of employees’ turnover in the nursing fi eld, some researchers suggested that it was bett er for employers to examine nurses’ intention to leave instead of studying turnover itself.

As revealed by literature, there are many reasons that contributed to workers’ intention to leave. However, this paper would only focus on one of the most prominent variables - organizational commitment and its relationship with intention to leave (Kumar & Koh, 2011; Tatcher, Stepina & Boyle, 2003; Yamada, 2002). This study would also investigate the role of moral obligation as a mediating variable in the relationship between organizational commitment and intention to leave. Even though there have been many researches that relate organizational commitment and intention to leave, this paper off ers a new perspective for it discusses the relationship between organizational commitment and intention to leave specifi cally among nurses in public hospitals in the Malaysian context.

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Overview

In studying turnover and shortage in certain professions, recent decades have witnessed an increasing interest in understanding why employees leave (Van der Heijden, Van Dam & Hasselhorn, 2007). However, knowing the reasons for leaving is too late to stop the actual leaving and detecting the presence of intention to leave feeling is said to be bett er in supporting the eff ort to prevent or minimize employees’ leaving. In fact, voluntary turnover is said to be best predicted by the employees’ intention to leave (Price, 2001). Thus, further understanding and investigation of the existence of the intention to leave feeling is crucial. In other words, it is much more important to scrutinize the factors that make them intend to leave their organization.

It is important to know the signals to turnover by studying the employees’ intention to leave so that necessary preparations and preventive actions can be taken. Consequently, this study proceeds with the aim to examine the relationship between organizational commitment and the intention to leave among Malaysian public hospital nurses and at the same time, this study will also investigate the role played by moral obligation as a mediating variable.

Intention to Leave

Turnover and intention to leave are two diff erent concepts. Intention to leave involves an individual’s perception towards leaving while turnover involves the act of an individual actually leaving the organization or profession (Hinshaw & Atwood, 1984). An employee is said to have the intention to leave when he or she has serious consideration to leave his or her current job (Castle, 2007).

Many studies on intention to leave have been conducted to examine the intention to leave and the factors relating to intention to leave in various fi elds. Many researchers have att empted to answer the questions of what really determines the employees’ intention to leave by investigating possible antecedents of the employees’ intention to leave. However, there is no standard reason why employees leave an organization or profession (Ongori, 2007) and there has been litt le consistency in the fi ndings to the question of what really determines the employees’ intention to leave.

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Organizational Commitment and Intention to Leave

Organizational commitment is said to be an important variable in the discussion of intention to leave since it is a popular belief that the more committ ed the employee is, the more likely he or she will stay loyal to the organization. In other words, it is less likely that he or she will leave for another job or organization. The statement is supported by the study of Slatt ery and Selvarajan (2005). In their study, they found that organizational commitment is negatively associated with turnover intention.

Results of some other studies also showed that more committ ed employees would be less likely to leave an organization (Nogueras, 2006; Simmons, 2005; Larkey et al., 1995). This is also supported by some local researchers (Ishak Ismail, 2006; Zulkifl i Kassim, 1997; Mohd Fikri , 1997) who found that the higher the degree of commitment among employees, the less likely they would express the intention to leave. In fact, organizational commitment is found to be critical (Khatri et al., 2001) and has a negative correlation with turnover intention (Rahman, Naqvi & Ramay, 2008).

The literature review shows that studies on organizational commitment have increased and are continuously gaining importance among researchers all over the world. This is because more and more organizations realize that human resources are their most valuable assets and having loyal and committ ed employees can ensure that they stay competitive and survive. In fact, some researchers (Colakoglu, Culha & Atay, 2010; Meyer & Allen, 2004) claimed that employees who have higher emotional att achment which is one of the measures for aff ective commitment to their organization, show bett er performance and contribute more meaningfully than those with lower emotional att achment. This kind of employees will also enhance the organizational competitiveness and guarantee the survival of the organizations (Ongori, 2007). In short, it is a valuable bonus for the company to have employees with a high level of organizational commitment. These highly-committ ed employees would feel that they owe so much to the organization and in return, they would give full support, eff ort and cooperation to the organization and would be less likely to leave.

Moral Obligation

There are limited references or past research that really discussed or focused on moral obligation as one of the variables in the study

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of intention to leave. Prestholdt et al. (1987), Sharkey (1994) and Lane, Mathews and Prestholdt (1990) have contributed to the understanding of the role that moral obligation plays in examining the intention to leave. However, the relevance of moral obligation in predicting intention depends very much on the type of behaviour, profession and the sample being studied (Sharkey, 1994). In nursing, moral obligation and work responsibilities are assumed to be the two dimensions that complement each other (Cronqvist et al, 2004). Yearwood (2007) also seemed to agree that moral obligation could provide a basis to tackle the problem of internal as well as external nurse migration.

Problem Statement

Proper staffi ng and a stable nursing workforce will ensure the quality of nursing care received by patients and the quality of the healthcare system. Thus, having a suffi cient number of nurses is important. However, many articles and journals have discussed the nursing shortage, which has become a global issue. The existing and predicted national and global shortage of nurses would surely bring negative impact on society’s health-care needs. The shortage at the national and international levels is exacerbated when nurses, especially from the public sector, are lured by off ers from private hospitals or even foreign hospitals (Ministry of Health, 2008; Missourri State Nursing Board, 2008).

Research Objectives

The objectives of this study are:

1. To investigate the relationship between organizational commitment and intention to leave among nurses in Malaysian public hospitals.

2. To determine the role of moral obligation as a mediator on the relationship between organizational commitment and intention to leave.

Hypotheses

Based on literature research, this study hypothesizes that:

H1: Organizational commitment is negatively related to intention to leave.

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H1a: Aff ective commitment is negatively related to intention to leave.

H1b: Normative commitment is negatively related to intention to leave.

H1c: Continuance commitment is negatively related to intention to leave.

H2: Moral Obligation mediates the relationship between Organizational Commitment and Intention to Leave among Malaysian public hospital nurses.

H2a: Moral Obligation mediates the relationship between aff ective commitment and intention to leave among Malaysian public hospital nurses.

H2b: Moral Obligation mediates the relationship between normative commitment and intention to leave among Malaysian public hospital nurses.

H2c: Moral Obligation mediates the relationship between continuance commitment and intention to leave among Malaysian public hospital nurses.

Methodology

This quantitative research involves the use of a questionnaire in collecting the primary data. Most of the questions used in the survey were based on established existing instruments with some alterations and modifi cations to the original questions made to suit the study due to cultural factors and practice. The questions used in this study applied the multi-item approach where a few questions were asked under one particular variable. The questions were grouped under four major sections. Section A measured respondents’ level of organizational commitment, section B measured moral obligation, section C measured the respondents’ intention to leave and Section D required the respondents to provide their demographic data.

The survey used was a self-administered survey and 700 sets of these self-administered questionnaires were sent to selected major hospitals in Peninsular Malaysia. Prior to that, the ethical approval for the study and its method was fi rst obtained. Since this study involved nurses working at public hospitals as respondents, permission and approval were obtained from the Malaysian Ministry of Health and a few other important related institutions such as the Malaysian Research Ethical Committ ee (MREC), the National Institute of Health (NIH) and the respective hospitals.

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Population, Sample and Sample Size

Nurses who were working permanently in public hospitals were the population sample of this study. They were chosen as the sample since this group of workers was said to be more likely to opt for off ers from private health institutions (News Straits Times, 2007) or even accept off ers to serve overseas (Ministry of Health, 2004, Missouri State Nursing Board, 2008).

This study made use of the systematic proportionate stratifi ed random sampling, which involves dividing the population into homogeneous subgroups and then taking a simple random sample in each subgroup. The use of this stratifi ed random sampling was decided upon in order to reduce the potential bias as well as to ensure that the sample would refl ect the general population. Since in Malaysia nurses are categorized into fi ve main groups - matrons, sisters, staff nurses, community nurses and assistant nurses, using the proportionate stratifi ed random sampling was preferred so that the sample would be able to represent not only the overall population, but also the subgroups of the population.

As of March 2008, there were about 75,000 active nurses in Malaysia (Ministry of Health, 2008). According to Sekaran (2003) if the size of the population is 75,000, the sample size (S), should be 382. However, 700 sets of questionnaires were delivered to the selected hospitals, considering that the response rate would not be 100 per cent.

Measurements

The existing instruments with established reliability and validity were used to measure the variables involved in this study. To measure organizational commitment of the respondents, the revised scale of TCM (Three-Component Model Employee Commitment Survey) developed by Meyer, Allen and Smith (1993) was used. These scales measure the three types of organizational commitment of the respondents: aff ective commitment, continuance commitment and normative commitment. There were six statements for each scale (18 questions altogether) and employees indicated the strength of their agreement by selecting a number ranging from 1 (strongly disagree) to 7 (strongly agree). Aff ective commitment was measured by Questions 1 to 6. Under this aff ective commitment scale, three (3) questions were positively worded and three (3) questions were

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negatively worded. Continuance commitment was measured by Questions 7 to 12 and under this continuance commitment scale, all questions were positively worded. Normative commitment was measured by Questions 13 to 18. Under this normative commitment scale, fi ve (5) questions were positively worded and only one (1) was negatively worded.

To indicate whether an employee was committ ed or not towards their organization, the mean was used as the benchmark. Scores that are lower than the mean indicate low or no commitment and scores that are higher than the mean indicate good or higher commitment.

To measure moral obligation, two questions were adopted from Prestholdt et al. (1987) with two additional questions added. Two questions were added to this instrument because the original instrument only contained two items and its Cronbach’s Alpha was only 0.45 which was below the minimum acceptable value. Thus, att empts were made to increase the number of items and at the same time increase the value of Cronbach’s Alpha of the instrument. Those two additional items went through the proper process of item development and both of them fulfi lled both the construct and the content validity. The addition of the two questions increased Cronbach’s Alpha to 0.51. Nunally (1967) and Smith and Glass (1987) claimed that 0.50 is still an acceptable value for a reliability test. All the questions used were rated on a seven-point scale (Likert Scale) ranging from 1 (strongly disagree) to 7 (strongly agree). Scores that are lower than the mean indicate low or no moral obligation feeling among the respondents and scores that are higher than the mean indicate good or higher feeling of moral obligation.

The Anticipated Turnover Scale (ATS) which was developed by Hinshaw and Atwood (1984) was used to measure the respondents’ intention to leave. This self-report Anticipated Turnover Scales (ATS) instrument contained twelve items relating to the respondents’ anticipated length of time to leave and their certainty of leaving their jobs. However, the word ‘position’ in the questions was changed to ‘organization’ since this study intended to measure nurses’ intention to leave the organization, not their profession.

The internal consistency reliability was 0.84 for the scale. Furthermore, this ATS instrument has been used repeatedly and successfully (Miller, 2007) in the study of intention to leave. All the questions

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used were rated on a seven-point scale (Likert Scale) ranging from 1 (strongly disagree) to 7 (strongly agree). The score is the simple sum of all the items in the scale divided by the number of items in the total scale. To indicate whether an employee is experiencing the feeling of leaving his/her organization, the mean was used to determine the existence of the intention to leave of the employee. Respondents with scores above the mean would be considered as having the intention to leave while those whose scores fall below the mean would not be considered as having the intention to leave.

Data Analysis

For data analysis, the responses were keyed into SPSS and analyzed using descriptive statistics such as frequency distribution, mean and standard deviation to show trends in the data. Correlation analysis and hypothesis testing were then conducted by applying SPSS Pearson Correlation and SPSS macro which was provided by Preacher and Hayes (2004).

Validity and Reliability

Principal Components Analysis (PCA) factor loadings show whether items are actually measuring what they should measure. Items with larger factor loadings provide bett er measures of the underlying property than do items with smaller factor loadings. As suggested by Hair (1998), loadings are considered signifi cant if they are +0.50 or greater (Manning & Munro, 2004). The questions used in this study were considered valid since all the questions fell under their respective dimensions. As for reliability, if the variable has an internal consistency reliability (Cronbach’s Alpha) of at least 0.60 (Nunally, 1978) or 0.50 (Smith & Glass, 1987) the measurement is suffi cient and reliable for research purposes. The Cronbach’s Alpha for all dimensions in this study were all well above 0.50.

Findings and Discussion

436 questionnaires returned, out of the 700 distributed, which gave a 62.3% overall response rate. However, only 398 questionnaires were usable. The respondents’ demographic characteristics are shown in Table 1 below.

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Table 1 Respondents’ Profi les

Demographic Characteristics Frequency Percentage (%)Gender Male 3 0.8

Female 395 99.2Age Below 25 years 32 8

26 – 30 years 87 21.9031 – 35 years 68 17.1036 – 40 years 66 16.6041 – 45 years 29 7.3046 – 50 years 39 9.80More than 50 years 77 19.30

Race Malay 360 90.50Chinese 18 4.50Indian 18 4.50Others 2 0.50

Marital Status Married 349 87.70Unmarried 38 9.50Divorced, Separated, Widowed 11 2.80

Level of Education MCE/HSC 89 22.40Certifi cate 38 9.50Diploma 258 63.60Degree 16 4Master’s 2 0.50

Level of Income Less than RM 1500 18 4.50RM1501 – RM 2500 167 42RM2501 – RM 3500 161 40.5RM3501 – RM 4500 43 10.80Above RM 4500 9 2.30

Organizational Tenure

Less than 1 year 78 19.601 – 3 years 86 21.604 – 6 years 70 17.607 – 9 years 37 9.3010 – 12 years 40 10.1013 – 15 years 42 10.60More than 15 years 45 11.30

n=398

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Table 2

Results of Estimating the Direct Eff ect of Organizational Commitment on Intention to Leave

Independent Variable Coeffi cient se p

Total/Overall organizational commitment -0.137 0.0666 0.040*Aff ective commitment -0.208 0.0530 0.000*Continuance commitment 0.068 0.0436 0.120Normative commitment -0.012 0.0487 0.804

* Signifi cant at 0.05 signifi cance level

Table 2 depicts that the direct eff ect coeffi cient for organizational commitment on intention to leave which is about 0.137 (negative) and p value is 0.040. The fi gures (coeffi cient value was negative and p value < 0.05) clearly show that organizational commitment has a signifi cantly negative relationship with intention to leave. Thus, the results supported Hypothesis 1 (organizational commitment is negatively related to intention to leave). The result is also consistent with many previous results (eg: Rahman, Naqvi & Ramay, 2008; Labatmediene et al., 2007; Slatt ery & Selvarajan, 2005; Nogueras, 2006; Angle & Pery, 1981). Bline et al. (1991) also found a signifi cant relationship between organizational commitment and intention to leave. With those arguments and statistical fi ndings, it is confi rmed that organizational commitment has a signifi cant negative relationship with the intention to leave feeling among nurses who are working in public hospitals in this country.

The results for estimating the direct eff ect for all the three dimensions of organizational commitment (aff ective commitment, continuance commitment and normative commitment) found that only one dimension of organizational commitment has a signifi cantly negative relationship with intention to leave which is aff ective commitment. Normative commitment also shows a negative relationship with intention to leave but is not signifi cant (coeffi cient = -0.0121, t = -0.249, p = 0.804). The continuance dimension shows a positive relationship with intention to leave, even though it is not signifi cant (t = 1.557, p > 0.05). The results supported hypothesis H1b; however they did not support H1a and H1c.

Table 3 depicts the results of estimating the indirect eff ect of organizational commitment (total/overall and dimensions of organizational commitment) on intention to leave through moral obligation as a mediator. The

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table shows that the indirect eff ect coeffi cient for total/overall organizational commitment on intention to leave through moral obligation is 0.192 (negative). Testing the signifi cance indicates that the true indirect eff ect was estimated to lie between -0.289 and -0.124 with 95% confi dence interval. Because zero is not in the 95% confi dence intervals, it then is concluded that the indirect eff ect is signifi cant at p < 0.05. Thus, moral obligation is a mediator for the relationship between organizational commitment and intention to leave.

Table 3

Results of Estimating the Indirect Eff ect and Bootstrapping 95% Confi dence Interval (CI) of Organizational Commitment

Independent Variables Coeffi cient95% CI

LL UL

Total/Overall organizational commitment -0.192* -0.289 -0.124

Aff ective commitment -0.076* -0.13 -0.03

Continuance commitment 0.024 -0.011 0.072

Normative commitment -0.131* -0.187 -0.091

Note. CI=confi dence interval; LL= lower limit; UL=upper limit. *Signifi cant at 0.05 signifi cance level.

The results of estimating the indirect eff ect of the three dimensions of organizational commitment, found that the relationship of two dimensions of organizational commitment - aff ective commitment and normative commitment - with intention to leave was mediated by moral obligation. Meanwhile, continuance commitment was found to be not mediated by moral obligation. Thus, the results supported H2a and H2c but did not support H2b.

Conclusion

The results of the analysis show that organizational commitment is signifi cantly and inversely related to intention to leave while the macro results show that moral obligation is only a partial mediator in the relationship between organizational commitment and intention to leave. The results of the study have not only fulfi lled the objectives but have also fi lled the research gap, especially with respect to moral obligation as a mediating variable in the study. In fact, the

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inclusion of moral obligation as a mediating variable in examining the relationship between organizational commitment and turnover intention is considered a contribution of this study.

The fi ndings of the study regarding organizational commitment mirrored the previous fi ndings in that it revealed a negative relationship with intention to leave. The fi ndings also suggest that the eff ects of moral obligation as a mediating variable in the relationship between organizational commitment and intention to leave among nurses who work in Malaysian public hospitals is a crucial consideration enabling management and employers att ain ample understanding and guidelines to draft the retention strategies.

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PATTERNS AND FACTORS AFFECTING WIVES’ INFLUENCE IN FAMILY PURCHASE DECISION-MAKING IN URBAN MALAYSIA

SAMSINAR MD SIDIN DAHLIA ZAWAWI

Faculty of Economics and ManagementUniversiti Putra Malaysia

CAROL TEO BOON HUIFaculty of Business Management

Universiti Teknologi MARA

Abstract

Family purchase decision-making is the process by which decisions regarding purchases for the families are made. The roles played by family members diff er with regard to the products being purchased, the stage in the decision-making process, and the characteristics of families and spouses. This study aims to investigate the family purchase decision-making process in urban Malaysia and the factors aff ecting this process. Taking into consideration past research, four hypotheses were developed. These hypothese were based on products / services, stage of the decision-making process, and selected demographic variables (income, occupation, education). A survey using a structured questionnaire was used to collect data (N=1,000) in four diff erent regions in Malaysia (Klang Valley, Penang, Kuantan, Johor Bahru). The fi ndings of this study revealed that the majority of the products/services purchased for the family was a joint decision. The wives’ infl uence generally decreased in the outcome stage, i.e., when products were actually purchased. The analyses of the eff ects of the selected demographic variables revealed that generally, there were signifi cant eff ects of these variables on the majority of the purchases. Keywords: Decision-making, demographic variables, family purchases, role structure, wives’ infl uence.

Introduction

Family is defi ned as a group of people who are related by blood, marriage or adoption and live together. It is an important consumer unit as most purchases are bought by families or individuals for the

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consumption of the family. Purchase decisions by families are unique and complex as the decision-making process involves more than one person. One’s spouse and children will have a strong direct infl uence on the purchase behaviour. The roles of the husbands and the wives are the focus of research in family decision-making as they are the most basic unit in the family (Schiff man & Kanuk, 2010). Marketing researchers are interested to study family decision-making as information regarding the process, and input of the decision-making process is important in predicting consumer intention and purchase. This study aims to investigate the family purchase decision-making process in urban Malaysia and the factors aff ecting this process. As the eff ects of modernization have brought about changes in family structure in Malaysia, this study would be able to highlight the eff ects of these changes on family purchase decision-making.

The institution of family has changed over time. There are many changes in perceptions and roles within the family due to industrialization-caused social changes. More education and working opportunities are available to women, creating a diff erent perception of the role of women and children in the family, and the role of husbands as the head of the family. It is also apparent that a wife’s power in the family increases when the wife is employed outside of the house, a situation that is brought about by the societal development of the country. Social and economic developments have also brought changes in cultural values which consequently aff ect the role structure in family purchase decision-making.

Family Purchase Decision-Making

Family purchase decision-making is the process by which decisions regarding purchases for the families are made. Most purchases by the family will aff ect the family members directly, as both the process and the outcomes will aff ect the well-being of family members and the family as a unit (Hawkins, 2004). Family purchase decision-making involves diff erent stages, depending on the product being purchased. These stages are the initial information gathering and evaluation stages and the outcome stages. The roles played by family members diff er with regard to the products being purchased, the stage in the decision-making process, and the characteristics of families and spouses (Samsinar & Rao, 2005). These roles may change over time due to changes in the environment, such as economic development, which consequently may lead to adjustments in the role structure of the decision-making process. The framework for the decision-making process relevant for this study can be seen in Figure 1.

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IJMS 19 (2), 47–73 (2012)

Figure 1. Framework of family purchase decision-making.

One major determinant of who has the fi nal decision-making authority in the family is determining who controls the most resources. In this respect, resources such as income, education, and occupation are surrogate currencies used for negotiation in a family’s decision-making. These surrogate currency is used to bargain for the desired goals in decision-making (Samsinar, Wong, Dahlia, Ruhana & Zalfa Laili, 2004). This theory, referred to as resource theory, suggests that power in a family is determined by the ability of each spouse to provide for the needs of the family. Taking into consideration past research, four hypotheses were developed to test whether wives’ infl uence varies with the following variables:

(i) products / services,(ii) wives’ income,(iii) wives’ occupation and(iv) wives’ education.

Method

A survey using a structured questionnaire was used to collect data. One thousand (1,000) respondents were included in the study. The sample elements were selected based on race (60% Malays, 30% Chinese and 10% Indians), occupation (50% working wives, 50% housewives) and location (25% from each diff erent region).

Family is operationalised as a man and a woman married and living together for at least a year. Family purchase decision-making is operationalised as the process that a family goes through in the purchase of products used by the whole family. Fifteen products and services were used in the study. These products had been used in previous studies (Xia, Ahmed, Hwa, Tan & Teo, 2006) and

Products / Services

Family purchasedecision making

DecisionOutcomeJointAutonomousResources

incomeoccupationeducation

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included furniture, electrical appliances, clothing, vacation, and cars. A modifi ed measure used by previous researchers (Xia et al., 2006) to measure wives’ infl uence was used. The means of the infl uence were calculated for each product/service category; accordingly, mean scores between 1–1.7 were considered as husband-dominant, mean scores between 1.71–2.3 were perceived as joint decisions and mean scores between 2.31–3 were considered as wife-dominant. Wives’ resources were measured using the wives’ occupations, incomes and education. These measures were used previously in similar studies in Malaysia (Samsinar & Mary, 1996). These measures were tested for reliability and validity and were found to be both valid and reliable. Data was analysed using descriptive as well as statistical analysis. Analysis of variance, Chi-square analysis and t-tests were conducted accodingly consistent with the objectives of this study.

Profi le of Respondents

The profi le of the respondents is given in Table 1 and it can be seen that with respect to age the 31–40 years age group made up the largest group of respondents with 33.3%, followed by the 21–30 years group with 28.5%. Overall, about 86% of the respondents were between the ages 21–50 years. In terms of race, Malays represented 57.3%, Chinese represented 30.4% and Indians represented 11.8% of the respondents respectively. Muslims respondents (58.4%) represented twice as much as Buddhists (23.4%), whilst Christians (8%) and Hindus (8.8%) represented almost equal percentages of the respondents. Those of other religions made up 1.4% of the respondents.

In terms of occupation, housewives made up the largest block of respondents (43.3%), followed by clerical (15.6%), professional (12.8%), and management (12%). With regards to the duration of employment, those who had worked 10 years or less made up 72.2% of the respondents.

As for monthly income, those who made between RM1001–RM5000 formed the largest respondent group (41.9%) and they were closely followed by the no-income group (39%). In addition, those who earned RM5000 or less made up about 90% of the respondents.

In terms of educational level, 41.7% of the respondents had SPM or its equivalent and 21% had diploma or equivalent qualifi cations. Masters or PhD holders represented only 3% of the respondents. About 23%

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of the respondents had been married for 5 years or less and 63% for 15 years or less. Respondents who had been married for between 21–25 years made up the least group (9.2%). The dominant language spoken at home was Malay (55.6%), followed by Chinese (22.2%) and English (12.8%), whilst Tamil was spoken by 7.8% of the respondents.

Table 1

Profi le of Respondents

Frequency Per cent Cumulative per cent

Age 21-30 years 285 28.5 28.531-40 years 333 33.3 61.941-50 years 239 23.9 85.851-60 years 135 13.5 99.3More than 60 years 7 0.7 100.0

Race Malay 573 57.3 57.4Chinese 304 30.4 87.8Indian 118 11.8 99.6Others 4 0.4 100.0

Religion Islam 584 58.4 58.4Buddhism 234 23.4 81.8Christianity 80 8.0 89.8Hinduism 88 8.8 98.6Others 14 1.4 100.0

Occupation Management 120 12.0 12.0Professional 128 12.8 24.8Clerical 156 15.6 40.4Entrepreneur 53 5.3 45.7Retired 21 2.1 47.8Housewife 433 43.3 91.2Student 7 0.7 91.9Others 81 8.1 100.0

Job duration

Not working 410 41.0 41.2Less than 5 years 170 17.0 58.26-10 years 139 13.9 72.211-15 years 116 11.6 83.816-20 years 72 7.2 91.121-25 years 48 4.8 95.9More than 25 years 41 4.1 100.0

(continued)

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IJMS 19 (2), 47–73 (2012)

Frequency Per cent Cumulative per cent

Monthly income

No income 390 39.0 39.0Less than RM1k 87 8.7 47.7RM1001-RM5000 419 41.9 89.6RM5001-RM10000 87 8.7 98.3RM10001-RM15000 13 1.3 99.6More than RM20000 4 0.4 100.0

Education SPM or equivalent 417 41.7 41.9STPM or equivalent 99 9.9 51.9Diploma or equivalent 210 21.0 73.0Bachelor degree or equivalent 171 17.1 90.2Masters or PhD 30 3.0 93.2Others 68 6.8 100.0

Marriage Less than 5 years 231 23.1 23.16-10 years 199 19.9 43.111-15 years 199 19.9 63.016-20 years 149 14.9 78.021-25 years 92 9.2 87.2More than 25 years 128 12.8 100.0

Language Spoken

Malay 556 55.6 56.5Chinese 222 22.2 79.1Tamil 78 7.8 87.0English 128 12.8 100.0

Descriptive Statistics

The mean infl uence values for the products/services across the three diff erent stages of the decision- making process is shown in Table 2. From the table it can be seen that for computers (M = 1.63) and cars (M =1.62), the buying decision is the husband’s at all levels of the decision-making process. For homes and insurance it is the husband’s decision at only the outcome stage but a joint-decision for all the other stages. The table also shows that it is the wife’s decision for her clothes (M =2.54) at all stages of the decision-making process. Also for groceries (M =2.40) and children’s clothes (M =2.39) it is the wife’s decision even though it is a joint decision at the outcome stage of the decision-making process for both products. For all other products/services the buying decision is basically a joint decision.

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Table 2

Mean Values for Products/Services at Each Decision Stage

Products/Services Initial stage Evaluation stage

Outcome stage

Mean

1 Furniture 2.22 2.06 1.84 2.04

2 Electrical appliances 1.95 1.91 1.69 1.85

3 Computers 1.65 1.67 1.58 1.63

4 Groceries 2.56 2.41 2.23 2.40

5 Children’s clothes 2.51 2.40 2.26 2.39

6 Wife’s clothes 2.64 2.54 2.43 2.54

7 Husband’s clothes 1.83 1.87 1.75 1.82

8 Vacation 1.93 1.91 1.78 1.87

9 Eating out 1.93 1.89 1.75 1.86

10 Education 2.01 1.97 1.88 1.95

11 Entertainment 1.95 1.97 1.83 1.92

12 Bank account 1.91 1.88 1.79 1.86

13 Insurance 1.74 1.74 1.61 1.70

14 Home (buy/rent) 1.75 1.76 1.60 1.70

15 Cars 1.64 1.65 1.56 1.62

Overall mean 2.01 1.98 1.84 1.94

Hypotheses Testing

H1: There is a diff erence in wives’ infl uence based on the products/services purchased.

ANOVA was used to compare the diff erences in wives’ infl uence based on the products/services purchased. The descriptive statistics for this analysis is given in Table 3, the ANOVA in Table 4 and the post hoc analysis in Table 5.

The mean values in Table 3 indicate that when purchasing decisions are based on products alone, most of the products are purchased through joint decisions with cars (M = 1.62) and computers (M = 1.63) being the only products for which the decision is the husband’s. For children’s clothes, wife’s clothes and groceries, purchasing decision is made by the wife. Table 4 indicates that there are signifi cant

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diff erences in the wife’s infl uence based on the products/services purchased (p < .001). Subsequent post hoc analysis shown in Table 5 shows that there are signifi cant diff erences in the wife’s infl uence patt ern in almost all the products/services.

Table 3

Descriptive Statistics Based on Products/Services

Products/Services Mean Std. deviation

Furniture 2.04 0.45

Electrical 1.85 0.50

Computers 1.63 0.56

Children’s clothes 2.39 0.49

Wife’s clothes 2.54 0.49

Husband’s clothes 1.82 0.58

Vacation 1.87 0.39

Eating out 1.86 0.43

Education 1.95 0.51

Entertainment 1.92 0.51

Bank accounts 1.86 0.48

Insurance 1.70 0.55

Home 1.70 0.47

Cars 1.62 0.48

Groceries 2.40 0.53

Table 4

ANOVA Result Based on Products/Services

Sum of squares df Mean square F Sig.

Between groups 1127.948 14 80.568 326.004 .000

Within groups 3656.648 14796 .247

Total 4784.596 14810

*the mean diff erence is signifi cant at the 0.05 level.

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Table 5

Post Hoc Analysis Based on Products/Services

(I) Product type (J) Product type Mean diff erence

(I-J)

Std. error

Sig. 95% Confi dence interval

Lower bound

Upper bound

Furniture

Electrical .18597* .02122 .000 .1119 .2601Computers .40708* .02309 .000 .3264 .4877Groceries -.36246* .02202 .000 -.4394 -.2855Children’s clothes -.35603* .02128 .000 -.4304 -.2817Wife’s clothes -.50120* .02118 .000 -.5752 -.4272Husband’s clothes .21952* .02324 .000 .1383 .3007Vacation .16378* .01898 .000 .0975 .2301Eating out .18091* .01964 .000 .1123 .2495Education .08227* .02167 .016 .0066 .1580Entertainment .11974* .02171 .000 .0439 .1956Bank accounts .17486* .02099 .000 .1015 .2482Insurance .33739* .02260 .000 .2585 .4163Home (buy/rent) .33583* .02065 .000 .2637 .4080Cars .41982* .02088 .000 .3469 .4928

Electricals

Computers .22111* .02399 .000 .1373 .3049Groceries -.54843* .02296 .000 -.6286 -.4682Children’s clothes -.54200* .02225 .000 -.6197 -.4643Wife’s clothes -.68717* .02216 .000 -.7646 -.6098Education -.10369* .02262 .001 -.1827 -.0247Insurance .15142* .02351 .000 .0693 .2336Home (buy/rent) .14986* .02165 .000 .0743 .2255Cars .23385* .02187 .000 .1575 .3102

Computers

Groceries -.76954* .02470 .000 -.8558 -.6833Children’s clothes -.76311* .02405 .000 -.8471 -.6791Wife’s clothes -.90828* .02396 .000 -.9920 -.8246Husband’s clothes -.18756* .02580 .000 -.2777 -.0975Vacation -.24330* .02203 .000 -.3203 -.1663Eating Out -.22617* .02260 .000 -.3051 -.1472Education -.32480* .02439 .000 -.4100 -.2396Entertainment -.28733* .02443 .000 -.3727 -.2020Bank accounts -.23221* .02379 .000 -.3153 -.1491

(continued)

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IJMS 19 (2), 47–73 (2012)

(I) Product type (J) Product type Mean diff erence

(I-J)

Std. error

Sig. 95% Confi dence interval

Lower bound

Upper bound

Groceries

Wife’s clothes -.13874* .02293 .000 -.2188 -.0586Husband’s clothes .58198* .02484 .000 .4952 .6688

Vacation .52624* .02091 .000 .4532 .5993

Eating Out .54338* .02151 .000 .4682 .6185

Education .44474* .02338 .000 .3631 .5264

Entertainment .48221* .02342 .000 .4004 .5640

Bank accounts .53733* .02275 .000 .4579 .6168

Insurance .69985* .02424 .000 .6152 .7845

Home (buy/rent) .69829* .02244 .000 .6199 .7767Cars .78228* .02265 .000 .7032 .8614

Children’s clothes

Wife’s clothes -.14517* .02222 .000 -.2228 -.0676Husband’s clothes .57555* .02419 .000 .4910 .6601

Vacation .51981* .02013 .000 .4495 .5901

Eating out .53694* .02075 .000 .4645 .6094

Education .43831* .02268 .000 .3591 .5175

Entertainment .47578* .02273 .000 .3964 .5552

Bank accounts .53089* .02204 .000 .4539 .6079

Insurance .69342* .02357 .000 .6111 .7758

Home (buy/rent) .69186* .02171 .000 .6160 .7677Cars .77585* .02194 .000 .6992 .8525

Wife’s clothes

Husband’s clothes .72072* .02411 .000 .6365 .8049Vacation .66498* .02002 .000 .5950 .7349

Eating out .68211* .02065 .000 .6100 .7543

Education .58348* .02259 .000 .5046 .6624

Entertainment .62095* .02263 .000 .5419 .7000

Bank accounts .67607* .02194 .000 .5994 .7527

Insurance .83859* .02348 .000 .7566 .9206

Home (buy/rent) .83703* .02162 .000 .7615 .9125Cars .92102* .02184 .000 .8447 .9973

Husband’s clothes

Education -.13724* .02453 .000 -.2229 -.0516Entertainment -.09977* .02457 .005 -.1856 -.0139

Insurance .11787* .02536 .000 .0293 .2064

Home (buy/rent) .11631* .02364 .000 .0338 .1989Cars .20030* .02384 .000 .1170 .2836

(continued)

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IJMS 19 (2), 47–73 (2012)

(I) Product type (J) Product type Mean diff erence

(I-J)

Std. error

Sig. 95% Confi dence interval

Lower bound

Upper bound

Vacation

Education -.08151* .02054 .008 -.1532 -.0098

Insurance .17361* .02151 .000 .0985 .2488

Home (buy/rent) .17205* .01946 .000 .1041 .2400

Cars .25604* .01970 .000 .1872 .3249

Eating out

Education -.09864* .02115 .000 -.1725 -.0248

Insurance .15648* .02210 .000 .0793 .2337

Home (buy/rent) .15492* .02010 .000 .0847 .2251

Cars .23891* .02034 .000 .1678 .3100

Education

Bank accounts .09259* .02241 .004 .0143 .1709

Insurance .25511* .02392 .000 .1716 .3387

Home (buy/rent) .25356* .02209 .000 .1764 .3307

Cars .33754* .02231 .000 .2596 .4155

Entertainment

Insurance .21764* .02396 .000 .1339 .3013

Home (buy/rent) .21608* .02213 .000 .1388 .2934

Cars .30007* .02235 .000 .2220 .3781

Bank accounts

Insurance .16253* .02331 .000 .0811 .2440

Home (buy/rent) .16097* .02143 .000 .0861 .2358

Cars .24496* .02165 .000 .1693 .3206

Insurance Cars .08243* .02321 .040 .0013 .1635

Home (buy/rent) Cars .08399* .02132 .009 .0095 .1585

*the mean diff erence is signifi cant at the 0.05 level.

H2: Wife’s infl uence in family purchase decision making varies with her income.

Table 6 displays the mean values of the infl uence patt ern for each product/service based on the income level of the wife. ANOVA was used to test if the means of the products/services were diff erent based on the wife’s income level. The ANOVA result is shown in Table 7, and the post hoc analysis in Table 8.

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Table 6

Mean Values of Infl uence Patt ern for Products/Services Based on Wife’s Income Level

Products/Services Monthly income level (wife)

No income

Less than RM1k

RM1001-RM5000

RM5001-RM10000

RM10001-RM15000

More than RM20000

Furniture 1.97 2.05 2.07 2.08 2.31 2.25Electrical 1.80 1.87 1.86 1.98 2.15 2.33Computers 1.54* 1.71 1.64* 1.84 1.72 2.42**Groceries 2.35** 2.43** 2.42** 2.45** 2.51** 2.50**Children’s clothes 2.35** 2.45** 2.41** 2.45** 2.44** 2.42**Wife’s clothes 2.49** 2.54** 2.56** 2.63** 2.56** 2.33Husband’s clothes 1.85 1.85 1.81 1.73 1.72 1.25*Vacation 1.84 2.01 1.87 1.87 1.97 2.42**Eating out 1.81 1.88 1.87 1.94 1.92 2.17Education 1.86 2.03 2.00 2.06 2.15 2.58**Entertainment 1.89 1.98 1.91 1.98 2.00 2.17Bank account 1.73 1.93 1.94 1.96 1.97 2.42**Insurance 1.59* 1.77 1.76 1.77 1.91 2.50**Home 1.62* 1.76 1.72 1.84 1.95 2.08Cars 1.56* 1.66* 1.62* 1.74 1.87 2.25

* = husband’s decision, ** = wife’s decision.

Table 7

ANOVA Result Based on Wife’s Income Level

Sum of squares

df Mean square

F Sig.

FurnitureBetween groups 3.622 5 .724 3.598 .003Within groups 200.144 994 .201 Total 203.767 999

ElectricalsBetween groups 4.580 5 .916 3.780 .002Within groups 240.397 992 .242 Total 244.977 997

ComputersBetween groups 9.931 5 1.986 6.450 .000Within groups 294.413 956 .308 Total 304.344 961

(continued)

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IJMS 19 (2), 47–73 (2012)

Sum of squares

df Mean square

F Sig.

GroceriesBetween groups 1.880 5 .376 1.343 .244Within groups 277.688 992 .280 Total 279.568 997

Children’s clothes

Between groups 1.293 5 .259 1.063 .379Within groups 236.153 971 .243 Total 237.446 976

Wife’s clothesBetween groups 2.076 5 .415 1.704 .131Within groups 242.019 993 .244 Total 244.095 998

Husband’s clothes

Between groups 2.605 5 .521 1.555 .170Within groups 332.661 993 .335 Total 335.266 998

VacationBetween groups 3.250 5 .650 4.293 .001Within groups 148.374 980 .151 Total 151.624 985

Eating outBetween groups 2.028 5 .406 2.255 .047Within groups 178.027 990 .180 Total 180.055 995

EducationBetween groups 7.929 5 1.586 6.163 .000Within groups 254.225 988 .257 Total 262.155 993

EntertainmentBetween groups 1.404 5 .281 1.073 .374Within groups 254.728 973 .262 Total 256.132 978

Bank accountBetween groups 11.950 5 2.390 11.071 .000Within groups 205.939 954 .216 Total 217.888 959

InsuranceBetween groups 9.922 5 1.984 6.865 .000Within groups 278.934 965 .289 Total 288.856 970

HomeBetween groups 6.132 5 1.226 5.673 .000Within groups 213.817 989 .216 Total 219.949 994

CarsBetween groups 5.373 5 1.075 4.730 .000Within groups 225.153 991 .227 Total 230.526 996

* The mean diff erence is signifi cant at the 0.05 level.

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IJMS 19 (2), 47–73 (2012)

The data in Table 6 indicates that the infl uence of the wives tends to increase with income levels. Also noted are that few products tend to be wife-dominant at all income levels. Examples of these products are groceries and wife’s clothes.

The ANOVA result in Table 7 shows that in the purchases of 10 products/services, there is a signifi cant infl uence of income in determining wife’s infl uence. These products/services are: furniture (p < 0.003), electrical (p < 0.002), computers (p < 0.001), vacation (p = 0.001), eating out (p < 0.047), education (p < 0.001), bank account (p < 0.000), insurance (p < 0.001), homes (p < 0.001) and cars (p < 0.001). Post hoc analysis in Table 8 shows only the products/services for which there are signifi cant diff erences based on wife’s income level.

Table 8

Post Hoc Analysis Based the Income Level of the Wife

Dependent variable

(I) Monthly income (wife)

(J) Monthly income (wife)

Mean diff erence

(I-J)

Std. error

Sig. 95% Confi dence

intervalLower bound

Upper bound

Furniture No income RM1001-RM5000 -.10384* .03157 .013 -.1940 -.0137

Electrical No income RM5001-RM10000 -.17787* .05837 .029 -.3445 -.0112

ComputersNo income

RM5001-RM10000 -.30013* .06605 .000 -.4888 -.1115

More than RM20000 -.87389* .27895 .022 -1.6704 -.0773

RM1001-RM5000 RM5001-RM10000 -.20580* .06556 .022 -.3930 -.0186

VacationNo income

Less than RM1k -.16679* .04687 .005 -.3006 -.0330

More than RM20000 -.57552* .19556 .039 -1.1339 -.0171

Less than RM1k RM1001-RM5000 .14079* .04656 .031 .0078 .2737

Education No income

Less than RM1k -.17339* .06014 .046 -.3451 -.0017

RM1001-RM5000 -.13872* .03577 .002 -.2409 -.0366

RM5001-RM10000 -.20156* .06072 .012 -.3749 -.0282

Bank account No income

Less than RM1k -.20307* .05779 .006 -.3681 -.0380

RM1001-RM5000 -.21465* .03325 .000 -.3096 -.1197

RM5001-RM10000 -.23223* .05579 .000 -.3915 -.0729

More than RM20000 -.68811* .23354 .039 -1.3550 -.0212

(continued)

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IJMS 19 (2), 47–73 (2012)

Dependent variable

(I) Monthly income (wife)

(J) Monthly income (wife)

Mean diff erence

(I-J)

Std. error

Sig. 95% Confi dence

interval

Lower bound

Upper bound

Insurance No incomeRM1001-RM5000 -.17038* .03832 .000 -.2798 -.0610

More than RM20000 -.91012* .27022 .010 -1.6817 -.1385

Home No incomeRM1001-RM5000 -.10316* .03279 .021 -.1968 -.0095

RM5001-RM10000 -.22252* .05514 .001 -.3800 -.0651

Cars No incomeRM5001-RM10000 -.18603* .05652 .013 -.3474 -.0247

More than RM20000 -.69274* .23955 .045 -1.3767 -.0088

* The mean diff erence is signifi cant at the 0.05 level.

For the purchase of furniture, even though it is a joint decision at all income levels of the wives, higher earning wives were relatively more infl uential as is hypothesized. Wives in the RM10,000 to RM15,000 inome bracket are relatively the most infl uential in terms of furniture-purchasing decisions. The post hoc analysis in Table 8 shows that for furniture, there were signifi cant diff erences between the no income and the RM1000 to RM5000 income groups.

The fi ndings also revealed that wives with higher earning power were relatively more infl uential and the purchase decision for electrical is a joint decision regardless of the income level of the wife. In the post hoc analysis for electrical appliance, only no income and RM5,000 to RM10,000 groups had signifi cant diff erences as shown in Table 8.

For the purchase of computers, it was the husband’s decision for the no income and the RM 1001-RM5,000 groups but the wife’s decision for those earning above RM20,000. It was a joint decision for the rest of the income groups. The post hoc analysis in Table 8 shows that there are signifi cant diff erences between the no income group and the RM1,000-RM5,000 group and between the no income group and the above RM20,000 group.

With respect to vacation, the fi nding shows that it was a joint decision up to the RM15,000 group but was the wife’s decision for those earning above RM20,000. The less than the RM1,000 income group was not only signifi cantly diff erent from the RM1,000 to RM5,000 group

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IJMS 19 (2), 47–73 (2012)

according to the post hoc analysis in Table 8 but was also relatively more infl uential. Otherwise higher income wives had relatively more infl uence. The post hoc analysis also shows that there were signifi cant diff erences between the no income group and the less than RM1,000 and the more than RM20,000 groups.

As for the purchase of education, the fi nding shows that wives earning more than RM20,000 had autonomous buying decisions otherwise it was a joint decision. The infl uence patt ern indicated an upward trend that followed the income earning levels of the wives, with a slight deviation for the less than RM1,000 group which seemed to have more infl uence than the RM1,000 to RM5,000 groups even though it was not signifi cant according to the post hoc analysis in Table 8. The post hoc also shows that there were signifi cant diff erences between the no income group and the less than RM1,000, RM1,000 to RM5,000 and RM5,000 to RM10,000 groups.

The trend in the fi nding indicates that the infl uence of the wife increases with respect to her earning power. For those earning more than RM20,000 the purchase decision for bank account was theirs, otherwise it has a joint decision for all the other income levels. The post hoc analysis in Table 8 also shows that there were signifi cant diff erences between the no income group and the less than RM1,000, the RM1,000 to RM5,000, the RM5,000 to RM10,000, and the more than RM20,000 groups.

For the purchase of insurance, the fi nding shows that for the no income group, it was the husband’s decision and for the more than RM20,000 group, it was the wife’s decision; it was a joint decision for all the other income level groups. The trend also shows that the wife’s infl uence increased according to her income earning level. The post hoc analysis in Table 8 also shows that there were signifi cant diff erences between the no income group and the RM1,000 to RM5,000, and the more than RM20,000 groups.

As for the purchase of homes, it was the husband’s decision for the no income group but a joint decision for all the other income groups. The wife’s infl uence increased with earning power except for the less than RM1,000 income level group, which seemed to have relatively more infl uence than the RM1,000 to RM5,000 income group, even though it was not signifi cant according to the post hoc analysis in Table 8. The post hoc analysis also shows that there were signifi cant diff erences

63

IJMS 19 (2), 47–73 (2012)

between the no income group and the RM1,000 to RM5,000 and the RM5,000, to RM10,000 groups.

With respect to the purchase decisions for cars, the fi nding shows that it was the husband’s decision up to the RM5,000 income level but it was a joint decision for the rest of the income levels. Here again, the fi nding shows the wife’s infl uence increased with earning power except for the less than RM1,000 income level group, which seemed to have relatively more infl uence than the RM1,000 to RM5,000 income group, even though it was not signifi cant according to the post hoc analysis in Table 8. The post hoc analysis also shows that there were signifi cant diff erences between the no income group and the RM5,000 to RM10,000 and the more than RM20,000 groups.

H2: Wives’ infl uence in family purchase decision-making varies with wives’ occupation.

The same procedure used for the income level of the wife was used to test for diff erences based on the occupation of the wife. The mean values of the infuence patt erns of wives for the products/services based on the wives’ occupations are shown in Table 9. The ANOVA result based on the occupation of the wife is shown in Table 10 and the post hoc analysis in Table 11.

An examination of Table 9 reveals that there was no defi nite patt ern of wives’ infl uence based on the occupation of the wife. The mean values in Table 9 show that the purchase decision was husband- dominant in the following scenarios: when the wife was a student for electrical (M = 1.57), computers (M = 1.56), vacation (M = 1.67), bank account (M = 1.56), eating out (M = 1.57), insurance (M = 1.33), homes (M = 1.33) and cars (M = 1.29); when she was a housewife for computers (M = 1.53), insurance (M = 1.61), homes (M = 1.64) and cars (M = 1.56); when she is retired for insurance (M = 1.59) and cars (M = 1.49); when she was in management for computers (M = 1.64), and cars (M = 1.63); when she was clerical (M = 1.66) and in entrepreneurship (M = 1.67) for cars. In the case of professional, entrepreneur, housewife and other occupations, it was the wives’ decision to buy groceries, children’s and wife’s clothes. It was also the wives’ decision in the following cases: buying the wife’s clothes when she was in management, clerical or retired; buying children’s clothes when she was retired or a student; buying groceries when she was in clerical occupation. In all other cases, it was basically a joint decision for each product/service.

64

IJMS 19 (2), 47–73 (2012) Ta

ble

9

Mea

n In

fuen

ce P

att e

rn B

ased

on

the O

ccup

atio

n of

the W

ife

Prod

ucts

/Ser

vice

sW

ife’s

occ

upat

ion

M

anag

emen

tPr

ofes

sion

alC

leri

cal

Entr

epre

neur

Retir

edH

ouse

wife

Stud

ent

Oth

ers

Furn

iture

2.01

2.03

2.12

2.18

2.11

1.98

2.00

2.14

Elec

tric

al1.

831.

911.

871.

911.

971.

821.

57*

1.85

Com

pute

rs1.

64*

1.73

1.71

1.70

1.90

1.53

*1.

56*

1.71

Gro

ceri

es2.

302.

42**

2.40

**2.

52**

2.27

2.39

**2.

332.

49**

Chi

ldre

n’s

clot

hes

2.31

2.42

**2.

322.

56**

2.48

**2.

40**

2.38

**2.

43**

Wife

’s c

loth

es2.

53**

2.60

**2.

51**

2.62

**2.

54**

2.53

**2.

332.

53**

Hus

band

’s c

loth

es1.

841.

791.

791.

811.

841.

832.

241.

76

Vaca

tion

1.83

1.83

1.95

1.94

1.81

1.86

1.67

*1.

94

Eatin

g ou

t1.

811.

901.

921.

991.

841.

821.

57*

1.84

Educ

atio

n1.

952.

061.

971.

991.

711.

911.

862.

06

Ente

rtai

nmen

t1.

831.

911.

911.

992.

021.

931.

711.

95

Bank

acc

ount

1.94

1.94

1.96

1.94

1.95

1.75

1.56

*1.

95

Insu

ranc

e1.

731.

801.

771.

781.

59*

1.61

*1.

33*

1.83

Hom

e1.

721.

771.

731.

691.

921.

64*

1.33

*1.

81

Car

s1.

63*

1.70

1.66

*1.

67*

1.49

*1.

56*

1.29

*1.

70

* = h

usba

nd’s

dec

isio

n, *

= w

ife’s

dec

isio

n.

65

IJMS 19 (2), 47–73 (2012)

The ANOVA result in Table 10 shows that there were signifi cant diff erences for furniture (p < 0.001), computers (p < 0.001), vacation (p < 0.034), eating out (p < 0.009), education (p < 0.013), bank account (p < 0.001), insurance (p < 0.000), home (p < 0.002) and cars (p < 0.008). The subsequent post hoc analysis is given in Table 11. The post hoc result in Table 11 indicates that for furniture, clerical and entrepreneur wives had signifi cant diff erences with housewives; for bank account, management, professional and clerical wives had signifi cant diff erenecs with housewives; for insurance, professional and clerical wives had signifi cant diff erences with housewives; and for computers, professional and clerical wives had signifi cant diff erences with housewives.

Table 10

ANOVA Result Based on Wife’s Occupation

Sum of squares

df Mean square

F Sig.

FurnitureBetween groups 4.864 7 .695 3.463 .001Within groups 198.815 991 .201 Total 203.679 998

ElectricalsBetween groups 1.938 7 .277 1.127 .344Within groups 243.016 989 .246 Total 244.954 996

ComputersBetween groups 8.921 7 1.274 4.113 .000Within groups 295.286 953 .310 Total 304.207 960

GroceriesBetween groups 3.089 7 .441 1.581 .137Within groups 276.118 989 .279 Total 279.207 996

Children’s clothesBetween groups 3.326 7 .475 1.965 .057Within groups 234.045 968 .242 Total 237.371 975

Wife’s clothesBetween groups 1.214 7 .173 .707 .666Within groups 242.668 990 .245 Total 243.881 997

Husband’s clothesBetween groups 1.844 7 .263 .784 .601Within groups 332.754 990 .336 Total 334.598 997

(continued)

66

IJMS 19 (2), 47–73 (2012)

Sum of squares

df Mean square

F Sig.

VacationBetween groups 2.329 7 .333 2.181 .034Within groups 149.083 977 .153 Total 151.412 984

Eating outBetween groups 3.379 7 .483 2.697 .009Within groups 176.655 987 .179 Total 180.034 994

EducationBetween groups 4.682 7 .669 2.564 .013Within groups 256.965 985 .261 Total 261.647 992

EntertainmentBetween groups 1.812 7 .259 .987 .439Within groups 254.313 970 .262 Total 256.125 977

Bank accountBetween groups 9.977 7 1.425 6.527 .000Within groups 207.688 951 .218 Total 217.666 958

InsuranceBetween groups 8.639 7 1.234 4.243 .000Within groups 279.815 962 .291 Total 288.454 969

HomeBetween groups 4.970 7 .710 3.258 .002Within groups 214.890 986 .218 Total 219.860 993

CarsBetween groups 4.379 7 .626 2.734 .008Within groups 226.000 988 .229 Total 230.379 995

* The mean diff erence is signifi cant at the 0.05 level.

Table 11

Post Hoc Analysis Based on Wife’s Occupation

Dependent variable

(I) Occupation

(wife)

(J) Occupation

(wife)

Mean diff erence

(I-J)

Std. error

Sig. 95% Confi dence Interval

Lower bound

Upper bound

FurnitureClerical Housewife .14643* .04183 .011 .0194 .2735

Entrepreneur Housewife .20073* .06518 .044 .0028 .3987

Bank account

Management Housewife .19404* .04900 .002 .0452 .3429Professional Housewife .19017* .04762 .002 .0455 .3348

Clerical Housewife .21593* .04439 .000 .0811 .3508

(continued)

67

IJMS 19 (2), 47–73 (2012)

Dependent variable

(I) Occupation

(wife)

(J) Occupation

(wife)

Mean diff erence

(I-J)

Std. error

Sig. 95% Confi dence Interval

Lower bound

Upper bound

InsuranceProfessional Housewife .19578* .05481 .009 .0293 .3623

Clerical Housewife .16266* .05133 .034 .0067 .3186

Computers HousewifeProfessional -.20532* .05656 .007 -.3771 -.0335

Clerical -.18110* .05277 .014 -.3414 -.0208

* The mean diff erence is signifi cant at the 0.05 level.

H4: Wives’ infl uence in family purchase decision-making varies with wives’ education.

The mean values of the infl uence patt ern based on the education level of the wife are shown in Table 12, ANOVA in Table 13 and the post hoc analysis in Table 14.

Table 12

Mean Infuence Patt ern Based on the Wives’ Education Level

Products/Services Wife’s education level STPM or

equivalentDiploma or equivalent

Others SPM or equivalent

Bachelor degree or equivalent

Masters or PhD

Furniture 2.08 2.05 2.04 2.01 2.04 2.13

Electrical 1.91 1.81 1.86 1.84 1.88 1.96

Computers 1.59* 1.61* 1.66* 1.66* 1.84 1.64*

Groceries 2.31 2.34** 2.37** 2.42** 2.46** 2.48**

Children’s clothes 2.26 2.35** 2.39** 2.40** 2.48** 2.50**

Wife’s clothes 2.44** 2.50** 2.44** 2.56** 2.63** 2.64**

Husband’s clothes 1.80 1.84 1.66 1.85 1.75 2.00

Vacation 1.85 1.85 1.89 1.91 1.83 1.90

Eating out 1.86 1.86 1.73 1.86 1.86 2.01

Education 1.81 1.89 1.80 1.99 2.06 2.18

Entertainment 1.79 1.87 1.87 1.97 1.93 2.06

Bank account 1.86 1.86 1.79 1.84 1.94 1.93

Insurance 1.61 1.70 1.65 1.69 1.77 1.79

Home 1.76 1.66 1.70 1.68 1.73 1.90

Cars 1.64 1.59 1.52 1.61 1.66 1.81

*= husband’s decision, **= wife’s decision.

68

IJMS 19 (2), 47–73 (2012)

The mean values in Table 12 show that it was mostly a joint decision for buying most of the products/services for the diff erent education levels of the wife. Purchase decision for wife’s clothes is the wife’s decision for all education levels. Similarly, purchase decisions for groceries and children’s clothes were the wife’s decision for all education levels except for the STPM or equivalent group where it became a joint decision. Buying decisions for computers and cars were the husband’s except for wives with PhD or Masters where it was a joint decision. In addition, it was the husband’s decision in the following scenarios: buying homes in the case of wives with diplomas or equivalent; buying insurance in the case of wives with STPM or equivalent and other qualifi cations; buying husband’s clothes in the case of wives with other qualifi cations. The values in Table 12 also show that wives with PhD or Masters were relatively more infl uential for all the products/services except for computers and bank account where wives with Bachelor or equivalent degrees were more infl uential. Generally, wives with STPM or equivalent qualifi cations were relatively the least infl uential.

The ANOVA results in Table 13 indicate that there were signifi cant diff erences in the infl uence patt ern based on the education level of the wives for the following products/services: children’s clothes (p < 0.010), wife’s clothes (p < 0.007), husband’s clothes (p < 0.029), education (p < 0.001) and entertainment (p < 0.009).

Table 13

ANOVA Analysis Based on the Education Level of the Wives

Sum of squares df Mean square F Sig.Furniture Between groups .843 5 .169 .824 .532

Within groups 202.250 989 .204 Total 203.093 994

Electricals Between groups 1.235 5 .247 1.002 .415Within groups 243.396 987 .247 Total 244.631 992

Computers Between groups 2.530 5 .506 1.596 .158Within groups 301.535 951 .317 Total 304.065 956

Groceries Between groups 2.466 5 .493 1.762 .118Within groups 276.259 987 .280 Total 278.724 992

(continued)

69

IJMS 19 (2), 47–73 (2012)

Sum of squares df Mean square F Sig.Children’s clothes

Between groups 3.684 5 .737 3.052 .010Within groups 233.220 966 .241 Total 236.904 971

Wife’s clothes Between groups 3.865 5 .773 3.192 .007Within groups 239.301 988 .242 Total 243.166 993

Husband’s clothes

Between groups 4.178 5 .836 2.500 .029Within groups 330.307 988 .334 Total 334.486 993

Vacation Between groups 1.125 5 .225 1.461 .200Within groups 150.143 975 .154 Total 151.268 980

Eating out Between groups 1.818 5 .364 2.011 .075Within groups 178.088 985 .181 Total 179.906 990

Education Between groups 8.320 5 1.664 6.477 .000Within groups 252.530 983 .257 Total 260.850 988

Entertainment Between groups 4.022 5 .804 3.110 .009Within groups 250.348 968 .259 Total 254.370 973

Bank account Between groups 1.847 5 .369 1.624 .151Within groups 215.908 949 .228 Total 217.755 954

Insurance Between groups 2.118 5 .424 1.420 .214Within groups 286.374 960 .298 Total 288.492 965

Home Between groups 2.175 5 .435 1.969 .081Within groups 217.412 984 .221 Total 219.587 989

Cars Between groups 2.176 5 .435 1.885 .094Within groups 227.593 986 .231 Total 229.769 991

* The mean diff erence is signifi cant at the 0.05 level.

The general fi nding shows that the infl uence patt ern of wives increased with their education level. Purchasing decision for children’s clothes was a joint decision for wives with STPM or equivalent qualifi cations but it was the wife’s decision for all the other educational qualifi cations of the wives. The post hoc analysis in Table 14 indicates that STPM or equivalent holders had signifi cant diff erences with bachelor degree or its equivalent holders.

70

IJMS 19 (2), 47–73 (2012) Ta

ble

14

Post

Hoc

Ana

lysis

Bas

ed o

n th

e Edu

catio

n Le

vel o

f the

Wife

Dep

ende

nt v

aria

ble

(I) E

duca

tion

leve

l (w

ife)

(J) E

duca

tion

leve

l (w

ife)

Mea

n diff e

renc

e (I-

J)

Std.

er

ror

Sig.

95%

Con

fi den

ce in

terv

al

Low

er

boun

dU

pper

bo

und

Chi

ldre

n’s

clot

hes

STPM

or e

quiv

alen

tBa

chel

or d

egre

e or

equ

ival

ent

-.221

33*

.063

57.0

07-.4

028

-.039

8

Wife

’s c

loth

esST

PM o

r equ

ival

ent

Bach

elor

deg

ree

or e

quiv

alen

t-.1

8497

*.0

6222

.036

-.362

6-.0

073

Educ

atio

nST

PM o

r equ

ival

ent

SPM

or e

quiv

alen

t-.1

7776

*.0

5716

.024

-.341

0-.0

145

Bach

elor

deg

ree

or e

quiv

alen

t-.2

4943

*.0

6443

.002

-.433

4-.0

655

Mas

ters

or P

hD-.3

6678

*.1

0589

.007

-.669

1-.0

644

Dip

lom

a or

equ

ival

ent

Bach

elor

deg

ree

or e

quiv

alen

t-.1

7101

*.0

5232

.014

-.320

4-.0

216

Mas

ters

or P

hD-.2

8835

*.0

9899

.042

-.571

0-.0

057

Oth

ers

Bach

elor

deg

ree

or e

quiv

alen

t-.2

5651

*.0

7267

.006

-.464

0-.0

490

Mas

ters

or P

hD-.3

7386

*.1

1109

.010

-.691

1-.0

567

Ente

rtai

nmen

tSP

M o

r equ

ival

ent

STPM

or e

quiv

alen

t.1

8309

*.0

5724

.018

.019

7.3

465

* The

mea

n diff e

renc

e is

sig

nifi c

ant a

t the

0.0

5 le

vel.

71

IJMS 19 (2), 47–73 (2012)

With regards to buying decisions for the wife’s clothes, the fi nding indicates that it is the wife’s decision at all levels of the wife’s educational qualifi cations. Wives with masters or PhD’s are relatively more infl uential whilst those with STPM or equivalent and other qualifi cations were the least infl uential. The post hoc analysis in Table 14 shows that there were signifi cant diff erences between wives with STPM or equivalent and wives with bachelor degrees or their equivalent qualifi cations.

As for the purchase of husband’s clothes, it was found to be mostly a joint decision except for wives with other qualifi cations where it was the husband’s decision. Here again wives with PhD or Masters degrees had the most infl uence. The post hoc analysis did not reveal any signifi cant diff erences among the education levels of the wife.

The purchase decision for education was a joint decision across all educational qualifi cations of the wife. Masters or PhD holders were relatively more infl uential whilst STPM or its equivalent and other qualifi cation holders had the least infl uence with respect to purchase decisions for education. The post hoc result in Table 14 shows that wives with STPM or equivalent qualifi cations had signifi cant diff erences with SPM or its equivalent, bachelor or its equivalent and Masters or PhD holders. Similarly wives with diploma or equivalent qualifi cations had signifi cant diff erences with bachelor or its equivalent and Masters or PhD holders. Also wives with other qualifi cations had signifi cant diff erences with bachelor or its equivalent and Masters or PhD holders.

The fi nding indicates that for all levels of the wife’s education, the entertainment buying decision was a joint one. Again, wives with STPM or equivalent qualifi cations were relatively the least infl uential whilst Masters and PhD holders were the most infl uential in terms buying decisions for entertainment. The post analysis shows that there were diff erences between SPM or its equivalent holders and STPM or its equivalent holders.

Discussions and Conclusions

The study aims to investigate family purchase decision-making in urban Malaysia and the factors aff ecting the decision-making process. Besides analysing the decision-making process, wife’s resources (income, occupation and education) were investigated to determine their eff ects on family-purchase decisions.

72

IJMS 19 (2), 47–73 (2012)

The fi ndings of this study revealed that the majority of products/services purchased for the family is a joint decision. For those very specifi c items such as computers, groceries and clothing, the fi ndings indicated that they were bought jointly by the husbands and wives. It is interesting to note that the wife’s infl uence generally decreased in the outcome stage, i.e., when products were actually purchased. The husband’s bigger infl uence at this stage may be an actual manifestation of power in the family. This power is actually fi nancial in nature, and would happen in a majority of the households where husbands earned more income. The fi ndings revealed that wife’s resources do positively aff ect her infl uence in purchase decision-making as it was shown that wives with higher income and education and bett er positions in their occupations had more power in their family purchase decision-making. These fi ndings help to shed some light for marketing practitioners in developing their marketing strategies for products used by the family. Marketers should take into consideration that many purchases for family consumption are done jointly. Thus, the target market should be identifi ed with caution, as both husbands and wives are involved in the decision-making process. It is also noted from the fi ndings that role structure is product specifi c and varies with the stages of the decision-making process. Even though the husbands have the ultimate purchase infl uence, the wives contribute in the earlier stage of the decision-making process.

Marketers should also take into consideration the changes in family values brought about by economic and social developments. Wives with more resources are relatively more exposed in the market, are open-minded, and consequently, take active roles in purchase decisions, especially those high-involvement products.

The fi ndings in this study should be interpreted with caution as this study has several limitations. The sample of wives was taken from an urban sett ing, and may not be refl ective of Malaysia in general. Also, the responses were taken only from the wife’s perceptions. In the future, studies should also include the husband’s perspectives to be less biased. Other psychographic variables and values can also be studied to complement the fi ndings based on demographic variables. The study should also include more parts of Malaysia, and include the non-urban sett ings. Qualitative studies should also be conducted to examine the issues in family purchase decision-making from diff erent

73

IJMS 19 (2), 47–73 (2012)

perspectives. In conclusion, this study has found husbands, who hold the ‘fi nancial’ power in the family, to be powerful in the purchases (outcome) made by the family. The infl uence of wives was found to vary by products and services, as well as their personal resources.

References

Hawkins, D. B., & Coney, K. A. (2004). Consumer behaviour: Building marketing strategy (9th edn.). Boston: McGraw Hill.

Samsinar, M. S., & Mary, A. (1996). Wives’ involvement and the eff ects of sex role orientation in family decision-making. Proceedings of Multicultural Marketing Conference, Virginia, USA, 102–106.

Samsinar, M. S., Wong, F. Y., Dahlia, Z., Ruhana, B., & Zalfa Laili H. (2004). The eff ects of spousal resources on family purchase decision-making in Malaysia: A replication. Malaysian Journal of Consumer and Family Economics, 7, 131–138.

Samsinar M. S., & Rao, C. P. (2005). Family decision-making processes. Journal of Marketing and Communication, 1, 76–87.

Schiff man, L. G., & Kanuk, L. L. (2010). Consumer behaviour. Upper Saddle River, New Jersey, USA: Pearson Education.

Xia, Y., Ahmed, Z. U., Hwa, N. K., Tan, W. L., & Teo, W. (2006). Spousal infl uence in Singaporean family purchase decision-making process: A cross-cultural comparison. Asia pacifi c Journal of Marketing and Logistics, 18, 201–222.

75

IJMS 19 (2), 75–102 (2012)

ANALYSIS OF ZAKAT MANAGEMENT IN BRUNEI DARUSSALAM

MOHAMED SHARIF BASHIRNURUL NABILAH HAJI ALI

Faculty of Business and Management SciencesSultan Sharif Ali Islamic

University, Brunei Darussalam

Abstract

The main objective of this paper is to analyze the management of zakat funds in Brunei Darussalam. More specifi cally, it aims at investigating how zakat funds recipients perceive the quality of the current zakat management with special att ention to the aspect of zakat funds disbursement. It also aims to examine how effi cient Brunei’s zakat administration is, particularly the distribution aspect. This paper is explanatory and descriptive in nature and uses both secondary and primary data to examine the trends of zakat collection and distribution. The fi ndings in this paper show that zakat management in Brunei Darussalam is progressing to achieve the main objectives of zakat system. The paper also provides some useful policy implications to improve the management of zakat funds and how policy-makers can respond to the challenges positively as well as to develop and support zakat institutions in Brunei Darussalam to be more effi cient and reliable in the collection and distribution of zakat funds.

Keyword: Zakat management, Islamic fi nance, zakat recipients, Brunei Darussalam.

Introduction

Zakat is one of the fi ve pillars of Islam, having important socioeconomic implications, and has to be administered by the state. Zakat is a yearly premium on all forms of accumulated productive wealth as well as a variety of agricultural products, calculated at various rates according to the nature of the wealth or product to be paid to the needy individuals of the Muslim community for their rehabilitation. The Islamic renaissance in the present world has led to its institutionalized administration in some Muslim countries, such as Brunei, Malaysia, Sudan, Saudi Arabia, and Kuwait (Kahf, 1997; Sadeq, 1994).

76

IJMS 19 (2), 75–102 (2012)

Zakat is an obligatory religious duty on Muslims to achieve divinely prescribed socioeconomic objectives. It is a self-help measure adopted with full religious backing to support those poor and destitute who are unable to help themselves to alleviate misery and poverty in Muslim society (Chapra, 1992). Muslims in diff erent countries, realizing the pivotal role of the zakat system, embarked on ways to resuscitate the zakat institution. Two systems of zakat management commonly exist in the Muslim world: compulsory and voluntary systems. Compulsory zakat system is mostly managed by governments, while voluntary zakat system has multiple models. The common models are the neighborhood or committ ee-based model, nongovernmental organization-based model, semi-government-based model, and government-based model (Abioye, 2008).

The management of zakat in Brunei Darussalam is governed by the Islamic Religious Council of Brunei Darussalam (MUIB) under the Ministry of Religious Aff airs (MORA). MUIB is given the authority by the laws of Brunei to collect and distribute the zakat funds1. This role conforms to Islamic law in obligating the state to exercise zakat as a vital instrument to fulfi ll basic needs in Muslim society as well as an instrument of fi scal policy. MUIB has provided social security for the poor and the needy in society throughout the last two decades (Abdullah, 2010a).

Brunei Darussalam is a small and oil-rich country. It is located on the northern coast of Borneo Island, surrounded by the two eastern provinces of Malaysia and the South China Sea on the north. Brunei’s population is approaching 400,000. Around 70% of the population is Muslim. Brunei is a constitutional sultanate, and the sultan wields broad powers under a state of emergency that has been in eff ect since 1962. It runs under the political philosophy of the Malay Islamic Monarchy. Brunei’s economy is heavily reliant upon exporting crude oil and natural gas. Revenues from these sectors account for half of GDP, around 90% of exports, and 80% of government revenue. Therefore, Brunei is the fourth-largest oil producer in Southeast Asia, averaging about 175,000 barrels a day. It also is the ninth-largest exporter of liquefi ed natural gas in the world. Much of the country’s wealth is controlled by the strong central government. The Brunei Investment Authority General Reserve Fund has an estimated USD30 billion in assets (Oxford Business Group, 2011).

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Regulations and the Act of Zakat in Brunei

Several steps have been implemented to improve the management of zakat in Brunei Darussalam since the establishment of Baitul Mal as a governmental unit responsible for zakat collection and distribution. However, after 1st November 1999, the name of Baitul Mal was changed to the Department of Zakat Collection and Distribution (DZCD) with approval from a monthly ministerial meeting (MBK – 9/1999, held on 19th October 1999). The department is divided into many sections, one of them called the Section of Collection and Distribution. This section is divided into fi ve units: a unit of administration and distribution of zakat, unit of collection, unit of application/investigation/observation, unit of secretariat meeting, and unit of housing.

Offi ces of the zakat collection and distribution department operate in all four districts of Brunei. In addition, the department is responsible for the overall activities of the collection and distribution of zakat funds and is also accountable not only in the matt er of zakat but some other tasks such as registration for Mualaf and activities of Baitul Mal and Waqaf (Islamic Religious Council of Brunei, 2010).

The main objectives of the zakat system can be explained as follows:

(1) It is an act of purifying of one’s soul, enabling one to come closer to Allah (SWT). As an act to protect the poor and needy from any fi nancial and material problems, it benefi ts not only the poor but also the rich because their assistance will be rewarded by Allah (SWT) in the hereafter for their act of obedience to Allah (SWT).

(2) It plays an important role in the progress of the spiritual aspect, the economy, and technology in society.

(3) Zakat functions as a means of eradicating poverty in society, and it also simultaneously motivates individuals in becoming responsible and caring people. It ensures ideal and sustainable social security for the poor, needy, old, disabled, and other unfortunate individuals in society.

(4) The Islamic institution of zakat creates creative individuals who are non-materialistic, self-suffi cient, and always grateful for the bounties of Allah (SWT).

The main objective of this paper is to analyze zakat management in Brunei Darussalam and how zakat recipients perceive the quality of the current zakat management, especially in relation to disbursement.

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It also examines zakat disbursement’s eff ects on the recipients’ social and fi nancial status. This paper may shed some light on the possible responses that address the main issues, including the distribution and investment of zakat funds.

The rest of the paper is organized as follows. Section 2 provides a brief perspective on fundamentals of zakat in Islam, while section 3 describes the data and method. Section 4 presents results and discussion. Section 5 off ers some policy implications followed by a conclusion in section 6.

Fundamentals of Zakat in Islam

Main Objective of the Zakat System

In the early Islamic period, the institution of zakat was strong, and the poor and the needy were helped through this institution. The Holy Prophet (PBUH) had predicted that there would be such an abundance of wealth in the Muslim community that the class of persons who deserve zakat and charity would be entirely eliminated. This prediction came true. The Muslims had so much wealth that there was none to deserve zakat. However, this happened at a time when Muslims had an honest government, a just ruler, and the right system. Unlike other economic systems, from its inception, Islam had to fi nd a reliable solution to all sorts of social problems, including poverty and social injustice. To achieve this objective, Islam’s main emphasis is to guarantee the steady provision of basic human needs (food, shelter, clothing, and other prerequisites) at levels that seem to be suffi cient to preserve human dignity, achieving the objectives of socioeconomic development on the basis that poverty and hunger are the key to atheism (al-Hashimi, 2007; Awad, 1998).

Based on need and time factors, Islam diff erentiates between two types of needy groups: the poor, Fakir, and the destitute, Miskin. The former is defi ned as any person who, using his own resources, cannot maintain himself at the suffi ciency level for a period of one year. The latt er refers to those who are unable to secure their needs (in terms of food) for one day. Such a diff erence yields a very wide range of people who could be classifi ed as poor. Both types are entitled to zakat.

Poverty in Islam is not a matt er of the inability to satisfy basic needs for human survival at a point in time, as some scholars allege; rather, it

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is a matt er of the inability to satisfy these needs through a sustainable process for a long period of time, almost a year. Thus, sustainability in meeting basic human needs is a key element and point of departure to distinguish the poor from the non-poor (Abdullah, 2010a). Islam views poverty as a social problem that must be eradicated. This is clearly envisioned in almost all of the Qur’an verses related to poverty and the poor (Al-Qaradawi, 1997; Sahl, 1997). From the Islamic perspective, assisting the poor is not considered solely charity; rather, it is an act of justice. This is because the poor are entitled to a share of the rich’s wealth by virtue of being co-owners of the natural resources from which their wealth is derived. The Qur’an cited that severe chastisement will be infl icted on those rich who do not help the poor and worse will be the fate of those rich who acquire money from the helpless, the poor, and the orphaned through illegal means. Thus, zakat has been imposed on wealth and income as a legitimate right of the poor to the wealth of the rich (Chaudry, 1999). In this respect, the Islamic economic system neither negates the legitimacy of acquiring wealth as communism does, nor seeks to help the poor through the organization of mutual support schemes as socialism does. It merely retrieves for the poor their appropriate share of the wealth acquired by the rich. Transfers from the rich to the poor could be conceived as a mechanism by which poverty can be eradicated and a minimum standard of living can be att ained by every member of society. Islam att ributes the prevalence of poverty to man’s deviation from divine religion and to corruption in the economic system. This view contrasts with that of capitalism, where both poverty and wealth are regarded as a direct product of human eff orts, so the poor are responsible for the creation of their own poverty (Hassan, 2010; Sadeq, 1994; Zayas, 2003).

Addressing the Poverty Problem

Furthermore, from the Islamic economic perspective, the consequences are many, and a few can be cited as follows:

(1) Poverty has a direct consequence on human faith in God where wealth and resources tend to be concentrated in a few hands while the many suff er from deprivation. Unless wealth and resources are equally distributed among people, poverty will lead eventually to atheism. Thus, deviation from divine religion originates from poverty that results from the misdistribution of wealth and resources.

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(2) Poverty also has a direct eff ect on human ethics and behavior, tending to force those who fall into deprivation and destitution to engage in unlawful behavior such as robbery. Deprivation may also lead to suspicion of ethical and religious values.

(3) Poverty may endanger human thought. In other words, the poor, who are unable to meet their basic needs, cannot think well.

(4) Poverty may have a direct impact on family structure, persistence, and cohesion. Within the family structure, poverty can be regarded as a main obstacle in a marriage. Poverty may also lead to the destruction of family ties, e.g., through divorce.

(5) Poverty may endanger the social fabric and social security and stability.

The spread of poverty in Muslim nations will threaten their unity, integrity, freedom, and sovereignty because the poor and destitute will have no enthusiasm to defend their country if wealth and resources are not distributed equally among all the citizens. To correct this situation and to narrow the growing income gap between the rich and the poor, zakat has been used as an ideal eradication mechanism. This objective could be achieved by redistributing income in favor of the poor as well as by utilizing it in the employment of idle manpower through either lending or direct investment. The poor and destitute are the fi rst two of the eight categories designated in Islam as eligible for zakat funds (Hassan, 2010).

There are eight categories or groups of benefi ciaries who qualify to receive zakat. In other words, zakat can be distributed only to people in any of the eight eligible categories indicated in the Qur’an. These eight types of eligible benefi ciaries comprise what are known as Asnaf, which are ranked according to their eligibility as follows: the poor, the destitute, zakat collectors or those employed to administer the funds, the appeased (non-Muslim inclined to enter or has already converted to Islam), slaves (captives), debtors, those in the cause of God, and the wayfarers or travelers who are stranded in a foreign land (Surat at-Tawbah: Chapter 9; Verse 60). The fi rst two categories are the needy, while the remaining six are not necessarily poor but are still entitled to zakat. The distribution of zakat funds should be based on the needs of all the groups. In some cases, the transfer of allocated zakat funds from one category to another can be allowed according to priorities and the degree of vulnerability. This refl ects the fl exibility of the zakat system regarding its predetermined Asnaf. Zakat cannot be regarded as a distribution mechanism alone, as some scholars argue;

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it also has an income-generating and, hence, a development rationale. This is mainly the economic wisdom behind the zakat: to prohibit and thus mobilize hoarding, leading in turn to more investment and further income generation and development. The poor are given not only what satisfi es their basic needs but also capital to produce and earn income (Kahf, 1990; Sahl, 1997).

The obligatory nature of annual zakat payments and the aforementioned defi nition of the poor are of particular economic signifi cance as follows:

(1) It means that the poor are entitled to be given a certain proportion of aggregate income and wealth every year.

(2) This proportion is assumed to be suffi cient to meet the poor’s requirements for a year.

(3) Under investment opportunities, if the poor are enlightened as to how to invest their zakat proceeds, they may in the following year no longer be in poverty.

(4) It follows from the third that, if a poor person invests successfully, he may turn into a zakat payer rather than a recipient.

(5) Being a zakat payer means a reduction in the number of the poor by some proportion, opening opportunity for new poor people to participate in the process.

The poverty-alleviation eff ects of zakat are reinforced in an Islamic economy by a number of poverty-preventing measures. Chief among these measures is that all natural resources are deemed collectively owned by all members of the communities that control and utilize them; the prohibition of monopolies and restrictive practices is another eff ective poverty-preventing measure through which poverty is combated in an Islamic economy. Being the chief instrument through which the rich exploited the poor, usury was regarded as a chief economic evil that was prohibited and replaced by a host of fi nancial arrangements that benefi t both the funder and the funded. These include Musharakah (profi t- and loss-sharing); Murabahah (forward sale) or Ijar-Tamlik, (renting of goods); and Gard Hassan (forward purchase or free loans) (Billah, 2007).

Islam specifi es the state’s responsibility and commitment toward its nationals, including vulnerable groups such as the poor, widows, the disabled, the aged, etc. Every needy person has the right to ask the state to provide him with food, shelter, clothing, etc. However, the

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level at which these items are to be provided is suffi ciency rather than subsistence, which is emphasized by most prevailing measures of poverty. The modern approach to the zakat institution is a signifi cant economic and social instrument for poverty alleviation and the stability of the Muslim world (Hassan, 2010; Sahl, 1997).

Methodology and Data Sources

This paper is explanatory and descriptive in nature and uses both secondary and primary data to examine the trends of zakat collection and distribution. The research has obtained primary data on zakat through survey questionnaires distributed to zakat recipients based on a sample size of 50. With this small sample size, the present paper can still contribute signifi cantly to the existing zakat studies, at least at an exploratory level. Non-probability convenience sampling has been used to collect data from zakat fund recipients in Bandar Seri Begawan, the capital city of Brunei Darussalam. The questionnaire forms were distributed in May 2011. The purpose of the questionnaire is to look at the perspective of the zakat recipients. The questionnaire consists of fi ve sets of questions, including the respondents’ demographic characteristics, view on the early stage of applying for zakat, view after receiving zakat funds, view on the Empowerment Zakat Recipients Program (EZRP), and view on the objective of zakat distribution. A fi ve-point Likert scale ranging from “strongly agree” to “strongly disagree” was used to measure 10 items of the respondents’ feedback after receiving zakat funds. A reliability test was performed and showed that Cronbach’s alpha was 0.80, which indicates a suffi cient level of reliability. The secondary data was obtained from MUIB statistics on zakat collection and distribution from 2001 to 2009.

All fi gures in this paper are in current Brunei Darussalam dollar (BND$) including data on zakat funds2. The sources of zakat funds as practiced in Brunei are divided into two types: Zakat Fitrah and Zakat on wealth. The detailed information for each is as follows:

(a) Zakat Fitrah Zakat Fitrah is also known as zakat on the person, zakat of

Ramadan, or Zakat Fitrah. Zakat Fitrah was obliged in the second year of the Islamic Calendar (Hijrah), the same year that fasting in Ramadan was made obligatory. Zakat Fitrah is prescribed as a means of purifi cation for the person who fasts, redressing wrong deeds and undesirable words utt ered during fasting. It also serves as aid to the needy.

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(b) Zakat on Wealth There are six types zakat for wealth: zakat for income and salary,

zakat for business, zakat for savings, zakat for stocks, zakat for gold and silver, which includes currencies and bank-notes, and zakat for agriculture and poultry (Islamic Religious Council of Brunei, 2010).

Results and Discussion

Respondents’ Demographic Characteristics and Views

As shown in Table 1, the highest percentage for gender is female, accounting for 74% of the respondents, while males accounted for 26%. In regard to age, the highest age group is 40-49 years old, accounting for 30% of the respondents, followed by those between the age of 30 and 39 and those who are over 50 years old with a percentage of 26%, while the age group of 20-29 years accounted for 18%. The majority of the respondents’ age is between 30 and 49 years old. Almost all of the respondents are from the Malay ethnic group, accounting for 92%, followed by Chinese at 6%, and others (the Iban ethnic group) at 2%. This indicates that the respondents are dominated by Malay. The highest percentage for education level have a secondary school education at 54%, followed by those with no education, including those with an education level at primary 3 and below accounting for 36% and those with a primary education level at 10%. In regard to employment, the highest percentage, 74% of the respondents, are unemployed, followed by those who work in the private sector at 18%. The remaining 8% work in the government sector. This indicates the highest percentage of respondents is unemployed. A majority of the respondents are married (54%), followed by 26% who are divorced, while the remaining 20% are widowed. Hence, the results show that the highest percentage of the respondents is married.

In regard to family size, the highest percentage of respondents has three to fi ve dependents (50%), followed by those with one to two dependents (32%). Around 10% of the respondents have six to seven dependents, and 8% have more than seven dependents. This shows that the majority of the respondents have between one and fi ve children.

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Table 1

Respondents’ Demographic Characteristics

Characteristics Frequency Percentage (%)

Gender Male 13 26

Female 37 74Age 20-29 9 18

30-39 13 26

40-49 15 30

50 > 13 26Race Malay 46 92

Chinese 3 6

Other 1 2Education Primary 5 10

Secondary 27 54

No education 18 36Employment Government 4 8

Private 9 18

Unemployed 37 74Marital Status Married 27 54

Divorced 13 26

Widowed 10 20Family Size 1-2 16 32

3-5 25 50

6-7 5 10

>7 4 8

In regard to the respondents’ view on the application process, as shown in Table 2, in six categories (Asnaf) of those are eligible to receive zakat, the highest percentage is from Fakir and Miskin (78%), followed by Gharimin (14%). The remaining are from Muallaf (8%). These results indicate that the highest frequency occurs for Fakir and Miskin. A majority of the respondents, 52%, said that it took about four to 12 months for their application to be answered, followed by 36% who indicated more than a year, and the remaining 12% said it took about one to three months. This indicated that a majority of the respondents waited about four months or more for their applications to be accepted.

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Table 2

Respondents’ View on the Application Process

Frequency Percentage (%)

Zakat categories

Fakir/Miskin 39 78

Muallaf 4 8

Gharimin 7 14

Duration of response

1-3months 6 12

4-12months 26 52

> 1 year 18 36

In regard to the type of assistance received by the respondents, basic needs accounted for 36% of the recipients, followed by education at 24%, emergency at 20%, Gharimin at 12%, and the remaining 8% from Muallaf. This indicates that the highest frequency occurs for spending on basic needs such as food, clothing, housing needs, showing the importance of zakat in meeting these needs. As shown in Table 3, around 46% of the recipients said that their monthly expenses are between BND$300 and BND$499, followed by 30% of the respondents who said that their monthly expenses are from BND$500 to BND$1000. The remaining 24% of the respondents spend BND$100 to BND$299 for monthly expenses. These results show that the majority of the respondents are spending about BND$300 to BND$499 monthly. A majority of the recipients, 66%, responded that the zakat funds they receive are enough to meet their monthly expenditures. However, 34% of the recipients said that the zakat funds received are insuffi cient to cover their expenses. This illustrates that the highest percentage of respondents agree that the zakat funds are suffi cient to cover their monthly expenses. Around 34% of the respondents confi rmed that the zakat funds are insuffi cient to cover their monthly expenses. A majority of the respondents (82%) said that they need around BND$300 to BND$800 to pay their monthly expenses. The remaining 18% of the respondents need around BND$1000. These results confi rm that the amount of funding needed is not less than BND$500 to cover the recipients’ monthly expenses.

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Table 3

Respondents’ View after Receiving Zakat Funds

Frequency Percentage (%)Types of funds received

Education 12 24Emergency 10 20Muallaf 4 8Gharimin 6 12Basic needs 18 36

Monthly expenses (BND$)100-299 12 24300-499 23 46500-1000 15 30

Zakat suffi ciencyYes 33 66No 17 34

Needed expenses (BND$)300 5 10400 6 12500 16 32600 8 16800 6 121000 9 18

Table 4 shows that, due to lack of awareness of the Empowerment Zakat Recipients Program (EZRP), the absolute majority did not join this program and obviously had not heard about it. Only around 6% of the respondents joined EZRP, while the majority of the respondents joined the program within one year.

Table 4

Respondents’ View on Empowerment Zakat Recipients Program

Frequency Percentage (%)Recipients that joined EZRP

Yes 3 6No 47 94

Period of time < 1 Year 3 6Not Joining 47 94

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In regard to the respondents’ feedback after receiving zakat funds, as shown in Table 5, 64% of the respondents agreed that the process of applying for zakat is short and simple, 12% of the 50 respondents disagreed, 10% strongly agreed, 8% strongly disagreed, and 6% said that they neither agreed nor disagreed. This shows that the majority of the respondents agreed that the process of applying for zakat is short and simple. Table 5 also shows that the highest percentage, 44%, agreed that zakat funds help to improve their children’s education level. The second-highest percentage, 30%, strongly agreed, the third-highest percentage, 16%, disagreed, and 10% neither agreed nor disagreed. These results show that the majority of the respondents agreed that zakat helps to improve their children’s education level. 68% agreed that zakat funds help them to acquire their basic necessities, 22% agreed, 6% neither agreed nor disagreed, and the remaining 4% said that they disagreed that zakat funds help them to meet their basic needs. They said that nothing has improved since they began receiving help from zakat funds.

Around 66% of the respondents strongly agreed and 14% of them agreed that zakat funds assist them in paying their debts, whereas 14% said it does not help them to pay their debts, and 6% said that they neither agreed nor disagreed. Table 5 shows that the highest percentage of the respondents agreed that zakat funds help them to pay their debts. 60% agreed and 24% strongly agreed that their standard of living improved after they received zakat funds. On the other hand, 10% disagreed, and 6% neither agreed nor disagreed. This shows that the highest percentage of respondents agreed that zakat funds help to improve their standard of living. The results show that the highest percentage, 36% of the respondents, agreed that zakat funds contribute money to build their homes. The second-highest percentage of the respondents, 30%, disagreed, followed by 20% who neither agreed nor disagreed, and 4% represented those who strongly disagreed. This proves that the majority of the respondents agreed that the zakat funds contribute money to build their homes.

Virtually 62% of the respondents agreed and 20% strongly agreed that zakat funds help to ease their burden. On the other hand, 8% neither agreed nor disagreed, 6% disagreed, and 4% strongly disagreed. This indicates that the majority of the respondents agreed that zakat funds help to ease their burden. Nearly 72% of the respondents agreed and 16% strongly agreed that their income increased after receiving zakat funds. However, 10% disagreed, and 2% neither agreed nor disagreed. This indicates that the majority of the respondents agreed

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that their income increased after receiving zakat funds. Almost 72% of the respondents agreed and 16% strongly agreed that their income increased after receiving zakat funds. However, 10% of the respondents disagreed, and 2% neither agreed nor disagreed.

Nearly 76% of the respondents agreed and 18% strongly agreed that life became easier with the help of zakat. On the other hand, 4% disagreed, and 6% neither agreed nor disagreed. This indicates that the majority of the respondents agreed that life became easier with the help of zakat. About 32% of the respondents disagreed that zakat funds help to pay for their family members’ medical expenses, 28% agreed, 22% neither agreed nor disagreed, and the remaining 18% said that they strongly agreed that zakat funds help to pay for their family members’ medical expenses. This shows that the majority of the respondents disagreed that zakat funds help to pay for medical expenses. The reason is that the recipients usually go to government hospitals or clinics if they do not feel well, and the cost is only one dollar, so it does not matt er whether zakat helps or not because they still manage to pay for medical expenses.

Table 5

Respondents’ Feedback after Receiving Zakat Fund (%)

Statements SA A NT DA SDAApplication process for zakat fund is short and simple 10 64 6 12 8It helps to improve children education 30 44 0 10 16It helps to meet basic needs 11 34 3 2 0It helps to pay debts 7 33 3 7 0It helps to improve standard of living 12 30 3 5 0It helps to build a house 10 36 20 30 4It helps to ease burden 5 18 10 15 2Income increased after receiving zakat 8 36 1 5 0Life became easier 9 38 1 2 0It helps to pay medical expenses 9 14 11 16 0

Note. SA=Strongly agree, A=Agree, NT= Not decided, DA=Disagree, and SDA=Strongly disagree.

Analysis of Zakat Collection and Distribution

As shown in Table 6, the number of zakat payers of wealth increased drastically in 2002 to 3,454 persons compared to 2001, when only 956

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persons paid. The number decreased gradually in 2003 and 2004. However, in 2005, there was a drastic increase due to the participation of the depositors of the Islamic fi nancial institutions in the country, Taib Amanah Fund (TAIB) and Bank Islam Brunei Darussalam (BIBD). The changes in the administrative structure caused the zakat payment for 2006 and 2007 to be postponed until 2008 both for the banks’ zakat and the depositors’ zakat, resulting in a sharp drop in the number of payers and the amount collected. The decrease in zakat collection also has a connection to the economic downturn, which has aff ected the profi ts of businesses. The lower the businesses’ profi t is, the less zakat will be paid to zakat collectors.

Table 6

Total Amount of Zakat and Number of Payers

Year Total collection (BND$)

Number of payers Payment per Payer (BND$)

2001 9,849,351 956 10,3022002 13,804,900 3,454 3,9972003 10,869,270 3,454 3,1472004 11,173,064 4,112 2,7172005 14,751,913 4,569 3,2292006 11,096,859 4,667 2,3782007 11,292,007 5,004 2,2572008 11,820,873 5,160 2,2912009 19,918,345 4,122 4,832

Source. Islamic Religious Council of Brunei (2010).

On the other hand, for zakat payers on Zakat Fitrah, there is no problem. Since people are aware of the importance of paying Zakat Fitrah, a majority of zakat payers will pay Zakat Fitrah during the fasting month (Ramadan). As shown in Table 7, the number of zakat Fitrah payers increased gradually from 2001 to 2009.

Table 7

Total Amount of Zakat Fitrah, 2001–2009

Year Total collection (BND$) Number of payers2001 692,011 251,4212002 789,453 255,855

(continued)

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Year Total collection (BND$) Number of payers2003 1,407,145* 260,2052004 765,400 276,1162005 780,790 281,5042006 805,575 289,9292007 813,170 292,3742008 831,531 299,0032009 843,137 302,981

Note.* The amount doubled due to zakat collection of two fasting months happened in this year.Source. Islamic Religious Council of Brunei (2010).

Eligible Categories to Receive Zakat Funds in Brunei

There are six Asnaf or categories of people who are eligible to receive zakat funds in Brunei Darussalam3. These categories are as follows:

(1) The poor: The poor are unable to earn a living, their source of income is from non-Halal activities, they do not have wealth, or they have some but it is not enough, and they do not have an income or not enough to support their dependents (Rahman, 2003).

(2) The needy: The needy are those who have only a litt le income or wealth that can cover only half or more but not all of the family members’ basic needs. They also include those who are able to work and their sources of income are not from permissible or Halal activities, or they have wealth and income, but it is not enough to support their dependent (Rani, 2008).

(3) Amil: The Amil are those who are appointed to collect zakat on behalf of MUIB.

(4) Muallaf: The Mualaf are people who have converted to Islam. MUIB has defi ned three criteria for those who are eligible to receive zakat fund under this category as follows: fi rst, the receiver should have converted to Islam within the previous 10 years and not performed Hajj. Second, a new applicant who wants to convert to Islam should be justifi ed fi rst by a Shari’ah lawyer, and the applicant must join an introductory course on Islam organized by an authorized body. Third, new converts who want to perform Hajj must have fulfi lled all the requirements, not performed Hajj, and passed an interview (Pusat Da’wah Islamiah, 1999; Baki, 2007).

(5) Gharimin: The Gharimin group is normally those who have gone into debt on building projects for the public such as the construction of mosques or schools, and recently, MUIB has considered including those who are in debt for basic necessities such as the purchase of government houses.

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(6) Ibn al-Sabil: These are people who are travelling for purposes that are not against Shari’ah and in need of help due to not having enough money available at a given time.

The Process of Applying for Zakat

First, to apply for zakat, the applicants must fi rst get a form from the Section of Zakat Collection and Distribution. Then, after the applicants fi ll out the form, they must present the form to the head of the village to get it stamped. The head of the village will write a statement to verify whether or not the applicants are eligible for zakat funds. After that, the recipients will give the forms to the Section of Zakat Collection and Distribution. Next, an application/investigation/observation unit will gather and organize the forms into three categories: new, renewal, and appeal applications. After that, the staff will investigate the applicants to see whether they are really eligible to receive zakat funds or not. After the investigation, the staff will write a report about the applicants they have visited. Next, the staff will type the reports nicely and present them to the Ahli Jawatankuasa Meneliti (Committ ee of Analyzing). If this committ ee confi rms that the applicants are eligible, they will send the forms and the reports to Jawatankuasa Mengeluarkan Zakat (Committ ee of Zakat Distribution) for meetings and confi rmation. According to MUIB practices, one case will take about 40 days. However, sometimes, due to a lack of evidence and information in a report, the Ahli Jawatankuasa Meneliti (Committ ee of Investigation) will have to ask the staff to go for a second visit, which will cause a case to take about three months to complete (Abdullah, 2010b).

Before 2009, all applications were handled case by case. Each case was put into a fi le for further action. As a result, the management in previous years was quite slow and ineffi cient. However, after 2009, the management changed the way they handled cases. They put the cases into diff erent groups as shown in Tables 10, 11, 12 and 13. The groups are allocated by timeframe. These groups are divided into two categories: Fakir and Miskin. The funds to be distributed vary between these two groups. There were four groups from October 2009 to September 2010.

Distinction between Fakir and Miskin

In Brunei, the average monthly expenses per person total BND$253. Thus, referring to MUIB guidelines, the total monthly expenses for Bruneian family, on average, is BND$1518. In this case, the father’s

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(head of family) designated monthly income is BND$1,000. However, if the head of a family’s monthly income is just BND$400, this family would fall under the needy group because his wealth can cover only 50% or less than half of the designated family head’s monthly income. If the family falls into the Fakir category, the head of the family will receive BND$10,000, and the dependents will receive BND$5,000 each. If the family is considered poor (Miskin), this Asnaf would be put in category B, Miskin; the head of the family would receive BND$2,000 and the dependents would receive BND$5,000 each (Islamic Religious Council of Brunei, 2010; Abdullah, 2010b) 4.

Table 8

Number of Zakat Recipients in the Fakir and Miskin Categories, 2001-2009

Year 2001 2002 2003 2004 2005 2006 2007 2008 2009Total 3,543 3,631 3,347 13,298 19,420 16,751 16,210 16,450 16,378Change (%) 2.5 -7.8 297.3 46.0 -13.7 -3.2 1.5 -0.4

Source. Islamic Religious Council of Brunei (2010).

Table 8 shows the number of zakat recipients in the Fakir and Miskin categories from 2001 to 2009. The number in these categories increased drastically from 3,543 persons in 2001 to 13,298 persons in 2004. The increase of almost 12,000 persons was due to some adjustments in the government policy for distributing the zakat funds. That is, the head of the family and all dependents were counted as eligible to receive zakat. In the previous years, the zakat for Fakir and Miskin was given only to the head of the family.

In 2009, there was a 0.4% decrease in the number of recipients of Fakir and Miskin compared to the previous year (Table 8). However, the share of Zakat Fakir and Miskin increased tremendously from 67.9% (2008) to 93.4% (2009) (Table 9). This shows that the amount of zakat increased is clearly not due to the number of zakat recipients.

According to MUIB guidelines before 2009, the amount distributed to Fakir and Miskin was as follows: Miskin families received amounts of BND$200 for the head of the family, BND$100 for the wife, BND$65 per family member for food, and BND$60 per person for the children’s school expenses. For Fakir, the head of family received BND$1,300 and the dependent family members BND$380 each. In 2009, there were changes in the distribution of zakat to the Asnaf Fakir and Miskin

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as agreed to by the Committ ee of Zakat Distribution during the 7th Islamic Religious Council meeting held on 25th August 2009. Due to the limited amount of money in the pool of zakat funds, the zakat distribution committ ees held another meeting on 18th February 2010 about the new zakat distribution.

Table 9

Share of Zakat Recipient by Category (%)

Year Amil Fakir & Miskin Muallaf Ibn al-Sabil Gharimin Total2001 5.2 67.9 25.1 0.0 1.8 100.02009 0.1 93.4 2.9 0.0 3.6 100.0

Source. Islamic Religious Council of Brunei (2010).

Table 10

Zakat Distribution to Recipients of Fakir and Miskin for Group 1

Group 1(Fakir)

Group 1(Miskin)

Oct. 2009 –Sep. 2014(5 years)

Head of family will receive BND$20,000; dependents will receive BND$10,000 each for a period of 5 years or 60 months.

Oct. 2009 –Sep. 2010(1 year)

Head of family will receive BND$3,000; dependents will receive BND$2,000 each for a period of 1 year (12 months).

Source: Islamic Religious Council of Brunei (2010).

Table 11

Zakat Distribution to Recipients of Fakir and Miskin for Group 2

Group 2(Fakir)

Group 2(Miskin)

May 2010 –April 2015(5years)

Head of family will receive BND$20,000; dependents will receive BND$10,000 each for a period of 5 years or 60 months.

May 2010 –April 2011(1 year)

Head of family will receive BND$3,000; dependents will receive BND$2,000 each for a period of 1 year (12 months).

Source. Brunei Islamic Religious Council (2010).

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Table 12

Zakat Distribution to Recipients of Fakir and Miskin for Group 3

Group 3 (Fakir)

Group 3 (Miskin)

May 2010 –Oct. 2012(2.5 years)

Head of family will receive BND$10,000; dependents will receive BND$5,000 each for a period of 2.5 years (30 months).

May 2010 –April 2011(1 year)

Head of family will receive BND$2,000; dependents will receive BND$1,200 each for a period of 1 year (12 months).

Source. Islamic Religious Council of Brunei (2010).

Table 13

Zakat Distribution to Recipients of Fakir and Miskin for Group 4

Group 4 (Fakir)

Group 4 (Miskin)

Sep. 2010 –Feb. 2013(2.5 years)

Head of family will receive BND$10,000; dependents will receive BND$5,000 each for a period of 2.5 years (30 months).

May 2010 –Aug. 2011(1 year)

Head of family will receive BND$2,000; dependents will receive BND$1,200 each for a period of 1 year (12 months).

Source. Islamic Religious Council of Brunei, 2010).

Diffi culties and Problems

The present investigation identifi ed some diffi culties and problems faced by the Department of Zakat Collection and Distribution (DZCD) that involve the process of receiving the applications, investigating the applicants, and making the necessary recommendations for submission to the higher committ ee for their approval and subsequent disbursement of the zakat funds. The problems are:

(1) The diffi culties in processing the applications, as the staff members of DZCD are multi-tasking, doing several jobs at a time.

(2) A huge number of applications, which has resulted in the accumulation of more than 1,000 applications since 2006.

(3) DZCD offi cers are not assigned to specifi c areas, causing a lack of a sense of responsibility among the staff to make sure that their clients are progressing.

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In February 2009, a new initiative was introduced to speed up the application process. The tasks given to the staff members were reduced so that they can be more focused. However, the same procedures still applied. The chief offi cer of DZCD said that, although they were speeding up the process, the number of new applications received was higher than the actual number of applicants being visited by MUIB offi cers.

Moreover, MUIB is now fully equipped with a computerized zakat collection system. The system will allow direct communication between Amil (including banks) and MUIB’s district offi ces with the main offi ce. Using only the applicants’ identity card number, the staff can fi nd the information in the system. The use of the computerized zakat collection system will enable the involvement of a wider range of the community and is expected to be more secure and to provide an improved monitoring mechanism. It was very important to speed up the processing time and to organize the many application forms into three categories: new, renewal, and appeal. In addition, this has made them more effi cient now in terms of the distribution and receipt of zakat applications.

The accumulated zakat funds are saved in the Islamic Bank of Brunei Darussalam. From 1956 until December 2007, the accumulated zakat funds in the bank totaled about $262 million. His Majesty the Sultan of Brunei Darussalam raised concern over the state of zakat aff airs in the country during the MUIB annual meeting in January 2009. He referred to the 2004 amount of accumulated zakat funds, which stood at BND$240 million (Brunei Times, January 2009). In response to this, MUIB took the step of disbursing about BND$100 million of the zakat funds by distributing it to more than 4,000 recipients in October 2009 and declaring them free from poverty (Azaraimy, 2009).

The Empowerment Zakat Recipients Program (EZRP) was launched on 5th November 2007. The program is a joint eff ort by the Islamic Religious Council of the Ministry of Religious Aff airs and the Youth Development Centre. The objective of the program is to provide training for the poor and needy to get skills and have the opportunity to get jobs at government offi ces or start their own businesses. They will be assisted to start a business and to get capital from the zakat funds. Divided into two sessions, the participants att end class-based lessons for three months before undergoing practical training at government departments and companies (Islamic Religious Council of Brunei, 2010).

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The participants should be from the poor and needy Asnaf groups and must be willing to develop and improve their standard of living. The training is a three-month program plus six months of work att achment. The participants are off ered skills in using computers and offi ce administration, baking cakes and pastries, cooking and catering, salon and hairdressing, car repair and welding, and basic sewing and embroidery. The facilities provided are transportation, an allowance for stationery, uniforms, training equipment, a refreshment allowance, and a pocket money allowance. About BND$2 million has been allocated for this program to cover a fi ve-year period from 2008 through 2012 (Islamic Religious Council of Brunei, 2010).

The responses from the participants were not encouraging, as only 18 participants registered out of 102 candidates who were approached to join the program. It is important to note that this program is separate from the capital assistance scheme handled by MUIB (Abdullah, 2010a).

Based on this discussion, the objectives of the zakat institution in Brunei can be reorganized and restructured as follows:

(1) In addition to the collection and disbursement of zakat, the zakat institution intends to formulate a database of zakat rituals and to reinforce the spirit of cooperation among the zakat payers and recipients;

(2) The government has to carry out the function of the collection of zakat from both individuals and fi rms;

(3) The recruiting of qualifi ed zakat collectors should involve a training program in technical and legal skills;

(4) Financial and technical assistance should be provided in terms of productive family projects and production means to uplift the poor; and

(5) Information should be provided and research conducted for the establishment of a database.

The collection and disbursement of zakat from payers to its entitled Asnaf is carried out throughout the year. The disbursement process of zakat to its entitled benefi ciaries is based entirely upon the function of collecting zakat itself. However, this situation entails the restructuring of the zakat institution as an Islamic entity to pursue the eradication of poverty and realize equity and social solidarity. The main function of the zakat institution is to distribute zakat to the entitled groups mentioned in the Qur’an in terms of money or productive activities.

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The philosophy behind providing productive projects is to enhance work habits as encouraged by Islam, which, in turn, reduces the number of recipients and eventually increases the number of zakat payers.

Policy Implications Zakat administration in Brunei is naturally facing some problems in terms of the assessment and collection of zakat. Some policy implications can be presented as follows:

(1) In regard to Brunei law, the penalty for not paying zakat has not been enforced. The possible reasons are as follows: (a) There is no proper database of zakat payers, so it is

impossible for the MUIB to track Muslims who fail to pay zakat.

(b) The zakat offi ce is small and able to carry out only daily administrative duties.

(c) The zakat administration is not authorized to carry out investigations, such as checking the accounts and confi dential fi nancial details of zakat payers.

(d) Consequently, the only thing that the offi cers can do given that no law has been enforced against those who have refused to pay zakat is by generating more awareness among the general public regarding their responsibility as members of the Islamic community to pay their zakat.

(2) Some Muslims, instead of paying zakat to MUIB, would rather pay zakat through unoffi cial or informal channels. A number of possible factors may be involved in this practice: (a) Payers prefer to pay zakat to their close relatives or

neighbors who are known to be eligible to receive zakat funds.

(b) There is a lack of publicity and information on the types of zakat that should be paid.

(c) Payers have a negative perception of the zakat administration’s management of zakat funds. They believe that the zakat administration does not effi ciently distribute the zakat funds. To overcome these problems, the zakat administration should educate people and allow other parties to be involved such as universities and the media.

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(3) Modern sources of income should be covered and subjected to zakat eff ectively. To enhance effi ciency and reliability in the calculation and distribution of zakat funds, a proper mechanism has to be adopted. Also, such measures have to be implemented to ensure that all those who are eligible to pay zakat are willing to pay and doing so accurately and that the funds reach those who truly deserve it.

(4) There is room for improvement in terms of zakat administration and organization in Brunei. The computerized system has yet to be stabilized so that the use of the database will be more effi cient and reliable. Much data is yet to be entered into the system.

Conclusion

Zakat is an important institution in the economic system of Islam, which is one of the fi ve pillars on which the Islamic code of life is founded. Zakat is an obligation of Muslims to give a specifi c amount of their wealth according to certain conditions and requirements to specifi c categories of benefi ciaries mentioned in Islamic sources. The concept of zakat in Islam refl ects a strong concern with social justice and well-being (Kahf, 1997).

Zakat practice in Brunei varies from that of other Muslim countries in terms of coverage, distribution, and method of collection. In coverage, the zakat administration should cover all types of Zakat al-Mal, which includes all kinds of zakatable wealth including tradable items and fi nancial and monetary assets (Abdullah, 2010b). The institution of zakat in Brunei should have some positive economic implications. Therefore, it is considered an obligatory poverty eradication program that provides a compulsory social security system in society.

The fi ndings prove that zakat management in Brunei is progressing to achieve the objectives of zakat system: providing social security for the poor and the needy in society, developing balanced economic growth, and committ ing an act of spiritual purity and development. A majority of the zakat recipients’ lives become easier in terms of bett er living and bett er education, and the most important thing is that they can acquire their basic necessities including food, shelter, clothes, medicine, and education, which are meant to maintain life and, hence, fulfi ll the objective of zakat as a whole.

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Contemporary zakat administration in Brunei must move forward to confi rm that the compulsory implementation of zakat through rules and laws is eff ective and effi cient in reducing inequality in the distribution of income and wealth. Besides its basic religious value, zakat has a social aspect that aims at freeing the community from the blight of poverty. It also has an economic aspect that is aimed to drive the collected funds into circulation. This, in turn, helps to relieve the community of most of its charitable burdens. By its very nature and purpose, the institution of zakat is the most powerful means of translating the Islamic principle of human brotherhood into a living reality. It is for this very reason that the institution of zakat lays special stress on rehabilitation, on promptly restoring the impoverished individual to a condition of self-suffi ciency, thereby enabling him to once more take his place as a productive member of the social group, actively contributing to its prosperity.

This paper outlines the fi ndings from the interview with the offi cers and from analyzing and examining the questionnaires. The fi ndings from both the interview and questionnaires have answered the research questions about the zakat administration in Brunei Darussalam; collection and distribution; and zakat recipients’ perception of zakat in their lives.

Based on the analysis fi ndings; the present paper can conclude and identify the following regarding the zakat distribution in Brunei Darussalam: (1) The Unit of Zakat Collection and Distribution gives priority to

zakat distribution to the Asnaf Fakir and Miskin (2) There was a decrease in the amount for Amil in 2006 to 2009. It

is questionable why this happened since this Amil deserves to get the same share of zakat as the other Asnaf.

(3) The Empowerment Zakat Recipients Program (EZRP) aims to provide training for the poor and needy to get skills and have the opportunity to get jobs. The response from the participants was not encouraging, as only 18 participants registered out of the 102 candidates who were approached to join this programme. It is important to observe that this program is handled separately from the capital assistance scheme. In addition, only three respondents said that they had joined the programme. It is a clear indication that there is a lack of awareness among the public about this program.

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Future research should use a large sample to enhance the validity of the current fi ndings. Using a diff erent approach may contribute to bett er understanding of the management of zakat funds and improving the contemporary practices of zakat institution.

End Notes

1 See the Laws of Brunei, 1/1984, Religious Council and Kadi Courts, Chapter 77, Section 114.

2 US$1.00 =BND$1.22 (as of 1st October 2012).3 There are another two categories; Riqab: To free slaves and

those who are oppressed and Fi Sabilillah: Fighters in the cause of Allah (SWT). As stated by the Mufti’s fatwa (reference number: 14 MKB 3/1969, dated on 1st September 1970), these two categories do not exist in Brunei Darussalam. Nevertheless, a special committ ee has been formed under the Ministry of Islamic Religious Aff airs in 2005 to review the position of the two categories.

4 There is no extreme poverty in Brunei, but to some extent the problem is with relative poverty. Some services such as primary health care and education are provided free by the government. Welfare support is also given to several types of citizens.

References

Abdullah, R. (2010a). Zakat fund as source of capital for poor and needy in Brunei Darussalam. The 1st International Conference on Islamic Finance (ICIF 2010). 1st-2nd March 2010. Rizqun Hotel, Bandar Seri Begawan, Brunei Darussalam: UNISSA.

Abdullah, R. (2010b). Zakat management in Brunei Darussalam: A case study. The 7th International Conference- The Tawhidi Epistemology: Zakat and Waqaf Economy. 6-7 January 2010. Bangi, Selangor, Malaysia: Institute of Islam Hadhari, UKM.

Abioye, M. O. (2008). Accountability for zakat disbursement: An exploratory study of empowerment schemes in zakat institutions (Unpublished doctoral dissertation). International Islamic University Malaysia, Bangi, Malaysia.

al-Hashimi, M. A. (2007). The ideal Muslim society as defi ned in the Qur’an and Sunnah. Jeddah, Saudi Arabia: International Islamic Publishing House.

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Al-Qaradawi, Y. (1997). Fiqh az-zakah (24th ed.). Beirut, Lebanon: Mu`assasat al-Risalah.

Awad, M. H. (1998). Poverty eradication in Islamic and other economic systems. Khartoum, Sudan: UNDP.

Azaraimy, H. H. (2009). Sultan queries zakat distribution’s balance. Borneo Bulletin. Retrieved from: htt p://www.bruneionline.com

Bakar, M. A., & Ghani, A. A. (2011). Towards achieving the quality of life in the management of zakat distribution to the rightful recipients (The poor and needy). International Journal of Business and Social Science, 2(4), 237–245.

Baki, H. M. (2007). Panduan mengira zakat. Negara Brunei Darussalam: Pusat Da’wah Islamiah Publisher, Kementerian Hal Ehwal Ugama.

Billah, M. M. (2007). Applied Islamic law of trade and fi nance: A selection of contemporary issues. Selangor, Malaysia: Sweet & Maxwell Asia Publisher.

Chapra, M. U. (1992). Islam and the economic challenge. Leicester, UK: The Islamic Foundation.

Chaudhry, M. S. (1999). Fundamentals of Islamic economic system. Lahore, Pakistan: Burhan Education and Welfare Trust.

Hassan, M. K. (2010). An integrated poverty alleviation model combining zakat, awqaf and micro-fi nance. The 7th International Conference – The Tawhidi Epistemology: Zakat and Waqaf Economy. Bang, Malaysia: UKM Press. Retrieved from htt p://www.ukm.my/hadhari/sites/default/fi les/prosiding/p14.pdf

Islamic Religious Council of Brunei. (2010). Pengelolaan zakat di Negara Brunei Darussalam. Negara Brunei Darussalam: Islamic Religious Council of Brunei, Kementerian Hal Ehwal Ugama.

Kahf, M. (1990). Fiqh of zakah: The principle of socio-economic justice in the contemporary. Jeddah, Saudi Arabia: Islamic Research and Training Institute, IBD.

Kahf, M. (Ed.). (1997). Economics of Zakah: Book of reading. Jeddah, Saudi Arabia: Islamic Research and Training Institute, IBD.

Oxford Business Group. (2011). Brunei Darussalam Report 2011. London, UK: Oxford Business Group.

Pusat Da’wah Islamiah. (1999). Zakat: Meningkatkan kesentosaan dan perpaduan Masyarakat Negara Brunei Darussalam: Bandar Seri Begawan, Brunei Darussalam: Pusat Da’wah Islamiah Publisher, Kementerian Hal Ehwal Ugama.

Rahman, M. (2003). Zakat collection primarily based on fi qh uz zakat. Leicester, UK: The Islamic Foundation.

Rani, A. N. (2008). Isu–isu ekonomi: Teori analisis dari perspective ekonomi Islam. Negara Brunei Darussalam: Dewan Bahasa dan Pustaka.

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Sadeq, A. A. (1994). A survey of the institution of zakah: Issues, theories and administration. Jeddah, Saudi Arabia: Islamic Development Bank and Islamic Research and Training Institute, IRTI.

Sahl, I. M. (1997). Poverty from an Islamic perspective. Seminar on Poverty: Towards an Agenda for Research. Kuala Lumpur, Malaysia: UIAM Press.

Zayas, F. G. (2003). The law and institution of zakat. A. Z. Abbasi (Ed.). Kuala Lumpur, Malaysia: The Other Press.

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PENGURUSAN PEMBANGUNAN HARTA WAKAF: PENGALAMAN MAJLIS AGAMA

ISLAM NEGERI PULAU PINANG (MAINPP) TERHADAP WAKAF SEETEE AISHAH

WAQF PROPERTY DEVELOPMENT MANAGEMENT: THE EXPERIENCE OF ISLAMIC

RELIGIOUS COUNCIL OF PULAU PINANG (MAINPP) IN MANAGING THE WAQF LAND OF

SEETEE AISHAH

HYDZULKIFLI HASHIM Islamic Business School

Universiti Utara Malaysia

ASMAK AB. RAHMANFaculty of Syariah & Economics

Universiti Malaya

Abstrak

Terdapat beberapa kaedah yang boleh dipraktikkan untuk memproduktifk an aset wakaf. Hal ini termasuk aktiviti seperti, menyewakan aset wakaf kepada pihak yang berkepentingan dan melakukan aktiviti ekonomi dalam pelbagai bidang seperti bidang pertanian dan penternakan. Sekiranya kesemua kaedah tersebut tidak sesuai dipraktikkan, nazir hendaklah mencari alternatif lain agar tanah tersebut dapat diproduktifk an. Pemegang amanah wakaf juga seharusnya peka terhadap potensi sesebuah tanah wakaf yang berada di bawah jagaannya agar dapat dioptimunkan penggunaannya. Oleh itu, pelaburan hartanah merupakan salah satu alternatif yang boleh dilakukan untuk tujuan membangunkan tanah wakaf. Pelaburan hartanah terhadap harta wakaf dapat dibuat dengan cara pembinaan bangunan secara komersil seperti pasar raya, tempat penginapan (hotel) dan juga taman perumahan. Dengan ini penciptaan aset wakaf baru akan terhasil setelah tanah wakaf tersebut dibangunkan. Penyelidikan ini dilakukan untuk mengkaji kaedah pembangunan secara komersil yang telah dilakukan oleh Majlis Agama Islam Negeri Pulau Pinang (MAINPP) terhadap salah sebuah tanah wakaf (waqaf Seetee Aishah) yang terletak di Seberang Jaya, Pulau Pinang.

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Dengan kepakaran pengurusan yang ada dipihak MAINPP serta kerjasama daripada UDA Holdings Berhad, tanah wakaf Seetee Aishah telah berjaya diproduktifk an dengan pembinaan sebuah taman perumahan yang dikenali sebagai taman perumahan wakaf Seetee Aishah.

Kata kunci: Pembangunan harta wakaf, Majlis Agam a Islam Negeri Pulau Pinang (MAINPP), pelaburan harta wakaf.

Abstract

Purpose – The purpose of this study is to review the waqf property development that has been implemented by the Islamic Religious Council of Pulau Pinang (MAINPP) as a trustee for the endowment land named waqf Seetee Aishah. The Seetee Aishah endowment land located at Seberang Jaya, Pulau Pinang. This waqf land was developed into a housing estate.

Methodology – This study employs two types of methods – library research and fi eld research. The library research is used as the fi rst method for collecting data, where the data is extracted from fi qh contemporary books, fi qh classic books, journals, internet websites, annual reports and scientifi c conference papers. The second method of data collection is fi eld research, where interviews were conducted with the head of the endowment (waqf) and also the project manager of the Seetee Aishah endowment at MAINPP. The methods of analysis covered three aspects – deductive, inductive and comparative.

Findings – This study fi nds that the development of waqf properties at Pulau Pinang was carried out by the collaboration between MAINPP with the developer (UDA Holdings Bhd.). Because of the lack of cash fl ows, MAINPP is not able to provide fi nancial capital (liquid assets) to carry out the development of waqf property, but able to provide unmovable capital (waqf land) for the project.

Originality/Value – This study proves that joint venture between MAINPP and UDA Holdings Bhd. in developing the waqf land could increase the value of existing waqf properties. The joint venture implemented by MAINPP can also be used as a model for the other states in Malaysia to construct their waqf property more productive.

Keywords: Waqf development, state islamic religious council of Pulau Pinang (MAINPP), waqf investment.

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Pengertian Harta Wakaf

Ibn al-Athīr menyatakan bahawa asal kalimah harta (māl) telah digunakan dalam kalangan masyarakat Arab yang menunjukan pemilikan individu terhadap emas dan perak secara khusus1. Kalimah māl telah mula diperluaskan skop pengertiannya kepada kesemua pemilikan yang bernilai seperti unta dan sebagainya. Hal ini kerana unta merupakan harta yang paling bernilai dan banyak dalam kalangan bangsa Arab pada ketika itu2. Kalimah al-māl pada bahasa pula merupakan kata terbitan dari kalimah ���� (tamawwal) iaitu memiliki harta, ianya membawa maksud apa yang dimiliki oleh seseorang daripada sesuatu barangan3. Harta juga turut ditakrifk an sebagai sesuatu aset yang dikeluarkan dari perut bumi sama ada berbentuk makanan, tumbuhan dan juga haiwan ternakan4.

Para fuqaha telah berbeza pandangan dalam mentakrifk an maksud harta. Perbezaan ini timbul kerana adakah status harta ini terhad untuk barangan fi zikal (‘ayn) sahaja atau juga merangkumi pemilikan manfaat dan pemilikan hak kuasa. Fuqaha ‘anafīyah telah berselisih pandangan tentang manfaat harta kepada dua pandangan. Pandangan yang pertama dari golongan yang terdahulu (al-mutaqaddimūn) yang mengatakan bahawa harta hanya terhad kepada barangan fi zikal sahaja5. Terdapat juga pandangan golongan terkemudian (al-muta’akhkhirūn) yang mengatakan bahawa harta juga terdiri daripada pemilikan terhadap manfaat yang diperoleh dari harta (tanpa aset fi zikal) dan juga pemilikan harta fi zikal itu sendiri6. Manakala jumhur fuqaha selain daripada fuqaha �anafīyah al-mutaqaddimūn telah bersepakat bahawa penggunaan kalimah harta merangkumi ketiga-ketiga sifat tersebut iaitu fi zikal (‘ayn), pemilikan manfaat dan pemilikan hak kuasa7.

Daripada pemahaman konsep harta yang telah diutarakan oleh jumhur fuqaha, boleh kita membuat kesimpulan bahawa harta ialah setiap apa yang mempunyai manfaat pada sisi syarak dan mempunyai nilai dalam kalangan manusia. Harta secara umumnya hendaklah mempunyai dua asas yang utama, pertama, harta tersebut mampu dimiliki dan boleh didagangkan dalam kalangan manusia sama ada berbentuk fi zikal ataupun berbentuk manfaat. Sekiranya barangan tersebut tidak mempunyai nilai dalam kalangan manusia disebabkan bilangannya sedikit seperti sebiji beras atau setitik air, maka barang itu tidak boleh disenaraikan sebagai harta. Asas kedua, hendaklah barangan tersebut bermanfaat penggunaannya pada setiap keadaan (bukan pada waktu darurat sahaja). Sekiranya barangan tersebut

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bermanfaat dalam kalangan segelintir manusia sahaja, akan tetapi tiada nilainya pada sisi syarak seperti arak dan babi ianya juga tidak boleh disenaraikan sebagai harta yang bernilai pada kaca mata Islam8.

Manakala pengertian kalimah wakaf pula berasal dari bahasa Arab waqf yang membawa kepada beberapa maksud antaranya: berhenti (al-sukun), menegah (al-mana�a), menahan (al-�abs)9. Kalimah waqf dari segi bahasa terbahagi kepada dua bahagian iaitu, pada pembacaan al-Quran membawa maksud memotong atau memberhentikan kalimah. Dari segi pemahaman fuqaha, waqf membawa maksud al-�abs, iaitu menahan fi zikal barangan ke atas pemilikan10. Kalimah al-�abs pula membawa beberapa makna, antaranya, menegahnya (mana�uhu), memegangnya (᾿amsakuhu) dan memenjarakannya (sajjanuhu)11. Penggunaan lafaz al-�ubays daripada kalimah asal al-�abs dengan menggunakan wazan fu�aylun membawa maksud maf�ūl iaitu setiap barangan yang ditahan dengan niat untuk diagihkan dan disedekahkan ke arah kebaikan12.

Secara asasnya, pembahagian wakaf dapat dibahagikan kepada dua bahagian yang utama iaitu wakaf kebajikan (waqf al-khayrī) dan wakaf keluarga (waqf al-ahlī). Wakaf kebajikan (waqf al-khayrī) merupakan pewakafan individu terhadap harta yang dimilikinya ke arah kebajikan dan kesejahteraan awam. Harta tersebut boleh dimanfaatkan oleh orang ramai seperti mewakafk an harta kepada mawqūf �alayh, sekolah, universiti dan segala aktiviti kebajikan yang lain. Oleh itu harta wakaf merupakan sesuatu yang memenuhi syarak serta disyaratkan ke atas harta tersebut mempunyai nilai (mutaqawwīm) sama ada harta tersebut berupa harta tak alih (�aqār), harta yang boleh dialih (manqūl), manfaat atau hak kuasa.

Rukun Wakaf dalam Perundangan Islam

Pentadbiran dan pengurusan harta wakaf hendaklah mengikut garis panduan yang telah ditetapkan oleh Islam13. Seperti mana ibadah yang lain, wakaf juga mempunyai rukunnya yang tersendiri. Secara umumnya, terdapat empat rukun dalam menunaikan ibadah wakaf. Antara rukun-rukun wakaf adalah seperti berikut:

Pewakaf Harta (al-Wāqif)

Pewakaf harta atau dikenali dengan al-wāqif merupakan individu yang memberikan harta miliknya untuk diwakafk an pada jalan Allah. Terdapat beberapa kriteria telah digariskan terhadap pewakaf

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agar harta yang diwakafk annya tidak akan menimbulkan sebarang permasalahan kelak. Pewakaf hendaklah menepati beberapa syarat, antaranya berakal, merdeka (bukan dari golongan hamba), sampai umur dan juga cerdik14.

Harta yang Diwakafk an (al-Mawqūf Bih)

Harta yang hendak diwakafk an mestilah sesuatu yang bernilai pada sisi Islam dan mempunyai manfaat serta dimiliki oleh pewakaf15. Barangan yang bakal diwakafk an juga hendaklah diketahui serta dinyatakan oleh pewakaf secara terperinci kepada pemegang amanah wakaf. Pembahagian harta wakaf boleh dipecahkan kepada dua bahagian yang utama. Pertama harta wakaf tetap (ghayru al-manqūl) seperti tanah atau bangunan16. Manakala pembahagian yang kedua pula berupa harta wakaf tidak tetap (al-manqūl) seperti mashaf, wang tunai dan lain-lain lagi yang bernilai pada pandangan Islam17.Penerima Manfaat Wakaf (al-Mawqūf ‘Alayh)

Penerima manfaat harta wakaf terdiri daripada golongan individu ataupun berkumpulan seperti institusi atau persatuan. Pemegang amanah wakaf juga boleh menyalurkan manfaat harta wakaf untuk membantu kafi r zimmi yang patuh kepada pemerintah18. Sekiranya golongan ini memberontak serta melawan pemerintah, manfaat harta wakaf tersebut diharamkan untuk agihan kepada mereka, ini kerana mereka telah bertukar menjadi kafi r harbi19.

Lafaz �īghah Wakaf (Ijāb & Qabūl)

Lafaz pemberian dan penerimaan harta wakaf merangkumi ijāb dan qabūl20 yang boleh dibuat secara bertulis ataupun secara lisan. Kalimah �īghah merupakan setiap apa yang menunjukkan ke atas keredaan pada antara dua pihak (pewakaf dengan pemegang amanah) yang berurusan21. Penggunaan lafaz �īghah adalah harus22, ianya amat diperlukan bagi menjelaskan kepada masyarakat dan keluarga perihal status harta yang telah diwakafk an.

Kaedah Semasa Pembangunan Harta Wakaf Secara Komersil yang Diamalkan oleh Majlis Agama Islam Negeri Pulau

Pinang (MAINPP)

Bermula pada tahun 1905, keseluruhan pentadbiran tanah wakaf di negeri Pulau Pinang telah ditadbir mengikut sistem pentadbiran penjajahan British melalui sebuah badan yang telah ditubuhkan

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khusus dikenali sebagai Muslim and Hindu Endowments Board 1905(MAHEB)23. Kemudian, setelah tertubuhnya MAINPP mengikut Enakmen Undang-Undang Pentadbiran Agama Islam 1959, semua harta wakaf (umat Islam) yang telah ditadbirkan secara bersama di bawah MAHEB telah diambil alih secara beransur-ansur oleh MAINPP melalui peruntukan di bawah seksyen 89 (2) Undang-Undang Pentadbiran Agama Islam Pulau Pinang 1959. Akan tetapi pengambil alihan secara menyeluruh pentadbiran tanah wakaf oleh MAINPP hanyalah bermula pada 1 Januari 1967 setelah terdapat percanggahan dalam perihal mengenai wakaf dan khairat orang Islam peruntukan dalam Muslim and Hindu Endowments Board Ordinance Caps. 17524. Kini dengan kepakaran yang terdapat dalam institusi MAINPP, perundangan wakaf telah diperkemaskan lagi dengan wujudnya Enakmen Pentadbiran Hal Ehwal Agama Islam Negeri Pulau Pinang 1993. Di bawah seksyen 92 Enakman tersebut menjelaskan bahawa MAINPP merupakan pemegang amanah tunggal terhadap semua harta wakaf Islam yang terdapat di Pulau Pinang.

Fungsi utama MAINPP adalah sebagai penasihat keagamaan dalam isu-isu yang berkaitan dengan agama Islam di Pulau Pinang. Terdapat enam bahagian organisasi yang telah dibentuk oleh MAINPP, antaranya25:

1. dbiran & Kewangan2. Bahagian Sumber Am 3. Bahagian Pembangunan & Pelaburan4. Bahagian Wakaf5. Bahagian Akaun6. Bahagian Undang-undang

Lokasi tanah wakaf yang ditadbir oleh MAINPP boleh dipecahkan kepada dua bahagian umum iaitu, di kawasan Pulau Pinang dan juga di kawasan Seberang Prai. Setiap bahagian umum lokasi tanah wakaf di Pulau Pinang pula mempunyai pecahan kawasannya yang tersendiri. Pembahagian lokasi tanah wakaf di Pulau Pinang boleh diringkaskan seperti yang telah tertera di dalam jadual 1:

Menurut ketua wakaf MAINPP, data inventori keseluruhan lokasi tanah wakaf amat penting bagi mengenal pasti tanah-tanah yang berpotensi untuk dimajukan. Setelah selesai mengenal pasti tanah wakaf yang berpotesi, satu kajian terhadap projek (project feasibility

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study) akan dilakukan. Sekiranya nisbah (ratio) keuntungan terhadap projek tersebut positif, pihak MAINPP akan mencari sumber kewangan atau peruntukkan untuk mendapatkan aliran modal bagi tujuan pembangunan.

Jadual 1

Inventori Tanah Wakaf MAINPP mengikut Pecahan Daerah di Pulau Pi

Daerah Bilangan dalam Lot Keluasan Tanah (ekar)

Timur Laut 139 89.70Barat Daya 123 162.82Seberang Prai Utara 424 575.52Seberang Prai Tengah 271 263.61Seberang Prai Selatan 138 161.82Jumlah Keseluruhan 1095 1,253.47

Sumber. Majlis Agama Islam Negeri Pulau Pinang (MAINPP).

Sebagai pemegang amanah tunggal harta wakaf di Pulau Pinang, MAINPP telah melakukan pembangunan terhadap tanah-tanah wakaf agar dapat menyalurkan manfaat daripada harta wakaf tersebut kepada mawqūf �alayh. Meskipun terdapat beberapa faktor yang membawa kepada kesukaran untuk melakukan pembangunan hartanah wakaf, tetapi dengan pengalaman serta kepakaran yang ada pada MAINPP, ianya mampu diusahakan dengan bantuan kerajaan persekutuan, pihak swasta dan syarikat berkepentingan kerajaan (GLC). Sehingga ke hari ini, terdapat lima kaedah pembangunan harta wakaf untuk mendapatkan sumber kewangan yang telah diamalkan oleh MAINPP. Di antara kaedah-kaedah pembangunan yang telah dirancang ialah seperti dalam rajah 126.

Sungguhpun terdapat lima kaedah asas pembangunan harta wakaf yang telah dilakukan oleh MAINPP dalam usaha memproduktifk an harta tersebut, akan tetapi kajian yang dilakukan ini hanya menyentuh satu kaedah sahaja daripada lima kaedah yang telah diutarakan di atas iaitu penggunaan kaedah usaha sama (joint venture – JV) dengan Syarikat Berkaitan Kerajaan (Government-link Company – GLC). Pembangunan harta wakaf Seetee Aishah di Seberang Jaya telah menggunakan kaedah JV dengan GLC. Hasil gabungan perkongsian yang mantap ini telah berjaya menterjemahkan suatu nilai aset yang tinggi terhadap tanah wakaf Seetee Aishah.

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Sumber. Ubah suai daripada penerangan ketua wakaf MAINPP.

Rajah 1. Kaedah pembangunan harta wakaf di MAINPP.

Pembangunan Terhadap Tanah Wakaf Seetee Aishah, No. Lot. 1444 (Mukim 4) Seberang Jaya, Pulau Pinang

Di antara projek pembangunan yang terkini diusahakan oleh MAINPP untuk memakmurkan tanah wakaf ialah kaedah usaha sama dengan GLC. Pembangunan secara komersil unit kediaman dilakukan di atas tapak wakaf Seetee Aishah antara MAINPP dengan UDA Land North Bhd.27 yang terletak di persimpangan dua lebuh raya utama iaitu Lebuh Raya Utara-Selatan dengan Lebuh Raya Butt erworth-Kulim. Tapak tanah wakaf tersebut terletak di lokasi yang strategik kerana terdapat beberapa buah pasar raya besar yang berhampiran seperti Carrefour, Tesco Extra, Sunway Carnival, Billion dan Giant.

Tanah wakaf Seetee Aishah pada asalnya sebuah kawasan penanaman padi. Tanah wakaf lot 1444 (Mukim 4) ini mempunyai keluasan 9.86 ekar (39,902.04 meter kaki persegi) telah diwakafk an oleh Seetee Aishah bt. Haji Mahmood pada 30 September 1901. Pihak MAINPP telah merancang untuk membangunkan tanah tersebut dengan membuat pembinaan sebuah ladang perumahan secara komersil. Projek pembangunan ladang perumahan ini melibatkan pembinaan sebanyak sembilan unit kedai tiga tingkat dan 76 unit rumah teres dua tingkat. Projek tanah wakaf Seetee Aishah telah dibangunkan secara berperingkat dalam dua fasa. Fasa pertama projek tersebut dijangka siap pada 3 Mei 2012, manakala fasa kedua pula akan dimulakan setelah keseluruhan fasa 1 siap untuk tempoh 36 bulan. Memandangkan tempoh limitasi untuk tujuan menyiapkan bangunan adalah terhad, syarikat UDA Holdings Bhd. perlu melantik

Kaedah Pembangunan Harta Wakaf di MAINPP

Penggunaan Kaedah Istibd l Usaha sama (joint venture) denganGovernment Link Company (GLC)

Sumber Pembiayaan dariTabung Kewangan Wakaf

Sumber Pembiayaan denganPihak Swasta

Peruntukan RancanganMalaysia (RMK 8 10)

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sebuah syarikat kontraktor yang boleh dipercayai untuk tujuan tersebut. Syarikat UDA Holdings Bhd. telah memberi kepercayaan kepada syarikat Kejuruteraan Seri Gemilang Sdn. Bhd. untuk tujuan menyiapkan projek pembinaan ini dalam tempoh masa yang telah diperuntukkan.

Wakaf Seetee Aishah merupakan wakaf bersyarat, yang mana pewakaf telah mengenakan beberapa syarat kepada pemegang amanah untuk membahagikan hasil manfaat tanah tersebut kepada beberapa bahagian28:

1. Mengadakan kenduri arwah sekali dalam bulan Ramadhan dan membuat pembayaran sebanyak RM3 untuk jemaah yang hadir29.

2. Membayar dan membekalkan satu tin minyak tanah untuk masjid di kawasan Permatang Pauh ketika bulan Ramadhan setiap tahun.

3. Mengirim duit setiap tahun ke Mekah dan seterusnya untuk tujuan umrah.

4. Baki yang diperoleh digunakan untuk tujuan pembaikian masjid di Permatang Pauh atau wang dikirim ke Mekah untuk tujuan wakaf atau tujuan amal yang lain. Separuh lagi akan digunakan untuk keturunan pewaris (seperti Saedah Nordin dan keturunannya) bagi faedah mereka sendiri.

Menurut Tuan Haji Anuar, sebelum MAINPP memetrai perjanjian dengan rakan kongsi (joint venture partner), beliau perlu menyelidik kekuatan sesebuah fi rma yang ingin menjalankan usaha sama dengan MAINPP. Beberapa perkara asas akan dinilai terlebih dahulu seperti kedudukan kewangan syarikat yang kukuh, pengalaman terhadap projek-projek yang telah syarikat usaha sama sertai, modal pegangan saham syarikat, keuntungan syarikat dan juga terma bertempoh (time period limitation).

Pihak MAINPP juga telah mengenakan beberapa syarat khusus yang perlu ada pada syarikat untuk tujuan usaha sama MAINPP dengan sesebuah syarikat, antaranya30:

1. Syarikat usahama secara majoritinya dimiliki oleh orang Islam serta mempunyai rekod pengalaman dan kejayaan (track record) yang baik.

2. Kesemua kos pembiayaan akan dibiayai oleh pemaju (performance guarantee)

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3. Segala kos pembangunan dan urusan yang berkaitan dengan tanah wakaf akan ditangani oleh pemaju (land matt ers).

4. Penubuhan jawatankuasa bersama yang melibatkan tiga wakil daripada MAINPP dan dua wakil pemaju.

5. Hartanah dijual mestilah secara pajakan dengan harga yang mampu dibeli manakala sebahagian unit rumah jualan hendaklah didiskaunkan kepada kakitangan MAINPP.

Beberapa syarat asas untuk tujuan usaha sama telah digariskan oleh pihak MAINPP dengan syarikat UDA Holdings Bhd. dalam usaha membangunkan tanah wakaf Seetee Aishah, antaranya:

1. Tapak tanah projek (tanah wakaf) tidak boleh dicagarkan kepada mana-mana institusi kewangan Islam mahupun konvensional (restrictive covenant).

2. MAINPP sebagai pemilik tanah, manakala syarikat UDA Holdings Bhd. pula dilantik sebagai pemaju pembangunan.

3. Keseluruhan urusan pembangunan dan penjualan dan kos pembayaran yang berlaku di atas tanah wakaf adalah di bawah tanggungjawab pemaju (syarikat UDA Holdings Bhd.).

Melalui konsep usaha sama yang dijalankan ini, setelah siap selesai projek pembangunan di atas tanak wakaf Setee Aishah, pihak MAINPP akan mendapat salah satu pilihan ‘token’ di antara empat yang akan ditawarkan oleh syarikat usaha sama (UDA Holdings Bhd.). Pertama, MAINPP sebagai pemilik tanah akan ditawarkan harga pajakan bersamaan dengan nilai tanah semasa. Pilihan kedua pula, MAINPP akan memperoleh sebuah bangunan baharu sebagai ganti terhadap tanah yang telah diusahakan oleh pemaju UDA Holdings Bhd. Pilihan ketiga pula, MAINPP akan diberikan imbuhan berupa wang dan juga bangunan yang baharu. Pilihan yang terakhir, pihak MAINPP akan diberi bayaran pajakan mengikut nilai semasa atau memperoleh bangunan yang baharu (bangunan yang siap dibina di atas tanah tersebut) ditambah pula dengan agihan keuntungan yang bakal diperoleh setelah penjualan manfaat rumah tersebut berlangsung.

Pihak MAINPP telah memilih pilihan yang ke empat, iaitu kaedah memperoleh nilai tanah/bangunan baharu ditambah dengan margin keuntungan. Sebanyak sembilan unit kedai tiga tingkat akan diserahkan kepada MAINPP secara percuma sebagai imbuhan pembangunan usaha sama. Berserta agihan keuntungan mengikut formula 30% (MAINPP): 70% (UHB). Perkiraan agihan keuntungan

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pula dibuat seperti berikut. 30% x (70% x actual sales proceeds – anticipated share proceeds). Taman wakaf Seetee Aishsah pula mempunyai dua jenis keluasan buah rumah untuk tujuan jualan (jualan manfaat) bergantung kepada keluasan kaki persegi rumah tersebut. Jenis yang pertama seluas 1,494 kaki persegi dan keluasan yang kedua pula merangkumi 1,718 kaki persegi. Manakala harga rumah yang dijual pula bermula daripada RM 281,800.00 sehingga RM 439,600.00 seunit (penjualan manfaat rumah kepada pembeli). Modus operandi kaedah pembangunan tanah wakaf Seetee Aishah adalah seperti dalam rajah tersebut.

Petunjuk: Pergerakan aliran tunai Sumber. Ringkasan daripada penerangan oleh MAINPP.

Rajah 2. Kaedah Pembangunan Harta Wakaf Seetee Aishah di Seberang Jaya, Pulau Pinang.

1. MAINPP akan memeterai perjanjian usaha sama dengan UDA Holdings Bhd. untuk tujuan membangunkan sebuah ladang perumahan di atas tanah wakaf Seetee Aishah.

2. Syarikat UDA Holdings Bhd. akan melantik syarikat Kejuruteraan Seri Gemilang Sdn. Bhd. sebagai kontraktor pemaju untuk tujuan pembinaan sembilan buah unit kedai tiga tingkat dan 76 unit rumah teres dua tingkat.

MAINPP(Pemilik Tanah)

PEMBELI RUMAH(Manfaat)

KEJURUTERAAN SERIGEMILANG SDN. BHD.(Kontraktor Pemaju)

76 UNIT RUMAH&9 UNIT KEDAI

UDA HOLDINGS(Pemaju Pembangunan)

2

3

5

4

1

6

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3. Syarikat Kejuteraan Seri Gemilang Sdn. Bhd. akan menyiapkan pembinaan tersebut mengikut perjanjian secara berperingkat. Fasa yang pertama selama 24 bulan, manakala fasa yang kedua selama 36 bulan.

4. Setelah projek tersebut siap, pemaju akan menawarkan penjualan rumah tersebut kepada pembeli dengan cara pajakan 99 tahun (leasehold)

5. Pembeli yang berminat akan membeli rumah tersebut daripada pemaju (UDA Holdings Sdn. Bhd.) dari harga serendah RM 281,800.00 sehingga RM 439,600.00 untuk seunit.

6. Seperti yang dijanjikan di antara UDA Holdings Bhd. dengan MAINPP, MAINPP akan menerima sembilan unit kedai pejabat tiga tingkat dan juga keuntungan usaha sama dengan UDA Holdings Bhd. MAINPP juga berhak menerima sebanyak 30% keuntungan hasil penjualan manfaat rumah tersebut.

Kejayaan memproduktifk an tanah wakaf yang telah dibuat oleh MAINPP di Seberang Jaya dapat dilihat dengan berlakunya pertambahan nilai terhadap aset wakaf tersebut. Pada dasarnya MAINPP tidak menjual tanah wakaf Seetee Aishah kepada pembeli, akan tetapi penjualan yang dibuat berasaskan kepada manfaat rumah itu sendiri31. Oleh itu, tanah wakaf Seetee Aishah masih lagi menjadi milik MAINPP dan kekal menjadi tanah wakaf. Pihak MAINPP akan mengeluarkan geran kepada pemilik (pembeli) berasaskan kepada rumah yang telah berjaya dimiliki pembeli. Dengan ini, MAINPP telah berjaya menunaikan hasrat pewakaf untuk membuat agihan hasil wakaf beliau seperti yang telah diwasiatkan. Lebihan daripada pendapatan tersebut akan digunakan untuk disalurkan kepada mawqūf �alayh serta dalam usaha meringankan bebanan mereka.

Hasil dapatan kajian yang menunjukan usaha MAINPP ini selari dengan pandangan Monzer Kahf32, Nazīh �ammād33, Murat Cizakca34 dan juga Muhammad Anas Zarqa35 bahawa pemegang amanah wakaf perlu mencari jalan untuk membangunkan harta wakaf selagi mana ianya tidak melanggar syarat-syarat wakaf serta menjaga hasrat pewakaf agar dapat menjana ekonomi umat Islam. Malah, pembangunan harta wakaf menggunakan kaedah moden ini turut dilaksanakan oleh pemegang amanah wakaf yang lain seperti di Singapura. Majlis Ugama Islam Singapura (MUIS) telah menggunakan sukuk musyārakah sebagai salah satu kaedah pembangunan untuk memproduktifk an serta menaik taraf nilai aset wakaf yang terdapat di negara mereka36.

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Kesimpulan

MAINPP merupakan antara Majlis Agama Islam Negeri (MAIN) di Malaysia yang terkehadapan atau progresif dalam usaha membangunkan aset wakaf yang diselia mereka secara komersil. Kesemua rumah teres di atas tanah wakaf tersebut telah berjaya ditempah oleh pelanggan. Kejayaan MAINPP di dorong oleh faktor kedudukan tanah wakafnya yang terletak dilokasi yang strategik serta tanah tersebut mempunyai nilai yang tinggi. Dengan kepakaran yang terdapat di pihak MAINPP serta sokongan dan kerjasama yang telah ditonjolkan daripada pihak pemaju, MAINPP mampu untuk membangunkan harta wakaf yang berskala besar. Kaedah pembiayaan ini boleh diadaptasi oleh pemegang amanah wakaf yang lain dengan syarat mendapat kerjasama dengan pihak pembiaya atau pelabur. Memandangkan perkembangan ekonomi hartanah pada masa kini kian giat membangun, adalah wajar bagi tanah-tanah wakaf yang tidak produktif turut dibangunkan sama ada tanah wakaf tersebut bersifat wakaf khas ataupun wakaf am. Pembangunan ini hendaklah dilaksanakan untuk memenuhi hasrat pewakaf dan dalam masa yang sama ianya juga mengambil kira potensi pulangan ekonomi yang boleh dimanfaatkan oleh mawqūf �alayh.

Nota Akhir

1 al-Mubārak Ibn Muhammad Ibn Muhammad al-Jazāri Ibn al-Athīr (1963), al-Nihāya� fī Gharīb al-Hadīth wa al-athār, j.4, Mi�r: al-Maktabah al-Islāmiyyah, al-Qāhira�, h. 373.

2 �Abbās A�mad Muhammad al-Bāz (1999), A�kām al-Māl al-Harām wa �awābi� al-Intifā� wa al-Ta�arruf fī al-Fiqh al-Islāmī, c.2, al-Urdun: Dār al-Nafā᾿is li al-Nasyri wa al-Tauzī�.

3 �Abd. al-Rahīm Ibn Ibrā�īm Ibn Abd. al-Rahman al-Sayyīd al-�āshim (2006), al-Ta�yīn wa Atharuhu fī al-‘Uqūd al-Mālīyyah, c.1, al-Mamlaka� al-‘Arabīyyah al-Sa�ūdīyah: al-Riyā�, Wazāra� al-Ta�līm al-‘ālī, h. 24.

4 Muhammad ‘Amāra� (1993), Qāmūs al-Mu��alahāt al-Iqti�ādīya� fī al-Ha�āra� al-Islāmīyah, c.1, Lubnān: Dār al-Syurūq, Bayrūt, h.503.

5 Golongan fuqaha’ mazhab �anafi yang terdahulu ini antaranya Muhammad Amīn al-Syamīr Ibn al-‘Ābidīn dan Syamsu al-Dīn al-Sarkhasī, mereka mengatakan harta ialah aset atau barangan yang bersifat fi zikal sahaja. Harta tersebut hendaklah bersifat dengan sifat dimiliki sepanjang waktu (����). Konsep

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pemilikan (����) merupakan pemeliharaan serta pengawalan sesuatu harta. Sedangkan manfaat pula bukan satu sifat yang kekal, ianya akan terhasil daripada fi zikal harta itu sendiri (sebagai sandaran kepada manfaat). Rujuk. al-Sarkhasī. Syamsu al-Dīn al-Sarkhasī (1989), Kitābul Masbū� li Syamsu al-Dīn al-Sarkhasī, j.11, Lubnān: Dār al-Ma’rifah, Bayrūt, h. 79-80. Manfaat pula merupakan sesuatu yang maknawi pada barangan berjasad (fi zikal) dan ianya tidak boleh dicapai (bukan berbentuk fi zikal). Oleh yang demikian manfaat pada sisi mereka merupakan suatu akad terhadap sesuatu harta seperti akad sewaan. Akad sewaan pula merupakan akad ke atas manfaat fi zikal harta tersebut. Manfaat harta dan hak kuasa bagi mereka merupakan suatu pemilikan dan bukannya dianggap sebagai harta. Lihat. Muhammad Amīn al-Syamīr Ibn al-’Ābidīn (1966), Hāsyīya� Raddu al-Mukhtār ‘alā al-Dār al-Mukhtār: Syar� Tanwīr al-Ab�ār fī fi qh maz�ab al-Imām Abī �anīfa� al-Nu’mān, c.2, j.4, Mi�r: Maktabah Mu��afa al-Bābī, h. 501.

6 Merupakan pandangan fuqaha’ dari mazhab �anafi (al-muta’akhkhirūn) antaranya, al-Kāsāni, menyatakan bahawa harta tersebut bukan sekadar bersifat fi zikal, akan tetapi termasuk juga pemilikan manfaat harta dan pemilikan hak kuasa. Mereka beranggapan bahawa pandangan fuqaha mutaqqadimūn ini kurang sesuai. Berasaskan ayat �� ���� ��� ��� �� �� ����� ����� ... surah al-Baqara� (2:29), Mu�tafa Ahmad Zarqā telah mendefi nisikan al-māl sebagai segala benda yang mempunyai nilai kebendaan pada pandangan manusia. Lihat. Mu�tafa Ahmad al-Zarqā (1968), al-Madkhal al-Fiqhi al-‘Am al-Islāmi fī Thaubihi al-Jadīd, j. 1, Lubnān: Dār-al-Fikr, Bayrūt, h. 329.

7 Muhammad Zakarīyā Ibn Muhammad Ibn Yahyā al-Kānda�alawī (1999), Aujāz al-Masāliki ilā Muwa��ā Mālik, j.12, c.1, Lubnān: Dār al-Kutub al-‘Ilmīya�, Bayrūt, h. 275.; Jalāl al-Dīn ‘Abd. al-Rahman Ibn Muhammad al-Sayū�ī (1990), al-Asybā� wa al-Na�ā�ir, c.1, Lubnān: Dār-al-Kutub al-‘Ilmīyah, Bayrūt, h. 327.; Abī Ishāq Ibrāhīm Ibn �Ali Ibn Yūsuf al-Faizūri al-Syīrāzī (1995), al-Muhazzab fī Fiqh al-Imām al-Syāfi �eī, (kitāb bay�), c.1, j.2, Lubnān: Dār-al-Kutub al-‘Ilmīyah, Bayrūt, h. 11.; Ibn Qudāma� al-Maqdisī (t.t), al-Syarh al-Kabīr ‘alā Matn al-Mughnī, j.4, Lubnān: Dār-al-Kutub al-‘Ilmīyah, Bayrūt, h. 7.

8 ᾿Ādil Syā�īn Muhammad Syā�īn (2004), ‘Akhzu al-Māl ᾿alā ‘Akmāl al-Qurab, c.1, j.1, Sa’udīyāh: Dār Kunūz lil Nasyri wa al-Taw�i᾿, Riyā�, h.43-44.

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9 �asān Ayyūb (1998), Fiqh al-Mu�āmalaāh al-Mālīyah fī al-Islāmī, c.1, j. 2, Lubnān: Bayrūt, h. 9-10.

10 Maj al-Dīn Muhammad Ya�qūb Muhammad Ibn Ya�qūb al-Fayrūz ‘Ābādī (1412), al-Qāmūs al-Mu�ī�, c.1, Mi�r: al-Maktabah al-Husnīyah, al-Qā�irah, h. 205.

11 Ibid., h. 20512 ‘Abū al-Fadl Muhammad Ibn Manzūr (1982), Lisān al-�Arab

Dār �ādr, j. 6, Lubnān: Bayrūt, h. 44-45.13 �Abd. al-Mālik Ibn Muhammad, Ibn �Abd. Rahmān al-Qāsim

(1999), Charity Even With a Trifl e, Sa�ūdīyah: Riyā�, Dār al-Salām li Nasyri wa Taw�ī�, h. 9.

14 Anwār Dabūr Mahmūd (1985), Ahkām al-Wa�īya� fī al-Fiqh al-Islāmi wa al-Qanūn, Mi�r: Dār al-Thaqāfa� al-‘Arabīyah, al-Qāhira�, h. 285.

15 Muhamad Salim al-Bayhani (t.t), Mu�āmalah wa Dayn, Mi�r: Ma�ābi’ al-Madanī, al-Qāhira�, h.69-70. al-Dasūqi pula mempunyai pandangan yang berbeza tentang pemilikan secara mutlak. Beliau berpandangan bahawa tidak disyaratkan kepada harta yang hendak diwakafk an pemilikan secara mutlak. Rujuk. Syams al-Dīn ‘Urfa� al-Dasūqī (t.t), Hāsyīya� al-Dasūqī ‘alā al-Syarh al-Kabīr, j.4, Mi�r: Dār Ihyā� al-Kutub al-‘Arabīyah, al-Qā�irah, h.76.

16 Harta wakaf tetap berupa tanah pertanian merupakan harta wakaf yang paling banyak disumbangkan untuk tujuan pewakafan berbanding dengan wakaf bangunan pada zaman pemerintahan kerajaan Uthmānī. Senario ini dapat dilihat pada zaman pemerintahan Sultan Muhammad ‘Alī Bāsyā, yang mana hampir suku daripada keluasan tanah di mesir telah didedikasikan sebagai harta wakaf merupakan tanah pertanian. Lihat. �Abd. al-Mālik al-Sayyīd (1990), al-Dawr al-Ijtima�ī li Waqf, Min �Amāl Nadwah, Saudi: Idārah wa Tathmīr al-Awqāf, Nasyr al-Ma�had al-Islāmī li Buhūth wa al-Tadrīb, Jeddah, h. 266.

17 Wakaf dinar dan dirham ini juga boleh diperoleh hasil daripada pelaburan terhadap perniagaan dan sewaan bangunan yang terletak di atas tanah wakaf. Manakala manfaat yang diperoleh daripada harta wakaf (dinar & dirham) tersebut boleh disalurkan kepada penerima manfaat yang ingin mengerjakan ibadah haji, persiapan pengantin untuk melangsungkan perkahwinan mereka dan terdapat juga wakaf tersebut disalurkan untuk membaiki jalan raya. Ibn Ba�ū�a� (1958), Rehlah Ibn Ba�ū�a�, j.1, Mi�r: al-Maktabah al-Tijārīyah al-Kubra, h.63.

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18 Syams al-Dīn al-Syikh Muhammad �Arfah al-Dusūqi (t.t), opcit., j.4, h. 78.

19 Mu�ammad Ibn A�mad al-Kha�īb al-Syarbīnī (1958), Mughnī al-Mu�tāj, j.2, Mi�r: Mu��afā al-Bābī al-�alabī, al-Qahīrah, h. 379-381.; Abū Ishāq Ibn �Alī Ibn Yūsuf al-Fayrūzabādi al-Syīrāzī (1994), al-Muhadhdhab fī Fiqh al-Imām Syāfi �ī, j.1, Misr: Mu��afā al-Bābī al-�alabī, al-Qahīrah, h. 441-442.

20 Terdapat dua lafaz yang boleh digunakan oleh pewakaf untuk tujuan pewakafan harta mereka. Pertama lafaz secara �orīhah seperti waqaftu, habastu dan sabaltu. Lafaz kedua pula dilakukan secara lafaz kināyah seperti ta�adaqtu, haramtu dan abbadtu. Rujuk. Ibn Qudāmah (1973), Mu’jam al-Fiqh al-Hanbalī Mustakhli� Min Kitāb al-Mugni, j.2, Lubnān: Dār al-Kitab �Arabī, Bayrūt, h.1054.; Lihat juga �asān Ayyūb (1998), op.cit, j. 2, h. 9-10.

21 ‘Abd. al-Rahmān al-Jazayrī (1999), Kitāb al-Fiq� ‘Alā al-Mazā�ib al-Arba‘a�, c.1, j.2, Lubnān: Dār al-Kutub al�Ilmīyah Bayrūt, h. 141.

22 Sul�ān Ibrā�īm Ibn Sul�ān al-�āsyimī (2002), ‘Ahkām Ta�arrufāt al-Wakīl fī ‘Uqūd al-Mu‘āwi�āt al-Mālīyah, al-‘Imārāt: Dār al-Buhūth li al-Dirāsāt al-Islāmīyah wa Ihyā� al-Turāth, Dūbay, h. 97.

23 Syarikat Hindia Timur telah berlabuh di Pulau Pinang pada tahun 1798. Kumpulan ini telah dianugerahkan oleh pemerintah tempatan sebuah tapak tanah untuk tujuan penempatan, pembinaan masjid serta perkuburan Islam. Pembangunan di atas tapak tanah tersebut telah dilakukan oleh Tok Nadong Khan (Tok Nadang Berkajang Kain). Tanah di persekitaran tapak tanah tersebut telah menjadi sebuah kawasan yang besar (wakaf yang besar) setelah berlakunya penggabungan tanah antara Tok Nadong Khan dengan saudagar-saudagar India Muslim yang lain. Hasil pengembangan kedua-dua kawasan ini telah menjadikan kawasan tersebut padat. Lantas satu penempatan baharu untuk generasi India muslim telah mula diterokai yang terletak di Lebuh Chulia. Pertambahan pedagang-pedagang Islam ke Pulau Pinang telah menjadikan tapak tanah tersebut semakin meluas. Kebanyakan pedagang India yang datang berdagang merupakan mereka yang beragama Islam. Oleh sebab kebanyakan saudagar yang datang berdagang tidak mempunyai pewaris, majoriti mereka telah mewakafk an tanah-tanah untuk melaksanakan segala aktiviti berunsur ajaran Islam. Dengan berlakunya banyak pertambahan tanah yang ditinggalkan oleh pedagang India

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Muslim pada ketika itu, Pesuruhjaya Undang-Undang Kolonial telah menubuhkan Ordinance 1905 yang dikenali sebagai Muslim and Hindu Endowments Board (MAHEB). Encik Fakhruddin Abd. Rahman, Ketua Wakaf MAINPP, Majlis Agama Islam Negeri Pulau Pinang Tingkat 8, Menara UMNO, Jalan Macalister, Pulau Pinang, Temu bual pada 14 Disember 2011.

24 Encik Fakhruddin Abd. Rahman, op.cit.25 Jabatan Kemajuan Islam Malaysia & Majlis Agama Islam

Negeri-Negeri Seluruh Malaysia (2011). Profi l Majlis Agama Islam Negeri Seluruh Malaysia, c. 1, JAKIM, h. 100 & 101.

26 Encik Fakhruddin Abd. Rahman, op.cit.27 Syarikat UDA Holdings Sdn. Bhd. telah ditukar status kepada

syarikat UDA Holdings Bhd. pada Julai 1999. Ianya juga telah disenaraikan di papan utama Bursa Saham Kuala Lumpur pada 18 November 1999. UDA Holdings Bhd. juga begitu komited untuk meningkatkan daya saing dan memainkan peranan penting dalam sektor pembangunan bandar dengan menyumbang kepada pertumbuhan keusahawanan sejajar dengan wawasan kebangsaan. Aktiviti utama syarikat UDA Holdings Bhd. berkisar dalam pembangunan sektor hartanah. Lihat UDA Holding Sdn. Bhd. htt p://www.uda.com.my/web/guest/background. 19 Disember 2011. UDA Holdings Sdn. Bhd. htt p://www.uda.com.my/web/guest/seetee#tab2. 19 Disember 2011.

28 Tuan Haji Anuar Bin Ahmad, Pengurus Projek MAINPP, Majlis Agama Islam Negeri Pulau Pinang Tingkat 9, Menara UMNO, Jalan Macalister, Pulau Pinang, Temu bual pada 14 Disember 2011.

29 Kadar RM3 dan setin minyak tanah merupakan kadar yang telah ditetapkan oleh pewakaf pada 1901. Pihak MAINPP telah menetapkan satu nilai semasa yang khusus untuk tujuan meraikan hasrat pewakaf.

30 Tuan Haji Anuar Bin Ahmad, op.cit. 31 Penggunaan borang 15A akan digunakan untuk tujuan pajakan

tanah (milik manfaat sahaja), MAINPP boleh menyewa/memajak kepada pihak bank sehingga menjangkaui 99 tahun. Pihak bank pula boleh menyewakan atau memajakkan tanah tersebut kepada pelanggan (pembeli). Sebagai contoh, pihak bank boleh memajakkan manfaat rumah tersebut kepada pembeli dengan kadar waktu 33 tahun (99–33= 66 tahun) terdapat 66 tahun lagi baki tempoh pajakan, oleh itu pihak bank boleh menyewa/memajakkan manfaat rumah tersebut kepada pihak ke empat untuk tempoh 66 tahun.

32 Monzer Kahf (1998). Financing the development of Awqaf property. (Kertas Kerja Seminar Development of Awqaf, Anjuran IRTI, Kuala Lumpur, 2-4 March 1998).

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33 Nazīh �ammād (1993). Asalib Istithmar al-Awqaf wa Asasu Idāratuh, Kuwait: Markaz Abhās al-Waqf wa al-Dirāsat al-Iqti�ādīyah, h. 175.

34 Murat Cizakca. (1998). Awqaf in history and its implications for modern Islamic economies. Islamic Economics Studies Journal, 6 (1), (November 1998), h. 43–67.

35 Muhammad Anas Zarqa. (1994). Financing and investment in Awqaf projects: A non-technical introduction. Islamic Economic Studies Journal, 1 (2), (June 1994), Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB), h. 55-60.

36 Shamsiah Abdul Karim. (2007). Contemporary Waqf administration and development in Singapore: Challenges and prospects, Majlis Ugama Islam Singapore (MUIS), (Kertas Kerja International Waqf Conference), Fullerton Hotel, Singapore, 6-7 Mac 2007), h. 12.; Shamsiah Abdul Karim (2010), ‘Contemporary shari’ah compliance structuring for the development and management of Waqf assets in Singapore. Kyoto Bulletin of Islamic Area Studies, Vol. 3, No. 2, (March 2010), Japan: Kyoto University Research Information Respository (KURENAI) h. 55–62.

Rujukan

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‘Abū al-Fadl Muhammad Ibn Manzūr. (1982). Lisān al-�Arab Dār �ādr, j. 6, Lubnān: Bayrūt.

᾿Ādil Syā�īn Muhammad Syā�īn. (2004). ‘Akhzu al-Māl ᾿alā ‘Akmāl al-Qurab, c.1, j.1, Sa’udīyāh: Dār Kunūz lil Nasyri wa al-Taw�i᾿, Riyā�.

�Abbās A�mad Muhammad al-Bāz. (1999). A�kām al-Māl al-Harām wa �awābi� al-Intifā’wa al-Ta�arruf fī al-Fiqh al-Islāmī, c.2, al-Urdun: Dār al-Nafā᾿is li al-Nasyri wa al-Tauzī�.

�Abd. al-Mālik al-Sayyīd. (1990). al-Dawr al-Ijtima�ī li Waqf, Min �Amāl Nadwah, Saudi: Idārah wa Tathmīr al-Awqāf, Nasyr al-Ma�had al-Islāmī li Buhūth wa al-Tadrīb, Jeddah.

�Abd. al-Mālik Ibn Muhammad, Ibn �Abd. Rahmān al-Qāsim. (1999). Charity Even With a Trifl e, Sa�ūdīyah: Riyā�, Dār al-Salām li Nasyri wa Taw�ī�.

�Abd. al-Rahīm Ibn Ibrā�īm Ibn Abd. al-Rahman al-Sayyīd al-�āshim. (2006). al-Ta�yīn wa Atharuhu fī al-‘Uqūd al-Mālīyyah, c.1, al-Mamlaka� al-‘Arabīyyah al-Sa�ūdīyah: al-Riyā�, Wazāra� al-Ta�līm al-‘ālī.

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Abī Ishāq Ibrāhīm Ibn �Ali Ibn Yūsuf al-Faizūri al-Syīrāzī. (1995). al-Muhazzab fī Fiqh al-Imām al-Syāfi �eī, (kitāb bay�), c.1, j.2, Lubnān: Dār-al-Kutub al-‘Ilmīyah, Bayrūt.

Abū Ishāq Ibn �Alī Ibn Yūsuf al-Fayrūzabādi al-Syīrāzī. (1994). al-Muhadhdhab fī Fiqh al-Imām Syāfi �ī, j.1, Misr: Mu��afā al-Bābī al-�alabī, al-Qahīrah.

al-Mubārak Ibn Muhammad Ibn Muhammad al-Jazāri Ibn al-Athīr. (1963). al-Nihāya� fī Gharīb al-Hadīth wa al-athār, j.4, Mi�r: al-Maktabah al-Islāmiyyah, al-Qāhira�.

al-Sarkhasī. Syamsu al-Dīn al-Sarkhasī. (1989). Kitābul Masbū� li Syamsu al-Dīn al-Sarkhasī, j.11, Lubnān: Dār al-Ma’rifah, Bayrūt.

Anwār Dabūr Mahmūd. (1985). Ahkām al-Wa�īya� fī al-Fiqh al-Islāmi wa al-Qanūn, Mi�r: Dār al-Thaqāfa� al-‘Arabīyah, al-Qāhira�.

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Mu�tafa Ahmad al-Zarqā. (1968). al-Madkhal al-Fiqhi al-‘Am al-Islāmi fī Thaubihi al-Jadīd, j. 1, Lubnān: Dār-al-Fikr, Bayrūt.

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Sul�ān Ibrā�īm Ibn Sul�ān al-�āsyimī. (2002). ‘Ahkām Ta�arrufāt al-Wakīl fī ‘Uqūd al-Mu‘āwi�āt al-Mālīyah, al-‘Imārāt: Dār al-Buhūth li al-Dirāsāt al-Islāmīyah wa Ihyā� al-Turāth, Dūbay.

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Shamsiah Abdul Karim. (2010). Contemporary shari’ah compliance structuring for the development and management of Waqf assets in Singapore. Kyoto Bulletin of Islamic Area Studies, Vol. 3, No. 2, (March 2010), Japan: Kyoto University Research Information Respository (KURENAI).

Monzer Kahf. (1998). Financing The Development of Awqaf Property. (Kertas Kerja Seminar Development of Awqaf, Anjuran IRTI, Kuala Lumpur, 2–4 March 1998.

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UDA Holding Sdn. Bhd. Retrieved from htt p://www.uda.com.my/

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PERBELANJAAN AWAM DAN PERTUMBUHAN EKONOMI: BUKTI EMPIRIK DARI KERAJAAN

NEGERI DI SEMENANJUNG MALAYSIA

PUBLIC SPENDING AND ECONOMIC GROWTH: AN EMPIRICAL EVIDENCE FROM STATE

GOVERNMENT IN PENINSULAR MALAYSIA

NORAIN MOD ASRIZULKEFLY ABDUL KARIM

MD ZYADI MD TAHIRWOOK ENDUT

Fakulti Ekonomi dan PengurusanUniversiti Kebangsaan Malaysia

Abstrak

Kertas ini bertujuan mengkaji hubungan antara perbelanjaan awam dengan pertumbuhan ekonomi di peringkat kerajaan negeri di Semenanjung Malaysia. Beberapa pemboleh ubah yang lain seperti hasil cukai, imbangan fi skal, dan jumlah populasi penduduk juga diambil kira dalam menganggar model persamaan. Kajian ini mengaplikasi ujian kointegrasi Johansen untuk menganalisis hubungan jangka panjang (kointegrasi) dan model vektor pembetulan ralat (VECM) untuk menentukan arah sebab-menyebab dalam jangka pendek dan jangka panjang dalam kalangan pemboleh ubah kajian. Keputusan kajian menunjukkan; pertama, tidak wujud hubungan jangka panjang antara output negeri dengan belanja awam di negeri Selangor. Kedua, di negeri Pahang dan Melaka wujud hubungan sebab-menyebab dua hala dalam jangka panjang antara output negeri dengan belanja awam. Ketiga, dalam jangka pendek, perubahan output signifi kan menjadi penyebab Granger kepada perubahan perbelanjaan awam di Negeri Sembilan, Kedah, Melaka dan Pulau Pinang, yang menyokong hipotesis Wagner. Sebaliknya, di negeri Pahang dan Perak, perubahan perbelanjaan awam signifi kan menjadi penyebab Granger kepada perubahan output dalam jangka pendek, yang mengesahkan hipotesis Keynes di negeri tersebut.

Kata kunci: Perbelanjaan awam, pertumbuhan ekonomi, ujian kointegrasi Johansen, VECM, VAR.

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Abstract

Purpose – This paper investigates the relationship between public spending and economic growth using the state level data in Peninsular Malaysia. Several other variables namely tax revenue, fi scal balance, and total population have also been considered in estimating the baseline model.

Design/methodology/approach – This study applied the Johansen cointegration test in analyzing the long run relationship (cointegration) among the variables of interest, and a vector error correction model (VECM) in investigating the direction of causality in the long-run and short run among the variables.

Findings – The empirical fi ndings can be summarized as follows. First, there is no long-run relationship among state output and public spending in Selangor. Second, in Pahang and Melaka, there is a long run bi-directional causality between state output and public spending. Third, in the short run, a changes in output is signifi cantly to Granger cause the public spending in Negeri Sembilan, Kedah, Melaka and Pulau Pinang, in which has supported the Wagner hypothesis. In contrast, in Pahang and Perak, a changes in public spending has a signifi cance eff ect to Granger cause the changes of output in the short run, in which has confi rmed the existence of Keynesian hypothesis in those states.

Originality/value – This study provides new empirical evidence on the relationship between public spending and economic growth using the state level data in Peninsular Malaysia. Moreover, several other variables namely tax revenue, fi scal balance, and state population have also been considered in the baseline model.

Keywords – public spending, economic growth, Johansen cointegration test, VECM, VAR. Paper type – Research Paper.

Pengenalan

Episod turun naik dalam kitaran ekonomi sering kali menuntut pelarasan dasar fi skal agar kesan daripada ketakstabilan ekonomi tersebut tidak berpanjangan. Dalam hal ini, mekanisme pelarasan yang kerap dipraktiskan lebih tertumpu kepada pemboleh ubah perbelanjaan awam apabila ianya dapat mempengaruhi pertumbuhan

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ekonomi secara langsung berbanding dengan komponen fi skal yang lain. Namun begitu, perbelanjaan awam ini sebenarnya boleh mengundang kepada kewujudan kesan asakan keluar (crowding-out eff ects). Hal ini bererti peningkatan perbelanjaan awam melalui dasar belanjawan defi sit akan meningkatkan kadar bunga domestik yang seterusnya akan mengurangkan pelaburan daripada sektor swasta. Akibatnya, sesebuah negara akan mengalami kesukaran untuk mencapai suatu laluan pertumbuhan yang seimbang (balance growth path) dalam jangka panjang (Raurich, 2001).

Walaupun begitu, kajian mengenai hubungan antara perbelanjaan awam dengan output masih lagi relevan sehingga ke hari ini kerana kegawatan ekonomi (termasuk pada zaman kemelesetan besar atau Great Depression pada tahun 1930-an) telah terbukti dapat distabilkan menerusi campur tangan yang aktif daripada sektor awam. Berdasarkan kajian terdahulu, terdapat dua pendekatan yang telah digunakan untuk melihat hubungan antara belanja awam dengan output (pendapatan) negara (Wahab, 2004). Pertama, perbelanjaan kerajaan dianggap sebagai pemboleh ubah endogenous seperti yang dikemukakan oleh Wagner (1958). Hal ini bermaksud perubahan perbelanjaan awam dipengaruh oleh perubahan pendapatan negara secara anjal, iaitu kadar (peratusan) peningkatan perbelanjaan awam melebihi daripada kadar peningkatan output negara. Hukum Wagner ini dianggap oleh Akitoby, Clements, Gupta, dan Inchauste (2006) sebagai ‘voracity eff ect’ yang berlaku disebabkan beberapa faktor seperti kelemahan institusi dan perpecahan etnik. Ia dimanifestasikan menerusi kemunculan pelbagai kumpulan berkepentingan yang meminta lebih peruntukan perbelanjaan awam bagi melindungi kebajikan mereka dalam pembangunan negara.

Walau bagaimanapun, analisis Wagner agak terbatas pada masa ekonomi gawat. Beliau tidak melihat secara jelas kesan kegawatan ekonomi (kejatuhan output negara) terhadap pertumbuhan perbelanjaan awam. Realitinya, terdapat tiga bentuk tindak balas belanja awam terhadap kejatuhan pendapatan negara. Pertama, sekiranya kemerosotan output negara menyebabkan peningkatan dalam belanja awam, maka ini mencerminkan belanja awam bertindak sebagai ‘countercyclical instrument’ untuk merangsang kembali pertumbuhan ekonomi. Kedua, jika kejatuhan (peningkatan) output diiringi dengan kejatuhan (peningkatan) belanja awam pada kadar yang lebih tinggi (rendah), maka bentuk hubungan ini menyangkal hukum Wagner. Ketiga, jika kejatuhan (peningkatan) output diiringi dengan kejatuhan (peningkatan) belanja awam pada

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kadar yang lebih rendah (tinggi), lantas hubungan ini dikatakan konsisten dengan hukum Wagner dan turut merujuk kepada ‘cyclical ratcheting’ (Akitoby et al., 2006).

Pendekatan yang kedua melihat perbelanjaan awam sebagai pemboleh ubah eksogenous menurut jurus pandang ahli ekonomi Keynesian. Hal ini bererti peningkatan perbelanjaan awam akan merangsang peningkatan pendapatan negara melalui pemboleh ubah perbelanjaan agregat. Sebagai contoh, campur tangan kerajaan menerusi peruntukan terhadap perbelanjaan awam dan cukai bersih (iaitu cukai kasar ditolak bayaran pindahan) memberikan kesan yang berbeza terhadap perbelanjaan agregat. Kesan pertambahan perbelanjaan awam terhadap pertumbuhan ekonomi sebenarnya adalah lebih besar berbanding dengan kesan kejatuhan cukai bersih kerana saiz pengganda perbelanjaan awam yang lebih besar berbanding dengan pengganda cukai. Namun begitu, sekiranya kadar pertambahan perbelanjaan awam kurang daripada kadar pertambahan pungutan cukai, maka tabungan awam akan meningkat. Sebaliknya, pertambahan cukai pula bakal mengundang kejatuhan dalam tabungan swasta, yang mana akan menjejaskan paras tabungan negara, dan akhirnya menjejaskan aktiviti pengumpulan modal dan kegiatan ekonomi.

Memandangkan terdapat banyak kemungkinan berkaitan arah hubungan antara perbelanjaan awam dengan output, maka kajian ini mendalami isu tersebut bagi kes kerajaan negeri di Semenanjung Malaysia. Kajian ini memberikan sumbangan yang signifi kan terhadap bidang ekonomi fi skal daripada beberapa aspek. Pertama, kajian ini menggunakan data di peringkat kerajaan negeri dengan menggunakan data ekonomi bersaiz kecil (Malaysia). Banyak kajian lepas hanya memberikan fokus kajian menurut perspektif negara besar (maju) khususnya negara Amerika Syarikat (AS) seperti yang dilakukan oleh Kolluri, Panik dan Wahab (2000), Folster dan Henrekson (2001), Wahab (2004), dan Glass (2009). Maka, dengan menggunakan data pada peringkat kerajaan negeri, dapat memberikan maklumat kepada penggubal dasar di negeri yang berkenaan untuk melaksanakan dasar belanjawan yang lebih berhemah dan cermat, iaitu dengan mengambil kira kedudukan ekonomi sebelum memutuskan sesuatu dasar belanjawan yang hendak dilaksanakan. Kedua, kajian ini juga mengambil kira beberapa pemboleh ubah lain yang penting seperti hasil cukai, imbangan fi skal dan jumlah populasi dalam model penganggaran. Hal ini kerana kitaran perbelanjaan awam dan output pada peringkat kerajaan negeri amat bergantung kepada perubahan hasil cukai, imbangan fi skal dan jumlah populasi.

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Penemuan penting kajian ini pula diringkaskan kepada tiga aspek. Pertama, tidak wujud hubungan jangka panjang antara output negeri dan belanja awam bagi kerajaan negeri Selangor. Kedua, di Pahang dan Melaka wujud hubungan dua hala dalam jangka panjang antara output negeri dan belanja awam. Ketiga, dalam jangka pendek, wujud hipotesis Wagner di Negeri Sembilan, Kedah, Melaka dan Pulau Pinang, manakala, dalam jangka pendek hipotesis Keynes wujud di Pahang dan Perak.

Kertas ini dibahagikan kepada beberapa bahagian. Bahagian kedua membincangkan secara ringkas latar belakang hipotesis Keynesian dan hipotesis Wagner mengenai hubungan antara perbelanjaan dengan pertumbuhan ekonomi. Bahagian ketiga meninjau daripada aspek soroton kajian lepas yang melihat hubungan antara perbelanjaan dengan pertumbuhan ekonomi. Bahagian keempat menerangkan metodologi kajian dengan tumpuan kepada model vektor pembetulan ralat (VECM). Bahagian kelima mempersembahkan hasil kajian, manakala bahagian keenam meringkas dan merumuskan hasil kajian.

Hipotesis Keynes and Hipotesis Wagner

Secara teori, terdapat dua hipotesis yang mendasari hubungan antara perbelanjaan kerajaan dengan output. Hipotesis pertama, iaitu pandangan ahli ekonomi Keynesian yang melihat pengaruh perbelanjaan kerajaan (khususnya melalui belanjawan defi sit) terhadap pertumbuhan ekonomi negara. Keynesian berpandangan campur tangan yang aktif daripada kerajaan melalui dasar-dasar pengurusan permintaan agregat adalah penting untuk menstabilkan ekonomi negara (pertumbuhan ekonomi). Di samping itu, dasar fi skal yang proaktif menerusi perbelanjaan awam ini juga merupakan instrumen penting yang menjana pertumbuhan ekonomi serta guna tenaga terutama sekali apabila sesebuah negara berada pada peringkat awal pertumbuhan (Al-Faris, 2002). Idea Keynesian ini juga selari dengan penambahbaikan terhadap teori pertumbuhan endogenous seperti yang dilakukan oleh Barro (1990) yang menekankan kesan langsung perbelanjaan awam yang produktif terhadap fungsi pengeluaran dan penggunaan swasta. Idea Barro (1990) ini telah disokong oleh Grossman dan Helpman (1991) serta Tanzi dan Zee (1996). Walaupun Barro (1991) kemudiannya gagal membuktikan kepentingan belanja awam terhadap output dengan menggunakan data di negara maju dan negara sedang membangun, tetapi beliau telah merumuskan bahawa saiz sektor awam (belanja awam) yang

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besar bakal membantut pertumbuhan ekonomi. Hal ini disebabkan oleh saiz belanja awam yang besar bakal disertai oleh defi sit fi skal dan seterusnya cukai yang tinggi lantas ia akan melemahkan pertumbuhan ekonomi.

Hipotesis kedua pula dikemukakan oleh ahli ekonomi Jerman, Wagner (1958), yang menegaskan bahawa belanja awam merupakan pemboleh ubah endogenous yang ditentukan oleh pertumbuhan ekonomi. Beliau juga menyatakan belanja awam lebih bersifat anjal terhadap pertambahan pendapatan negara yang kebiasaannya koefi sien keanjalan belanja awam terhadap pertumbuhan ekonomi melebihi daripada satu. Dalam kata lain, teori ini menjelaskan saiz pertumbuhan sektor awam lebih cepat daripada saiz pertumbuhan ekonomi. Terdapat tiga faktor yang telah dikenal pasti menyumbang kepada tindak balas perbelanjaan awam tersebut. Pertama, apabila ekonomi berkembang, maka wujud peningkatan keperluan dan permintaan terhadap barangan awam (keselamatan, pendidikan, dan infrastruktur) yang ditawarkan oleh kerajaan. Kedua, peningkatan peruntukan bagi barangan sosial dan budaya, dan ketiga, kawalan birokrasi serta pentadbiran yang baik bagi menjamin kelancaran operasi pasaran. Hukum Wagner ini telah berjaya dibuktikan oleh Kolluri, Panik dan Wahab(2000) dan Akitoby et al. (2006) bagi kes negara perindustrian maju dan negara membangun. Sebaliknya, Henrekson (1993) gagal mengesahkan kewujudan hukum Wagner manakala Wahab (2004) pula memperoleh keputusan yang bercampur iaitu beliau mendapati hipotesis Wagner wujud di negara Eropah tetapi tidak wujud di negara G7 dan Organisation for Economic Co-operation and Development (OECD).

Kajian Lepas

Hubungan antara perbelanjaan awam dengan pertumbuhan ekonomi telah pun dikaji dengan mendalam oleh ramai pengkaji sebelum ini seperti Aschauer (1989), Barro (1981, 1987), Evans dan Karras (1994), dan Henrekson (1993). Namun, disebabkan kaedah pengujian yang berbeza, maka keputusan yang diperoleh adalah pelbagai. Sebagai contoh, Rao (1989) berjaya mengesahkan hipotesis Wagner bagi kedua-dua kumpulan negara maju dan negara berpendapatan rendah serta sederhana. Al-Faris (2002) juga menyokong hipotesis Wagner bagi negara rantau Arab kecuali Bahrain yang menunjukkan kewujudan hubungan dua hala antara perbelanjaan awam dengan pertumbuhan ekonomi. Al-Faris (2002) turut menegaskan bahawa pertumbuhan

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output dan guna tenaga di sektor bukan petroleum telah menarik ramai ‘expatriate’ yang turut membawa keluarga mereka ke negara Arab berkenaan. Hal ini seterusnya menyebabkan kerajaan negara Arab terpaksa menambah perbelanjaan dalam penyediaan infrastruktur serta khidmat sosial. Beliau juga menggariskan tiga alasan yang menyebabkan perbelanjaan awam tidak mempengaruhi output seperti yang diketengahkan oleh Keynesian. Pertama, kerajaan lebih banyak memperuntukkan perbelanjaan awam terhadap komponen yang kurang produktif iaitu perbelanjaan semasa (mengurus). Kedua, sebarang penawaran barangan awam yang dilihat bersaing dengan sektor swasta akan mengarah kepada kejatuhan ekonomi. Ketiga, impak perbelanjaan sosial seperti perbelanjaan pendidikan, kesihatan serta infrastruktur terhadap pertumbuhan ekonomi akan mengambil masa.

Dapatan kajian Al-Faris (2002) di atas selari dengan keputusan Devarajan, Swaroop dan Zou (1996) yang membuktikan perbelanjaan modal (perbelanjaan produktif) berhubungan negatif atau tidak mempunyai hubungan dengan output disebabkan kerajaan memperuntukan perbelanjaan modal melebihi tahap optimum. Walaupun begitu, mereka berjaya mengesahkan kewujudan hipotesis Keynesian bagi hubungan perbelanjaan awam total dengan pertumbuhan output. Tetapi, peningkatan jumlah perbelanjaan awam ini hanya mampu mendorong peningkatan kutipan cukai dan kadar pertumbuhan output pada ‘steady state’ dengan syarat produktiviti perbelanjaan awam melebihi daripada kerugian luput (beban berlebihan) akibat peningkatan cukai tersebut. Sebaliknya, Folster dan Henrekson (2001) pula mendapati perbelanjaan awam mempengaruhi output secara negatif di negara maju (kaya). Hal ini terkesan daripada keupayaan perbelanjaan awam mengasak keluar pelaburan swasta dengan banyak yang menyebabkan kejatuhan output negara. Selain itu, banyak kajian terbaru pula dilihat mengambil kira kesan perbelanjaan awam secara simetri dan asimetri terhadap output negara. Contohnya, analisis keratan rentas oleh Wahab (2010) mendapati perbelanjaan awam hanya mempengaruhi output apabila pertumbuhan perbelanjaan awam berada di bawah ‘trend growth’ dengan menggunakan model asimetri, sedangkan model simetri menunjukkan output negara sememangnya dipengaruhi oleh perbelanjaan awam secara positif. Di Malaysia, kajian mengenai hubungan antara perbelanjaan awam dengan pertumbuhan ekonomi tidak mendapat perhatian yang meluas daripada pengkaji lepas serta lebih tertumpu kepada

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persoalan hukum Wagner dengan menggunakan data di peringkat kerajaan persekutuan. Misalnya, Sinha (1998) mendapati kewujudan hipotesis Wagner pada Malaysia dalam jangka panjang. Selain itu, kajian beliau juga mendapati tidak wujud sebarang hubungan antara pertumbuhan ekonomi dengan perbelanjaan awam dalam jangka pendek, lantas beliau merumuskan faktor bukan ekonomi lebih dominan mempengaruhi perbelanjaan awam dan pertumbuhan output di Malaysia. Ghani, Habibullah, Azali dan Azman-Saini (2005) yang menggunakan pendekatan ARDL pula berjaya membuktikan kewujudan hubungan dua hala antara pertumbuhan ekonomi dan belanja awam dalam jangka panjang, manakala hukum Keynes hanya berlaku dalam jangka pendek. Sebaliknya, Norain, Md. Zyadi dan Wook (2010) yang menggunakan model vektor ralat pembetulan (VECM) telah mendapati hipotesis Keynesian wujud dalam jangka panjang, manakala dalam jangka pendek, hipotesis Wagner wujud sama ada dengan menggunakan data agregat atau subkomponen perbelanjaan awam. Kajian oleh Fatimah, Zarinah, Saad dan Ahmad Farid (2010) juga mengesahkan impak positif antara perbelanjaan pembangunan terhadap pertumbuhan ekonomi, yang mana kesan perbelanjaan awam ini lebih besar berbanding kesan pelaburan asing terhadap pertumbuhan output. Kajian pada peringkat kerajaan tempatan pula telah dilakukan oleh Dayang-Affi zzah, Habibullah dan Azman-Saini (2006) serta Habibullah dan Dayang-Affi zzah (2008) yang masing-masing bagi kes kerajaan tempatan di Sabah dan Sarawak. Mereka turut memperoleh keputusan yang pelbagai, iaitu hubungan sehala serta hubungan dua hala antara belanja awam dengan pertumbuhan ekonomi.

Berdasarkan kepada tinjauan kajian lepas di atas, amat jelas terdapat beberapa jurang literatur yang belum diterokai lagi, khususnya bagi kes di Malaysia. Maka, kajian ini menerokai isu tersebut dengan memberikan sumbangan kepada dua inovasi penting dalam bidang ekonomi fi skal. Pertama, berbeza dengan kajian terdahulu di Malaysia yang menggunakan data pada peringkat kerajaan persekutuan, kajian ini mengkaji hubungan antara perbelanjaan awam dengan pertumbuhan ekonomi pada peringkat kerajaan negeri di Semenanjung Malaysia. Hal ini penting untuk mengenal pasti gelagat pembuat dasar di kerajaan negeri yang diandaikan lebih dekat serta memahami kehendak dan keperluan pengundi/pembayar cukai. Kedua, kajian ini juga mengambil kira beberapa pemboleh ubah lain seperti hasil cukai, imbangan fi skal, dan populasi negeri dalam model persamaan. Ini kerana kitaran perbelanjaan awam dan pertumbuhan ekonomi juga terdedah terhadap perubahan pemboleh ubah tersebut.

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Spesifi kasi Model dan Data

Spesifi kasi Model

Kajian ini menggunakan pendekatan Akitoby et al. (2006) yang mengaplikasi teori Wagner untuk menunjukkan hubungan keseimbangan (steady-state) antara belanja awam (G) dengan output atau Keluaran Dalam Negeri Kasar (Y). Secara ringkas, model tersebut adalah seperti berikut: (1)

yang mana, menurut Wagner, δ > 1, dan δ juga merupakan nilai keanjalan konstan jangka panjang belanja awam terhadap output negara. Persamaan (1) di atas boleh ditulis semula dalam bentuk linear sebagai:

(2)

dengan a = log A, dan μ adalah sebutan ralat rawak. Namun, bagi memperhalusi gelagat dan kitaran belanja awam tersebut, maka persamaan (2) di atas telah diubah suai dengan mengambil kira pergerakan dalam hasil dan imbangan fi skal seperti yang disarankan oleh Akitoby et al. (2006). Maka, dengan mengambil kira pemboleh ubah hasil cukai (HC) dan imbangan fi skal (IF) ke dalam persamaan (2), persamaan baru bolehlah ditulis seperti berikut:

(3) Persamaan (3) hanya memfokus kepada hasil cukai dan bukannya sumber hasil yang lain disebabkan hasil cukai, terutama sekali cukai tanah yang berkadar malar (fl at-rate), merupakan antara hasil utama kerajaan negeri di Malaysia. Kutipan hasil cukai ini diandaikan digunakan sepenuhnya untuk membiayai perbelanjaan kerajaan negeri. Andaian ini juga dilihat hampir selari dengan idea Barro (1990) yang menegaskan belanja awam pada peringkat kerajaan persekutuan umumnya dibiayai oleh cukai pendapatan yang berkadar malar. Manakala, kemasukan pemboleh ubah imbangan fi skal pula membolehkan tindakan pengukuhan fi skal oleh sesebuah kerajaan negeri dikenal pasti menerusi perubahan kedudukan imbangan fi skalDalam masa yang sama, daripada jurus pandang pembangunan ekonomi wilayah, perbelanjaan awam juga merupakan instrumen untuk mengenal pasti kewujudan eksternaliti negatif akibat kepadatan

tt AYG

ttt YaG

ttttt IFHCYaG

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wilayah (bandar) atau eksternaliti positif akibat pemusatan bandar (De Mello, 2002). Namun, penentuan sama ada wujud eksternaliti negatif atau positif ini hanya boleh dilakukan menerusi perbandingan antara jumlah populasi semasa (L) dengan saiz populasi kritikal (L’). Contohnya, jika L<L’, maka ini menunjukkan pemusatan wilayah menjana eksternaliti positif. Hal ini juga bererti, kerajaan negeri berupaya dan cenderung menawarkan pelbagai aktiviti ekonomi, sosial dan kebudayaan apabila saiz populasinya besar. Sebaliknya, jika L>L’, ini mencerminkan kepadatan wilayah atau saiz populasi yang terlalu ramai akan hanya mewujudkan eksternaliti negatif seperti pencemaran, keganasan serta kesesakan lalu lintas. Oleh itu, memandangkan saiz populasi (POP) juga memberi impak kepada belanja, lantas persamaan (3) perlu diubah menjadi:

(4)

Seperkara yang perlu ditegaskan di sini, disebabkan kebanyakan barangan awam bersifat tidak bersaingan dan tiada pengecualian terutama sekali bagi barang awam tulen, lantas jumlah belanja awam lebih bermakna kepada individu berbanding dengan jumlah per kapita (Barro, 1990). Justeru, semua pemboleh ubah dalam persamaan (4) bukan dalam bentuk per kapita. Tetapi kesan saiz negeri yang berbeza telah dikawal menerusi kehadiran pemboleh ubah populasi.

Ujian Punca Unit (Unit root test)

Sebelum ujian kointegrasi dan analisis sebab-menyebab antara perbelanjaan awam dengan output dilakukan, kepegunan setiap pemboleh ubah perlu ditentukan untuk mengelakkan masalah regresi palsu. Kepegunan setiap pemboleh ubah ditentukan menggunakan ujian Augmented Dickey-Fuller (ADF) yang diperkenalkan oleh Said dan Dickey (1984) seperti berikut:

(5) yang mana ∆ adalah operator pembezaan pertama, t adalah sebutan ralat ganguan putih (white noise), dan Xt adalah siri masa pemboleh ubah. Hipotesis yang perlu diuji adalah hipotesis nol: 1= 0, yang bererti wujud unit root (siri masa tidak pegun), manakala hipotesis alternatif: 1< 0, yang menunjukkan siri masa adalah pegun. Sekiranya hipotesis nol ditolak, maka ini menunjukkan siri

tttttt POPIFHCYaG

tit

k

iitt XXX

1110

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masa Xt adalah pegun dengan nilai min sifar. Bagi mengesahkan lagi keputusan ujian ADF tersebut, maka kajian ini turut melakukan ujian kepegunan Phillip Perron (PP).

Ujian Kointegrasi Johansen

Ujian kointegrasi Johansen yang diperkenalkan oleh Johansen dan Juselius (1990) boleh dilakukan jika semua pemboleh ubah siri masa mempunyai darjah integrasi yang sama, iaitu pegun pada peringkat pembezaan pertama atau I(1). Kaedah ini adalah berdasarkan penganggaran kebolehjadian maksimum serta menguji vektor kointegrasi yang wujud dalam kalangan siri masa. Ujian kointegrasi ini juga menggunakan dua nilai statistik ujian iaitu ujian trace dan ujian max. Nilai statistik ujian ini kemudiannya akan dibandingkan dengan nilai kritikal yang diperoleh daripada Osterwald-Lenum (1992). Sekiranya nilai statistik ujian lebih besar daripada nilai kritikal ini pada aras keertian tertentu, maka wujud kointegrasi dalam kalangan pemboleh ubah yang terdapat dalam sistem.

Model Vektor Pembetulan Ralat (VECM)

Walaupun begitu, ujian kointegrasi Johansen tidak dapat mengenal pasti kewujudan hubungan sebab-menyebab dalam kalangan pemboleh ubah siri masa tersebut. Jika pemboleh ubah-pemboleh ubah tersebut berkointegrasi pada darjah integrasi yang sama iaitu pada I(1), maka sebutan pembetulan ralat tertangguh perlu dimasukkan ke dalam model sebelum ujian sebab-menyebab Granger (1969) boleh dilakukan. Oleh yang demikian, persamaan (4) perlu dianggar dalam versi model VECM seperti berikut (dengan mengandaikan semua pemboleh ubah akan menjadi pemboleh ubah bersandar):

(6a)

(6b)

(6c) (6d)

(6e)

t

n

iiti

n

iiti

n

iiti

n

iiti

n

iititGt POPIFHCYGG 1

11

11

11

11

11110

ˆ

t

n

iiti

n

iiti

n

iiti

n

iiti

n

iititYt POPIFHCYGY 2

12

12

12

12

12120

ˆ

t

n

iiti

n

iiti

n

iiti

n

iiti

n

iititHCt POPIFHCYGHC 3

13

13

13

13

13130

ˆ

t

n

iiti

n

iiti

n

iiti

n

iiti

n

iititIFt POPIFHCYGIF 4

14

14

14

14

14140

ˆ

t

n

iiti

n

iiti

n

iiti

n

iiti

n

iititPOPt POPIFHCYGPOP 5

15

15

15

15

15150

ˆ

134

IJMS 19 (2), 123–148 (2012)

yang mana, ∆ adalah operator pembezaan pertama, έ t-1ialah sebutan pembetulan ralat tertangguh iaitu ralat daripada persamaan vektor kointegrasi yang dihasilkan oleh ujian kointegrasi Johansen dan μ pula merujuk kepada sebutan ralat. Sebaliknya, jika ujian kointegrasi Johansen sebelum ini mendapati tidak wujud kointegrasi antara pemboleh ubah, maka sebutan pembetulan ralat tertangguh perlulah disingkirkan daripada persamaan VECM di atas.

Analisis model VECM juga dapat mengasingkan kesan jangka pendek dan jangka panjang pemboleh ubah penerang terhadap pemboleh ubah bersandar. Kesan jangka panjang ditentukan menerusi sebutan pembetulan ralat tertangguh yang mengukur kelajuan pelarasan (speed of adjustment) ke arah keseimbangan jangka panjang, iaitu masa yang diambil oleh pemboleh ubah penerang untuk menumpu (converge) ke arah keseimbangan jangka panjang. Ia juga menerangkan arah sebab-menyebab jangka panjang dalam kalangan pemboleh ubah penerang terhadap pemboleh ubah bersandar. Manakala, hubungan sebab-menyebab Granger jangka pendek pula dapat dikenal pasti melalui ujian wald (statistik F) terhadap sekumpulan koefi sien yang berkenaan seperti berikut:

H0: δ2n=0, δ3n=0, δ4n=0, δ5n=0 melawan H1: δ2n 0, δ3n 0, δ4n 0, δ5n 0

H0: φ1n=0, φ3n=0, φ4n=0, φ5n=0 melawan H1: φ1n 0, φ3n 0, φ4n 0, φ5n 0

H0: γ1n=0, γ2n=0, γ4n=0, γ5n=0 melawan H1: γ1n 0, γ2n 0, γ4n 0, γ5n 0

H0: β1n=0, β2n=0, β3n=0, β5n=0 melawan H1: β1n 0, β2n 0, β3n 0, β5n 0

H0: χ1n=0, χ2n=0, χ3n=0, χ4n=0 melawan H1: χ1n 0, χ2n 0, χ3n 0, χ4n 0

Data dan Defi nisi Pemboleh Ubah

Kajian ini menggunakan lima data siri masa bagi setiap negeri di Semenanjung Malaysia, iaitu belanja awam (G), Keluaran Dalam Negeri Kasar (Y), jumlah hasil cukai (HC), imbangan fi skal (IF) dan jumlah populasi (POP). Untuk tujuan analisis, kesemua pemboleh ubah telah diubah suai dalam log semula jadi. Data fi skal (G, HC, IF) diperoleh daripada laporan kewangan tahunan negeri pelbagai tahun, manakala data output (Y) dan populasi (POP) didapati daripada laporan ekonomi negeri dan Rancangan Malaysia pelbagai tahun. Kajian ini menggunakan sampel data tahunan dari tahun 1970 hingga 2008 yang merangkumi tempoh selama 39 tahun.

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IJMS 19 (2), 123–148 (2012)

Keputusan Empirikal

Bahagian ini membincangkan keputusan ujian punca unit dengan menggunakan kaedah ADF dan PP, ujian kointegrasi Johansen serta ujian model VECM. Berdasarkan Jadual 1, didapati semua pemboleh ubah siri masa tidak mencapai kepegunan pada peringkat paras, I(0), tetapi mencapai kepegunan pada peringkat pembezaan pertama, I(1), iaitu pada aras keertian lima peratus. Keputusan ini membolehkan ujian kointegrasi Johansen dilakukan seterusnya.

Jadual 1

Ujian Kepegunan ADF

Negeri Pemboleh ubah

Nilai statistik ADF Nilai statistik PPParas Pembezaan

pertamaParas Pembezaan

pertamaSelangor G

YHCIF

POP

-2.6875 (0)-1.9587 (0)-0.1790 (2)-1.0820 (1)0.4393 (0)

-5.7586* (0)-7.0422* (0)-6.6101* (1)-9.0877* (0)-5.3002* (0)

-2.8734 (4)-1.9587 (0)-0.4618 (1)-1.4752 (2)-1.5157 (2)

-6.0164* (4)-7.0488* (1)

-10.4612* (3)-9.2141* (2)-5.4033* (1)

Perlis GY

HCIF

POP

-1.8449 (2)-0.3274 (0)-0.6846 (1)-2.5345 (2)-1.2583 (0)

-9.9723* (0)-5.7044* (0)

-11.8391* (0)-4.2345* (3)-5.2491* (0)

-2.0538 (5)-0.3128 (3)-1.7589 (1)-1.8696 (4)-2.2252 (5)

-11.6883* (5)-5.6948* (4)

-12.9006* (5)-12.3426* (7)-5.7142* (2)

Negeri Sembilan GY

HCIF

POP

-2.3514 (0)-0.2192 (0)-1.2042 (0)-2.3566 (0)-0.9999 (0)

-5.9813* (0)-6.1525* (0)-5.8098* (1)-6.5182* (0)-6.0185* (9)

-2.3623 (2)-0.1464 (4)

-1.2183 (13)-2.5024 (3)-1.0535 (3)

-5.9829* (1)-6.1861* (4)

-9.6034* (11)-6.5182* (0)-6.1969* (3)

Kedah GY

HCIF

POP

-1.4925 (0)-0.6162 (0)-0.2357 (0)-0.5361 (2)-0.2497 (0)

-5.6140* (0)-6.5250* (0)-7.3039* (0)-7.6042* (0)-6.2097* (0)

-1.5320 (7)-0.5844 (5)-0.1193 (5)-1.0028 (2)-0.2269 (4)

-6.1166* (8)-6.7793* (5)-7.2983* (2)-9.5736* (9)-6.2711* (4)

Kelantan GY

HCIF

POP

-1.9254 (0)-1.1562 (0)-1.7483 (4)-2.4043 (0)-1.8545 (2)

-6.4725* (0)-6.3224* (0)-6.6019* (1)-7.0834* (0)-5.7467* (9)

-1.9254 (0)-1.1963 (3)-1.5287 (5)-2.3630 (1)-1.2562 (4)

-6.4739* (2)-6.3299* (2)

-17.2624* (6)-7.2644* (6)-9.3388* (3)

Terengganu GY

HCIF

POP

-1.7962 (1)-1.9214 (0)-1.8218 (0)-2.5815 (0)-1.7492 (1)

-3.8001* (0)-5.8200* (0)-5.3845* (0)-7.6403* (0)-3.7993* (0)

-1.6003 (2)-2.0260 (3)-1.8539 (2)-2.6062 (3)-1.8585 (4)

-3.7962* (1)-5.8200* (1)-5.3989* (2)-7.6784* (1)-3.8586* (3)

(sambungan)

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IJMS 19 (2), 123–148 (2012)

Negeri Pemboleh ubah

Nilai statistik ADF Nilai statistik PP

Paras Pembezaan pertama

Paras Pembezaan pertama

Pahang GY

HCIF

POP

-2.5219 (8)-0.6666 (0)-0.9868 (7)-0.8247 (3)-1.8875 (0)

-6.6744* (1)-6.2148* (0)-3.6771* (6)-6.7282* (2)-5.6104* (0)

-2.3504 (0)-0.6504 (3)-1.4758 (7)-2.7729 (3)-1.9228 (2)

-9.0698* (0)-6.2315* (3)

-10.0149* (12)-16.9862* (3)-5.6099* (1)

Johor GY

HCIF

POP

-2.4538 (7)-0.7396 (0)-0.6422 (0)-1.7281 (0)-1.9021 (0)

-5.0249* (2)-6.3824* (0)-6.5601* (0)-8.0277* (0)-4.9604* (0)

-3.1279 (0)-0.7912 (5)-0.5972 (6)-1.7281 (0)-1.7171 (2)

-6.6857* (1)-6.5565* (5)

-7.3126* (10)-10.6043* (6)-4.9702* (2)

Melaka GY

HCIF

POP

-1.6911 (2)-0.0524 (0)-2.9371 (0)-0.8163 (2)-0.4829 (0)

-6.5500* (1)-6.2716* (0)-6.8821* (0)-6.9074* (1)-6.2191* (0)

-1.5907 (3)-2.9514 (1)-2.9649 (1)-1.5401 (2)-0.4609 (3)

-10.4475* (6)-6.4429* (6)-6.8821* (0)

-12.8948* (11)-6.2715* (4)

Perak GY

HCIF

POP

-2.0316 (9)-0.8619 (0)-0.2539 (0)-0.1001 (6)-1.8806 (0)

-3.0711* (9)-6.2966* (0)-5.3155* (9)-2.5983* (8)-5.8076*(0)

-1.9060 (10)-0.8707 (3)-3.1912 (3)-1.0933 (7)-1.8443 (0)

-6.4169* (6)-6.3153* (3)

-8.6429* (11)-14.4152* (16)

-5.8181* (0)Pulau Pinang G

YHCIF

POP

-1.5124 (4)-0.2315 (0)-0.7429 (0)-1.8267 (1)-1.4417 (0)

-3.1311* (9)-6.0946* (0)-7.5585* (0)-6.4022* (1)-4.9064* (0)

-0.8329 (4)-0.1877 (4)-2.7403 (1)-2.5754 (1)-1.2584 (3)

-10.0799* (2)-6.1248* (4)

-8.5224* (11)-8.8716* (1)-4.9014* (2)

Nota. Model ini dijana dengan pintasan. Nilai dalam kurungan menunjukkan lat optimum yang ditentukan menerusi kaedah Akaike Info Criterion (AIC). *signifi kan pada aras keertian 5%.

Jadual 2 menunjukkan keputusan ujian kointegrasi Johansen berdasarkan statistik ujian Trace dan Max-Eigen. Keputusan ujian menunjukkan Selangor satu-satunya negeri di Semenanjung Malaysia yang tidak menunjukkan hubungan jangka panjang antara pemboleh ubah belanja awam dengan output negeri, hasil cukai, imbangan fi skal serta populasi. Hal ini mungkin disebabkan Selangor sebuah negeri maju dan terletak paling hampir dengan ibu negara yakni Kuala Lumpur yang memudahkan ia menarik sejumlah besar pelaburan swasta domestik mahupun asing. Sebaliknya, hipotesis nol (r=0) yang menggambarkan tidak wujud sekurang-kurangnya satu vektor yang berkointegrasi berjaya ditolak di negeri-negeri lain. Hal ini bererti, wujud sekurang-kurangnya satu vektor persamaan yang berkointegrasi di negeri-negeri tersebut (selain Selangor). Secara spesifi knya, hipotesis ini signifi kan pada aras keertian lima peratus di Perlis, Kelantan, Terengganu, Johor dan Perak mengikut kedua-dua

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statistik, lima peratus berdasarkan ujian statistik Trace sahaja di Negeri Sembilan dan Pulau Pinang, sepuluh peratus mengikut kedua-dua statistik di Kedah, sepuluh peratus berasaskan statistik Trace sahaja di Melaka, serta lima peratus mengikut statistik Trace dan sepuluh peratus berdasarkan statistik Max-Eigen di Pahang. Dalam masa yang sama, dapatan turut menjelaskan bahawa terdapat juga kes kerajaan negeri yang wujud sekurang-kurangnya satu vektor kointegrasi antara pemboleh ubah yang dikaji pada aras keertian berbeza iaitu lima peratus berasaskan statistik Trace di Perlis, lima peratus berdasarkan kedua-dua statistik di Kelantan, sepuluh peratus mengikut statistik Trace di Negeri Sembilan dan Pulau Pinang serta sepuluh peratus berdasarkan kedua-dua statistik di Pahang. Manakala, di Perak wujud sekurang-kurangnya tiga vektor kointegrasi yang signifi kan pada aras keertian sepuluh peratus mengikut statistik Trace.

Jadual 2

Ujian Kointegrasi Johansen

Negeri Hipotesis nol

Nilai Eigen

Statistik Trace

Nilai kritikal 5%

Statistik Max-Eigen

Nilai kritikal 5%

Selangor r=0 0.4764 56.1371 76.9728 23.9384 34.8059 r≤1 0.2932 32.1987 54.079 12.8391 28.5881 r≤2 0.2033 19.3596 35.1928 8.4071 22.2996 r≤3 0.1723 10.9526 20.2618 6.9954 15.8921Perlis r=0 0.6469 93.3729* 76.9728 38.5138* 34.8059 r≤1 0.4239 54.8591* 54.079 20.4094 28.5881 r≤2 0.3752 34.4497 35.1928 17.4005 22.2996 r≤3 0.2501 17.0492 20.2618 10.648 15.8921Negeri r=0 0.5408 79.5362* 76.9728 28.7941 34.8059Sembilan r≤1 0.4637 50.7420** 54.079 23.054 28.5881 r≤2 0.3287 27.688 35.1928 14.7465 22.2996 r≤3 0.2431 12.9415 20.2618 10.3037 15.8921Kedah r=0 0.5657 75.1071** 76.9728 33.5042** 34.8059 r≤1 0.4086 41.6029 54.079 19.4362 28.5881 r≤2 0.3181 22.1667 35.1928 14.1676 22.2996 r≤3 0.1283 7.9992 20.2618 5.0809 15.8921Kelantan r=0 0.6118 95.5009* 76.9728 35.0079* 34.8059 r≤1 0.5469 60.4929* 54.0790 29.2911* 28.5881 r≤2 0.3484 31.2019 35.1928 15.8477 22.2996 r≤3 0.2357 15.3542 20.2618 9.9442 15.8921

(sambungan)

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IJMS 19 (2), 123–148 (2012)

Negeri Hipotesis nol

Nilai Eigen

Statistik Trace

Nilai kritikal 5%

Statistik Max-Eigen

Nilai kritikal 5%

Terengganu r=0 0.6468 88.2518* 76.97277 38.50818* 34.80587 r≤1 0.4699 49.7437 54.07904 23.48759 28.58808 r≤2 0.2935 26.2561 35.19275 12.85296 22.29962 r≤3 0.1929 13.4031 20.26184 7.927773 15.89210Pahang r=0 0.5904 84.1739* 76.9728 33.0237** 34.8059 r≤1 0.5356 51.1502** 54.0790 28.3842** 28.5881 r≤2 0.3247 22.7661 35.1928 14.5288 22.2996 r≤3 0.1399 8.2373 20.2618 5.5743 15.8921Johor r=0 0.6946 85.6722* 76.9728 43.8909* 34.8059 r≤1 0.3796 41.7812 54.0790 17.6637 28.5881 r≤2 0.3085 24.1175 35.1928 13.6495 22.2996 r≤3 0.1725 10.4680 20.2618 7.0040 15.8921Melaka r=0 0.5449 73.2147** 76.9728 29.1308 34.8059 r≤1 0.4348 44.0838 54.0790 21.1135 28.5881 r≤2 0.2401 22.9704 35.1928 10.1608 22.2996 r≤3 0.1888 12.8096 20.2618 7.7411 15.8921Perak r=0 0.6624 97.0346* 76.9728 40.1753* 34.8059 r≤1 0.4294 56.8593* 54.0790 20.7616 28.5881 r≤2 0.3847 36.0977* 35.1928 17.9682 22.2996 r≤3 0.2960 18.1295** 20.2618 12.9877 15.8921Pulau Pinang r=0 0.5787 82.5978* 76.9728 31.9843 34.8059 r≤1 0.4833 50.6135** 54.0790 24.4294 28.5881 r≤2 0.2884 26.1842 35.1928 12.5875 22.2996 r≤3 0.2253 13.5967 20.2618 9.4458 15.8921

Nota. Model ini dijana dengan pintasan. Lat optimum adalah satu yang ditentukan menerusi kaedah Akaike Info Criterion (AIC). *signifi kan pada aras keertian 5%. **signifi kan pada aras keertian 10%.

Selanjutnya, Jadual 3 pula memaparkan keputusan ujian sebab-menyebab Granger versi VECM. Berdasarkan ujian kointegrasi Johansen sebelum ini, sebutan pembetulan ralat tertangguh akan dimasukkan ke dalam model kecuali bagi kes Selangor kerana kedua-dua statistik ujian Trace dan Max-Eigen tidak signifi kan. Jika diamati, keputusan di Jadual 3 sebenarnya menunjukkan kewujudan pelbagai bentuk hubungan antara pemboleh ubah. Bagi kerajaan negeri Perlis, imbangan fi skal dan populasi mempunyai hubungan dua hala dan turut dipengaruh oleh pemboleh ubah lain dalam jangka panjang. Manakala, dalam jangka pendek, populasi dan imbangan fi skal

139

IJMS 19 (2), 123–148 (2012)

berhubungan dua hala, populasi turut mempengaruhi belanja awam, serta belanja awam dan hasil cukai menjadi penyebab Granger kepada imbangan fi skal. Jelas sekali di Perlis, imbangan fi skal dan populasi saling mempengaruhi dalam jangka panjang mahupun jangka pendek. Di Negeri Sembilan pula, hasil cukai dan populasi saling mempengaruhi dan turut dipengaruh oleh pemboleh ubah lain dalam jangka panjang. Dapatan dalam jangka pendek pula membuktikan output negeri dan hasil cukai mempunyai hubungan dua hala di samping hasil cukai turut dipengaruh oleh populasi. Manakala output turut menjadi penyebab Granger jangka pendek kepada belanja awam dan populasi serta hasil cukai mempengaruhi imbangan fi skal. Jadual 3

Ujian Penyebab Granger Versi VECM

Negeri Pemboleh ubah bebas

Pemboleh ubah bersandar

∆G ∆Y ∆HC ∆IF ∆POP

Perlis έt-10.3057

[1.3195]-0.0172

[-0.3008]0.2177

[0.7643]-0.7721

[-3.7678]*-0.0041

[-3.6690]*

∆Gt-1 -0.6353[-2.0468]**

0.0317[0.4134]

-0.4675[-1.2251]

0.4681[1.7053]***

0.0006[0.4363]

∆Yt-1 -0.6541[-0.8972]

0.0975[0.5418]

-0.0315[-0.0351]

0.0215[0.0334]

-0.0028[-0.7965]

∆HCt-1 -0.0843[-0.3446]

-0.0296[-0.4902]

-0.6747[-2.2427]**

-0.6069[-2.8045]*

-0.0009[-0.7622]

∆IFt-1 -0.2751[-0.8530]

-0.0366[-0.4600]

-0.3267[-0.8239]

0.4239[1.4864]

0.0031[2.0186]***

∆POPt-1 27.9795[2.4801]**

3.1129[1.1181]

22.3819[1.6136]

-37.0832[-3.7167]*

0.8104[15.0586]*

Negeri Sembilan

έt-1-0.0024

[-0.1358]-0.0093

[-0.4779]0.0504

[2.4406]**0.0279

[1.3032]-0.0039

[-2.9156]*

∆Gt-1 0.0024[0.0144]

0.2207[1.1912]

0.1941[0.9880]

-0.2144[-1.0541]

-0.0007[-0.0526]

∆Yt-1 0.5031[3.0232]*

0.0653[0.3594]

0.6338[3.2893]*

0.2546[1.2763]

0.0218[1.7365]***

∆HCt-1 -0.2509[-1.6129]

-0.3071[-1.8083]***

-0.1388[-0.7707]

0.3232[1.7330]***

0.0066[0.5599]

∆IFt-1 0.0592[0.3437]

0.0603[0.3206]

8.20E-05[0.0004]

-0.2360[-1.1439]

-0.0042[-0.3253]

∆POPt-1 1.2586[0.4395]

2.9273[0.9364]

9.2939[2.8031]*

3.4036[0.9916]

0.0844[0.3913]

(sambungan)

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IJMS 19 (2), 123–148 (2012)

Negeri Pemboleh ubah bebas

Pemboleh ubah bersandar

∆G ∆Y ∆HC ∆IF ∆POP

Kedah έt-10.5630

[2.3281]**0.2661

[1.6048]0.1435

[0.6511]-1.0809

[-4.5633]*-0.0120

[-0.7291]∆Gt-1 -0.3522

[-1.5074]-0.1018

[-0.6356]-0.4155

[-1.9517]***-0.1438

[-0.6281]0.0322

[2.0165]***∆Yt-1 0.6303

[2.3619]**0.2676

[1.4627]0.5097

[2.0964]**-0.1283

[-0.4908]0.0459

[2.5219]**∆HCt-1 0.5349

[2.4236]**0.1785

[1.1794]0.0197

[0.0978]-0.3746

[-1.7330]***-0.0160

[-1.0626]∆IFt-1 -0.5465

[-1.7198]***-0.1134

[-0.5203]-0.3836

[-1.3249]0.3351

[1.0768]4.17E-06

[0.0002]∆POPt-1 0.3896

[0.2359]2.6902

[2.3758]**3.5465

[2.3572]**0.8652

[0.5349]0.6265

[5.5567]*Kelantan έt-1

0.2719[0.8114]

0.2394[1.4622]

-0.0739[-0.2122]

-1.5712[-4.3793]*

-0.0086[-1.1336]

∆Gt-1 -0.4601[-1.8255]***

0.0829[0.6739]

0.1314[0.5012]

0.5188[1.9223]***

0.0070[1.2299]

∆Yt-1 -0.0621[-0.1968]

-0.0239[-0.1554]

-0.2161[-0.6582]

0.3399[1.0061]

0.0204[2.8421]*

∆HCt-1 0.0060[0.0412]

0.0718[1.0058]

-0.7654[-5.0339]*

0.0579[0.3700]

-0.0113[-3.4005]*

∆IFt-1 -0.5219[-2.1971]**

-0.2219[-1.9122]***

0.1058[0.4281]

0.6098[2.3976]**

0.0089[1.6663]

∆POPt-1 5.7764[2.2156]**

3.4145[2.6803]**

5.1826[1.9104]***

-7.2319[-2.5906]**

0.8879[14.9814]*

Terengganu έt-10.01131

[2.0879]**0.0043

[0.8442]-0.0044

[-0.2936]-0.0257

[-5.2213]*0.0006

[1.7925]***∆Gt-1 0.2506

[1.1435]-0.2931

[-1.6616]0.3544

[0.6781]0.5313

[3.1004]*-0.0099

[-0.8815]∆Yt-1 0.1825

[0.8126]0.0893

[0.4938]0.3425

[0.6393]0.0891

[0.5072]0.0289

[2.5042]**∆HCt-1 0.0381

[0.3415]0.1884

[2.0981]**-0.0417

[-0.1566]-0.3716

[-4.2589]*0.0029

[0.5134]∆IFt-1 0.0499

[0.2669]-0.0013

[-0.0089]-0.0096

[-0.0215]0.1891

[1.2939]0.0023

[0.2400]∆POPt-1 0.8067

[0.3977]3.5157

[2.1535]**1.5124

[0.3126]1.9303

[1.2168]0.7416

[7.1179]*Pahang έt-1

-0.1422[-1.9082]***

0.0423[1.7284]***

0.0420[1.6502]

0.2268[2.6521]**

0.0147[2.9505]*

∆Gt-1 -0.4431[-1.5224]

-0.3328[-3.4819]*

-0.0031[-0.0314]

0.0948[0.2838]

-0.0206[-1.0597]

∆Yt-1 -0.0814[-0.1219]

0.0868[0.3956]

-0.1324[-0.5804]

0.5820[0.7597]

-0.0232[-0.5199]

∆HCt-1 1.1472[1.8204]***

0.3798[1.8349]***

-0.2345[-1.0895]

-1.3627[-1.8849]***

0.0386[0.9167]

∆IFt-1 -0.0679[-0.2779]

-0.2829[-3.5219]*

-0.0526[-0.6297]

-0.2939[-1.0475]

-0.0023[-0.1426]

∆POPt-1 8.6059[2.1784]**

0.6972[0.5374]

-0.8426[-0.6244]

-12.1603[-2.6829]**

0.2767[1.0478]

(sambungan)

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Negeri Pemboleh ubah bebas

Pemboleh ubah bersandar

∆G ∆Y ∆HC ∆IF ∆POP

Johor έt-1-0.0631

[-1.6878]***-0.0237

[-1.0776]-0.0301

[-1.3896]-0.0803

[-2.1304]**-0.0018

[-2.4901]**

∆Gt-1 0.0256[0.1663]

-0.0644[-0.7118]

-0.0675[-0.7563]

-0.2102[-1.3541]

0.0086[2.9489]*

∆Yt-1 -0.1238[-0.3475]

-0.0633[-0.3025]

-0.1177[-0.5702]

-0.8059[-2.2462]**

0.0066[0.9744]

∆HCt-1 0.8444[2.6796]**

-0.2065[-1.1158]

-0.0412[-0.2257]

-0.1219[-0.3840]

0.0016[0.2623]

∆IFt-1 -0.0951[-0.4484]

0.1677[1.3464]

-0.1745[-1.4199]

-0.5722[-2.6786]**

-0.0014[-0.3439]

∆POPt-1 -23.3889[-1.7387]***

-4.3499[-0.5508]

-8.3700[-1.0740]

-26.9217[-1.9871]***

0.2498[0.9758]

Melaka έt-10.2095

[3.5554]*0.0500

[2.2798]**0.0519

[2.2345]**-0.1373

[-2.0838]**0.0116

[2.9959]*

∆Gt-1 -0.6611[-1.6175]

0.2255[1.4812]

-0.1801[-1.1163]

0.3979[0.8707]

-0.0440[-1.6445]

∆Yt-1 -1.0723[-2.0157]**

-0.0727[-0.3668]

0.0338[0.1609]

1.0109[1.6993]***

-0.0184[-0.5273]

∆HCt-1 -0.1019[-0.2435]

-0.1752[-1.1245]

-0.1195[-0.7240]

0.0460[0.0984]

0.0115[0.4206]

∆IFt-1 -0.5524[-1.4218]

0.1593[1.1005]

-0.1285[-0.8382]

0.1281[0.2948]

-0.0324[-1.2714]

∆POPt-1 -7.7366[-2.4274]**

0.3699[0.3116]

0.4308[0.3425]

6.5666[1.8423]***

0.0103[0.0494]

Perak έt-10.0037

[0.2610]0.0265

[2.5543]**0.0341

[6.3477]*-0.0127

[-1.0255]0.0023

[1.1407]

∆Gt-1 0.0940[0.4062]

0.3366[1.9598]***

0.2972[1.9221]***

-0.3017[-1.4728]

-0.0912[-2.7247]*

∆Yt-1 0.2442[0.7512]

-0.2629[-1.0903]

-0.1999[-0.9207]

0.4348[1.5115]

0.0583[1.2402]

∆HCt-1 0.0695[0.3375]

-0.3363[-2.2019]**

-0.0446[-0.3247]

-0.0301[-0.1652]

0.0759[2.5517]**

∆IFt-1 0.3755[1.6211]

0.3246[1.8884]***

0.4350[2.8113]*

-0.5266[-2.5684]**

-0.0493[-1.4706]

∆POPt-1 0.0788[0.0739]

0.4321[0.5466]

-0.4488[-0.6306]

1.1531[1.2228]

0.1128[0.7315]

Pulau Pinang

έt-1-0.3278

[-4.2067]*0.0372

[0.9216]0.0194

[0.3684]0.3753

[4.6149]*-0.0015

[-0.9331]

∆Gt-1 -0.7261[-1.6324]

-0.0122[-0.0529]

-0.4185[-1.3941]

0.3022[0.6509]

-0.0090[-1.0074]

∆Yt-1 -0.9378[-2.2385]**

0.0608[0.2799]

0.5132[1.8151]***

1.4340[3.2799]*

-0.0055[-0.6486]

∆HCt-1 -0.1267[-0.3998]

0.0164[0.0999]

-0.0019[-0.0088]

0.2286[0.6911]

0.0016[0.2483]

∆IFt-1 -0.4806[-1.2669]

0.0171[0.0868]

-0.2369[-0.9252]

0.0736[0.1859]

-0.0089[-1.1623]

∆POPt-1 -2.5289[-0.2843]

-0.7093[-0.1538]

-3.1927[-0.5318]

4.4280[0.4769]

0.2669[1.4919]

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Nota. Model ini dijana dengan pintasan. Lat optimum adalah satu yang ditentukan menerusi kaedah Akaike Info Criterion (AIC) dan sama seperti dalam ujian kointegrasi Johansen. Nilai dalam [ ] merujuk kepada statistik-t. *signifi kan pada aras keertian 1%. **signifi kan pada aras keertian 5%. ***signifi kan pada aras keertian 10%.

Walaupun begitu, keputusan di Kedah mencerminkan belanja awam dan imbangan fi skal mempunyai hubungan dua hala dan turut dipengaruh oleh pemboleh ubah lain dalam jangka panjang. Manakala, dalam jangka pendek, terbukti hasil cukai dan belanja awam saling mempengaruhi. Keputusan ini sama seperti hubungan dua hala antara populasi dan output negeri. Namun, belanja awam juga terpengaruh dengan perubahan output dan imbangan fi skal. Selain itu, hasil cukai dominan terpengaruh oleh output dan populasi, imbangan fi skal pula dipengaruh hasil cukai dan belanja awam mempengaruhi perubahan populasi. Bagi kes Kelantan pula, dapatan menunjukkan belanja awam, output negeri, hasil cukai dan populasi merupakan penyebab Granger jangka panjang kepada imbangan fi skal. Tetapi dalam jangka pendek, wujud tiga bentuk hubungan dua hala, iaitu antara imbangan fi skal dan belanja awam, populasi dan output, serta populasi dan hasil cukai. Dalam masa yang sama, belanja awam turut dipengaruh populasi, imbangan fi skal memberi kesan kepada output dan populasi pula mempengaruhi perubahan imbangan fi skal.

Analisis keputusan terhadap Terengganu pula mendapati belanja awam, imbangan fi skal dan populasi mempunyai hubungan dua hala jangka panjang. Sebaliknya, hanya populasi dan output sahaja yang berhubungan dua hala dalam jangka pendek. Manakala hasil cukai dilihat menjadi penyebab Granger jangka pendek kepada output dan imbangan fi skal. Begitu juga dengan belanja awam yang turut menjadi penerang kepada perubahan imbangan fi skal. Seterusnya bagi Pahang, wujud hubungan dua hala antara belanja awam, output, imbangan fi skal dan populasi dalam jangka panjang. Ini bererti wujud hipotesis Wagner serta Keynes di Pahang dalam jangka panjang. Namun, keputusan dalam jangka pendek hanya dapat membuktikan kewujudan hubungan sehala antara pemboleh ubah; belanja awam dipengaruh oleh hasil cukai dan populasi, output negeri terpengaruh oleh perubahan belanja awam, hasil cukai dan imbangan fi skal, serta hasil cukai dan populasi adalah penyebab Granger kepada imbangan fi skal.

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Seperti keputusan di Terengganu sebelum ini, analisis bagi Johor juga menunjukkan belanja awam, imbangan fi skal dan populasi mempunyai hubungan dua hala dalam jangka panjang tetapi hanya belanja awam dan populasi berhubungan dua hala dalam jangka pendek. Hasil cukai juga didapati menjadi penyebab Granger jangka pendek kepada belanja awam, sedangkan perubahan imbangan fi skal dipengaruh oleh perubahan dalam output negeri dan populasi. Namun, dapatan bagi Melaka pula unik apabila kesemua pemboleh ubah saling mempengaruhi dalam jangka panjang yang secara tidak langsung menunjukkan wujud hipotesis Wagner dan Keynes di negeri ini dalam jangka panjang. Sebaliknya, hanya output dan populasi menjadi penyebab Granger jangka pendek kepada belanja awam dan imbangan fi skal. Di Perak pula, output dan hasil cukai mempunyai hubungan dua hala dalam jangka panjang. Manakala dalam jangka pendek, belanja awam, hasil cukai dan imbangan fi skal mempengaruhi output, sebaliknya, hasil cukai hanya dipengaruh oleh belanja awam dan imbangan fi skal. Di samping itu, belanja awam dan hasil cukai juga menjadi penyebab Granger jangka pendek kepada populasi. Seterusnya, bagi kes Pulau Pinang, dalam jangka panjang wujud hubungan dua hala antara belanja awam dan imbangan fi skal, sedangkan dalam jangka pendek, hanya output signifi kan mempengaruhi belanja awam, hasil cukai dan imbangan fi skal. Secara keseluruhannya, keputusan ujian penyebab Granger versi VECM adalah lebih stabil di Melaka dan Pahang memandangkan hampir kesemua pemboleh ubah saling mempengaruhi dalam jangka panjang.

Di Selangor, oleh kerana tidak wujud hubungan jangka panjang (kointegrasi) dalam kalangan pemboleh ubah, maka ujian sebab-menyebab perlulah dilakukan tanpa memasukkan pemboleh ubah pembetulan ralat tertangguh (eror correction term) dalam model VAR. Jadual 4 meringkaskan keputusan ujian sebab-menyebab di Selangor, yang mana ia menunjukkan populasi signifi kan mempengaruhi belanja awam dan hasil cukai, manakala hasil cukai menjadi penyebab Granger jangka pendek kepada imbangan fi skal.

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Jadual 4

Keputusan Ujian VAR Negeri Selangor

Negeri Pemboleh ubah bebas

Pemboleh ubah bersandar

∆G ∆Y ∆HC ∆IF ∆POP

Selangor ∆Gt-1 0.0204 [0.1052]

0.2805 [0.7339]

-0.4578 [-1.6687]

-0.3691 [-1.5981]

0.0216 [0.3454]

∆Yt-1 0.0136 [0.1526]

-0.1752 [-0.9955]

0.0848 [0.6713]

0.0307 [0.2885]

0.0120 [0.4166]

∆HCt-1 0.1008 [0.7473]

-0.0758 [-0.2849]

-0.0883 [-0.4628]

0.3885 [2.4182]*

0.0075 [0.1724]

∆IFt-1 0.1584 [1.1491]

0.1013 [0.3730]

0.2298 [1.1787]

-0.3255 [-1.9828]*

0.0481 [1.0801]

∆POPt-1 -1.2245 [-1.7819]*

0.7058 [0.5212]

-1.9585 [-2.0147]*

0.0702 [0.0858]

0.1214 [0.5469]

C 0.1129 [2.6062]*

-0.0012 [-0.0145]

0.1824 [2.9766]*

-0.0128 [-0.2475]

0.0237 [1.6978]*

R2

R2 terselaras Statistik-F

0.1439 0.0058 1.0418

0.0478 -0.1058 0.3110

0.3556 0.2516 3.4207

0.3802 0.2802 3.8030

0.0517 -0.1013 0.3379

Nota. Nilai dalam [ ] merujuk kepada statistik-t. *signifi kan pada aras keertian 5%. Lat optimum bagi ujian ini adalah satu yang dijana menerusi kaedah Akaike Info Criterion (AIC).

Kesimpulan

Kajian ini bertujuan untuk mengkaji hubungan antara pemboleh ubah perbelanjaan kerajaan dengan pertumbuhan ekonomi dengan menggunakan data pada peringkat kerajaan negeri di Semenanjung Malaysia. Ujian kointegrasi Johansen diaplikasikan untuk melihat hubungan jangka panjang dalam kalangan pemboleh ubah, manakala ujian model vektor pembetulan ralat (VECM) pula digunakan untuk melihat arah sebab-menyebab dalam jangka panjang dan jangka pendek.

Dapatan kajian menunjukkan terdapat beberapa bentuk hubungan antara output dengan belanja awam dalam jangka panjang dan jangka pendek. Pertama, tidak wujud hubungan jangka panjang antara output negeri dengan belanja awam di Selangor. Kedua, di Pahang dan Melaka wujud hubungan dua hala dalam jangka panjang

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antara output negeri dan belanja awam. Dapatan ini mengesahkan hipotesis Wagner dan Keynes di kedua-dua negeri tersebut. Ketiga, dalam jangka pendek, wujud hipotesis Wagner di Negeri Sembilan, Kedah, Melaka dan Pulau Pinang. Manakala, hipotesis Keynes berjaya disahkan di Pahang dan Perak dalam jangka pendek. Keputusan yang pelbagai ini disebabkan oleh dasar pengurusan serta pembangunan yang berbeza antara negeri yang menyebabkan peruntukan terhadap perbelanjaan awam yang berbeza.

Selain itu, keputusan kajian yang menunjukkan pertumbuhan ekonomi kurang dipengaruh oleh perbelanjaan awam di kebanyakan kerajaan negeri memberikan dua implikasi penting kepada strategi pembangunan ekonomi negeri. Pertama, kerajaan negeri perlulah menggalakkan penglibatan yang aktif daripada sektor swasta, yakni daripada peniaga kecil hinggalah kepada konglomerat ternama untuk memacu pertumbuhan ekonomi negeri. Strategi pertumbuhan ekonomi diterajui oleh sektor swasta (private sector led growth) boleh dilakukan oleh pihak kerajaan negeri dengan menyediakan keperluan prasarana yang lebih baik dan moden, di samping insentif fi skal dan kewangan yang lebih kompetitif untuk menarik pelaburan domestik dan asing. Kedua, cerapan terhadap komponen belanja awam negeri menunjukkan bahawa kerajaan negeri membuat perbelanjaan yang lebih besar terhadap perbelanjaan mengurus berbanding dengan perbelanjaan pembangunan. Seperti yang diketahui umum, belanja mengurus adalah merupakan belanja yang kurang produktif, lantas ia tidak mampu merangsang pertumbuhan ekonomi negeri dalam jangka panjang. Maka, untuk meningkatkan kefi sienan komponen perbelanjaan awam yang berbeza terhadap output, maka pembuat dasar pada peringkat kerajaan negeri perlukan peka kepada kitaran perniagaan sebelum membuat keputusan perbelanjaan. Percaturan terhadap komponen belanja awam yang bijak ini sudah pasti akan dapat mengurangkan lagi defi sit dan hutang fi skal, serta membantu mengukuhkan lagi kewangan fi skal kerajaan negeri. Seperkara lagi berkaitan dengan pengukuhan fi skal, disebabkan dapatan kajian ini membuktikan HC juga mempengaruhi peruntukan belanja awam, output dan imbangan fi skal, maka setiap kerajaan negeri harus berusaha mengurangkan jurang di antara ‘tax eff ort’ dengan ‘tax capacity’ menerusi pengurangan jumlah cukai tertunggak tahunan. Secara langsung, apabila kerajaan negeri cekap dalam kutipan hasil cukai dan hasil bukan cukai, maka kerajaan negeri tidak lagi perlu terlalu bergantung kepada bantuan (geran) daripada kerajaan pusat serta mengelak daripada berlakunya penangguhan projek pembangunan negeri akibat kekurangan dana pembiayaan.

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HUBUNGAN DINAMIK ANTARA PASARAN SAHAM DENGAN KADAR PERTUKARAN:

BUKTI EMPIRIKAL DI ASEAN-3

DYNAMIC RELATIONSHIP BETWEEN STOCK MARKET AND EXCHANGE RATE: EMPIRICAL

EVIDENCE IN ASEAN-3

ABU HASSAN SHAARI MOHD NORMORI KOGID

TAMAT SARMIDIFakulti Ekonomi dan PengurusanUniversiti Kebangsaan Malaysia

Abstrak

Tujuan utama kajian ini adalah untuk menentukan hubungan antara pasaran saham dengan kadar pertukaran di negara ASEAN terpilih iaitu Malaysia, Thailand dan Filipina. Dengan menggunakan data bulanan bermula Januari 1994 hingga September 2011, hasil ujian Johansen dengan perubahan struktur menunjukkan wujud hubungan kointegrasi antara pasaran saham dengan kadar pertukaran bagi kes Malaysia dan Filipina sahaja. Walau bagaimanapun, hasil ujian penyebab Granger jangka pendek berdasarkan pendekatan dinamik VECM dan Toda-Yamamoto menunjukkan wujud hubungan penyebab dua hala antara pasaran saham dengan kadar pertukaran bagi kes Malaysia dan Thailand dengan darjah hubungan penyebab Granger yang kuat daripada kadar pertukaran kepada pasaran saham di Malaysia. Sebaliknya tiada hubungan penyebab dapat dikesan bagi kes Filipina. Dua hasil penting daripada kajian ini adalah: (1) Kajian ini mencadangkan bahawa krisis kewangan Asia dan krisis ekonomi global memberikan kesan yang berbeza terhadap hubungan dinamik antara pasaran saham dengan kadar pertukaran di tiga negara yang dikaji; (2) Implikasi dasar ekonomi berkaitan hubungan antara pasaran saham dengan kadar pertukaran adalah bersifat khusus kepada sesebuah negara.

Kata Kunci: SP, REER, kointegrasi, Penyebab Granger, perubahan struktur.

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Abstract

Purpose – The main aim of this paper is to study the relationship between stock markets and exchange rates in selected ASEAN countries namely Malaysia, Thailand and the Philippines. In addition to looking at the long-run cointegration relationship between stock market and exchange rate, this study tries to examine the causality patt ern of short-run relationship in the three countries.

Design/methodology/approach – The study uses monthly data covering the period from January 1994 to September 2011. Several techniques are used including ADF, PP, and SL unit root tests, long-run Johansen cointegration test with structural breaks, vector error correction model (VECM) and Toda-Yamamoto approaches for short-run Granger causality test.

Findings – The study indicates a cointegrating relationship between stock market and exchange rate for the case of Malaysia and the Philippines. The short-run Granger causality test showed two way causal relationship between stock market and exchange rate in Malaysia and Thailand, but none in the Philippines. The study suggests that the Asian fi nancial crisis and global economic crisis give diff erent impacts on the dynamic relationship between stock markets and exchange rates in the three countries studied. Thus, the economic policy implications of the said relationships are specifi c to a country.

Originality/value – This study examines the relationship between the stock market and the exchange rate, the negative impact of the economic crises (structural breaks) and related policy implications for investors and policy makers in particular and the country in general.

Keywords: SP, REER, cointegration, Granger Causality, structural breaks.

Paper type: Research Paper.

Pengenalan

Pasaran kewangan memainkan peranan penting sebagai saluran transmisi informasi kewangan antara satu pasaran dengan pasaran lain sama ada di sebuah negara, kawasan serantau mahupun seluruh dunia. Tambahan pula, aktiviti liberalisasi dan globalisasi kewangan dipercayai meningkatkan lagi darjah integrasi antara satu pasaran dengan pasaran lain secara meluas tanpa sempadan. Ekoran kecenderungan darjah peningkatan integrasi antara pasaran-pasaran

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kewangan sejak kebelakangan ini, keperluan untuk mengkaji dan memantau perjalanan serta gelagat pasaran ini sudah semestinya diberikan keutamaan kerana hubung kait ini boleh memberikan implikasi dasar bukan sahaja kepada para pelabur tetapi juga kepada penggubal dasar sesebuah negara. Pasaran saham dan mata wang misalnya dilihat semakin mendapat tumpuan sejak berlakunya krisis kewangan Asia pada tahun 1997 dan sekali lagi selepas krisis ekonomi global 2008 dengan kejatuhan teruk dalam pasaran saham dan mata wang yang akhirnya membawa kepada kelembapan ekonomi Asia khususnya di negara atau pasaran baru muncul (EMs) (Diamandis & Drakos, 2011).

Menurut Solnik dan McLeavey (2009, hlm. 145), EMs berbeza dengan negara maju. Ekonomi EMs biasanya tidak pelbagai dan sangat bergantung pada pelaburan asing. Justeru, kejatuhan dalam nilai mata wang EMs selalunya memberikan tanda-tanda awal bahawa negara terbabit sedang berhadapan dengan masalah. Solnik dan McLeavey (2009, hlm. 145) menyifatkan EMs sebagai telah ‘ditakdirkan’ mempunyai pasaran mata wang dan saham yang sangat berkait rapat dengan keadaan ekonomi dan politik di negara terbabit. Hubung kait ini adalah positif dan sangat kuat. Oleh sebab itu, para pelabur biasanya akan menerima kesan negatif berganda akibat daripada kejatuhan mata wang EMs. Para pelabur bukan sahaja kehilangan aset yang ditukar dalam mata wang domestik, tetapi juga kerugian kerana kejatuhan nilai mata wang domestik di pasaran saham EMs.

Di samping melihat hubungan kointegrasi jangka panjang antara pasaran saham dengan pertukaran asing, kajian ini cuba mengkaji corak hubungan jangka pendek di tiga negara ASEAN iaitu Malaysia, Thailand dan Filipina dengan menggunakan data siri masa bulanan bermula Januari 1994 hingga September 2011. Untuk mencapai objektif kajian, beberapa teknik pengujian digunakan termasuklah ujian punca unit ADF, PP dan SL, ujian kointegrasi Johansen dengan perubahan struktur, Vektor Model Pembetulan Ralat (VECM) dan pendekatan Toda-Yamamoto untuk ujian penyebab Granger jangka pendek. Berbanding kebanyakan kajian lepas, kelebihan dan kekuatan kajian ini adalah mengambil kira kemungkinan kehadiran perubahan struktur yang signifi kan dalam data siri masa khususnya yang disebabkan oleh krisis kewangan Asia 1997 dan krisis kewangan global 2008.

Dalam menjelaskan hubungan antara pasaran saham dengan pertukaran asing, terdapat beberapa teori yang berkaitan dan sering diguna pakai. Dua daripadanya adalah berdasarkan pendekatan

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aliran (fl ow) dan stok (stock). Menurut pendekatan aliran, perubahan dalam kadar pertukaran akan memberikan kesan ke atas daya saing antarabangsa dan imbangan dagangan. Kenaikan dalam kadar pertukaran melalui kejatuhan dalam nilai mata wang domestik akan menguatkan lagi daya saing fi rma-fi rma domestik disebabkan eksport menjadi lebih murah berbanding import. Sebaliknya eksport menjadi lebih mahal jika berlaku kejatuhan dalam kadar pertukaran iaitu melalui kenaikan dalam nilai mata wang domestik. Justeru, pendekatan ini mencadangkan satu bentuk hubungan positif antara kedua-dua pasaran ini di mana kadar pertukaran adalah penyebab kepada pasaran saham. Sementara pendekatan stok pula merujuk kepada kepelbagaian portfolio antarabangsa apabila kadar pertukaran dinamik berfungsi dalam mengimbangi permintaan dan penawaran terhadap aset-aset kewangan domestik dan asing. Menurut pendekatan ini, apabila harga ekuiti domestik meningkat, peningkatan ini akan menyebabkan kejatuhan dalam kadar pertukaran iaitu melalui kenaikan dalam nilai mata wang domestik. Hal ini disebabkan peningkatan permintaan terhadap wang domestik untuk membeli ekuiti domestik. Justeru, pendekatan ini mencadangkan satu bentuk hubungan negatif antara kedua-dua pasaran ini di mana pasaran saham adalah penyebab kepada pasaran kadar pertukaran (Yau & Nieh, 2009; Zhao, 2010).

Struktur kajian ini dibahagikan kepada lima bahagian. Bahagian kedua membincangkan kajian lepas tentang pasaran saham dan kadar pertukaran. Bahagian ketiga membincangkan tentang metodologi dan data. Bahagian keempat tentang dapatan kajian dan bahagian kelima ialah kesimpulan dan menutup perbincangan.

Kajian Lepas

Sebelum berlakunya krisis kewangan Asia pada tahun 1997, terdapat sejumlah kajian yang melihat hubungan antara pasaran saham dengan kadar pertukaran sama ada secara langsung ataupun tidak langsung. Hal ini adalah kerana kedua-dua pasaran ini dipercayai mempunyai hubung kait yang rapat antara satu sama lain (antaranya Biger, 1979; Aggarwal, 1981; Solnik, 1987; Senoen & Hennigar, 1988; Ma & Kao, 1990; Jorion, 1990, 1991; Bailey & Chung, 1995; Abdalla & Murinde, 1997; Chow, Lee & Solt, 1997).

Kewujudan krisis kewangan Asia pada pertengahan 1997 terbukti telah mengukuhkan lagi tanggapan bahawa kedua-dua pasaran saham dan kadar pertukaran saling berhubung kait. Sebagai contoh,

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melihat senario pasaran Malaysia ketika krisis kewangan Asia berlaku, nilai mata wang ringgit Malaysia telah jatuh sebanyak 37.40 peratus dalam tempoh bermula 1 Julai hingga 30 September 1997. Pada tempoh yang sama, pasaran saham Malaysia juga telah jatuh sebanyak 31.37 peratus. Situasi yang sama juga berlaku di kebanyakan pasaran kewangan Asia yang lain (Baharumshah, Masih & Azali, 2002). Krisis ini yang juga dikenali sebagai ‘demam Asia’ (Granger, Huang & Yang, 2000) telah menyebabkan kedua-dua pasaran saham dengan kadar pertukaran menjadi semakin penting untuk dikaji.

Antara isu menarik yang semakin mendapat perhatian ialah corak hubungan penyebab antara pasaran saham dengan kadar pertukaran. Misalnya, menurut Granger, Huang dan Yang (2000), kewujudan krisis kewangan Asia 1997 telah menimbulkan dilema persoalan tentang siapakah penyebab kepada kejatuhan dalam pasaran saham dan kadar pertukaran. Adakah pasaran saham penyebab kepada kejatuhan dalam pasaran kadar pertukaran atau sebaliknya? Sementara daripada perspektif keuntungan, jika hubungan dinamik antara kedua-dua pasaran ini dapat ditentukan secara statistik, dipercayai peluang untuk mendapatkan untung daripada aktiviti arbitraj boleh diperoleh terutama sekali ketika berlaku krisis kewangan yang teruk (Granger et al., 2000).

Antara kalangan penyelidik yang percaya bahawa krisis kewangan Asia 1997 cenderung mencerminkan hubung kait yang rapat antara pasaran ekuiti dan pasaran kadar pertukaran termasuklah Granger et al. (2000) dan Baharumshah et al. (2002). Tambahan lagi, krisis ekonomi juga dipercayai boleh mengubah corak hubungan antara pasaran saham dan kadar pertukaran (Pan, Fok & Liu, 2007).

Selain itu, pengetahuan tentang hubungan penyebab dan darjah integrasi antara kedua-dua pasaran ini juga boleh memberikan maklumat yang penting kepada para pelabur antarabangsa, syarikat-syarikat multinasional dan para pembuat dasar (Ajayi, Friedman & Mehdian, 1998). Walau bagaimanapun, Hatemi-J dan Roca (2005) dalam kajian mereka mencadangkan bahawa pelabur-pelabur di pasaran saham tidak boleh menggunakan pasaran pertukaran asing sebagai strategi lindung nilai yang berkesan untuk pelaburan mereka dan begitu juga sebaliknya para pelabur di pasaran pertukaran asing tidak boleh menggunakan pasaran saham sebagai strategi lindung nilai pelaburan mereka di sepanjang tempoh krisis. Sementara itu, para pembuat dasar yang cuba memanipulasikan kadar pertukaran untuk menaikkan pasaran saham dalam tempoh krisis juga dilihat sebagai pilihan yang kurang bijak.

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Berdasarkan sejumlah kajian lepas tentang hubungan antara pasaran saham dengan kadar pertukaran, hasil keputusan yang diperoleh adalah bercampur-campur. Kajian oleh Wu (2001) misalnya mendapati bahawa kadar pertukaran dolar Singapura berbanding mata wang negara-negara maju berhubung kait secara negatif dengan pasaran saham Singapura dalam kedua-dua tempoh sebelum dan semasa krisis kewangan Asia 1997–1998. Sementara kadar pertukaran berbanding ringgit Malaysia berhubung kait secara positif dengan pasaran saham Singapura.

Kajian di negara Pasifi k Basin pula menunjukkan pasaran saham dan kadar pertukaran berhubungan secara positif di mana pasaran saham Amerika Syarikat (AS) dilihat bertindak sebagai saluran yang signifi kan kepada hubung kait ini. Dengan menggunakan aplikasi penganggaran rekursif, bukti empirikal menunjukkan bahawa krisis kewangan mempunyai kesan yang sementara ke atas pergerakan bersama dalam jangka panjang bagi pasaran-pasaran ini (Phylaktis & Ravazzolo, 2005). Kajian Ma dan Kao (1990) pula mencadangkan, bagi negara yang berorientasikan eksport, kenaikan nilai mata wang memberikan kesan negatif ke atas pasaran saham, sementara kenaikan nilai mata wang meningkatkan pasaran saham bagi negara yang berorientasikan import. Hal ini adalah kerana kenaikan nilai mata wang bukan sahaja menjadikan eksport tidak kompetitif, tetapi juga menjejaskan pengeluaran dan harga saham. Sebaliknya, kenaikan nilai mata wang akan menyebabkan kos import menjadi lebih murah yang seterusnya menggalakkan pengeluaran dan peningkatan harga saham (Sarmidi & Mohd Nor, 2001).

Kajian di negara Asia terpilih menunjukkan bahawa kadar pertukaran adalah penyebab kepada harga saham bagi kes Korea Selatan. Sementara harga saham adalah penyebab kepada kadar pertukaran dengan korelasi negatif di Filipina (Granger et al., 2000). Sebaliknya, kajian oleh Azman-Saini, Dayang-Afi zzah, Law dan Habibullah (2007a) di Filipina menunjukkan wujud hubungan penyebab dua hala antara pasaran saham dan kadar pertukaran. Bagi kes di Hong Kong, Malaysia, Singapura, Thailand dan Taiwan pula, hasil kajian menyokong kedua-dua hubungan dua hala yang kuat antara harga saham dan kadar pertukaran (Granger et al., 2000; Azman-Saini, Habibullah & Azali, 2003a; 2003b; Azman-Saini, Habibullah, Law & Dayang-Afi zzah, 2007b). Walau bagaimanapun, hasil kajian gagal membuktikan sebarang bentuk hubungan penyebab antara harga saham dengan kadar pertukaran bagi kes Jepun dan Indonesia (Granger et al., 2000). Menurut Wu (2000), kedua-dua mata wang

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Singapura yang mengalami peningkatan berbanding dolar AS dan ringgit Malaysia; dan mengalami penurunan berbanding yen Jepun dan rupiah Indonesia telah menyebabkan peningkatan harga saham dalam kebanyakan tempoh tertentu dalam tahun-tahun 1990an. Namun, bagi kes yang berkaitan dengan AS, kadar pertukaran dolar mempunyai tanda kebalikan antara tempoh krisis 1997–1998 dan tempoh pemulihan 1999–2000. Pengaruh kadar pertukaran ke atas harga saham pula dilihat semakin meningkat mengikut kronologi dalam tahun-tahun 1990an.

Kajian lain (Hatemi-J & Roca, 2005) menunjukkan bahawa dalam tempoh sebelum krisis Asia, kadar pertukaran dan harga saham berhubungan secara signifi kan yang kadar pertukaran adalah penyebab kepada harga saham bagi kes Indonesia dan Thailand, sementara harga saham adalah penyebab kepada kadar pertukaran bagi kes Malaysia. Sebaliknya, hasil kajian oleh Pan et al. (2007) menunjukkan wujud hubungan penyebab yang signifi kan daripada kadar pertukaran kepada harga saham bagi kes Hong Kong, Jepun, Malaysia dan Thailand sebelum krisis kewangan Asia 1997. Hasil kajian ini oleh Hatemi-J dan Roca (2005) dan Pan et al. (2007) bertentangan dengan hasil kajian oleh Azman-Saini et al. (2003a; 2007b) bagi kes Malaysia dan Thailand apabila wujud hubungan penyebab dua hala antara pasaran saham dengan kadar pertukaran pada tempoh sebelum krisis. Kajian Pan et al. (2007) juga menunjukkan hubungan penyebab daripada pasaran ekuiti kepada pasaran pertukaran asing wujud bagi kes Hong Kong, Korea dan Singapura. Selain itu, wujud hubungan penyebab daripada kadar pertukaran kepada harga saham di Malaysia dan Thailand (Azman-Saini et al., 2003a; 2007b) dan di semua negara kecuali Malaysia (Pan et al., 2007) pada masa krisis Asia. Sebaliknya, tiada negara yang menunjukkan hubungan penyebab yang signifi kan daripada harga saham kepada kadar pertukaran. Kajian oleh Broome dan Morley (2004) menunjukkan bahawa harga saham domestik, harga saham Hong Kong dan terutama sekali harga saham AS adalah indikator utama kepada krisis. Hasil kajian mereka juga menunjukkan wujud hubungan penyebab dua hala antara pasaran saham dengan pasaran pertukaran asing.

Tidak dinafi kan bahawa kewujudan krisis kewangan Asia 1997 telah membawa kepada peningkatan secara drastik kajian ke atas pasaran saham dan kadar pertukaran. Peningkatan ketara dalam kajian berkaitan juga berlaku selepas krisis kewangan global pada tahun 2008 (Diamandis & Drakos, 2011). Hal ini memberi gambaran

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bahawa kajian tentang hubungan antara kedua-dua pasaran ini sangat penting memandangkan kemusnahan besar yang boleh diakibatkan oleh pasaran-pasaran ini ke atas ekonomi sesebuah negara terutama apabila berlaku sesuatu krisis ekonomi atau krisis kewangan yang tidak dijangka. Kesan yang lebih teruk dapat dirasai jika kedua-dua pasaran ini saling berhubung kait kerana kombinasi secara bersama boleh memberikan impak yang sangat besar ke atas ekonomi sesebuah negara seperti Malaysia. Tambahan lagi, menurut Pan et al. (2007), krisis ekonomi seperti krisis kewangan Asia 1997 mungkin boleh mengubah hubungan semula jadi dan corak pergerakan bersama antara harga saham dengan kadar pertukaran. Hal ini kerana bermula awal Julai 1997 sehingga satu atau dua tahun berikutnya, beberapa negara Asia Timur telah mengalami kejatuhan yang besar dalam mata wang mereka sebagaimana kejatuhan yang teruk dalam pasaran saham. Kejatuhan nilai mata wang dan harga saham semasa krisis telah membuktikan bahawa kadar pertukaran dan harga saham cenderung untuk bergerak bersama walaupun hubungan penyebab tidak jelas sama ada daripada kadar pertukaran kepada harga saham atau sebaliknya.Metodologi dan Data

Tidak seperti kebanyakan kajian lepas, kajian ini turut mengambil kira kesan kewujudan perubahan struktur dalam analisis kepegunan dan kointegrasi. Ujian punca unit secara konvensional seperti ADF dan PP dikritik kerana kegagalan dalam mengambil kira perubahan struktur. Menurut Perron (1989), kegagalan dalam mengambil kira kesan perubahan struktur dalam ujian punca unit akan menyebabkan hasil keputusan yang bias iaitu mengurangkan keupayaan dalam menolak hipotesis nol punca unit yang salah (lihat juga Glynn, Perera & Verma, 2007; Byrne & Perman, 2007). Umumnya, terdapat dua kelebihan prosedur pengujian punca unit dengan mengambil kira perubahan struktur; (1) mencegah daripada mendapat hasil keputusan ujian yang bias; dan (2) dapat memberikan maklumat penting dalam analisis sama ada perubahan struktur yang berlaku dalam pemboleh ubah tertentu adalah berkaitan dengan antara lain, pelaksanaan dasar ekonomi oleh kerajaan, krisis ekonomi, peperangan, peralihan rejim dan sebagainya (Glynn et al., 2007). Walau bagaimanapun, pembangunan pengujian punca unit dengan perubahan struktur telah menimbulkan persoalan bagaimana perubahan struktur ini boleh diambil kira dalam memodelkan hubungan kointegrasi antara pemboleh ubah dalam kajian. Justeru, persoalan ini telah membawa kepada pembentukkan kaedah kointegrasi dengan mengambil kira perubahan struktur. Antaranya, Gregory dan Hansen (1996),

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Saikkonen dan Lutkepohl (2000) dan juga Johansen, Mosconi dan Nielsen (2000). Namun. analisis kointegrasi dalam kajian ini mengguna pakai pendekatan Johansen et al. (2000).

Untuk menentukan kepegunan dan peringkat integrasi data siri pemboleh ubah, kajian ini menggunakan ujian-ujian punca unit berdasarkan Dickey-Fuller tambahan, ADF (Dickey & Fuller, 1979; 1981), Phillips-Perron, PP (Phillips & Perron, 1988) dan ujian punca unit dengan perubahan struktur oleh Saikkonen-Lutkepohl, SL (Saikkonen & Lutkepohl, 2002; Lanne, Lutkepohl & Saikkonen, 2002; 2003).

Ujian punca unit SL ke atas data siri masa yt dapat ditunjukkan seperti berikut:

(1)

Ralat xt diperoleh melalui proses AR(p)yang mewakili (L)(1-ρL)xt= utdi mana (L) = 1-L- ...- p-1 Lp-1 dan utiid(0,2). Parameter ρ adalah - 1 ρ≤ 1 dan ρ = 1 menunjukkan proses punca unit. Dalam bentuk pembezaan pertama, persamaan (1) boleh ditulis sebagai

(2)

di mana vt = (L)-1

ut.

Sementara fungsi peralihan di mana tarikh

peralihan, TE diwakili oleh dami peralihan,

dt

ditakrifk an seperti

berikut:

(3)

Panjang lat yang optimum dipilih berdasarkan kriteria maklumat Schwarz (SIC). Sementara taburan nilai kritikal bagi ujian ini adalah berdasarkan Lanne et al. (2002).

Sementara analisis kointegrasi dalam kajian ini pula adalah berdasarkan prosedur ujian trace kointegrasi Johansen dengan mengambil kira perubahan struktur (Johansen et al., 2000). Prosedur pengujian kointegrasi dalam kes ini hampir sama dengan prosedur pengujian kointegrasi oleh Saikkonen dan Lutkepohl (lihat Saikkonen & Lutkepohl, 2000; Trenkler, 2002; Lutkepohl, Saikkonen & Trenkler, 2003; Lutkepohl, 2004). Proses penjanaan data (DGP) bagi Yt secara ringkasnya dapat ditunjukkan seperti berikut:

′

′

′

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(4)

di mana dami peralihan, mempunyai takrifan yang sama seperti

dalam ujian punca unitberdasarkan SL dalam persamaan (3). Oleh itu, tarikh perubahan struktur adalah berdasarkan tarikh yang dipilih dalam ujian SL. Pendekatan kointegrasi Johansen dengan perubahan struktur ini juga boleh ditulis dalam bentuk VECM seperti berikut:

(5)

di mana

Selain itu, ujian penyebab Granger dan analisis hubungan jangka pendek dalam kajian ini adalah berdasarkan kepada rangka kerja vektor autoregresi (VAR). Bagi kes di mana

dan

adalah

pemboleh ubah pegun I(0), persamaan (6) dan (7) tanpa pemboleh ubah pembetulan ralat boleh dianggarkan dengan menggunakan kaedah kuasa dua terkecil (OLS) dalam bentuk peringkat aras. Bagaimanapun, jika dan adalah pemboleh ubah yang tidak pegun, I(1) dan tidak berkointegrasi, model VAR seperti persamaan (6) dan (7) tanpa pemboleh ubah pembetulan ralat dalam bentuk peringkat pembezaan pertama boleh digunakan. Sementara persamaan (6) dan (7) berdasarkan rangka kerja VECM untuk analisis jangka pendek dan jangka panjang boleh digunakan bagi kes di mana dan adalah I(1) dan berkointegrasi.

(6)

(7)

di mana ECt-1 ialah pemboleh ubah pembetulan ralat atau vektor kointegrasi yang diperoleh daripada ujian kointegrasi. xt ialah penyebab Granger kepada jika semua a2i dalam persamaan (6) adalah signifi kan tanpa mengambil kira 1i dalam persamaan (7). Sebaliknya adalah penyebab Granger kepada jika semua dalam persamaan (7) adalah signifi kan tanpa mengambil kira a2i dalam persamaan (6). Sementara hubungan penyebab dua hala wujud antara dan jika semua a2i dan 1i adalah signifi kan. Parameter a3 dan 3 adalah merujuk kepada koefi sien pembetulan ralat atau kelajuan pelarasan dan juga koefi sien penyebab jangka panjang.

Ujian penyebab Granger yang telah diubah suai dan dianggap lebih berkuasa tinggi telah dibangunkan oleh Toda dan Yamamoto (1995) untuk mengatasi masalah berhubung dengan taburan nilai kritikal

Π Γ Δ Δ

Π dan Π ′ dan ′ .

Δ Δ Δ

Δ Δ Δ

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asimptotik yang tidak sah apabila ujian penyebab dijalankan ke atas data siri masa yang tidak pegun. Menurut Toda dan Yamamoto (TY), pendekatan TY pada dasarnya melibatkan penganggaran ke atas model VAR (k+dmax) di mana k adalah panjang lat yang optimum dalam sistem VAR yang asal dan dmax adalah peringkat integrasi yang maksimum bagi pemboleh ubah dalam sistem VAR. Pendekatan TY menggunakan statistik ujian Wald diubah suai (MWald) untuk kekangan sifar ke atas parameter dalam model VAR (k). Baki parameter autoregresif dengan lat, dmax diandaikan sifar dan dibiarkan dalam model VAR (k+dmax). Ujian ini mempunyai taburan khi-kuasa dua asimptotik dengan k darjah kebebasan yang terhad apabila model VAR (k+dmax) dianggarkan. Pendekatan TY dalam bentuk bivariat boleh ditulis seperti berikut:

(8)

(9)

di mana a dan adalah parameter tidak diketahui, k adalah panjang lat optimum dan dmax adalah peringkat integrasi yang maksimum bagi pemboleh ubah dalam sistem. Selain itu, u dan

v adalah ralat rawak

dan diandaikan sebagai gangguan putih (white noise). Panjang lat, k pada awalnya dipilih berdasarkan SIC. Bagaimanapun, panjang lat, k kemudiannya ditambah dengan lebih banyak lat bergantung kepada peringkat integrasi yang mungkin, dmax bagi siri pemboleh ubah

dan

Ujian kesignifi kanan dilakukan ke atas pemboleh ubah dalam sistem VAR hanya sehingga lat k tidak termasuk tambahan lat,

dmax dalam

menentukan hubungan penyebab antara dan

dalam sistem VAR.

Untuk tujuan analisis, kajian ini menggunakan data bulanan bermula Januari 1994 hingga September 2011. Indeks harga saham (SP) sebagai proksi kepada pasaran saham dan kadar pertukaran efektif benar (REER) sebagai proksi kepada kadar pertukaran bagi setiap negara iaitu (MSP, MREER) Malaysia, (TSP, TREER) Thailand dan (FSP, FREER) Filipina diperoleh daripada Thomson datastream. Kedua-dua SP dan REER adalah dalam bentuk logaritma.

Dapatan Kajian

Rajah 1 menunjukkan corak trend indeks harga saham dan kadar pertukaran efektif benar di Malaysia (MSP, MREER), Thailand (TSP, TREER) dan Filipina (FSP, FREER) bagi tempoh Januari 1994 hingga

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September 2011. Secara umum berlaku turun naik yang agak ketara dalam kedua-dua siri pemboleh ubah di semua negara terlibat. Krisis kewangan Asia 1997-1998 juga memberikan kesan yang agak signifi kan ke atas kedua-dua siri pemboleh ubah khususnya di Malaysia dan Thailand tetapi kurang signifi kan bagi kes Filipina. Sementara krisis kewangan global 2008 tidak begitu memberikan kesan yang signifi kan ke atas REER tetapi memberikan kesan ke atas SP di semua negara terlibat. Jika dibandingkan dengan Malaysia dan Thailand, terdapat perbezaan trend dalam kedua-dua SP dan REER yang agak ketara dalam kes Filipina. Ringkasnya, rajah tersebut memberikan gambaran umum bahawa kemungkinan berlaku perubahan struktur dalam kedua-dua data siri masa di semua negara terlibat dalam tempoh masa kajian.

Rajah 1. Indeks harga saham dan kadar pertukaran efektif benar.

5.6

6.0

6.4

6.8

7.2

7.6

94 96 98 00 02 04 06 08 10

LOG(MSP)

4.5

4.6

4.7

4.8

4.9

5.0

94 96 98 00 02 04 06 08 10

LOG(MREER)

5.0

5.5

6.0

6.5

7.0

7.5

94 96 98 00 02 04 06 08 10

LOG(TSP)

4.2

4.3

4.4

4.5

4.6

4.7

4.8

4.9

94 96 98 00 02 04 06 08 10

LOG(TREER)

5

6

7

8

9

10

94 96 98 00 02 04 06 08 10

LOG(FSP)

4.5

4.6

4.7

4.8

4.9

5.0

5.1

94 96 98 00 02 04 06 08 10

LOG(FREER)

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Hasil ujian punca unit berdasarkan ADF dan PP menunjukkan kesemua siri pemboleh ubah tidak pegun pada peringkat aras, I(0) tetapi pegun pada peringkat pembezaan pertama, I(1). Keputusan ini adalah konsisten bagi Malaysia, Thailand dan Filipina (lihat Jadual 1 dan Jadual 2). Sementara ujian punca unit berdasarkan SL (Jadual 3) dengan perubahan struktur menunjukkan hipotesis nol proses punca unit dengan perubahan struktur tidak dapat ditolak dalam semua kes kecuali REER dalam kes Thailand. Hal ini memberi gambaran bahawa krisis kewangan Asia 1997 mungkin memberikan kesan yang signifi kan ke atas kadar pertukaran Thailand. Hasil keputusan ujian SL juga menunjukkan bahawa Februari 1998 dan Ogos 1998 masing-masing merupakan tarikh perubahan struktur bagi REER dan SP dalam kes Malaysia. Sementara Julai 1997 dan Oktober 2008 masing-masing merupakan tarikh perubahan struktur bagi REER dan SP dalam kes Thailand dan Januari 1998 dan Mei 2009 masing-masing merupakan tarikh perubahan struktur bagi REER dan SP dalam kes Filipina.

Jadual 1

Ujian Punca Unit Dickey-Fuller Tambahan

Negara Pemboleh ubah

Aras Beza PertamaPemalar Pemalar &

TrendPemalar Pemalar &

Trend

MalaysiaSP -1.9189(1) -2.5030(1) -12.3653**(0) -12.3866**(0)

REER -1.8699(0) -1.7097(0) -13.1054**(0) -13.0977**(0)

ThailandSP -1.8739(0) -1.8091(0) -13.7460**(0) -13.8561**(0)

REER -2.4733(1) -2.3385(1) -11.8582*(0) -11.8725**(0)

FilipinaSP -1.1625(1) -1.9462(1) -17.5196**(0) -17.5178**(0)

REER -1.5635(1) -1.4442(1) -11.2558**(0) -11.2575**(0)

Nota.** dan * adalah signifi kan pada 1% dan 5%. Angka dalam ( ) adalah panjang lat yang dipilih berdasarkan Kriteria Maklumat Schwarz (SIC).

Dengan mengambil kira kehadiran perubahan struktur dalam data siri masa yang mungkin mempengaruhi hubungan antara pasaran saham dengan kadar pertukaran, analisis kointegrasi diteruskan dengan menggunakan ujian kointegrasi Johansen yang mengambil kira perubahan struktur. Hasil keputusan ujian ditunjukkan dalam Jadual 4. Dalam analisis ini, tarikh perubahan struktur dalam memodelkan hubungan antara pasaran saham dengan kadar

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pertukaran bagi setiap negara dipilih berdasarkan ujian SL ke atas reja yang diperoleh dengan menggunakan kaedah kuasa dua terkecil (OLS) ke atas persamaan SP = f(REER). Ujian kointegrasi Johansen dengan perubahan struktur membenarkan sehingga dua tarikh perubahan struktur dalam menganalisis hubungan jangka panjang (kointegrasi) antara pemboleh ubah dalam kajian. Hasil ujian menunjukkan bahawa wujud hubungan kointegrasi (dengan kemungkinan perubahan struktur) antara SP dan REER dalam kes Malaysia dan Filipina tetapi tiada kointegrasi dapat dikesan dalam kes Thailand.

Jadual 2

Ujian Punca Unit Phillips-Perron

Negara Pemboleh Ubah

Aras Beza Pertama

Pemalar Pemalar & Trend Pemalar Pemalar &

Trend

MalaysiaSP -1.8861(3) -2.4351(3) -12.3086**(7) -12.3131**(8)

REER -1.9874(5) -1.9741(6) -13.1375**(5) -13.1248**(5)

ThailandSP -1.9496(3) -1.8285(1) -13.7433**(1) -13.8545**(1)

REER -2.2764(1) -1.9166(0) -11.8183**(6) -11.8196**(6)

FilipinaSP -1.3397(1) -2.0543(2) -17.5405**(1) -17.5178**(0)

REER -1.4403(3) -1.3014(3) -11.2556**(0) -11.2575**(0)

Nota.** adalah signifi kan pada 1%. Angka dalam ( ) adalah bandwidth berdasarkan Newey-West menggunakan Bartlett Kernel.

Jadual 3

Ujian Punca Unit Saikkonen-Lutkepohl

N egara Pemboleh Ubah Pemalar Pemalar & Trend

MalaysiaSP -1.7332(1)[8/1998] -2.5591(1)[8/1998]

REER -1.5595(0)[2/1998] -1.0877(0)[2/1998]

ThailandSP -1.3008(0)[10/2008] -1.1483(0)[10/2008]

REER -3.4377*(1)[7/1997] -3.8466**(1)[7/1997]

FilipinaSP 0.1258(1)[5/2009] -1.2821(1)[5/2009]

REER -1.8498(1)[1/1998] -1.8567(1)[1/1998]

Nota.** dan * adalah signifi kan pada 1% dan 5%. Angka dalam ( ) dan [ ] adalah panjang lat berdasarkan Kriteria Maklumat Schwarz (SIC) dan tarik perubahan struktur.

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J adual 4

Ujian Kointegrasi Johansen dengan Perubahan Struktur

Negara Y = f(X) TB H0: r = r0 Statistik Trace Lat

Malaysia SP = f(REER) 8/1997; 8/1998 r = 0r ≤ 1

61.25**12.37 1

Thailand SP = f(REER) 7/1997 r = 0r ≤ 1

14.273.37 2

FilipinaSP = f(REER) 8/1997; 6/2005 r = 0

r ≤ 133.29*12.79 1

SP = f(REER) 8/1997; 5/2009 r = 0r ≤ 1

14.393.29 2

Nota.** dan * adalah signifi kan pada 1% dan 5%. TB = tarikh perubahan struktur.

Bagi kes Thailand dan Filipina tanpa hubungan kointegrasi (lihat Jadual 4), analisis hubungan dinamik antara pasaran saham dengan kadar pertukaran diteruskan dengan menggunakan pendekatan VAR (Jadual 5).

Jadual 5

Vektor Autoregresif (VAR)

Negara Hipotesis Nol, H0 VAR(k) χ2

Thailand ΔREER =/> ΔSPΔSP =/> ΔREER 8 26.8122**

41.6478**

Filipina ΔREER =/> ΔSPΔSP =/> ΔREER 1 1.7760

1.1401

Nota.** adalah signifi kan pada 1%. =/> menunjukkan ‘bukan penyebab Granger’.

Sementara VECM digunakan untuk analisis hubungan jangka pendek dan jangka panjang bagi kes Malaysia dan Filipina (wujud kointegrasi) seperti dalam Jadual 6. Hasil keputusan ujian menunjukkan bahawa hubungan penyebab Granger jangka pendek dua hala antara SP dengan REER wujud dalam kes Thailand tetapi tiada hubungan penyebab Granger dapat dikesan antara SP dengan REER di Filipina dalam kedua-dua kes berkointegrasi dan tidak berkointegrasi (lihat Jadual 4, Jadual 5 dan Jadual 6).

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Sementara hubungan penyebab jangka pendek dua hala antara SP dengan REER juga dapat dikesan dalam kes Malaysia (Jadual 6). Pada masa yang sama, hubungan penyebab jangka panjang daripada REER kepada SP juga wujud dalam kes Malaysia. Sekali gus menunjukkan hubungan penyebab Granger yang kuat daripada REER kepada SP di Malaysia. Sementara ketidakseimbangan antara REER dengan SP dalam jangka panjang diperbetulkan pada kadar yang sangat perlahan iaitu 3.3% setiap bulan (ditunjukkan oleh nilai EC yang signifi kan dalam Jadual 6). Hasil keputusan ujian dinamik penyebab Granger jangka pendek antara SP dan REER berdasarkan VAR dan VECM juga disokong dan konsisten dengan hasil keputusan ujian penyebab Granger berdasarkan pendekatan Toda-Yamamoto (Jadual 7).

Jadual 6

Vektor Model Pembetulan Ralat (VECM)

Negara Hipotesis Nol, H0 VAR(k) χ2 EC

Malaysia ΔREER =/> ΔSPΔSP =/> ΔREER 7 35.3980**

35.8064**-0.0334*-0.0038

Filipina ΔREER =/> ΔSPΔSP =/> ΔREER 1 1.7768

0.66190.00130.0020

Nota.** dan * adalah signifi kan pada 1% dan 5%. =/> menunjukkan ‘bukan penyebab Granger’. EC = koefi sien pembetulan ralat.

Jadual 7

Ujian Penyebab Toda-Yamamoto

Negara Hipotesis, H0 VAR(k) k + dmax χ2

Malaysia REER =/> SPSP =/> REER 9 10 33.8872**

31.6607**

Thailand REER =/> SPSP =/> REER 12 13 33.9176**

45.1104**

Filipina REER =/> SPSP =/> REER 2 3 2.2596

2.7348

Nota.** adalah signifi kan pada 1%. =/> menunjukkan ‘bukan penyebab Granger’.

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Selain itu, beberapa siri ujian diagnostik telah dijalankan untuk memastikan model sesuai dan mencukupi di samping untuk ‘memutihkan’ ralat. Walau bagaimanapun, sebagaimana sifat kebiasaan dalam kebanyakan data siri masa kewangan berfrekuensi tinggi, hasil ujian diagnostik menunjukkan bahawa dalam kebanyakan ujian, andaian-andaian normal, homokedastisiti dan tiada korelasi bersiri tidak dipenuhi.

Kesimpulan

Berdasarkan sejumlah kajian lepas, pasaran saham dan pertukaran asing dilihat mempunyai darjah integrasi dan korelasi yang kuat dan signifi kan khususnya di pasaran-pasaran baru muncul (EMs). Pandangan ini disokong oleh antara lain Granger et al. (2000), Baharumshah et al. (2002), Solnik dan McLeavey (2009) dan Diamandis dan Drakos (2011). Selain itu, darjah korelasi hubungan antara kedua-dua pasaran ini juga dilihat semakin meningkat pada tempoh ketika berlaku krisis kewangan khususnya krisis kewangan Asia 1997 dan global 2008 bukan sahaja di negara maju tetapi juga di negara baru muncul.

Sebagaimana dalam kajian kami, hasil ujian dengan mengambil kira perubahan struktur menunjukkan wujud hubungan kointegrasi antara pasaran saham dan kadar pertukaran bagi kes Malaysia dan Filipina. Sementara hasil ujian penyebab Granger jangka pendek berdasarkan pendekatan dinamik VECM dan Toda-Yamamoto menunjukkan wujud hubungan penyebab Granger dua hala antara pasaran saham dengan kadar pertukaran hanya dalam kes Malaysia dan Thailand dan sekali gus menyokong hasil kajian terdahulu oleh Azman-Saini et al. (2003a; 2003b; 2007b). Walau bagaimanapun, kajian di Filipina menghasilkan dapatan yang berbeza di mana kajian oleh Azman-Saini et al. (2007a) mendapati wujud hubungan penyebab dua hala antara pasaran saham dengan kadar pertukaran yang mana bercanggah dengan hasil dapatan dalam kajian kami iaitu tiada hubungan penyebab dapat dikesan bagi kes Filipina. Justeru, kajian kami mencadangkan bahawa krisis kewangan Asia dan krisis ekonomi global mungkin memberikan kesan yang berbeza terhadap hubungan dinamik antara pasaran saham dengan kadar pertukaran di tiga negara yang dikaji. Tambahan lagi, implikasi dasar ekonomi berkaitan hubungan antara pasaran saham dan kadar pertukaran adalah bersifat khusus kepada sesebuah negara.

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Walau pun kebanyakan kajian lepas sebagaimana dalam kajian ini memodelkan hubungan antara pasaran saham dengan kadar pertukaran secara langsung dalam bentuk bivariat, kajian-kajian berkaitan pada masa akan datang mungkin perlu mengambil kira saranan daripada kajian lepas iaitu pemboleh ubah lain selain harga saham dan kadar pertukaran boleh dipertimbangkan dalam memodelkan hubungan antara kedua-dua pasaran ini dalam bentuk multivariat kerana dipercayai boleh memberikan hasil keputusan yang lebih baik memandangkan terdapat pemboleh ubah lain yang mungkin mempengaruhi pasaran saham dan kadar pertukaran. Selain itu, kajian yang mengambil kira sifat asimetrik dan tak linear juga boleh dipertimbangkan dalam memodelkan hubungan antara pasaran saham dengan kadar pertukaran.

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NOTES TO CONTRIBUTORS

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REFERENCESReferences should be carefully checked. The references are to be cited in the text in the author-date format (APA style e.g. Armstrong & Overton, 1977; Salma & Mohd. Makzan,1996). A reference list only of works cited, should be provided at the end of the text arranged in alphabetical order. Examples of the format for journals and books are as follows:

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