Kamarun Nisham Taufil Mohd
Universiti Utara Malaysia
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Publication
Featured researches published by Kamarun Nisham Taufil Mohd.
Journal of Islamic Accounting and Business Research | 2018
Ahmad Hakimi Tajuddin; Nur Adiana Hiau Abdullah; Kamarun Nisham Taufil Mohd
Purpose The purpose of this paper is to examine the impact of Shariah-compliant status on oversubscription of initial public offerings (IPOs) in Malaysia. It is believed that the Shariah-compliant status serves as a platform that sends a credible signal to investors which could possibly explain the IPO oversubscription anomaly. Design/methodology/approach This study used a multivariate and quantile regression model which involved 252 IPOs listed on Bursa Malaysia from 2005 to 2015. Findings The results show a significant positive relationship between Shariah-compliant status and oversubscription ratio, which suggests that companies with Shariah status could draw the attention of the investors. Strict guidelines and permissible elements of Shariah-compliant are considered agreeable and amicable by the investors. Research limitations/implications Future studies should look into financial ratio benchmark (cash and debt) for determining Shariah-compliant status to enhance the understanding of oversubscription of IPOs in Malaysia. Practical implications This study offers practical understanding to the issuers and underwriters on the factors that should be considered in assuring a good early performance of their issuance. Therefore, it will benefit the issuers and underwriters in managing and planning the IPO process carefully. Social implications The results of this study provide a new insight for investors regarding important information found in the prospectus when making the decisions to subscribe to IPOs. Originality/value This paper is one of the first to provide an empirical evidence of the impact of Shariah-compliant status on oversubscription in the IPO market.
Cogent economics & finance | 2018
Abd Halim Ahmad; Nur Adiana Hiau Abdullah; Kamarun Nisham Taufil Mohd
Abstract We examined market reactions to the financial distress announcements of listed firms in Malaysia. We investigated whether the market differentiates between the politically connected and non-politically connected vis-a-vis the outcomes at the time of the announcements. There is evidence of differing reactions to announcements by politically connected and non-connected firms. Investors react more negatively to the non-politically connected firms as compared to the politically connected ones. In addition, in the event of emergence from financial distress, the losses of politically connected firms were lower than for the non-politically connected firms.
Pacific rim property research journal | 2017
Woei Chyuan Wong; Kamarun Nisham Taufil Mohd; Nur Adiana Hiau Abdullah
Abstract This study examines the effect of dividend tax changes on the share prices and corporate policies of Malaysian REITs. Event study results show that dividend tax cut announcements provide positive abnormal returns. Based on cross-sectional regression, the abnormal returns are found to be larger for REITs with a higher retail ownership. The implementation of dividend tax cuts also increases dividend payout and reduce investment activities. These results partly support the traditional view of dividend taxation which posits that tax reform could affect economic efficiency and resource allocation in an economy.
Journal of Property Investment & Finance | 2017
Nur Adiana Hiau Abdullah; Kamarun Nisham Taufil Mohd; Woei Chyuan Wong
Purpose The purpose of this paper is to examine the performance of 19 Malaysian Real Estate Investment Trusts (M-REITs) over the period 1999 to 2014, following the implementation of dividend tax reforms announced in the 2007, 2009 and 2012 budgets. Design/methodology/approach Sharpe index, Treynor index and Jensen α are utilized to compare the performance of M-REITs against a newly developed tax-adjusted value-weighted M-REITs index, equity market, property sector and three month Malaysia Treasury Bills (T-Bills). The calculation of M-REITs returns has been adjusted to take into account the dividend tax reforms which have never been considered in previous studies. Findings Most M-REITs outperform the tax-adjusted value-weighted REITs index, equity market, property sector and three month T-Bills. Property sector performs worst during those periods. Some of the M-REITs have a higher standard deviation than the equity market and the tax-adjusted value-weighted M-REITs index. Most M-REITs have a lower total risk than the property sector. Further analysis shows that before (after) the tax reforms, most M-REITs underperform (outperform) the other sectors. The introduction of the tax reforms benefits both REITs and investors. A significant positive Jensen α for some M-REITs indicates that fund managers are able to time the market or to select undervalued assets. Practical implications Findings of the study would enable investors to evaluate the performance of all REITs in comparison to other financial assets during the period of study for better investment decision making. A more accurate assessment on REITs performance that take into account the tax reforms, is available for investors and fund managers to decide on the investment mix to be included in their portfolio. Moreover, fund managers’ performance can be assessed whether they perform better or worse than the equity market, property sector and three month T-Bills. Originality/value This study contributes to the scant literature on dividend tax reforms and their implication toward REITs performance. It is the first study to thoroughly assess the returns of REITs by taking into account the changes on dividend tax rates announced in the 2007, 2009 and 2012 budgets.
Management Science | 2013
Rohaida Abdul Latif; Hasnah Kamardin; Kamarun Nisham Taufil Mohd; Noriah Che Adam
International Journal of Economics, Management and Accounting | 2004
Nur Adiana Hiau Abdullah; Kamarun Nisham Taufil Mohd
Archive | 2013
Rohaida Abdul Latif; Kamarun Nisham Taufil Mohd; Wan Nordin Wan Hussin; Ku Nor Izah Ku Ismail
International Journal of Economics, Management and Accounting | 2007
Kamarun Nisham Taufil Mohd; Rohaida Abdul Latif; Robiah Abu Bakar; Wan Nordin Wan Hussin; Ku Nor Izah Ku Ismail
Jurnal Pengurusan UKM Journal of Management | 2014
Hasnah Kamardin; Rohaida Abdul Latif; Kamarun Nisham Taufil Mohd; Noriah Che Adam
Management Science | 2013
Rohaida Abdul Latif; Kamarun Nisham Taufil Mohd