ADVANCED INTERNATIONAL JOURNAL OF BUSINESS, ENTREPRENEURSHIP AND SME'S (AIJBES)

FIRM-SPECIFIC DETERMINANTS OF CORPORATE CASH HOLDINGS: EVIDENCE FROM MALAYSIAN LISTED CONSUMER COMPANIES

Siti Marlia Shamsudin — 2026-09-17

Examining the factors that affect the liquidity of consumer companies listed on the stock exchange in Malaysia is the primary objective of this study. It examines how factors including leverage, current ratio, firm size, and return on assets (ROA) impact a company's cash on hand. The research covers the years 2020–2025 and includes 324 consumer cyclical and non-cyclical enterprises listed in Malaysia. The final sample was 1,750 firm-year observations retrieved from LSEG Workspace after data screening and cleaning. Statistical packages used for data analysis in SPSS included descriptive statistics, multiple regression, and Pearson correlation. There is statistical significance in the regression model, according to the results. Companies with higher levels of debt tend to have lower levels of cash on hand because of the strong negative correlation between leverage and corporate cash holdings. There is a robust correlation between increased corporate cash holdings and both the current ratio and ROA. This indicates that more cash is kept by more profitable and liquid enterprises. There is a negative correlation between firm size and corporate cash holdings, suggesting that bigger companies are less likely to have considerable cash reserves. Taken together, the findings show that corporate cash holding decisions are heavily impacted by firm-specific financial features. This study contributes to the body of knowledge in corporate finance by elucidating previously unknown factors that affect the cash on hand of publicly traded consumer companies in Malaysia.

MACROECONOMIC DETERMINANTS OF STOCK MARKET PERFORMANCE IN MALAYSIA: EVIDENCE ON THE DOMINANT ROLE OF EXCHANGE RATE

Nurhidayah Shamsudin — 2026-09-17

This study investigates the macroeconomic determinants of stock market performance in Malaysia, with a focus on identifying the dominant factor between exchange rate (ER), inflation rate (IN), interest rate (IR), and gross domestic product (GDP). By utilizing the Arbitrage Pricing Theory (APT), this study adopts a quantitative study method, using annual secondary data from 2005 to 2024 (n=20) from the International Monetary Fund (IMF), World Bank, Department of Statistics Malaysia, and Bursa Malaysia. Performance of the stock market is measured through the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI). Descriptive statistics analysis, Pearson correlation analysis, Variance Inflation Factor (VIF) testing, and multiple regression analysis with robust standard errors were used to investigate the relationships between variables. Empirical findings show that the exchange rate has a positive and statistically significant impact on the Malaysian stock market (β = 0.9597, p < 0.001) as it captures 89.9% of the variation in KLCI (R2 = 0.8991). However, inflation rate (p = 0.585), interest rate (p = 0.441) and gross domestic product (p = 0.409) positively but statistically insignificantly related to KLCI. These results suggest that Malaysia's export and trade-dependent economy make the stock market highly sensitive to fluctuations of currency exchange, while domestic macroeconomic fundamentals have negligible short-term influence. The findings are essential for investors, policymakers, and researchers as they highlight the importance of exchange rate stability as an instrument for the management of stock market volatility in emerging economies.

NATIONAL CULTURE AND TAX AVOIDANCE

Amilia Syuhada Abdul Majid — 2026-09-17

This study investigates the impact of national culture on tax avoidance for three dimensions of national culture, namely power distance, individualism and uncertainty avoidance. Theoretical backgrounds are Agency theory, Institutional theory and Legitimacy theory. A quantitative research approach was chosen, and a regression model is used to test the hypothesis. The three cultural variables are found to be negatively significant determinants of tax avoidance. Thus, in cultures with strong cultural structures, companies tend to adopt a more cautious tax strategy and are more tax compliant. Government effectiveness has a strong negative relationship with tax avoidance and thus the quality of a government’s institutions is a critical factor in a country in order to prevent tax avoidance. The results of this study are in contrast to most of the prior studies which either did not find any direct evidence of the effect of culture on tax avoidance or that the effect of culture is influenced by the quality of governance and the extent of regulatory interference that a company faces. The study has several implications for policy makers in strengthening the institutional environment in order to improve tax compliance.

DO ESG SCORE MATTER FOR FIRM PERFORMANCE? EVIDENCE FROM MALAYSIAN ACE MARKET FIRMS

Farah Alias — 2026-09-17

This study examines the extent to which Environmental, Social, and Governance performance shapes firm performance among companies listed on Malaysia’s ACE Market. The study is motivated by the growing role of ESG in corporate decision-making, investment evaluation and sustainable value creation. ROE is used to capture firm performance, while ESG performance is represented by Environmental Score, Social Score, Governance Score and Total ESG Score. The natural logarithm of total assets was included as measure for firm size and sales growth as controls variables. The analysis uses data from 122 Malaysian ACE Market firms covering 2018 to 2025, resulting in 976 firm-year observations. Data were collected from Refinitiv LSEG. The models are estimated using Panel Corrected Standard Errors to address heteroscedasticity and contemporaneous correlation. The descriptive findings indicated that ESG performance of Malaysian ACE Market companies is moderate, where the governance performance received the highest mean score and environmental performance the lowest score. Regression results indicate a negative significant impact son ROE of environmental performance. This could reflect a short-term increase in costs associated with the implementation of environmental activities before financial benefits is realized. The social and governance performance indicated positive and significant impact on ROE. This suggests that higher engagement with stakeholders, corporate reputation, corporate governance and managerial discipline increase performance for firms. There is also a positive influence of ESG performance on ROE. These findings add to the ESG literature and provide useful implications to managers, investor and policymaker, which enhance ESG and business performance.

FACTORS INFLUENCING THE VIRALITY OF BEAUTY PRODUCT CONTENT ON TIKTOK AMONG ADULT WOMEN AGED 18 AND ABOVE

Umadevi Arumugam — 2026-09-17

TikTok has emerged as a vital social media platform for marketing beauty product via short video that promote user engagement, content sharing and product discovery. However, limited studies have explored on the virality of beauty product content on TikTok among adult women. Therefore, this study aims to examine the level of influence of user-generated content, micro-celebrity endorsement and social media marketing towards the content virality of beauty products on TikTok among adult women. This study adopted a quantitative research approach, and data were obtained through an online questionnaire distributed to respondents who had prior exposure to beauty product content on TikTok. The data were analysed using descriptive statistics and correlation analysis. The descriptive results indicate that user-generated content, micro-celebrity endorsement and social media marketing towards the content virality of beauty products on TikTok were all perceived at a moderate level, with mean scores ranging from 2.34 to 3.66. The correlation analysis results indicate that strongest relationship was found between user-generated content and virality content (r=.404, P<.001), followed by micro-celebrity endorsement (r=.398, P<.001) and social media marketing (r=.339, P<.001). The finding is expected to build enrich the literature on customer behaviour and digital marketing by providing a clearer understanding of key factors that contribute to the virality of beauty related content within short video platforms. The study also provides useful insights and practical implications for marketers, beauty brands and content creator to develop more effective TikTok marketing strategies and improve engagement, customer response and visibility.

DETERMINANTS OF FINANCIAL EFFICIENCY IN ISLAMIC BANKS: AN INTEGRATED CONCEPTUAL FRAMEWORK

Muhammad Shehryar — 2026-09-17

Financial efficiency has been witnessed as a key indicator for the long-term success, sustainability, competitiveness, and resilience of Shariah banks operating in increasingly complex economic and institutional settings. Prior literature, regarding the determinants of Islamic banks’ efficiency, remains fragmented with inconsistent findings because researchers examined the bank-specific, macroeconomic, and country governance determinants in isolation. To address this gap, the present study proposes an integrated conceptual framework that explains how these three categories of determinants collectively shape the financial efficiency of Islamic banks. Employing a conceptual literature review approach, this paper critically reviews and synthesises the existing literature to investigate the interconnections among bank-specific characteristics, macroeconomic factors, and institutional governance. The proposed integrated framework positions financial efficiency as the outcome of dynamic relationships among bank-specific capabilities, macroeconomic environments, and governance quality (including Shariah governance), offering a more comprehensive explanation for efficiency variations across Islamic banking systems. This study theoretically contributes to the Islamic banking literature by consolidating fragmented evidence into a coherent conceptual framework and provides a foundation for future empirical research. This study is also practically beneficial for bank managers, regulators, and policymakers seeking to strengthen financial efficiency across diverse institutional and economic contexts of different countries and regions.

FACTORS INFLUENCING INTENTION TO USE BUY NOW PAY LATER (BNPL) AMONG DEGREE STUDENTS IN UITM JENGKA

Muhammad Aqlan Syahir Anuar — 2026-09-17

The rapid adoption of Buy Now, Pay Later (BNPL) services has significantly transformed payment behaviour among tech-savvy university students. However, empirical literature on the key determinants driving this intention remains limited. This study evaluates the influence of perceived usefulness, perceived ease of use, social influence, and financial literacy on BNPL adoption intentions. Using a quantitative approach, a structured online survey was distributed to undergraduate students at UiTM Jengka Campus (N=133). Data were analysed using IBM SPSS Statistics (Version 29). The proposed framework explained 70.5% (R² = 0.705) of the variance in BNPL adoption intentions. Social influence was the strongest predictor, followed by perceived usefulness, both of which significantly predicted usage intention. All the variables have a relationship with intention to use BNPL. The study concludes that expanding financial education and aligning technological perceptions are essential to encourage responsible, long-term BNPL usage among young consumers.

IMPACT OF FINANCIAL MANAGEMENT PRACTICES ON FINANCIAL PERFORMANCE OF SMES IN MAIDUGURI METROPOLIS, BORNO STATE, NIGERIA

Ahmad Haruna Abubakar — 2026-09-17

Existing research on SMEs in Maiduguri has primarily focused on isolated financial decisions such as investment choices rather than adopting a holistic view. Also, studies on financial management have often neglected the unique and severe challenges faced by SMEs in conflict-affected regions like Borno State. Hence, this study addresses these gaps by examining the impact of financial management practices on the financial performance (FP) of SMEs in Maiduguri Metropolis, Borno State. The research focuses on two key financial management practices: working capital management and financing practices. The study population comprises the top 100 SMEs in the region, with a purposively selected sample of 60 respondents (2 per SME: owner and manager). Primary data were collected using structured questionnaires. Correlation and multiple regression analyses were conducted using SPSS version 25. Thus, the study employed multiple regression analysis, and diagnostic tests confirmed that all regression assumptions (normality, linearity, homoscedasticity, multicollinearity, independence of errors, and absence of outliers) were met, ensuring the validity and reliability of the findings. The results reveal that both financial management practices, working capital management (WCM) (B = 0.623, p = 0.002) and financing practice (B = 0.188, p = 0.004), have a statistically significant positive effect on the financial performance of SMEs. Correlation analysis further confirmed a strong positive relationship between these financial management practices and financial performance. The study concludes that effective financial management practices significantly enhance the financial performance of SMEs in Maiduguri Metropolis. Thus, this study provides empirical evidence that will guide actionable improvements for SMEs in a challenging economic environment. It offers concrete recommendations by demonstrating that enhancing WCM (e.g., optimizing cash flow and inventory) and improving financing strategies are not just theoretical concepts but statistically significant drivers of FP. Also, the findings equip SME owners and managers with a clear focus for intervention and provide financial institutions and policymakers with evidence to tailor accessible financing products and support programs for SMEs in the region. The study therefore recommends that SMEs should improve WCM to enhance liquidity and financial stability, while financial institutions should offer more accessible financing options tailored to SMEs' needs.

EXPLORING TASK‑TECHNOLOGY FIT AND ATTITUDE TOWARDS USE IN VIDEO‑BASED LEARNING ADOPTION: EVIDENCE FROM MALAYSIAN HIGHER EDUCATION

Yusnaliza Hamid — 2026-09-17

This study examined the determinants of actual use of Video Based Learning by undergraduate accounting students. Technology Acceptance Model (TAM) and Task-Technology Fit (TTF) theory were employed to test whether Attitude towards Use (representing students’ favourable evaluation of VBL) and TTF (representing VBL-video tools fit with accounting tasks) predicted the actual use of video-based learning. This study adopted a survey design and collected data from 111 Malaysian accounting students in a public university. The data were analysed via Partial Least Squares Structural Equation Modelling (PLS-SEM). Both Attitude towards Use (β = 0.250, t = 2.189, p = 0.029) and TTF (β = 0.641, t = 5.765, p < 0.001) had significant positive effects on actual use of VBL. TTF had the largest estimated effect (f² = 0.550), compared with the smaller effect of Attitude towards Use (f² = 0.084). The overall variance explained by this study was 72.9% (R² = 0.729). Overall, this study provided a key contribution to educational technology literature, by incorporating students’ attitudinal acceptance and task-technology compatibility to explain actual use of video-based learning in accounting education. The findings suggested that educators and instructional designers should ensure VBL resources are aligned with accounting learning tasks and foster favourable attitude towards their use.

A REVIEW OF BOARD ATTRIBUTES AND ESG PERFORMANCE: THE MODERATING ROLE OF WOMEN DIRECTORS OF THE EMERGING MARKETS

Maizura Meor Zawawi — 2026-09-17

Regulatory focus on ESG performance and board characteristics, such as gender diversity, is increasingly widespread worldwide, including in Malaysia. Prior studies show that board characteristics influence ESG performance and generally enhance governance-related outcomes in emerging markets. While several existing Malaysian studies have investigated the relationships between independent directors, gender diversity, and ESG disclosure quality, specific evidence on the interaction between board size and board expertise, jointly with ESG performance, at different levels of female representation is still in its infancy. This literature review analyses the empirical and theoretical work on the interrelationships between board attributes, such as board independence, board size, and board expertise, and ESG performance in publicly listed companies in Malaysia and similar emerging markets. The review also investigates the moderating role of board gender diversity on the governance of the ESG relationship and the implications of this dynamic on ESG outcomes in Malaysian publicly listed firms. This paper, written in the Malaysian context, contributes to the governance literature and has practical policy implications by clarifying whether and how female representation on boards changes the relationship between board attributes and ESG performance.

FROM DETECTION TO EVIDENCE IN TRADE-RELATED MONEY LAUNDERING INVESTIGATIONS: A CONCEPT PAPER

Nadia Atiqah Zulkiffly — 2026-09-17

Trade-based money laundering (TBML) poses a serious risk to financial integrity because illicit value can be hidden, moved or made to appear legitimate through ordinary-looking import and export transactions. This paper analyses the gap between identifying a suspicious trade transaction and developing enough evidence to support a potential money laundering case. For example, unusual prices, inconsistent documents, misclassified goods and suspicious shipments may point to trade manipulation, but these signs alone are not enough to establish money laundering. Drawing on academic literature, legal materials and institutional reports, the paper explains the distinction between ordinary trade-related fraud and TBML. It shows that investigators need to do more than identify trade irregularities. They must identify the relevant predicate offence, trace the suspected proceeds of unlawful activity, determine the beneficial owners and controlling persons, and explain how the trade transaction was used to hide, move, convert or legitimise those proceeds. To explain this process, the paper proposes a three-stage framework covering trade irregularity indicators, evidence-building requirements and possible investigative outcomes. The paper concludes that TBML is not only a detection or compliance issue, but also a challenge of building strong evidence. Improving TBML investigations therefore requires better sharing and use of trade and financial information, easier access to beneficial ownership information, clearer investigation procedures and earlier cooperation among relevant authorities.

ASSESSING THE IMPACT OF OPERATIONAL EFFICIENCY, CAPITAL STRUCTURE AND CAPITAL ADEQUACY ON ISLAMIC BANK PROFITABILITY IN MALAYSIA

Azlin Suzana Salim — 2026-09-17

Bank Negara Malaysia reported in 2025 that the total Malaysian Islamic Banking Assets has reached USD312 representing 82% Malaysia’s share out of total ASEAN. In Malaysia, the Islamic banking sector continues to grow rapidly yet the Islamic banks struggle to balance the operational efficiency, debt ratio and capital adequacy all of which are important to the financial performance. This study aims to examine the impact of operational efficiency, debt ratio and capital adequacy ratio on the Islamic bank profitability in Malaysia. Profitability is measured using the Return on Assets (ROA). The study uses panel data from the annual report of 11 Islamic banks in Malaysia from 2014 to 2023. Panel EGLS (cross-section weights) was used to analyze the data. The findings show that operational efficiency and capital adequacy ratio have a significant negative on profitability while the debt ratio has a significant positive impact. This research provides insight for the Islamic bank management, regulators and investors to strengthen the financial performance.

CORPORATE GOVERNANCE AND HYDROGEN ACCOUNTING: A FRAMEWORK FOR EVALUATING TRANSITION DISCLOSURES IN HARD-TO-ABATE SECTORS

Ahmad Saiful Azlin Puteh Salin — 2026-09-17

This conceptual paper examines the role of corporate governance in strengthening the credibility of hydrogen accounting disclosures in hard-to-abate sectors. Against the background of Malaysia’s National Energy Transition Roadmap, Hydrogen Economy and Technology Roadmap, and the adoption of IFRS S1 and IFRS S2 through the National Sustainability Reporting Framework, the paper addresses the growing risk that firms may use clean-energy narratives symbolically rather than substantively. Drawing on Legitimacy Theory and Signalling Theory, the paper develops a Hydrogen Disclosure Trichotomy that classifies corporate reporting into symbolic, substantive, and fully integrated disclosures. Symbolic disclosures are characterised by broad sustainability language with limited quantification, while substantive disclosures include project-level evidence such as capital expenditure, partnerships, targets, timelines, emissions data, and operational metrics. Fully integrated disclosures represent the proposed highest level of reporting quality because they connect the hydrogen strategy with governance, risk management, financial planning, asset valuation, assurance, and enterprise value implications. The framework proposes that internal governance mechanisms act as filters that determine whether hydrogen disclosures remain impression management tools or become decision-useful financial communication. The paper contributes to green accounting and sustainability governance literature by offering testable propositions for future empirical research using annual reports, sustainability reports, and Bursa Malaysia filings. It concludes that emerging markets require not only ambitious energy policy and modern disclosure standards, but also strong board architecture to reduce greenwashing and promote credible, financially connected hydrogen transition reporting.

A CONCEPTUAL FRAMEWORK FOR INVENTORY FRAUD DETECTION: INTEGRATING FORENSIC CONTROLS, DIGITAL TECHNOLOGIES, AND BEHAVIORAL INDICATORS

Norazira Abd Karim — 2026-09-17

Digital supply chains have significantly escalated the sophistication of internal fraud schemes targeting enterprise inventory assets. While scholarship has advanced across forensic controls, digital detection tools, and human behavioral signs, these streams remain fragmented, leaving organizations without an interconnected defense mechanism. This conceptual paper addresses this gap by presenting an integrative framework that structures forensic governance, digital technologies, and behavioral indicators into a collaborative oversight system. Developed through a multidisciplinary synthesis of recent accounting, audit, and information systems literature, the study evaluates how digital tools automate transaction tracking, how forensic oversight structures verification, and how behavioral tracking captures underlying human risk patterns. The primary theoretical contribution is a three-layer architecture anchored in the Fraud Diamond, the Technology–Organization–Environment (TOE) model, and digital forensic governance principles. This architecture maps out direct propositions linking proactive forensic verification directly to the mitigation of technology-enabled misconduct. Practically, the framework shifts focus from individual tools toward an integrated oversight package, outlining boundary constraints like system maturity while offering a strategic roadmap for empirical validation in inventory-intensive sectors.

A CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING OF WAKALAH ZAKAT IN MALAYSIA

Muhammad Iqbal Mohamed Azhari — 2026-09-17

Purpose: This paper plan to develop an implementation-oriented framework for financial reporting of wakalah zakat in Malaysia. Although the Islamic Accounting Standards for Baitulmal, Zakat and Wakaf (PPIBZW) provide the primary local reporting basis, delegated distribution creates a timing and accountability problem because transfer to an agent can precede verified distribution to eligible asnaf. Methodology: Using an integrative literature review and theory-development approach, the paper synthesises PPIBZW with AAOIFI and IPSAS as comparative references and links the wakalah transaction cycle to Islamic accountability, agency, stakeholder and legitimacy theories. Findings: The framework organises reporting around six mechanisms: principal-agent classification; completion-based recognition; measurement and reconciliation; fund segregation and presentation; wakalah-specific disclosure; and governance supported by Shariah assurance and digital traceability. These mechanisms are expected to strengthen information quality and make unresolved balances and responsibilities more visible. Originality/value: The paper introduces stewardship-fulfilment visibility, defined as the ability to trace a wakalah amount from approval and transfer through verified distribution, deferral, return or exception using reconcilable evidence. The construct provides a testable bridge between transaction-level reporting design and accountability outcomes and offers a basis for disclosure indices, implementation guidance and empirical validation.

NAVIGATING ACADEMIC TRANSITIONS: A CONCEPTUAL PERSPECTIVE ON FACTORS INFLUENCING DIPLOMA ACCOUNTING STUDENTS’ INTENTION TO PURSUE A BACHELOR’S DEGREE IN MALAYSIA

Liyana Ab Rahman — 2026-09-17

The shift from diploma to bachelor’s degree programs constitutes an important educational pathway for accounting students in Malaysia. However, the existing literature provides limited explanation on why diploma accounting students choose to pursue a bachelor’s degree, especially at the diploma-to-degree transition point. This conceptual paper therefore proposes a conceptual framework that integrates the Human Capital Theory and Social Cognitive Career Theory to explain the intention of diploma accounting students to pursue a bachelor’s degree. The framework includes six proposed factors: financial considerations, academic achievement, career aspirations, family influence, institutional support and perceived employability. Human Capital Theory explains how students weigh the costs and expected educational, employment and career benefits of pursuing studies, while Social Cognitive Career Theory explains how self-efficacy, goals, outcome expectations and environmental support can affect educational choices. The novelty of the framework lies in its ability to integrate these complementary perspectives and to apply them specifically to diploma accounting students in the Malaysian context. Such an approach links the economic considerations with psychological, social and institutional influences at a critical transition point in academic life. The framework provides practical guidance for universities in terms of targeted academic advising, career guidance, financial support and clearer articulation pathways, and a basis for future empirical testing.

NEXT-GENERATION ACCOUNTING TECHNOLOGIES IN SMES: EXPLORING DIGITAL ACCOUNTING SHIFTS, RESEARCH THEMES, AND FUTURE OPPORTUNITIES

Farah Husna Mohd Fatzel — 2026-09-17

This study reviews the research landscape, emerging trends, and future directions of next-generation accounting technologies in small and medium-sized enterprises (SMEs). However, despite the increasing number of studies on digital accounting and new technologies, there is a lack of bibliometric synthesis that specifically incorporates these developments within the framework of SME accounting. To fill this gap, bibliographic data was extracted from the Scopus database through three conceptual blocks covering SMEs, accounting and technology. The first search yielded 1,106 documents which were narrowed down to 428 English language journal articles published from 2016 to 2026 in the Business, Management and Accounting subject area. The data were downloaded on 2 July 2026, and analysed in VOSviewer by annual publication trend, country-level distribution, co-occurrence of keywords, bibliographic coupling and source citation analysis. The findings show a remarkable increase in scholarly attention, from less than ten documents per year in 2016 to 2018 to an estimated 120 documents per year in 2025. Research is strongly concentrated in developing and emerging economies, led by Indonesia with approximately 80 publications, followed by India and Jordan with about 43 each, and Malaysia with approximately 42. Keyword co-occurrence analysis identified “SMEs” as the most prominent keyword, with 208 occurrences and a total link strength of 217, while the literature broadly clustered around digital transformation and performance, technology adoption, emerging accounting technologies, and accounting information quality and decision-making. Bibliographic coupling further identified three major research fronts involving SME technology adoption and performance, cloud accounting and accounting information systems, and digital technologies for information quality and decision-making. The study contributes an SME-specific and integrated bibliometric perspective that shows how the field has evolved beyond traditional accounting information systems towards a broader research agenda involving cloud-based, intelligent, automated, and data-driven technologies.

UNDERSTANDING FINANCIAL EFFICIENCY IN ISLAMIC BANKS: A CONCEPTUAL PERSPECTIVE

Muhammad Shehryar — 2026-09-15

Financial efficiency is particularly important in Islamic banking because of its implications for competitiveness, long-term resilience, and sustainability. Despite substantial empirical research, its conceptualisation remains fragmented across different dimensions, measurement approaches, and analytical perspectives, which limits conceptual clarity and complicates the interpretation of efficiency across studies. Using a conceptual literature review, this study critically synthesises relevant prior research to clarify the meaning, dimensions, measurement approaches, and contemporary issues of financial efficiency in Islamic banking. Financial efficiency is distinguished from financial performance by focusing on how effectively banks transform resources into financial outcomes rather than on profitability outcomes alone. Financial performance reflects a bank’s financial outcomes, commonly assessed through profitability. The synthesis identifies technical, cost, profit, scale, and allocative efficiency as complementary dimensions of financial efficiency. It further highlights that the interpretation of efficiency in Islamic banks should consider their Shariah-compliant operational structures, ethical principles, and social objectives alongside conventional financial considerations. The findings suggest that a more holistic understanding of financial efficiency is necessary to reflect the multidimensional and evolving nature of Islamic banking. The paper contributes to the literature by consolidating fragmented perspectives on financial efficiency and providing a clearer conceptual basis for understanding and evaluating its multidimensional nature in Islamic banking. Future research should extend this conceptualisation by examining how sustainability, technological transformation, and Shariah-related considerations can be incorporated into multidimensional efficiency assessment.

FISCAL RELIEF AND THE CHALLENGES OF CORPORATE HIGH-QUALITY DEVELOPMENT: EVIDENCE FROM CHINESE ENTERPRISES

Ranran Feng — 2026-09-15

Tax and fee reductions are a fundamental policy tool to promote the growth of corporations, but little research is done on how the internal processes of converting fiscal incentives into high-quality development of firms work systematically. The bulk of the current scholarship is based on quantitative models to confirm the economic effects of tax relief, which are not able to fully understand how businesses perceive policy dividends, redistribute released capital and overcome organisational limitations in practice. The paper determines the realistic barriers and viable optimisation avenues to transforming the benefits of tax and fee reductions into a sustainable business competitiveness. This study is qualitative in nature using semi-structured interviews, which are based on the supply-side economics, financing constraint theory and endogenous growth theory. The data were gathered from enterprise owners, senior executives, finance managers and tax experts to sum up the actual experiences of enterprises in the operation of preferential fiscal policies. Interview results reveal five major restraining factors limiting policy effectiveness: insufficient policy accessibility, cumbersome administrative procedures, short-term liquidity pressures, weak independent innovation capacity, and mismatches between policy design and corporate development demands. This paper further confirms that tax relief can only drive high-quality growth if firms possess adequate capacity to divert saved funds into innovation, technological upgrading, human resource training and organisational optimisation. Different from prior outcome-focused quantitative research, this study shifts analytical focus to the organisational operation logic behind fiscal policy implementation, enriching theoretical explanations of tax incentives at the micro-firm level. The conclusions provide targeted references for policymakers to optimise policy publicity, build complementary supporting mechanisms and design differentiated fiscal tools matching heterogeneous enterprise characteristics.

RETURN POLICY AS A RISK REDUCTION MECHANISM IN E-COMMERCE: INTEGRATING SIGNALLING THEORY WITH PRE AND POST-PURCHASE PERSPECTIVES

Ade Ratnasari — 2026-09-15

Uncertainty about product quality and transaction risk remains a major obstacle to e-commerce, which relies on indirect evaluation before purchase. Although return policies are widely regarded as an important mechanism for reducing consumers' perceived risk, the existing literature shows theoretical fragmentation and inconsistent empirical results regarding their effectiveness. Most previous studies have treated return policies unidimensionally, such as lenient vs strict, and rarely explicitly integrate them with the psychological and informational mechanisms underlying risk perception. To address this gap, this study uses a theory-based narrative review to present an integrative theoretical synthesis of the e-commerce return policy literature, explaining how various theoretical perspectives conceptualise the role of return policy in shaping perceived risk, post-purchase evaluation, and advanced consumer behaviour across the stages of the decision-making process. This study synthesises the fragmented literature on e-commerce return policies. By combining signalling theory, consumer risk theory, expectation disconfirmation theory, dissonance theory, procedural justice theory, and transaction cost economics, this study explains how return policy is conceptualised differently and how these theories complement one another in explaining consumer perceptions and behaviours. From a managerial perspective, this study highlights the importance of designing a balanced return policy that balances consumer-side risks with the sustainability of the company's operations.

FINTECH ADOPTION IN MALAYSIA'S AQUAFARMING INDUSTRY: CHALLENGES, STRATEGIC PATHWAYS, AND FUTURE OPPORTUNITIES FOR SUSTAINABLE DEVELOPMENT

Siti Nur Shuhada Nazuri — 2026-09-15

Financial technology (Fintech) presents viable pathways to accelerate the digital transformation of Malaysia's aquafarming sector. This conceptual study employs an integrative literature review and policy analysis to examine the structural barriers and strategic enablers governing Fintech adoption within the Malaysian aquafarming ecosystem. While prior literature has broadly addressed Fintech in general agriculture, sector-specific operational realities of aquafarming such as biological production risks, high informality, and fragmented cold chains remain underexplored. Addressing key empirical gaps, this study identifies four primary structural barriers: credit exclusion resulting from strict physical collateral demands and unrecorded cash histories, supply chain fragmentation exacerbated by downstream cold-chain deficits, digital literacy and trust deficits among smallholder producers, and regulatory ambiguity concerning aquaculture-tailored financial mechanisms. To mitigate these challenges, this study proposes a targeted four-pillar strategic framework comprising alternative data-driven micro-financing (including Shariah-compliant instruments), blockchain-enabled supply chain traceability, community-based digital capacity building, and collaborative regulatory sandboxes. Furthermore, the study connects emerging technologies directly to operational aquafarming functions: artificial intelligence (AI) and big data for parametric risk assessment and water-quality automation, decentralized finance (DeFi) for peer-to-peer working capital, and green Fintech for sustainability-linked credit and ESG validation. This paper provides actionable insights for policymakers, financial institutions, and aquaculture operators seeking to enhance financial inclusion and build resilient, sustainable food production systems.

SYSTEMATIC LITERATURE REVIEW ON SHARIA FINANCIAL REPORTING STUDIES: SYSTEM USER COMPETENCE, INTERNAL CONTROL SYSTEM, AND ZAKAT CORE PRINCIPLES

Abid Ramadhan — 2026-09-15

This study presents a Systematic Literature Review (SLR) examining the interplay among System User Competence (SUC), Internal Control Systems (ICS), Zakat Core Principles (ZCP), and PSAK 409 Compliance (P4C) in shaping Financial Reporting Quality (FRQ) within Indonesian Zakat Management Organizations (ZMOs). Following the PRISMA protocol, 50 peer-reviewed articles indexed in Scopus and Web of Science (2015–2025) were systematically selected, screened, and synthesized. Findings reveal that SUC and ICS positively influence FRQ, yet evidence in Indonesian zakat contexts remains mixed due to low amil certification rates (15.4%) and limited integrated system adoption (36%). PSAK 409, effective January 2024, is consistently linked to improved reporting transparency, while ZCP emerges as a governance amplifier strengthening SUC and ICS effectiveness. Critically, no prior study has integrated ZCP as a moderator and P4C as a mediator within a single unified empirical model incorporating all four constructs. This gap constitutes the primary justification for a subsequent primary study. The review employs three underpinning theories (RBV, Agency Theory, and SET) and supported by the COSO Framework as an operational model, recommending Partial Least Squares Structural Equation Modeling (PLS-SEM) as the analytical approach. This SLR provides a robust theoretical and empirical foundation for advancing transparency, accountability, and Sharia compliance in Indonesian zakat financial governance.

CONSUMER SATISFACTION WITH E-HAILING SERVICES AMONG KLANG VALLEY UNIVERSITY STUDENTS: A CONCEPT PAPER

Wan Nur Tasnim Wan Hussin — 2026-09-17

University students in Klang Valley, Malaysia, rely heavily on e‑hailing services due to persistent last‑mile connectivity gaps in public transport. Recent documented incidents (2025–2026) such as passenger‑on‑driver violence, extreme surge pricing (200–300%), a proposed fare‑bidding model, driver economic insecurity, and limited last‑mile options have exposed systemic vulnerabilities. Yet, no conceptual framework explains how these real‑world problems collectively influence student satisfaction. This concept paper develops an integrated framework based on SERVQUAL and Expectation‑Confirmation Theory (ECT), introducing novel moderators (surge pricing, fare‑bidding uncertainty, last‑mile gaps, driver economic insecurity) and bidirectional safety as a theoretical construct. Using a PRISMA‑guided systematic literature review of peer‑reviewed articles (2022–2026), we propose that reliability is the strongest positive predictor of satisfaction, while surge pricing and driver economic pressure negatively moderate satisfaction through ECT disconfirmation. The framework advances existing knowledge by contextualising SERVQUAL‑ECT integration within Malaysia's evolving gig economy and introducing context‑specific moderators derived from actual incidents. Practical recommendations for e‑hailing platforms, policymakers, and universities are provided. This concept paper contributes to SDG 11 (Sustainable Cities and Communities) by examining sustainable urban mobility solutions for students.

A SUSTAINABLE ENTREPRENEURSHIP MODEL FOR POVERTY ALLEVIATION IN MALAYSIA: EVIDENCE FROM FORMER ASNAF ENTREPRENEURS

Izatul Akmar Ismail — 2026-09-21

Entrepreneurship-based poverty alleviation requires an understanding of how former zakat beneficiaries sustain their businesses and achieve economic independence beyond initial assistance. This study examines this post-zakat transition through the lived experiences of seven purposively selected former asnaf entrepreneurs in Malaysia whose businesses had operated for five to sixteen years. Using a qualitative phenomenological approach, the study drew on in-depth semi-structured interviews recorded with consent and transcribed verbatim. Nine themes were synthesised into three interconnected dimensions, namely Internal Entrepreneurial Capacity, External Entrepreneurial Ecosystem, and Sustainability-Oriented Practices. The proposed model links the interaction of these dimensions to economic viability, resilience, business continuity and social value, and subsequently to economic independence and community empowerment. Participants’ accounts indicate that institutional and relational support helped develop capabilities that supported business continuity, while some former beneficiaries subsequently provided employment, assistance and mentorship to others. Economic and social sustainability were more evident than environmental sustainability, while ecological outcomes were not established. The study complements the Triple Bottom Line by explaining how individual entrepreneurial capabilities, relational and institutional support, and sustainability-oriented practices interact as enabling conditions associated with the transition from asnaf dependency to economic independence. This context-specific, interpretive model provides a basis for zakat institutions and entrepreneurship agencies to integrate financing with capability development, mentorship and market access, while strengthening environmental awareness. The relationships proposed in the model require further investigation and should not be interpreted as tested causal effects.

INTEGRATING FATANAH INTO CONDITION 3 OF THE HUSTON–SPENCER ADVERSE SELECTION MODEL: EFFECTS ON INFORMATION UNCERTAINTY AND EQUILIBRIUM

Muhammad Adli Ahmad — 2026-09-20

Asymmetric information may generate adverse selection when buyers cannot distinguish the true quality of goods, and Huston and Spencer showed that the range of quality that buyers cannot distinguish determines whether the lemons problem persists; nevertheless, the model excludes the Islamic value dimension that could explain how such uncertainty is reduced. Accordingly, this study aims to integrate Fatanah into Condition 3 of the Huston–Spencer adverse selection model through the development of a conceptual mathematical model that reproduces the original equilibrium formula and Condition 3 without altering them, introducing Fatanah as a normalised variable that acts through the quality range rather than through the buyer's valuation parameter. The proposed functional form yields , so the range eventually satisfies , the boundary at which Condition 3 ceases to hold and buyers become sufficiently informed, moving the equilibrium out of the lemons region; the proposed model thus provides a formal Islamic economic interpretation of Fatanah as an information-enhancing mechanism capable of reducing adverse selection.

THE HYPER-CONNECTED SOUL: A NARRATIVE REVIEW OF SOCIAL MEDIA DEPENDENCY AMONG GENERATION Z THROUGH THE INTEGRATED FRAMEWORK OF DIGITAL MARKETING AND ISLAMIC PSYCHOSPIRITUALITY

Pressca Neging — 2026-09-20

Generation Z’s immersive digital existence has transformed social media from a mere tool into a primary engine for discovery, commerce, and identity construction. This narrative review evaluates the growing crisis of social media dependency among Gen Z through a dual lens of contemporary digital marketing and Islamic psychospirituality. While platforms like TikTok and Instagram drive the global Islamic economy, they also facilitate "algorithmic colonization," threatening the Maqasid al-Shariah, particularly the preservation of the intellect (Hifz al-Aql). Utilizing an Integrated Islamic Stimulus-Organism-Response (I-SOR) framework, the study analyzes how commercial and social stimuli interact with the spiritual state of the heart (Qalb). This study adopts a narrative review methodology, synthesizing scholarly literature published between 2021 and 2026 from databases including Scopus, Google Scholar, and relevant Islamic studies repositories. Through thematic analysis, key patterns relating to social media dependency, digital marketing influences, and Islamic psychospiritual interventions were identified and integrated into the proposed framework. Findings highlight a pervasive shift from private devotion to public display (Riya’), the commodification of worship, and a reliance on "visual Halal" cues within the Nusantara context. The review argues that traditional digital detox strategies are insufficient; instead, it proposes the classical principles of Tazkiyah al-Nafs (soul purification) and Wasatiyyah (moderation) as essential mechanisms for restoring cognitive and moral balance. Recommendations emphasize the necessity for "Muslim Digital Ethics" and spiritual mindfulness (Muraqabah) to foster a Shariah-compliant digital ecosystem that prioritizes the soul’s integrity over engagement metrics.

CHALLENGES AND SOLUTIONS IN HALAL CERTIFICATION IN MALAYSIA'S COSMETICS INDUSTRIES

Fatini Balqis As-Sakina Nor ‘Azlan — 2026-09-20

The halal cosmetics industry in Malaysia has experienced significant growth due to rising consumer demand for ethically produced, Sharia-compliant products. However, despite the increasing popularity of halal-certified cosmetics, several challenges remain in ensuring the integrity and effectiveness of the halal certification process. By employs qualitative research, this paper explores the implementation of the MS 2634:2019 standard, the challenges and possible solutions which merges religious principles with safety and quality throughout the production cycle. It specifically examines the legal necessity of complying with the Control of Drugs and Cosmetics Regulations 1984, noting that obtaining a Cosmetic Product Notification (CPN) from the NPRA before applying for halal certification. The key challenges facing the halal cosmetics sector in Malaysia, including regulatory and certification standards aspects, and issues related to the enforcement of halal guidelines. It also addresses the lack of public awareness regarding halal certification and its impact on consumer purchasing behavior. Through a detailed examination of Malaysia’s halal certification framework, particularly the role of the Department of Islamic Development Malaysia (JAKIM) and the Halal Industry Development Corporation (HDC), this study identifies solutions, such as in strengthening inter-agency collaboration, enhancing public education, and implementing standardized global practices. It aims to support the sustainable growth of Malaysia’s halal cosmetics market while maintaining its religious and ethical standards.

A CONCEPTUAL FRAMEWORK FOR DIGITAL RESILIENCE: INVESTIGATING THE MEDIATING ROLE OF STRATEGIC DIGITAL ADOPTION AMONG CBT SMES IN SELANGOR

Zakmalisa Erna Md Zaki — 2026-09-20

This conceptual paper aims to examine the main determinants of digital resilience among Small and Medium Enterprises (SMEs) involved in Community-Based Tourism (CBT) in Selangor, Malaysia. These micro-enterprises are important to regional socio-economic development but are quite sensitive to unexpected external shocks. The study establishes a framework that differentiates fundamental, transactional digital adoption from the longer-term capacity for sustained resilience. It proposes a structural model that draws on the Technology-Organization-Environment (TOE) framework to identify technological readiness and environmental pressure as the two main antecedent conditions, and on Dynamic Capabilities Theory (DCT) to explain how these conditions are converted into adaptive capacity. Methodologically, it synthesizes extant literature to produce a series of research propositions positioning strategic digital adoption as the mediating mechanism that links these antecedents to digital resilience as the outcome construct. Conceptual analysis suggests that technological readiness and environmental pressure do not, in and of themselves, give rise to systemic resilience. Their contribution to resilience is expected to occur through strategic digital adoption, which involves operational integration, data governance and proactive business-model adaptation. The authors argue that ad-hoc adoption of technology only provides short-term operational survival, whereas strategic integration develops the dynamic capabilities needed to withstand macroeconomic shocks. Based on this, the framework identifies where tourism operators, policymakers and state organisations such as Tourism Selangor should focus targeted digital-intervention projects to sustain rural micro-economies in the long run.

FACTORS INFLUENCING JEWELRY PURCHASE INTENTIONS AMONG CONSUMERS

Nooraziah Ahmad — 2026-09-20

Jewelry inspired by cultural heritage is valued not only for its appearance but also for the meanings associated with the culture from which the design originates. This study examines the relationships between cultural elements in design, consumer perception, social influence, and the intention to purchase jewelry inspired by the Dunhuang Flying Apsaras in Gansu, China. The study draws on the Theory of Planned Behavior (TPB), particularly its concepts of attitude and subjective norm. Consumer perception is considered in relation to attitudinal evaluation, while social influence represents the normative dimension. Cultural elements are examined separately as a design-related factor. Data were collected from 150 respondents in Gansu using convenience sampling. The analysis included descriptive statistics, reliability and normality tests, followed by Pearson’s correlation. Among the three factors examined, consumer perception had the strongest relationship with purchase intention (r = 0.641, p < 0.001). This was followed by social influence (r = 0.592, p < 0.001) and cultural elements in design (r = 0.494, p < 0.001). The results suggest that consumers' responses to heritage-inspired jewelry are associated with how they evaluate the product, the social environment surrounding their choices, and the cultural qualities represented in the design. These findings provide further insight into consumer responses to culturally inspired jewelry within the regional context of Gansu.

SUSTAINABILITY PRACTICES AND SATISFACTION AMONG EVENT ATTENDEES TOWARDS FOOD FESTIVALS IN SHAH ALAM

Nur Amirah Mazme — 2026-09-20

Food festivals have emerged as one of the most culturally and socially prominent phenomena today. Such festivals offer ample scope for building community involvement and creating growth. Yet the growing interest and popularity of food festivals around the world raise doubts regarding their environmental, economic and social sustainability. In this regard, this research seeks to explore the relationship between sustainable practices, and the level of satisfaction among the audience members at the food festivals in Shah Alam, Malaysia. In the current situation, the rapid development of the practice of organising various food festivals, and its positive popularity have brought several challenges associated with the environmental, economic and social impacts of the festivals. Food festivals organisers need to adopt sustainable practices to solve problems related to plastic waste generation, food waste, energy consumptions and others. The population in terms of this research will be represented by adults who attend food festivals in Shah Alam; the target sample size of 384 participants. The research is going to be conducted using a quantitative, cross-sectional research design. Data were collected from respondents using close-ended questionnaires that were distributed on Google forms. 408ppp adults, aged eighteen years and above, were involved in this study and data were analysed using SPSS. The study adopted several hypotheses in testing the relationship between sustainable practices and attendee satisfaction. Findings from this study indicate that the level of attendee satisfaction depended on the application of sustainable practices. Attendees showed positive attitudes towards green practices including recycling and waste reduction. Factors such as demographic characteristics including the age and knowledge about sustainability were found to influence attendee experience. Reliability analysis was done to validate the effect of sustainability practices on the level of satisfaction. Areas that needed improvement in event planning were identified based on the results. This research adds to the knowledge base in event management through provision of recommendations that will assist event planners and policy makers improve sustainability and increase attendee satisfaction. Although the study is confined to the Shah Alam area, it may serve as a good foundation for future studies in other locations.

A HOLISTIC APPROACH FOR SUSTAINABLE ECONOMIC DEVELOPMENT AMONG THE ASNAF COMMUNITY IN KELANTAN, MALAYSIA

Ateerah Abdul Razak — 2026-09-20

The asnaf community is a fragile community that necessitates a framework to support its sustenance. It is crucial to ensure that they achieve a balanced well-being in order to achieve economic sustainability, which encompasses the development of spiritual, social, and physical capital within the community. Conceptually, this study contributes to the understanding that multidimensional capital development, encompassing spiritual, social, and physical dimensions, offers a broader pathway towards asnaf economic sustainability. This study implements a community project to examine how the asnaf community implemented the developed modules to improve and maintain their economic status. This study is conducted using the Participatory Action Research methodology, which involves the completion of all phases over the course of six months through the implementation of multiple modules. Findings show that four out of five participating couples exceeded the Poverty Line Income for Kelantan by the final monitoring phase, with three sustaining this achievement for three consecutive months, while thematic analysis identified physical, social, and spiritual capital as the key themes underpinning these changes. It demonstrates that individuals in the community who have a high level of spiritual, social, and physical capital are more likely to succeed in their business endeavours, hence get out of poverty. The study also highlights the importance of module implementation and contributes to the improvement of a sustainable economy. This study implies that it is imperative to provide asnaf communities with the opportunity to enhance their spiritual, social, and physical capital, thereby enhancing their quality of life.

LEAN DIGITAL ECONOMY AND GREEN DEVELOPMENT: A NARRATIVE REVIEW OF SYNERGIES, TRADE-OFFS, AND FUTURE RESEARCH AGENDAS

Noris Fatilla Ismail — 2026-09-17

A quick emergence of the synergy between lean management, digital transformation, and sustainable development has changed the modern approaches to gaining efficiency, innovating technically, and being environmentally responsible. Even though the above-mentioned areas have been researched extensively separately before, the importance of exploring the synergy between them and their role in forming the modern lean digital economy and green development has not been emphasized. The purpose of this narrative literature review is to summarize and critically analyse the literature published from 1990 to 2026 regarding the theoretical background, emerging trends, and applications of combining lean and digital ideas and sustainability goals. The review will examine the existing literature in three interrelated thematic categories: the role of digital technologies in innovating and changing the organization; the compatibility of the capabilities in question with the goals of green development; and the role of lean techniques in improving productivity and value creation. It turns out that the combination of lean and digital has significant potential for resource efficiency, organizational resilience, and sustainable economic growth. Nevertheless, the literature raises the issues of technology-induced inefficiency, unevenness of digital readiness, and a lack of empirical evidence about the impact of such combinations on sustainability. In terms of theory, the paper helps to form an approach which treats digital transformation, green development, and lean techniques as complementary abilities rather than separate notions. Practically, the research provides guidance for scientists, managers, and policymakers who want to formulate strategies that would help to maintain productivity, innovation, and sustainability at a decent level.

THE IMPACT OF HOPEBOX CORPORATE SOCIAL RESPONSIBILITY ON BRAND LOYALTY: THE MEDIATING ROLE OF CONSUMER TRUST

Nurhidayah Shamsudin — 2026-09-17

Corporate social responsibility (CSR) has become an important marketing tool because of worries about the environment, globalization, and rising social expectations. Today's consumers want companies to act morally and actively solve social and environmental problems. Organizations are therefore moving from conventional advertising toward more community-oriented and ethical marketing techniques. Beyond charitable endeavors, CSR has become a key component of brand positioning and differentiation that helps companies to establish trust, improve reputation, and keep their competitiveness in a society-aware market. This study explores the connection between brand loyalty and CSR activities, with a special emphasis on the mediating part of consumer trust in the context of the Hopebox Program at a private university in Selangor. The Hopebox Program is an illustration of how universities may lead social responsibility by means of volunteer-driven food distribution projects meant to lower social exclusion and assist underprivileged metropolitan areas. From 120 respondents chosen with purposive sampling, including those enrolled in media studies and communication-related programs, quantitative data were gathered through survey questionnaires. To assess the measurement and structural models, the gathered data were examined using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results show that social and ethical responsibility greatly improve brand loyalty, but commercial responsibility does not noticeably affect it. Moreover, consumer trust controls the link between brand loyalty and social responsibility, therefore stressing its crucial part in strengthening stakeholder involvement. This study helps to improve brand value of companies looking to do so via practical consequences for higher education and volunteer-based settings by expanding knowledge of CSR. The results also show how, by tackling food insecurity and supporting social inclusion, CSR initiatives help the United Nations Sustainable Development Goals (SDGs), especially SDG 2 (Zero Hunger) and SDG 10 (Reduced Inequalities). Still, the concentration on one organization reduces generalisability; hence, more study should investigate many educational environments for more general comparative knowledge.

CHEWRASA HERBA GUMMY LOZENGES: FORMULATION, TEXTURAL STABILITY, AND CONSUMER ACCEPTANCE OF AN UNDEREXPLORED WHITE ROSELLE AND GINGER-BASED ALTERNATIVE

Nur Syahida Abdul Rahim — 2026-09-15

Herbal gummy lozenges are gaining substantial attention as functional confectionery products due to their potential health benefits and improved consumer acceptability. Traditional lozenges are hard and have the unpleasant texture that is hard to swallow. They also often contain synthetic colorants, preservatives and artificial flavors which may not be appropriate for people who have sensitive tastes or are children. Furthermore, even though Red Roselle has received much attention in research, White Roselle has not been studied as much, even though it contains high amounts of antioxidants and soothing capabilities. By creating this healthier and plant-based candy alternative, this study helps achieve SDG 3 (Good Health and Well-being), SDG 9 (Industry, Innovation and Infrastructure), and SDG 12 (Responsible Consumption and Production). Thus, this study prepared functional gummy lozenges made with White Roselle and ginger extract and analyzed their consumer-perceived physical, textural, and sensory properties. The gummy lozenge formulation was prepared using a hot process with gelatin as the gelling agent and honey to provide sweetness. Sensory analysis was conducted on a consumer panel of 35 participants using questionnaires that rank various organoleptic properties. The results indicated that all recipes successfully achieved stable gel structures, the Red Roselle with ginger formulation (Sample B / 436) was identified as the most balanced (57.14%) and preferred (51.43%), followed by White Roselle with ginger (Sample A / 321) and Chrysanthemum with ginger (Sample C / 249). In conclusion, although White Roselle lozenges were successfully developed and evaluated, Red Roselle demonstrated higher consumer acceptance. This study highlights the potential of herbal gummy lozenges as a natural alternative to conventional products. In addition, the formulation developed has demonstrated high technical and sensory viability for functional gummy lozenges, offering a promising, clean-label therapeutic alternative for soothing throat irritation.

THE IMPACT OF MACROECONOMIC FACTORS ON FIRMS’ FINANCIAL PERFORMANCE IN MALAYSIA

Zuree Fauzan Dzuraimi — 2026-09-17

This study examines the effects of inflation, interest rates, and gross domestic product (GDP) growth on the financial performance of large listed firms in Malaysia from 2015 to 2024. Secondary data were obtained from the audited annual reports of the top 50 large Bursa Malaysia-listed companies selected based on market capitalisation and macroeconomic data from DataStream. Financial performance was measured using return on assets (ROA), while inflation was proxied by the Consumer Price Index and interest rates by the Overnight Policy Rate. Using a panel dataset of 500 firm-year observations, the study employed descriptive statistics, correlation analysis, and a random-effects regression model with robust standard errors. The results indicate that inflation and interest rates have no statistically significant relationship with ROA during the study period. GDP growth shows a positive but marginally significant relationship with ROA, providing limited evidence that economic expansion may be associated with improved firm profitability. Firm size and leverage, included as control variables, have significant negative relationships with ROA. The findings suggest that firm-specific financial characteristics may be more closely associated with the performance of large Malaysian firms than the selected macroeconomic variables. The study extends prior Malaysian evidence by examining large Bursa Malaysia-listed firms across industries over a ten-year period, using ROA and incorporating both macroeconomic and firm-specific factors. The findings may also assist managers, policymakers, and investors in evaluating the factors associated with firm profitability.

FINANCIAL TECHNOLOGY, NON PERFORMING LOAN RATIO, BANK SIZE ON BANK STABILITY: EVIDENCE FROM MALAYSIAN LISTED BANKS

Raudhah Mohd Tarmizi — 2026-09-17

This study investigates the effects of FinTech, non performing loan ratio and bank size on the case of stability in banks. This research work utilizes secondary data derived from listed Malaysian banks for a period extending from 2010 to 2024. The Z-score is used as a measure of banking stability, while non-interest operating costs are taken as a proxy for FinTech adoption. Non performing loan ratio (NPL) and bank size, are also employed as the independent variables. The analysis of the relationships among the variables is performed using STATA. The results implicate that FinTech adoption and non performing loan ratio have a negative yet insignificant correlation with bank stability, while Bank Size has a negative and significant correlation with stability. This finding indicates that larger banks may reduce its stability due to operations cost and risk exposure. Thus, the banks manager should might tightening is liquidity and risk control to ensure the bank’s stability in the long run and it may give signal to investors on the firm value and impact their financial decision.

THE IMPACT OF EDUCATION EXPENDITURE, HEALTH EXPENDITURE, AND FINANCIAL DEVELOPMENT ON ECONOMIC GROWTH IN MALAYSIA

Denail Perry Eddy — 2026-09-17

This study examines the effect of education expenditure, healthcare expenditure, and financial development on economic growth in Malaysia over the period 1991 to 2024, using annual time series data and the Autoregressive Distributed Lag (ARDL) bounds testing approach. The study is motivated by Malaysia's urgent need to allocate constrained fiscal resources effectively as it approaches the World Bank's high-income threshold. The ARDL bounds test confirms a long-run cointegrating relationship among all four variables. Long-run results reveal that healthcare expenditure exerts a significant positive effect on economic growth, consistent with human capital theory. Education expenditure produces a positive but statistically insignificant long-run effect, while financial development yields a significant negative long-run effect, consistent with the "too much finance" hypothesis. The findings provide evidence-based guidance for Malaysian policymakers: ring-fence healthcare expenditure as a long-run growth investment, reform education spending through performance-based budgeting focused on graduate employability and quality outcomes and implement credit quality regulation to redirect private sector credit from speculative and consumption-driven activities toward high-multiplier productive sectors.

TAX AVOIDANCE, ROA AND ROE AS DETERMINANTS OF FIRM VALUE: A STUDY OF MALAYSIAN TELECOMMUNICATION FIRMS

Raysha Devita Sari — 2026-09-17

This study investigates the relationship between tax avoidance, return on assets (ROA), return on equity (ROE) and firm value among Malaysian telecommunication service providers. Using panel data from the top 10 publicly listed firms in the sector for the period 2013 to 2022, the analysis employs descriptive statistics, correlation tests, and multiple linear regression techniques. The findings reveal that tax avoidance exhibited a negative but statistically insignificant relationship with firm value, whereas ROE demonstrated a positive and statistically significant relationship with firm value. These results imply that Malaysian telecommunication firms may enhance firm value by strengthening equity-based returns. The study offers practical implications for policymakers in designing more effective tax frameworks and for corporate leaders and investors seeking data driven strategic and investment decisions. Furthermore, the findings contribute to the achievement of Sustainable Development Goal (SDG) 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation and Infrastructure) by promoting sustainable corporate performance, responsible financial management and transparent governance practices within the telecommunications sector.

DOES BANKING MODEL MATTER FOR INTELLECTUAL CAPITAL EFFICIENCY? EVIDENCE FROM ISLAMIC AND CONVENTIONAL BANKS IN DUAL BANKING COUNTRIES

Sarah Nursaadah Mohd-Zameri — 2026-09-17

As the global economy enters the Fourth Industrial Revolution (4IR), knowledge-based resources have supplanted physical capital as the primary drivers of value creation. This study investigates Intellectual Capital (IC) efficiency within the dual-banking systems of eight countries (Malaysia, Pakistan, Jordan, Bangladesh, Saudi Arabia, Bahrain, Qatar, and the UAE) through the dual lenses of Resource-Based View (RBV) and Institutional Theory. Data were retrieved from the Fitch Rating Pro database for the period 2014–2024. Utilizing the Value-Added Intellectual Coefficient (VAIC™) model, we calculate and compare Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), and Capital Employed Efficiency (CEE). Inferential statistical analysis, including Independent Samples t-tests, reveals that Islamic banks possess a significant comparative advantage in HCE, driven by specialized expertise in Shariah-compliant contracts. Conversely, conventional banks demonstrate superior SCE and CEE, benefiting from mature organizational infrastructures and broader capital deployment flexibility. These results provide empirical evidence that banking models fundamentally influence IC utilization. This study contributes to the literature by demonstrating how institutional frameworks shape intangible resource efficiency, offering critical policy implications for bank managers seeking to balance IC components for long-term sustainability in a knowledge-driven market.

DETERMINANTS OF STICKY COST BEHAVIOUR IN ORGANIZATIONS WORLDWIDE: A SYSTEMATIC LITERATURE REVIEW

Mazurai Mohamed — 2026-09-17

Sticky cost behaviour describes the asymmetric response of costs to changes in activity levels, whereby costs decline less when sales decrease than they increase when sales rise. Although this phenomenon has been widely documented in accounting and management research, evidence on its determinants remains dispersed across behavioral, governance, organizational and institutional perspectives. This paper aims to systematically review the determinants of sticky cost behavior among organizations worldwide. Guided by the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis) protocol and the PICo framework, Scopus-indexed journal articles published between 2021 and 2026, with thirteen studies retained after explicit screening and eligibility assessment. The results were based on a thematic analysis of thirteen selected studies; five dominant themes are identified: 1) managerial expectations; 2) monitoring structure; 3) resource flexibility; 4) organizational constraints; and 5) the institutional environment. The findings demonstrate that sticky cost behavior arises from the interaction between managerial cognition and organizational context rather than from adjustment costs alone. This study contributes by integrating fragmented evidence into a coherent framework that explains sticky cost behavior as a behavioral, organizational and institutional phenomenon rather than merely a mechanical adjustment-cost outcome. This paper also contributes to SDG 8, SDG 12, and SDG 16 by offering insights into sustainable organisational performance, responsible resource management, and stronger governance practices.

THE INFLUENCE OF POLITICAL CONNECTION AND FINANCIAL DETERMINANTS ON THE PERFORMANCE OF MALAYSIAN REITS

Nur Alliya Qistina Muhammad Fahmi — 2026-09-17

This study analyses the influence of political connection, firm size, leverage, and liquidity on the performance of Malaysian Real Estate Investment Trusts (M-REITs) following the implementation of the Malaysian Code on Corporate Governance 2021 (MCCG 2021). This analysis is driven by a fragmented body of literature that examines governance and financial factors in isolation. This study is grounded in Agency Theory and Pecking Order Theory. A quantitative panel design utilizing secondary data from 18 M-REITs listed on Bursa Malaysia for the period 2022–2024 yields 54 firm-year observations. Firm performance is assessed using Tobin's Q, whereas the independent factors comprise political connection (a binary variable), firm size (the logarithm of total assets), leverage (the debt-to-asset ratio), and liquidity (the current ratio). Diagnostic assessments reveal heteroskedasticity and first-order autocorrelation, which are mitigated by Prais-Winsten regression utilizing Panel-Corrected Standard Errors (PCSE). The findings reveal four key outcomes. Political connection has a positive and significant effect on Tobin’s Q, supporting H1 and indicating that politically connected REITs benefit from preferential access to government-linked resources. Firm size exhibits a positive and significant effect, partially supporting H2, contrary to the hypothesized negative relationship, suggesting that larger REITs achieve higher market valuations through diversification and governance credibility. Leverage shows a negative and significant impact, partially supporting H3, opposite to the predicted positive effect, implying that rising interest rates and financial distress risks lead investors to penalize high debt levels. Liquidity is negative but statistically insignificant, leading to rejection of H4. The study contributes to M-REIT managers and policymakers by demonstrating the performance benefits of political ties and scale while cautioning against excessive leverage. Limitations include the short three-year window and static measurement of political connection, offering directions for future research.

FINANCIAL STATEMENT FRAUD RISK: A MECHANISM-BASED SYSTEMATIC LITERATURE REVIEW

Hani Soraya Ishak — 2026-09-17

Financial statement fraud remains a critical issue as it has a significant impact on the credibility of corporate financial reporting. Its existence has undermined users’ confidence and reduced their reliance on reported financial information. Although prior studies have examined financial statement fraud risk from governance, audit, ownership, fraud-theory, and behavioural perspectives, existing evidence remains conceptually fragmented because most studies analyse isolated determinants rather than the mechanisms through which these determinants shape fraud risk. Thus, this systematic literature review aggregates 22 recent empirical studies to examine how these determinants influence financial statement fraud risk among firms. Through the analysis, five refined themes were developed: Governance-Based Monitoring, Audit Quality Mechanisms, Ownership and Institutional Monitoring, Fraud-Theory Predictors, and Executive Behavioural Traits. The evidence regarding fraud risk cannot be explained by referring to a single dominant factor. Instead, the evidence suggests that financial statement fraud risk should be understood as a multifaceted and context-sensitive issue, with overall findings depending on how different monitoring, assurance, ownership, financial reporting, and behavioural mechanisms interact across firm settings. This review contributes to the financial statement fraud discussion by reorganising fragmented empirical evidence into a mechanism-based structure that explains how monitoring, assurance, ownership, pressure, reporting discretion, and executive behaviour jointly shape fraud risk. The streamlined structure further highlights on the importance of focusing on measurement choices, contextual differences, and mechanism-based explanations in future research.

RISK DIMENSIONS IN SUKUK STRUCTURES: A CONCEPTUAL FRAMEWORK OF UNDERLYING SHARIAH CONTRACTS

Anis Suhaila Anas — 2026-09-17

The growth of the sukuk market in Malaysia has increased the need for a comprehensive understanding of risk characteristics associated with different Shariah-based structures. However, existing sukuk risk studies classify risks into general categories without sufficiently explaining how risk exposures differ according to the underlying Shariah contracts. This study addresses this conceptual gap by examining the contract-specific risk dimensions embedded within sukuk structures in Malaysia. Grounded in Islamic Contract Theory (Fiqh al-Muʿamalat), Agency Theory, and the Risk-Sharing Paradigm of Islamic economics, this conceptual study analyses the contractual characteristics and risk exposures of major Shariah contracts used in Malaysian sukuk, including ijarah, musharakah, muḍarabah, murabaḥah, wakalah, istisnaʿ, and hybrid structures. Hence, the study proposes the Shariah Contract-Specific Risk Categories (SCSRC) framework, which maps Shariah contracts with their corresponding risk profiles and mitigation mechanisms. The findings demonstrate that sukuk risk is fundamentally contract dependent. The study further highlights the importance of contract-specific mitigation strategies, including strengthened Shariah governance, enhanced disclosure practices, asset segregation, and appropriate credit enhancement mechanisms. The proposed SCSRC framework is expected to contribute to Islamic capital market literature by providing a structured approach for assessing sukuk risk from a Shariah contract perspective. It provides a practical reference for regulators, issuers, Shariah advisors, rating agencies, and investors to enhance risk assessment, strengthen governance, and improve sukuk structuring, thereby supporting the sustainable development of Malaysia’s sukuk market. This study contributes to SDG 9 by supporting resilient financial infrastructure, promoting innovation in sukuk structuring, and strengthening the sustainability of Malaysia’s sukuk market through contract-specific risk assessment.

AN ASSESSMENT OF CURRENT POLICIES AND GUIDELINES FOR TAKAFUL AGENT WELL-BEING IN MALAYSIA

Rabiatul Adawiyah Abdul Rahim — 2026-09-17

This paper examines the existing policies and guidelines pertaining to the well-being of the Takaful agents through a systematic literature review and a comparative analysis of five critical policy documents. Findings reveal that while the TOF 2019 provides a financial safety net by requiring agent commissions to be paid from the Shareholders’ Fund, the "loose relationship" between operators and agencies often results in inconsistent Shariah compliance and inadequate support for agent mental health. Furthermore, while mandatory professional development and the MTA Code of Ethics have elevated industry standards, the pressure to meet "fit and proper" criteria remains a significant professional burden. Ultimately, this paper proposes a recommendation for a policy enhancement that integrates psychological resilience with rigorous regulatory oversight. It concludes that a transition toward a human-centric governance model where Takaful operators take direct responsibility for agent well-being and ethical conduct that is essential for the long-term stability and Shariah integrity of the Malaysian Takaful ecosystem.

THE INFLUENCE OF BASIC PSYCHOLOGICAL NEEDS ON THE PERFORMANCE OF INSURANCE AGENCIES: A QUANTITATIVE ANALYSIS OF CLIENT ACQUISITION

Norfaezah Mohd Shahren — 2026-09-10

Background: The role of financial incentives as a major determinant of sales performance is widely explored. However, little research examines the impact of psychological need satisfaction on Client Acquisition (CA) in emerging markets such as Malaysia. Drawing on Self-Determination Theory (SDT), this study conceptualises Basic Psychological Needs Satisfaction (BPNS) as Agent Empowerment (autonomy), Professional Efficacy (competence), and Organisational Synergy (relatedness). Methodology: A quantitative pilot study was undertaken with 50 life insurance agents in Malaysia to examine preliminary relationships, test the reliability of the measures, and assess the viability of the suggested research model. The pilot study was conducted with 50 life insurance agents in Malaysia to investigate preliminary relationships, assess the properties of the measurement scales, and evaluate the feasibility of the proposed research model. Accordingly, data collected from a structured questionnaire were analysed using IBM Statistical Package for Social Sciences (SPSS) Statistics (v.29) through descriptive statistics, Cronbach’s Alpha, Pearson’s correlation, and multiple linear regression. Results: Bivariate correlation analysis indicated that Agent Empowerment, Professional Efficacy, and Organisational Synergy were significantly positively related to CA (p < .001). The total regression model explained 47.7% of the variance in CA (R2 = .477, F = 12.412, p < .001), a moderate effect size. Conversely, in the multivariate model, none of the independent variables was statistically significant (p > .05). This reduction signifies substantial shared variance among the psychological variables, possible multicollinearity, and the role of unmeasured structural and market factors. Conclusion: Findings reveal that satisfaction of basic psychological needs alone is insufficient to explain objective sales performance and underscore the need to couple motivational models with contextual and market-contingency frameworks. Furthermore, insurance companies are encouraged to complement empowerment and motivational efforts with structured sales training, strong leadership support, Customer Relationship Management (CRM) technology, and a competitive commercial positioning to enhance CA.

PERSONAL TRAITS AND ATTITUDE AS DETERMINANTS OF COMPLIANCE OFFICERS IN REPORTING SUSPICIOUS TRANSACTION (STRS)

Nur Iman Syuhada Sainey — 2026-09-14

The increasing sophistication of money laundering and terrorism financing has intensified the need for effective Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) compliance within the global financial sector. In Malaysia, Reporting Institutions are legally required under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) to identify and report suspicious financial activities through Suspicious Transaction Reports (STRs). As the frontline personnel responsible for detecting and escalating suspicious transactions, compliance officers play a critical role in protecting the integrity of the financial system. Nevertheless, recent regulatory enforcement actions by Bank Negara Malaysia suggest that deficiencies in STR reporting continue to occur, highlighting the importance of understanding the human factors that influence reporting effectiveness. This conceptual paper examines the roles of personal traits and attitudes in shaping the STR reporting capability of compliance officers within Malaysian banking institutions. Drawing upon relevant literature in organizational behavior, ethics, and regulatory compliance, the paper argues that individual characteristics such as conscientiousness, integrity, ethical orientation, and positive attitudes toward regulatory compliance are fundamental in influencing professional judgement and reporting behavior. The paper further discusses how these behavioral attributes may enhance compliance officers' ability to identify, assess, and report suspicious financial activities accurately and in a timely manner. By synthesizing existing literature, this paper provides a conceptual understanding of the relationship between personal traits, attitudes, and STR reporting capability. The proposed framework contributes to the growing body of AML/CFT literature by highlighting the importance of behavioral factors in strengthening regulatory compliance. It also offers practical insights for financial institutions and regulators in developing recruitment, training, and professional development initiatives aimed at enhancing the effectiveness of suspicious transaction reporting and financial crime prevention.

WORKPLACE REALITIES AMONG ACCOUNTING INTERNS IN MALAYSIA: EVIDENCE FROM INTERNSHIP FIELD REPORTS

Mahfuzah Ahmad — 2026-09-14

The accounting profession evolves in response to technological advancements, changing workforce expectations, increasing regulatory requirements and growing business complexity. Internship programmes play an important role in preparing accounting students for professional employment by exposing them to first-hand workplace environments. Previous studies have examined internship effectiveness, employability skills and workplace readiness, but relatively little attention has been given to understanding workplace issues observed by accounting students during internship placements. This study explores workplace realities reflected in accounting internship field reports prepared by accounting students during their industrial training. Using a qualitative document analysis approach, twelve (12) internship field reports were analysed using thematic analysis. The findings revealed five major themes, namely digital transformation in accounting practice, ethical and professional challenges, audit and compliance challenges, workforce sustainability and employee wellbeing, and professional complexity and adaptation. The analysis shows that internship experiences provide students with opportunities to observe and reflect on workplace realities extending beyond technical accounting tasks. The study contributes to accounting education literature by demonstrating the value of internship field reports as a source of qualitative evidence and providing insights into workplace realities from the perspective of future accounting professionals.

CYBERSECURITY RISK DISCLOSURE IN ANNUAL REPORTS: A CONCEPTUAL FRAMEWORK WITH INSIGHTS FROM MALAYSIA

Ros Amalina Zakaria — 2026-09-10

As firms become increasingly dependent on digital technologies, cybersecurity has emerged as a critical governance and reporting issue. Consequently, stakeholders are demanding more transparent and decision-useful cybersecurity risk disclosure (CRD). Although regulatory expectations for cybersecurity reporting have increased, prior studies indicate that CRD remains largely boilerplate, inconsistent, and insufficient for stakeholder decision-making. Moreover, limited research has developed an integrated theoretical framework explaining the factors that influence the quality of CRD, particularly in emerging markets. This study proposes an integrated conceptual framework that explains how governance mechanism, regulatory pressures, and proprietary cost considerations jointly influence the quality of cybersecurity risk disclosure. Drawing on signalling theory, proprietary cost theory, and corporate governance theory, the proposed framework examines how board cybersecurity expertise, regulatory enforcement, and proprietary cost consideration shape firms’ cybersecurity disclosure decisions. The model represents firm's selective disclosure of cybersecurity information, providing testable propositions for future empirical work. Malaysia provides a distinctive research context because of its concentrated ownership structure, varying levels of board cybersecurity expertise, and evolving regulatory expectations under Bursa Malaysia and the Malaysian Code of Conduct Governance (MCCG). The proposed framework extends the accounting and information systems literature by providing a theoretically grounded basis for examining cybersecurity risk disclosure risk disclosure quality in emerging markets and offers testable propositions for future empirical research.

EXPLORING THE FACTORS INFLUENCING AUDITOR INDEPENDENCE: EVIDENCE FROM THE MALAYSIAN CONTEXT

Azilawati Abdullah Abd Aziz — 2026-09-10

Auditor independence is a key component in ensuring audit quality, financial reporting credibility, and investor confidence. However, increasing concerns over audit failures, corporate scandals, and the growing commercialisation of the auditing profession have intensified debates regarding auditors’ ability to maintain objectivity and professional skepticism. In Malaysia, corporate scandals such as Serba Dinamik Holding Berhad have created awareness regarding the effectiveness of auditor independence despite ongoing regulatory enforcement and governance initiatives. The objective of this conceptual paper is to explore the key determinants or factors influencing auditor independence within the Malaysian context. This study found that long-term audit tenure, high audit fees from non-audit services, the effectiveness of the audit committee, and ethical culture within audit firms are among the factors that may affect auditor independence. The methodology used is a conceptual review approach by critically performing content analysis of previous literature from globally and Malaysian perspective. Besides, this study integrates multiple theoretical perspectives, such as agency, institutional, and economic bonding theory, to provide a comprehensive understanding of the factors that affect an auditor's independence. Previous literature remains inconclusive, especially regarding the effect of audit tenure and non-audit services on auditor independence. Many of the existing studies also focus on developed economies, with limited attention to developing markets such as Malaysia, where concentrated ownership structures, political influence, and evolving governance environments may shape auditor behaviour differently. This paper also suggests a conceptual framework by explaining how economic pressures, governance mechanisms, institutional environments, and ethical considerations may influence auditor independence in Malaysia. The study contributes significant facts for regulators, audit firms, and policymakers in maintaining audit quality, strengthening corporate governance, and enhancing financial reporting integrity. Therefore, the public trust toward the accounting profession can be enhanced by maintaining auditor independence during the performance of services.

ISSUES AND CHALLENGES IN MUSHARAKAH MUTANAQISAH HOME FINANCING IMPLEMENTATION: A NARRATIVE REVIEW

Muhammad Ridzuan Abdul Aziz — 2026-09-10

The need for Shariah-compliant alternatives to conventional debt-based financing has resulted to a significant growth of the Islamic banking and finance industry. For financing of real estate properties, Musharakah Mutanaqisah, or diminishing partnership, has been identified as an equity-based alternative that is theoretically superior to replace the controversial Bay’ Bithaman Ajil (BBA) contract. Although Musharakah Mutanaqisah is theoretically aligned with Maqasid al-Shariah (objectives of Shariah) and profit and loss sharing (PLS) principle, challenges exist in its practical implementation by Islamic Financial Institutions, particularly in terms of Shariah-compliance, operational, and legal challenges. The literature on Musharakah Mutanaqisah home financing in Malaysia and other jurisdictions is visited in this narrative review. Discerning issues on Musharakah Mutanaqisah include the usage of purchase undertakings (Wa’ad), usage of conventional interest rates as the benchmark for the rental rates, skewed risk and cost allocations, and the complexities of financing uncompleted properties under the National Land Code 1965. This research investigates the reluctance of Islamic financial institutions to use Musharakah Mutanaqisah in structuring their products, as shown in the practice by institutions like Maybank Islamic, Affin Islamic Bank, and few other Islamic financial institutions in Bahrain. To address these structural flaws, this research assesses other alternatives, such as the cooperative models (Ta'awun), hybrid crowdfunding, and Islamic Rental Rate (RRi). A comprehensive regulatory harmonisation, property laws reform, and a radical and fundamental change toward a genuine equity-based financing are proposed to ensure the sustainability and authenticity of Islamic home financing.

DRUG SMUGGLING, MARITIME MOBILITY, AND ENFORCEMENT CHALLENGES IN SABAH’S BORDER SECURITY GOVERNANCE

Amanda Balqis Mohd Mazalan — 2026-09-10

Drug smuggling along Sabah's maritime border remains one of Malaysia's most complex transnational security challenges. This vulnerability is driven by the state's extensive coastline, dispersed island communities, porous maritime boundaries, numerous informal sea routes, and strategic proximity to Indonesia and the southern Philippines, all of which facilitate illicit cross-border movement and complicate maritime law enforcement. Despite intensified enforcement efforts, limited research has examined how Sabah's maritime geography shapes drug smuggling vulnerability and influences the operational responses of border enforcement agencies. This study addresses this gap by investigating how Sabah’s unique maritime geography structures opportunities for transnational drug trafficking and how enforcement agencies interpret, adapt to, and respond to these spatial security challenges. Using a qualitative case study approach, this study integrates document analysis with semi-structured interviews involving enforcement officers and key informants from major Malaysian maritime and border security agencies, including the Royal Malaysia Police (PDRM), Malaysian Maritime Enforcement Agency (APMM), Royal Malaysian Customs Department (JKDM), Malaysian Armed Forces (ATM), and the Eastern Sabah Security Command (ESSCOM). The findings reveal that drug smuggling in Sabah is not driven solely by enforcement deficiencies. Rather, it is structurally enabled by the state's vast maritime space, informal laluan tikus (rat trails), the mobility of small vessels, geographical concealment, time-based evasion strategies, and persistent cross-border maritime connectivity. Collectively, these conditions reduce the effectiveness of enforcement coverage, blur the distinction between legitimate and illicit maritime movement, and enable smuggling networks to adapt rapidly in response to changing patrol patterns and enforcement operations. This study extends the literature on maritime border security, border governance, and maritime criminology by conceptualising drug smuggling in Sabah as a challenge of spatially constrained governance rather than merely an enforcement deficit. The findings provide practical guidance for strengthening maritime surveillance, intelligence-led enforcement, inter-agency coordination, border community engagement, and regional security cooperation across archipelagic and coastal border regions.

KEY DRIVERS OF CUSTOMER SATISFACTION IN ONLINE FOOD DELIVERY APPLICATIONS IN KLANG VALLEY: A PILOT STUDY

Syaza Nabilah Kamal Baharin — 2026-09-10

In Malaysia, online food delivery applications have transformed the food service industry, especially in Klang Valley due to their quick growth. Past studies have investigated the adoption and usage behavior of OFDA, but few studies have examined the effect of gratification related factors, such as convenience and information quality on satisfaction among OFDA users in Malaysia. This pilot study is based on the Uses and Gratifications Theory to explore the effects of convenience, information quality and customer satisfaction of OFDA users in Klang Valley. To test the preliminary reliability and validity of the instrument of measurement before the main study, a quantitative method using a survey approach was used with 53 respondents by using an online survey. The data were analyzed using SPSS Statistics. Results showed that all constructs of the measurements had acceptable reliability. The independent samples t-test showed that there was no significant difference between males and females in terms of customer satisfaction. The results of Pearson's correlation analysis showed that convenience had a significant positive correlation with customer satisfaction (r = 0.647, p < 0.001), and information quality had a significant positive correlation with customer satisfaction (r = 0.668, p < 0.001). Based on the limited sample size, the results give initial evidence of the instrument's reliability and the validity of the relationships for further study. The study is a valuable addition to the literature on OFDA because the use of UGT in the context of customer satisfaction, based on convenience and information quality, is extended. The findings are practically useful for OFDA service providers as they can give inputs to improve the usability of the platform and content for the benefit of customers.

EXAMINING THE HOUSING CONDITIONS OF LOW-INCOME OLDER PEOPLE IN URBAN SETTINGS: A SYSTEMATIC LITERATURE REVIEW (SLR)

Norazrina Hamdan — 2026-09-10

Population ageing and rapid urbanisation are transforming urban housing systems, creating multidimensional vulnerabilities for older persons. While housing is a critical determinant of healthy ageing, existing research remains conceptually fragmented. Prevailing frameworks in environmental gerontology, such as the Person-Environment Fit model, focus primarily on physical attributes. Similarly, conventional housing adequacy indices isolate structural elements from broader socioeconomic and sustainability factors. These traditional models often overlook critical dimensions like energy efficiency and climate resilience within low-income urban populations. This study addresses these conceptual limitations through a systematic literature review. The review identifies and integrates scattered indicators into a unified Integrated Sustainable Housing Condition Framework. Following the PRISMA 2020 guidelines, a structured search was conducted across the Scopus and Web of Science databases, identifying 19 empirical studies for the final synthesis. Methodological quality was appraised using the JBI Critical Appraisal Tools. The findings revealed that while physical housing quality and socioeconomic stability are well documented, there is a substantial deficiency in integrating sustainability and adaptive capacity, including energy efficiency and climate resilience. To address this, the study develops the Integrated Sustainable Housing Condition Framework, which elucidates the inter-dimensional linkages between structural integrity, financial burden, and environmental performance. The results demonstrate that economic constraints trigger a ripple effect, leading to structural neglect and increased energy poverty, which collectively undermine the health of low-income older persons.

MAPPING THE RESEARCH LANDSCAPE OF RESIDENTIAL PROPERTY MARKET EFFICIENCY: A BIBLIOMETRIC REVIEW

Masitah Zulkepli — 2026-09-10

There has been a significant amount of work done about the efficiency of the market in financial economics, and the question of how to implement and develop this in residential property markets is strewn across fields and time. The volume of empirical and theoretical research on information efficiency, price dynamics and market behavior in housing markets still increases, but systematic knowledge about the intellectual structure, research trends and changes in the themes of the field is still lacking. This study will address this gap by conducting a comprehensive bibliometric review of the academic literature that focuses on the concept of market efficiency in the residential property market. A total of 394 relevant documents from 1967 to January 2026 were identified and analyzed from the Scopus database as the primary source of data. The methodology employs the following tools: the descriptive tool for the performance analysis is Scopus Analyzer, while the data cleaning and standardization tool is OpenRefine and the visualization tool for bibliographic coupling, co-authorship and co-citation patterns and the keywords co-occurrence is VOSviewer. The results show that there has been a steady growth of publications, particularly since the early 2000s, reflecting the academic interest in this issue due to the volatility of the housing market, the financial crisis and the increasing availability of data. The United States, the United Kingdom, and China are the most active in publications and citations. The keyword analysis shows that the themes housing price changes, informational efficiency, behavioural issues and market integration are dominant. New research topics point to spatial analysis, sophisticated econometric tools, and housing sustainability problems. Overall, this bibliometric review provides a systematic demonstration of the knowledge base, influential works, and research fronts, as well as insight into unexplored areas. This can be useful to academics, policymakers, and practitioners interested in promoting research on efficiency in residential property markets.

ḤALĀL QUALITY MANAGEMENT SYSTEM: INGREDIENTS CONTROL PRACTICES IN SINGAPORE’S ḤALĀL INDUSTRY

Abdul Rahman Adam — 2026-09-10

Ingredient control practices signify one of the most important mechanisms in ensuring Ḥalāl integrity and consumer trust. In the Singaporean context, policies pertaining to ingredient control are embedded in the Ḥalāl Quality Management System (HalMQ), which is administered by Islamic Religious Council of Singapore (MUIS). These comprehensive policies facilitate Ḥalāl Certificate holders in compliance with Singapore Muis Ḥalāl Standards. These policies are particularly set to ensure integrity, authenticity, traceability and verification of ingredients sourcing, and prevent any infringements of religious principles. Using a descriptive-analytical approach, this study explores how managing of ingredient status is conceptualized and operationalized within Singapore’s HalMQ system. It determines the governance mechanisms underpinning ingredient ḥalāl status, addresses best practices, identifies existing challenges, and proposes strategic directions for enhancing ḥalāl management in Singapore, thus positioning it as a potential model for other ḥalāl industries in multicultural societies.

EXAMINING THE INFLUENCE OF CONFLICT MANAGEMENT STYLES ON EXTERNAL AUDITORS’ RELIANCE DECISIONS REGARDING INTERNAL AUDIT WORK

Mohd Soffi Puteh — 2026-09-14

This study examines whether external auditors' conflict management styles influence their reliance on internal audit work, and whether reliance decisions differ by auditor rank. Drawing on prior work on auditor judgment and professional scepticism, the study extends existing research by focusing on behavioural differences among external auditors rather than only on internal audit attributes such as competence, objectivity, and work performance. Data were collected through a questionnaire survey distributed to 250 audit firms in Wilayah Persekutuan, Malaysia, of which 109 usable responses were received. The instrument included a case-based analytical procedures task and items measuring conflict management styles using the Organizational Communication Conflict Instrument. The findings indicate that external auditors' conflict management styles are associated with their reliance decisions regarding internal audit work. In particular, a flexible working style, interpreted as a more active engagement style, is significantly and negatively related to reliance on internal audit work, suggesting that auditors who are more active in managing disagreement tend to rely less on internal auditors and exercise greater professional scepticism. The results also show differences in reliance judgments by rank: audit managers demonstrated higher reliance on internal audit work than senior executives. This may reflect differences in experience, judgment, and resource considerations across audit positions. The study contributes to the literature by highlighting the role of individual behavioural style in external auditors' reliance decisions, an area that has received limited attention in prior research. The findings have practical implications for audit firms, particularly in auditor training and the development of professional scepticism and effective conflict-handling skills. Future research may adopt experimental methods, include broader organizational variables, and use more representative samples across firms and industries to strengthen understanding of reliance judgments in the Malaysian audit environment.

PERSEPSI MAHASISWA TERHADAP PERAKAUNAN ZAKAT PENDAPATAN DI MALAYSIA: KAJIAN DI UITM PERLIS

Marina Abu Bakar — 2026-09-10

Zakat pendapatan merupakan tanggungjawab kewangan Islam yang memerlukan bukan sahaja kesedaran terhadap kewajipannya, tetapi juga kefahaman tentang cara pengiraan dan perakaunannya. Keperluan ini penting bagi mahasiswa yang bakal memasuki alam pekerjaan dan berpotensi menjadi pembayar zakat pendapatan. Namun, kajian berkaitan mahasiswa lebih banyak tertumpu kepada literasi zakat secara umum, bantuan zakat dan pengurusan institusi, sedangkan kefahaman tentang aspek perakaunan zakat pendapatan masih kurang diterokai. Kajian ini bertujuan meneliti tahap pengetahuan, persepsi dan sikap mahasiswa terhadap zakat pendapatan dan perakaunan zakat, menganalisis cabaran pemahaman, membandingkan tahap pengetahuan berdasarkan pendedahan kepada kursus berkaitan zakat, menguji hubungan antara persepsi dengan sikap, serta menilai langkah penambahbaikan literasi zakat. Kajian kuantitatif ini menggunakan reka bentuk tinjauan keratan rentas melibatkan 30 mahasiswa UiTM Cawangan Perlis yang dipilih melalui persampelan mudah. Data dikumpulkan melalui soal selidik berstruktur dan dianalisis menggunakan statistik deskriptif, Cronbach’s alpha, ujian t sampel bebas dan korelasi Pearson. Hasil kajian menunjukkan bahawa pengetahuan responden berada pada tahap sederhana (min = 3.16), manakala persepsi terhadap perakaunan zakat (min = 4.19) dan sikap terhadap amalan zakat (min = 4.15) berada pada tahap tinggi. Cabaran pemahaman pula berada pada tahap sederhana. Mahasiswa yang pernah mengikuti kursus berkaitan zakat mencatatkan tahap pengetahuan yang lebih tinggi berbanding mereka yang tidak pernah mengikutinya, t(28) = 3.39, p = .002, dengan saiz kesan yang besar (Cohen’s d = 1.25). Persepsi terhadap perakaunan zakat juga mempunyai hubungan positif yang kuat dengan sikap terhadap amalan zakat pendapatan (r = .769, p < .001). Responden turut menunjukkan sokongan yang tinggi terhadap latihan pengiraan, penggunaan aplikasi digital, peningkatan pendedahan pendidikan dan kerjasama dengan institusi zakat. Secara keseluruhannya, dapatan menunjukkan bahawa penerimaan yang positif terhadap zakat belum semestinya disertai penguasaan teknikal yang setara. Oleh itu, pendidikan zakat di universiti perlu memberi penekanan yang lebih besar kepada pembelajaran berbentuk praktikal dan aplikasi bagi menyediakan mahasiswa melaksanakan tanggungjawab zakat dengan lebih yakin apabila memasuki alam pekerjaan.

Income zakat is an Islamic financial obligation that requires not only awareness of its religious duty but also an understanding of how it is calculated and accounted for. This is particularly important for university students who will soon enter the workforce and may become future income zakat payers. However, studies involving university students have largely focused on general zakat literacy, zakat assistance, and institutional zakat management, while understanding of income zakat accounting remains relatively underexplored. Accordingly, this study examines students’ levels of knowledge, perceptions, and attitudes towards income zakat and zakat accounting, analyses the challenges they face in understanding income zakat, compares knowledge levels based on exposure to zakat related courses, tests the relationship between perceptions and attitudes, and evaluates measures to strengthen zakat literacy. This quantitative study employed a cross-sectional survey involving 30 students from UiTM Perlis Branch selected through convenience sampling. Data were collected using a structured questionnaire and analysed through descriptive statistics, Cronbach’s alpha, an independent samples t test, and Pearson correlation. The findings show that respondents’ knowledge was at a moderate level (mean = 3.16), while their perceptions of zakat accounting (mean = 4.19) and attitudes towards zakat practices (mean = 4.15) were high. The level of challenges in understanding income zakat was also moderate. Students who had attended zakat related courses recorded a significantly higher level of knowledge than those who had not, t(28) = 3.39, p = .002, with a large effect size (Cohen’s d = 1.25). Perceptions of zakat accounting were also strongly and positively associated with attitudes towards income zakat practices (r = .769, p < .001). Respondents further expressed strong support for practical calculation training, the use of digital applications, greater educational exposure, and collaboration with zakat institutions. Overall, the findings suggest that positive acceptance of zakat is not necessarily accompanied by an equally strong command of its technical aspects. Therefore, zakat education at universities should place greater emphasis on practical and application-based learning to better prepare students to fulfil their zakat responsibilities with confidence when they enter the workforce.

STUDENTS’ INTENTION TO PURSUE ACCOUNTING IN A DIGITALLY TRANSFORMING PROFESSION: THE MODERATING ROLE OF GENDER AND SOCIOECONOMIC STATUS

Saifulrizan Norizan — 2026-09-03

The accounting profession is rapidly changing through technological advancements. However, students’ interest in pursuing an accounting degree has been very variable. This study will address the discrepancy by creating a conceptual model that identifies the primary drivers of students' career decisions and will incorporate several moderating influences. Using the Theory of Planned Behaviour, the study takes a minimalist approach and uses two direct measures of intention of perceived career opportunities and technology perception. In contrast to previous studies, technology perception will be examined from a dual paradigm of its positive enabling effects and negative disruptive effects on the accounting profession. Additionally, gender and socioeconomic status will serve as moderator variables in order to understand variations in students' decision making. Ultimately, this study seeks to establish insight into students' responses to an increasingly technologically driven profession. Finally, the study will conclude with suggestions for further research and theoretical development.

CORPORATE GOVERNANCE MECHANISMS AND CORPORATE TAX STRATEGY DISCLOSURE: A CONCEPTUAL FRAMEWORK FROM AN EMERGING ECONOMY PERSPECTIVE

Maizizi Najwan Masli — 2026-09-03

A rise in the use of tax transparency as part of the environmental, social and governance (ESG) agenda has elevated corporate taxation as one of the most important dimensions of corporate accountability. However, despite increasing regulatory attention towards corporate tax strategy, corporate tax strategy disclosure (CTSD) remains relatively uneven and largely voluntary in developing countries. This paper develops a conceptual framework to examine how corporate governance mechanisms influence the extent of CTSD among Malaysian listed companies. Grounded in Agency Theory, the proposed framework argues that four key corporate governance mechanisms namely board independence, board gender diversity, knowledgeable audit committee, and internal audit function that play important roles in reducing information asymmetry, strengthening monitoring, and enhancing corporate transparency. Unlike prior studies that primarily focus on tax avoidance outcomes, this study examines how companies voluntarily disclose their corporate tax strategies as a means of promoting transparency and accountability. The proposed conceptual framework extends the existing literature by explaining the relationship between corporate governance mechanisms and CTSD, thereby contributing to a better understanding of tax transparency from a corporate governance perspective. This study shifts the emphasis from measuring tax avoidance outcomes to examining the strategic disclosure of corporate tax information, highlighting CTSD as an important dimension of responsible corporate reporting. Finally, the paper identifies potential directions for future research, including empirical validation of the proposed relationships and the examination of institutional factors that may influence corporate tax disclosure practices.

FACTORS AND BARRIERS INFLUENCING THE INTENTION TO ADOPT ARTIFICIAL INTELLIGENCE (AI) AMONG ACCOUNTING PERSONNEL IN MALAYSIA

Norlela Awang Cha — 2026-09-03

Artificial Intelligence (AI) has been increasingly transforming accounting practices. Cloud accounting, predictive analytics, and intelligent auditing systems have been adopted by accounting industries to enhance the quality of financial reporting. Despite technological advancements and government efforts to accelerate the use of AI, AI adoption among Malaysian accounting personnel remains modest. Thus, this study aims to understand the factors that drive intention to adopt AI among accounting personnel in Malaysia. The study integrates the Technology Acceptance Model (TAM) and Innovation Resistance Theory (IRT) to investigate the effects of perceived usefulness, perceived ease of use, health crisis, attitude, value barrier, risk barrier, tradition barrier, and image barrier on the intention to adopt AI. The study adopted quantitative research design through a cross-sectional survey. Data were gathered from a total of 192 accounting personnel in Malaysia using purposive sampling technique Data analysis was performed using partial least squares structural equation modelling (PLS-SEM). The findings showed that perceived usefulness significantly influenced attitude and intention to adopt AI, while perceived ease of use significantly influenced attitude. Health crisis positively affected attitude toward AI adoption but insignificantly influenced intention to adopt AI. Attitude was found to significantly affect intention to adopt AI. However, value barrier, risk barrier, tradition barrier, and image barrier did not significantly influence intention to adopt AI. The findings suggest that accounting personnel in Malaysia are willing to accept AI adoption despite concerns regarding technological barriers. This study contributes to literature by developing a conceptual framework that integrates TAM and IRT in the context of AI adoption among accounting personnel. Furthermore, the findings will be useful to policymakers, professional bodies, and accounting firms in formulating strategies to increase AI adoption.

INSTITUTIONAL INVESTORS AND CONSERVATIVE SUSTAINABILITY REPORTING: EVIDENCE FROM MALAYSIA

Zuhairah Abdul Hadi — 2026-09-03

Institutional investors are known to be effective external governance mechanisms that may influence sustainability reporting practices through their monitoring. However, the extent to which institutional investors improve sustainability reporting quality (SRQ) remains inconclusive. This study places particular attention to the heterogeneous effects of public (PBL_ii), private (PRV_ii), and foreign (FGN_ii) institutional investors on SRQ among 77 large non-financial companies with a market capitalisation exceeding RM2 billion listed on Bursa Malaysia as of 31 December 2015. The sample was selected because they were the first cohort subjected to the Bursa Malaysia mandatory sustainability disclosure requirement. Data were collected during the period of 2021 to 2023, when the sampled firms had accumulated at least five years of sustainability reporting experience, resulting in 231 firm-year observations. This study adopts a quantitative research approach. Data were analysed using fixed-effects panel data regression. with Driscoll-Kraay standard errors. The SRQ was measured using an SRQ index (SRQI) which were developed based on the Bursa Malaysia Sustainability Reporting Guide and Toolkits published in 2022. The findings revealed a significant and negative association between TOTAL_ii with SRQ. PBL_ii is positively associated with SRQ, however the relationship is insignificant. Negative and significant relationship is consistently observed across PRV_ii, and FGN_ii, suggesting the tendency towards more conservative sustainability reporting. These findings suggest that institutional investors are not homogenous group of investors and vary in the incentives to monitor. Some types of institutional investors are associated with a more cautious approach to sustainability reporting. This study contributes to the sustainability reporting and corporate governance literature by providing new evidence on the role of institutional investor heterogeneity in shaping sustainability reporting practices within an emerging market context.

SUPPLIER EVALUATION AT TIRTA MULIA KARIMUN REGIONAL PUBLIC COMPANY USING THE ANALYTICAL HIERARCHY PROCESS (AHP) METHOD

Aida Noorsaila Shahab — 2026-09-03

Water is a very important source of life for society. The need for water for daily use in each region certainly varies, depending on the level of water consumption. Fulfillment of clean water for the people of Karimun Regency is managed by Regional Public Company Tirta Mulia Karimun. As a clean water service provider, the company must have strategies and more than one supplier as a precautionary measure to meet future needs that will continue to grow. With right suppliers, company can save on material costs, increase profits, and reduce the risk of disruptions. This study aims to evaluate supplier performance based on criteria that are indicators of measuring supplier performance using AHP method to conduct an in-depth assessment of various criteria that are relevant in supplier evaluation. Supplier performance evaluation is measured based on criteria as indicators such as quality, delivery, cost price, warranties and claims, supplier profile, and relationship and communication. The results of this study show that cost price criteria are the most important criteria in evaluating supplier performance with a weight value of 0.226. Followed by warranties and claims, supplier profile, delivery, relationship and communication, and quality. This indicates that when evaluating supplier performance at the company, respondents place greater emphasis on the cost price than on other criteria. In this study on supply chain management, the indicators used to measure cost/price criteria are discounts conformity and the overall cost or price. While the first rank of suppliers who have the most superior performance based on AHP is Supplier A with a weight value of 45.6313. Followed by Supplier B and Supplier C. This research is expected to help company in evaluating supplier performance to improve operational efficiency and potentially enhance customer satisfaction based on criteria that are indicators in assessing supplier performance.

BEYOND TRANSPARENCY: FEMALE DIRECTORS AND CONSERVATIVE SUSTAINABILITY DISCLOSURE PRACTICES

Zuhairah Abdul Hadi — 2026-09-03

Board gender diversity is often linked to greater governance, accountability, and sustainability reporting. Previous research, however, have shown inconsistent results, suggesting that female on board may influence sustainability disclosure in a different way than is commonly presumed. To fill this research gap, this study aims to extend an empirical literature on the relationship between female directors and sustainability reporting quality (SRQ) among Malaysian-listed firms. This study used panel data analysis with data collected from 77 Malaysian-listed firms from 2021 to 2023. Board gender diversity was measured by the proportion of female directors to the total number of directors on the board. The quality of sustainability reporting was assessed using an index developed based on the Bursa Malaysia Sustainability Reporting Framework and related sustainability toolkits. The index examined the extent and quality of sustainability disclosure. The results showed a strong negative relationship between female board representation and SRQ. By using Critical Mass Theory, this study further analyses the negative effect of female on board and SRQ. The result confirmed that the negative correlation becomes greater when women account for more than 30% of the board and companies appoint three or more female directors. This conclude that companies with higher female representatives have lower SRQ scores. In addition, this study adds to the literature on board gender diversity, sustainability reporting, and Critical Mass Theory by demonstrating that increased female representation may lead to more conservative disclosure practices rather than more broad reporting. The findings also offer practical implications for regulators and policymakers, by suggesting that more sustainability disclosure rules may be required to minimise selective reporting and lower the possibility of greenwashing behaviour.

SUSTAINING MOBILE BANKING USE: INSIGHTS FROM CUSTOMERS IN THE NORTHERN REGION OF MALAYSIA

Nur Alia Syahirah Zahari — 2026-09-03

Financial services delivery has changed because of quick uptake of mobile banking. The benefits that customers receive from mobile banking are what motivate everyday use. Customers are choosing online platforms over in-person transactions at a bank counter. In the age of information technology (IT), banking clients may complete transactions with a single click on their smartphones. The variables that affect users intend to continue using mobile banking have not been sufficiently investigated. Prior research has thoroughly investigated the elements that influence mobile banking usage. The long-term viability of digital banking services depends on knowledge of mobile banking continued usage, which is limited by this gap. This study examines the variables that affect the Northern Region of Malaysian customers inclinations to keep using mobile banking apps. Besides, this study used the Unified Technology Acceptance and Utilisation Theory (UTAUT2) to explain intentions of customers to continue using mobile banking apps. A quantitative survey of 291 mobile banking clients in Northern Malaysia was analysed using partial least squares structural equation modelling (PLS-SEM). Furthermore, the findings indicate that the intention of customers to keep using mobile banking apps in the Northern Region of Malaysia is significantly influenced by four (4) factors: performance expectation, effort expectations, social influence and facilitating conditions. Finally, this study establishes the foundation for further research into the variables affecting customers' inclination to stick with mobile banking apps in different parts of Malaysia.

HUMAN–AI SYNERGY IN AUDITING: A SYSTEMATIC REVIEW OF EMERGING EVIDENCE ON AUDIT QUALITY

Sangita Jeyaram — 2026-09-03

This systematic literature review explores the interplay between artificial intelligence (AI) and human capital in shaping future audit quality. Using the PRISMA framework, 33 peer-reviewed articles from Scopus and Web of Science (2021–2025) were analysed to assess how AI capabilities and human expertise jointly influence audit outcomes. Findings reveal that AI technologies, particularly machine learning and data analytics, significantly improve audit efficiency, accuracy, and risk detection. However, human capital remains essential for sustaining professional qualities such as scepticism, ethical judgment, and client trust. The review identifies five key themes: (1) auditors’ competencies in the AI era, (2) AI adoption and readiness in audit firms, (3) AI’s impact on audit quality and reporting, (4) AI-driven audit models and methodologies, and (5) governance, ethics, and auditability of AI. The study concludes that optimal audit quality depends on integrating AI’s technical strengths with human critical thinking and ethical decision-making. Practical implications emphasise strategic investment in auditor training, organisational readiness, and governance frameworks to enable effective human-AI collaboration. This research offers an integrative perspective, positioning the synergy between technology and human expertise as the cornerstone for advancing audit practices and ensuring high-quality outcomes in the evolving digital landscape.

ARTIFICIAL INTELLIGENCE APPLICATIONS FOR ENHANCING SAFETY IN P-HAILING SERVICES: A SYSTEMATIC LITERATURE REVIEW

Zakirah Jaafar — 2026-09-03

The rapid growth of p-hailing services has transformed urban transportation and last-mile delivery operations, created new economic opportunities while simultaneously raising concerns regarding rider safety, traffic risks, and operational sustainability. As p-hailing riders are frequently exposed to road hazards, demanding work conditions, and dynamic traffic environments, there is an increasing need to explore how artificial intelligence (AI) can enhance safety within this sector. However, existing studies on AI applications in transportation safety remain fragmented across different disciplines and technological domains, limiting a comprehensive understanding of their contributions to p-hailing safety. Therefore, this study aims to systematically review the current literature on AI applications for enhancing safety in p-hailing services. A Systematic Literature Review (SLR) approach was adopted using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework. Advanced search strategies were conducted in the Scopus and Web of Science (WoS) databases using combinations of keywords related to "gig economy", "p-hailing", "safety", and "artificial intelligence". The review focused on peer-reviewed journal articles published between 2020 and 2026. Following the identification, screening, eligibility, and inclusion processes, a total of 45 articles were selected as the final dataset for analysis. The findings revealed four major themes: (1) AI-Driven Road Safety, Driver Behaviour, and Human Risk Detection; (2) AI, Machine Learning, and Digital Technologies for Transport Infrastructure Resilience; (3) Intelligent Transport Systems, Traffic Estimation, and Mobility Simulation; and (4) Shared Mobility, Equity, Sustainability, and Transport Governance. The review highlights that AI technologies are increasingly employed to support risk detection, behavioural monitoring, predictive safety assessment, traffic management, infrastructure resilience, and sustainable mobility governance. Overall, the findings demonstrate the significant potential of AI to improve safety outcomes in p-hailing services while identifying important research directions for policymakers, platform operators, and future researchers seeking to develop safer and more resilient mobility ecosystems.

THE INTERSECTION OF TAX AVOIDANCE AND ESG PERFORMANCE: A BIBLIOMETRIC ANALYSIS OF GLOBAL RESEARCH DEVELOPMENTS

Sarah Artiqah Mohamad Saad — 2026-09-15

Despite growing scholarly interest in the relationship between Tax Avoidance (TA) and Environmental, Social, and Governance (ESG) practices, the intellectual structure, thematic evolution, and global research landscape of this emerging field have not been systematically mapped. To address this gap, this study examines the evolution and intellectual structure of research on the relationship between Tax Avoidance (TA) and Environmental, Social, and Governance (ESG) practices through a bibliometric analysis of Scopus-indexed publications published between 2021 and 2026. Using bibliometric techniques and visualization tools in VOSviewer, the study analyzes publication trends, country contributions, bibliographic coupling, and keyword co-occurrence to uncover the main research themes and knowledge development within the field. The findings reveal that research on TA–ESG emerged in 2021 and has experienced significant growth, particularly after 2023, reflecting increasing academic interest in the relationship between corporate tax practices, sustainability, and responsible business behaviour. The bibliographic coupling analysis highlights strong research connections among countries such as China, Indonesia, Tunisia, Malaysia, and other global contributors, demonstrating the international development of this research area. The keyword co-occurrence analysis identifies key themes including tax avoidance, ESG performance, sustainability, corporate governance, stakeholder theory, agency theory, ESG reporting, greenwashing, and corporate ethics. The findings suggest that TA–ESG research has evolved beyond traditional tax management perspectives toward broader discussions on corporate responsibility, transparency, and sustainable value creation. Unlike previous reviews that primarily examine ESG and tax avoidance as separate research streams, this study provides the first comprehensive bibliometric mapping of their intersection, revealing the emerging intellectual foundations, thematic developments, and global collaborative research networks that shape this evolving field.

OPERATIONAL RESILIENCE AND EFFICIENCY TRENDS OF MALAYSIAN FULL-FLEDGED ISLAMIC BANKS: A DEA ANALYSIS (2018–2023)

Anas Fathul Ariffin — 2026-09-15

This study investigates the operational performance and relative technical efficiency of selected Malaysian full-fledged Islamic banks from 2018 to 2023. While prior studies have addressed Islamic banking efficiency, limited empirical research addresses how dedicated full-fledged Islamic banks maintained operational technical efficiency across specific crisis phases. Using the input-oriented Charnes-Cooper-Rhodes (CCR) Data Envelopment Analysis (DEA) model under an intermediation framework, this study evaluates relative technical efficiency using three inputs (Total Assets, Labour Costs, and Third-Party Funds) and two outputs (Total Financing and Operating Revenue). The evaluation covers three explicit periods: pre-COVID-19 (2018–2019), during COVID-19 (2020–2021), and post-COVID-19 (2022–2023). The sample consists of four standalone full-fledged operating Islamic banks: Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, Bank Rakyat, and MBSB Bank Berhad. Empirical findings indicate that Bank Islam Malaysia Berhad and MBSB Bank Berhad maintained score-level consistency on the estimated efficient frontier throughout the six years. Bank Rakyat and Bank Muamalat Malaysia Berhad displayed minor fluctuations but achieved or recovered to full efficiency in the post-pandemic period. Rather than demonstrating absolute resilience or broad sector-wide stability, these relative results suggest that the sampled institutions successfully adapted input allocation relative to financial output generation across macroeconomic disruptions.

FAKTOR-FAKTOR MEMPENGARUHI TAHAP KESEDARAN PELABELAN LOGO HALAL MAKANAN DALAM KALANGAN PELAJAR DI KOLEJ KOMUNITI BEAUFORT

Nur Fatin Nabilah Shahrom — 2026-09-15

Kesedaran terhadap pelabelan logo halal dalam kalangan pengguna Muslim semakin mendapat perhatian selaras dengan peningkatan industri makanan global. Namun demikian, masih wujud permasalahan berkaitan tahap kefahaman dan kepekaan pengguna, khususnya dalam kalangan pelajar institusi pengajian tinggi, terhadap kepentingan logo halal dalam pemilihan makanan. Sehubungan itu, kajian ini bertujuan untuk mengenal pasti tahap kesedaran pelabelan logo halal serta menganalisis faktor-faktor yang mempengaruhinya dalam kalangan pelajar Kolej Komuniti Beaufort. Kajian ini menggunakan pendekatan kuantitatif berbentuk tinjauan dengan instrumen soal selidik sebagai kaedah pengumpulan data. Seramai 82 orang responden terlibat dalam kajian ini, dan data dianalisis menggunakan statistik deskriptif melalui perisian SPSS yang melibatkan nilai min dan sisihan piawai. Hasil kajian menunjukkan bahawa tahap kesedaran pelabelan logo halal berada pada tahap tinggi dengan nilai min keseluruhan 4.43. Faktor pendidikan dan latar belakang keluarga mencatatkan pengaruh tertinggi (min = 4.60), diikuti faktor kesedaran kesihatan dan kesucian (min = 4.57), serta peranan media massa dan media sosial (min = 4.55). Selain itu, faktor rakan sebaya dan ketersediaan maklumat teknologi turut menunjukkan pengaruh yang signifikan. Dapatan ini membuktikan bahawa kesedaran halal dipengaruhi oleh kombinasi faktor dalaman seperti religiositi dan nilai, serta faktor luaran seperti media dan persekitaran sosial. Kajian ini memberi implikasi penting kepada pihak institusi pendidikan, agensi kerajaan dan industri makanan dalam merangka strategi meningkatkan kesedaran dan kefahaman pengguna terhadap kepentingan pelabelan logo halal secara lebih berkesan.

Awareness of halal logo labeling among Muslim consumers is increasingly gaining attention in line with the growth of the global food industry. However, issues still exist regarding the level of understanding and sensitivity of consumers, particularly among higher education institution students, towards the importance of the halal logo in food selection. Therefore, this study aims to identify the level of awareness of halal logo labeling and analyze the factors influencing it among students of Kolej Komuniti Beaufort. This study employs a quantitative survey-based approach using a questionnaire instrument as the data collection method. A total of 82 respondents were involved in this study, and the data were analyzed using descriptive statistics via SPSS software, involving mean values and standard deviations. The study findings indicate that the level of awareness regarding halal logo labeling is at a high level, with an overall mean value of 4.43. Education and family background factors recorded the highest influence (mean = 4.60), followed by health and purity awareness factors (mean = 4.57), and the role of mass media and social media (mean = 4.55). In addition, peer factors and the availability of technological information also showed a significant influence. These findings demonstrate that halal awareness is influenced by a combination of internal factors such as religiosity and values, as well as external factors such as media and the social environment. This study provides important implications for educational institutions, government agencies, and the food industry in formulating strategies to more effectively increase consumer awareness and understanding of the importance of halal logo labeling.

THE DEBT STRUCTURE AND FIRM CHARACTERISTICS OF TOP 50 COMPANIES IN MALAYSIA

Siti Nabilah Mohd Shaari — 2026-09-15

This study examines the debt structures of the top 50 non-financial companies in Malaysia and investigates how these specific debt instruments associate with firm characteristics. This study is essential because, firstly, a simple debt ratio does not consider the potential conflicts of interest among different groups of debt holders and how these conflicts may shape debt structure choices (Colla et al., 2020) and secondly, a simple debt ratio fails to capture the changes in debt structure when the company takes up a new debt or retires the old one (Rauh & Sufi, 2010). The Malaysian capital market further provides a unique perspective due to the prevalent usage of Islamic debt as an alternative for debt financing. The descriptive analysis reveals that subordinate bonds are excluded due to their empirical absence and capital lease, under MFRS 16, is used as a strategic tool to preserve liquidity and financial slack. There is a decline in long-term borrowing from 2022 to 2025, accompanied by a substantial rise in sukuk utilisation. This sector-specific inclination towards sukuk was driven by the adoption of the SRI-Linked Sukuk Framework in 2022, allowing companies to use Islamic debt for general corporate purposes while securing low-cost funding. The correlation results indicate that Tobin-Q and ROE are negatively associated with short-term debt instruments. This strongly corroborates the pecking order theory; profitable companies prioritise internal retained earnings over external debt. Simultaneously, credit lines have a positive correlation with asset tangibility, supporting the trade-off theory in which fixed assets function as collateral to secure tax-shield advantages from liabilities.

WHY CLOUD ACCOUNTING DOES NOT AUTOMATICALLY REDUCE FRAUD: A CONCEPTUAL FRAMEWORK FOR SMES

Budi Septiawan — 2026-09-15

This study develops a conceptual framework linking cloud accounting adoption and fraud risk in small and medium-sized enterprises (SMEs). Prior studies have not reached a clear conclusion on whether cloud accounting adoption reduces fraud risk. To address this gap, the framework shifts attention from technology adoption itself to the organizational mechanisms that determine its post-adoption outcomes. Cloud computing vision is positioned as a strategic antecedent of cloud accounting adoption, while fraud prevention mechanisms explain how technological capabilities may be translated into lower fraud risk. The framework further proposes that organizational conditions influence the effectiveness of this process. The concept of decoupling explains why adopting cloud accounting does not necessarily lead to better fraud prevention when the technology is not substantively integrated into organizational practices and control systems. The study therefore argues that cloud accounting adoption alone is insufficient to reduce fraud risk. Its effectiveness depends on the alignment between technological capabilities, fraud prevention mechanisms, and organizational conditions. The framework contributes to the literature by providing a socio-technical explanation of how and under what conditions cloud accounting may contribute to fraud risk reduction in SMEs.

FIRM PERFORMANCE AND EARNINGS MANAGEMENT STRATEGIES: EVIDENCE BEFORE AND DURING THE COVID-19 PANDEMIC

Norhayati Zamri — 2026-09-15

The COVID-19 pandemic led to significant economic issues that influence companies to change their business operations and financial reporting practices. This study examines the effect of firm performance on the selection of corporate earnings management (EM) strategies among Malaysian public listed companies before (2018–2019) and during (2020–2021) the COVID-19 pandemic. It is focusing on two different EM measurements, which are accrual earnings management (AEM) and real earnings management (REM). Using a sample of 336 firm-year observations from Malaysian public listed companies, AEM was measured using discretionary accruals based on the Modified Jones Model (1991), while REM was measured using Roychowdhury’s (2006) model. Firm performance was evaluated using Return on Assets (ROA). The empirical results indicate a significant difference in the impact of firm performance on reporting behaviour between the two periods. ROA had no significant effect on AEM before the pandemic (2018–2019). However, ROA had a significant negative relationship with AEM during the pandemic (2020–2021). It indicates that firms with poor performance were more likely to use accrual manipulation to mask poor financial performance. In contrast, ROA maintained a consistent positive relationship with REM across both timeframes. Further analysis also suggests that poorly performing firms were more likely to engage in specific REM activities during the pandemic. EM practices were also significantly affected by other control variables, including financial distress, leverage, firm size and liquidity. Overall, these findings reveal macroeconomic shocks fundamentally alter how firm performance influences corporate EM choices. It offers a crucial insight for regulators refining oversight policies, auditors identifying high-risk financial reporting, and investors assessing earnings quality during global macroeconomic shocks.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PERFORMANCE, BIG FOUR AUDITORS AND CORPORATE FINANCIAL PERFORMANCE: EVIDENCE FROM MALAYSIA

Sunarti Halid — 2026-09-15

Environmental, Social and Governance (ESG) practices have become increasingly important in promoting corporate sustainability and responsible business conduct as investors, regulators, and other stakeholders place greater emphasis on non-financial performance. Although ESG initiatives are expected to enhance corporate reputation, stakeholder confidence, and long-term competitiveness, empirical evidence regarding their influence on corporate financial performance remains inconclusive, particularly in emerging markets. This study examines the association between ESG performance and corporate financial performance and whether auditor type moderates this relationship among Malaysian listed companies. A balanced panel of 34 non-financial firms from 2015 to 2024 (340 firm-year observations) was analysed. The Hausman test supported the Fixed Effects specification, and the primary inference uses firm-clustered robust standard errors. Return on Assets (ROA) is used as the financial performance measure, while auditor type (Big Four versus non-Big Four) is used as a proxy for auditor quality. In the cluster-robust Fixed Effects model, ESG is positively but not significantly associated with ROA (β = 0.00134, t = 1.52, p = 0.138), and the ESG × Auditor interaction is also statistically insignificant (β = -0.00028, t = -0.62, p = 0.537). Leverage is significantly and negatively associated with ROA (β = -0.131, t = -2.18, p = 0.037). These results indicate that the positive ESG-ROA association observed in the conventional Fixed Effects estimation is not robust to firm-clustered inference and that Big Four status does not strengthen the ESG-ROA relationship. The study contributes recent Malaysian evidence by showing that short-run accounting profitability is more closely associated with capital structure than with ESG scores, while cautioning against interpreting ESG performance as a direct driver of immediate profitability.

PRINTED TEXTBOOKS OR E-BOOKS? UNDERSTANDING STUDENTS’ PREFERENCES THROUGH AN EXTENDED TECHNOLOGY ACCEPTANCE MODEL

Suryani Abdul Raman — 2026-09-15

The study explored the preference of undergraduate students for printed textbooks and e-books and the influence of Perceived Convenience, Perceived Usefulness, Reading Comfort, Cost Effectiveness and Technology Readiness on the preference. Unlike previous studies that primarily compare usage patterns, this study simultaneously examines technological, cognitive and economic determinants of textbook format preferences among accounting students. A quantitative cross-sectional survey was undertaken on 324 undergraduate accounting students at Universiti Teknologi MARA (UiTM) Perak Branch using a standardized questionnaire. Descriptive statistics, Pearson correlation and multiple linear regression were used to analyse the data. Results showed that students still preferred printed textbooks over e-books even as e-books became more available. However, Perceived Usefulness was the largest predictor of students’ preference for e-books followed by Technology Readiness, Reading Comfort, Cost Effectiveness and Perceived Convenience. The data imply that students are not rejecting e-books or clinging to a preference for printed textbooks because they are resistant to technology. Rather, they think on the functional benefits of e-books compared to the cognitive and sensory benefits of printed textbooks. The findings extend the Technology Acceptance Model by demonstrating that technology acceptance alone does not determine learning resource preferences. The experiential factors such as reading comfort continue to influence students' choices. This study offers practical insights into the design of balanced student-centred learning environments that integrate printed and digital learning resources.

BOARD DIVERSITY AND SUSTAINABILITY DISCLOSURE QUALITY: A CONCEPTUAL FRAMEWORK INTEGRATING RESOURCE DEPENDENCE THEORY AND STAKEHOLDER THEORY

Wan Razazila Wan Abdullah — 2026-09-15

Sustainability disclosure is now an important feature of company reporting as the focus on environmental, social, and governance (ESG) issues grows. However, the evidence regarding board diversity remains mixed. Some studies link a diverse board to improved sustainability reporting, while others find little to no effect. This research contends that the distinction may lay in what happens after diverse directors are selected. Specifically, the board must create an internal framework that allows for the exploitation of varied information and perspectives in ESG supervision. Drawing on Stakeholder Theory and Resource Dependence Theory (RDT), this paper develops a framework in which ESG committee effectiveness strengthens the relationship between board diversity and sustainability disclosure quality. ESG committee effectiveness is considered in terms of independence, relevant expertise, and diligence. The framework distinguishes between the resources that diverse directors contribute and the committee structure that is used to apply those resources. Three propositions are developed for future empirical testing. The paper contributes to the governance literature by showing that board composition and committee effectiveness should be considered together, especially in emerging markets where formal diversity requirements may not always result in meaningful participation.

ETHICAL AI USE INTENTIONS AMONG ACCOUNTING STUDENTS: A THEORY OF PLANNED BEHAVIOUR-BASED EXPLORATORY PILOT STUDY

Nik Nurul Aswani Nik Kamarudin — 2026-09-15

This exploratory research examines the factors influencing accounting students' behavioural intentions toward ethical artificial intelligence (AI) use in coursework. Against the backdrop of increasing concerns about questionable AI use and academic integrity in digital learning environments, the study addresses the challenges associated with ethical AI use in higher education. Previous applications of the theory of planned behaviour (TPB) have primarily examined general technology adoption or ethical behaviour, but limited attention has been given to ethical AI use intentions among accounting students, particularly through the simultaneous consideration of functional benefits and academic-integrity anxiety. Specifically, the framework examines five constructs: attitude, subjective norms, perceived behavioural control, perceived benefits, and academic-integrity anxiety. Data were collected from 160 diploma-level accounting students enrolled in two academic programs through a structured online survey. We rated responses on a 5-point Likert scale and used Partial Least Squares Structural Equation Modelling (PLS-SEM) to provide an initial test of the extended framework. The findings suggest that attitude and subjective norms significantly predicted behavioural intention, whereas perceived behavioural control, perceived benefits, and academic-integrity anxiety did not. These results indicate that, within this exploratory sample, attitude and subjective norms showed clearer associations with behavioural intention than perceived benefits and academic-integrity anxiety. The findings suggest that educators should build positive attitudes and peer norms around ethical AI use through clear AI-ethics guidance and coursework policies.

SUSTAINABILITY INITIATIVES AND PERSISTENT CHALLENGES IN MALAYSIA’S PALM OIL INDUSTRY: EVIDENCE OF A CREDIBILITY GAP

Salina Mad — 2026-09-15

The palm oil industry plays an important role in Malaysia’s agricultural sector and the global vegetable oil supply chain. However, it continues to face increasing scrutiny over its environmental and social impacts. In response, the industry has introduced a range of sustainability initiatives designed to address its environmental, social, and governance (ESG) challenges. Existing research has largely focused on the adoption of sustainability practices, sustainability disclosure, and certification schemes. However, much less attention has been given to whether stakeholders consider these sustainability claims to be credible or whether they reflect actual organisational practices. This paper addresses that gap by examining the alignment between corporate sustainability claims and organisational practices, while also exploring how stakeholders perceive the credibility of those claims. Guided by Stakeholder Theory, the paper critically reviews the industry's sustainability mechanisms and discusses their limitations in addressing persistent ESG issues. The analysis is based on a critical narrative review that synthesises evidence from academic literature, NGO reports, and industry case studies. The findings highlight that, although sustainability certification and reporting standard improved corporate reporting, documented cases and empirical evidence continue to highlight environmental and social violations, selective disclosure, and concerns over greenwashing. This raises questions about the credibility of sustainability claims and suggests a gap between reported sustainability commitment and firms’ practices. As a result, stakeholders increasingly assess firms’ sustainability claims based on measurable outcomes rather than disclosure alone. The review further suggests that sustainability mechanisms may strengthen disclosure practices without actual changes in operations. Building long-term stakeholder trust therefore requires not only sustainability reporting but also consistent implementation, operational changes and transparency.

EXPLORING CONSUMER BEHAVIOUR TOWARDS HALAL COSMETICS: A RECENT SYSTEMATIC REVIEW

Nur Aqilah Mohd Husni — 2026-09-03

The growing demand for halal cosmetics has attracted increasing academic attention due to the expanding global halal market and changing consumer preferences. Despite the rapid growth of research in this area, existing studies remain fragmented, with findings dispersed across different behavioural perspectives, making it difficult to obtain a comprehensive understanding of the factors influencing consumer behaviour towards halal cosmetics. Therefore, this study systematically reviews the existing literature to synthesise current evidence and identify the major themes that characterise consumer behaviour in the halal cosmetics context. The review was conducted following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework. An advanced search strategy was performed using the Scopus and Web of Science databases with the keywords “halal” and “cosmetic,” covering publications from 2021 to 2026. Following the identification, screening, eligibility assessment and quality evaluation processes, 23 primary studies met the inclusion criteria and were included in the final synthesis. The thematic analysis revealed three dominant research themes: (1) Consumer Purchase Intention and Behaviour toward Halal Cosmetics, (2) Brand Loyalty, Repurchase, and Switching Behaviour, and (3) Consumer Perceptions, Attitudes, and Psychological Drivers. The findings indicate that purchase intention is primarily influenced by factors such as halal knowledge, religiosity, halal certification, product quality, trust, social influence, and digital communication. Post-purchase behaviour is largely associated with consumer satisfaction, perceived value, brand trust, and switching motivations, while psychological factors, including attitudes, perceptions, awareness, and beliefs, consistently shape consumer decision-making across different market segments. This review consolidates the current body of knowledge by providing a structured synthesis of the determinants of consumer behaviour towards halal cosmetics and highlights prevailing research directions. The findings offer useful insights for researchers, practitioners, and policymakers in developing evidence-based strategies to strengthen consumer confidence and support the sustainable growth of the halal cosmetics industry.

BUY NOW, PAY LATER (BNPL): A REVIEW OF BEHAVIORAL AND SOCIAL DRIVERS, ECONOMIC IMPLICATIONS, AND REGULATORY CHALLENGES

Nurfarizan Mazhani Mahmud — 2026-09-15

This review paper provides a multidimensional review of the global expansion of Buy Now, Pay Later (BNPL) platforms and their specific impact on young consumers, especially Generation Z, integrating social drivers, behavioral economics, macroeconomics, and regulation into a unified framework. The study reveals that BNPL’s frictionless digital design exploits cognitive biases like mental accounting and reduces the psychological "pain of paying," transforming a liquidity-smoothing tool into an aggressive driver of impulse spending. Amplified by social media environments, digital peer comparison, and the Fear of Missing Out (FOMO), these micro-level behavioral biases encourage young users to pile up uncoordinated debt across multiple apps, ultimately contributing to broader macroeconomic risks such as depressed national savings rates, elevated household debt-to-GDP ratios, and ecological resource waste. Furthermore, the review identifies a critical regulatory lag in which decentralized BNPL providers operate in data silos outside traditional banking frameworks, obscuring liabilities from centralized credit bureaus and creating systemic blind spots. By establishing a direct conceptual link showing how individual behavioral vulnerabilities roll up to generate national economic risks, this paper moves beyond simple technology-acceptance metrics to deliver timely, actionable insights for consumer advocates, financial educators, and macroprudential watchdogs striving to maintain financial stability without suffocating digital fintech innovation.

GAMIFICATION IN HIGHER EDUCATION: INVESTIGATING MOTIVATIONAL DRIVERS AMONG ACCOUNTING UNDERGRADUATES IN MALAYSIA

Norliana Omar — 2026-09-15

In recent years, gamification has become widely acknowledged as a dynamic and creative way to engage people in a diverse dimension of life, including educational environments. This strategy can be seen of as a helpful instrument to persuade people to make use of educational systems. Despite the widespread adoption of gamification to improve student engagement, there is a limited understanding of the precise psychological mechanisms that drive learning motivation particularly in Malaysian accounting education. This study aims to identify factors that impact student motivation in gamification-based learning environments. Drawing upon Self-Determination Theory (SDT), the research employed a quantitative research design using questionnaire data gathered from accounting undergraduates. The measurement and structural model assessments were conducted utilizing PLS-SEM. The online survey was completed by 137 accounting undergraduate students from UiTM Tapah, a public higher education institution in Malaysia. The results revealed that satisfaction and relatedness have significant positive influences on students’ learning motivation, however confidence did not exhibit a significant statistical influence through gamification. These results reinforce the importance of developing emotionally engaging and socially supportive learning settings to foster motivation, which is vital for the successful incorporation of gamification in accounting education. The findings are expected to help educators and higher education administrators design more effective gamified learning environments that cater to students’ motivational needs. Future study is recommended to include broader variables such as perceived usefulness of gamified tools and technological readiness for a more comprehensive insight of gamification implementation in Malaysia’s higher education sector.

STUDENT PERCEPTIONS AND ENTREPRENEURIAL DRIVE: INSIGHTS FROM UITM'S ENTREPRENEURSHIP COURSES (ENT300)

Badrul Isa — 2026-09-15

Entrepreneurship is included in the curriculum at Universiti Teknologi MARA (UiTM), but students may experience the course differently depending on their learning experiences, level of confidence and exposure to practical business activities. This study examines students’ perceptions of the ENT300 entrepreneurship course and their entrepreneurial intentions. It also considers the challenges students experienced and the aspects of the course that they found useful. A mixed-methods approach was used. Questionnaire data were obtained from 203 UiTM students, while qualitative data were collected through open-ended responses and interviews with 30 students involved in an entrepreneurship incubation programme. The quantitative analysis examined relationships between course perception, entrepreneurial self-efficacy, subjective norms and entrepreneurial intention. The qualitative responses were analysed thematically to identify common experiences and concerns reported by students. The quantitative results showed a moderate positive relationship between course perception and entrepreneurial intention (r = .51, p < .001). Regression analysis showed that course perception, entrepreneurial self-efficacy and subjective norms together explained 41.2% of the variance in entrepreneurial intention. Entrepreneurial self-efficacy was the strongest predictor (β = .445, p < .001). The qualitative findings provide further insight into these results. Students particularly valued business projects, teamwork, practical activities and exposure to real business situations. At the same time, they asked for more opportunities to work with actual businesses, updated case studies and more time for practical activities. The findings suggest that students generally value the ENT300 learning experience, but they also see room for greater practical exposure. The results should be interpreted as associations rather than causal effects because the study used a cross-sectional design. The findings may assist UiTM in reviewing the balance between classroom-based instruction and practical entrepreneurship activities.

ADVANCING SUSTAINABLE FINANCE THROUGH ZAKAT: ISSUES AND CHALLENGES FROM THE MALAYSIAN ZAKAT ECOSYSTEM

Naimah Zaini — 2026-09-14

Sustainable finance has emerged as a global agenda for the promotion of environmental sustainability, social inclusion, and economic resilience. The function of Islamic social finance, particularly zakat, remains underexplored, despite the fact that existing studies have primarily concentrated on environmental, social, and governance (ESG) investing and green finance. Zakat has the potential to significantly contribute to sustainable development by promoting social inclusion, poverty alleviation, and equitable wealth distribution as a compulsory wealth redistribution mechanism. Nevertheless, prior research has primarily focused on the governance and distribution efficacy of zakat, with a limited focus on its potential to promote sustainable finance. This conceptual paper analyses the potential and challenges associated with positioning zakat as a sustainable finance instrument within the Malaysian zakat ecosystem by conducting a conceptual review of the literature on Islamic social finance and sustainable finance. The paper emphasises critical issues concerning governance, accountability, and social performance, and it explores the implications of these issues for the improvement of zakat's contribution to sustainable and inclusive socio-economic development.

STRENGTHENING FINANCIAL REPORTING INTEGRITY: A CONCEPTUAL PERSPECTIVE ON BOARD CHARACTERISTICS AND AUDIT QUALITY

Nurul Husna Shahhimin — 2026-09-14

This conceptual paper aims to develop an integrated framework explaining how board diversity, the presence of foreign directors, board expertise, and audit quality influence earnings management. Grounded in the Resource-Based View theory, the paper develops a framework illustrating how these factors serve as strategic governance resources to mitigate earnings management and enhance financial reporting integrity. It proposes that a combination of a diverse and competent board of directors and high-quality audit oversight which can improve monitoring effectiveness and curb opportunistic management behavior, thereby, limiting opportunistic earnings management practices. The conceptual framework also delineates the interrelationships among these governance mechanisms and identifies research propositions for future empirical studies. This paper contributes to the corporate governance literature by integrating various governance mechanisms into a single conceptual model and offers practical insights to regulators, policymakers, corporate boards, and investors seeking to strengthen the integrity of financial reporting.

BEYOND USABILITY: SOCIAL IMAGE AND PERCEIVED USEFULNESS AS DETERMINANTS OF ONLINE CASH WAQF INTENTION AMONG MALAYSIAN ACCOUNTING UNDERGRADUATES

Haslinawati Che Hasan — 2026-09-14

This study explores the factors that influence the intention to use Online Cash Waqf among 133 undergraduate accounting students at a single public university in Malaysia and tests the validity of three factors, namely Face Concern, Perceived Ease of Use and Perceived Usefulness, based on the literature of technology acceptance model and social-influence research. The study employed a survey-based design and analyzed the data using Partial Least Squares Structural Equation Modeling (PLS-SEM) technique. The results indicate that Face Concern and Perceived Usefulness significantly and positively influence the intention to participate in online cash waqf, but not Perceived Ease of Use, with the three predictors collectively accounting for 48.2% of the variance in the intention. In this sample, it seems that usability has a lesser role in driving engagement with digital philanthropy than the social image and perceived benefit of the platform itself. The study also adds to the existing literature on digital Islamic philanthropy, in that it simultaneously tests an image-based mechanism with the TAM's utilitarian predictors in a single model and provides practical recommendations for waqf institutions and platform developers based on the findings of the study, such as the introduction of donor-recognition features on the platform and the reporting of impacts to the donor through transparent reporting. Some of the study's limitations are that it was conducted in one institution of accounting students and that variables like trust, religiosity, and institutional credibility were not included, and need to be added in future research before the patterns found from the study are generalizable to donors in general.

BEYOND THE LEDGER: INTER-ROLE CONFLICT AND WORK-LIFE BALANCE AMONG UNDERGRADUATE ACCOUNTING STUDENTS

Enny Nurdin Sutan Maruhun — 2026-09-14

This study examines the determinants of perceived role conflict and its effect on work-life balance among Diploma in Accountancy students at Universiti Teknologi MARA, Perak Branch. It also explores the coping mechanisms and external support systems used by students to manage competing academic and non-academic responsibilities. Guided by Role Conflict Theory, this study employed a sequential explanatory mixed-methods design. Quantitative data were collected from 139 Diploma in Accountancy students and analysed using descriptive statistics and regression analysis through IBM SPSS Statistics Version 29. The qualitative phase involved semi-structured interviews with 15 purposively selected students, and the data were analysed using reflexive thematic analysis. Multiple regression analysis revealed that gender, part-time employment, and academic performance are the significant determinants of perceived role conflict. Part-time employment was the strongest predictor, followed by gender and academic performance. Simple linear regression further revealed that perceived role conflict had a significant negative effect on work-life balance. The qualitative findings identified three main themes: stress management strategies, challenges in balancing roles, and institutional support needs. The findings indicate that role conflict is a meaningful factor affecting students’ work-life balance. Although students used personal coping strategies such as exercise, entertainment, and social support, they also experienced time pressure, sleep deprivation, and financial strain.

THE ROLE OF SOCIAL CAPITAL IN SUPPORTING WOMEN MICRO-ENTREPRENEURS: A CONCEPTUAL PERSPECTIVE

Amizahanum Adam — 2026-09-14

Women micro-entrepreneurs face challenges in obtaining financial resources, business information, and formal support. Social relationships can help them obtain resources and support that may not be easily available through formal channels. This paper examines how social capital supports women micro-entrepreneurs by focusing on three dimensions: bonding, bridging, and linking social capital. Based on existing literature, the paper discusses the different forms of support available through these social relationships. Bonding social capital provides emotional, financial, and operational support through family members, relatives, and close friends. Bridging social capital connects women micro-entrepreneurs with wider networks that provide information, knowledge, and business opportunities. Linking social capital connects them with formal institutions and support agencies that offer financing, training, advice, and other business support. The paper shows that these three dimensions provide different but complementary forms of support for women micro-entrepreneurs. It also discusses how family, business, and social circumstances may affect the way women develop and use these relationships. The paper offers practical suggestions for organisations and agencies that support women micro-entrepreneurs.

BEHAVIORAL INTENTION TOWARDS ONLINE CASH WAQF FOR SME FINANCING: THE ROLES OF TRUST AND WAQF LITERACY

Sunarti Halid — 2026-09-14

The adoption of digital technologies has transformed the administration of Islamic social finance, creating new opportunities for online cash waqf as a sustainable financing mechanism for Small and Medium Enterprises (SMEs). Despite its potential to enhance financial inclusion and socio-economic development, public participation in online cash waqf remains limited. Understanding the factors influencing participation, particularly among younger and tech-savvy individuals, is therefore essential. Grounded in the Theory of Planned Behavior (TPB), this study extends the theory by incorporating trust in institutions, trust on technology, and waqf literacy as context-specific antecedents of behavioural intention towards online cash waqf. Data were collected from 135 students enrolled in Malaysian public universities and analysed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The measurement and structural models were assessed for reliability and validity. The findings indicate that trust in institutions and waqf literacy have significant positive effects on the intention to contribute to online cash waqf, suggesting that students are more willing to participate when they perceive waqf institutions as credible and possess adequate knowledge of waqf. In contrast, trust on technology does not significantly influence intention, implying that students may perceive digital platforms as sufficiently reliable or place greater emphasis on institutional credibility. The proposed model demonstrates substantial explanatory power in predicting behavioral intention. The findings highlight the importance of enhancing institutional transparency and strengthening waqf literacy among younger generations to increase participation in online cash waqf. Practically, waqf institutions should engage more actively with university communities through targeted educational programmes and effective communication strategies that emphasize the socio-economic role of cash waqf in supporting entrepreneurship and SME development. Shifting public perception of cash waqf from traditional philanthropy to a sustainable instrument for economic empowerment is crucial to expanding participation and maximising its developmental impact.

ORGANIZATIONAL DETERMINANTS OF CYBER RISK OCCURRENCE IN MALAYSIAN LOCAL AUTHORITIES

Halil Paino — 2026-09-14

The increasing dependence on digital infrastructure has intensified the need for effective cyber risk management, particularly within public sector organizations such as local authorities. Within the context of Majlis Bandaraya Shah Alam (MBSA), the extent to which organizational factors, including cybersecurity policies, cybersecurity training, and leadership commitment, influence Cyber Risk Occurrence (CRO) requires empirical investigation. Although these factors have been recognised as important elements of cybersecurity governance, limited context-specific evidence is available regarding their relative contribution to CRO within Malaysian local authorities. Therefore, this study examines how organizational factors, namely cybersecurity policies, cybersecurity training, and leadership commitment, influence Cyber Risk Occurrence (CRO) within MBSA. A quantitative research design was adopted using a structured online questionnaire. Stratified random sampling was employed to ensure proportional representation of senior management (Officer A) and operational staff (Officer B). A total of 242 respondents participated in the study. Pearson correlation analysis revealed that Cybersecurity Policies (CP), Cybersecurity Training (CT), and Leadership Commitment (LC) were significantly associated with Cyber Risk Occurrence (CRO). However, multiple regression analysis identified cybersecurity training as the only significant predictor of CRO after controlling for the other organizational factors. The findings highlight the critical role of continuous employee training in strengthening organizational resilience against cyber threats. This study contributes to the cybersecurity literature by integrating Risk Management Theory, Human Capital Theory, and Transformational Leadership Theory to explain cyber risk occurrence in Malaysian local authorities. The findings also provide practical insights for policymakers, practitioners, and public sector organizations in strengthening cybersecurity governance, enhancing employee capabilities, and improving organizational cyber resilience.