Pelaburan Firma dan Dasar Monetari: Analisis Panel ke atas Firma Patuh Syariah di Malaysia

Intan Nurul Nadia Mohd Napiah (), Zulkefly Abdul Karim (), Mohd Azlan Shah Zaidi () and Mohd Adib Ismail
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Intan Nurul Nadia Mohd Napiah: Pusat Pengajian Ekonomi Fakulti Ekonomi dan Pengurusan Universiti Kebangsaan Malaysia Bangi, Selangor.
Zulkefly Abdul Karim: Pusat Pengajian Ekonomi Fakulti Ekonomi dan Pengurusan Universiti Kebangsaan Malaysia Bangi, Selangor.
Mohd Azlan Shah Zaidi: Pusat Pengajian Ekonomi Fakulti Ekonomi dan Pengurusan Universiti Kebangsaan Malaysia Bangi, Selangor.
Mohd Adib Ismail: Pusat Pengajian Ekonomi Fakulti Ekonomi dan Pengurusan Universiti Kebangsaan Malaysia Bangi, Selangor.

Jurnal Ekonomi Malaysia, 2015, vol. 49, issue 1, 71-82

Abstract: This paper examines the effects of monetary policy on firm balance sheet channel by focusing on syariah compliant firm’s investment spending listed in Bursa Malaysia from year 2003 until 2011. The dynamic panel data method namely Generalized Method of Moments (GMM) is used in investigating two monetary policy channels namely interest rates and broad credit channel using a dynamic neoclassical investment model. The sample of the firms has been split into small and large firm to identify the heteregoneity of monetary policy effects on invetsment spending across firm size. The empirical results reveal that both monetary policy channels, namely interest rates and broad credit channel are relevant for the case of Malaysia. This findings indicate that investment spending of syariah compliant firms do respond to monetary policy changes. Moreover, the investments of small firms are more dependent on internal cash flow than that of large firms. Therefore, the policy maker should take into account the differences in firms characteristics in implementing monetary policy to ensure that their policy is effective.

Keywords: Shariah compliant firms; dynamic panel data; firm investment; monetary policy (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ukm:jlekon:v:49:y:2015:i:1:p:71-82

DOI: 10.17576/JEM-2015-4901-07

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