Jurnal Ekonomi Malaysia

Kesan Faktor ESG terhadap Prestasi Indeks dalam Pasaran Malaysia dan Amerika Syarikat

Ahmad Monir Abdullah — 2025-01-03

Kajian ini menilai prestasi dan hubungan antara FTSE4Good Bursa Malaysia (F4GBM), Kuala Lumpur Composite Index (KLCI), Standard & Poor’s 500 (S&P 500), dan S&P Environmental, Social, and Governance (ESG) dari Januari 2015 hingga Mei 2024. Menggunakan Jensen’s Alpha, Nisbah Sharpe, dan Nisbah Treynor, kajian ini menilai pulangan yang diselaraskan dengan risiko bagi indeks-indeks tersebut. Selain itu, model MGARCH-DCC digunakan untuk menganalisis korelasi yang berubah mengikut masa, memberikan pandangan tentang dinamika pengagihan risiko. Penemuan utama menunjukkan bahawa integrasi ESG tidak secara signifikan meningkatkan pulangan berlebihan atau mempengaruhi prestasi berbanding dengan indeks konvensional. Semua indeks mempunyai alpha negatif, menunjukkan prestasi yang kurang baik sepanjang tempoh yang dinilai. Analisis Nisbah Sharpe menunjukkan bahawa F4GBM dan KLCI mempunyai pulangan diselaraskan risiko yang paling rendah, manakala S&P 500 dan S&P ESG menunjukkan prestasi yang agak lebih baik. Nisbah Treynor mencadangkan bahawa faktor ESG tidak memberi kesan yang ketara terhadap prestasi relatif kepada risiko pasaran. Model MGARCH-DCC mendedahkan bahawa F4GBM mempunyai volatiliti terendah, manakala S&P ESG menunjukkan volatiliti tertinggi, yang tidak dijangka memandangkan fokus ESG mereka. Matriks volatiliti tanpa syarat menunjukkan varians yang lebih tinggi untuk S&P ESG dan S&P 500 berbanding dengan indeks Malaysia, menunjukkan risiko keseluruhan yang lebih besar di pasaran Amerika Syarikat (AS). Korelasi yang meningkat semasa peristiwa global seperti pandemik COVID-19 menekankan kesan peristiwa sedemikian terhadap penyelarasan pasaran. Secara umumnya, korelasi yang rendah dan berubah-ubah antara S&P 500 dan indeks Malaysia menunjukkan manfaat pengagihan risiko, yang juga diperhatikan untuk indeks S&P ESG. Kajian ini memberikan pandangan berharga mengenai integrasi ESG dan kesannya terhadap prestasi pasaran, terutamanya di pasaran membangun, yang memperkaya penyelidikan akademik dan strategi pelaburan praktikal.

Kesan Persekitaran Pekerjaan Terhadap Penglibatan Wanita Dalam STEM

Nurhamizah Rashid — 2025-01-03

Penyertaan wanita dalam bidang sains, teknologi, kejuruteraan dan matematik (STEM) memainkan peranan yang penting dalam sesebuah negara yang sedang membangun seperti Malaysia di mana kemajuan bidang STEM ini merupakan penyumbang ekonomi Malaysia yang besar terutama dalma penyediaan peluang pekerjaan. Dengan menggunakan Structural Equation Modeling (SEM), kajian ini telah membentuk enam model untuk mengenalpasti hubungan positif atau negatif faktor persekitaran pekerjaan terhadap penglibatan wanita dalam STEM. Hasil kajian menunjukkan persekitaran pekerjaan psikososial, fizikal dan tempat kerja mempunyai kesan positif dan negatif terhadap penggalakkan penyertaan, pengekalan dan penerajuan wanita dalam STEM. Oleh itu, kerajaan dan majikan perlu meneliti dan mengambil kira isu yang diketengahkan dalam kajian ini bagi mengatasi pengurangan penglibatan wanita dalam STEM.

Achieving Financial Wellbeing for Poor Households in Malaysian Borneo

Ming-Pey Lu — 2025-01-03

Objective: This study aims to examine ways to achieve financial wellbeing from both household-level (financial literacy, digital literacy, and financial behaviour) and financial system factors (digital financial service infrastructure and financial service providers), and further investigate the mediating effects of digital financial inclusion on financial wellbeing for poor households in Malaysian Borneo.

Methodology: A total of 405 responses were collected from the poor households in Sabah and Sarawak using a self-administered questionnaire. The data were analysed using PLS modelling techniques.

Findings: The findings demonstrate that financial wellbeing is significantly determined by financial behaviour, financial literacy, and digital financial inclusion. However, digital literacy is not associated with financial wellbeing. Additionally, digital financial inclusion plays a mediating role in enhancing financial wellbeing through financial service providers and digital financial service infrastructure. The result of multigroup analysis show that the impacts of these relationships are higher for Sarawak than Sabah.

Theoretical and/or Methodological contributions: This study is crucial for practitioners as it examining ways to achieve financial wellbeing from wider perspectives that include household-level and financial services system factors. Furthermore, the PLS multigroup analysis shed light on the differences in the paths to financial wellbeing of poor households in Sabah and Sarawak.

Transitioning from Fossil Fuels and Accelerating Renewable Energy Initiatives for Faster Decarbonization: Results from a CGE Analysis

Masood Yahoo — 2025-01-03

Objective: The paper aims to analyse the economic and environmental impacts of Malaysia’s fossil fuel subsidy on GDP, electricity prices and output, external trade, sectoral outputs, employment, welfare, demand and price effects, and CO₂ emissions. It further examines the Renewable Energy (RE) expansion policy.

Methodology: The study employs Computable General Equilibrium (CGE) model with a disaggregated electricity sector, tailored to Malaysia’s subsidy schemes by considering different types of fossil fuels and consumer categories. The recently published GTAP database is utilized as the base data source, with 2017 as the reference year. The study updates and extends the database to model policy simulations for two periods: 2017-2022 and 2023-2025.

Significance: To prevent overestimation of energy transition costs, through modelling and database improvements, this study incorporates real data for natural gas subsidies, disaggregates electricity generation, transmission and distribution for power generation sector, and differentiates between production and consumption subsidies. This paper adds to the current literature by addressing empirical and methodological gaps through detailed energy sector disaggregation modelling and counterfactual policy impact evaluations.

Findings: There is a trade-off between subsidized natural gas for power generation and export opportunities. Efficiency improvements from subsidy rationalization generate positive effects, although energy-intensive sectors experience a slight decline in their competitiveness. Policy implications suggest reviewing the adverse impacts of subsidy rationalization in favour of targeted subsidies.

Theoretical and Methodological Contribution: The study incorporates updated energy trade data for Malaysia, substitution possibilities between fossil fuels and RE, real natural gas subsidy values, disaggregated electricity generation mix (including transmission and distribution), and differentiation between production and consumption subsidies.

Research Implications: The fossil fuel subsidy rationalization together with RE expansion, foster greater decarbonization. To better achieve the 2050 zero-emissions target, the government should phase out natural gas and coal subsidies and reinvest in solar power and biofuel development.

Convergence of income inequality and in the spatial context of Sumatra, Indonesia

Arif Rahman — 2025-01-03

This study aims to examine the convergence of income inequality in Sumatra Island, and to examine the influence of its determinants and spillover effects. The data used is in panel form, from 10 provinces in 2015-2022 sourced from the Indonesian BPS-Statistics and Ministry of Environment and Forestry. The method used to see the occurrence of convergence is the Generalized Method of Moment. To see the direct effect and spillover effect of the determinants, the Spatial Autoregressive with AutoRegressive Disturbances model is used. The results show that there is convergence in income inequality across provinces. We find a negative direct effect of environmental quality, per capita income, and democracy on income inequality. Industrial sector has a positive effect. There is spillover effect of increasing real income per capita of neighboring provinces on reducing inequality in the observed province. An increase in the industrial sector across regions further increases inequality. Meanwhile, environmental quality and democracy do not have significant spillover effects. This result confirms the importance of encouraging new growth centers, especially in provinces with lower welfare levels. Prudence in increasing growth needs to be pursued, so that the small industry sector is able to level up and contribute to broader equity.