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Jurnal Ekonomi Malaysia

49 (1) 2015 71 – 82

Pelaburan Firma dan Dasar Monetari: Analisis Panel ke atas Firma Patuh Syariah di Malaysia
Firm’s Investment and Monetary Policy: Panel Analysis of Shariah Compliant Firms in Malaysia

Pusat Pengajian Ekonomi
Fakulti Ekonomi dan Pengurusan
Universiti Kebangsaan Malaysia
Bangi, Selangor.

inn3011@gmail.com

Pusat Pengajian Ekonomi
Fakulti Ekonomi dan Pengurusan
Universiti Kebangsaan Malaysia
Bangi, Selangor.

zak1972@ukm.edu.my

Pusat Pengajian Ekonomi
Fakulti Ekonomi dan Pengurusan
Universiti Kebangsaan Malaysia
Bangi, Selangor.

azlan@ukm.edu.my

Pusat Pengajian Ekonomi
Fakulti Ekonomi dan Pengurusan
Universiti Kebangsaan Malaysia
Bangi, Selangor.

mohadis@ukm.edu.my

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

dynamic panel data; firm investment; monetary policy; Shariah compliant firms
http://dx.doi.org/10.17576/JEM-2015-4901-07
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Mohd Napiah, , Abdul Karim, , Zaidi, , & Ismail, M. A. (2015). Pelaburan Firma dan Dasar Monetari: Analisis Panel ke atas Firma Patuh Syariah di Malaysia. Jurnal Ekonomi Malaysia, 49(1), 71–82. http://dx.doi.org/10.17576/JEM-2015-4901-07

@article{mohdnapiah2015pelaboran,
  title={Pelaburan Firma dan Dasar Monetari: Analisis Panel ke atas Firma Patuh Syariah di Malaysia},
  author={Mohd Napiah, Intan Nurul Nadia and Abdul Karim, Zulkefly and Zaidi, Mohd Azlan Shah and Ismail, Mohd Adib},
  journal={Jurnal Ekonomi Malaysia},
  volume={49},
  number={1},
  pages={71—82},
 

year={2015},
}

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