Norliza Che Yahya

Norliza Che Yahya
Universiti Teknologi MARA | UiTM · Faculty of Business and Management

PhD

About

51
Publications
22,488
Reads
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257
Citations
Citations since 2017
38 Research Items
248 Citations
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20172018201920202021202220230204060

Publications

Publications (51)
Article
Full-text available
The volatility of the initial return and trading volume is evident from early observations of the Malaysian initial public offering (IPO) market on the first trading day. Making informed investment decisions is essential for a more accurate assessment of businesses and capital security. Investors should therefore be aware of what influences IPO ini...
Conference Paper
Full-text available
We examine the sustainable disclosure of IPO proceeds on 423 companies' survival in the Malaysian market from 2000 to 2014. Using survival analysis, we find that the companies' survival can be predicted by the proportion of IPO proceeds and their time frame, with debt repayment being the critical driver of companies' survival. We provide empirical...
Article
Full-text available
Studies have shown that class engagement among students has reduced during online classes. This study investigates classroom engagement, classroom dynamics, motivation, learning experience and the implementation of online game based-learnings in the new norm, specifically Kahoot! among financial students at UiTM Puncak Alam, Selangor. Data were obt...
Article
Full-text available
In the context of Malaysian companies’ survival, the potential role of intended use of proceeds as an influential factor remains unfamiliar. This study examines the link between the intended use of IPO proceeds and the survival of 423 Malaysian listed companies over the period of 2000–2014. This study distinguishes the use of IPO proceeds into thre...
Article
Full-text available
This paper reviews the literature on the flipping activity of initial public offerings (IPOs). To achieve the objective of this study, the papers indexed in the Scopus data repository and Google Scholar were employed. Based on the review, it was discovered that the extent of flipping varies significantly across countries. The emerging markets have...
Article
Purpose This study aims to examine the impact of sponsors and democratic government on the flipping activity of initial public offerings (IPOs). Design/methodology/approach Based on the sample of 95 IPOs listed on the Pakistan Stock Exchange between January 2000 and December 2019, this study used multiple cross-sectional regression to examine the...
Article
This study aims to examine the survivability of IPO companies in the Malaysian market. The importance of this study goes consistent with Bursa Malaysia’s initiatives in establishing the Practice Notes and Guidance Notes frameworks in elongating the survivability of IPO companies. Responding to the urge, this study examines the survival rate of 527...
Article
Full-text available
The exchange-traded fund (ETF) industry has proliferated, attracting increased attention as it expands. From only one fund, the S&P 500 SPDR, in 1993, the ETF market grew to 1,000 funds by the end of 2009. As of May 2020, there are over 7,100 ETFs trading globally. Global ETF assets under management (AUM) grew from 417 billion US dollars in 2005 to...
Article
Full-text available
This study suggests the intended use of proceeds as influential factors for survival of companies and proposes an initial time frame as a reflective measure explaining the survival of companies listed in Malaysian market. Studies on survival of companies are crucial at least in the context of Malaysian market since companies" survival is seen to be...
Article
Full-text available
Capturing the individual investors' sentiment in both the pre-market and post-market and its influence on IPO initial return is of paramount importance as the sentiment can cause unnecessary fluctuation in IPO prices. The fluctuation in IPO prices is claimed as the result of information asymmetry and the investors' difficulty identifying the true q...
Article
Full-text available
This research investigates the explanatory factors governing the dividend payout to shareholders of blue-chip companies listed on Bursa Malaysia. In spite of continuous attention offered by empirical research on dividend payout of publicly-listed companies, paradoxically only few studies exclusively examined the explanatory factors from the perspec...
Article
Full-text available
This study examined the influence of growth opportunities of firms on the immediate aftermarket performance of IPOs. The growth opportunities were defined as the amount of proceeds received during IPOs to activities that support the growth of a firm, such as assets acquisition, and research and development (R&D). Acknowledging that not much informa...
Article
A comparative analysis between Bai Bithaman Ajil (BBA) and Musharakah Mutanaqisah (MM) for the home buyers preference in choosing Islamic home financing. There are three main variables that are being used to identify most influenced factor which are Shariah compliant, pricing, and equality. All variables have a significant value towards preference...
Article
Purpose This study investigated the effect of pricing mechanism and oversubscription on the heterogeneity of investors' opinions on initial public offering (IPO) valuation. Design/methodology/approach Besides the ordinary least square method, this study incorporated robust least square, stepwise least square and quantile regression methods to inve...
Article
The declining rate on initial return of Malaysian IPOs over the past years have alarmed investors to astutely choose IPO firms for a better security of their investment’s income. In an attempt to offer an aid for the danger on the loss of capital that the investors might suffer, this study is initiated to search for explanations on the variation of...
Article
This paper discusses the modernisation effort in financial management (FM) practices and income diversification strategies of higher education institutions (HEIs) in Southeast Asia. This effort and strategies attempt to enhance human, organisational and technical capacities of HEIs in Southeast Asia through systematisation and promotion of good pra...
Article
This study is developed to examine the determinants of financial leverage of capital structure of airlines industry in Asia for the period from 2012 to 2016. Airlines industry is selected as sample of this study as it reflects the highest energy intensive industry based on the largest amount of fuel consumption on the business (Bratlie, 2012). This...
Article
Full-text available
Purpose The purpose of this paper is to investigate the effects of Shariah -compliant status and the presence of information asymmetry on investors’ demand for initial public offerings (IPOs) in Malaysia. Design/methodology/approach The data regarding 260 IPOs dated for a duration of 11 years were acquired from the websites of Bursa Malaysia and M...
Article
This article examines the moderating effect of information asymmetry on the relationship between parameters of lockup provision and flipping activity of Malaysian initial public offerings (IPOs). While the main purpose of lockup provision is to promote commitment of major shareholders for the well-being of the IPO issuing companies at least through...
Article
The purpose of this paper is to examine the impact of the Malaysian IPO regulatory change involving lock-up provisions on the initial performance of Malaysian IPOs. This study examines the impact of the revision in the IPO lock-up provision that took effect on February 2008 on the initial returns of 373 IPOs listed between January 2000 and December...
Article
Most of major shareholders, known as promoters of the firms, are subject to lock-up ratio for a certain period, following their company’s IPO listing. Interestingly, the lock-up ratio among firms vary, suggesting that it serves as a signalling tool to minimize potential conflicts between insiders and uninformed investors. This article investigates...
Article
This paper examined the influence of behavioural element on stock risk of Malaysian listed companies. There were 90 firms consisting of 30 large capitalizations, 30 middle capitalization and 30 small capitalization firms. The time frame for this research is 5 years ranging from 2012 to 2016. The dependent variable, stock risk, is represented by two...
Article
Full-text available
The performance of initial public offerings (IPOs) can be viewed at least into two different periods; initial aftermarket and long-term aftermarket. This study is initiated to examine the influence of growth opportunities of firms on initial aftermarket and long-term aftermarket performance. It is crucial to study on the influence of growth opportu...
Article
Full-text available
This study investigates the influence of “offer for sale” by existing shareholders on investors’ reaction in the IPO immediate aftermarket. The “offer for sale” is measured by the proportion of shares offered to public from the sale of the existing shareholdings prior to IPO against the total number of shares offered during IPO. The “offer for sale...
Article
Purpose The purpose of this study is to identify selected information from the prospectus that might signal the IPO offer price. Design/methodology/approach This study uses cross-sectional data for a fourteen year period from 2000-2014 in examining hypotheses relating to Shariah compliant status, institutional investors, underwriter ranking and...
Article
Full-text available
This study examines the impact of “offer for sale” by existing shareholders in an IPO on initial aftermarket performance. The “offer for sale” is measured by the proportion of shares offered to public from the sale of the existing shareholdings against the total number of shares offered during IPO. The “offer for sale” activity suggests that procee...
Article
Full-text available
A lock-up provision restricts insiders from selling or disposing of a certain portion of their shares for a prescribed period. In Malaysia, most firms usually lock-up a higher portion of their shareholding than what is legally required. Despite allegations that mandatory lock-up provision results in a loss of its signaling property, the presence of...
Article
Full-text available
Drawing from the significance and implication that investors can use to properly comprehend the trend in market reaction from the new issuance of information, this study aims to investigate the market's reaction toward the announcement of Islamic bond or sukuk. The Islamic bond market provides not only an avenue for more dynamic capital trades and...
Article
Manuscript type: Research Paper Research aims: This study examines the moderating effect of information asymmetry on the association between the institutional investors' participation and the initial public offerings (IPO) reactions in the early aftermarket: initial return and flipping activity. Design/ Methodology/ Approach: Using 383 IPOs listed...
Article
Full-text available
Default risk has been recognized as one of the key determinants of bond yield. Past studies argue that default risk can be reflected by issue characteristics, issuer characteristics and interest rate behaviors on riskless security. As default risk is believed to be higher in developing markets due to the issue of illiquidity, capital inadequacy and...
Article
Full-text available
The high initial trading volume following an IPO listing is an anomaly in the aftermarket and this activity is mainly caused by the flipping activity of flippers. Therefore, this study argues that investors' interest could be one of the factors that trigger flipping activity. This study uses the signalling theory argument, whereby the proportion of...
Article
Full-text available
Law enforcement is one of the factors determining compliance behaviour of zakat as revealed by a number of studies. However, there is lack of study focused on law enforcement and compliance behaviour of zakat especially in the business zakat scenario. Hence, the main objective of this study is to identify whether law enforcement influence complianc...
Article
Full-text available
This paper examines the moderating effect of investor demand on the relationship between institutional investors’ participation and flipping activity of Malaysian IPOs. Measured with two proxies, flipping activity seems to be the least risky way to optimize returns from IPOs. If done excessively, flipping activity could produce a damaging effect on...
Article
Full-text available
This paper examines the moderating effect of pre-listing investor demand on the direct influence of lockup provision and institutional investors' participation on flipping activity. By definition, flipping activity is a liquidation of IPOs by new shareholders during the first few trading days. If flipping activity is done substantially, it has pote...
Article
Full-text available
Lock-up provision may extend its role as a signaling tool, albeit its practice is mainly to ensure the commitment of major shareholders to the well-being of IPO companies at least during lock-up period. Despite the mandatory lock-up ratio of 45 percent of outstanding shares, the voluntary action of major shareholders which is revealed through highe...
Article
This paper examines the IPO anomalous behavior in the immediate aftermarket from two dimensions; initial return and flipping activity. In light of the commencement of lockup provision in May 1999 to displace the profit guarantee on issuing companies, this study examines the effect of both extent and length of the lockup provision on the behavior of...
Article
This paper examines the influence of institutional investors’ participation on the flipping activity of Malaysian IPOs. Measured as the percentage of trading volume on the first trading day against the total number of shares offered, flipping is the quickest way to gain huge profits from IPOs. However, excessive flipping activity has significant po...
Article
This paper examines the moderating effect of information asymmetry on the relationship between parameters of lockup provision and flipping activity of Malaysian IPOs. While the main purpose of lockup provision is to promote commitment of major shareholders for the well-being of the IPO issuing companies at least throughout the lockup period, its im...
Article
Full-text available
This paper examines the influence of the voluntary element in lockup provision on flipping activity of Malaysian IPOs. While the main purpose of lockup provision is to ensure the major shareholders remain committed to the well-being of the IPO companies at least throughout the lockup period, its importance extends as a signaling device that can con...
Article
This paper attempts to investigate the influence of lockup provision and some control variables on the flipping activity of Malaysian IPO. Measured as the percentage of trading volume on the first trading day divided by the number of shares offered, flipping is the easiest way to make a quick profit from IPOs in the initial aftermarket. Consequentl...
Article
This paper examines the characteristics of the audit committee towards performance before and after the revised code of corporate governance in October 2007.The review of the code is to improve and strengthen the quality, and the effectiveness of the board and audit co mmittee in the public listed company. In this study, we focus on the Government...

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Projects (2)
Project
–Enhancing human, organizational and technical capacities of partner countries HEIs to increase efficiency in Financial Management (FM) and Income Diversification (ID) –Promoting accountability and transparency in FM through systematization and promotion of good practice. –Facilitating regional integration through establishing a network of financial managers specializing in modernization of financial management systems and practices.