Working Capital Management and Firm Profitability During and After the Economic Crisis among Malaysian Listed Companies (Published)
The main aim of this paper is to explore the working capital management components and examine their relationship with firm profitability among Malaysia listed companies during and after the global financial crisis of 2008-2009 and 2012-2013. Based on the descriptive results, Malaysian firms practice conservative working capital management techniques due to the fact that current ratio is high and debt ratio is low compared with prior studies.The multiple regression analysis on the 260 listed Bursa Malaysia companies shows a negative relationship between working capital management components (i.e. average collection period and average payment period) and firm profitability during and after the crisis periods. Moreover, cash conversion cycle negatively relates with firm profitability after the crisis. Inventory turnover days indicate a positive and significant relation with firm profitability during the crisis period. These findings suggest that Malaysian firms should try and collects cash from customers faster, pay bills as soon as possible and minimise the gap between initial investment and the time cash is collected from customers during both crisis and non-crisis periods. Nevertheless, management should maintain considerable level of stock to avoid shortage and supply interruption during the crisis
Tourists’ Satisfaction With A Destination: An Investigation On Visitors To Langkawi Island (Published)
This study attempts to investigate the antecedents of tourist satisfaction.The focus of the study is Langkawi Island, a well-known tourist destination in Malaysia. Questionnaires were distributed to 500 tourists in Langkawi island. Descriptive statistic, factor analysis and multiple regressions were run on the 482 useable data. The results indicate that 295 (61.2%) of the respondents were repeat visitors and the remaining 187(38.8%) were first-timers. More than half (56.8%) of the respondents had high levels of satisfaction with the mean items score of 3.90 and above. When factor analysis was run, seven factors emerged from the 33 items used to measure the contructs. Apart from tourist expectations, perceived quality, destination image, cost and risks, and perceived value, a new variable known as social-security was identified as a predictor. Regression analysis revealed that destination image, tourist expectations, costs and risks, and social-security have positive and significant influence on tourist satisfaction. Social-security was found to be the most important predictor of tourist satisfaction, followed by tourist expectations, destination image, and costs and risks. The findings of this study could provide guidelines for tourism managers and destination operators to further develop better strategies to satisfy travellers to Langkawi.