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All Journal Jurnal Manajemen Universitas Bung Hatta Jurnal manajemen dan bisnis (Performa)
Abdul Razak Abdul Hadi
Universiti Kuala Lumpur
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Maximizing Value - A Look Back at FGV Holdings Berhad Muhd Adib Afza Mohd Norkamar; Abdul Razak Abdul Hadi
Jurnal Manajemen Universitas Bung Hatta Vol. 18 No. 2 (2023): Jurnal Manajemen Universitas Bung Hatta
Publisher : Management Department, Faculty of Economics and Business, Universitas Bung Hatta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37301/jmubh.v18i2.23206

Abstract

This paper explores a number of relevant capital structure theories that may help explain the real market occurrence. The debt-equity ratio is commonly utilized as a variable of interest by many to evaluate the viability of company’s capital structure. Based on Modigliani-Miller Trade-Off theory (1958), their major goal is to examine how firm-specific capital structure determinants may impact the company's capital structure choice. It is essential to comprehend how firm-specific factors could exert a direct impact on a company's share price in both the short and long run. In the case of FGV Holdings Berhad, its capital structure composition has shifted from equity-weighted to debt due to FGV's improved cash flow situations, allowing them to secure wider options of financing from the capital markets. As a result, the company's total debt to total assets ratio has risen dramatically to 76.4 percent. However, it is vital to note that FGV's debt interest payments are not adequately supported by profits before interest and tax (EBIT). Debt financing invariably requires interest payments, regardless of whether it is provided through the bond or banking markets. The net result could jeopardize the company’s value through declining share price. The Trade-off theory is seen ideal in explaining the financial conditions in FGV. It is important to balance out the benefits of debt against the costs of debt at all times.  Overall, FGV's top management should consider conducting a thorough review on its entire capital structure since the debt levels have climbed dramatically since 2014, along with a declining cash level in mid-2014.  
SUSTAINABLE BUSINESS MODEL – TABUNG HAJI MALAYSIA VERSUS BADAN PENGELOLA KEUANGAN HAJI INDONESIA Tasya Aspiranti; Abdul Razak Abdul Hadi
Jurnal Manajemen dan Bisnis Performa Vol. 23 No.1 (2026)
Publisher : UPT Publikasi Ilmiah UNISBA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/performa.v23i1.9624

Abstract

This study examines the sustainability of Hajj fund management by comparing the business models of Lembaga Tabung Haji (TH) Malaysia and Badan Pengelola Keuangan Haji (BPKH) Indonesia. The research addresses the challenge of balancing financial performance, Shariah compliance, governance quality, and sustainability obligations in large-scale Islamic public fund institutions. The study aims to evaluate how differing institutional designs influence long-term sustainability outcomes. A comparative mixed- methods approach is employed, combining financial ratio analysis, diversification measurement using the Herfindahl–Hirschman Index, and qualitative governance–ESG content analysis based on audited reports from 2019–2024. The study analyzes six years of audited financial data (2019–2024), including asset growth, profit distribution rates, liquidity coverage ratios, and portfolio concentration indices, ensuring empirical robustness and cross-institutional comparability. The findings indicate that TH’s integrated business-group model achieves stronger financial returns and diversification, while BPKH’s fiduciary stewardship model demonstrates superior liquidity management and governance transparency. Both institutions show moderate ESG integration, indicating room for improvement. The study contributes to sustainable Islamic finance literature by proposing a composite sustainability perspective and offers policy-relevant insights for improving Hajj fund governance in ASEAN countries.
Co-Authors Muhd Adib Afza Mohd Norkamar Tasya Aspiranti