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All Journal Journal of Islamic Monetary Economics and Finance Jeksyah
Mokal, Mahvish Nawaz
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Religion Economics, Econometrics & Finance

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GREEN SUSTAINABILITY AND FINANCIAL PERFORMANCE OF HALAL FOOD COMPANIES: EVIDENCE OF MALAYSIA Rahman, Md Mahfujur; Ahmad, Zaki; Mokal, Mahvish Nawaz; Aziz, Muhamad Fikri; Mhd Khotib, Nor Aina
Journal of Islamic Monetary Economics and Finance Vol 10 No 4 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i4.2003

Abstract

With growing concerns about environmental degradation and its impact on global ecosystems, the Halal food industry is facing increasing scrutiny and pressure to adopt sustainable practices. This research examines the relationship between green sustainability and the financial performance of Halal food companies in Malaysia. Applying a dynamic panel modelling to a sample of 75 companies over 10 years, we document diverse effects of sustainable practices on firms’ financial performance. More specifically, we note that efficient material usage is positively associated with both Return on Assets (ROA) and Tobin's Q (TBQ). Likewise, by reducing costs and enhancing the company's public image, effective emission management boosts both ROA and TBQ. However, energy-related initiatives negatively impact both ROA and TBQ. Biodiversity efforts, although costly in the short term, contribute to improved long-term market valuation. In a similar vein, while its decreases short-term profitability, environmental sustainability positively influences market valuation. Finally, water management initiatives often lead to decreased ROA and TBQ, which possibly is related to their high costs. From the results, policymakers should support efficient material usage and emission management through incentives to enhance profitability and market valuation. Additionally, they should consider providing financial assistance for biodiversity and environmental compliance initiatives while evaluating ways to mitigate the high costs associated with energy and water management to ensure sustainable industry growth. ACKNOWLEDGMENT We extend our sincere gratitude to the Institute of Halal Management, Islamic Business School, University Utara Malaysia, and the Research and Innovation Management Centre (RIMC) for their invaluable support and contribution to our current research. The institutional support from both entities has greatly enriched our study, emphasizing the significance of sustainable practices in the Halal food industry.
GREEN SUSTAINABILITY AND FINANCIAL PERFORMANCE OF HALAL FOOD COMPANIES: EVIDENCE OF MALAYSIA Rahman, Md Mahfujur; Ahmad, Zaki; Mokal, Mahvish Nawaz; Aziz, Muhamad Fikri; Mhd Khotib, Nor Aina
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 4 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i4.2003

Abstract

With growing concerns about environmental degradation and its impact on global ecosystems, the Halal food industry is facing increasing scrutiny and pressure to adopt sustainable practices. This research examines the relationship between green sustainability and the financial performance of Halal food companies in Malaysia. Applying a dynamic panel modelling to a sample of 75 companies over 10 years, we document diverse effects of sustainable practices on firms’ financial performance. More specifically, we note that efficient material usage is positively associated with both Return on Assets (ROA) and Tobin's Q (TBQ). Likewise, by reducing costs and enhancing the company's public image, effective emission management boosts both ROA and TBQ. However, energy-related initiatives negatively impact both ROA and TBQ. Biodiversity efforts, although costly in the short term, contribute to improved long-term market valuation. In a similar vein, while its decreases short-term profitability, environmental sustainability positively influences market valuation. Finally, water management initiatives often lead to decreased ROA and TBQ, which possibly is related to their high costs. From the results, policymakers should support efficient material usage and emission management through incentives to enhance profitability and market valuation. Additionally, they should consider providing financial assistance for biodiversity and environmental compliance initiatives while evaluating ways to mitigate the high costs associated with energy and water management to ensure sustainable industry growth. ACKNOWLEDGMENT We extend our sincere gratitude to the Institute of Halal Management, Islamic Business School, University Utara Malaysia, and the Research and Innovation Management Centre (RIMC) for their invaluable support and contribution to our current research. The institutional support from both entities has greatly enriched our study, emphasizing the significance of sustainable practices in the Halal food industry.
Bakau Serip Old Village: Integrating Nature, Culture and Culinary Delights in Sustainable Tourism Annisa, Annisa Putri; Kafriatye, Anzala; Mokal, Mahvish Nawaz
Jeksyah: Islamic Economics Journal Vol. 4 No. 01 (2024): May 2024 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v4i01.1102

Abstract

The purpose of this study is to evaluate the potential and formulate a strategy for developing a tourist village in Kampung Tua Bakau Serip in order to increase tourist visits. The methods used were field surveys, in-depth interviews, and SWOT analysis. Data were collected from 30 tourists, 10 local residents, and 5 tourism experts. The survey results were analyzed qualitatively. The results show that Kampung Tua Bakau Serip has tourist attractions in the form of mangrove expanses, Malay culture, and typical culinary. However, poor accessibility and lack of promotion hinder tourist visits. Strategies that can be applied are infrastructure improvements, training of local tour guides, and promotion through social media. The development of Kampung Tua Bakau Serip tourism village needs to pay attention to improving accessibility, involving local communities, and effective promotion so that tourist visits increase. The implementation of sustainable development strategies is important to realize an attractive and competitive tourist village.
Co-Authors Ahmad, Zaki Annisa, Annisa Putri Aziz, Muhamad Fikri Kafriatye, Anzala Mhd Khotib, Nor Aina Rahman, Md Mahfujur