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This study explores the corporate giving and financial performance nexus in tourism-related firms from four South Asia countries. Specifically, this study investigates if there exists an inverse U-shaped link between corporate giving and financial performance and assesses the potential bi-directional relationship between these two variables. Results generated from system-GMM estimator reveal that the effects of corporate giving on both ROA and Tobin’s Q are curvilinear. In particular, an inverse U-shaped relationship is observed, implying that firms are rewarded for their corporate giving engagement, which denotes “doing-good” leads to “doing well”, within a certain limit. Interestingly, this study also finds evidence that the firms which perform well financially are shown to engage less in corporate giving. Specifically, “doing-well” firms are shown to lead to lower level of “doing good”, supporting the management opportunity hypothesis. This study has policy implications in pushing for further CSR initiatives in other industries and emerging markets. Keywords: Corporate giving; firm performance; bi-directional relation; system GMM ABSTRAK Kajian ini meninjau hubung-kait pemberian korporat dan prestasi kewangan firma berkaitan pelancongan di empat negara Asia Selantan. Khususnya, kajian ini menyiasat samada hubungan bentuk-U songsang wujud di antara pemberian korporat dan prestasi kewangan dan menilai potensi hubungan dua hala di antara kedua-dua pembolehubah ini. Hasil dapatan yang di terbitkan daripada penganggar sistem GMM memperlihatkan bahawa kesan terhadap pemberian korporat terhadap kedua-dua ROA dan Tobin Q adalah garis melengkung. Terutamanya, kewujudan hubungan bentuk-U songsang membayangkan bahawa firma mendapat ganjaran apabila berurusan dengan pemberian korporat, yang mana bermaksud “melakukan kebaikan” membawa kepada “memperoleh kejayaan” sehingga kesatu tahap tertentu. Menariknya, hasil kajian ini juga mendapati bahawa firma yang menunjukkan prestasi yang baik dari segi kewangan di dapati kurang melakukan pemberian korporat. Terutamanya, firma yang “memperoleh kejayaan” di dapati menjurus kepada “melakukan kebaikan” pada tahap yang rendah, yakni, menyokong hipotesis peluang pengurusan. Implikasi polisi kajian ini menyarankan penekanan seterusnya untuk initiatif CSR dalam industri lain dan di pasaran baru. Kata kunci: Sumbangan korporat; prestasi firma; hubungan dua hala; sistem GMM

This study aims to investigate the crude oil volatility using a two components autoregressive conditional heteroscedasticity (ARCH) model with the inclusion of abrupt jump feature. The model is able to capture abrupt jumps, news impact, clustering volatility, long persistence volatility and heavy-tailed distributed error which are commonly observed in the crude oil time series. For the empirical study, we have selected the WTI crude oil index from year 2000 to 2016. The results found that by including the multiple-abrupt jumps in ARCH model, there are significant improvements of estimation evaluations as compared with the standard ARCH models. The outcomes of this study can provide useful information for risk management and portfolio analysis in the crude oil markets.

The statistics have shown that the market is oversupplied with young and inexperienced graduates as the number of graduates has been increasing over the years. At the same time, the growing funds created to assist small enterprises in Malaysia have steadily increased. Hence, to solve the unemployment issue among graduates, there is a potential to make this self-employment an option for graduates to start on their careers. Entrepreneurial Attitude Orientation (EAO)scale was used to measure the students’ entrepreneurial attitudes. A survey approach was adopted by sending questionnaires to 2000 students of the public and private universities. The results show that personal control, self-esteem and innovation were found to have significant and positive relationships with self-employment intention. Meanwhile achievement was found to have no significant relationship with self-employment intention. These findings provide important insight to promote and produce a positive image of entrepreneurship as a career.