Browsing by Author "Zainuddin, Zaemah"

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67 Years of Bibliometric Analysis on House Price Research
(Department of Marketing Management, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2021) Zainuddin, Zaemah; Subramaniam, Tanchini A/P; Yusof, Rosylin Md
The housing market plays a significant role in developing the country's economy in terms of the capital market, employment, financial wealth, and consumption by stimulating the business cycle determined by the government, suppliers, and banks/ financial institutions. Abundant evidence indicates that the housing market has been studied by many researchers worldwide. Nevertheless, the scope of these studies only analyzed one particular aspect: the house price and its characteristics/ determinants and failed to capture the interconnections of house price with other factors visually. Consequently, the objective of this study is to analyze and provide the current trends of publications on house price studies across the world using bibliometric analysis. In addition, the study is also mapping the network connections of the keyword "house price" with several factors. The application of Bibliometric analysis and VOSviewer in the housing market is relatively new and underdeveloped. The bibliometric, which is a qualitative analysis, contains several steps. First, the study identified the keyword "house price" to search for documents in the Scopus database. The search was carryout from 1954 to 13th February 2021. In the next step, based on the keyword, the documents were screened and identified for data processing, and the data were extracted from the database in CSV format. Finally, the data were imported into Microsoft Excel for further evaluation for data analysis and Scientometric analysis. For data analysis, a summary of statistics, publication trends, top journals, author and affiliation, highly cited citations, top keyword analysis, top funding sponsor, a publication based on the subject area, document types and publication based on the country were analyzed. As for scientometric analysis, the CSV file format was extracted from the Scopus database and analyzed using VOSviewer to visualize the network connection. The result of the study is divided into; 1) performance analysis, 2) science mapping and 3) network analysis. In performance analysis, 4,284 articles published on house price for the past 67 years with Professor Dr Rangan Gupta from the University of Pretoria, South Africa, published 684 articles with 7869 citations. As for science mapping, the most influential publication comes from the Journal of Real Estate Finance & Economics, with 169 articles or 24% of the total population. The common keywords found from house price literature are; â€œhouse priceâ€• (860-14%), housing market (839-14%) and "housing", and "price dynamicâ€• (428-7%). The network analysis reveals 70961 citations with 1059.12 cities per year, 16.59 cites per paper, 39834.94 cites per author, 2.26 author per paper with an hindex of 108 and g-index of 161. The collaborative authors are Gupta, R, Apergis, N and Chang T, while the most collaborative country is the USA. The analytical information that stipulates by bibliometric analysis and VOSviewer is highly comprehensive and can assist practitioners and researchers in researching house prices. Furthermore, this study provides insights into the current trend of research on house prices.
The Impact of Regulated Cryptocurrency Exchange on Islamic Investments: An Empirical Investigation on Capital Market in Malaysia
(Department of Marketing Management, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka., 2021) Izadin, Ahmad Al Izham; Khalid, Airil; Zainuddin, Zaemah; Yusof, Rosylin Mohd
The significant increase of cryptocurrency values has led to an urgent need for a regulated exchange platform especially with the rise of cryptocurrency-related scam that targets nonsophisticated investors with enticing returns. The regulatory gap in the distribution and trading of Bitcoin led to increasing cases of illicit payments, fraud, and financial scams, which can be hazardous to the financial systems. From the Islamic perspective, the debates on the permissibility and shariah issues on cryptocurrency are still ongoing. One of the main issues highlighted is the nature of the framework which is independent of regulatory bodies such as the central bank, absence of intrinsic value and others. However, Malaysia's Shariah Advisory Council under the capital market regulator resolved in 2020 that in principle, it is permissible to invest and trade in digital currencies and tokens on registered cryptocurrency exchanges which make it the first regulator Shariah Advisory Council in the world to officially recognize crypto asset trading as halal. Against this backdrop, this study seeks to unravel the dynamic impact of the regulated cryptocurrency exchange platform by empirically examining the conditional correlation of Bitcoin, Islamic stock, Sukuk and Gold during pre-and post-regulation periods by employing the Dynamic Conditional Correlation Multivariate Generalized Autoregressive Conditional Heteroskedastic (DCC-MGRACH) model. Moreover, to examine how much fluctuations in Bitcoin prices are affecting the performance of Islamic stocks and Sukuk volatilities between pre-and post-regulation, this study will implement Variance Decomposition analysis. The analysis found significant changes in comovement between Islamic stock price and Bitcoin price from almost no comovement during the pre-regulation period to significant positive comovement after the establishment of regulation. These findings suggest that after regulation, the link between Bitcoin and Islamic stock price increases. Meanwhile, there are no significant changes in the comovement between Bitcoin price and Sukuk yield pre-and post-regulation periods. This may be due to the Sukuk structure being more asset-based contracts protecting its yield movement against Bitcoin price volatility and risky nature. In addition, the study finds that regulating the cryptocurrency exchange causes changes in Bitcoin prices to influence the Islamic stock price more than the Sukuk yield. Meanwhile, gold price plays the most significant role in affecting changes in Islamic stock and Sukuk yield in both periods of analysis. This study is among the few that contributes to the existing literature in terms of examining the impact of a regulated cryptocurrency exchange on faith-based investments measured by the dynamic comovement between Bitcoin, Islamic stock, Sukuk and Gold in an emerging market such as Malaysia. These findings aim to provide empirical evidence for policymakers that regulated halal cryptocurrency exchange can impact faith-based investments and thus provide a greater spectrum of investment mix for investors.