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Razali Bin Haron
Associate Professor

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Assoc. Prof. Dr. Razali Haron obtained his BBA (Finance) from UiTM in 1994, MBA (Finance) from IIUM in 2003 and DBA from UKM in 2012. Prior to joining IIUM in 2003, he had extensive industrial experience covering the period of 15 years in the financial market involving the capital market, portfolio management, unit trust industry and merchant banking in Malaysia. With his vast industry experience, he has been appointed as a member of the IIUM Investment sub-committee since 2012. His area of expertise includes the corporate finance, capital market and portfolio management and has published hi ... show more

  • Doctor of Philosophy in Business Administration (Finance) - Doctorate of Business Admin., Universiti Kebangsaan Malaysia (UKM)
  • Master of Business Administration (Finance) - Masters Degree, International Islamic University Malaysia
  • Bachelor of Business Administration (Finance) - Bachelor Degree, Universiti Teknologi MARA (UiTM)
  • Diploma in Investment Analysis - Diploma, Universiti Teknologi MARA (UiTM)
  • Unspecified ~ Economics, Business And Management ~ Investment ~Stock Market Studies - Integration
  • Economics, Business And Management ~ Economics, Business And Management ~ Entrepreneurship ~ Small-Medium Enterprises (SME) - SME Financing
  • Economics, Business And Management ~ Economics, Business And Management ~ Finance ~ Corporate Finance - Capital Structure
  • Economics, Business And Management ~ Economics, Business And Management ~ Finance ~ Risk Management - Portfolio Diversification/Options Pricing
  • Economics, Business And Management ~ Economics, Business And Management ~ Investment ~ Islamic Investment Instrument - Unit Trust Funds/Sukuk
  • 2014 - 2015 , Emerald Publisher UK
  • 2014 - 2015 , Universiti Teknologi Malaysia
  • 2014 - 2015 , Universiti Sains Malaysia
  • 2013 - 2014 , State Islamic University Sunan Kalijaga Yogyakarta Indonesia
  • 2014 - 2014 , Emerald Publisher UK
CORPORATE FINANCE 2003/2004
FINANCIAL DERIVATIVES 2011/2012 2012/2013 2013/2014
FINANCIAL MANAGEMENT ANALYSIS 2015/2016 2016/2017 2017/2018 2018/2019
FINANCIAL MANAGEMENT I 2003/2004 2004/2005 2005/2006
FINANCIAL MANAGEMENT II 2003/2004
FINANCIAL STATEMENT ANALYSIS 2011/2012 2014/2015
FUTURES,OPTIONS AND RISK MANAGEMENT 2012/2013 2013/2014
INTERNATIONAL FINANCE 2011/2012
INVESTMENT ANALYSIS 2004/2005 2005/2006 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016
ISLAMIC CAPITAL MARKET 2016/2017 2017/2018 2018/2019
ISLAMIC FINANCING MANAGEMENT 2013/2014 2014/2015 2015/2016
PORTFOLIO MANAGEMENT 2005/2006 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016
PRINCIPLES OF ACCOUNTING AND FINANCE 2016/2017 2017/2018 2018/2019
QUANTITATIVE METHODS 2018/2019
SEMINAR IN FINANCE 2012/2013
In Progress
2019 - Present Shariah Board and Islamic Banking Performance Empirical Evidence Across Jurisdictions
2016 - Present Property Price Hike and Speculation
Completed
2016 - 2018 A Second Order Self-Reported Religiosity Measurement Invariance Analysis of the Psychological Biases among Muslim Retail Investors in Malaysia
2016 - 2018 Property Price Hike and Speculation
2014 - 2015 What Can We Learn from Working Capital Management during the Different Business Cycles of Malaysian Firms
2013 - 2016 Formulating New Model to Mitigate Access to Financing Problem Among SMEs in Malaysia
2013 - 2017 Developing an Islamic Financing Model for Abandoned Housing Projects
2012 - 2015 Firms Rational Financing Behaviour: Malaysia Evidence
2012 - 2016 Capital Structure and the Financing Decisions of SMEs: Survey and Empirical Evidence on Malaysia
2011 - 2013 How Important is the Impact of Market Timing on Capital Structure? A Management Perspective (RU 2011)
2011 - 2012 Speed of Adjustment towards Target Capital Structure: Southeast Asia Evidence (RU 2011)
24 June 2015 Best Indexed Journal Article. KENMS - KCDIO level.
29 April 2015 Highest Citation in Citation Index Journal Award. IIUM - University level.
19 September 2014 Best Resercher Award 2014 Finance Department. Kulliyyah of Economics and Management Sciences - University level.
20 February 2013 IIUM IRIIE 2013. IIUM - University level.
13 October 2012 Best Thesis Award (UKM 40th Convocation). Graduate School of Business-Universiti Kebangsaan Malaysia - National level.
15 June 2012 IIUM IRIIE 2012. IIUM - University level.
17 June 2011 Best Research Paper Award. Global Business and Social Science Research Conference, China (2011) - International level.
17 June 2005 Quality Award. IIUM - University level.
Article
2019 Residential property price hike and speculation. Planning Malaysia , 17 (1) pp.328-337
2019 A critical review of bank stability measures in selected countries with dual banking system. Revista Publicando , 6 (19) pp.118-131
2019 How director remuneration impacts firm performance: An empirical analysis of executive director remuneration in Pakistan. Borsa Istanbul Review
2018 Long-term relationship of crude palm oil commodity pricing under structural break. Journal of Capital Market Studies , 2 (2) pp.162-174
2018 The impact of GST implementation on the Malaysian stock market index volatility: an empirical approach. Journal of Asian Business and Economic Studies pp.1-19
2018 Shari’ah supervisory board characteristics effects on Islamic banks’ performance: evidence from Malaysia. International Journal of Bank Marketing , 36 (2) pp.290-304
2018 Do Muslim directors influence firm performance? empirical evidence from Malaysia. Al-Shajarah: Journal of The International Institute of Islamic Thought and Civilization (ISTAC) , Special Issue Islamic Banking & Finance 2018 pp.283-305
2018 Firm level, ownership concentration and industry level determinants of capital structure in an emerging market: Indonesia evidence. Asian Academy of Management Journal of Accounting and Finance , 14 (1) pp.127-151
2018 Comparative analysis of bank stability in Indonesia: A non-parametric approach on different banking models. Journal of Islamic Monetary Economics and Finance , 3 (2) pp.201-219
2018 The effect of GST announcement on stock market volatility: evidence from intraday data. Journal of Advances in Management Research pp.1-17
2017 Further evidence on the stability of Islamic versus conventional banks in selected GCC countries from 1999 to 2015. Journal of Islamic Finance , 6 (Special Issue) pp.035-045
2017 Bank performance and shari’ah supervisory board attributes by Islamic banks: Does bank size matter?. Journal of Islamic Finance , 6 (Special Issue 2017) pp.174-187
2017 The ASEAN Market: Cross-border collaboration in Islamic finance between Malaysia and Thailand. Islamic Banking and Finance Review , 4 pp.22-40
2017 Debt determinants of shari’ah approved firms: Empirical evidence from Malaysia. Journal of Islamic Finance , 6 (Special Issue) pp.188-204
2017 Determinants of efficiency of Islamic banks: Indonesian evidence. Journal of Islamic Finance , 6 (1) pp.1-15
2017 Investment decision behaviour of the Malaysian retail investors and fund managers: A qualitative inquiry. Qualitative Research in Financial Markets , 10 (2) pp.134-151
2017 Efficiency of Qatari banking industry: an empirical investigation. International Journal of Bank Marketing , 35 (2) pp.298-318
2017 Democracy and socio-economic inclusion in Nigeria: reducing the mutual exclusivity through Islamic microfinance. Al-Shajarah , Special Issue: Islamic Banking and Finance pp.1-26
2017 Ownership structure of family-owned firms and debt financing. evidence on shari’ah-compliant firms in Malaysia. Al-Shajarah , Special Issue: Islamic Banking and Finance pp.139-163
2017 Target capital structure and speed of adjustment: a dynamic evidence from Shariah approved firms in Malaysia. Journal of Muamalat and Islamic Finance Research , 14 (2) pp.65-91
2016 Islamic capital market and debt financing of Shariah-compliant firms in Indonesia. Al-Shajarah , Special Issue (Islamic Banking and Finance) pp.67-86
2016 The behavioral biases of Muslims in Islamic banking and finance: a second-order self-reported religiosity measurement invariance. Al-Shajarah , Special Issue (Islamic Banking and Finance) pp.87-114
2016 Corporate financing behaviour of shariah compliant E50 SMEs. A panel data approach of GMM. International Jurnal of Islamic Business Ethics (IJIBE) , 1 (1) pp.66-79
2016 Debt financing behaviour: panel data evidence on medium enterprise. Journal of Global Business and Social Entrepreneurship (GBSE) , 1 (1) pp.1-7
2016 A survey analysis on abandoned housing projects in Malaysia: the house buyers’ perspectives. Journal of Global Business and Social Entrepreneurship (GBSE) , 1 (1) pp.104-109
2016 Volatility component of derivative market: evidence from FBMKLCI based on CGARCH . Journal of Global Business and Social Entrepreneurship (GBSE) , 1 (2) pp.1-5
2016 Examining systematic risk on Malaysian firms: panel data evidence. Journal of Global Business and Social Entrepreneurship (GBSE) , 1 (2) pp.26-30
2016 A qualitative inquiry into the investment decision behaviour of the Malaysian stock market investors. Qualitative Research in Financial Markets , 8 (3) pp.246-267
2016 Do Indonesian firms practice target capital structure? A dynamic approach. Journal of Asia Business Studies , 10 (3) pp.318-334
2016 Islamic financing in mitigating access to financing problems of SMEs in Malaysia: a survey analysis. Intellectual Discourse , 24 (Special Issue) pp.387-408
2016 Determinants of working capital management before, during, and after the global financial crisis of 2008: Evidence from Malaysia. The Journal of Developing Areas , 50 (5) pp.461-468
2015 Embedded options and the issue of gharar: Malaysian empirical evidence . Al-Shajarah , Special Issues pp.149-172
2015 Technical efficiency of Nigerian insurance companies: a data envelopment analysis and patent growth curve modelling approach. International Journal of Data Envelopment Analysis , 3 (2) pp.659-677
2015 Malaysian crude palm oil market volatility: a GARCH approach. International Journal of Economics and Management , 9 (S) pp.103-120
2014 Firms’ speed of adjustment and rational financing behaviour: Malaysian evidence. Journal for Global Business Advancement , 7 (2) pp.151-162
2014 Derivatives, pricing efficiency and gharar: evidence on embedded options in Malaysia. Journal of Islamic Finance , 3 (2) pp.39-48
2014 Capital structure inconclusiveness: evidence from Malaysia, Thailand and Singapore. International Journal of Managerial Finance , 10 (1) pp.23-38
2014 Key factors influencing target capital structure of property firms in Malaysia. Asian Social Science , 10 (3) pp.62-69
2013 Predicting Sukuk Default Probability and Its Relationship with Systematic and Unsystematic Risks: Case Study of Sukuk in Indonesia. International Journal of Research in Commerce, Economics & Management , 3 (1) pp.21-27
2013 Factors Affecting Speed of Adjustment to Target Leverage: Malaysia Evidence. Global Business Review , 14 (2) pp.243-262
2013 Dynamic adjustment towards target capital structure: Thailand evidence. Jurnal Pengurusan , 39 (1) pp.73-82
2013 Shariah issue of warrant contract: empirical evidence from warrant mispricing in Malaysia market. Global Review of Islamic Economics and Business , 1 (1) pp.50-68
2013 IQMA: cultivating the potential of the mind. IIUM Journal of Case Studies in Management , 4 (1) pp.21-30
2012 Practices of capital structure decisions: Malaysia survey evidence. International Review of Business Research Papers
2012 Target capital structure and speed of adjustment: Panel data evidence on Malaysia Shariah compliant securities. International Journal of Economics, Management and Accounting , 20 (2) pp.87-107
2012 The impact of sukuk on corporate financing: Malaysia evidence. Journal of Islamic Finance , 1 (1) pp.1-11
2011 Determinants of target capital structure: evidence on South East Asia countries. Journal of Business and Policy Research , 6 (3) pp.39-61
2009 On the efficiency of the Malaysian banking Sector: a risk-return perspective. International Journal of Commerce and Management , 19 (3) pp.222-232
2008 Board of directors, strategic control and corporate financial performance of Malaysian listed construction and technology companies: an empirical analysis. The ICFAI University Journal of Corporate Governance , VII (4) pp.18-33
2008 The sources and determinants of productivity growth in the Malaysian Islamic banking sector: a non-stochastic frontier approach. International Journal of Accounting and Finance , 1 (2) pp.193-215
2006 Correlation and benefits of portfolio diversification among equity markets of developed countries and emerging countries in South East Asia region. International Journal of Economics and Management , 1 (1) pp.43-66
2006 Correlation studies on equity markets using linear regression model - Malaysia, developing and developed markets . Journal of International Business and Entrepreneurship , 12 (2) pp.45-63
2006 The pricing efficiency of equity warrants: a Malaysian case. The ICFAI Journal of Derivatives Markets , III (3) pp.6-22

Conference or Workshop Item

2018 Residential property price hike and speculation. In: 9th International Real Estate Research Symposium IRERS 2018
2018 Measuring bank stability: a comparative analysis between Islamic and conventional banks in Malaysia. In: 2nd Advances in Business Research International Conference (ABRIC 2016)
2018 The potential of crowdfunding platform in developing cash-waqf.. In: 6th International Conference of Entrepreneurial Finance
2018 Islamic home financing instruments in Malaysia: the emerging issue of financial (Un)affordability. In: 6th ASEAN Universities International Conference on Islamic Finance (AICIF)
2018 The effect of corporate governance on Islamic banking performance using maqasid index approach in Indonesia. In: 6th ASEAN Universities International Conference on Islamic Finance (AICIF)
2017 Performance of ESG versus Shariah compliant firms in Malaysia. A conceptual framework. In: International Islamic Fund and Wealth Management FORUM (IIFWMF)
2017 An empirical investigation of fund managers’ religiosity level during investment decisions. In: International Islamic Fund And Wealth Management Forum (IIFWMF)
2017 Malaysian stock index futures market hedging effectiveness: symmetric and asymmetric model. In: International Islamic Fund And Wealth Management Forum (IIFWMF)
2017 An investigation of shariah penny stocks’ performance and its determinants: Evidence from Bursa Malaysia. In: International Islamic Fund And Wealth Management Forum (IIFWMF)
2017 The ASEAN market: cross-border collaboration in Islamic finance between Malaysia and Thailand. In: Global Forum on Islamic Economics, Finance & Banking (IEFB)
2016 Debt determinants of shariah approved firms: Empirical evidence from Malaysia. In: 4th ASEAN International Conference on Islamic Finance (AICIF 2016)
2016 Does the corporate financing behaviour of shariah compliant firms differ from non-shariah compliant firms? An Indonesian empirical evidence. In: 4th ASEAN International Conference on Islamic Finance (AICIF 2016)
2016 Determinants of efficiency of Islamic banks: Indonesian evidence. In: 4th ASEAN International Conference on Islamic Finance (AICIF 2016)
2016 The financing choices of firms after financial liberalization : Indonesian evidence. In: 4th ASEAN INTERNATIONAL CONFERENCE ON ISLAMIC FINANCE (4th AICIF 2016)
2016 Shari’ah supervisory board characteristics effects on Islamic banks’ performance: Evidence from Malaysia. In: 4th ASEAN International Conference on Islamic Finance (AICIF 2016)
2016 Overview of property price and its influencing factors in Malaysia. In: National Seminar on Abandoned Housing Projects: Causes & Solutions
2016 Measuring bank stability: a comparative analysis between Islamic and conventional banks in Malaysia. In: 2nd Advances in Business Research International Conference ABRIC 2016)
2016 A comparative analysis of stability measures between Islamic and conventional banks in selected MENA countries during 1999 to 2015. In: 4 th ASEAN International Conference on Islamic Finance (AICIF 2016)
2015 Debt financing behaviour: panel data evidence on medium enterprises. In: International Conference on Global Business & Social Entrepreneurship (ICoGBSE2015)
2015 A survey analysis on abandoned housing projects in Malaysia. The house buyers’ perspectives. In: International Conference on Global Business & Social Entrepreneurship (ICoGBSE2015)
2015 Volatility component of derivative market: evidence from FBMKLCI based on CGARCH . In: International Conference on Global Business & Social Entrepreneurship (ICoGBSE2015)
2015 Corporate financing behaviour of Shariah compliant E50 SMEs. A panel data approach of GMM . In: ASEAN International Conference on Islamic Finance (AICIF 2015)
2015 Crude palm oil market volatility: pre and post crisis periods. Evidence from Qarch. In: ASEAN International Conference on Islamic Finance (AICIF 2015)
2015 Determinants of working capital management before, during and after the global financial crisis of 2008: evidence from Malaysia. In: Asia-Pacific Conference on Business and Social Sciences 2015 (in partnership with The Journal of Developing Areas
2015 Capital structure determinants of Shariah-compliant firms: Malaysian evidence. In: 17th Malaysian Finance Association Conference 2015 (MFAC 2015)
2015 Modelling debt financing behaviour of Malaysia SMEs. In: 2nd International Symposium on Technology Management & Emerging Technologies (ISMET 2015)
2015 Debt financing behaviour of Shariah compliant SMEs (enterprise 50). A dynamic approach on Malaysian Islamic capital market . In: International Conference on Islamic Perspective of Accounting, Finance, Economics and Management (IPAFEM 2015)
2014 Derivatives, pricing efficiency and gharar. Evidence on embedded options in Malaysia. In: 2nd Asean International Conference on Islamic Finance
2014 Gharar and mispricing of equity warrants, Malaysian evidence. In: Islamic Banking & Finance 2014 Conference
2014 The existance of target capital structure on Indonesian firms. A dynamic approach. In: 2014 International Symposium on Technology Management And Emerging Technologies (ISTMET 2014)
2014 Debt: how much is too much?. In: Kongsi_Ilmu@FEP UKM
2014 Long-run relationship between Malaysian crude palm oil spot and futures market. In: National Research & Innovation Conference for Graduation Students in Social Sciences 2014 (GS-NRIC 2014)
2014 Crude palm oil market volatility: Malaysian evidence. In: National Research & Innovation Conference for Graduate Studies in Social Sciences 2014 (GS-NRIC 2014)
2014 Embedded options and the issue of Gharar. Malaysian empirical evidence. In: InauguraI International Conference of Finance and Financial Services 2014
2013 Key factors influencing target capital structure of property firms in Malaysia. In: Seminar Hasil Penyelidikan Sektor Pengajian Tinggi Kementerian Pendidikan Malaysia, Ke-3
2013 Adjustment factors and firms’ rational financing behaviour. Malaysia evidence . In: Seminar Hasil Penyelidikan Sektor Pengajian Tinggi Kementerian Pendidikan Malaysia, Ke-3 2013
2013 Capital structure inconclusiveness: evidence from Malaysia . In: Seminar Hasil Penyelidikan Sektor Pengajian Tinggi Kementerian Pendidikan Malaysia, Ke-3 2013
2013 Investigating firm and country specifics in pursuing optimality. Shariah compliant securities in Malaysia. In: MFA Conference : Financial Challenges and Economic Growth. The Way Forward
2012 Sukuk, bond market development and target capital structure : selected Southeast Asian Countries. In: International Islamic Accounting and Finance Conference
2012 Is Capital Structure Study Still A Puzzle? Southeast Asian Panel Data Evidence . In: 14th Malaysian Finance Association Conference 2012
2012 Predicting sukuk default probability and its relationship with the sukuk rating level: case study of sukuk in Malaysia. In: International Conference on Islamic Finance 2012 & 6th Regional Shariah Scholars Dialogue (ICIF2012)
2012 Corporate financing dynamics: Malaysia empirical evidence. In: Penyelidikan Memacu Transformasi
2011 Dynamism of capital structure: evidence from selected South East Asia countries panel data. In: 13th Malaysian Finance Association Conference 2011
2011 Determinants of target capital structure: evidence on South East Asia countries under dynamic framework. In: Financial Innovation and Transformation in the 21st century
2011 Determinants of target capital structure: evidence on South East Asia countries. In: Global Business and Social Science Research
2011 Corporate financing decisions: Malaysia survey evidence. In: 13th Malaysian Finance Association Conference 2011
2011 Practices of capital structure decisions in Malaysia . In: Global Business and Social Science Research Conference
2009 The linkage between board of directors characteristics, distinct business environments and organizations financial performance. In: Financial Markets, Governance and Growth: Issue and Challenges
2008 Correlation and portfolio diversification among South East Asia, emerging and developed countries . In: 15th Annual Conference of the Multinational Finance Society
2007 On the efficiency of the Malaysian banking sector: a risk-return perspective . In: 9th Malaysian Finance Association Conference
2006 Musharakah Mutanaqisah and Al-Bay’ Bithaman Ajil Contracts as means for homeownership: a conceptual comparison . In: Young Scholars Conference
2006 The performance of Islamic and conventional unit trust funds in Malaysia . In: Young Scholars Conference
2006 Correlation studies on equity markets using linear regression model - Malaysia developing and developed markets. In: MFA's 8th. Annual Conference
2006 The pricing efficiency of Malaysian equity warrants: studies using black scholes option pricing model (BSOPM) . In: MFA's 7th. Annual Conference

Book

Book Section

2017 Ownership and debt financing: Indonesia evidence. In: Financial management from an emerging market perspective InTechOpen . ISBN 978-953-51-5557-7 , pp.1-24
2013 Capital structure of Southeast Asian firms. In: Emerging Markets and Financial Resilence : Decoupling Growth from Turbulence Palgrave Macmillan . ISBN 978-1-137-26660-6 , pp.193-227
2011 Case studies in investment analysis. In: Case Studies as a Teaching-Learning Tool in Economics, Finance and Quantitative Courses : an Instructor's Perspective IIUM Press . ISBN 978-967-418-185-7 , pp.33-40