International Journal of Management, Finance and Accounting

Interdependence and Portfolio Analysis of Property Sector Real Estate Investment Trusts (REITs) in Malaysia during COVID-19

Muhammad Aqhari Azmi — 2026-02-28

This study examines the benefits of incorporating Malaysian Real Estate Investment Trusts (REITs) into a mixed-asset portfolio, with a focus on the periods preceding, during, and following the COVID-19 pandemic. The study utilises daily data from 1 January, 2018 to 21 October 2024, sourced from the Datastream database. By utilising the Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model, the study examines the volatility of office property REITs and retail property REITs, as well as the linkages between these assets and stocks and bonds. The findings reveal that REITs exhibit unique volatility structures and correlations with other financial assets, which vary over time. During the pandemic, retail REITs experienced higher volatility than office REITs, impacting their diversification benefits. Meanwhile, post-pandemic, office REITs demonstrated better risk-adjusted returns. The inclusion of REITs in investment portfolios consistently improved performance across different periods, underscoring their value in enhancing portfolio resilience against market disruptions. This present study offers a novel perspective on the asset allocation literature by highlighting the significance of considering property sector REITs in investment strategies that align with investors' risk appetites and market conditions.

The Future of Marketing: Personalized Customer Engagement through Artificial Intelligence in the Malaysian E-commerce Landscape

Aaron Aw Teik Hong — 2026-02-28

This research examines how Artificial Intelligence (AI) is used in adapting customer engagement in e-commerce in Malaysia. Many companies are turning to chatbots, recommendation systems, and personalized analytics in AI to enhance customer service and business operational productivity. However, AI integration among Small and Medium-sized Enterprises (SMEs) in Malaysia is still in its early development phases. Technological limitations, budget constraints, and existing regulations pose significant challenges. The study employs a qualitative approach by examining academic journals, industry reports, policy documents, and case studies to investigate the problems and challenges related to AI in marketing personalization. The conceptual framework helps study how an organization’s structure and external market dynamics could influence the adoption of AI in organizations. AI technology is found to improve customer satisfaction,
drive brand loyalty, and enhance sales performance. Data privacy concerns, limited ethical guidance, weak technology infrastructure, and a lack of technical expertise are issues that have not been properly addressed. The recommendations include incorporating fairness concepts into AI applications, collecting customer feedback, and preparing employees in the workforce for AI technology. This research offers new insights into AI personalization in Malaysia, enabling businesses and policymakers to formulate ethical and comprehensive guidelines for digital advancement.

Influence of Time Management Skills and Technostress on Academic Performance Among the Private University Students: A Conceptual Framework

Jogtika Ramasamy — 2026-02-28

Digital tools enhance learning but can also cause technostress, which can impact focus and academic performance. Balancing technology use with effective time management and social engagement is key to student success. Students in Malaysia's Klang Valley reported increased feelings of loneliness, mental health issues, and technostress, particularly as a result of the shift to online learning. This study aims to propose a conceptual framework based on the Study Demand-Resources Theory, examining how time management skills and technostress dimensions influence academic performance through the mediating role of student engagement. A quantitative and cross-sectional survey will be conducted by distributing Likert scale surveys to private university students in the Klang Valley. The data will be analysed using Partial Least Squares Structural Equation Modeling, as it is suitable for handling complex models. A total of 300 respondents were targeted for this study, as this sample size is sufficient for structural equation modelling and ensures reliable and generalisable results. The questionnaire will be distributed online via email, WhatsApp, and academic and social media platforms to ensure a broad and efficient reach. The expected outcome is to provide insights into how students balance technostress and time management to improve academic performance, with student engagement as a key mediator.

Sectoral Shockwaves: Examining Bursa Malaysia's Sector Indices Amid the COVID-19 Pandemic

Alyssa April Dellow — 2026-02-28

The Coronavirus disease 2019 (COVID-19) outbreak is becoming a widespread concern, as it is causing a decline in economies and negatively impacting stock markets worldwide. As the Malaysian government implements the Movement Control Order (MCO) to curb the spread of the deadly virus, the Malaysian stock market is rapidly impacted, becoming volatile and unpredictable throughout the pandemic phase. Thus, this study aims to analyse the structural correlation patterns of the Bursa Malaysia Sectoral Index Series using the threshold network approach. The data utilised in this study are the closing prices of all 13 sectoral indexes, spanning from January 1, 2019, to December 31, 2021. Threshold networks are constructed for the years 2019, 2020, and 2021 based on different threshold values to visualise the correlation between indexes. The results suggested that COVID-19 affected the Malaysian stock market, as the indexes appeared to be more correlated with each other in 2020. In addition, consumer products and services (KLCM), industrial products and services (KLIP), property (KLPR), and construction (KLCT) emerged as the most influential indexes throughout the pandemic. This study will help market participants gain an understanding of the correlation between indexes based on threshold networks.

The Impact of Sustainability Orientation and Practices on Financial Performance: A Combined Sufficiency and Necessity Logic Approach

Pei Yew Mah — 2026-02-28

This study aims to examine the interplay of corporate sustainability orientation and sustainability practices, namely social and environmental dimensions and their impact on the financial performance of Small and Medium-sized Enterprises (SMEs) using Stakeholder theory. This study empirically tested 126 valid questionnaire responses received from the SMEs’ services sector in Malaysia using Partial Least Squares Structural Equation Modelling (PLS-SEM) analysis. The result reveals that corporate sustainability orientation and social dimension influence financial performance, while the environmental dimension does not. The supplementary combined importance performance map analysis (cIPMA) analysis indicates that the environmental dimension is necessary for the financial performance outcome, albeit its effect is not significant in the regression analysis. This study acknowledges the contribution of stakeholder theory in providing insights into how the social dimension and environmental dimension of sustainability and corporate sustainability orientation influence SME’s financial performance. These findings provide practical insights to practitioners when re-strategizing their business strategies and goals which in turn, resulting SMEs to becoming sustainability-oriented firms, thus achieving SDG 8 of Decent Work and Economic Growth.

Click, Watch, Buy: Understanding Purchase Intention of Malaysian University Students in the Live Stream Shopping Era

Ying Tsuen Wong — 2026-02-28

This study aims to examine the factors that influence purchase intention in live streaming e-commerce among Malaysian university students. It explores background characteristics, shopping behaviours, and live stream features such as streamer expertise, broadcast scheduling, post-sales service, structural bonds, social bonds, and financial bonds. Data were collected from 347 university students using convenience sampling through an online survey. Group comparisons were conducted using t-tests for gender, and an analysis of variance (ANOVA) for other background characteristics and shopping behaviour variables. Multiple regression analysis was used to test the relationship between live stream features and purchase intention. The results show significant differences in purchase intention based on age, academic level, buying habits, frequency of watching live streams, and previous purchase behaviour. Among the predictors, streamer expertise, broadcast scheduling, post-sales service, social bonds, structural bonds, and financial bonds were all found to be strongly related to purchase intention. The findings offer useful insights for marketers to better understand how digital-native students engage with live stream platforms and suggest ways to improve strategies in the growing e-commerce market.

Factors Affecting the Adoption of Artificial Intelligence-Driven Wearable Technology in the Malaysian Healthcare Sector: A Conceptual Framework

Syeda Hafsa Rizwan — 2026-02-28

This conceptual paper examines the adoption of Artificial Intelligence (AI)-driven wearable technology, including smartwatches, fitness trackers, wearable ECGs, glucose monitors, and pain management devices, in transforming healthcare in Malaysia. Despite the extreme potential to enhance patient care and healthcare monitoring, the adoption of AI-driven wearable technology remains limited due to several persistent barriers. The purpose of this study is to examine these challenges and propose a framework to improve the integration of AI-driven wearable technology in Malaysia’s healthcare system. Grounded in the Diffusion of Innovation (DOI) theory, this study examines how five key innovation attributes —relative advantage, compatibility, complexity, trialability, and observability—impact patient trust and the adoption of wearable technologies. A quantitative research design will be employed, utilizing structured surveys to collect data and analyze the relationships among the DOI factors, patient trust, and technology adoption. The expected outcome is a validated conceptual framework that identifies the barriers to adoption and provides empirical insights for strengthening digital healthcare initiatives. This research aligns with Malaysia’s Shared Prosperity Vision 2030 and contributes to both academic literature and policy, ultimately offering actionable recommendations to enhance trust, accessibility, and the successful implementation of digital health technologies across Malaysia.

Understanding the Happiness Journey of International Students Through Maslow's Lens: A Qualitative Study Beyond Academics

Kyra Law Ley Sy — 2026-02-28

This research investigates the factors contributing to happiness among international students at a Malaysian university through a qualitative, semi-structured questionnaire administered to 10 students (5 female and 5 male) from nine countries. Four key themes emerged, aligning with Maslow’s Hierarchy: 1) Personal Achievement and Academic Fulfillment- happiness derived from educational success and career progress; 2) Social Connection and Belonging- the importance of relationships and cultural integration; 3) Health and Environmental Comfort- adaptation to climate and living conditions; and 4) Internal Reflection and Emotional Regulation- the impact of mindset and coping mechanisms on overall happiness. The research demonstrates that international student happiness is multidimensional, influenced by factors ranging from basic physiological needs to self-actualisation, consistent with Maslow’s framework. Educational institutions can utilise these findings to enhance support services, foster inclusive environments, and develop targeted interventions that address the unique needs of international students. This holistic understanding of international student happiness contributes valuable insights for improving the overall educational experience and well-being of diverse student populations in Malaysian institutions.

Innovative Approaches to E-Grocery: Analyzing Customer Satisfaction in Facebook Livestream Shopping

Karen Tien Wan Lin — 2026-02-28

The primary objective of this study is to examine the crucial determinants that influence customer satisfaction in Facebook livestream e-grocery shopping in Malaysia, with a particular focus on housewives as a significant consumer segment. A sample of 220 respondents was selected using simple random sampling, and the data was analyzed using the Statistical Package for the Social Sciences (SPSS). The analysis confirms the hypotheses that customer satisfaction in Facebook Livestream e-grocery shopping was influenced by factors such as product quality, security, website design, delivery service and e-service quality. Interestingly, three factors, including information quality, payment method, and product variety, were found to have no significant impact on satisfaction, diverging from previous studies. These findings underscore the importance of maintaining high product quality to enhance customer experience and satisfaction in e-grocery shopping through Facebook Live. This research contributes to the existing body of knowledge on e-grocery shopping within the context of social commerce by focusing on Facebook Live, which is recognized as a platform that remains relatively underexplored. Future research can then explore other social commerce sites and more general demographic populations to delve deeper into the culture of e-grocery shopping, further enhancing its positive value and growth.

Gamification Strategies and Customer Churn Reduction in Entrepreneurial Retail Firms: An Empirical Study of Millennials

Si Chong En — 2026-02-28

This study investigates the impact of gamification strategies on customer churn reduction in entrepreneurial retail firms, focusing on Millennial consumers in Malaysia’s Klang Valley. Customer churn threatens profitability, particularly for emerging enterprises, and gamification has emerged as a potential tool to enhance customer engagement and retention. Drawing on the Self-Determination Theory, the study examines three gamified marketing interventions: membership programmes, contest rewards, and personalised discounts as direct predictors of churn reduction. A quantitative, cross-sectional research design was employed, using a structured questionnaire distributed to 180 Millennial consumers through purposive sampling. The data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) via SmartPLS 4.0. Results indicate that all three gamification strategies significantly reduce customer churn, with contest rewards exerting the strongest influence, followed by personalised discounts and membership programmes. The model demonstrated moderate explanatory power and satisfactory predictive validity based on PLS Predict analysis. The originality of this research lies in its focus on customer churn as a direct behavioural outcome of gamification, rather than the more commonly explored mediators such as loyalty or engagement. Additionally, the study contributes to the evolving application of PLS-SEM by incorporating both explanatory and predictive assessments. The findings offer theoretical advancement and practical guidance for entrepreneurial retailers aiming to enhance retention through gamification-driven strategies tailored to the preferences and behaviours of Millennial consumers.

Digital Marketing and Consumer Behaviour in Travel Services: A Conceptual Framework on the Mediating Role of Brand Trust

Omar Abdulaziz Sultan Abdullah — 2026-02-28

Digital marketing shapes each moment of the contemporary travel journey, yet limited evidence still obscures how individual tactics foster purchase decisions. This conceptual study will develop an integrative framework that integrates four core touch-points, including social media marketing, email marketing, search engine marketing, and online reviews on travellers’ purchase intentions, positing brand trust as the central psychological mechanism. Guided by the Stimulus-Organism-Response theory, thirteen propositions will specify both the direct effects of each touch-point on trust and purchase intention, and trust as a mediator role. To demonstrate the mechanism for empirical validation, future research will conduct a purposive sampling of approximately 350 respondents from online travel agencies in Oman and analyse the proposed relationships using PLS-SEM. By unifying dispersed findings on digital tactics, trust formation, and high-involvement service choice, the framework is expected to advance relationship-marketing theory and equip travel brands with actionable guidance for designing trust-centred campaigns that convert digital engagement into bookings.

Proactive Strategies, Absorptive Capacity and Competitive Advantage of Small and Medium Enterprise (SMEs) firms in East Java Indonesia

Ardianus Laurens Paulus — 2026-02-28

Proactive strategy and absorptive capacity are crucial components in building a competitive advantage, particularly in the Small and Medium Enterprise (SMEs) sector. This study examines the moderating role of absorptive capacity in strengthening the relationship between proactive strategy and competitive advantage among SMEs in East Java, Indonesia. The sampling technique employed was non-probability sampling, specifically a purposive sampling method, involving 65 SME owners as respondents. Data were collected through surveys and analyzed using Smart PLS. The findings reveal that a proactive strategy significantly positively affects competitive advantage, and absorptive capacity reinforces this relationship. This research provides theoretical contributions and practical implications for SMEs to remain competitive in dynamic markets, offering new empirical evidence on the moderating role of absorptive capacity in the context of Indonesian SMEs, which has been rarely explored in prior studies.

Accelerating Technological Advancement and Financial Inclusion through Automotive–Takaful Collaboration

Lee Hui Shan — 2026-02-28

Insurance coverage and risk mitigation have become vital in the automotive industry. This case study aims to explore how the partnership between Tan Chong Motor Holdings Berhad (TCMHB) and Takaful Ikhlas General Berhad (TIGB) in Malaysia supports technological advancements in the automotive sector and promotes financial inclusion for underserved communities. The approach includes a thorough analysis of data sourced from TCMHB and TIGB's annual reports, alongside market reports from the automotive and insurance fields. The results indicated that this collaboration allows the automotive firm to drive innovations in areas such as vehicle safety and security features, significantly enhancing the quality of automotive offerings. Simultaneously, Takaful operators gain access to a broad consumer base, boosting their market share and revenue. This case study implies that automotive companies can differentiate themselves by collaborating with a Takaful operator to offer Sharia-compliant insurance products. This unique selling proposition gives the automotive business a competitive advantage by appealing to a market niche that respects ethical financial practices and Islamic beliefs. Overall, this collaboration contributes to community development and overall well-being, resulting from increased access to financial services and advancements in the automotive sector.

Exploring the Pathways of Artificial Intelligence and Sustainable Development in the Era of Industrial Revolutions: A Bibliometric Analysis and Future Research Agenda

Xu Bin — 2026-02-28

Artificial Intelligence (AI) is playing an increasingly pivotal role in driving innovation and promoting sustainable development across various sectors amid the ongoing wave of industrial revolutions. However, the existing research lacks a systematic and quantitative overview of how AI contributes to sustainability goals. This study addresses this gap by conducting a bibliometric analysis of 101 articles from the Web of Science Core Collection, using the keywords “sustainab*”, “artificial intelligence”, and “industrial revolution”. Analytical tools such as VOSviewer and Scimago Graphica were employed to generate keyword co-occurrence maps, publication trends, and research collaboration networks. The results show that scholarly interest in the intersection of AI and sustainability has significantly increased since 2018, with rapid growth in publication and citation numbers. Keyword clustering reveals five major research themes: intelligent technologies, sustainability-focused innovation, industrial transformation, digital integration, and collaborative ecosystems. Moreover, overlay and density visualisations demonstrate a clear evolution from early theoretical innovations to recent application-driven and governance-oriented research. This study contributes to the literature by mapping the intellectual landscape of this interdisciplinary field and providing a strategic foundation for future research directions aligned with Sustainable Development Goals (SDGs). Specifically, future research should explore the integration of AI with circular economy practices to enhance sustainable production. It should also address the development of governance and ethical frameworks for AI-driven decision-making in sustainability contexts. In addition, scholars are encouraged to expand cross-industry applications of AI to accelerate progress toward multiple SDGs.

The Influence of Digital Competencies on Employability: The Mediating Role of Digital Empowerment and the Moderating Effect of Socioeconomic Status

Fraz Arshed Butt — 2026-02-28

The rapid growth of the digital economy has reshaped employment trends, demanding new digital skill sets to thrive in the modern digital economy. The current study examines the impacts of three essential factors of the digital economy, i.e., Digital Marketing Literacy (DML), Access to Digital Platforms (ADP), and Digital Literacy Awareness (DLA), on the employability outcomes in Malaysia. Based on a multi-theoretical framework, the study investigates the mediating role of Digital Empowerment (DE) and the moderating effect of Socioeconomic Status (SES) on employability in Malaysia. A quantitative study with a cross-sectional design was employed to collect data from 400 participants either working in or seeking jobs across major states of Malaysia. The data was analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results reflected that all three factors, i.e., digital marketing literacy, digital platforms access, and digital literacy awareness, significantly increase employability. This effect occurs both directly and indirectly through digital empowerment. The findings also showed that the effectiveness of digital empowerment in enhancing employability is even greater among people with higher socioeconomic statuses, which reveals SES as a significant moderating factor. The results confirm the importance of digital skills and empowerment in developing employability, and the moderating impact of socioeconomic factors. This study contributes to theoretical knowledge on digital skills development, employment research, and digital inclusion policy. Besides, the study offers educators, policymakers, and organisations practical learning to improve employability through digital initiatives.

Cultivating Responsible Artificial Intelligence Practices in Malaysian Higher Education

Sharfika Raime — 2026-02-28

The integration of Artificial Intelligence (AI) in higher education presents both opportunities and ethical challenges. In Malaysia, private universities are adopting AI at a pace that often outshines the development of governance frameworks, raising concerns over transparency, data privacy, and ethical literacy. This research examines the influence of three predictors (AI Transparency, Data Privacy Awareness, and Ethical AI Literacy) on the ethical use of AI among 221 academicians. Guided by Deontological Ethical Theory and employing a quantitative correlational design, the analysis revealed strong and significant relationships among all variables. Data Privacy Awareness emerged as the most consistent and positive predictor of ethical AI usage. Interestingly, AI Transparency and Ethical AI Literacy showed suppressor effects, meaning their predictive power became clearer when accounting for the influence of other variables. The model achieved an R² value of 0.653, indicating that the predictors explained 65.3% of the variance in ethical AI behaviours. The research makes three key contributions. Firstly, it addresses a gap in AI ethics research within Malaysian private universities, integrating philosophical and empirical perspectives to inform governance. Lastly, it provides actionable insights for policy and training. By emphasising the need for transparent practices, robust data protection, and ethical literacy programmes, the findings directly support SDG 4 (Quality Education) by promoting responsible digital competencies and SDG 16 (Peace, Justice and Strong Institutions) by encouraging ethical governance in AI adoption.

Artificial Intelligence and Employee Well-Being: A Systematic Literature Review

Dombagaha Pathiranage Marian Shavini Medonka Peiris — 2026-02-28

Artificial Intelligence (AI) is transforming modern workplaces by offering opportunities to enhance employee well-being while simultaneously introducing significant challenges. Although scholarly interest in the intersection of AI and well-being is growing, empirical research in this domain remains limited and underdeveloped. This study's primary objective was to assess the current knowledge in this domain, with a secondary aim of identifying critical research gaps to inform future investigations. Adhering to PRISMA guidelines, this systematic literature review analysed 23 empirical studies published between 2015 and 2025, sourced from the Lens.org and ProQuest databases and was guided by the Job Demands Resources (JD–R) model. Keyword co-occurrence analysis using VOSviewer revealed five dominant themes: (1) Tech-induced stress, (2) AI-driven success, (3) Mental resilience, (4) Digital boundaries, and (5) Emotional wellness. The density visualisation map highlighted significant gaps in the existing literature. Despite increasing scholarly attention, the review reveals that significant empirical gaps still remain in the literature. By synthesising current knowledge and identifying critical research gaps, this review offers practical insights for developing human-centred AI strategies and establishes a research agenda for advancing employee well-being in increasingly digital workplaces.

Subdimensions of Technostress Across Industries: A Systematic Review

Jogtika Ramasamy — 2026-02-28

Technostress is the stress induced by the use of digital technologies, which has attracted growing academic interest due to its multidimensional nature and impact across various industries. In this light, the aim of this systematic review was to analyse the most frequently reported sub-dimensions of the technostress creator's framework, identify the issues related to the dimensions of technostress and to evaluate how technostress is conceptualised as a unidimensional or multidimensional construct. Based on Scopus as the single database, 52 empirical papers were retrieved that have been published from 2020 to 2025 mid and were subject to a structured dimension-mapping approach. These findings highlight five core sub-dimensions of technostress creators consistently reported in the literature (techno-overload, techno-complexity, techno-invasion, techno-insecurity, and techno-uncertainty) and the emergence of new emotions such as techno-anxiety, fatigue and addiction. Both dimensions imply different psychological and organisational challenges, confirming the necessity for stress-specific intervention programs. Approximately 36 out of 52 of the reviewed studies adopted a multidimensional approach, indicating a methodological trend towards a more detailed measurement on technostress. This review underscores the lack of terminological uniformity between studies and suggests that future research should establish common frameworks, investigate context-specific stressors, and evaluate selective interventions. The expected outcome is to provide insights into how technostress is conceptualised and measured across industries, highlighting the most common dimensions, emerging constructs, and the shift from unidimensional to multidimensional perspectives.

Investigating Volatility Spillover between the Energy Market and the Sectoral Stock Markets in Malaysia: Evidence from VHAR-Type Models

Mariam Mohamed Abdelwahab Mohamed Badawi — 2026-02-28

This study examines the realised volatility spillover effects between Malaysia's energy market and other sectoral indices on the Kuala Lumpur Stock Exchange from September 2018 to December 2024. To address the limitations of current volatility modelling approaches, this study employs the Vector Heterogeneous Autoregressive (VHAR) model combined with the Realised Range-Based Volatility (RRV) measure to capture heterogeneous market behaviours at daily, weekly, and monthly time horizons. High-frequency data from September 2018 to December 2024 (earlier data are unavailable for some sectors) were collected from the financial data provider Bloomberg. The findings reveal that the energy sector exhibits strong volatility persistence, with past volatility having a significant influence on current volatility levels. More importantly, this study documents spillover effects. While the energy sector experiences limited volatility transmission from other sectors, it exerts substantial influence on the volatility of most other sectors, notably demonstrating adverse long-term effects but positive short- and medium-term impacts. The healthcare sector appears to be uniquely immune to the energy market volatility contagion. A comparative analysis confirms that the VHAR-RRV model substantially outperforms traditional Vector Autoregressive (VAR) models and modestly surpasses VHAR models using standard realised volatility measures. These results offer valuable insights into portfolio diversification strategies, risk management practices, and policy formulation in Malaysia and similar emerging markets, where energy sector dynamics have a significant impact on broader market stability.