1. Home
  2. Volume 5 • Issue 2
  3. Financial ratios and efficiency in Malaysian listed companies
New submission
Issues
Journal Information
Aims and ScopeEditorial BoardEditorial Advisory BoardJournal Policies
Resources
For Readers
For Authors
For Editors
For Reviewers
Publication EthicsCall for Special Issue
ISSN
ISSN 2615-9821
ISSN(Previous) 2588-1396

Volume 5 • Issue 2 | July 2021

Financial ratios and efficiency in Malaysian listed companies

Ali Saleh Ahmed Alarussi

01/11/2021 240 0 0
Like Buy now 20.000 đ
Firm size Tangibility Working capital Leverage Liquidity Productivity Profitability Efficiency Malaysia

Abstract:

Purpose
This paper examines the financial ratios that may have a significant effect on the efficiency in Malaysian listed companies. Nine financial ratios measure seven variables which are firm visibility, tangibility, working capital, leverage, liquidity, productivity and profitability.

Design/methodology/approach
Data are collected from 108 public listed companies in Malaysia. The data extracted from companies' annual reports for three years 2012–2014. STATA software analysis is used to examine these relationships.

Findings
The results show each of tangibility and liquidity have negative relationships with efficiency ratio. In against of that, profitability, working capital and productively positively link to efficiency. Leverage which is measured by two ratios – Debt ratio and Debt equity ratio – shows mix results. Debt ratio shows a positive but not significant relationship with efficiency ratio and Debt equity ratio shows a negative significant relationship with efficiency ratio.

Practical implications
The results benefit companies, investors, economists and governments regulators in Malaysia-to understand the efficiency determinants, so help to make the right decision to enhance the efficiency level in companies which leads to enhance the amount of investments which in turn, enhance the country's economy in general.

Originality/value
This study differs than previous studies number of aspects: first the study covers a three years' period between 2012 and 2014, this period presents the movement of Malaysian current into depreciation with more than 45 percent of its value. Second, in the Malaysia context, this study examines new variables such as firm visibility, tangibility, and productivity. Third, the results of this study will help managers, shareholders, investors, regulators and other parties to make right decisions that will enhance the level of firm efficiency which enhances the investments and the economy of Malaysia.


 

References:

  1. Abbas, A., Naqvi, H. and Mirza, H., H. (2013), “Impact of large ownership on firm performance: a case of non financial listed companies of Pakistan”, World Applied Sciences Journal, Vol. 21 No. 8, pp. 1141-1152, ISSN 1818-4952.
  2. Abuzayed, A. (2012), “Working capital management and firms' performance in emerging markets: the case of Jordan”, International Journal of Managerial Finance, Vol. 8 No. 2, pp. 155-179, doi: 10.1108/17439131211216620.
  3. Agiomirgianakis, G.M., Magoutas, A.I. and Sfakianakis, G. (2012), “Determinants of profitability and the decision-making process of firms in the tourism sector: the case of Greece”, International Journal Decision Sciences, Risk and Management, Vol. 4 Nos. 3-4, pp. 294-299, doi: 10.2307/3594990.
  4. Aktaş, R. and Ünal, S. (2015), “The relationship between financial efficiency ratios and stock prices: an empirical investigation on insurance companies listed in Borsa Istanbul”, Finansal Araştırmalar ve Çalışmalar Dergisi, Vol. 7 No. 12, pp. 1-16, Ocak 2015, ISSN 1309-1123.
  5. Al_Arussi, A.S. and Alhaderi, S.M. (2018), “Factors affecting profitability in Malaysia”, Journal of Economic Studies, Vol. 45 No. 3, pp. 442-458, doi: 10.1108/JES-05-2017-0124.
  6. Al_Arussi, A.S., Selamat, M.H. and Mohd Hanefah, M. (2009), “Determinants of financial and environmental disclosures through the internet by Malaysian companies”, Asian Review of Accounting, Vol. 17 No. 1, pp. 59-76.
  7. Al_arussi, A.S., Selamat, M.H. and Hanifah, H.M. (2013), “The association between environmental disclosure and financial disclosure on the Internet by Malaysian listed companies”, International Journal of Critical Accounting, Vol. 5 No. 2, pp. 156-172.
  8. Alam, I.M.S. and Sickles, R.C. (1998), “The relationship between stock market returns and technical efficiency innovations: evidence from the US airline industry”, JPA, Vol. 9 No. 1, pp. 35-51.
  9. Almeida, H. and Campello, M. (2007), “Financial constraints, asset tangibility, and corporate investment”, Review of Financial Studies, Vol. 20 No. 5, pp. 1429-1460.
  10. Amihud, Y., Mendelson, H. and Uno, J. (1999), “Number of shareholders and stock prices: evidence from Japan”, The Journal of Finance, Vol. 54 No. 3, pp. 1169-1184, Retrieved December 9, 2020, available at: http://www.jstor.org/stable/222439.
  11. Ang, J.S., Cole, R.A. and Lin, J.W. (2000), “Agency costs and ownership structure. the”, Journal of Finance, Vol. 55 No. 1, pp. 81-106.
  12. Arbabiyan, A.A. and Safari, M. (2009), “The effects of capital structure and profitability in the listed firms in Tehran stock exchange”, Journal of Management Perspectives, Vol. 33, pp. 159-175.
  13. Attefah, E.K. and Polytechnic, K. (2016), “Financial ratios approach to evaluating financial performance of Cal Bank Ghana from 2010 to 2014”, International Journal of Academic Research in Business and Social Sciences, Vol. 6 No. 6, pp. 150-176.
  14. Avramov, D., Chordia, T. and Goyal, A. (2006), “Liquidity and autocorrelations in individual stock returns”, The Journal of Finance, Vol. 61 No. 5, pp. 2365-2394.
  15. Azad, A.M.S., Raza, A. and Zaidi, S.S.Z. (2018), “Empirical relationship between operational efficiency and profitability (evidence from Pakistan exploration sector)”, Journal of Accounting, Business and Finance Research, Vol. 2 No. 1, pp. 7-11.
  16. Baker, H., Nofsinger, J. and Weaver, D. (2002), “International cross-listing and visibility”, The Journal of Financial and Quantitative Analysis, Vol. 37 No. 3, pp. 495-521, doi: 10.2307/3594990.
  17. Barney, J.B. (1991), “Firm resources and sustained competitive advantage”, Journal of Management, Vol. 17, pp. 99-120.
  18. Barr, R.S., Killgo, K.A., Siems, T.F. and Zimmel, S. (2002), “Evaluating the productive efficiency and performance of US commercial banks”, Managerial Finance, Vol. 28 No. 8, pp. 3-25, doi: 10.1108/03074350210767988.
  19. Becchetti, L. and Sierra, J.H. (2003), Bankruptcy Risk and Productive Efficiency in Manufacturing Firms, available at: https://ssrn.com/abstract=428545.
  20. Becker, J.R., Blease and Paul, D.L. (2003), “Does index inclusion improve firm visibility and transparency?”, Working Paper Babson College.
  21. Belkaoui-Riahi, A. and Kahl, A. (1978), Corporate Financial Disclosure in Canada, Research Monograph of the Canadian Certified General Accountants Association, Vancouver.
  22. Bhunia, A. (2010), “A trend analysis of liquidity management efficiency in selected private sector Indian steel industry”, International Journal of Research in Commerce and Management, Vol. 1 No. 5, p. 213.
  23. Boadi, E.K. and Li, Y. (2015), “An empirical analysis of leverage and financial performance of listed non-financial firms in Ghana”, International Journal of Economics and Finance, Vol. 7 No. 9, doi: 10.5539/ijef.v7n9p120.
  24. Boshkoska, M. (2015), “The agency problem: measures for its overcoming”, International Journal of Business and Management, Vol. 10 No. 1, pp. 204-209.
  25. Brigham, E.F. and Gapenski, L.C. (1994), Financial Management: Theory and Practice, 7th ed., The Dryden Press, pp. 697-701.
  26. Brigham, E.F. and Houston, J.F. (2009), Fundamentals of Financial. Management, 12th ed., Mason: South- Western Cengage Learning, pp. 1-755.
  27. Bushee, B., J. and Miller, G., S. (2012), “Investor relations, firm visibility, and investor following”, The Accounting Review, Vol. 87 No. 3, pp. 867-897.
  28. Callice, G., Kutlu, L. and Zeng, K. (2019), “Understanding US firm efficiency and its asset pricing implications”, Empirical Economics, pp. 1-37, doi: 10.1007/s00181-019-01775-5.
  29. Campello, M. and Giambona, E. (2013), “Real assets and capital structure”, Journal of Financial and Quantitative Analysis, Vol. 48, pp. 1333-1370.
  30. Charalambakis, E.C. and Psychoyios, D. (2012), “What do we know about capital structure? Revisiting the impact of debt ratios on some firm-specific factors”, Applied Financial Economics, Vol. 22 No. 20, pp. 1727-1742.
  31. Charmler, R., Musah, H., Akomeah, E. and Gakpetor, E.D. (2018a), “The impact of liquidity on performance of commercial banks in Ghana”, Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest, “Dimitrie Cantemir”, Christian University Bucharest, Vol. 4 No. 4, pp. 78-90.
  32. Charmler, R., Musah, A., Evans, A. and Gakpetor, E.D. (2018b), “The impact of liquidity on performance of commercial banks in Ghana”, Academic Journal of Economic Studies, “Dimitrie Cantemir”, Christian University Bucharest, Vol. 4 No. 4, pp. 78-90.
  33. Chowdhury, A. and Amin, M.M. (2007), “Working capital management practiced in pharmaceutical companies listed in Dhaka stock exchange”, BRAC University Journal, Vol. IV No. 2, pp. 75-86.
  34. Coles, J., Daniel, N. and Naveen, L. (2006), “Managerial incentives and risk-taking”, Journal of Finance Economics, Vol. 79, pp. 431-468.
  35. Cummins, J.D. and Xie, X. (2013), “Efficiency, productivity, and scale economies in the US property-liability insurance industry”, Journal of Productivity Analysis, Vol. 39 No. 2, pp. 141-164.
  36. Datamonitor (2010), “Malaysia: country analysis report–in-depth PESTLE insights”, Datamonitor.
  37. Demerjian, P.R., Western, M., Lev, B. and Sarah, M. (2013), “Managerial ability and earnings quality”, The Accounting Review, Vol. 88 No. 2, doi: 10.2139/ssrn.1650309.
  38. DeWet, J.H. and Toit, E. (2007), “Return on equity: a popular, but flawed measure of corporate financial Performance”, South Africa Journal of Business Management, Vol. 38 No. 1, pp. 59-69.
  39. Dierks, P.A. and Patel, A. (1997), “What is EVA, and how can it help your company?”, Management Accounting, November, pp. 52-58.
  40. Donald, E.K., Weygandt, J.J., Terry, D. and Wiley, W. (2001), Intermediate Accounting, Business and Economics, p. 1460.
  41. Du, J., Li, C. and Wang, Y. (2015), “Shadow banking activities in non-financial firms: evidence from China”, Working Paper.
  42. DYL, E.A. (1988), “Corporate control and management compensation: evidence on the agency problem”, Managerial and Decision Economics, Vol. 9, pp. 21-25.
  43. Farrell, K.A. and Winters, D.B. (2008), “An analysis of executive compensation in small businesses”, Journal of Entrepreneurial Finance and Business Ventures, Vol. 12 No. 3, pp. 1-21, available at: https://digitalcommons.pepperdine.edu/jef/vol12/iss3/2.
  44. Florenz, C. (2012), “A comparative analysis of the financial ratios of listed firms belonging to the education subsector in the Philippines for the years 2009-2011”, International Journal of Business and Social Science, Vol. 3 No. 21, pp. 173-190.
  45. Frase, L. and Ormiston, A. (2004), Understanding Financial Statements, Pearson Prentice Hall, New Jersey.
  46. Gitman, L.J. (2015), Principles of Managerial Finance, Pearson Education International, Boston.
  47. Greene, W.H. and Segal, D. (2004), “Profitability and efficiency in the US life insurance industry”, Journal of Productivity Analysis, Vol. 21 No. 3, pp. 229-247.
  48. Grinyer, H.P. and McKiernan, P. (1991), “The determinants of corporate profitability in the UK electrical engineering industry”, British Journal of Management, Vol. 2 No. 1, pp. 17-32.
  49. Gupta, K.S. and Sharma, R.K. (2005), Management Accounting–Principles and Practice, 10th ed., Kalyani Publishers, New Delhi, Vol. 2005, pp. 23-6.
  50. Halkos, G.E. and Tzeremes, N.G. (2007), “Productivity efficiency and firm size: an empirical analysis of foreign owned companies”, International Business Review, Elsevier, Vol. 16 No. 6, pp. 713-731.
  51. Hall, J.H. (1998), “The agency problem, agency cost and proposed solutions thereto: a South African perspective”, Meditari Accountancy Research, Vol. 6, pp. 145-161.
  52. Hermalin, B.E. and Wallace, N.E. (1994), “The determinants of efficiency and solvency in savings and loans”, RAND Journal of Economics, Vol. 2, pp. 361-381.
  53. Hillier, M. (2013), “Designing unpaced production lines to optimize throughput and work-in-process inventory”, IIE Trans, Vol. 45, pp. 516-527, doi: 10.1080/0740817X.2012.706733.
  54. Hope, O.-K. (2013), “Large shareholders and accounting research”, China Journal of Accounting Research, Vol. 6 No. 1, pp. 3-20.
  55. Horne, J.C.V. and Wachowicz, J.M. Jr (1992), Fundamentals of Financial Management, Prentice-Hall, New Jersey.
  56. Isik, O. and Soykan, M.E. (2013), “Large shareholders and firm performance: evidence from Turkey”, European Scientific Journal, September 2013 edition, Vol. 9 No. 25, ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431.
  57. Jensen, M. and Meckling, W. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3, pp. 305-360.
  58. Kalaivani, P. and Jothi, K. (2017), “Impact of working capital management on profitability of the select car manufacturing companies in India”, International Journal of Pure and Applied Mathematics, Vol. 116 No. 24, pp. 13-21.
  59. Kenn-Ndubuisi, J.I. and Onyema, J.I. (2018), “Financial leverage and asset growth: evidence from non-financial firms in Nigeria”, Journal of Finance and Marketing, Vol. 2 No. 4, pp. 10-15.
  60. Kraus and Litzenberger, R.H. (1973), “A state-preference model of optimal financial leverage”, Journal of Finance, Vol. 28 No. 4, pp. 911-922.
  61. Kumbhakar, S.C., Ortega‐Argilés, R., Potters, L., Vivarelli, M. and Voigt, P. (2012), “Corporate R&D and firm efficiency: evidence from Europe's top R&D investors”, Journal of Productivity Analysis, Vol. 37, pp. 125-140.
  62. Kyereboah–Coleman, A. (2007), “The impact of capital structure on the performance of microfinance institutions”, The Journal of Risk Finance, Vol. 8 No. 1, pp. 56-71.
  63. Lazar, S. (2016), “Determinants of firm performance: evidence from Romanian listed companies”, Review of Economic and Business Studies, Vol. 9 No. 1, pp. 53-69.
  64. Lehavy, R. and Sloan, G. (2005), “Investor recognition and stock returns”, Review of Accounting Studies, Vol. 13 No. 2, pp. 327-361, doi: 10.1007/s11142-007-9063-y.
  65. Lewellen, K. (2006), “Financing decisions when managers are risk averse”, Journal of Financial Economics, Vol. 82 No. 3, pp. 551-589.
  66. Lin, C., Ma, Y. and Su, D. (2009), “Corporate governance and firm efficiency: evidence from China's publicly listed firms”, Managerial and Decision Economics, Vol. 30 No. 3, pp. 193-209.
  67. Margaritis, D. and Psillaki, M. (2007), “Capital structure and firm efficiency”, Journal of Business Finance and Accounting, Vol. 34 Nos 9/10, pp. 1447-1469, doi: 10.1111/j.1468-5957.2007.02056.
  68. Md Rus, R., Zainudin, N., Abdullah, N.A.H. and Ahmad, A.H. (2014), “Efficiency in SME: Malaysian evidence”, International SME Conference (ISMEC 2014), 18 to 19 August 2014, Kuala Lumpur.
  69. Mehran, H. (1995), “Executive compensation structure, ownership, and firm performance”, Journal of Financial Economics, Vol. 38, pp. 163-184.
  70. Mihaiu, D.M., Opreana, A. and Cristescu, M.P. (2010), “Efficiency, effectiveness and performance of the public sector”, Romanian Journal of Economic Forecasting, Vol. 4, pp. 133-147.
  71. Mohd Zaid, N.A., Wan Ibrahim, W.M.F. and Zulqernain, N.S. (2014), “The determinants of profitability: evidence from Malaysian construction companies”, Paper Presented at the Proceedings of 5th Asia-Pacific Business Research Conference, February 17-18, Kuala Lumpur, pp. 1-13.
  72. Mukherji, S., Kim, Y.H. and Walker, M.C. (1997), “The effect of stock splits on the ownership structure of firms”, Journal of Corporate Finance, Contracting, Governance and Organization, Vol. 3, pp. 167-188.
  73. Myers, S.C. (1984), “The capital structure puzzle”, The Journal of Finance, Vol. 39 No. 3, doi: 10.1111/j.1540-6261.1984.tb03646.
  74. Myers, R.H. (1990), Classical and Modern Regression with Applications, PWS-Kent Publishing, Boston.
  75. Myšková, R. and Hájek, P. (2017), “Comprehensive assessment of firm financial performance using financial ratios and linguistic analysis of annual reports”, Journal of International Studies, Vol. 10 No. 4, pp. 96-108.
  76. Narware, P.C. (2010), “Working capital management: the effect of market valuation and profitability in Malaysia”, International Journal of Business and Management, Vol. 5, p. 11.
  77. Nazmoon, A. (2018), “The impact of liquidity and profitability on operational efficiency of selected commercial banks in Bangladesh: a panel data study”, Global Journal of Management and Business Research: A Administration and Management, Vol. 18 No. 7, Version 1.0.
  78. Nguyen, G.X. and Swanson, P.E. (2009), “Firm characteristics, relative efficiency, and equity returns”, Journal of Financial and Qualitative Analysis, Vol. 44, pp. 213-236.
  79. Novy-Marx, R. (2013), “The other side of value: the gross profitability premium”, Journal of Financial Economics, Vol. 108 No. 1, pp. 1-28.
  80. Nulla, Y. (2013), “CEO age and top executive officer compensation: an empirical study on Canadian companies (February 1, 2013)”, International Journal of Scientific and Engineering Research, Vol. 4 No. 2, available at: https://ssrn.com/abstract=2284344.
  81. Paulo, S.P. (1992), “The weighted average cost of capital: a Caveat”, The Engineering Economist”, Vol. 37 No. 2, Winter, pp. 179-180.
  82. Peel, M.L. and Wilson, N. (1996), “Working capital and financial management practices in small firm sector”, International Small and Business Journal, Vol. 14 No. 2, pp. 52-68.
  83. Peltzman, S. (1977), “The gains and losses from industrial concentration”, The Journal of Law and Economics, Vol. 20 No. 2, pp. 229-263, Retrieved December 9, 2020, available at: www.jstor.org/stable/725192.
  84. Popova, S., Kartova, N., Ponomarenko, A. and Deryugina, E. (2017), “Analysis of the debt burden in Russian economy sectors”, Russian Journal of Economics, Vol. 3, pp. 379-410.
  85. Rafet, A. and Seyfettin, Ü. (2015), “The relationship between financial efficiency ratios and stock prices: an empirical investigation on insurance companies listed in Borsa Istanbul”, Financial Research and Studies Journal, Vol. 7 No. 12, pp. 1-16, January 2015, ISSN 1309-1123, doi: 10.14784/jfrs.53994.
  86. Sagan, J. (1955), “Toward a theory of working capital management”, The Journal of Finance, Vol. 10 No. 2, pp. 121-129.
  87. Salim, M. and Yadav, R. (2012), “Capital structure and firm performance: evidence from Malaysian listed companies”, Procedia Social and Behavioral Sciences, Vol. 66 No. 1, pp. 156-166.
  88. San, O.T. and Heng, T.B. (2011), “Capital structure and corporate performance of Malaysian construction sector”, International Journal of Humanities and Social Science, Vol. 1 No. 2, pp. 28-36.
  89. Santos, J.A.C. and Winton, A. (2008), “Bank loans, bonds, and information Monopolies across the business cycle”, Journal of Finance, Vol. 63 No. 3, pp. 1325-1359.
  90. Santosuosso, P. (2014), “Do efficiency ratios help investors to explore firm performances? Evidence from Italian listed firms”, International Business Research, Vol. 7 No. 12, pp. 111-119.
  91. Sarlija, N. and Harc, M. (2012), “The impact of liquidity on the capital structure: a case study of Croatian firms”, Business Systems Research, Vol. 3 No. 1, pp. 30-36.
  92. Selamat, Z. and Nasir, A.M. (2013), “Efficiency measurement of Malaysian agriculture firms”, International Journal of Trade, Economics and Finance, Vol. 4 No. 2, pp. 79-85.
  93. Shazali, A.M. and Alias, R. (2010), “Productivity and efficiency performance of the Malaysian life insurance industry”, Journal Economy Malaysia, Vol. 34, pp. 93-105.
  94. Sheikh, A.N. and Wang, Z. (2013), “The impact of capital structure on performance”, International Journal of Commerce and Management, Vol. 23 No. 4, pp. 354-368.
  95. Shleifer, A. and Vishny, R. (1992), “Liquidation values and debt capacity: a market equilibrium approach”, The Journal of Finance, Vol. 47 No. 4, pp. 1343-1366, doi: 10.2307/2328943.
  96. Sufian, F., Kamarudin, F. and Nassir, A. (2016), “Determinants of efficiency in the malaysian banking sector: does bank origins matter?”, Intellectual Economics, Vol. 10, pp. 38-54.
  97. Sunjoko, M. and Arilyn, E.J. (2016), “Effects of inventory turnover, total asset turnover, fixed asset turnover, current ratio and average collection period on profitability”, Journal Business and Accountancy, Vol. 18 No. 1, pp. 79-83.
  98. Tahir, I.M., Abu Bakar, N. and Haron, S. (2009), “Evaluating efficiency of Malaysian banks using data envelopment analysis”, International Journal of Business and Management, Vol. 4 No. 8, pp. 96-106.
  99. Talluri, K. and Schoenherr (2013), “The relationship between operating efficiency and service quality: are they compatible?”, International Journal of Production Research, Vol. 51 No. 8, pp. 2548-2567.
  100. Tana, H., Wongb, M. and Lawc, S. (2009), “The effect of consumer factors and firm efficiency on Malaysian life insurance expenditure”, International Journal of Business and Society, Vol. 10 No. 1, 2009, pp. 59-73.
  101. Theogene, H., Mulegi, T. and Hosee, N. (2017), “The contribution of financial ratios analysis on effective decision making in commercial banks”, International Journal of Management and Applied Science, Vol. 3 No. 6, pp. 33-40, ISSN: 2394-7926.
  102. Todorović, M. and Veličković, M. (2010), “The impact of exchange rate depreciation on business conditions in Serbia”, Economics and Organization, Vol. 7 No. 3, pp. 263-270.
  103. Tully, J. (1994), “America's best wealth creators”, Fortune, Vol. 31, November, p. 143.
  104. Wang, Z. (2016), “Firm visibility and voluntary environmental behavior evidence from hydraulic fracturing”, Discussion paper Washington, DC 20036.
  105. Watson, D. and Head, A. (2007), Corporate Finance: Principles and Practice, Harlow, FT/Pearson Education, New York.
  106. Weston, J.F. and Copeland, T.E. (1992), In Managerial Finance, The Dryden Press International Edition.
  107. Wilson, M., Wnuk, K., Silvander, J. and Gorschek, T. (2018), “A literature review on the effectiveness and efficiency of business modeling”, E-Informatica Software Engineering Journal, Vol. 12 No. 1, pp. 265-302.
  108. Wiwattanakantang, Y. (1999), “An empirical study on the determinants of the capital structure of Thai firms”, Pacific-Basin Finance Journal, Vol. 7 Nos 3-4, pp. 371-4.
  109. Yazdanfar (2013), “Profitability determinants among micro firms: evidence from Swedish data”, The International Journal of Managerial Finance, Vol. 9 No. 2, pp. 150-160.
  110. Zhang, L. (2013), The Impact of Ownership Structure on Capital Structure: Evidence from Listed Firms in China, University of Twente, Enschede.
  111. Zulridah Mohd Noor and Siang, L.C. (2014), “Technical efficiency of Malaysian manufacturing small and medium enterprises”, Prosiding Perkem Ke-9, pp. 676-688, ISSN: 2231-962X.

Related articles