Environmental Awareness and Perception on Environmental Management of Entrepreneurs in Batik Industry in Kelantan, Malaysia

Small businesses form a backbone of economy in developed countries as well as indeveloping countries. However, at the same time, small businesses significantlycontributed to environmental degradations because they are preoccupied with matterspertaining to business as well their limitation in resources to look after the environment.In Malaysia, batik industry is one of handicraft products that contributed significant tothe country economy, but the industry has poor environmental record. Yet untilrecently, not many researchers in Malaysia conducted in research pertaining toenvironmental awareness and perception of SMEs entrepreneurs on environmentalissues exacerbated by their businesses. This paper examines entrepreneurs awarenessand perceptions of environmental issues. This study utilized in-depth interviews withthree entrepreneurs in the industry in Kelantan. The results of the study found that notall batik entrepreneurs knowledgeable about batik industry effects on the naturalenvironment. However, all of them had a positive perception about green business andthey agreed that environmental regulations are very important to batik firms. They alsoagreed that the government needs to monitor and tighten up the existing environmentallaws for greener environment in the industry.

IPO Intra Industry Effects on Peer Firm's Earnings, Composition and Stock Returns

The present study is conducted to see how an IPO event affects the existing firm's performance within the same industry. For this purpose, 88 IPO firms were examined from Pakistan Stock Exchange (PSX) from 1998-2016. IPO is examined from three major perspectives IPO proceeds, initial returns and time Lag between IPO listing date and IPO subscription. The study uses Buy and Hold Abnormal Returns (BHAR) and Cumulative Abnormal Returns (CAR) to calculate competitor's abnormal returns. To calculate the operating performance of competitors, the Wilcoxon significance test was applied. IPO intra-industry effects are significant in the long run, whereas insignificant results are shown in the short run. In addition, IPO proceeds and abnormal returns are significant but negatively related to competitors' stock returns (long term). Moreover, Herfindahl Hirschman Index (HHI) finds IPO improves competitiveness in the industry environment. This present study is an important one from an emerging economy perspective.