Selamat Hari raya idul adha,

mudah2an menjadi motivasi untuk berkorban dan memberikan yg terbaik untuk islam dan bangsa.




E-government or electronic government were defined as web-based service to the delivery of national or local government information and services through the internet or any digital means to citizens or businesses or other governmental agencies. Recently, The underlying goal of e-government is to integrate all government agencies to create a “digital nervous system” where communication and the exchange of information take place at very high speed, facilitates relevant government information in electronic form to the citizen, create better service delivery, empowering people through openness access to information without bureaucracy, improved productivity and cost savings in doing business with suppliers and customers of government; and participation in public policy decision-making.


Internet or Web application for supporting government mission is being widely used nowadays and having important implication to ensure success of interaction between government agency and outside constituencies. The outside constituencies could be citizen, businesses, or other governmental agencies itself. To perform all the activities efficiently and effectively, government should implement information and internet technology in the good manner. As the internet users is growth significantly in every region (more than 60% /year according to internetworldstat  source), then the used of internet application will have important effect to promote good governance.

According to Sheridan and Riley (2006), e-government have different focus with e-governance, where the e-government more emphasizes to the development and usage of online service while e-governance mostly dealing with application of ICT’s in general.

The future and development of internet application to support e-government goals (networking with constituencies and stakeholder outside of organization) can be described as follow:

1.       G2C (government to citizen)

Activities where the government provides one stop, on-line access to information and services to citizens that would enable citizen to get information, pay taxes, renew driver license, pay traffic ticket, change address, and watching traffic situation, etc. Government may provide downloadable form online, provide tourism and recreation information, provide advice about health and safety issues.


2.       G2B (government to business)

Government deals with business that used internet and other’s ICT’s tools. It is includes two way interaction and transactions: government to business (G2B) and business to government (B2G). B2G refers to businesses selling product and services to government                                                                while G2B such as

E-procurement and tendering.

3.       G2G (government to government)

It deals with creating network between different government organization or agencies                in order to be more efficient and effective in their operations, such as interlink network to bridge the information between different units in  agency.

4.       Government to constituents (E-democracy)

It is refers to online activities of governments, elected representatives, political parties and citizen for democratic process. Nowadays, most of political member have their own information websites and portals and using email to text the message to potential voters.


Paper output

I’m still thinking how it gonna be, probably by emphasizing more on the importance of internet application to support government mission through e-government policy in order to link with external constituencies regarding information. Moreover, probably i could get to identify the risk of internet application to e-government which i hope can give more inside for future better development of ICT in general.

well, how is ur idea friends?








Rexed, Knut. “The strategic importance of e-government to good governance”. OECD research paper.

Cordella, Antonio.” E-government: towards the e-bureaucratic form?”. Journal of Information Technology. 2007.


Webber, Allan. “From E-Gov to I-Govt. What next for the leading edge government in the digital edge”. Forrester research publication. 2006

Shailendra , Jain Palvia, , Sushil S. Sharma. “E-Government and E-Governance: Definitions/Domain Framework and Status around the World”.  International conference on e-governance proceeding. Hiderabad , India, 2007.

what do you think?

The paper was discussing about whether capital asset pricing model (CAPM) is the best way to predict cost of equity for lodging analysis and finding how another methods can be improved to in order to provide more reliable way in estimating cost of equity.  The result revealed that Price-forward- earnings (PFE) methods with implied cost of equity (ICE) approach is better estimating the result and having reliable result compared to CAPM.

The question that were raised is whether implied cost of equity (ICE) is belong to unsystematic risk or not, since there are two big classification of risk, which is systematic risk (Relates to the variability in the returns due to interest rate changes, inflationary changes, recessions and natural disaster, etc) and unsystematic risk (Relates to the variability in the returns from loss of a key manager, patents, strikes).  

Since the central principal of the CAPM is that systematic risk, as measured by beta, is the only factor affecting the level of return, so I assumed the author considered not only systematic risk, as they mentioned based on their literature studies on Botosan (1997); that revealed there are another factor that influence expected return, therefore Botosan used implied cost of equity (ICE).  It makes me concluded that PFE is belongs to unsystematic risk.

CAPM formula:

ERj = Rf + bj (ERm – Rf)

ERj   = the rate of return that investors require on security j

Rf     = the return on a risk-free asset

bj      = expected return on the overall market

ERm = the Beta coefficient for security j          

So, base on above formula, it is obviously mentioned that CAPM consider beta which is symbol for systematic risk

Another reason that explained during the discussion was the effectiveness of new method implemented in. As CAPM is  device for explaining how markets price capital assets and also explain how an efficient capital market sets a price on individual securities by taking into account their respective risks and the expected returns from holding them, but still the result from CAPM still considered not really significant. Therefore the author developed price to forward earning to make it more reliable.









Picture. Security market line

According to presenter, PFE methods can make the result more close to the security market line compare to CAPM result. This  were cited from the paper’s result.

Moreover, another question was whether price to forward earning (PFE) method also suitable for private companies instead of lodging industries. The presenter said it does be implemented in another industry, but they didn’t mention further. According to the literature, cost of equity can be estimated by using another method also, such as weighted –average cost of capital (WACC). The company’s WACC will be the discount rate that will be used to discount the expected future cash flows from their investments.

My comment is it was too complicated to use many methods in estimating cost of equity. The author mentioned 6 level of methods and all of them having different result. I was wondering if such particular methods were used to non-lodging industry, were it be produce different result also? Let say, the PFE is the best methods to estimate cost of equity for lodging industry, but were the result would be the same if I use non-lodging industry, and PFE is still considered as the best methods also?  

Topic : The effect of cash flow and size on the investment decisions of ICT firms : a dynamic approach

The paper was discussing about sensitivity of firm investment to set their financial investment using flexible adjustment dynamic model. Author set up  the method by examining the degree to which firm’s liquidity  influences firm investment and also investigated whether  firm size and firm specialization having additional effects to firm investment. The result show that all the firm having sensitivity to the availability of internal funds, investment intensity will decrease along with firm size and leverage having negative effect on ICT firm’s investment.


The paper entitled “ being emotional during decision making- Good or Bad? An empirical investigation”, written by dennis page, Myeong-Seo and Lisa Feldman Barret were investigated the role of emotions in stock trading via simulation involving 101 traders recruited from investment clubs and paid $100 to $1000 based on performance during simulation. They conclude that:

  1. traders who experience more intense emotions while trading tend to outperform
  2. traders who keep their emotions from affecting trading decision tend to outperform.
  3. Traders who are better able to identify the intensity of their current negative emotions tend to outperform based on superior ability to control the possible biases induced by these emotions. Those are less able to identify their specific feeling at the moment decision underperform due to the influence of emotions they ignore or do not understand

During the discussion there several question were asked such as the influence of another factor instead of internal factor coming from the traders.

I also post the question about how we can prevent from being knocked off track by our negative emotions during trading. I found the answer that we should try to enhance of our degree of self conscious, we should try to make choices not only based on what the stock market telling us and what other people were doing, but also we have to put big attention on basis of rules that we are putting in advance.

Another question were should we discard our first impulses altogether since I assume in every starting of transaction we will be influenced by a lot of factor that might be come together in the same time, for instance we look for something we like and then we want to buy it and in the same time other people didn’t like it and they sell it. It means we have to involve our emotions to make our decision in the same time to face with external factor that have high possibilities to influence our decision. I conclude that we have to make policy and try to limit and under control of our self therefore it will help to decide right decision.

 Hedging with the gold dinar
The 1997 East Asian currency crisis made apparent how vulnerable currencies can be.
The speculative attacks on the ringgit, for example, would have devastated the economy if not for the quick and bold counteractions taken by the government, particularly in checking the offshore ringgit transactions. The need for firms to manage their foreign exchange risk also became apparent.
Many individuals, firms and businesses found themselves helpless in the wake of drastic exchange rate movements. Malaysia’s being among the most open economies in the world in terms of international trade reflects the degree of its exposure to foreign exchange risk. The Economist magazine’s Pocket World in Figures (2002 edition) ranks Malaysia the second-most trade-dependent country in the world. Trade as a percentage of gross domestic product is 92 per cent for Malaysia, even higher than for Singapore, which ranks third with a figure of 78.8 per cent.
Today, exchange rate risk is a marked phenomenon in the floating exchange rate regime. Many international investment, trade and finance dealings are shelved due to the unwillingness of parties concerned to bear the foreign exchange risk. It is, however, imperative for businesses to manage this foreign exchange risk so that they may concentrate on what they are good at and eliminate or minimise a risk that is not their trade.
Elsewhere, traditionally, currency derivatives — forward, futures and options contracts — have been used for this purpose. However, in many nations including Malaysia, futures and options on currencies are not available. The Malaysian Derivatives Exchange (MDEX) makes available a number of derivative instruments — Kuala Lumpur Composite Index Futures, Index Options, Crude Palm Oil Futures and Kuala Lumpur Inter-Bank Offered Rate Futures — but not ringgit futures or options.
Even in countries where currency derivative markets exist, not all derivatives on all currencies are traded. At the Philadelphia Stock Exchange in the US for example, derivatives are available only on selected major world currencies like the yen, sterling and Australian dollar — against the US dollar, mostly. For most other currencies of the world, including those of almost all developing nations, there are no formal tools for hedging the foreign exchange risk that has become immensely significant in today’s global business environment.
Recently, Prime Minister Datuk Seri Dr Mahathir Mohamad mooted the idea of a gold payment system — the gold dinar — to settle bilateral and multilateral trades among countries and thereby eliminate foreign exchange risk. In this mode, gold is to be used as a medium of exchange and as a unit of account instead of the national currencies. Prices of exports and imports are to be quoted in units of gold weights. It is important in this structure that gold itself, and not national currencies backed by gold, is used for pricing, for otherwise it would not then be different from the gold standard of the past. Instruments backed by gold are vulnerable to easy abuse — which is what brought on the failure of the gold standard.
In the gold dinar system, the central bank would play an important role of keeping national trade accounts and providing a secure place to keep gold. When Malaysia trades with Indonesia, for example, the gold accounting is kept through the medium of the central banks of both countries and only the net difference between the two is settled periodically. Nevertheless, every transaction in essence involves gold “movement”.
Since bilateral and multilateral trades are ongoing processes, any gold that needs to be settled can always be brought forward and used for future transactions and settlements. On the ground, commercial banks that support gold accounts are viable partners in the implementation of the gold dinar system.
International trade and finance participants would deal with the commercial banks that provide such gold accounts. These commercial banks would in turn have gold accounts with their respective central banks. The above structure may sound a lot like the gold standard, but it is not. Gold, and not gold-backed instruments, is the medium here.
As an example, consider that Malaysia exports 100 bullion gold worth of goods and services to Indonesia while importing 80 bullion worth. Hence, Malaysia has a surplus trade of 20 bullion. Indonesia needs to settle only this difference of 20 bullion. However, this amount could be used for settling future trade imbalances between the countries and hence a physical gold movement between the countries is not necessary. Note that this simple structure eliminates exchange rate risk.
This means there is no need for forward, futures or options trades on the currencies. All countries, including those without such derivative markets, can enjoy this benefit. After all, developing a derivative market is costly and time-consuming. It also introduces inefficiency to the market since additional transaction costs need to be incurred.
Unlike the forward, futures and options markets, the gold dinar does not depend on speculators for increased liquidity. By being a global currency, it is capable of providing the needed liquidity without bestowing any “unfair” seigniorage on any particular currency. Also, unlike imperfections of hedging that are likely to happen with forward contracts, futures and options due to the standardised nature of these contracts, the gold dinar does not introduce such imperfections.
With the gold dinar, the hedging cost is fixed against gold, but note that even when hedging is done in any currency denomination, there is still risk in the fluctuation of that currency. Gold is superior here because it has intrinsic value. A hedger also pays neither the initial margin nor daily variation margins, as is the case with currency futures. Such margins are potential cash flow burdens on hedgers.
Even though the international gold price may fluctuate, the participants in a gold dinar system realise that unlike national currencies, gold has a stable intrinsic value that can be depended upon for continuous trade into the future. Even though with the existence of national currencies speculation and arbitrage on the price of gold could tempt a participating country to redeem or sell its gold, it should resist such temptations for the sake of stable and continuous future trades.
A regulation requiring that the gold stock with the central banks be used only for settling real transactions may be necessary. At this juncture, one may ask the question: How does this structure differ from a simple barter trade between countries? The advantage is that gold acts as a unit of account and thereby eliminates problems associated with barter.
The gold dinar would also reduce speculation and arbitrage between national currencies. For example, if three countries agree to use the gold payment system, then it is akin to the three currencies becoming a single currency. Accordingly, speculation and arbitrage among these three currencies will be reduced or even eliminated. This “unification” of the three currencies through the gold dinar provides diversification benefits.
It is like obtaining diversification through a portfolio of shares. Individual currencies face risks that are unique to the issuer country. For example, political turmoil can cause a national currency to depreciate, but in a unified currency such risks would be reduced. In fact, since people of all races, creeds and nationalities treasure gold, it is a suitable global currency that will enjoy global acceptance.
This means no single country’s unique risk may be significantly embedded in gold. However, the gold dinar system entails legal obligations between the parties concerned, just like the forward and futures contracts; and it may not be easy for a trader to remove this obligation easily as is possible with futures.
In my opinion, the gold dinar if implemented is similar to the forward contract but with its problems of “barter”, speculative and arbitrage elements removed; and is also a superior tool for managing foreign exchange risk compared to the futures and options contracts.
The gold dinar is likely to reduce transaction costs too, since only accounting records need to be kept. Transactions can be executed by means of electronic media with minimal cost. Hence, for international trades in this system, one no longer needs to open a letter of credit with a bank, incur exchange rate transaction costs (that is, the different buying and selling rates for currencies) or even face exchange rate risk.
The gold dinar system also reduces the need to create large amounts of national currencies through multiple deposit creation in the banking sector. This therefore reduces the possibility of excessive speculation and future attacks on the ringgit like the one in 1997. The banking sector can compensate for this “implied” loss by viewing the gold dinar system as an opportunity and thereby providing the necessary services in collaboration with the central bank.
The current global financial system is showing signs of instability, which in my opinion is partly but significantly due to the fiat nature of money. The problem lies with its attribute that it is created and destroyed in the financial system. Such instability is currently observable in the US. The financial distress depicted by a number of huge firms lately is bound to destroy a large sum of fiat money that in turn can be expected to bring about a banking crisis just like that experienced in Malaysia in 1997-98.
Gold, on the other hand, has all the characteristics of a good currency; it is desired and highly valued for its own sake, homogenous, stable, durable, divisible and mobile; and can neither be created nor destroyed. It can thus play the role of a stable international unit of account that is profoundly missing in the current floating exchange rate system since the demise of the Bretton Woods in 1971.
Perhaps we can take our cue from Nobel laureate Robert Mundell, who predicted that gold would again be part of the international monetary system in the 21st century.

Dr Ahamed Kameel Mydin Meera is head of the Department of Business Administration, Faculty of Economics and Management Sciences at the International Islamic University, Malaysia.


Tulisan ini saya dapat dari tulisan salah seorang teman..
Pernikahan atau Perkawinan, membuka tabir rahasia……
Proses pencapaiannya memakan satu perjalanan panjang..
Kadang, untuk menuju ke sana, Tuhan Yang Maha Bijaksana pun justru memberi kesusahan untuk menguji kita..
Tak jarang Ia melukai hati, hingga hikmahnya tertanam dalam..
Tak perlu kita pertanyakan, “apa maksud Tuhan ?”
Karena andai kita berbesar hati dan mau mencerna,
Tuhan punya alasan tersendiri yang memang sukar dimengerti…
Yang pasti..
jika kita kehilangan cinta, kita harus tetap percaya
bahwasanya, ketika Ia mengambil sesuatu, Ia telah siap memberi yang lebih baik..
Menunggu….! itu satu pilihan..!
Toh, walaupun suami yang kau tunggu tentunya tidaklah semulia Muhammad…
Tidaklah setakwa Ibrahim….
Pun tidaklah setabah Ayub…
Atau segagah Musa…
Apalagi setampan Yusuf..
setidak-tidaknya, suamimu adalah pria akhir zaman..
Yang bercita-cita membangun keturunan yang sholeh…
Mengapa menunggu..?
Karena walaupun kita ingin mengambil keputusan, kita tidak ingin tergesa-gesa…
Karena walaupun kita ingin cepat, kita tidak ingin sembarangan….
Karena walaupun kita ingin segera menemukan orang yang kita inginkan, kita tidak ingin kehilangan jati diri dalam proses pencarian itu….
Jika ingin berlari, belajarlah berjalan dahulu…
Jika ingin berenang, belajarlah mengapung dahulu…
Jika ingin dicintai, belajarlah mencintai dahulu….
tetap lebih baik menunggu orang yang tepat, orang yang kita inginkan, orang yang dicintai dan mencintai, ketimbang memaksa dan memuaskan diri dengan apa yang ada……
karena…hidup ini terlampau singkat untuk dilewatkan bersama pilihan yang salah..
Berani bertindak gegabah, layaknya berani menerima resiko….
Bunga mawar tak mekar dalam semalam, namun bisa layu dalam sedetik…
Kota Palestina tak dibangun dalam sehari, namun bisa hancur dalam sekejap..
Perkawinan tak dirajut dalam pertimbangan sesaat, namun bisa saja musnah, juga dalam sesaat….!
Pernikahan atau Perkawinan, bukanlah akhir dari sebuah perjalanan…
Itulah yang kelak mengajarkan kita kewajiban bersama…
Suami menjadi pelindung, istri penghuninya….
Suami adalah nahkoda kapal, istri navigatornya
Suami bagai balita yang nakal, istri penuntun kenakalannya…
Saat suami menjadi raja, istri menikmati anggur singgasananya..
Seandainya suami supir yang lancang, sabarlah memperingatkannya…
Akan halnya…
Haruskah terus menunggu..?
Jawabannya ada pada diri kita…
Pastinya, menunggu mempunyai suatu tujuan yang mulia dan misterius…
Menguji kadar iman dan takwa….
belajar meniti sabar dan Ridha….
Seribu kali gagal, seribu satu kali mengulangi….
Toh, tak perlu mendambakan yang benar-benar bersahaja….
Karena memiliki suami yang tak cela,
justru kamu kan tersentak dari alpa…
Kamu bukanlah Khadijah….
yang begitu sempurna dalam menjaga…
Pun bukanlah Hajar…
yang begitu setia dalam sengsara….
Kamu hanyalah seorang wanita biasa,
yang terus berusaha menjadi Sholehah….
Pada akhirnya…
Cinta yang agung, terus bertambah selama kehidupan….
Banyak hal yang indah, memang memerlukan waktu yang tak singkat….
dan penantian yang tak pasti….
Akan tetapi….
Walaupun menunggu membutuhkan pengharapan…
Namun tetap menjanjikan satu hal yang tak dapat seorangpun bayangkan..
Mari kita kembalikan kepada-Nya…
Dia Yang Maha Pengatur, dengan segala keagungan-Nya menuntut kita untuk selalu bersabar dalam setiap penantian…..
Lagi-lagi untuk sebuah alasan….
Entah apa…!!