Budget Support to SME for Malaysian Budget - Assignment Example

Budget Support to SME for Malaysian Budget Table of Contents Table of Contents 2 Introduction 3 Thesis ment 5 Literature Review: The Relationship between Budgets and SMEs 5 The Components of Malaysian Budget 2013 and Its Impact on SMEs 9 Comparison of Malaysia budget for SMEs with other Developed and Developing Nations 13 Impact of the Budget Planned on Malaysian SMEs Sector and the Economic Aim of 2020 16 Conclusion 20 Works Cited 21 Introduction Owing to the increasing contribution made by the Small and Medium Enterprises (SMEs) towards the economic growth of a particular region, governments of various countries, especially the developing countries, have been observed to render greater assistance and growth opportunities to the sector. It is often explained by the industry experts that SMEs operate as one of the most promising sources of employment and national income which must be considered when planning for future economic operations such as budgeting. SMEs are differentiated from other enterprises on the basis of the total number of employees involved with its operations as well as in terms of the capital used. Moreover, SMEs are also differentiated on the ground of turnover or total balance sheet amount over a certain period of time (European Commission, “Small and Medium-Sized Enterprises (SMEs)”). The role of SMEs currently played within the context of a developing nation can be well-explained with the illustration of Malaysian economy. In the current day context of Malay economy, SMEs play important functions in order to develop the industrial sectors. Furthermore, SMEs are considered as significant contributors for the development of the Malaysian economy (Radam, Abu and Abdullah, “Technical Efficiency of Small and Medium Enterprise in Malaysia: A Stochastic Frontier Production Model”). In Malaysia, SMEs are identified in accordance with activities performed, the size of the enterprises along with the extent of turnover attained by these entities over a certain period (Saleh and Ndubisi, “An Evaluation of SME Development in Malaysia”). Malay SMEs are defined into two categories, i.e. (1) manufacturing services and agro-based industries and (2) service, primary agriculture as well as Information and Communication Technology (ICT) based on their annual turnovers and their total worker population. SMEs in the manufacturing services and agro-based industries segments operate with the manpower of around 150 employees on a full time basis. Additionally, the annual turnover of these enterprises accounts to around RM 25 million (Saleh and Ndubisi, “An Evaluation of SME Development in Malaysia”). On the other hand, SMEs of the service, primary agriculture as well as Information and Communication Technology (ICT) sectors employ around 50 workers on a full time basis, while, the annual turnover of these enterprises are accounted to be around RM5 million (Saleh and Ndubisi, “An Evaluation of SME Development in Malaysia”). Contextually, analyzing and recording its apparent inclusion in the overall economy structure of Malaysia along with other developing nations such as India, Uganda, Namibia and others, governments have been rendering immense significance to the resources allocated to SMEs when attempting for economic budget planning (OECD, “Promoting SMEs For Development”). A budget, in general, represents the documentation of monetary capital or investment required in order carry out proposed plans for performing the desired business operations in an effective manner. Moreover, budgets represent the expenditures required for conducting the activities of a proposed plan in an efficient manner. It also aims to determine the amount of income which is to be generated after the completion of work in accordance with the proposed plan (CIVICUS World Alliance for Citizen Participation, “Budgeting”; The World Bank Group, “Budgeting”). Thesis Statement In this thesis, the discussion will emphasize on the significance of SMEs in relation to the budgetary planning of developing nations, taking into account the recent illustration of the Malay economy. Therefore, the components of the 2013 budget of Malaysia will be analyzed in the following discussion with the aim to evaluate the budgetary impacts on Malay SMEs. The discussion will further emphasize on analyzing the budgets planned for SMEs in other countries to compare the findings with the futuristic implications of the budget prepared by the Malay government. From a critical perspective by taking into account the global dimension, the thesis will ultimately aim at recognizing the impact of Malay budgetary planning, with significance to SMEs, upon its target for 2020. Literature Review: The Relationship between Budgets and SMEs Budgets are prepared with the intention of assisting the strategic operations of an economy or a business with better financial planning in order to allocate resources in an efficient manner. According to Jasra, Khan, Hunjra, Rehman and Azam, SMEs can be identified as enterprises with limited resources. Owing to this particular feature, the resources of these enterprises are required to be allocated effectively to obtain the highest possible return. Moreover, SMEs are often recorded to face varied difficulties in allocating resources with appropriate financial support. Furthermore, most of the SMEs have to deal with single category of product/service to be marketed, lacking diversification, along with the limitation of effective budget controls (Jasra, Khan, Hunjra, Rehman and Azam, “Determinants of Business Success of Small and Medium Enterprises”). According to Eker, recently governments of various nations have been observed to formulate programs for SMEs with the motive of improving the performances of the sector from a long-run perspective. It is worth mentioning in this context that SMEs have to perform business activities in accordance with better allocation of budget for running business operations smoothly. Hence, budget can be regarded as an important element considered for managing as well as controlling the activities of SMEs for the sustainable development of these enterprises. Eker also noted that SMEs have emerged as a significant factor for the development of any economy as well as for stabilizing socio-economic. Therefore, efficiency of SMEs to perform better through more efficient budget planning, have also emerged as a significant concern for governments in various nations (Eker, “The Impact of Budget Participation on Managerial Performance via Organizational Commitment: A Study on the Top 500 Firms in Turkey”). According to Qi, budget is prepared with the motive of devising a quantitative plan for acquiring varied information about the utilization of financial as well as other resources such as materials as well as labor forces among others. It is in this context that the acquired information assists the management of an organization for formulating effective strategies over the long-run as well as in the short term scenario. Resources as well as the sizes of SMEs are limited due to which the budgeting process of such enterprises are dissimilar in comparison to large business enterprises which further increases the criticality of governmental assistance in the sector. An empirical study conducted by Qi, based on a similar issue revealed that Chinese SMEs have been highly benefitted by governmental assistances to facilitate budget control among the players of this sector. The findings further advocated that budgetary assistances in terms of tax reliefs, subsidies and capital play major roles in encouraging SMEs to perform better in the short-run as well as in the long-run(Qi, “The Impact of the Budgeting Process on Performance in Small and Medium-Sized Firms in China”). According to Ball, budgets are prepared at the national level with the motive of improving the performance of SMEs as well as large enterprises. Moreover, with the development of enterprises, it is viewed that economic growth can also be enhanced within a national context over the long-run period. It has been observed by Ball that comparatively, SMEs are mostly impacted by the management tool, budget in comparison to its influences upon large sized enterprises. Furthermore, budget also assists SMEs to strengthen as well as transform their business operations in order to efficiently perform in the competitive business environment. To be illustrated, the Singaporean budget prepared in the year 2012, with the objective of providing enhanced financial support to SMEs and thereby assisting them with the development of capabilities in order to perform business operations effectively. Moreover, the Singaporean budget also assisted the SMEs in investing more in training as well as developmental programs with the intention of improving employee performances within the sector. Furthermore, SMEs are also provided with tax reliefs as well as with a certain degree of financial support with the intention to facilitate better budget control and employment opportunities (Ball, “Singapore Budget 2012 Synopsis”). According to Nioclais and Coleman, budget for the year 2013 planned by the Irish government emphasized on the objective of providing better opportunities of growth and likewise support the SMEs sector to facilitate the overall economic growth making it self-sufficient or liberal in terms of resources by a larger extent. In accordance with the budget, Irish SMEs have been facilitated with varied policies to improve competitiveness as well as their business operations. Correspondingly, the SMEs are provided with the opportunities of corporate tax exemptions which had been established and were planned to be instigated within the period of 2012 to 2014. According to the governmental subsidies planned in the budget, Irish SMEs being set-up within the aforementioned period will be eligible to carry forward the tax credit recorded during their initial three years to be utilized for future business operations. Moreover, SMEs are also facilitated with cash receipts which are recorded to obtain a turnover are less than 1.25 million Euro as well as whose 90 percent of customers are unregistered. Furthermore, SMEs are also offered with Research and Development (R&D) opportunities in order to improve production operations of these companies (Nioclais and Coleman, “Budget 2013 –implications for Irish SMEs”). According to Chittithaworn, Islam, Keawchana and Yusuf, there are various factors which tend to influence the performances of business operations among SMEs which include the characteristics of these industry players, their management skills, their strategies, their finances as well as resources among others. It is with this concern that the government needs to take initiatives in allocating funds as well as financial resources to industrial sectors with the motive of improving their performances. Illustratively, in Thailand, SMEs are regarded to play an important role towards the development of economic as well as societal conditions of the overall economy. Therefore, the government has been emphasized on formulating budgets for enhanced performances of SMEs which in result may ascertain better economic conditions in the near future (Chittithaworn, Islam, Keawchana and Yusuf, “Factors Affecting Business Success of Small & Medium Enterprises (SMEs) in Thailand). The Components of Malaysian Budget 2013 and Its Impact on SMEs One of the crucial objectives of the Malaysian Budget of 2013 has been intended towards the overall improvement of the working conditions as well as profitability of SMEs operating within the economy. The main purpose of the budget has been to improve the economic growth prospects as well as the socio-economic prosperity of Malaysia in the long-run. The budget was proposed with an amount of RM 251.6 billion for executing business projects denoting advantageous measures for the improvement of the SMEs, considering the sector to be the backbone of the nation (The New Straits Times Press (Malaysia) Berhad, “2013 Budget Highlights UPDATE”). The Malaysian budget of 2013 was also proposed with the motive of minimizing fiscal deficit by lessening its dependency on the global market and thereby becoming more liberal in terms of resources. In accordance with the budget of 2013, the Malay economy is required to be developed through varied investment policies initiated in the budget (Wong & Partners, “Highlights of the Malaysian Budget 2013”). In its budget, the Malay government approved certain amount of funds to be allocated in order to improve business operations within the SMEs sectors supporting their operating expenditures. Moreover, funds were also allocated for developmental expenditures incurred by the SMEs with the objective of improving the labor environment as well as in facilitating the overall development of the economy with respect education, rural development, health as well as development of community among others in the long-run (TheChoice, “Dewan Rakyat Formally Approves Budget 2013”). The main focuses of the Malaysia Budget of 2013 have been divided into five segments which are discussed as follows: First Focus: Boosting Investing Activities In its first focus, the Malay government intends to boost the investing activities within the economy with the effective execution of the 12 National Key Economic Areas (NKEAs) (Performance Management & Delivery Unit (Pemandu), “NKEA: National Key Economic Area”). With this aim, the Malay government has formulated Domestic Investment Strategic Fund (DISF) which is believed to encourage as well as accelerate domestic investments in supply chain activities on global prospects (Ministry of International Trade and Industry, “MIDA Receives 15 Applications for Domestic Investment Strategic Fund”). The DISF was established under the supervision of Malaysian Investment Development Authority (MIDA) with a total fund amounting to RM 1 billion. A budgetary masterplan for SMEs was also formulated in the budget with the objective of pacing up growth of SMEs in terms of productivity as well as innovation (SMECORP, “Action Plan to Accelerate Growth”). The budgetary masterplan concerning SMEs has been formulated on the basis of 32 initiatives which include 6 High-Impact Programs (HIP) being funded with RM 30 million (Securities Commission Malaysia, “THE 2013 BUDGET”). Second Focus: Strengthening Education and Training The Malay government has taken greater initiatives to encourage education in the country as well as to promote educational programs with the sole intention to facilitate the labor market by a greater extent. Contextually, Investments are required to be made on educational as well as training programs with the motive of improving prosperity of Malaysian employment market in the global perspective. In the year 2012, the ‘Ministry of Education’ had commenced a program with the name ‘Malaysia Education Blueprint 2013-2025 Preliminary Report’ with the aim of improving the education system of the country, which in intended to be continued in the upcoming years being facilitated by the budgetary concerns of the government (BERNAMA, “BUDGET: RM38.7 Billion To Strengthen Education And Training”). The government of Malaysia has also formulated other programs as well as policies which include ‘Graduate Employability Blueprint’, ‘1 Malaysia Training Scheme Program (SL1M)’ as well as ‘Skills Development Fund Corporation (PTPK)’ are undertaken by the government of Malaysia to enhance the education system of Malaysia. The belief behind approving these budgetary concerns affirms that these educational as well as training programs will facilitate the country with better human resources availability for future requirements of business enterprises (Dudley and Jaya, “2013 BUDGET: Priority to Education and Training will pay off”). Third Focus: Inculcating Innovation, Increasing Productivity The third major aim of the budget is to assist SMEs in expanding business operations through the use of Intellectual Property Rights (IPRs) and R&D. The utilization of IPRs is with the expectation to aid SMEs in acquiring financial assistances for performing business operations in an effective manner to obtain long-run benefits. Moreover, IPRs are planned to be valued successfully in the SMEs sector for obtaining better financial support from varied financial institutions. SMEs are also intended to be facilitated with better resources for the overall enhancement of the R&D functions (Azhar, “2013 Budget to Boost Innovation in Malaysia”). In accordance with the budget planned, funds have also been allocated to SMEs particularly on these two elements, i.e. IPRs and R&D functions. Moreover, the government has also initiated plans which include Green Technology Financing Scheme (GTFS) for improving innovation activities as well as technological aspects of Malaysia in the upcoming years (Goh, “Green Technology: A National Commitment to Clean Living”). Fourth Focus: Fiscal Consolidation and Enhancing the Public Service Delivery The Malay government has devised various programs as well as policies in order to improve the fiscal condition of the country in its recent budgetary planning for the fiscal year 2013. Plans are formulated for allocating funds as well as in offering financial support to various industrial sectors adequately. This particular strategy has been considered with the assumption that facilitated industrial growth will further augment the chances of rapid economic advancement in all the sectors, both the short-run and in the long-run (NAM Institute for the Empowerment of Women (NIEW), “Prospering the Nation, Enhancing Well-Being of the Rakyat: A Promise Fulfilled”). Fifth Focus: Enhancing Well-Being of the Rakyat The Malay has also initiated programs as well as policies for improving the Rakyat, who are the tribal groups of Malaysia, as well as for the development of the country. All these policies as well as programs are financed by the government of Malaysia with a sum of RM6 billion. The projects as well as programs initiated under this segment of the Malay Budget 2013 intends towards improving the current socio-economic conditions of the country by maintaining health clinics as well as schools, plans devised for lessening flood and other kinds of natural risks as well as development of water tanks (Malaysian Digest, “Budget 2013 Highlights”). These programs as well as policies will facilitate SMEs in conducting business operations in better socio-economic conditions maintaining stability in its social environment, even amid the Rakyat community. Comparison of Malaysia budget for SMEs with other Developed and Developing Nations SMEs in European Union (EU) In EU, around 99 percent of business operations are conducted through SMEs for which this particular economic sector is regarded as an important element for the growth of the economy. It is not only considered as a vital element in the national income generating process, but is also examined as a promising sector for providing increasing job opportunities to the people of the nation. It has been observed that almost 85 percent of jobs have been created in EU within the period of 2002 to 2010 by SMEs. However, SMEs in EU have been recorded with lesser innovative activities as well as minimum expenditure in R&D activities in comparison to the US SMEs sector. Notably, in its budgetary plan, EU has devised Seventh Framework Program (FP7) with the motive of providing better financial support to SMEs to improve their growth as well as performances in the long-run allocating an amount of around €1.2 million. Moreover, SMEs are also facilitated with the Co-operation Program and a sum of €150 million in EU (European Commission, “European Union Support Programmes for SMEs”). In correspondence with the Co-operation Program, SMEs are offered with Risk Sharing Instruments (RSI) which was commenced in the year 2011. Additionally, SMEs are facilitated with lower credit interest policies to acquire financial support from banks to eliminate risks associated with conducting business operations in EU. SMEs operating within the EU region are also assisted with the Capacities Program to improve innovation related activities as well as R&D activities performed by the SMEs. This particular program also attempts to facilitate SMEs in expanding their research activities for obtaining better sustainability and competencies in their targeted markets. With a similar concern, the European Commission (EC) had planned to offer around 15 percent of the total budget allocated to the Cooperation Program in accordance with FP7 for the development of SMEs in EU, in the year 2012. In relation to budgetary plans for the year 2013, strategic concerns have been formulated specifying that around 20 percent of the allocated budget in the Co-operation Program will be allocated to SMEs (European Commission, “SMEs in WP2013”). In EU, there are other programs as well, such as ‘Ideas’ and ‘People’ among others with the objective of assisting SMEs to perform their business operations in a competitive manner (European Commission, “European Union Support Programmes for SMEs”). SMEs in China In China, SMEs have faced severe problems in conducting business operations in an effective manner due to liquidity problems. The ‘Ministry of Finance’ (MOF) in China has therefore devised plans for better capital management as well as to offer improved financial support to SMEs. In accordance with the devised plans of MOF, there are five forms of financial support planned to be provided to SMEs in its budgetary concerns for the upcoming years. These financial supports will assist SMEs in developing technologies along with facilitating the improvement of the infrastructures of SMEs, expansion of the scope of operations for SMEs as well as in offering better quality services to the public through SMEs. It is worth mentioning in this context that with the motive to facilitate better development of the SMEs, in the year 2012, the central government of China had allocated a sum of 14 billion Yuan through budgetary planning (China Central Television, “China Supports SMEs with Special Funds”). Comparison with the SMEs in Malaysia In Malaysia, SMEs are considered as important factors influencing the overall development of the economy as well as for the prosperity of the nation. Recent records depict that SMEs in Malaysia executes around 99.2 percent of business operations performed within the country. (Omar, Arokiasamy and Ismail, “The Background and Challenges Faced by the Small Medium Enterprises: A Human Resource Development Perspective”). In accordance with the budget formulated by the Prime Minister of Malaysia, SMEs are planned to be funded with enough finances as well as with other resources in order to develop SMEs technologically for the better expansion of its business operations. The budget planned for the year 2013, especially focuses on five main segments for enhanced development of SMEs with a greater motive to improve economic conditions of the country. In comparison to the budgetary concerns for the SMEs sector in the EU and China, it can be stated that Malay government also renders due significance to the particular segment in its economy, regarding it as a significant contributor of national income and employment opportunities (SMECORP, “Structural Characteristics of Malaysian SMEs”). Contextually, it can be observed that similar to the other nations, the Malaysian Budget 2013 emphasizes upon rendering effective and encouraging subsidies to the SMEs in terms of lowered tax charges, credit interest facilities and capital as well. However, the productivity of SMEs in Malaysia is lesser in comparison to other developed as well as high income nations such as in the case of EU and China. Furthermore, SMEs of Singapore are recorded to be more productive in comparison to the Malay SMEs which in turn increases the necessity of facilitated budget concerns in the context of Malaysian economy. Moreover, SMEs in the US are also observed to be more productive in comparison to the Malaysian SMEs. From a critical perspective, it can be stated that the low productivity of Malaysian SMEs has been fundamentally caused due to its limited infrastructural capabilities and access to the global market (SMECORP, “Structural Characteristics of Malaysian SMEs”). Impact of the Budget Planned on Malaysian SMEs Sector and the Economic Aim of 2020 SMEs in Malaysia can be observed to operate diversely as they are involved with activities including petty trading, manufacturing as well as provide technical service marketing. Another major characteristic of SMEs in Malaysia, had fundamentally originated from commodity based services, expanding its operations to manufacturing activities. Now-a-days, Malay SMEs can also be found to operate in the technology sector such as in the electronic sectors, where they are mostly aided by FDIs. Furthermore, with the advancement of technology as well as globalization, local SMEs face challenges from other large enterprises as well as from Multinational Corporation (MNCs) which further tend to disrupt their growth process in the global context. It is fundamentally owing to these concerns that Malaysian SMEs are required to adopt latest technologies as well as opportunities in order to perform business operations in an efficient manner competing in the global forefront (Whah, “Small and Medium Enterprises in Malaysia: New Challenges and Future Research”). The impact of the developed budget planning upon the operations of the SMEs in Malaysia and correspondingly upon its target for 2020 can be examined with reference to the SME Masterplan of 2013, which has been formulated with the objective of improving the performance of SMEs in the economy. Malaysia has planned to facilitate the SMEs and other related economic sectors with the adoption of a ‘game changer’ policy, in terms of Masterplan at the governmental level to become high income nation by the year 2020. With due consideration to the role played by SMEs, the Masterplan adopts a SME development approach which is intended to be based on the periodic outcomes obtained from the sector. The programs which are implemented through this approach will further be monitored through the Monitoring and Evaluation system for determining the effectiveness of these programs. Additionally, the government of Malaysia with the association of World Bank has also undertaken the task of identifying the impact of 15 SME development programs. Consequently, the Human Resource Development Fund (HRDF) allocated to the SMEs in accordance with the Masterplan also showed a positive outcome in relation to investments as well as productivity along with intensity of capital within the sector (Star Publications (M) Bhd, “Budget 2013: Tax Breaks, Affordable Housing And Cash For The Needy”). The growth of SMEs are further planned to be accelerated through the identification and implementation of forces which assist their development in the budget plan of 2013. There are six factors or challenges which are identified in the Masterplan for the development of SMEs including the adoption of technology, development of human capital, financial assistance, better access to prospective markets, stable and encouraging legal environment as well as infrastructural improvements of SMEs. Stating precisely, the Masterplan can be observed to have adopted two strategies in order to deal with the aforementioned challenges. Firstly, a differentiated strategy has been adopted with the motive of ascertaining to the requirement of SMEs. Secondly, a targeted approach has been adopted in the budget planned for the year 2013 in order to encourage innovation as well as the adaptation of advanced technology to perform business operations efficiently in the global platform. Contextually, the Masterplan comprises of 32 initiatives which include 6 HIPs as well as 4 thematic measures. The 6 HIPs is expected to assist SMEs to perform business operations effectively as well as to accomplish goals of the Masterplan in 2020. The thematic measures are further planned to be implemented in the current year, i.e. 2013 with the intention of better acquisition of resources as well as enhancing the market share of products developed by SMEs not only in the national but also in the international context (Star Publications (M) Bhd, “Budget 2013: Tax Breaks, Affordable Housing And Cash For The Needy”). The SME Masterplan indicates the development of sector as well as business operations efficiently in the global competitive market. The 6 HIPS are accounted to make the Masterplan a success where numerous measures have been adopted in the budgetary planning to assist SMEs to grow effectively in the long-run. For instance, the private sectors of Malaysia are targeted to accomplish the Masterplan; whereas, simultaneously, the government of Malaysia will facilitate in providing better business environment to SMEs. According to the budgetary planning, if the policies as well as programs of the Masterplan are implemented in an efficient manner, the percentage of national Gross Domestic Product (GDP) contributed by SMEs will raise to 41 percent on an average in 2020, as compared to 32 percent recorded in the year 2010. The rate of employment in Malaysia will also rise to 62 percent in the year 2020 as along with the total amount of export by 25 percent (SMECORP, “Summary SME Masterplan”). From an overall perspective, it can be observed that the 6 HIPS as well as 4 thematic measures along with other strategic initiatives planned in the budget designed for the year 2013, if implemented in a proficient manner, will assist SMEs to perform effectively over the future years. Moreover, better monitoring systems for identifying the impact of the aforementioned policies as well as programs will aid SMEs to perform their business operations effectively. Thus, it can be stated that the efficient execution of plans as well as policies of SME Masterplan will positively assist Malaysia to be recognized as a first world country by the year 2020. Conclusion With reference to the above discussion, it can be apparently stated that Malaysian SMEs are considered as an important contributor for the development of the industrial sectors as well as the economy of the country. However, the prevailing conditions of the Malay economy reveals various challenges to be faced by the SMEs in the economy and therefore governmental assistance have emerged as a vital concern to the sector so as to flourish in the national as well as global platform. With a similar concern, the Malaysian budget of 2013 has been formulated with the objective of improving the performances of SMEs. From an overall point of view, it can be observed that the budgetary planning considered by the Malay government in the year 2013 provides significant concern towards t the better performance of SMEs, assisting the players to overcome the challenges witnessed and obtain the opportunities prevailing in the global as well as in the local markets. Aiming at the long-run prosperity of the SMEs sector, a SME Masterplan has also been formulated by the Malay government with the motive of improving the economic conditions currently witnessed to such an extent which will enable the country to be identified as a high income nation by the year 2020. With this concern, the Masterplan comprises of policies as well as programs which intends to assist in accomplishing goals as well as objectives of the economy set for the year 2020. Works Cited Azhar, Nur Azrina. 2013 Budget to Boost Innovation in Malaysia. In Asia, 2012. Web. 10 Jan. 2013. Ball, Adrian. Singapore Budget 2012 Synopsis. Publication, 2012. Web. 10 Jan. 2013. BERNAMA. BUDGET: RM38.7 Billion to Strengthen Education and Training, 2012. Web. 10 Jan. 2013. CIVICUS World Alliance for Citizen Participation. Budgeting, 2001. Web. 10 Jan. 2013. China Central Television. China Supports SMEs with Special Funds, 2012. Web. 10 Jan. 2013. Chittithaworn, Islam, Keawchana and Yusuf, “Factors Affecting Business Success of Small & Medium Enterprises (SMEs) in Thailand. Asian Social Science 7.5 (2011): 180-190. Print. Dudley, Rueben and Petaling Jaya. 2013 BUDGET: Priority to Education and Training will pay off. Opinion, 2012. Web. 10 Jan. 2013. Eker, Melek. The Impact of Budget Participation on Managerial Performance via Organizational Commitment: A Study on the Top 500 Firms in Turkey. Dergiler, n.d. Web. 10 Jan. 2013. European Commission. Small and Medium-Sized Enterprises (SMEs), 2012. Web. 10 Jan. 2013. European Commission. SMEs in WP2013, 2012. Web. 10 Jan. 2013. European Commission. European Union Support Programmes for SMEs, 2012. Web. 10 Jan. 2013. Goh, J. N. Green Technology: A National Commitment to Clean Living. 2013 Budget, 2012. Web. 10 Jan. 2013. Jasra, Javed Mahmood, Muhammad Asif Khan, Ahmed Imran Hunjra, Rana Aziz Ur Rehman and Rauf I Azam, “Determinants of Business Success of Small and Medium Enterprises.” International Journal of Business and Social Science 2.20 (2011): 274-280. Print. Malaysian Digest. Budget 2013 Highlights, 2012. Web. 10 Jan. 2013. Ministry of International Trade and Industry. MIDA Receives 15 Applications For Domestic Investment Strategic Fund, 2008. Web. 10 Jan. 2013. Malaysian Investment Development Authority (MIDA). Invest in Malaysia, 2012. 10 Jan. 2013. NAM Institute for the Empowerment of Women (NIEW). Prospering the Nation, Enhancing Well-Being of the Rakyat: A Promise Fulfilled, 2012. Web. 10 Jan. 2013. Performance Management & Delivery Unit (Pemandu). NKEA : National Key Economic Area, 2012. Web. 10 Jan. 2013. Nioclais, Ronan Mac and Jean Coleman. Budget 2013 –implications for Irish SMEs. Events, 2012. Web. 10 Jan. 2013. OECD. Promoting SMEs For Development, 2004. Web. 10 Jan. 2013. Omar, Siti Sarah bt., Lawrence Arokiasamy and Maimunah Ismail. “The Background and Challenges Faced by the Small Medium Enterprises. A Human Resource Development Perspective.” International Journal of Business and Management 4.10 (2009): 95-102. Print. Qi, Yang. The Impact of the Budgeting Process on Performance in Small and Medium-Sized Firms in China. Dissertation, 2010. Web. 10 Jan. 2013. Radam, Allias, Mimi Liana Abu and Amin Mahir Abdullah, “Technical Efficiency of Small and Medium Enterprise in Malaysia: A Stochastic Frontier Production Model.” International Journal of Economics and Management 2.2 (2008): 395-408. Print. Saleh, Ali Salman and Nelson Oly Ndubisi. “An Evaluation of SME Development in Malaysia.” International Review of Business Research Papers 2.1 (2006): 1-14. Print. Securities Commission Malaysia. THE 2013 BUDGET, 2013. Web. 10 Jan. 2013. SMECORP. Structural Characteristics of Malaysian SMEs, 2012. Web. 10 Jan. 2013. SMECORP. Summary SME Masterplan, 2011. Web. 10 Jan. 2013. SMECORP. Action Plan to Accelerate Growth, 2012. Web. 10 Jan. 2013. Star Publications (M) Bhd. Budget 2013: Tax Breaks, Affordable Housing And Cash For The Needy, 2013. Web. 10 Jan. 2013. The World Bank Group. Budgeting, 2013. Web. 10 Jan. 2013. TheChoice. Dewan Rakyat Formally Approves Budget 2013, 2012. Web. 10 Jan. 2013. The New Straits Times Press (Malaysia) Berhad. 2013 Budget Highlights UPDATE, 2012. Web. 10 Jan. 2013. Whah, Chin Yee. “Small and Medium Enterprises in Malaysia: New Challenges and Future Research.” New Challenges (2012): 144-148. Print. Wong & Partners. Highlights of the Malaysian Budget 2013, 2012. Web. 10 Jan. 2013. Read More