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1 – 10 of 12Farrukh Naveed, Idrees Khawaja and Lubna Maroof
This study aims to comparatively analyze the systematic, idiosyncratic and downside risk exposure of both Islamic and conventional funds in Pakistan to see which of the funds has…
Abstract
Purpose
This study aims to comparatively analyze the systematic, idiosyncratic and downside risk exposure of both Islamic and conventional funds in Pakistan to see which of the funds has higher risk exposure.
Design/methodology/approach
The study analyzes different types of risks involved in both Islamic and conventional funds for the period from 2009 to 2016 by using different risk measures. For systematic and idiosyncratic risk single factor CAPM and multifactor models such as Fama French three factors model and Carhart four factors model are used. For downside risk analysis different measures such as downside beta, relative beta, value at risk and expected short fall are used.
Findings
The study finds that Islamic funds have lower risk exposure (including total, systematic, idiosyncratic and downside risk) compared with their conventional counterparts in most of the sample years, and hence, making them appear more attractive for investment especially for Sharīʿah-compliant investors preferring low risk preferences.
Practical implications
As this study shows, Islamic mutual funds exhibit lower risk exposure than their conventional counterparts so investors with lower risk preferences can invest in these kinds of funds. In this way, this research provides the input to the individual investors (especially Sharīʿah-compliant investors who want to avoid interest based investment) to help them with their investment decisions as they can make a more diversified portfolio by considering Islamic funds as a mean for reducing the risk exposure.
Originality/value
To the best of the author’s knowledge, this study is the first attempt at world level in looking at the comparative risk analysis of various types of the risks as follows: systematic, idiosyncratic and downside risk, for both Islamic and conventional funds, and thus, provides significant contribution in the literature of mutual funds.
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Farrukh Naveed, Muhammad Kashif Khurshid and Shahnawaz Saqib
This study aims to analyze the impact of different governance characteristics on the ratings of both Islamic and conventional mutual funds.
Abstract
Purpose
This study aims to analyze the impact of different governance characteristics on the ratings of both Islamic and conventional mutual funds.
Design/methodology/approach
This study used panel data ordered probit regression model. Furthermore, to capture the mutual funds rating persistence effect and address the issue of endogeneity dynamic panel model is used and the results are estimated using the generalized method of the moment (GMM) technique.
Findings
The results indicated that amongst the corporate governance characteristics, board size, the board independence, directors and institutional ownership, and overall governance quality positively affect the ratings of both Islamic and conventional funds. However, chief executive officer (CEO) duality and board gender diversity did not show a significant impact on the ratings of these funds.
Practical implications
The current research provides input to the asset management firms as to how they can increase the fund ratings by implementing strong governance practises. Furthermore, the study also provides input to the rating agencies to account for governance characteristics along with financial indicators, when issuing the rating of any fund.
Originality/value
To the best of the author’s knowledge, this study is the first attempt to analyze the impact of corporate governance characteristics on the rating of both Islamic and conventional mutual funds and hence provides a significant contribution to the literature.
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Farrukh Naveed and Syed Zain Ul Abdin
This study aims to analyze the impact of corporate governance characteristics on the risk exposure of Islamic mutual funds prevailing in different Islamic countries (Pakistan and…
Abstract
Purpose
This study aims to analyze the impact of corporate governance characteristics on the risk exposure of Islamic mutual funds prevailing in different Islamic countries (Pakistan and Malaysia).
Design/methodology/approach
This study used dynamic panel regression model for analysis and estimated the results using system generalized method of moment technique. A sample of 185 Islamic funds is used in the current research, which is selected using judgmental sampling. The data span of this study consists nine years from 2009 to 2017.
Findings
The results showed that the corporate governance characteristics such as board independence, directors and institutional ownership and overall governance quality are helpful in reducing the total and downside risk exposure of Islamic mutual funds. The findings also suggest that board size and Chief Extractive officer duality play no role in mitigating the risk of Islamic funds prevailing in both countries.
Practical implications
This study has implication for industry practitioners and fund managers. This study showed that the corporate governance characteristics are helpful in reducing the risk exposure of Islamic mutual funds. Therefore, this study provides input to the investment firms to improve the quality of corporate governance for lowering the risk exposure of mutual funds.
Originality value
To the best of the authors’ knowledge, this study is the first attempt to analyze the impact of corporate governance characteristics on the risk exposure of Islamic mutual funds and hence provides significant contribution in the literature of mutual funds.
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Arsalan Ahmed, Nazia Nazeer, GulRukh Zahid and Faisal Nawaz
This study attempts to recognize the effects of the Pakistan–China free trade agreements (PCFTA) on promoting trade between the two economies.
Abstract
Purpose
This study attempts to recognize the effects of the Pakistan–China free trade agreements (PCFTA) on promoting trade between the two economies.
Design/methodology/approach
Following the concept of revealed comparative advantage (RCA) and free trade agreements, the study first identifies those commodities in which Pakistan and China have a robust RCA and then analyze the effect of PCFTA on the export value of those commodities for the bilateral trade between Pakistan and China. The study used the panel data in which more than the top 150 importers (j) have been selected for each case of Pakistan and China for the period of 2003–2015.
Findings
The study concludes that even with the higher convergence rate, the good RCA does not guarantee a positive effect of the free trade agreement on the commodities.
Originality/value
The study contributes to the existing literature by integrating RCA with the gravity model by adopting a sequential mode for Pakistan–China free trade agreement.
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José Milton de Sousa-Filho and Fernando Almeida
This study aims to identify and explore the factors affecting social entrepreneurial intentions considering an educational institution in Portugal. It also intends to determine…
Abstract
Purpose
This study aims to identify and explore the factors affecting social entrepreneurial intentions considering an educational institution in Portugal. It also intends to determine the relevance of moderating factors in the antecedents and entrepreneurial intention of these students.
Design/methodology/approach
A panel of 177 undergraduate students enrolled in a social entrepreneurship course between the academic years 2018 and 2021 is considered. The data is explored quantitatively considering descriptive analysis techniques, correlational analysis and hypothesis testing.
Findings
The findings reveal that entrepreneurial intention depends on multiple individual, organizational and contextual dimensions. Students' entrepreneurial intention remains unchanged regardless of the student’s profile. However, students' professional experience is a more relevant factor for the identification of organizational dimensions related to curriculum and critical pedagogy, while previous involvement in volunteer activities contributes to a higher prevalence of individual factors.
Originality/value
To the best of the authors’ knowledge, this study is original in exploring the role of entrepreneurial intention and its antecedents considering a heterogeneous students' profile. It offers theoretical and practical contributions by extending the literature on social entrepreneurial intention that can be used by higher education institutions to offer specific training more focused on the student's profile.
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Md. Rabiul Awal, Md. Faisal-E-Alam and Taha Husain
The primary purpose of this study is to integrate the stimulus-organism-behavior-accomplishment (S-O-B-A) paradigm to investigate the chain effect of university students'…
Abstract
Purpose
The primary purpose of this study is to integrate the stimulus-organism-behavior-accomplishment (S-O-B-A) paradigm to investigate the chain effect of university students' perceived university and family support on their entrepreneurial action (EA) with a serial mediation of their attitude and intention.
Design/methodology/approach
This study introduces stratified random sample to choose respondents and a cross-sectional research design. partial least square-structural equation modeling (PLS-SEM) has applied to thoroughly investigate the behavioral intention concerned with students' entrepreneurship action.
Findings
The findings explored that perceived university support and family supports positively impact students' entrepreneurship attitude, where perceived family support creates statistically more powerful implications than university support. Students' attitude toward entrepreneurship positively affects their entrepreneurial intent, and finally, the entrepreneurial pursuit has an affirmative impact on students' EA.
Originality/value
This study incorporates the S-O-B-A paradigm for the very first time to investigate the effects of students' environmental support on their EA with double mediation by their attitude and intention.
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Talat Islam, Itrat Zulfiqar, Hira Aftab, Omar Hamdan Mohammad Alkharabsheh and Muhammad Khalid Shahid
In response to the dynamic demands of the contemporary business landscape, this study critically examines the pivotal role of ethical leadership in shaping employee’s innovative…
Abstract
Purpose
In response to the dynamic demands of the contemporary business landscape, this study critically examines the pivotal role of ethical leadership in shaping employee’s innovative behavior within organizations. Our research delves into the nuanced interplay between ethical leadership, psychological well-being and innovative work behavior. Drawing from the principles of social exchange theory, our study addresses a critical gap in the literature by exploring the mediating role of psychological well-being in the relationship between ethical leadership and employees' innovative work behavior.
Design/methodology/approach
In this quantitative research, data were collected from 384 employees and their direct supervisors in Pakistan’s IT sector using “Google Forms” through a convenience sampling method facilitated by the “LinkedIn” platform. Additionally, the study applied a two-stage structural equation modeling approach, first to assess the uni-dimensionality, and subsequently, to evaluate the proposed hypotheses.
Findings
The research results unveiled a robust and positive impact of ethical leadership on innovative work behavior, operating through both direct and indirect pathways mediated by psychological well-being. Intriguingly, the moderating role of perceived organizational support adds depth to our understanding, revealing nuanced conditions under which ethical leadership influences employees' well-being and, subsequently, their innovative contributions.
Practical implications
Beyond theoretical contributions, our study provides practical insights for managers seeking to leverage employees' innovative work behavior for organizational success. By emphasizing ethical leadership as a catalyst, we advocate for its integration into HRM practices. However, recognizing the contextual nature of organizational support, our findings underscore the importance of adaptable leadership strategies to maximize positive outcomes.
Originality/value
Grounded in the principles of social exchange theory, this research marks a pioneering effort to shed light on the link between ethical leadership and innovative work behavior through the mediation of psychological well-being. Additionally, this study makes a valuable contribution to the current body of knowledge by investigating the contingent influence of perceived organizational support on the relationship between ethical leadership and employees' psychological well-being.
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Abdul Alem Mohammed, Alberto Ferraris and Ciro Troise
This study aims to explore how corporate social responsibility (CSR) dimensions (i.e. economic; legal; ethical; philanthropic) foster employee creativity during the COVID-19…
Abstract
Purpose
This study aims to explore how corporate social responsibility (CSR) dimensions (i.e. economic; legal; ethical; philanthropic) foster employee creativity during the COVID-19 pandemic. Specifically, an attempt is made to investigate the mediating role of affective commitment to explain the above linkage.
Design/methodology/approach
The survey data were collected from 167 employees in the emerging market of Saudi Arabia. The data was analysed using PLS-SEM for frequency, reliability, confirmatory factor analyses and structural equation modelling.
Findings
The CSR dimensions, particularly the ethical and philanthropic dimensions, showed both direct and indirect effects on the creativity behaviour of employees during the COVID-19 pandemic. Moreover, affective commitment mediated the relationship between the legal, ethical and philanthropic CSR dimensions and creativity behaviour.
Originality/value
This study enriches previous CSR empirical research and adds to current literature focused on the determinants of CSR dimensions' effectiveness; particularly, the research is set in a challenging scenario characterized by the pandemic. So, this paper extends previous studies by investigating under which key conditions CSR dimensions are most effective, in particular in two main directions. First, it contributes to the CSR literature by determining how various CSR dimensions influence creativity behaviour during a pandemic. Pandemics are events that occur regularly, and the COVID-19 pandemic, in particular, offers the opportunity to explore its effects on employees' behaviours in the current context. Second, the study's mediation findings contribute to new empirical evidence which suggests that affective commitment has a positive effect on the CSR dimensions of employee creativity behaviour during a pandemic in an emerging market.
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Chang-Hua Yen, Tien-Cheng Han and Yi-Shih Wen
Among different leadership styles, scant hospitality researchers have studied the link between authentic leadership and organizational citizenship behaviors (OCBs). This article…
Abstract
Purpose
Among different leadership styles, scant hospitality researchers have studied the link between authentic leadership and organizational citizenship behaviors (OCBs). This article examined the associations among authentic leadership, job passion, and OCBs and examined the mediation effect of job passion.
Design/methodology/approach
Questionnaires were distributed to 314 Taiwan's hotel employees. Structural equation modeling was performed to examine the hypotheses of this study.
Findings
The results indicated that authentic leadership positively affects harmonious and obsessive passion and that harmonious passion positively affects OCBs directed to individuals (OCBI) and OCBs directed to the organization (OCBO), whereas obsessive passion positively affects OCBI. Furthermore, harmonious passion mediates the linkage between authentic leadership and OCBs (both OCBI and OCBO), whereas obsessive passion only mediates the linkage between authentic leadership and OCBI.
Practical implications
Training programs for hotel managers should incorporate courses on authentic leadership to strengthen managers' skills. Succession plans for managers should prioritize the promotion and retention of candidates with authentic leadership traits. Furthermore, managers should use authentic leadership to create a transparent employee incentive system and career development plans, thereby creating a workplace with fair rewards and opportunities for promotion.
Originality/value
The major contribution is that it expands the knowledge of hospitality leadership and determines the linkages among authentic leadership, job passion, and OCBs. Furthermore, job passion was revealed as a mediator in the authentic leadership–OCB association.
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