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This paper aims to document the effect of shariah compliance on stock price synchronicity.

This paper uses the data of non-financial firms from India and various estimation procedures (pooled OLS and instrument variable regression) to test the arguments presented in this paper. The time period of the study ranges between 2000 and 2019.

The results show that shariah-compliant firms have significantly higher levels of synchronicity than non-compliant firms. The findings hold after comprehensive inclusion of relevant controls and to a number of sensitivity tests. The authors attribute this result to the unique financial characteristics (lower levels of leverage, liquidity and cash) of shariah-compliant firms. The paper argues that these characteristics are related to better information environment which is responsible for higher levels of synchronicity. The paper also shows that the difference in the synchronicity levels of the two groups is less pronounced for those shariah-compliant firms that have relatively high levels of leverage and cash ratios.

The authors believe that this is an initial attempt to document the impact of shariah compliance on stock price synchronicity.

This study aims to delve into the intricate dynamics of customers’ pro-environmental behavior, examining the impact of external stimuli like hotel green practices (as contextual factors); internal stimuli, i.e. perceived consumer effectiveness, perceived environmental responsibility and pro-environmental self-identity (as individual factors); and social norms as social factors, on customers’ engagement in sustainable consumption (CEISC) and subsequent pro-environmental behaviors (PEBs).

An age-based quota sampling technique was used to gather data from customers visiting hotels in Pakistan. SmartPLS v.4 software was used to analyze the data, applying structural equation modeling and testing for the predictive powers of the model.

The results revealed the significant impact of both external and internal stimuli on customers’ PEBs, with higher impacts of hotel green practices and pro-environmental self-identity, underlining the complex nature of these influences. Results also revealed that social norms augment the influence of extrinsic and intrinsic factors on CEISC.

Hotels can enhance customer engagement by implementing green practices. In addition, leveraging social norms and tailoring communication strategies to highlight collective benefits can further amplify PEBs among guests.

This research provides a pioneering theoretical contribution by integrating the stimulus-organism-response model, the theory of planned behavior and the value-belief-norm theory in the realm of green consumerism in the hotel industry. It also addresses the potential gap linked to hotel green practices in leveraging customers’ PEBs in addition to their positive perceptions.

Grounded in the Social Exchange theory, this study focuses on the perception of digital leadership and innovative work behaviors. It also examines the complex effects of leader-member exchange, learning orientation, and innovation capabilities.

We undertake a quantitative approach using a two-wave longitudinal field survey of 440 employees and managers from various backgrounds working in the automobile industry in France.

The findings based on Structural Equation Modeling reveal that the perception of digital leadership leads to innovative work behavior while leader-member exchange moderates between the perception of digital leadership and learning orientation. The findings also support the mediating roles of learning orientation and innovation capabilities.

The study contributes important policy suggestions, raises queries for additional investigation, and suggests theoretical and practical implications for leadership and organizational environmental factors to foster innovative work behaviors in organizations.

Islamic banking has undergone significant adaption since its inception. This study aims to investigate why and how Islamic banks adapt their services, using participatory financing as evidence.

A qualitative study is designed, using working capital financing and commodity operations financing in Pakistan as analytical units. The data for each analytical unit is analyzed using a qualitative content analysis, while the findings are synthesized using a cross-case synthesis method.

Findings suggest that participatory financing has undergone extensive adaptation in the Islamic banking industry of Pakistan, in the wake of resolving constraints to participatory financing and increasing its viability. Consequently, participatory finance has emerged as an attractive and viable option in Pakistan. These findings suggest that unlike in the past, where Islamic banks used to buffer themselves from the environment and ignore the market demands, they have learned to respond effectively to the market demands and the challenges posed by the environment.

Findings suggest that the adaptation strategy is more effective than the migration strategy, because it enables the financial service systems to reduce the underlying risks by avoiding emergent threats and eradicating the inherent weaknesses.

The extant literature provides a generalized view on the adaptation process that Islamic banks undergo to comply with their environment. However, it is limited in terms of conceptualizing the adaptations and innovations in their products and the underlying structural variations. The present study fills this gap.

The application of indigo dyes in the denim industries has been criticised due to the introduction of non-renewable oxidation products into the environment. Previous studies have investigated that reducing sugars can be used as green alternatives to sodium dithionite in the indigo dyeing of cotton fabric owing to their reduced and stable redox potential in the dye bath. The purpose of this study was to dye denim cotton fabric with indigo dye using various reducing sugars and alkalis. The use of sucrose and potassium hydroxide (KOH) for indigo dyeing has been explored for the first time.

A mixed factorial design with four variables including alkali, pH, number of dips and type of reducing sugar at different levels was studied to identify a significant correlation between the effect of these variables on the colour strength and fastness properties of the dyeings.

Investigations were made to examine the significant factors and interactions of the selected responses in the eco-friendly dyeing method. This process has the potential to reduce the load of sulphite and sulphate generated in the dyebath due to the use of a conventional reducing agent, sodium dithionite. The colour strength of the dyeing reduced with fructose was found to be better than other reducing sugars and significantly influenced by the number of dips, pH levels and the interaction between pH and reducing sugars. Using fructose for indigo dyeing with two dips at a pH of 11.5, using KOH as an alkali, results in higher colour strength values. The fastness properties of the indigo-dyed sample with reducing sugars ranging from fair to good or good to excellent. Specifically, colour change receives a rating of grey scale 3–4, staining 4–5, dry rubbing 4 and light fastness 3–4. These assessments hold true across various factors such as the type of reducing sugar, alkali, pH and the number of dips. The optimised parameters leading to improved colour strength and fastness properties are also discussed.

This dyeing technique is novel and a green alternative to dithionite denim dyeing. This process is found to be useful for indigo dyeing of denim fabric leading to reduced and stable redox potential in the dyebath and acceptable colour strength of the dyed fabric.

The durability of nanoparticles (NPs) is essential to retain their multifunctional properties on the surface of textile products. This study aims to propose a durable and compatible zinc oxide nanoparticles (ZnO-NPs) formulation with good antibacterial, ultraviolet (UV) resistance and moisture management properties.

One-step synthesis of zinc oxide nanoparticles (ZnO NPs) was done through wet chemical technique and characterized through Fourier transform infrared spectroscopy (FTIR), X-ray diffraction and scanning electron microscope (SEM) techniques. Various formulations containing nanoparticles of ZnO along with optimized concentrations of binder, emulsifier nanoparticles and softener are developed and applied to polyester knitted fabric through the pad-dry-cure method. The treated polyester fabric is evaluated for its antibacterial and UV protection activity, moisture management properties, air permeability and durability.

Results show that the zinc oxide nanoparticles have a hexagonal wurtzite structure with a 60–70 nm particle size. FTIR and SEM analysis of nano-loaded polyester knitted fabric before washing and after 20 washes confirm the presence of zinc oxide nanoparticles which shows the durability of the optimized formulation. The treated samples have shown promising antibacterial and moisture management properties and are durable up to 20 washing cycles.

The incorporation of metal oxides into textile materials to enhance their antimicrobial properties has been the subject of considerable research, particularly about cotton and other natural fibers. These natural fibers possess polar sites that promote the effective attachment of metal oxide particles. In contrast, there has been limited investigation into the application of these metal oxides on polyester, a non-polar fiber. Although significant attention has been given to the size and shape of nanoparticles, there remains a notable lack of studies focusing on the impact of binder types and their concentrations on the durability of coated fabrics. This research aims to address the existing gap in knowledge by examining the effects of various binder types and concentrations, in conjunction with differing concentrations of zinc oxide (ZnO) nanoparticles, on the functional properties and durability of nanoparticle-coated fabrics. The ultimate objective is to enhance the comfort and overall performance of these fabrics for the wearer.

This study aims to examine whether the adoption of the International Integrated Reporting Council’s Integrated Reporting Framework (IIRC Framework) influences the extent of forward-looking disclosures provided by reporters.

This study captures forward-looking disclosures of Australian and New Zealand-based reporters by analysing integrated and annual reports over a period of 10 years from 2010 to 2019 using a machine learning algorithm. This study uses signalling theory to frame the analysis.

This study finds that the adoption of the IIRC Framework has a significant positive impact on the extent of forward-looking disclosures provided by reporting entities. The primary evidence suggests that while listing status alone negatively influences the extent of forward-looking disclosures, the additional analysis reveals that the acceptance of the IIRC Framework by listed entities is positively associated with an increase in forward-looking information. These results remain valid when subjected to a variety of robustness (alternative variables and country fixed effect) and endogeneity (system generalised method of moments and entropy balancing estimations) tests.

The findings have practical implications as regulatory agencies (including stock exchanges and standard setters), seeking to promote greater forward-looking disclosures, may want to encourage the adoption of the IIRC Framework.

The IIRC’s Framework promotes greater forward-looking disclosures benefiting stakeholders who gain a better understanding of the reporters’ future risks and opportunities (including social, economic and environmental risks) and how these are being managed/addressed.

This study provides novel evidence by highlighting the role played by the IIRC Framework in promoting forward-looking disclosures.

This study tests the proprietary cost of reporting sustainability practices. It explores how market competition impacts the reporting of corporate sustainability information. Further, it examines whether the influence of market competition on sustainability reporting is affected by firm size.

It uses two samples of the UK FTSE 350 and German Frankfurt CDAX nonfinancial firms from 2010 to 2023. The sustainability reporting scores for UK and German firms are their Environmental, Social and Governance (ESG) disclosure scores based on the Bloomberg disclosure index. The Herfindahl–Hirschman index has been utilized to measure a firm’s degree of market competition.

The results reveal that reporting sustainability practices is a negative function of the degree of market competition. Specifically, companies in highly competitive industries disclose less information about their sustainability practices, suggesting that firms view sustainability reporting as a potential source of competitive disadvantage and, therefore, choose to limit such disclosures to maintain a strategic advantage over rivals. Further, the findings reveal a negative impact of market competition on sustainability reporting among small firms. However, this effect is weak or absent among medium and large firms. The results are more observable in the liberal market economy (i.e. the UK) than in the coordinated market economy (i.e. Germany).

It provides implications for policymakers and market participants to advocate for more significant policies that promote transparency and encourage companies to report their sustainability practices and performance, especially companies in highly competitive industries.

It provides the first evidence of how market competition influences corporate sustainability reporting, adding a deeper insight into another non-financial dimension of sustainability reporting. Likewise, it reflects the varying priorities of companies of different sizes in managing both competition and sustainability reporting. Besides, it is the first to explore this nexus in two distinct jurisdictions: the UK and Germany.

This study aims to investigate the market reaction to dividend announcements and sharia compliance based on the Islamic stock indexes of Indonesia, Malaysia and Pakistan by scrutinising investors’ interpretations, behaviour (traditional, rational, religious or ethical) and preferences.

Event study methodology (ESM) was used to analyse 31 days around the event date. The research period spanned 2011–2018, during which 282 observed dividend announcements were tested using a t-test, and there were 4,960 cases of sharia compliance in the data panel.

Indonesian investors react to earnings surprises as bad news while bypassing dividend announcements, thus classifying their behaviour as rational. Meanwhile, investors in Malaysia and Pakistan respond to dividend announcements as bad news while bypassing earnings surprises, thus classifying their behaviour as traditional. Surprisingly, sharia compliance does not affect abnormal returns. These results imply that investors prefer a profit motive rather than sharia compliance.

To perpetrate positive reactions, companies need to increase earnings (Indonesia), nominal dividends (Malaysia) and delay dividend announcements (Pakistan). Also, tax regulators need to evaluate dividend tax and capital gains tax.

Investors cannot solely rely on Islamic stock lists, while regulators and firms must be transparent and accountable regarding sharia compliance ratio.

There is a dearth of research on market reaction in Islamic stock indexes. This study adheres to critical assumptions of ESM: controlling the confounding effects and ensuring market efficiency. These assumptions lead to the proposal of mandatory and advisory sharia compliance, evaluation of ratios using a staple scale and examination of differences in dividend tax rates. An extended tax preference theory is also proposed to contribute to the body of knowledge.

This study explores the complex interaction of environmental policies on corporate cash and capital investment decisions.

The study utilizes a 10-year dataset from 2010 to 2019, comprising publicly listed firms from 10 prominent Asian countries. The analysis was conducted by employing the System GMM.

The regression has revealed that most of the business investments are negatively affected by environmental regulation (ENR), while green innovation (GNI) is positively significant to investments. Moreover, we indicated that ENR raises the cash balance, while GNI tends to reduce it. There was a strong negative correlation found between cash reserves and investment; this implies a crowding-out effect: excess liquidity dilutes the propensity for capital expenditure. The findings emphasized cash balances as a moderator in the relationship between environmental policies and investments. More specifically, maintaining greater cash reserves is an insulating mechanism against the otherwise damaging impact of stringent ENR on corporate investment decisions and a protective measure for financial soundness against external environmental stress.

It is especially important considering the heterogeneous effects obtained across high-income, upper-middle-income and lower-middle-income countries, responding differentially to environmental policies. The results show support for a balanced integration of fiscal incentives, subsidies or tax credits, especially in lower-middle-income countries, to promote sustainable practices without imposing prohibitive compliance costs.

The current analysis supplements the new insights regarding the transformation channel of environmental policies into industrial investment and how cash holdings diversify this channel.