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The Tax Cuts and Jobs Act of 2017 (TCJA) substantially lowered the corporate tax rate, making tax-exempt municipal bond issues less attractive investments for banks, savings and loan associations and insurance companies. To provide a benefit for small issuers the current Internal Revenue Code has a special provision that allows banks and S&Ls to deduct 80% of the borrowing costs for “bank-qualified” bonds – tax-exempt bonds from issuers who issue no more than $10 million in bonds during a year. This study examines whether the relationship between the true interest cost (TIC) on bank-qualified bonds and other tax-exempt bonds changed with the passage of the TCJA.

Using linear regression analysis this paper compares the TIC of bank-qualified bonds with the TIC of bonds not bank-qualified using a sample of bonds both before and after the passage of TCJA.

Prior to the passage of the TCJA, this study observes that these “bank-qualified” bond issues had a lower true interest cost than other tax-exempt bond issues; however, after passage of the TCJA, the difference in the true interest cost between “bank-qualified” bond issues and other tax-exempt bond issues dramatically decreased.

It appears that the benefit for small bond issuers is greatly reduced after corporate tax rates were significantly lowered. If federal lawmakers wish small issuers to have the same advantage over other tax-exempt municipal bond issuers after passage of TCJA, some changes will need to be made to the Internal Revenue Code to give small issuers an additional advantage when issuing tax-exempt debt.

No other empirical research to date has examined the impact of TCJA on bank-qualified bond issue interest cost.

The personalities of leaders have been shown to impact the culture of their organizations and are also expected to have a more distal impact on the firm’s financial performance. However, the authors also expect that leader gender is an important intervening variable such that exhibiting various personality dimensions may result in unique cultural and performance-based outcomes for women and men leaders. Thus, the authors seek to examine first the impact of leader personality on organizational performance, as driven through organizational culture as a mediating mechanism. In doing so, the authors propose the expected impact of specific personality dimensions on certain types of organizational cultures, and those cultures’ subsequent impact on the organization’s performance. The authors then extend to consider the moderating effects of leader gender on the relationship between leader personality and organization. To support their propositions, the authors draw from upper echelons and implicit leadership theories. The authors encourage researchers to consider the proposition within a sample of the largest publicly traded US companies (i.e., Fortune 500) at an important era in history such that for the first time, 10% of these companies are led by women. In doing so, the authors hope to understand the leadership dynamics at the highest echelons of corporate governance and provide actionable insights for companies aiming to optimize their leadership composition and drive sustainable performance.

This chapter first examines how the confluence of the three forces discussed in the previous chapter is affecting demand and supply dynamics and giving rise to new business models that could form the core of the emerging digital financial landscape. This chapter then examines the challenges that arise from these new business models as well as from digitalization of financial services in general. The next chapter will review how these challenges might affect monetary and financial stability and the strategy that central banks might use to address them.

While cyberloafing has emerged as a prevalent issue in numerous workplaces, research on its consequences is still underdeveloped, highlighting a need for further exploration and analysis. Drawing upon the cognitive appraisal theory of emotion, this study investigates the influence of coworkers' cyberloafing on employees' workplace incivility, mediated by negative emotions and moderated by task interdependence.

In Study 1, the hypothesized research model was tested utilizing three-wave time-lagged survey data collected from 333 employees and their coworkers. In Study 2, an additional sample of 274 employees was surveyed. Data were analyzed using hierarchical regression analysis and the bootstrap method.

The results indicated that coworkers' cyberloafing positively influenced employees' workplace incivility, with this relationship mediated by negative emotions. Additionally, task interdependence was found to positively moderate both the direct relationship between coworkers' cyberloafing and negative emotions and the indirect path from coworkers' cyberloafing to employees' workplace incivility through negative emotions.

This study helps managers gain a deeper understanding of cyberloafing's effects, enabling them to manage and curb it more effectively.

Prior research has predominantly explored the effects of cyberloafing on its implementers. However, this study innovatively shifts focus to the observer perspective, empirically demonstrating whether and how coworkers' cyberloafing affects employees' workplace incivility, enriching and expanding the existing literature.

This study aims to investigate how user-generated content (UGC) and firm-generated content (FGC) in social media affect attitudes toward halal tourism destinations, destination image and visit intentions among female Muslim (Muslimah) travelers. It also examines the role of travel habits as the moderating variable.

This study adopts the Theory of Interpersonal Behavior (TIB) and the Theory of Planned Behavior (TPB) to explore the motivation of Muslimah travelers to visit halal destinations. The survey was completed by 284 Indonesian Muslimah respondents who had visited halal tourism destinations in Indonesia. The SEM-PLS statistical technique was used to verify the associations between variables.

This study’s findings offer valuable insights for both theoretical understanding and practical applications. They suggest that both UGC and FGC significantly predict attitudes toward halal tourism and destination image, thereby influencing the visiting intentions of Muslimah travelers. Although UGC does not directly influence visiting intentions, it does play a significant role in shaping visiting intentions through its mediating effect on attitudes toward halal tourism destinations. In addition, the results indicate that habit positively moderates the relationship between attitudes toward halal tourism and visiting intentions.

This research contributes uniquely and significantly in two aspects. First, it merges the TIB with the TPB to elucidate the decision-making process of Muslimah travelers when selecting halal destinations. This integration illuminates new insights into the intentions of Muslimah tourists. Second, this study examines the respective influences of UGC and FGC on the visiting intentions of Muslimah travelers to halal tourism destinations. By comparing UGC and FGC, the research provides valuable insights into the decision-making processes of Muslimah tourists. Given Indonesia’s status as home to the largest Muslim population globally, this study offers a novel perspective on the traveling behavior of Muslimahs and practical recommendations for the Indonesian tourism sector in the establishment and promotion of Muslim-friendly destinations within the country.

This chapter looks at challenges that are arising from emerging business models and those that are related to digital finance in general. This chapter first looks at the four challenges relating to new business models, i.e. walled gardens, shadow banking, monetary sovereignty and singleness of money. The chapter then looks at the four challenges relating to digital finance in general, i.e. consumer's data rights, AI ethics, cybersecurity and financial exclusion.