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Article
Publication date: 28 August 2024

Ali Albada

This study aims to examine the potential of Sharia status as ex ante information to signal the quality of an issuing firm by improving the decision-making process of potential…

Abstract

Purpose

This study aims to examine the potential of Sharia status as ex ante information to signal the quality of an issuing firm by improving the decision-making process of potential investors when assessing initial public offerings (IPOs) in an environment where information asymmetry is pronounced. Potential investors face challenges in evaluating and determining the true value of IPO issues, which inherently influences their decision-making. Consequently, this results in pronounced price fluctuations in IPO shares, leading to higher underpricing.

Design/methodology/approach

This study uses a sample of 350 IPOs listed on the Kuala Lumpur Stock Exchange (KLSE) between 2004 and 2021 to examine the signaling role of Sharia-compliance status. A three-model approach is used to ensure that the study's objectives are met. The first model investigates the effect of Sharia status on underpricing to determine whether the main beneficiary of such a signal is the investor or the issuer. The second model examines the effect of Sharia status on investor demand to determine if such a signal influences prospective investors' investment decision-making processes. The third model inspects the effect of Sharia status on investor divergence of beliefs to measure the signal's ability to reduce information asymmetry within the Malaysian IPO market.

Findings

The Malaysian IPO market relies heavily on the fixed-price mechanism, which exacerbates high information asymmetry, affecting potential investors' behavior, asset price formation and return generation on the first day of listing. The study results indicate that Sharia status does not have any signaling role in the Malaysian IPO market. This is because investors in the Malaysian market are driven by ex ante information that helps unveil relevant information that leads to capital gains. Furthermore, most new issues in the Malaysian IPO market fall under Sharia status, diluting the relevance of such information for prospective investors in determining profitable investments.

Practical implications

The findings highlight the challenges faced by issuing firms in estimating market demand due to limited premarket insights and the difficulties prospective investors face in identifying the quality of issuing firms. Efforts to provide more information on investor demand can reduce uncertainty and facilitate more informed decision-making.

Originality/value

This research stands as one of the pioneering efforts to provide an empirical explanation of the potential signaling influence of Sharia status in an emerging IPO market.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 17 no. 6
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 16 May 2023

Haidar Abbas, Paikar Fatima, Abdul-Aziz Mustahil Ahmed Ali Akaak, Guilherme F. Frederico and Vikas Kumar

This research aims to ascertain the various operational maturity challenges faced by the online food ordering and delivery enterprises (OFODE), their nature and their interactive…

Abstract

Purpose

This research aims to ascertain the various operational maturity challenges faced by the online food ordering and delivery enterprises (OFODE), their nature and their interactive relationships. In particular, this paper aims to (a) identify the most relevant operational maturity challenges faced by the OFODE during the COVID-19 lockdown in Oman, (b) explore and establish any likely structural relationship among these challenges and (c) put them into logical clusters.

Design/methodology/approach

Experts helped to reduce the 18 initially identified maturity challenges to 13 most pressing ones. Mutual relationships, dominance of interactions and their classifications were explored using fuzzy interpretive structural modeling (FISM) and fuzzy MICMAC analysis.

Findings

The study of situation-specific operational maturity challenges convinced the authors to propose a distinct FISM model that depicts the relationship among these challenges. Keeping commissions and fees reasonable emerges as the challenge which all other challenges seemingly culminate into. One of the most important situation-specific challenges (i.e. customer confidence about infection free delivery) emerges as a linkage challenge which aggravates as well as is aggravated by certain challenges.

Research limitations/implications

Besides enriching literature, the proposed model has implications for practitioners particularly when the similar lethal waves are experienced anywhere. The number of respondents, subjective approach, specific context as well as the geographical area coverage are the key limitations.

Originality/value

To the best of the authors’ knowledge, this study is the first known scientific effort which attempts to model the operational maturity challenges faced by the OFODE during COVID-19 lockdown period. The authors used the FISM modeling approach to forge these interrelated challenges into a structural model.

Details

Journal of Global Operations and Strategic Sourcing, vol. 17 no. 4
Type: Research Article
ISSN: 2398-5364

Keywords

Article
Publication date: 20 August 2024

Imran Shabir Chuhan, Jing Li, Muhammad Shafiq Ahmed, Muhammad Ashfaq Jamil and Ahsan Ejaz

The main purpose of this study is to analyze the heat transfer phenomena in a dynamically bulging enclosure filled with Cu-water nanofluid. This study examines the convective heat…

Abstract

Purpose

The main purpose of this study is to analyze the heat transfer phenomena in a dynamically bulging enclosure filled with Cu-water nanofluid. This study examines the convective heat transfer process induced by a bulging area considered a heat source, with the enclosure's side walls having a low temperature and top and bottom walls being treated as adiabatic. Various factors, such as the Rayleigh number (Ra), nanoparticle volume fraction, Darcy effects, Hartmann number (Ha) and effects of magnetic inclination, are analyzed for their impact on the flow behavior and temperature distribution.

Design/methodology/approach

The finite element method (FEM) is employed for simulating variations in flow and temperature after validating the results. Solving the non-linear partial differential equations while incorporating the modified Darcy number (10−3Da ≤ 10−1), Ra (103Ra ≤ 105) and Ha (0 ≤ Ha ≤ 100) as the dimensionless operational parameters.

Findings

This study demonstrates that in enclosures with dynamically positioned bulges filled with Cu-water nanofluid, heat transfer is significantly influenced by the bulge location and nanoparticle volume fraction, which alter flow and heat patterns. The varying impact of magnetic fields on heat transfer depends on the Rayleigh and Has.

Practical implications

The geometry configurations employed in this research have broad applications in various engineering disciplines, including heat exchangers, energy storage, biomedical systems and food processing.

Originality/value

This research provides insights into how different shapes of the heated bulging area impact the hydromagnetic convection of Cu-water nanofluid flow in a dynamically bulging-shaped porous system, encompassing curved surfaces and various multi-physical conditions.

Details

Multidiscipline Modeling in Materials and Structures, vol. 20 no. 6
Type: Research Article
ISSN: 1573-6105

Keywords

Article
Publication date: 14 November 2024

Pınar Sunar Bukulmez, Suzan Girginkaya Akdag and Gamze Ekin

This paper aims to investigate the economic sustainability of new work environments by exploring how interior design strategies can contribute to the Organization for Economic…

Abstract

Purpose

This paper aims to investigate the economic sustainability of new work environments by exploring how interior design strategies can contribute to the Organization for Economic Co-operation and Development (OECD)’s Sustainable Development Goal (SDG) 8, which focuses on decent work and economic growth. SDG 8 aims to foster sustained, inclusive and sustainable economic development, as well as full and productive employment.

Design/methodology/approach

The pilot study was conducted at a global automobile brand’s largest facility in Kocaeli/Turkey, where 102 employees participated in stakeholder meetings divided into 18 groups. Additionally, 46 employees were interviewed through focus groups and one-on-one sessions across nine encounters. The collected data were analyzed using deductive thematic analysis, interpreting codes and themes related to spatial politics, timing politics and hybrid working culture in the new work environment.

Findings

Identified themes include individually focused tasks, virtual collaboration, agile working, socialization and urban interaction. These themes are then traced through the conceptual design proposal developed by the interior design team and discussed in relation to their alignment with SDG 8.2 (diversify, innovate and upgrade for economic productivity), SDG 8.4 (improve resource efficiency in consumption and production) and SDG 8.8 (protect labor rights and promote safe and secure working environments for all workers).

Research limitations/implications

These three targets (for inclusivity and innovation, for environmentally sustainable and for employee well-being) were selected for their relevance in shaping the physical work environment.

Originality/value

The key finding of this paper is the need for a deeper understanding of economic sustainability in interior design and the contribution of SDG 8 targets on the spatial, temporal and cultural dimensions of new work environments. Brands committed to sustainability must adopt new work models and reimagine their work environments to enhance employee satisfaction and performance, through comprehensive user research and design solutions aligned with SDG 8.

Details

Society and Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-5680

Keywords

Article
Publication date: 26 September 2023

Nizar Baidoun and Valerie Anne Anderson

Grounded in social cognitive career theory (SCCT), this study aims to examine the influence of contextual factors on the relationship between career satisfaction and…

Abstract

Purpose

Grounded in social cognitive career theory (SCCT), this study aims to examine the influence of contextual factors on the relationship between career satisfaction and organizational commitment, within the banking sector in Kuwait.

Design/methodology/approach

This study used a cross-sectional design analyzing a self-report questionnaire (N = 278).

Findings

This study investigates affective, normative and continuance commitment in relation to career satisfaction, within the banking sector in Kuwait. Findings indicate a positive relationship between career satisfaction and all of affective, normative and continuance commitment; although the relationship that appears to be the strongest is between career satisfaction and normative commitment.

Research limitations/implications

The single site, cross-sectional approach is a limitation. The data were collected before the COVID-19 pandemic. Future research into career satisfaction and organizational commitment in different sectors is necessary and a replication of this study in a post-COVID context would also be valuable.

Practical implications

Human resource development (HRD) policies in contexts such as Kuwait should prioritize career progression initiatives to enhance career satisfaction and contribute to increased organizational commitment. More attention is necessary to organizational HRD career planning and development policies and processes. Effective line manager development programs to equip managers to provide feedback and constructive performance management are recommended, as is the organizational provision of career counseling and guidance to support career development policies and processes.

Originality/value

This study combines the use of established constructs with an SCCT theoretical lends to contribute new theorization of the relationship between career satisfaction and organizational commitment in non-Western cultural contexts. It challenges assumptions in current theorization of the relationship between career satisfaction and commitment that privilege affective commitment over other dimensions.

Details

European Journal of Training and Development, vol. 48 no. 9
Type: Research Article
ISSN: 2046-9012

Keywords

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