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The article examines Sheikh Ahmad Khatib Al-Minangkabauwi's initial concept of paper money, which in the early 20th century wrote Risala Raf'u Al-Iltibas.

This paper uses a qualitative approach based on the critical extraction analysis that can reveal a set of concepts related to the thoughts of Sheikh Ahmad Khatib Al-Minangkabauwi on paper money.

Through an attentive reading of Sheikh Ahmad Khatib Al-Minangkabawi, the authors can formulate several significant results: First, Ahmad Khatib Al-Minangkabawi applies two methods in studying critically on paper money, namely, the comparative law method and qiyas. Second, Ahmad Khatib believes that paper money has similarities with dinars and dirhams, namely its nominal value function. It is just that the existence of these values is different. Briefly, there are set law consequences for those who used paper money in economic activities, i.e. payment of zakāt on paper money applies when used as business capital.

Sheikh Ahmad Khatib Al-Minangkabawi's work related to paper money is written heavily from the perspective of fiqh. Briefly, it is challenging to describe legal reasoning from work. As a result, articles are also thicker with fiqh analysis.

Sheikh Ahmad Khatib Al-Minangkabawi's view regarding paper money becomes the foundation for the theory of the value of money in Islam. However, it is rarely disclosed. In this regard, this paper can serve as the foundation of the value for money offered by scholars from Indonesia in the early 20th century.

Money is not a commodity. Still, it must be positioned as capital to be productive. It finally becomes why trade is compelling and becomes the most practical reason for paying out zakāt.

It is not easy finding out articles that attempt to reveal the concept of classical ulemas or clerics from Indonesia relating to paper money. This article manages to identify that, and at the same time, becomes a novelty.

Evidence for the availability and utilisation of family-friendly work conditions (FFWCs) in Malaysia has not been comprehensively reviewed. Whether persistent inequities are due to poor employer provision of work conditions or low employee uptake remains unknown. This scoping review to assess the scope of available evidence for availability and utilisation of specific FFWCs among women in Malaysia, and synthesise reported findings.

This scoping review used Arksey and O’Malley’s framework and twenty-two articles were reviewed.

Flexible work hours, telecommuting/work from home, staggered work hours, childcare centres proximal to workplaces, and childcare subsidies were reported as most commonly available work conditions. Available leave varied across organisations and sectors in provision of payment and duration. Flexible work hours, leave, and childcare centres proximal to workplaces were the conditions most used by employees. However, the validity of observed availability and utilisation of work conditions in Malaysia is questionable, due to inconsistencies in the specificity and range of work conditions assessed and heterogeneity of samples.

National monitoring of the accessibility and uptake of FFWCs is required to guide investment decisions about family-friendly policy initiatives to effectively advance gender equity in the Malaysian labour force.

This scoping review provides the first comprehensive synthesis and summary of the availability and utilisation of FFWCs in Malaysia.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2024-0103

HRM; recruitment; managing cultural expectations in business; leadership.

Undergraduate management courses; MBA and MSc.

This case focuses on recruitment problems in Europe with an Asian dimension. A young Dutch and a young Chinese graduate are considering a career with postal, courier and logistics firm TNT – what are their concerns as graduating students in looking for a job? From the opposite perspective, the case considers how employers attract graduate recruits. The case encourages students of a wide range of cultural backgrounds to question if they are following their cultural norms, or their own personal needs, regardless of their culture. It introduces students to the concept of perceptions of employer value propositions (EVPs) and how employers can “market” themselves to employees. The case is appropriate for courses in leadership, human resource management, corporate social responsibility (CSR), managing culture, also job hunting and career workshops.

This case is aimed at projecting the importance of career choice criteria from both graduate and employer perspectives. The case examines issues of national culture and associated differences in employee and organizational expectations. The case also examines the role of CSR in attracting employees; and the particular concerns of Generation Y employees.

Teaching note.

This paper develops and tests a model for managing workplace bullying by integrating employee perceived servant leadership, resilience and proactive personality. Specifically, this paper explores servant leadership as an inhibitive factor for workplace bullying, both directly and indirectly in the presence of employee resilience as a mediator. It further explores whether proactive personality moderates the indirect relationship.

This is an empirical study based on analysis of survey data collected from 408 employees working in services and manufacturing sector organisations in Pakistan. Structural equation modelling was used to test the research model.

Structural equation modelling results support the proposition that servant leadership helps in discouraging workplace bullying, both directly and indirectly, in the presence of employee resilience as a mediator. However, employee proactive personality moderates this process, such that the association between resilience and workplace bullying is stronger for individuals with high proactive personality.

This study's findings illuminate the strong potential of servant leadership for managing workplace bullying. This potential is attributed to positive role modelling in the workplace, which may assist in building followers' resilience. This study provides evidence to support the importance of leadership in the process by which employees develop better psychological resources to combat bullying at work.

This is the first study that examines the direct relationship between servant leadership and bullying at work. In addition, this study introduced the mediating effect of resilience and the moderating effect of proactive personality on this relationship.

Mobile phone network third-generation (3G) and fourth-generation (4G) modes are the most commonly used modes in many developing countries. This study aims to assess the impact of these network modes and other mobile phone attributes on their retail prices in Pakistan, the fifth most populous and developing country.

This study has been conducted in Punjab province, which shares about 53% of the Pakistan’s population. Hedonic price analysis was carried out on all new mobile phone attributes sold in Punjab’s markets at the retail level. Various econometric tests, that is, Ramsey regression equation specification error, Breusch–Pagan/Cook–Weisberg and variance inflation factor, were calculated to check the robustness of the results.

Results of this study indicated that the mobile phone prices were significantly higher for the sets having 4G network mode than the 3G mode. In addition to this, other mobile phone attributes that significantly influenced their prices were brand, weight, camera, random access memory (RAM), memory size, operating system, battery capacity and display size.

This study has implications for mobile phone sales and marketing strategies of the manufacturers, importers, retailers and others involved in the mobile phone business in developing countries like Pakistan. Mobile phone manufacturers/importers can increase their profits by producing/importing the 4G enabled devices.

Although many studies in the literature estimated the implicit price of mobile phone attributes, none of these had explicitly assessed the impact of network mode generation of mobile phones on their prices.

This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management activities and market efficiency. It also includes some of the research work on the origins and foundations of behavioral finance, and how this has grown substantially to become an established and particular subject of study in its own right. The study also aims to provide future direction to the researchers working in this field.

For doing research synthesis, a systematic literature review (SLR) approach was applied considering research studies published within the time period, i.e. 1970–2021. This study attempted to accomplish a critical review of 176 studies out of 256 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioral finance domain-related explicitly to cognitive heuristic-driven biases and their effect on investment management activities and market efficiency as well as on the origins and foundations of behavioral finance.

This review reveals that investors often use cognitive heuristics to reduce the risk of losses in uncertain situations, but that leads to errors in judgment; as a result, investors make irrational decisions, which may cause the market to overreact or underreact – in both situations, the market becomes inefficient. Overall, the literature demonstrates that there is currently no consensus on the usefulness of cognitive heuristics in the context of investment management activities and market efficiency. Therefore, a lack of consensus about this topic suggests that further studies may bring relevant contributions to the literature. Based on the gaps analysis, three major categories of gaps, namely theoretical and methodological gaps, and contextual gaps, are found, where research is needed.

The skillful understanding and knowledge of the cognitive heuristic-driven biases will help the investors, financial institutions and policymakers to overcome the adverse effect of these behavioral biases in the stock market. This article provides a detailed explanation of cognitive heuristic-driven biases and their influence on investment management activities and market efficiency, which could be very useful for finance practitioners, such as an investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making their financial management strategies.

Currently, no recent study exists, which reviews and evaluates the empirical research on cognitive heuristic-driven biases displayed by investors. The current study is original in discussing the role of cognitive heuristic-driven biases in investment management activities and market efficiency as well as the history and foundations of behavioral finance by means of research synthesis. This paper is useful to researchers, academicians, policymakers and those working in the area of behavioral finance in understanding the role that cognitive heuristic plays in investment management activities and market efficiency.

▪ Perform relevant analysis (financial and non-financial) related to investment decision-making.

▪ Make decision based on the analysis.

Jade Sdn. Bhd. (JADE), since its establishment, has been mainly involved in providing services in facility management and cleaning services. Apart from these main services, JADE was also involved in hospitality management, travel and tours, and agribusiness. The current involvements were already varied, and the Board was thinking of furthering the diversification activity to generate more revenues. As the Chief Executive Officer (CEO) of JADE, Ahmad was required to conduct the necessary analysis and provide his recommendation to the Board whether JADE should proceed with the purchase of Tulip Garden Hotel (TULIP). He had one month to act before proposing his recommendation to the Board.

Undergraduate and Postgraduate

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

Introduction: The bank plays a significant role in financial intermediation and serves as market-makers and agents. The emergence of new financial technology, commonly known as “FinTech”, is anticipated to revolutionize these industries. FinTech encompasses technological advancements in the financial sector to enhance consumer satisfaction, streamline operational procedures, create novel products, and foster greater competition.

Purpose: The primary aim is to discuss the banking industry’s current and potential future state with the emergence of financial technology. The specific objective is to explore the emergence of new-age technologies in the banking industry and the challenges faced in their implementation.

Methodology: A qualitative method is employed to analyze the FinTech landscape. Researchers conducted an extensive literature review and analyzed recent news articles to explore the banking industry’s digital transformation through FinTech. The literature review encompassed academic journals, industry reports, and relevant books to provide a theoretical framework and historical context to capture current developments, real-world applications, and emerging trends.

Findings: The evolution and impact of financial technology on the global economic landscape have been explored. It highlights how FinTech innovations, such as blockchain, artificial intelligence, and mobile payments, have revolutionized traditional banking, enhancing efficiency, accessibility, and security. It discusses regulatory challenges and the need for a balanced approach to foster innovation while ensuring consumer protection. The findings underscore FinTech’s potential to drive economic growth and the importance of continuous adaptation to evolving technological trends.

Conventional theories of financial management are notably inconspicuous when considering the influence of heuristic-driven biases and fundamental and technical anomalies on institutional investors' investment decision-making performance and market efficiency, particularly, in emerging Asian economies. This study aims to explore the mechanism by which heuristic driven biases (i.e. cognitive heuristic biases and recognition-based heuristic biases) influence institutional investors' investment decision-making, investment performance and perceived market efficiency, with a mediating role of fundamental and technical anomalies and the moderating role of financial knowledge in Pakistan.

Data were collected through a survey completed by 180 institutional investors trading on the Pakistan Stock Exchange. Structural equation modeling was used to analyze the data and test the hypotheses.

The results suggest that heuristic-driven biases have a significant negative influence on perceived market efficiency and investment performance and a significant positive effect on investment decisions of institutional investors. Fundamental and technical anomalies appeared to mediate these relationships. The results also revealed that financial knowledge moderates these relationships.

This study pioneers research on the links among heuristic-driven biases, financial knowledge, fundamental and technical anomalies and institutional investors' decisions and performance. This adds to the understanding of the role that heuristic-driven bias plays in investment management activities and enhances the appreciation of various behavioral aspects and their influence on investment decision-making and performance in an emerging market. It also contributes to the literature on behavioral finance, specifically the role of heuristics in investment strategies, which is still in its initial stage in developed countries, let alone in developing countries. The current research contributes to the literature by defining heuristic-driven biases as antecedents and fundamental and technical anomalies as intervening variables for irrational investment decision-making and poor investment performance. In addition, this study underlines the significance of utilizing financial knowledge to manage the antecedents and repercussions of fundamental and technical anomalies.