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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.

This study aims to investigate how gamification, namely, WeChat’s cultural gifting function, improves emotional involvement among three generations (Y, X and silver) in mobile payments. It draws attention to the beneficial effects of cultural components and digital intimacy on gamified mobile payment systems.

The data were collected from Y, X and silver generation in Dalian, China. The users were well equipped with the WeChat pay features and had experience. The PLS-SEM software was used to assess the data.

The findings show that consumer word of mouth and loyalty are positively impacted by perceived utility, fun, and enjoyment. Besides, gamification components like fun and playfulness have a favourable effect on how useful mobile payments are judged to be. It demonstrates how delighted and ecstatic users are with WeChat Hongbao. In addition, the positive moderation effect of intimacy on the hypothesised connections shows that all three generations are likely to accept gamified money features. These results provide a substantial contribution to our comprehension of gamification in the context of mobile payment services for all three generations.

The study is distinctive because it focuses on how China’s three generations use WeChat Pay for routine transactions. The framework confirms that the gamification elements improve user performance and encourage continued usage of mobile payment systems.

Este estudio investiga cómo la gamificación, específicamente la función de regalos culturales de WeChat, mejora la participación emocional entre tres generaciones (Y, X y plata) en los pagos móviles. Se presta atención a los efectos beneficiosos de los componentes culturales y la intimidad digital en los sistemas de pago móvil gamificados.

Los datos fueron recopilados de las generaciones Y, X y plata en Dalian, China. Los usuarios estaban familiarizados con las características de pago de WeChat y tenían experiencia. Se utilizó el software PLS-SEM para evaluar los datos.

Los resultados muestran que la reputación y la lealtad del consumidor son positivamente influenciadas por la utilidad percibida, la diversión y el disfrute. Los componentes de gamificación, como la diversión y la jugabilidad, tienen un efecto favorable en cómo se juzga la utilidad de los pagos móviles. Se demuestra cuán encantados están los usuarios con WeChat Hongbao. Además, la moderación positiva de la intimidad en las relaciones supuestas muestra que las tres generaciones tienen probabilidades de aceptar las características de dinero gamificado. Estos resultados contribuyen sustancialmente a nuestra comprensión de la gamificación en el contexto de los servicios de pago móvil para las tres generaciones.

El estudio es novedoso ya que se centra en cómo las tres generaciones de China utilizan WeChat Pay para transacciones rutinarias. El marco confirma que los elementos de gamificación mejoran el rendimiento del usuario y fomentan el uso continuado de los sistemas de pago móvil.

本研究探讨了游戏化, 即微信的文化赠送功能, 如何提高三代人（Y、X和银发族）在移动支付中的情感投入。它引起了人们对文化成分和数字亲密关系对游戏化移动支付系统的有益影响的注意。

数据来自中国大连市的Y、X和银发族用户。用户对微信支付功能非常熟悉, 并具有使用经验。采用PLS-SEM软件对数据进行评估。

结果表明, 消费者的口碑和忠诚度受到了感知效用、乐趣和享受的积极影响。乐趣和趣味等游戏化组件对移动支付的有用性评估产生了积极影响, 展示了用户对微信红包的喜悦和兴奋程度。此外, 亲密关系对假设连接的正向调节效应表明, 三代人都可能接受游戏化货币功能。这些结果为我们理解移动支付服务背景下游戏化对三代人的贡献提供了实质性的帮助。

该研究独特之处在于它着眼于中国三代人如何将微信支付用于日常交易。该框架证实了游戏化元素如何提高用户绩效并鼓励继续使用移动支付系统。

This study aims to find out the role of green curriculum (GC) in making a green generation (GG) and ensuring sustainability. The study considers the green curriculum a key factor for understanding environmental values orientation (EVO) and adopting pro-environmental behaviors (Pr-EnB) for social, economic, human and environmental sustainability.

The study is quantitative and cross-sectional. Partial least square-structural equation modeling was used to test the research model and data which was collected through a questionnaire survey from university faculty and students in Pakistan, Saudi Arabia and China.

The findings show that the GC has significant positive effects on EVO and pro-environmental behavior. However, it has no significant effect on social sustainability. There is a positive significant effect of pro-environmental behavior on economic, environmental, human and social sustainability. Whereas, environmental orientation has no significant effect on economic sustainability but significantly influences environmental, human and social sustainability. GC has no significant effect on economic, environmental and human sustainability. However, when considering the combined effects of GC and environmental values orientation or pro-environmental behavior, significant positive effects were found on economic, environmental, human and social sustainability.

The result suggests that implementing a GC positively influences environmental orientation, pro-environmental behavior and various dimensions of sustainability.

These results have implications for educational institutions and policymakers aiming to promote sustainability through green curriculum and help in the attainment of sustainable development goals.

The study fulfills an essential need to obtain sustainability and sustainable development goals through education.

This study aims to investigate the influence of the digitalization of corporate social responsibility (CSR) on the sustainable competitive performance (SCP) of small- and medium-sized enterprises (SMEs) in an emerging economy and to examine the moderating effect of digital organizational culture on this relationship.

Data collection was conducted through a survey completed by 311 owners and top managers operating in service, trading and manufacturing sector SMEs positioned within the twin cities of Pakistan. A convenient purposively sampling technique and snowball method were used for data collection, and structural equation modeling was used for data analysis.

The results of this study suggest that CSR digitalization has a markedly positive influence on the SCP. Digital organizational culture appears to moderate these relationships.

This study highlights the importance of considering CSR digitalization and fostering a digital organizational culture for SMEs to achieve SCP. The findings provide valuable insights for strategic decision-makers, including owners, CEOs and senior management of SMEs, to enhance their knowledge concerning how and why a digital organizational culture makes it easier to digitalize CSR activities, with the ultimate objective of ensuring SCP and SME growth. Overall, the findings of this study have practical implications for policymakers and managers in SMEs as they can promote the adoption of digital technologies in CSR initiatives and develop a digital organizational culture within the organization. This would contribute to enhancing the SCP of SMEs. Thus, this research is beneficial for business actors, policymakers and researchers seeking to enhance SMEs’ SCP.

This study provides valuable guidance to the senior management of SMEs regarding successfully adopting and integrating digital technologies into their CSR practices. This integration can lead to increased social and environmental benefits, which positively impact both business and society. Policymakers can use these findings to develop policies and initiatives to encourage CSR digitalization among SMEs. By providing support and incentives for digital transformation, policymakers can help SMEs adopt digital tools to improve their CSR performance, contributing to economic growth and sustainability.

This study pioneers research on the links between CSR digitalization, digital organizational culture and the SCP of SMEs. This study contributes to the literature by defining CSR digitalization as an antecedent to the SCP of SMEs. In addition, this study underlines the significance of CSR digitalization for the achievement of SMEs’ SCP of SMEs with the moderating role of digital organizational culture. Overall, this study enriches the resource base view literature through empirical evidence.

This study aims to use a qualitative approach to explore and clarify the mechanism by which heuristic-driven biases influence the decisions and performance of individual investors actively trading on the Pakistan Stock Exchange (PSX). It also aims to identify how to overcome the negative effect of heuristic-driven biases, so that finance practitioners can avoid the expensive errors which they cause.

This study adopts an interpretative approach. Qualitative data was collected in semistructured interviews, in which the target population was asked open-ended questions. The sample consists of five brokers and/or investment strategists/advisors who maintain investors’ accounts or provide investment advice to investors on the PSX, who were selected on a convenient basis. The researchers analyzed the interview data thematically.

The results confirm that investors often use heuristics, causing several heuristic-driven biases when trading on the stock market, specifically, reliance on recognition-based heuristics, namely, alphabetical ordering of firm names, name memorability and name fluency, as well as cognitive heuristics, such as herding behavior, disposition effect, anchoring and adjustment, repetitiveness, overconfidence and availability biases. These lead investors to make suboptimal decisions relating to their investment management activities. Due to these heuristic-driven biases, investors trade excessively in the stock market, and their investment performance is adversely affected.

This study provides a practical framework to explore and clarify the mechanism by which heuristic-driven biases influence investment management activities. To the best of authors’ knowledge, the current study is the first to focus on links between heuristic-driven biases, investment decisions and performance using a qualitative approach. Furthermore, with the help of a qualitative approach, the investigators also highlight some factors causing an increased use of heuristic variables by investors and discuss practical approaches to overcoming the negative effects of heuristics factors, so that finance practitioners can avoid repeating the expensive errors which they cause, which also differentiates this study from others.

This study aims to delve upon customer satisfaction and service quality within small- and medium-sized hotels (SMSHs) by using a modified SERVQUAL model.

Data for the study were collected from a sample of 253 guests of varying nationalities who stayed at SMSHs of one-to-three-star ratings in the UAE. Moreover, 15 face-to-face interviews were conducted. The influence of the five dimensions of the SERVQUAL model on visitors’ satisfaction was explored using structural equation modelling.

The results indicated that three out of the five dimensions of SERVQUAL, namely, tangible, responsiveness and assurance, have significant positive impact on visitors’ satisfaction of the SMSHs Industry. The remaining two dimensions of SERVQUAL, reliability and empathy, have no significant impact on visitors’ satisfaction.

This study provides a major contribution in that it offers the potential to examine a vastly under researched area of customer satisfaction and service quality of SMSHs in a developing country.

Presently, one of the major governance issues faced by management and shareholders of organizations is the gender composition of the boards of directors and audit committees. This study aims to examine the impact of gender diversity in audit committees on the accuracy of management earnings forecasts disclosure in initial public offering (IPO) prospectuses.

The study sample comprises 190 Malaysian companies issuing IPOs that transformed into public companies during the period 2002-2012. Earnings forecasts accuracy (quality) is proxied by absolute forecast error and the study model is developed based on the frameworks of the signalling theory, the agency theory and the resource-dependence theory.

The study proposes that female directors introduce a set of specific features in the boardroom that serve to improve investor protection and efficient monitoring of management. However, findings reveal an insignificantly positive relationship between gender diversity in audit committees and absolute forecast error, which shows that more female directors in audit committees could translate into more errors and less accuracy in earnings forecasts.

Considering the recent regulatory developments that encourage the number of women on the board of directors, the findings obtained have significant implications for policymakers. The study findings can also be invaluable to investors, investment analysts, market players and researchers.

The composition of the board of directors and audit committees in terms of gender plays a significant role in the promotion of effective corporate governance practices. This study is one of the pioneering studies that examines the advantages of gender diversity in the board of directors. It is also the first study to extend IPO literature by investigating the role of gender diversity in audit committees in the enhancement of accurate management earnings forecasts included in the IPO prospectuses.

The purpose of this paper is to explore how knowledge hiding affects buyer-supplier relationship performance in the supply chain.

This study uses a multiple case study methodology. Overall, 26 semi-structured interviews (13 dyadic interviews) with managers of buying and supplying firms (who have been a victim of knowledge hiding) were undertaken.

Based on comprehensive data analysis, results reveal seven factors that adversely affect buyer-supplier relationship performance (lack of trust, lack of cooperation and lack of commitment). In addition, results reveal that such factors reduced the firm’s business performance in terms of low-quality products, increased lead time and higher costs.

This study has some limitations. First, the results of this study are not generalizable to a broader population. Second, this study explores behavioral patterns with respect to United Arab Emirates culture only.

Firms can use the findings from this study to understand how knowledge hiding in a buyer-supplier relationship adversely affects a buyer-supplier relationship performance.

A considerable weakness in buyer-supplier relationship literature is a need for a study examining how knowledge hiding harms buyer-supplier relationship performance in the supply chain. This paper addresses this gap.

This paper deals with the well known degenerated shell element of Ahmad. The main concern focuses on the rank of the element stiffness matrix and the zero energy modes. Element formulation includes geometrical and material non‐linearities. The Lagrangian, heterosis and serendipity variants of displacement approximation are studied using full, selective or reduced in‐plane numerical integration. In the third direction the layered concept is adopted. The obtained results do not fully coincide with those published in References 2 and 3. The Figures presented in this paper, showing the displacement modes, clarify in a convenient form some of the element properties associated with particular element formulations. The work also shows the influence of the plastic and cracked material conditions on the stiffness matrix of the element.

There is little in the literature on branding that considers how a brand name may affect a brand and its global positioning. Similarly, there is little research on brand dissonance and the paradoxes that occur in a globalised world. This research aims to examine the impact of country of origin image on consumer perceptions of a successful tea brand dissonance between the country of origin and the brand name.

A case study approach, using qualitative data collection, has been applied in this study. In‐depth interviews were conducted with 22 experienced tea distributors and managers of Ahmad Tea in the Confederation of Independent States.

The findings show that a positive country of origin effect can have a positive impact on a global brand image transcending any negative connotations that a brand name may have.

The findings of this study provide useful insights for academics and practitioners regarding the success factors of branding strategy in international markets.

This paper attempts to respond to a call by Keller for more empirical research into the ways in which the images of country of origin change or supplement the image of a brand. In doing so, this paper shows that successful associations with positive country of origin images can overcome problems with a problematic brand name in a global context.

This study aims to explore and clarify the mechanism by which recognition-based heuristic biases influence the investment decision-making and performance of individual investors, with the mediating role of fundamental and technical anomalies.

The deductive approach was used, as the research is based on behavioral finance's theoretical framework. A questionnaire and cross-sectional design were employed for data collection from the sample of 323 individual investors trading on the Pakistan Stock Exchange (PSX). Hypotheses were tested through the structural equation modeling (SEM) technique.

The article provides further insights into the relationship between recognition-based heuristic-driven biases and investment management activities. The results suggest that recognition-based heuristic-driven biases have a markedly positive influence on investment decision-making and negatively influence the investment performance of individual investors. The results also suggest that fundamental and technical anomalies mediate the relationships between the recognition-based heuristic-driven biases on the one hand and investment management activities on the other.

The results of the study suggested that investment management activities that rely on recognition-based heuristics would not result in better returns to investors. The article encourages investors to base decisions on investors' financial capability and experience levels and to avoid relying on recognition-based heuristics when making decisions related to investment management activities. The results provides awareness and understanding of recognition-based heuristic-driven biases in investment management activities, which could be very useful for decision-makers and professionals in financial institutions, such as portfolio managers and traders in commercial banks, investment banks and mutual funds. This paper helps investors to select better investment tools and avoid repeating the expensive errors that occur due to recognition-based heuristic-driven biases.

The current study is the first to focus on links recognition-based heuristic-driven biases, fundamental and technical anomalies, investment decision-making and performance of individual investors. This article enhanced the understanding of the role that recognition-based heuristic-driven biases plays in investment management. More importantly, the study went some way toward enhancing understanding of behavioral aspects and the aspects' influence on investment decision-making and performance in an emerging market.