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Available. Open Access. Open Access
Article
Publication date: 18 July 2022

Wassim Ben Ayed

The purpose of this study is to investigate the impact of government policies adopted by the Tunisian government to cope with the COVID-19 sanitary crisis on stock market return.

863

Abstract

Purpose

The purpose of this study is to investigate the impact of government policies adopted by the Tunisian government to cope with the COVID-19 sanitary crisis on stock market return.

Design/methodology/approach

The author uses daily data from March 2, 2020, to July 23, 2021.

Findings

The author finds that policies interventions have a negative impact on Tunisia's stock market, particularly stock market returns due to stringency, confinement and health measures. Also, Government announcements regarding economic has a negative impact on Tunisia's stock market but this impact is insignificant. By conducting an additional analysis, the author shows that the government interventions policies amplify the negative effect of COVID-19 on stock returns.

Research limitations/implications

These results will be useful for policy authorities seeking to consider the advantages and drawbacks of government measures. Finally, a legislative proposal about the audit of public debt should be included in the Constitution to spur Tunisia's economic and social recovery.

Originality/value

This study contributes to the related literature in two ways: First, it is the first study to examine the impact of government actions on stock market performance. Second, it bridges a gap in the literature by investigating the case of Tunisia, because most studies focus on developed and emerging economies.

Details

Journal of Business and Socio-economic Development, vol. 4 no. 1
Type: Research Article
ISSN: 2635-1374

Keywords

Available. Open Access. Open Access
Article
Publication date: 16 April 2019

Ahmad Al-Harbi

The purpose of this study is to investigate the effect of internal and external variables on the profitability of conventional banks operating on developing and underdeveloped…

11728

Abstract

Purpose

The purpose of this study is to investigate the effect of internal and external variables on the profitability of conventional banks operating on developing and underdeveloped countries, the Organization of Islamic Cooperation (OIC) states.

Design/methodology/approach

In this paper, the author uses ordinary least squares fixed-effects model on an unbalanced panel data set of all conventional banks operating in OIC countries (52 countries included from 57) over the period 1989-2008, 686 banks.

Findings

The results suggest that equity, foreign ownership, off-balance sheet (OBS) activities, real gross domestic product growth, real interest rate and concentration foster banks’ profitability. In addition, the results showed that the banking sector development and loans will increase banks’ profitability in the long run in the countries of the studies. In contrast, the study reported that deposits lower profitability. The study also revealed that GDP per capita, market capitalization and banks size have no impact on profitability.

Practical implications

The findings of this study have considerable policy implications. First, policymakers need to regulate nontraditional activities to avoid any financial crisis because banks in OIC countries are heavily engaged in nontraditional activities to boost its profit. Second, policymakers are advised to improve the deposit insurance system to insure the stability of the financial system as well as improving banks’ profitability. Third, policymakers need to improve the efficiency of the stock market, maintain small banking system and encourage foreign investments in the banking system.

Originality/value

The paper adds to the literature on the commercial bank’s profitability determinants. In particular, such study has not been conducted on OIC countries, and the study included all mainstream banks and incorporated the effect of deposit insurance system so far. Also, pure sample of conventional banks used as many conventional banks in OIC countries have Islamic windows or offer Islamic products. In addition, this study investigated the effect of OBS activities on net interest margin (NIM) because the studies that explored this interrelationship are limited especially for developing and under developed countries. The results showed that OBS activities contributed significantly and positively to return on assets and NIM. Moreover, this paper used a pure sample of conventional banks to avoid any biasness; see data section. Moreover, this study gives an idea about the economic situation and financial conditions of OIC countries during the period of the study.

Details

Journal of Economics, Finance and Administrative Science, vol. 24 no. 47
Type: Research Article
ISSN: 2077-1886

Keywords

Available. Open Access. Open Access
Article
Publication date: 25 September 2023

Wassim Ben Ayed and Rim Ben Hassen

This research aims to evaluate the accuracy of several Value-at-Risk (VaR) approaches for determining the Minimum Capital Requirement (MCR) for Islamic stock markets during the…

653

Abstract

Purpose

This research aims to evaluate the accuracy of several Value-at-Risk (VaR) approaches for determining the Minimum Capital Requirement (MCR) for Islamic stock markets during the pandemic health crisis.

Design/methodology/approach

This research evaluates the performance of numerous VaR models for computing the MCR for market risk in compliance with the Basel II and Basel II.5 guidelines for ten Islamic indices. Five models were applied—namely the RiskMetrics, Generalized Autoregressive Conditional Heteroskedasticity, denoted (GARCH), fractional integrated GARCH, denoted (FIGARCH), and SPLINE-GARCH approaches—under three innovations (normal (N), Student (St) and skewed-Student (Sk-t) and the extreme value theory (EVT).

Findings

The main findings of this empirical study reveal that (1) extreme value theory performs better for most indices during the market crisis and (2) VaR models under a normal distribution provide quite poor performance than models with fat-tailed innovations in terms of risk estimation.

Research limitations/implications

Since the world is now undergoing the third wave of the COVID-19 pandemic, this study will not be able to assess performance of VaR models during the fourth wave of COVID-19.

Practical implications

The results suggest that the Islamic Financial Services Board (IFSB) should enhance market discipline mechanisms, while central banks and national authorities should harmonize their regulatory frameworks in line with Basel/IFSB reform agenda.

Originality/value

Previous studies focused on evaluating market risk models using non-Islamic indexes. However, this research uses the Islamic indexes to analyze the VaR forecasting models. Besides, they tested the accuracy of VaR models based on traditional GARCH models, whereas the authors introduce the Spline GARCH developed by Engle and Rangel (2008). Finally, most studies have focus on the period of 2007–2008 financial crisis, while the authors investigate the issue of market risk quantification for several Islamic market equity during the sanitary crisis of COVID-19.

Details

PSU Research Review, vol. 8 no. 3
Type: Research Article
ISSN: 2399-1747

Keywords

Available. Open Access. Open Access
Article
Publication date: 29 February 2024

Olfa Ben Salah and Anis Jarboui

The objective of this paper is to investigate the direction of the causal relationship between dividend policy (DP) and earnings management (EM).

2337

Abstract

Purpose

The objective of this paper is to investigate the direction of the causal relationship between dividend policy (DP) and earnings management (EM).

Design/methodology/approach

This research utilizes the panel data analysis to investigate the causal relationship between EM and DP. It provides empirical insights based on a sample of 280 French nonfinancial companies listed on the CAC All-Tradable index during the period of 2008–2015. The study initiates with a Granger causality examination on the unbalanced panel data and employs a dynamic panel approach with the generalized method of moments (GMM). It further estimates the empirical models simultaneously using the three-stage least squares (3SLS) method and the iterative triple least squares (iterative 3SLS) method.

Findings

The estimation of our various empirical models confirms the presence of a bidirectional causal relationship between DP and EM.

Practical implications

Our study highlights the prevalence of EM in the French context, particularly within DP. It underscores the need for regulatory bodies, the Ministry of Finance, external auditors and stock exchange organizers to prioritize governance mechanisms for improving the quality of financial information disclosed by companies.

Originality/value

This research is, to the best of our knowledge, the first is to extensively investigate the reciprocal causal relationship between DP and EM in France. Previous studies have not placed a significant emphasis on exploring this bidirectional link between these two variables.

Details

Journal of Economics, Finance and Administrative Science, vol. 29 no. 57
Type: Research Article
ISSN: 2077-1886

Keywords

Available. Open Access. Open Access
Article
Publication date: 9 September 2022

Paul Negrut and Tiberiu Pop

The purpose of this paper is to offer a Christian perspective on the ethical issues related to natural procreation and artificial reproduction methods.

5505

Abstract

Purpose

The purpose of this paper is to offer a Christian perspective on the ethical issues related to natural procreation and artificial reproduction methods.

Design/methodology/approach

This paper uses descriptive and comparative methodology between the ethical aspects specific to natural procreation and artificial reproduction.

Findings

Religious beliefs play a significant role in shaping the moral perspective when an infertile couple is confronted with the choice between natural procreation and artificial reproduction.

Originality/value

This paper survey a broad bibliography and offers a critical evaluation of the moral aspects specific to different methods of reproductive technologies compared to the natural procreation approach.

Details

Journal of Ethics in Entrepreneurship and Technology, vol. 2 no. 1
Type: Research Article
ISSN: 2633-7436

Keywords

Available. Content available
Book part
Publication date: 6 November 2015

Scott G. McNall

Abstract

Details

Globalization, Critique and Social Theory: Diagnoses and Challenges
Type: Book
ISBN: 978-1-78560-247-4

Available. Open Access. Open Access
Article
Publication date: 11 January 2024

Ameni Ghenimi, Hasna Chaibi and Mohamed Ali Omri

The aim of this study is to conduct a comparative analysis between Islamic and conventional banks in terms of whether Islamic banks was more or less resilient/risky than…

2498

Abstract

Purpose

The aim of this study is to conduct a comparative analysis between Islamic and conventional banks in terms of whether Islamic banks was more or less resilient/risky than conventional counterparts to the pandemic shock. It also examines the role of capital in improving the performance and stability within the two banking systems.

Design/methodology/approach

This study uses 82 banks from MENA (Middle East and North Africa) region for periods across 2011–2020, and employs a dynamic panel data approach to examine the resilience within both banking systems during the Covid-19 pandemic.

Findings

The results show that the Covid-19 pandemic has a negative impact on conventional banks' stability. However, Islamic banks performed better and were less risky than conventional ones. Banks with high-quality capital are more effective at controlling their risks and improving their performance during the pandemic.

Practical implications

The results offer important financial observations and policy implications to many stakeholders engaging with banks. Actually, the findings of this study facilitate to the stakeholders and bankers to have an alluded picture about determinants of risk and performance. The results can be used by bankers’ policy decision-makers to improve and enhance their consideration for risk management, taking into consideration the type of banking systems.

Originality/value

Compared to the various studies on the stability of Islamic and conventional banks, researchers have not sufficiently addressed the effect of the Covid-19 pandemic on risk and performance. Moreover, none of these studies has examined if Islamic banks was more or less resilient/risky than conventional counterparts to the pandemic shock. This leads the authors to identify the similarities and differences between two types of banks in the MENA region in a pandemic shock context.

Details

Arab Gulf Journal of Scientific Research, vol. 42 no. 4
Type: Research Article
ISSN: 1985-9899

Keywords

Available. Open Access. Open Access
Book part
Publication date: 29 March 2022

Thomas Gegenhuber, Elke Schuessler, Georg Reischauer and Laura Thäter

Working conditions on many digital work platforms often contribute to the grand challenge of establishing decent work. While research has examined the public regulation of

Abstract

Working conditions on many digital work platforms often contribute to the grand challenge of establishing decent work. While research has examined the public regulation of platform work and worker resistance, little is known about private regulatory models. In this paper, we document the development of the “Crowdwork Agreement” forged between platforms and a trade union in the relatively young German crowdworking field. We find that existing templates played an important role in the process of negotiating this new institutional infrastructure, despite the radically new work context. While the platforms drew on the corporate social responsibility template of voluntary self-regulation via a code of conduct focusing on procedural aspects of decent platform work (i.e., improving work conditions and processes), the union contributed a traditional social partnership template emphasizing accountability, parity and distributive matters. The trade union’s approach prevailed in terms of accountability and parity mechanisms, while the platforms were able to uphold the mostly procedural character of their template. This compromise is reflected in many formal and informal interactions, themselves characteristic of a social partnership approach. Our study contributes to research on institutional infrastructures in emerging fields and their role in addressing grand challenges.

Details

Organizing for Societal Grand Challenges
Type: Book
ISBN: 978-1-83909-829-1

Keywords

Available. Open Access. Open Access
Article
Publication date: 14 February 2025

Nosipho Philisiwe Gumede and Teresa Hattingh

This study aims to explore the role of discretion anatomy and multiplicity to show how discretion components, range, levels and goals can direct corporate social responsibility…

40

Abstract

Purpose

This study aims to explore the role of discretion anatomy and multiplicity to show how discretion components, range, levels and goals can direct corporate social responsibility (CSR) and prevent corporate social irresponsibility (CSiR). This paper shifts the discretion perspective towards composition to enable a full assessment of the impact of discretion on CSR and CSiR.

Design/methodology/approach

This study overlays discretion and CSR theory onto the South African engineering context using professional competency standards set by the national accrediting body to develop a set of principles.

Findings

A model with 16 principles is proposed to establish relationships between the decision dynamics of technical professionals, social principles, social responsiveness and social outcomes.

Practical implications

The principles can be used by professionals to determine how their technical decisions can drive socially responsible acts and prevent socially irresponsible acts.

Originality/value

This paper integrates Wood’s (1991) and Frederick’s (2018) CSR perspectives with recent discretion theory developments. This paper centres high-discretion managers who typically occupy key positions in organisational structures where daily technical decisions can have generational social impact.

Details

European Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0955-534X

Keywords

Available. Open Access. Open Access
Article
Publication date: 24 April 2024

Junaidi Junaidi

This research investigates the Islamic banks’ intermediation role (e.g. branches and deposits) in financing. It also examines how financing contributes to the regions' economic…

1985

Abstract

Purpose

This research investigates the Islamic banks’ intermediation role (e.g. branches and deposits) in financing. It also examines how financing contributes to the regions' economic growth and poverty alleviation as a predictor and mediator variable.

Design/methodology/approach

A total of 297 observations were extracted from 33 Indonesian districts and 14 Islamic banks during the period 2012–2020. Fixed-effect regression analysis was used to examine variable’s interactions.

Findings

The empirical results indicate that Islamic banks have adopted a channelling role towards redistributing capital from lender to borrower. Besides, there are crucial roles in developing economies and reducing poverty at the district level. This study also reinforces the critical role of financing in mediating the relationship between branches and deposits as predictor variables and GDP and poverty as outcome variables.

Research limitations/implications

The current study was limited to Indonesian Islamic banks and the district’s perspective. Future research needs to cover sub-districts and other poverty measurements (e.g. human education and development perspectives), including conventional and Islamic banks. It can help practitioners, regulators and researchers observe the dynamic behaviour of the banking sector to understand its role in the economic and social fields.

Practical implications

Bank managers and regulators should promote branches, deposits and financing. It also enlightens people about the essential role of Islamic banks and their fundamental operations in business and economics.

Originality/value

This study contributes to economic literature, bank managers and local governments' decision-making processes by developing and testing an economic growth and poverty model.

Details

Journal of Economics, Finance and Administrative Science, vol. 29 no. 58
Type: Research Article
ISSN: 2077-1886

Keywords

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