Search results

This chapter investigates the presence of a difference in the systemic risk level between Islamic and conventional banks in Bangladesh. The authors compare systemic resilience of three types of banks: fully fledged Islamic banks, purely conventional banks (CB), and CB with Islamic windows. The authors use the market-based systemic risk measures of marginal expected shortfall and systemic risk to identify which type is more vulnerable to a systemic event. The authors also use ΔCoVaR to identify which type contributes more to a systemic event. Using a sample of observations on 27 publicly traded banks operating over the 2005–2014 period, the authors find that CB is the least resilient sector to a systemic event, and is the one that has the highest contribution to systemic risk during crisis times.

This paper aims to conceptualize the nexus between the participatory finance and the higher ethical objectives within the Islamic moral economy, also termed as Maqasid al Shari’ah.

Insights from the extant Islamic economics and finance literature are integrated through an interpretative systematic review using the principles from critical interpretative synthesis (CIS).

A coherent framework is synthesized comprising the typology of the Maqasid al Shari’ah, the axioms of participatory finance and their nexus which is formulated by theorizing the common thread of meaning through the axioms of participatory finance and Maqasid al Shari’ah at the interpretative level. This framework postulates that the participatory finance fits well in the ethos and the value system of Islam. Moreover, “social well-being” invariably provides the nexus between the Maqasid al Shari’ah and participatory finance.

This study contributes to the Islamic economics and finance literature by integrating the dissenting views from the divergent literature related to the basic philosophy of Shari’ah and participatory finance and provides grounds for policy implications, particularly, for designing the financial products. Moreover, it demonstrates an application of interpretative systematic review in Islamic banking and finance research.

This study aims to understand and document the impact of market-based – market returns and momentum – as well as firm-specific – size, book-to-market (B/M) ratio, price-to-earnings ratio (PER) and cash flow (CF) – factors on pricing of Shari’ah-compliant securities as explanation of variations in stock returns in an emerging market – Pakistan’s Karachi Stock Exchange.

Initially, the authors test Fama and French (FF) three-factor model – market risk premium, size and B/M – followed by modified FF model by including additional risk factors (PER, CF and momentum) over a 10-year period (2001-2010).

Our results support superiority of FF three-factor model over single-factor capital asset pricing model. However, addition of further risk factors – including PER, CF and momentum – improves explanatory power of the model, as well as refines the selection of risk factors. In this study, CF, B/M and momentum factors remain insignificant. Traditional B/M factor in FF model is replaced by PER.

Based on the modified FF model, the authors propose a stock valuation model for Shari’ah-compliant securities consisting of three factors: market returns, size and earnings, which explains 76per cent variations in cross sectional stock returns.

To the best of the authors’ knowledge, this is the first study (which combines market-based as well as fundamental factors) on pricing of Islamic securities and identification of risk factors in an emerging market – Karachi Stock Exchange.

This study aims to consider environmental sustainability, a global challenge under the preview of sustainable development goals, highlighting the significance of knowledge economy in attaining sustainable aggregate demand behavior globally. For this purpose, 155 countries that have data available from 1995 to 2021 were selected. The purpose of selecting these countries is to test the global responsibility of the knowledge economy to attain environmental sustainability.

Results are estimated with the help of panel quantile regression. The empirical existence of aggregate demand-based environmental Kuznets curve (EKC) was tested using non-linear tests. Moreover, principal component analysis has been incorporated to construct the knowledge economy index.

U-shaped aggregate demand-based EKC at global level is validated. However, environmental deterioration increases with an additional escalation after US$497.945m in aggregate demand. As a determinant, the knowledge economy is reducing CO₂ emissions. The knowledge economy has played a significant role in global responsibility, shifting the EKC downward and extending the CO₂ reduction phase for every selected country. Further, urbanization, energy intensity, financial development and trade openness significantly deteriorate the environmental quality.

This study contains the empirical existence of aggregate demand-based EKC. The role of the knowledge economy is examined through an index which is calculated by using four pillars of the knowledge economy (technology, innovations, education and institutions). This study is based on a combined panel of all the countries for which the data was available.

This paper aims to propose a method by merging Legendre wavelets method and quasilinearization technique to tackle with the nonlinearity and to get better and more accurate results.

To test the significance of the proposed scheme, the authors applied the method on the model representing magneto-hydrodynamic squeezing flow of a viscous fluid between two parallel infinite disks, where one disk is impermeable and the other is porous with either suction or injection of the fluid. For the sake of comparison, numerical solution by using RK-4 is also computed. From the graphs and tables, it is evident that the proposed method shows an excellent accordance with the numerical solution.

The solution converges to the numerical solution when the degree of Legendre polynomials m is increased. For m = 20 in all the three cases, for different values of S, M and A, the graphs of solutions obtained by Legendre wavelet quasilinearization technique show an excellent agreement with numerical solution. Also, it is evident from figures that suction and injection affects the velocity profile in opposite way. For suction, maximum velocity is seen to be at the center of the channel. Magnetic field can be used to regularize the flow and it stabilizes the flow behavior.

Magnetic field can be used to regularize the flow and it stabilizes the flow behavior.

The study aims to empirically estimate the role of public supports for energy efficiency financing and presents the way forward to mitigate the energy financing barriers that incurred during the COVID-19 crisis.

Using the G7 countries data, the study estimated the nexus between the constructs. Generalized method of moments (GMM) and conventional increasing-smoothing asymptotic of GMM are applied to justify the study findings. Wald econometric technique is also used to robust the results.

The study findings reported a consistent role of public support on energy efficiency financing indicators, during the COVID-19 crisis period. G7 countries raised funds around 17% through public supports for energy efficiency financing, and it raised 4% of per unit energy usage to GDP, accelerated 16% energy efficiency and 24% output of renewable energy sources, during COVID-19. By this, study findings warrant a maximum support from public offices, energy ministries and other allied departments for energy efficiency optimization.

The study presents multiple policy implications to enhance energy efficiency through different alternative sources, such as, on-bill financing, direct energy efficiency grant, guaranteed financial contracts for energy efficiency and energy efficiency credit lines. If suggested policy recommendations are applied effectively, this holds the potential to diminish the influence of the COVID-19 crisis and can probably uplift the energy efficiency financing during structural crisis.

The originality of the recent study exists in a novel framework of study topicality. Despite growing literature, the empirical discussion in the field of energy efficiency financing and COVID-19 is still shattered and less studied, which is contributed by this study.

This study aims to understand Bangladeshi young consumers’ perceptions of sustainable apparel. Specifically, through the lens of the theory of reasoned action (TRA), this study investigates the impacts of man–nature orientation (MNO) and social influences on Bangladeshi young consumers’ intention to purchase sustainable apparel.

Empirical survey-based research was conducted, and data were collected from 387 Bangladeshi college students.

The findings of the study show that MNO significantly influences Bangladeshi young consumers’ attitudes toward purchasing sustainable apparel, which, together with social influences, impacts young Bangladeshi consumers’ intention of making efforts to purchase sustainable apparel.

This study incorporates the specific cultural value – MNO with the traditional TRA model to understand young Bangladeshi consumers’ sustainable apparel purchase intention. The results of this study demonstrate the applicability of the TRA framework in understanding young consumers’ sustainable apparel consumer behavior in the context of Bangladesh, which is a developing country with a collectivistic culture. This study provides insights into how apparel brands and retailers should design their sustainability strategies in developing countries such as Bangladesh.

This paper aims to address the need for a more in-depth empirical investigation of exploring the link between the adoption of corporate social responsibility (CSR) practices and different aspects of customer behavior in a developing country. This paper develops a research framework and assesses the mediating role of trust, customer-company identification (CCI) and electronic-service quality (E-SQ) between customer perceptions of CSR and customer loyalty.

Working with a sample of 280 banking customers in Pakistan, partial least square based structural equation modeling is used to test the conceptual model.

Surprisingly, results suggest that CSR is not directly related to customer loyalty, which is contradictory to previously established findings conducted in developed countries. Thus, confirming a full mediation of CCI, E-SQ and trust in enhancing the effect of CSR on customer loyalty. The study also confirms that CSR is positively related to E-SQ, and E-SQ also directly affects CCI.

Banks should adhere to honest CSR practices and effectively communicate and advertise these practices to increase awareness and knowledge among the customers. Similarly, banks should advance in technological expertise to generate customer identification, which then leads to their loyalty.

Previous studies conferred short-term customer’s reactions, such as purchase intention and brand image. Still, this research discusses the long-term effect of CSR on customer behavior, such as the loyalty of the customers. Moreover, this is the pioneer study that investigates how CSR actions influence customer perceptions about E-SQ and how electronic services affect customer identification with a bank.

Tourism, Technology and Climate Change: The tourism industry is indispensable both for its socio-cultural offerings and its profound economic implications. The economic multiplier effects inherent in the drivers of tourism can stimulate the regional economy even before these areas emerge as tourism meccas. While vast amounts of research have detailed tourism's overarching significance, there is an evident void in understanding its multifaceted impacts, particularly where technological advances, environmental performance (EP) and economic benefits converge. A thorough examination of 907 research records led to this chapter, which identifies these gaps by referencing nine observational and 11 intervention studies. Achieving a Cohen's kappa value of 0.75, the authors note a strong consensus among reviewers, adhering to Cohen's (1940) standards. The findings from the first quarter highlight several areas within the tourism industry that have been under-researched. Particularly, the integration of technology, from ATM infrastructures enhancing tourist financial experiences to digital platforms elevating traveller education and awareness, and tech-driven solutions addressing demographic and ethical considerations in tourism, remains insufficiently explored. Additionally, the authors recognise an existing gap in knowledge regarding the nexus between tourism development and its climatic repercussions, especially before tourism ventures are fully realized. This chapter aims to channel future research into these lesser-trodden areas, fostering a comprehensive grasp of tourism's evolution in the face of rapid technological advancements and its interplay with environmental shifts.

This study aims to investigate how the service quality provided by distribution companies (DISCOs) impacts consumer satisfaction, focusing on the mediating role of regulatory effectiveness as governed by the National Electric Power Regulatory Authority (NEPRA) in Pakistan’s power sector.

A quantitative research design was used, with data collected via online surveys from domestic electricity consumers of five DISCOs in Punjab, Pakistan. Data analysis was performed using SPSS-25 and SmartPLS-4 software.

The results indicate that service quality significantly affects both consumer satisfaction and regulatory effectiveness, with regulatory effectiveness positively mediating the relationship between service quality and consumer satisfaction.

The limitations of this study include a cross-sectional design and multistage sampling, which may introduce bias and inadequately represent diverse demographics. Future research should involve commercial users, use longitudinal designs and adopt mixed methods for deeper insights. Nevertheless, the findings emphasize the mediating role of regulatory effectiveness in linking service quality to consumer satisfaction, highlighting the importance of governance in the electricity sector.

The findings offer valuable insights for policymakers, DISCO managers and regulatory bodies, underscoring the need to enhance service quality and regulatory practices to improve consumer satisfaction. Collaboration between DISCOs and NEPRA is recommended to address inefficiencies and governance issues, focusing on infrastructure development, transparency and accountability to enhance the consumer experience in Pakistan’s electricity sector.

This study contributes to the literature by introducing regulatory effectiveness as a mediator between service quality and consumer satisfaction within the power sector, guided by institutional theory.