Abul F.M. Shamsuddin and Richard A. Holmes
Conducts both the cointegration test of the monetary theory of inflation and the Granger‐causality test between the variables in the system, and also develops univariate and…
Abstract
Conducts both the cointegration test of the monetary theory of inflation and the Granger‐causality test between the variables in the system, and also develops univariate and multivariate time series models to forecast inflation rates. Quarterly time series data for Pakistan, from 1972‐2 to 1993‐4 is used for empirical investigation. Results suggest no cointegrating or long‐run relationship between the variables in the monetary model. Observes that there is some evidence of Granger‐causality running from inflation to output growth. Comparison of out‐of‐sample quarterly forecasts for the 1988‐1 to 1993‐4 period are made for univariate and vector ARMA models of inflation. States that the forecasting accuracy of the multivariate ARMA model is not statistically different from that of the univariate ARMA model.
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Tanzina Akhter, Zairihan Abdul Halim, Saima Mehzabin, Ahanaf Shahriar and Md. Abul Kalam Azad
The global financial crisis of 2008 has put greater doubt on the bank risk-management effectiveness around the world. As a part of the response to such doubt, the Gulf Cooperation…
Abstract
Purpose
The global financial crisis of 2008 has put greater doubt on the bank risk-management effectiveness around the world. As a part of the response to such doubt, the Gulf Cooperation Council (GCC) region is formulating some feasible approaches to manage bank risk. In this regard, an understanding of the role of the region’s culture and economic freedom will provide immense input into this risk management approach. This study examines the impact of national culture and economic freedom on bank risk-taking behavior.
Design/methodology/approach
Data on bank risk measures, culture and economic freedom are obtained from the FitchConnect, World Bank database, Hofstede’s insights and Heritage Foundation. Generalized least squares and two step-system generalized method of moments are then used to examine the risk-taking behavior of the region.
Findings
Banks of the GCC region operating in the low power distance, high collectivism, masculine and low uncertainty avoidance cultures are susceptible to assuming more operational and insolvency risks. Furthermore, banks’ overall risk-taking inclination is positively increased once the region has considerable business and monetary freedom.
Practical implications
The governments and bank regulatory bodies may benefit from the study findings by developing the best economic freedom index and national culture that enriches risk management practices and curves excessive risk-taking inclination.
Originality/value
To the best of the authors’ knowledge, this study is the first attempt to address the interplay among culture, economic freedom and bank risk to ensure constructive risk-taking behavior for the GCC banking industry.
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Mentoring is an intense relationship between a senior experienced individual who is the mentor and a less experienced individual who is the protégé. Mentors provide counselling…
Abstract
Mentoring is an intense relationship between a senior experienced individual who is the mentor and a less experienced individual who is the protégé. Mentors provide counselling, guidance, advice, support and feedback for the protégé's personal and professional development. With the well-being of the family as the central issue in family firms, mentoring is often seen to be akin to a parent–child relationship. In Bangladesh, paternalistic and informal parental mentoring is the norm for grooming children both morally and professionally. Using six caselets of large family firms of Bangladesh, this chapter provides insight into the paternalistic style of mentoring, and also the generational differences in mentoring between the firm's owner and his successor.
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The relationship between collective memory and the built environment is a complex relationship. Though the concept of memory is fragile, the maintenance and continuation of urban…
Abstract
The relationship between collective memory and the built environment is a complex relationship. Though the concept of memory is fragile, the maintenance and continuation of urban memory are essential to maintain groups' identities and to support the sense of place and place attachment between community members and the architectural settings they use and/or reside in. Preserving the physical aspects of buildings, spaces and settings that are linked with memory, is important to preserve the memory, however, the mere preservation does not guarantee the continuation of memory. The maintenance and continuation of memory is a process that depends on several factors, where the preservation of the physical aspects is only one among several. This paper aims at a better understanding of the intricate relationship between collective memory and the built environment, focusing on the processes of formation, stimulation and consolidation of memory. The paper sheds the lights on historic houses that are embedded with significant meanings and memories to their social contexts. It claims that historic houses can easily shift from ‘potential cultural memory' to ‘actual cultural memory' that could act as pillars of memory to their surrounding community, if the conservation process is done comprehensively, that is to include not only the physical and spatial aspects of memory but also to tackle the social dimensions of memory as well. The paper is organized into three sections: the first investigates the memory formation process, focusing on the social and the spatial dimension of memory, then the second investigates the possible channels to memory stimulation and consolidation, and finally, as a case study, the third section investigates the memory of two historic houses in Cairo, Egypt. The review of the works undertaken in the two houses highlights the difference and the distance between the concept of restoration and the essence of conservation. Findings yielded that, urban memory is an important aspect of cultural heritage that should to be captured and preserved for current and future generations, an aspect that is missing in local conservation approaches. Moreover, to be maintained, urban memory needs physical, social and moral props.
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Roslina Mohamad Shafi and Yan-Ling Tan
This study aims to explore the evolution of the Islamic capital market (ICM) from the perspective of research publications.
Abstract
Purpose
This study aims to explore the evolution of the Islamic capital market (ICM) from the perspective of research publications.
Design/methodology/approach
A bibliometric analysis was applied based on selected publications from the Web of Science Core Collection (WoSCC) database from 2000 to 2021. The study adopted VOSviewer software which was developed by Leiden University.
Findings
This study has some implications that need urgent action. Firstly, there are some areas that have received little attention among researchers, although they are relevant to the industry, for instance, in fintech and blockchain in ICM. Secondly, the inconsistent frequency of publications in some niche areas may suggest that there are unprecedented events that hinder further research; probably, the researcher may anticipate more information and progress in the industry. Thirdly, the need to strengthen the collaboration between industry and academia to advance research.
Research limitations/implications
This study considered only the WoSCC database. The provider of WoSCC is Clarivate (formerly known as Thomson Reuters), where access to publications is limited to institutional subscribers. The implications of this study are to identify and propose future research trends in the field of ICM.
Originality/value
To the best of the authors’ knowledge, the present study is among the pioneer studies in analysing bibliometric focusing on ICM. Previous research has focused on Islamic finance and banking, and not specifically on ICM. Accordingly, this study sheds light on research gaps in ICM.
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Kamran Ahmed, John Hillier and Elisabeth Tanusasmita
The purpose of this paper is to assess the financial disclosure vis‐á‐vis economic reality of research and development (R&D) expensed by Australian firms under the pre‐2005…
Abstract
Purpose
The purpose of this paper is to assess the financial disclosure vis‐á‐vis economic reality of research and development (R&D) expensed by Australian firms under the pre‐2005 Australian generally accepted accounting principles (A‐GAAP) regime via the lens of market‐to‐book.
Design/methodology/approach
The authors estimated firms' R&D profit rate, measured R&D revenue intensity and modelled the impacts of these and related economic factors, via economic and financial disclosure channels, on market‐to‐book using data for 1988‐2004.
Findings
R&D, on average, was profit neutral and had undetectable impacts on market‐to‐book whether via equity valuation or financial disclosure.
Research limitations/implications
Market‐to‐book's information content is best viewed as conditional on the reference disclosure regime. Australian firms' typically at best minimal R&D profitability is an international anomaly. Data limitations in terms of the generating process and availability mean that R&D's impact on market‐to‐book via financial reporting is not definitively determined.
Practical implications
Restrictive rules on the capitalization of intangible asset‐related expenditures under A‐GAAP apparently did not adversely impact market‐to‐book's economic information. AIFRS's more permissive rule risks compromising market‐to‐book's reliability in such a role.
Originality/value
For Australia, the paper is anticipated to be the first to estimate the profit rate of R&D, measure the intensity of R&D, and model R&D's influence on the market‐to‐book ratio. It develops a framework for the economic and financial reporting impacts of investments on a key indicator of firms' financial standing and contributes to the debate on identifiable intangibles' disclosure.