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This paper aims to compare the effect of ownership on firm performances in the 1997 and 2008 financial crises. More specifically, it investigates the effect of cash flow rights, control rights and cash flow rights leverage on firm performance. Two conditions motivated the study. First, the 2008 financial crisis happened quickly, so it was endogenous for firms. This setting is ideal to deal with endogeneity problems in a study that involves ownership and performance. Second, during the 2000s, awareness and implementation of corporate governance increased significantly. The authors believe that the markets learn these changes and incorporate them into prices, as suggested by an efficient market hypothesis.

The paper investigates and compares the effect of ownership structure on firm performance in the 2008 subprime crisis period to that in the 1997 financial crisis. Both crises happen unexpectedly, so the authors can expect that the crises are exogenous to firms. The authors use cash flow rights, control rights and cash flow right leverage for the ownership structure dimension. They also study time-series data to investigate the effect of ownership on a firm’s value.

The study finds that cash flow right and cash flow right leverage did not affect stock performance during the subprime crisis of 2008. It also finds that cash flow right leverage and cash flow right affected stock performance during the financial crisis of 1997. The study attributes this finding to the learning process and improvement of corporate governance during the period of the 2000s. Using time-series data, it finds that cash flow rights positively affect firm performance, suggesting an alignment effect. Ownership concentration improves firm performance. When the study split its sample, it found that the effect ownership on firms’ value is stronger for large firms.

The study’s main limitation is that it does not test directly the learning process hypothesis. The study contributes to the current literature by presenting more recent evidence on the effect of ownership structure on firm performance in a developing country. The authors argue that markets learn the improvement of corporate governance and incorporate this development into prices. Extending this research to other markets will provide confirmation whether the learning process is an international phenomenon.

The awareness and implementation of corporate governance should be maintained at least at this level. The positive relationship between ownership concentration and firm performance suggests that concentrated ownership performs monitoring more effectively. Investors should pay attention to ownership concentration.

The finding that prices already reflect corporate governance may suggest that market is monitoring this issue. This seems to be a good finding. Markets can be expected to discipline companies in the implementation of corporate governance. The awareness and implementation of corporate governance should be maintained at least at the current level.

The study contributes to the current literature by presenting additional evidence on the effect of ownership (using cash flow rights, control rights and cash flow right leverage) on firms’ performance in a more recent period and in a developing country. This period is characterized by a significant increase in awareness and the implementation of good corporate governance.

Islamic banking windows have attracted a considerable deal of scholarly attention lately, as shown by the sharp rise in publications across the globe. The growing number of Islamic banking windows being published demonstrates how much scholarly interest there has been in this topic. To evaluate the body of knowledge on Islamic banking windows, this paper aims to conduct a bibliometric analysis.

A bibliometric examination of literature samples pulled in July 2023 from the Scopus database served as the study’s methodology. In total, 79 publications that met the criteria for selection and were published between 2008 and 2023 made up the study’s sample size. Software like RStudio (Rshiny), VOSviewer and Microsoft Excel have been used to evaluate the data. Three major kinds of analyses were carried out: overall performance indicators, citation analysis and cross-dimensional keyword analysis. A quick content analysis to pinpoint research flows then followed.

The number of publications increased noticeably between 2019 and 2021, with Abdul Majid M. contributing the most with four articles published during that time. The findings also include the countries, groups, publications, works, sources and topics that have contributed the most. This examination found five research streams that have already been examined by other writers out of 79 papers. Comparative efficiency, Islamic banking’s customer, performance, risk and liquidity management are some of the research areas covered. With precise research questions, this study further outlined the future research agenda.

The scope of this study is restricted to English-language journal articles appearing in sources that are Scopus-indexed. A variety of databases, including Dimensions and the Web of Science, as well as expanding the investigated units, could be used in future research. Future studies might center on the systematic review of publications published on certain topics, whereas this study only focused on bibliometric analysis and research streams.

Despite the fact that Islamic banking is a fascinating topic for research, as far as the authors’ knowledge, this study is the first bibliometric analysis of Islamic banking windows. The five research streams identified in this study also offer numerous potential research topics in a unique way.

The authors examine the impact of CEO generalist experience on firm performance. Using 522 listed firms in Indonesia for the period 2010–2018, the authors find that the generalist CEO is negatively associated with firm performance. Generalist CEOs tend to experience ambiguity in adjustments in the new environment. In order to decrease the impact of a generalist CEO, our empirical evidence finds that CEO tenure does not significantly moderate the association between the two. This is because generalist CEOs with longer tenure tend to avoid changing strategies, and therefore the negative impact of CEO generalist is not altered. The results of this study provide suggestions for the firm in the developing country to appoint a CEO with generalist experience.