Kanta Kumar, Deva Situnayake, Paul Bacon and Karim Raza
Rheumatoid arthritis is a common chronic disease associated with significant morbidity and mortality. As with all chronic conditions, active participation by the patient, in areas…
Abstract
Rheumatoid arthritis is a common chronic disease associated with significant morbidity and mortality. As with all chronic conditions, active participation by the patient, in areas ranging from accepting the diagnosis and its treatment to the implementation of coping strategies, is essential for effective management. Involving any patients in these process can be difficult; however patients of South Asian origin can present particular challenges. Many patients of South Asian origin have beliefs about disease causation and the utility of pharmacological and non‐pharmacological treatments that differ from those held by other patients. Communication difficulties can make it difficult for health care professionals to address these issues. We discuss strategies to support patients and encourage their involvement including linguistically appropriate educational material, peer support and telephone helplines.
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Syed Ali Raza, Rashid Sbia, Muhammad Shahbaz and Sahel Al Rousan
This paper aims to examine the relationship between trade and economic growth using data of UAE economy for the period of 1974-2011.
Abstract
Purpose
This paper aims to examine the relationship between trade and economic growth using data of UAE economy for the period of 1974-2011.
Design/methodology/approach
The bounds testing is applied for testing the cointegration relationship between the variables. The rolling window approach has been used to analyze the stability of long run coefficients.
Findings
The empirical analysis shows the presence of cointegration between trade and economic growth. Furthermore, exports have positive, but imports have negative effect on economic growth. The rolling window approach confirms the stability of long-run estimates.
Practical implications
This paper provides new insights for policymakers to use trade as economic tool for sustainable economic development.
Originality/value
This paper makes a unique contribution to the literature with reference to UAE, being a pioneering attempt to investigate the relationship between trade and economic growth by using long time series data and applying more rigorous techniques like time varying rolling window analysis.
Mustafa Raza Rabbani, M. Kabir Hassan, Syed Ahsan Jamil, Mohammad Sahabuddin and Muneer Shaik
In this study, the authors analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during…
Abstract
Purpose
In this study, the authors analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during the COVID-19 pandemic and Russia–Ukraine conflict period.
Design/methodology/approach
The study used a mix of wavelet-based approaches, including continuous wavelet transformation and discrete wavelet transformation. The analysis used data from the Geopolitical Risk index (GP{R), Dow Jones Sukuk index (SUKUK), Dow Jones Islamic index (DJII), Dow Jones composite index (DJCI), one of the top crude oil benchmarks which is based on the Europe (BRENT) (oil fields in the North Sea between the Shetland Island and Norway), and Global Gold Price Index (gold) from May 31, 2012, to June 13, 2022.
Findings
The results of the study indicate that during the COVID-19 and Russia–Ukraine conflict period geopolitical risk (GPR) was in the leading position, where BRENT confirmed the lagging relationship. On the other hand, during the COVID-19 pandemic period, SUKUK, DJII and DJCI are in the leading position, where GPR confirms the lagging position.
Originality/value
The present study is unique in three respects. First, the authors revisit the influence of GPR on global asset markets such as Islamic stocks, Islamic bonds, conventional stocks, oil and gold. Second, the authors use the wavelet power spectrum and coherence analysis to determine the level of reliance based on time and frequency features. Third, the authors conduct an empirical study that includes recent endogenous shocks generated by health crises such as the COVID-19 epidemic, as well as shocks caused by the geopolitical danger of a war between Russia and Ukraine.
Highlights
We analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during the COVID-19 pandemic and Russia–Ukraine conflict period.
The results of the wavelet-based approach show that Dow Jones composite and Islamic indexes have observed the highest mean return during the study period.
GPR and BRENT are estimated to have the highest amount of risk throughout the observation period.
Dow Jones Sukuk, Islamic and composite stock show similar trend of volatility during the COVID-19 pandemic period and comparatively gold observes lower variance during the COVID-19 pandemic and Russia–Ukraine conflict.
We analyze the impact of geopolitics risk on Sukuk, Islamic and composite stocks, oil and gold markets and portfolio diversification implications during the COVID-19 pandemic and Russia–Ukraine conflict period.
The results of the wavelet-based approach show that Dow Jones composite and Islamic indexes have observed the highest mean return during the study period.
GPR and BRENT are estimated to have the highest amount of risk throughout the observation period.
Dow Jones Sukuk, Islamic and composite stock show similar trend of volatility during the COVID-19 pandemic period and comparatively gold observes lower variance during the COVID-19 pandemic and Russia–Ukraine conflict.
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Nor Balkish Zakaria, Kazi Musa, Mohammad Rokibul Kabir, Farid A. Sobhani and Muhammad Rasyid Abdillah
This study aims to examine the impacts of global geopolitical risks (GPRs) and COVID-19 pandemic stringency on the size of Sukuk issuance in Malaysia.
Abstract
Purpose
This study aims to examine the impacts of global geopolitical risks (GPRs) and COVID-19 pandemic stringency on the size of Sukuk issuance in Malaysia.
Design/methodology/approach
To examine the issue, this paper collected yearly data for the Sukuk issuance from the DataStream, and the rest of the variables, including the control variables from the World Bank, were from 2018 to 2022. Several econometric approaches have been used, that is, ordinary least square (OLS), two-stage least squares (2SLS) and generalized method of moment (GMM) with fixed effects and random effects in examining the impacts.
Findings
The results demonstrate that global GPRs negatively impact the size of Sukuk issuance due to the investment risk during the high global geopolitical conflicts, war and rampant terrorism. Besides, the COVID-19 pandemic-related stringency also similarly affects the country's Sukuk issuance market because of the long-time lockdown measures, border closures, travel restrictions and low access to the market. The control variables also demonstrate similar results except for the gross domestic products, which shows positive and significant impacts on the Sukuk market of Malaysia.
Originality/value
The study's policy implications for Sukuk investors and issuers stress the importance of disclosing risk mitigation procedures, strengthening the regulatory framework and raising investor knowledge to attract and protect investors in the Sukuk sector.
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Muhammad Abubakr Naeem, Mustafa Raza Rabbani, Sitara Karim and Syed Mabruk Billah
This study aims to examine the hedge and safe-haven properties of the Sukuk and green bond for the stock markets pre- and during the COVID-19 pandemic period.
Abstract
Purpose
This study aims to examine the hedge and safe-haven properties of the Sukuk and green bond for the stock markets pre- and during the COVID-19 pandemic period.
Design/methodology/approach
To test the hedge and safe-haven characteristics of Sukuk and green bonds for stock markets, the study first uses the methodology proposed by Ratner and Chiu (2013). Next, the authors estimate the hedge ratios and hedge effectiveness of using Sukuk and green bonds in a portfolio with stock markets.
Findings
Strong safe-haven features of ethical (green) bonds reveal that adding green bonds into the investment portfolios brings considerable diversification avenues for the investors who tend to take fewer risks in periods of economic stress and turbulence. The hedge ratio and hedge effectiveness estimates reveal that green bonds provide sufficient evidence of the hedge effectiveness for various international stocks.
Practical implications
The study has significant implications for faith-based investors, ethical investors, policymakers and regulatory bodies. Religious investors can invest in Sukuk to relish low-risk and interest-free investments, whereas green investors can satisfy their socially responsible motives by investing in these investment streams. Policymakers can direct the businesses to include these diversifiers for portfolio and risk management.
Originality/value
The study provides novel insights in the testing hedge and safe-haven attributes of green bonds and Sukuk while using unique methodologies to identify multiple low-risk investors for investors following the uncertain COVID-19 pandemic.
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Syed Ali Raza and Mohd Zaini Abd Karim
This study aims to investigate the influence of systemic banking crises, currency crises and global financial crisis on the relationship between export and economic growth in…
Abstract
Purpose
This study aims to investigate the influence of systemic banking crises, currency crises and global financial crisis on the relationship between export and economic growth in China by using the annual time series data from the period of 1972 to 2014.
Design/methodology/approach
The Johansen and Jeuuselius’ cointegration, auto regressive distributed lag bound testing cointegration, Gregory and Hansen’s cointegration and pooled ordinary least square techniques with error correction model have been used.
Findings
Results indicate the positive and significant effect of export of goods and services on economic growth in both long and short run, whereas the negative influence of systemic banking crises and currency crises over economic growth is observed. It is also concluded that the impact of export of goods and service on economic growth becomes insignificant in the presence of systemic banking crises and currency crises. The currency crises effect the influence of export on economic growth to a higher extent compared to systemic banking crises. Surprisingly, the export in the period of global financial crises has a positive and significant influence over economic growth in China, which conclude that the global financial crises did not drastically affect the export-growth nexus.
Originality/value
This paper makes a unique contribution to the literature with reference to China, being a pioneering attempt to investigate the effects of systemic banking crises and currency crises on the relationship of export and economic growth by using long-time series data and applying more rigorous econometric techniques.
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Muhammad Abubakr Naeem, Sitara Karim, Mustafa Raza Rabbani, Abu Bashar and Satish Kumar
Growing attention of policymakers, governments and regulation authorities towards climate change and global warming has spurred the extensive need to carefully examine the current…
Abstract
Purpose
Growing attention of policymakers, governments and regulation authorities towards climate change and global warming has spurred the extensive need to carefully examine the current practices of green and sustainable finance. This study aims to provide a comprehensive analysis on the current state and future directions of green and sustainable finance through bibliometric analysis.
Design/methodology/approach
For extensive bibliometric analysis, the study comprises 1,413 documents published in peer-reviewed journals indexed in the SCOPUS database for the period ranging from 1990 to 2021.
Findings
The authors find that there are mainly three key areas of green and sustainable finance, which are largely addressed by the scholars following the given time. The key areas include socially responsible investments, green finance and climate finance that are in line with the previous studies and existing trends and practices prevailing in the business and corporate world.
Practical implications
The findings are important for policymakers, regulatory bodies, upcoming scholars, environmentalists and investors as findings of the study provide an effective framework for adopting sustainable strategies, to trade-off between profits and environmental hazards and to generate value from the green avenues of research and practice.
Originality/value
The study offers novel contributions to the existing literature in terms of comprehensively providing evidence of the current practices of green and sustainable finance. Meanwhile, significant implications for the prospective audience further refine the contribution of research.
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Shoaib Ali, Imran Yousaf and Zaghum Umar
This study aims to examine the hedge, diversifier and safe-haven properties of bonds against infectious disease-related equity market volatility (IDEMV), like COVID-19.
Abstract
Purpose
This study aims to examine the hedge, diversifier and safe-haven properties of bonds against infectious disease-related equity market volatility (IDEMV), like COVID-19.
Design/methodology/approach
The authors apply wavelet coherence methodology on the daily data of IDEMV and bond market (US, UK, Japan, Switzerland, Canada, Australia, Sweden, China and Europe) indices from 1 January 2000 to 14 February 2021.
Findings
The results show no significant co-movement between these bond indices and IDEMV, thus confirming that they serve as a hedge against IDEMV. However, during the turbulent period like COVID-19, the authors find that the US, UK, Japan, Switzerland, Canada, Australia, Sweden, China and European bond markets act as safe-haven against IDEMV, whereas the UK, US, Japan and Canadian bond markets demonstrate an in-phase and positive co-movement with IDEMV during COVID-19, suggesting their role as a diversifier.
Research limitations/implications
The study findings are important for investors and portfolio managers regarding risk management, portfolio diversification and investment strategies.
Originality/value
The authors contribute to the fast growing body of work on the financial impacts of COVID-19 as well as to ongoing consideration of whether a bond is a safe-haven investment.
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Syed Ali Raza, Syed Tehseen Jawaid, Sahar Afshan and Mohd Zaini Abd Karim
The purpose of this study is to investigate the impact of foreign capital inflows and economic growth on stock market capitalization in Pakistan by using the annual time series…
Abstract
Purpose
The purpose of this study is to investigate the impact of foreign capital inflows and economic growth on stock market capitalization in Pakistan by using the annual time series data from the period of 1976 to 2011.
Design/methodology/approach
The autoregressive distributed lag bound testing cointegration approach, the error correction model and the rolling window estimation procedures have been performed to analyze the long run, short run and behavior of coefficients, respectively.
Findings
Results indicate that foreign direct investment (FDI), workers’ remittances and economic growth have significant positive relationship with the stock market capitalization in long run as well as in short run. Results of the dynamic ordinary least square and the fully modified ordinary least square suggest that the initial results of long-run coefficients are robust. Results of variance decomposition test show the bidirectional causal relationship of FDI and economic growth with stock market capitalization. However, unidirectional causal relationship is found in between workers’ remittances and stock market capitalization.
Practical implications
It is suggested that in Pakistan, investors can make their investment decisions through keeping an eye on the direction of the considered foreign capital inflows and economic growth.
Originality/value
This paper makes a unique contribution to the literature with reference to Pakistan, being a pioneering attempt to investigate the effects of foreign capital inflows and economic growth on stock market by using long time series data and applying more rigorous techniques.
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Mennaalla Hassan Salem, Kareem M. Selem, Rimsha Khalid, Mohsin Raza and Marco Valeri
The purpose of this paper is to explore the effect of affiliative-based humorous leadership on hotel employee outcomes (i.e. resistance to change and upward voice), underpinned by…
Abstract
Purpose
The purpose of this paper is to explore the effect of affiliative-based humorous leadership on hotel employee outcomes (i.e. resistance to change and upward voice), underpinned by affective events theory. Further, this paper investigates psychological capital as a mediation effect and emotional intelligence as a moderation effect.
Design/methodology/approach
Using a structured questionnaire, 554 supervisors of 20 four- and five-star hotels in Sharm El-Sheikh responded based on a time-lagged approach. A Smart-partial least squares (Smart-PLS) v. 3.3.9 was used to analyze the data set.
Findings
The findings revealed that affiliative-based humorous leadership has a positive effect on psychological capital, and psychological capital has a positive association with employee upward voice. Psychological capital partially mediated the linkage of humorous leadership with employees' upward voices and resistance to change. According to the results, emotional intelligence strengthened the linkage of psychological capital with employee resistance to change and upward voice.
Research limitations/implications
The findings contribute to the body of knowledge on humor and the development of new ideas in the hospitality literature. This paper adds to the hospitality literature on humorous leadership in developing countries, specifically in Egypt. This paper also provides practitioners with new perspectives as they develop strategies and use humor-related wise leadership styles in the workplace.
Originality/value
To the best of the authors’ knowledge, this paper is one of the first studies to assess affiliative-based humor in leadership in the hospitality industry. This paper contributes to future studies on the crucial effect of workplace engagement and its association with employees’ novel and intriguing actions and offers a good guideline for organizations and enterprises wishing to better leverage leader humor.