The study examines determinants of price earnings (PE) multiples and their ability to forecast short term returns in the Egyptian stock market during the period from 2002 to 2007…
Abstract
The study examines determinants of price earnings (PE) multiples and their ability to forecast short term returns in the Egyptian stock market during the period from 2002 to 2007. Three factors were tested for their ability to determine the PE multiples. The three variables are growth, payout and return on equity (ROE) in the period from 2002 to 2005. Only Payout and ROE were found to be significant. The ability of past average PE multiples to explain and therefore forecast future short term returns were tested. Short term returns as measured by changes in stock prices from 2006 to 2007 were regressed against the past average PE multiples in the period from 2002 to 2005. The results indicate that the past high or low PE multiples give no insight on the direction and magnitude of future short returns. An important finding of the paper is that expectations about above average future growth can influence PE multiples more than the average past growth. This happens when the economy or some sectors of it are expected to witness far more growth than its past. It is therefore recommended for future studies that a quantitative or qualitative measure of future expectations should be included in the PE determinants formula in Egypt or countries expected to have very high or above average future growth in some of its sectors.
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Tingting (Christina) Zhang, Behzad Abound Omran and Cihan Cobanoglu
This paper aims to explore the factors that influence Generation Y’s positive or negative electronic word-of-mouth (eWOM) behavior via social media and mobile technology in the…
Abstract
Purpose
This paper aims to explore the factors that influence Generation Y’s positive or negative electronic word-of-mouth (eWOM) behavior via social media and mobile technology in the foodservice sector. Three types of dining experiences were examined: positive and negative customer experiences and negative customer service followed by a satisfactory recovery package.
Design/methodology/approach
A survey was adopted to test the factors posited to influence Generation Y consumers in these service contexts. Participants were recruited through Amazon Mechanical Turk , and multi-group structural equation modeling was performed to analyze the data.
Findings
Active use of social media and peer influence had a sweeping influence on Generation Y’s intentions to engage in eWOM about their service experiences. Technological sophistication with mobile technology influenced Generation Y to spread positive or negative service experiences, rather than satisfactory recovery experiences. Family influence had a mixed influence on Generation Y subgroups (21-24 years old vs 25-35 years old) to engage in eWOM about their satisfactory or poor service experiences. In satisfactory recovery experiences, family influence showed no significant influence on Generation Y’s eWOM behaviors.
Research limitations/implications
This study enriches online reviews and eWOM marketing theories, adds to service failure and recovery literature and enhances understanding of consumer behavior expressed by Generation Y through the empirical investigation of Generation Y consumers’ behavioral motivations to engage in eWOM through social media and mobile technology.
Practical implications
Engaging Generation Y consumers with social media campaigns and mobile technology development is not merely sufficient in eWOM marketing strategies. Instead, it is essential to create integrative peer communities to motivate Generation Y consumers to engage in eWOM marketing. Marketers need to pay attention to the mixed effects of family influences on the eWOM behaviors of subgroups of Generation Y in positive or negative service experiences.
Originality/value
Given the scarcity of consumer behavior research into Generation Y as an emerging market segment, this paper makes an incremental contribution by developing and validating a model of factors that influence Generation Y consumers’ eWOM intentions through social networking and mobile technologies in three major service contexts: positive, negative and recovery following a service failure.
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Md. Mizanur Rahman, Noor Azman Ali, Amer Hamzah Jantan, Zuraina Dato' Mansor and Md. Saidur Rahaman
The purpose of this study is to confirm that work to family conflict (W to FC), family to work conflict (F to WC) and work family balance (WFB) are the predictors of job…
Abstract
Purpose
The purpose of this study is to confirm that work to family conflict (W to FC), family to work conflict (F to WC) and work family balance (WFB) are the predictors of job satisfaction (JS) for Malaysian academic community. To achieve the fundamental objective, the authors first test the direct (structural model) effects of W to FC and F to WC on JS. Secondly, using mediation model, the indirect effects of WFB were calculated through W to FC, F to WC and JS.
Design/methodology/approach
Using convenience sampling, the data was collected from 280 academic people who work at private universities in Malaysia. Structural equation modelling technique was applied to complete the data analyses procedures.
Findings
The findings revealed that W to FC and F to WC have negative significant effects on JS. Besides, WFB partially mediates only the relationship between W to FC and JS while no mediation effect was found for F to WC and JS.
Research limitations/implications
All the research variables in this study were individual-level variables, thus it is suggested to use some organizational and national level variables such as religion and culture as they might be good intervening variables for predicting JS.
Practical implications
Using the findings of this research, the Malaysian private universities community can take some necessary initiatives to mitigate work family conflict (W-FC) and ensure WFB and JS that might enhance the standard of higher education in Malaysia.
Originality/value
To the best of the authors’ knowledge, this is the first attempt to test the mediation effect of WFB in the relationship between both directions of W-FC and JS of employees from the perspective of Malaysia (a collectivist community).
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Bernard Paranque and Elias Erragragui
The objective of this chapter is twofold. It first explores the complementarities of Islamic investment with Socially Responsible Investment. Secondly, it examines the financial…
Abstract
Purpose
The objective of this chapter is twofold. It first explores the complementarities of Islamic investment with Socially Responsible Investment. Secondly, it examines the financial price, for investors, of being both shariah-compliant and socially responsible.
Methodology/approach
Using a value-weighted approach, we experiment the construction of a set of sharia-compliant stock portfolios with different Environmental, Social, and Governance (ESG) performance. We use the KLD ratings of 238 companies listed in U.S. stock market from 2007 to 2011. We measure and compare their performance using the model developed by Fama and French (1993) and extended by Carhart (1997).
Findings
The results indicate no adverse effect on returns due to the application of a double screening, Islamic and SRI, and show a substantially higher performance for positive governance screen during 2008–2011 periods. This outperformance cannot be explained by differences in investment style. Though, we observe significant outperformance for some ‘irresponsible’ portfolios involved in community and human rights controversies.
Research limitations/implications
The study only focuses on U.S. market. Future works should extend the experimentation to other markets.
Practical implications
This study provides a venue for Islamic funds managers to consider SRI screening as fully in line with shariah-compliance requirements, while preserving the performance of their portfolios.
Social implications
Potentially, the reconciliation of Islamic investment with positive SRI practices may foster the implementation of CSR policies by firms’ manager willing to attract Islamic investors.
Originality/value
With reference to the many studies emphasising the compatibility between CSR criteria and Islamic principles, this experimental study is the first to investigate the integration of a positive screening process designed to select companies based on their ESG performance in addition to a traditional shariah-compliant screening.
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Marcos Medeiros, Ahmet Bulent Ozturk, Bendegul Okumus, Murat Hancer and Jeffrey Weinland
The purpose of this study is to propose and test a theoretical model investigating factors that influence travelers’ intention to use travel-related information shared by other…
Abstract
Purpose
The purpose of this study is to propose and test a theoretical model investigating factors that influence travelers’ intention to use travel-related information shared by other travelers through a novel category of travel-focused mobile applications, referred to as travel-tracking mobile applications (TTMAs).
Design/methodology/approach
Data collected from mobile app users who traveled for leisure purposes were used to test an extended version of the Unified Theory of Acceptance and Use of Technology 2, adding trust and privacy concerns as new constructs to the existing framework.
Findings
The current study found empirical and significant evidence that performance expectancy, effort expectancy, hedonic motivation and trust positively; and system privacy negatively influenced travelers’ intention to adopt TTMA to follow other travelers’ experiences.
Research limitations/implications
Limitations and directions for future research are widely explored in the final section of this study.
Practical implications
Practical implications for tourism, travel and hospitality technology companies, TTMA developers and entrepreneurs of travel-related and/or location-based mobile applications are discussed following the empirical findings of this study.
Originality/value
The current study findings add to the body of knowledge in the field of travel technology acceptance, and provide practical implications, especially for entrepreneurs and tourism technology vendors.
研究目的
本研究提出并测试了一个理论模型, 以探讨影响旅行者使用由其他旅行者提供的旅行相关信息的意图的因素。该信息通过一种名为“旅行追踪移动应用程序(TTMA)” 的新型旅游应用程序提供。
研究方法
本研究从休闲目的旅行的移动应用用户处收集数据, 测试了扩展版的“统一技术接受与使用模型 2(UTAUT2)”, 并在现有框架中新增了信任和隐私担忧作为构建要素。
研究发现
本研究发现的显著证据表明, 绩效预期、努力预期、享乐动机和信任对旅行者采用TTMA跟随其他旅行者体验的意图有正向影响; 而系统隐私对其意图有负面影响。
研究创新
根据本研究的实证发现, 旅游、旅行和酒店技术公司, TTMA开发者, 以及与旅行或基于位置的移动应用相关的企业家可以从中获得实际应用启示。本研究的结果丰富了旅游技术接受领域的知识体系, 并为企业家和旅游技术供应商, 尤其是旅行科技企业家, 提供了实际应用指导。
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Despite the growth and adoption of human resource (HR) analytics, it remains unknown whether HR analytics can impact organizational performance. As such, this study aims to…
Abstract
Purpose
Despite the growth and adoption of human resource (HR) analytics, it remains unknown whether HR analytics can impact organizational performance. As such, this study aims to address this important issue by understanding why, how and when HR analytics leads to increased organizational performance and uncover the mechanisms through which this increased performance occurs.
Design/methodology/approach
Using data collected from 155 Irish organizations, structural equation modeling was performed to test the chain mediation model linking HR technology, HR analytics, evidence-based management (EBM) and organizational performance.
Findings
The study's findings support the proposed chain model, suggesting that access to HR technology enables HR analytics which facilitates EBM, which in turn enhances organizational performance.
Originality/value
This research contributes significantly to the HR analytics and EBM literature. First, the study extends our understanding of why and how HR analytics leads to higher organizational performance. Second, the authors identify that access to HR technology enables and is an antecedent of HR analytics. Finally, empirical evidence is offered to support EBM and its impact on organizational performance.
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Md. Bokhtiar Hasan Aarif, Muhammad Rafiqul Islam Rafiq and Abu N.M. Wahid
This paper aims to examine whether the Sharīʿah indices outperform the conventional indices as evident from Dhaka Stock Exchange (DSE). To achieve the objective, the study, first…
Abstract
Purpose
This paper aims to examine whether the Sharīʿah indices outperform the conventional indices as evident from Dhaka Stock Exchange (DSE). To achieve the objective, the study, first, assesses the risk adjusted returns of the Sharīʿah and conventional indices and compares the same between the two indices. Second, it examines the short-run and long-run associations between the two indices.
Design/methodology/approach
The DSEX Sharīʿah index and DSE broad index of the DSE are used as representatives of the Sharīʿah and conventional indices, respectively. The study uses monthly data for the period 2014–2018 and applies a number of techniques such as risk adjusted returns, Johansen’s cointegration test, vector error correction model, Granger causality test, forecast error variance decomposition and impulse response functions techniques.
Findings
The study reveals that albeit there is no significant difference in simple mean between the two indices, the Sharīʿah index outperforms its conventional counterpart based on the risk adjusted returns. The two indices are associated only in the long-run, while no causal relationship is spotted between them. The overall results show that the Sharīʿah index has dominance over the conventional index in Bangladesh.
Research limitations/implications
The study could use more pairs of indices, including additional variables such as financial crisis and macroeconomic variables.
Practical implications
The study has important implications to investors, especially the religious Muslims and ethical ones, who are suggested to invest their funds in the Sharīʿah index without sacrificing returns, rather be monetarily more benefited. Moreover, the other investors can generate diversification benefits by adding both Sharīʿah and conventional indices in their portfolios in the short-run.
Originality/value
Unlike previous studies, this study endeavors to use a comprehensive methodology to conduct its analysis. Moreover, this is supposedly the first ever effort to conduct such a study in the context of Bangladesh.
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Yasean Tahat, Mohamed A. Omran and Naser M. AbuGhazaleh
Based on the institutional theory, the purpose of this paper is to examine institutional factors that affect the development of accounting practices in Jordan.
Abstract
Purpose
Based on the institutional theory, the purpose of this paper is to examine institutional factors that affect the development of accounting practices in Jordan.
Design/methodology/approach
The current study surveys the perceptions of 306 participants and 20 interviewees.
Findings
First, the early formation of accounting practices in Jordan has been affected by the legacy of Ottoman Empire’s and the British Colony’s accounting systems. Second, the results indicate that government of Jordan (regulatory frameworks), pressures from international donors and large economic organizations (politico-economic factors), education and training/development (cultural inputs), and the efforts to attract foreign investments and getting access into the international fund and trade (economic factors) have been influential influences in the development of accounting practices and the adoption of International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) in Jordan. Finally, the findings reveal that “Secrecy” construct (a culture input) has been a problematic in the implementation of IAS/IFRS.
Practical implications
The current study provides policy implications for the Jordanian policy makers and for other developing countries that are working hard to improve the quality of financial reporting of their business entities. Finally, the authors suggest some great opportunities for future research.
Originality/value
First, this paper contributes to Jordan’s policy developments including fundamental strategies in terms of attracting foreign investments to expand the economy and the international and regional trade. Second, it fills a gap in the international accounting research by empirically assessing how institutional factors affect the development of accounting practices in emerging country such as Jordan.
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Tijjani Muhammad and Besar Bin Ngah
This study developed a model for the mediation role of satisfaction on Jaiz bank products and services as an alternative way of improving customer’s subjective experiences of…
Abstract
Purpose
This study developed a model for the mediation role of satisfaction on Jaiz bank products and services as an alternative way of improving customer’s subjective experiences of banking in Nigeria.
Design/methodology/approach
This paper adopted structural equation modelling’s confirmatory factory analysis with three-factor theory. Composite reliability, average variance extracted and discriminant validity were used to test the validity and reliability of data collected from a sample of 345 participants comprising senior, middle and lower-income earners. Also, descriptive statistics and independent analysis of variance were used for the analyses.
Findings
This paper provides insights into how Jaiz bank products and services will significantly improved the social lifestyle of Nigeria. Findings also indicates how context-specific Islamic bank products and services are embedded in the social ordering of communities in Nigeria and thus facilitate a more satisfactory and productive experience of customers.
Practical implications
Findings from the study provide insight and inform managers in making an informed decision on the products and services offered to a section of the popular, where strategic and analytical insights could strengthen different segments of the banking system in Nigeria. This study emphasises the significance of Islamic banking within the specific context of Nigeria, and also has an obvious theory and management implications.
Originality/value
It is hard to find a research paper discussing the mediation role of customer’s satisfaction on Jaiz bank products and services in improving the social lifestyle of Nigerians. This study provides a model that can be adopted in analysing products and services of Islamic banks based on customer’s satisfaction.