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Article
Publication date: 12 July 2021

Abbas Khan, Muhammad Yar Khan, Abdul Qayyum Khan, Majid Jamal Khan and Zia Ur Rahman

By testing the weak form of efficient market hypothesis (EMH) this study aims to forecast the short-term stock prices of the US Dow and Jones environmental socially responsible…

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Abstract

Purpose

By testing the weak form of efficient market hypothesis (EMH) this study aims to forecast the short-term stock prices of the US Dow and Jones environmental socially responsible index (SRI) and Shariah compliance index (SCI).

Design/methodology/approach

This study checks the validity of the weak form of EMH for both SCI and SRI prices by using different parametric and non-parametric tests, i.e. augmented Dickey-Fuller test, Philip-Perron test, runs test and variance ratio test. If the EMH is invalid, the research further forecasts short-term stock prices by applying autoregressive integrated moving average (ARIMA) model using daily price data from 2010 to 2018.

Findings

The research confirms that a weak form of EMH is not valid in the US SRI and SCI. The historical data can predict short-term future price movements by using technical ARIMA model.

Research limitations/implications

This study provides better guidance to risk-averse national and international investors to earn higher returns in the US SRI and SCI. This study can be extended to test the EMH of Islamic equity in the Middle East and North Africa region and other top Islamic indexes in the world.

Originality/value

This study is a new addition to the existing literature of equity investment and price forecasting by comparing and investigating the market efficiency of two interrelated US SRI and SCI.

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Article
Publication date: 8 February 2021

Shahab Ud Din, Muhammad Arshad Khan, Majid Jamal Khan and Muhammad Yar Khan

This study examines the impact of ownership structure on firm financial performance, for 146 manufacturing firms listed at the Pakistan Stock Exchange (PSX) for the period…

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Abstract

Purpose

This study examines the impact of ownership structure on firm financial performance, for 146 manufacturing firms listed at the Pakistan Stock Exchange (PSX) for the period 2003–2012.

Design/methodology/approach

The theoretical background of the present study is based on the agency theory. Ownership structure is measured by institutional shareholdings, insider shareholdings, foreign shareholders and government shareholdings, while return on assets (ROA), return on equity (ROE), market-to-book ratio (MBR) and Tobin's Q (TQ) are used as proxies of corporate financial performance. The dynamic panel generalized method of moments (GMM) method is employed to cater for the issue of endogeneity.

Findings

We find that institutional ownership exerts a significant positive impact on ROE and MBR, which suggests that institutional investors play a significant role in improving the financial performance of the sample Pakistani. Furthermore, the results reveal a significant positive relationship of insider ownership with ROA, ROE, MBR and TQ, which is consistent with the prediction of agency theory that concentration of insider ownership aligns the interest of shareholders with those of the managers and hence improves performance. A significant positive association of government shareholdings with ROA and ROE was also found. Therefore, policymakers may encourage government ownership in firms, which can help to improve corporate financial performance.

Originality/value

The present study contributes to the existing literature on ownership structure and corporate financial performance in an emerging market like Pakistan. It is worth mentioning that the institutional setup and corporate governance structure in Pakistan is yet at an evolving stage. Findings of this study may provide useful insights to corporate managers and investors about the relationship between ownership structure and financial performance of firms from the manufacturing sector in Pakistan.

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Article
Publication date: 19 September 2016

Majid Jamal Khan, Dildar Hussain and Waqar Mehmood

Enterprise risk management (ERM) is a risk management approach that calls for integrating all the organization-wide risks and takes a portfolio view point of managing…

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Abstract

Purpose

Enterprise risk management (ERM) is a risk management approach that calls for integrating all the organization-wide risks and takes a portfolio view point of managing organizational risks. The purpose of this paper is to investigate the factor that influence a firm’s decision to adopt ERM.

Design/methodology/approach

The authors employ a particular technique of survival data analysis, the Cox proportional hazards model, to investigate the factors that lead towards the decision of initiating an ERM programme. The authors constructed a unique sample of French firms derived from the information in 315 corporate news announcements for the hiring of a chief risk officer and information retrieved from publicly available annual reports to identify firms that initiated an ERM programme, over the period from year 1999 to 2008.

Findings

The results suggest that besides the growing international and local regulatory pressure, factors that are internal to the organizations like the expected probability of financial distress and its explicit and implicit costs, poor earnings performance and the existence of growth opportunities play vital role in motivating firms to adopt ERM. It was also found that corporate governance practices such as the independence of the board may also lead towards an initiation of the ERM.

Originality/value

This study makes theoretical and methodological contribution the ERM literature by employing a novel methodology and presenting empirical evidence based on data form French firms.

Details

Management Decision, vol. 54 no. 8
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 29 May 2019

Md. Shamim Hossain, Sofri B. Yahya and Mohammad Jamal Khan

Although research on patient satisfaction and loyalty has grown rapidly, the literature on corporate social responsibility (CSR) health care and patient satisfaction and loyalty…

745

Abstract

Purpose

Although research on patient satisfaction and loyalty has grown rapidly, the literature on corporate social responsibility (CSR) health care and patient satisfaction and loyalty is scarce. This paper aims to examine the impact of CSR health care on patient satisfaction and loyalty in Bangladesh.

Design/methodology/approach

A quantitative study was performed, and data were collected using purposive sampling among 195 patients who used CSR health-care services from six public and private hospitals in Bangladesh. The data were analysed using structural equation modelling through the partial least square approach.

Findings

The study found a significant positive relationship between CSR health-care services and patient satisfaction and between patient satisfaction and loyalty at p < 0.01.

Research limitations/implications

The study provides insights into policymakers in the development of Bangladesh health sectors and CSR health-care activities. However, the results might not be generalisable due to the unavailability of a sample frame.

Originality/value

The study addresses the lacuna in the literature on CSR health-care practices of hospitals in Bangladesh from the perspective of patient satisfaction and loyalty.

Details

Social Responsibility Journal, vol. 16 no. 2
Type: Research Article
ISSN: 1747-1117

Keywords

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Article
Publication date: 30 December 2024

Mohammad Gharipour, Ehsan Masoud, Jamal Esmaeilzadeh Vafaei and Fateme Jahani Sadatmahalle

The advancement of medical care during the late 19th century and the rising importance of public health led to the creation of a healthcare infrastructure in Iran in the early…

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Abstract

Purpose

The advancement of medical care during the late 19th century and the rising importance of public health led to the creation of a healthcare infrastructure in Iran in the early decades of the 20th century. The study focuses on the formation of this infrastructure through the study of historical materials as well as the study of case studies built in the Gilan region in the north of Iran.

Design/methodology/approach

This paper begins with a review of medical, sociological and historical resources, then turns to field studies and interviews as methods to focus on the medical transformations in the Gilan region.

Findings

This study offers four key findings: First of all, most studies tend to focus more on traditional medicine in Iran than on the initiation and spread of modern medicine. Secondly, foreign physicians and missionaries played an influential role in shaping the culture of Iranian hospital care. Thirdly, the interactions with and influences coming from Iran’s northern neighbors in Gilan transformed the province into an educated, freedom-seeking society. And finally, in its early stages, hospital construction in Iran followed local architectural traditions.

Originality/value

In the case of Gilan, the core structures of urban hospitals were similar in their pavilion typology to those that had been common in Gilan for centuries.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2631-6862

Keywords

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Article
Publication date: 1 December 2020

Muneer M. Alshater, M. Kabir Hassan, Ashraf Khan and Irum Saba

Islamic finance is an alternative approach of financial intermediation based on risk-sharing and asset-backed operations, which evolved substantially in recent years in academic…

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Abstract

Purpose

Islamic finance is an alternative approach of financial intermediation based on risk-sharing and asset-backed operations, which evolved substantially in recent years in academic research raising the need for quantitative studies to address the intellectual development and scientific performance of this field. This study aims to provide quantitative statistics and comprehensive review of the key influential and intellectual structure of Islamic finance literature.

Design/methodology/approach

The authors apply the trending and cutting-edge quali-quantitative approach of bibliometric citation analysis. This study reviews 1,940 English studies and review papers published in scientific journals indexed by the Scopus database from 1983 to 2019. RStudio, VOSviewer and Excel’s software are used to analyze the collected data and apply the bibliometric tests.

Findings

The results identify the leading academic authors, journals, institutions and countries with relation to Islamic finance. The authors also propose six main research themes in this field, which are as follows: Islamic finance – fundamentals, growth and legitimacy; customer’s attitude and perception toward Islamic finance; accounting and social reporting of Islamic finance; performance and risk management of Islamic finance; Islamic financial markets; and efficiency of Islamic financial institutions. Lastly, the authors identify research gaps in the existing Islamic finance literature and present 24 future research directions.

Research limitations/implications

The data in this study is confined only to the Scopus database of English papers and reviews. It also considers papers directly related to the field of Islamic finance.

Originality/value

To the best of the authors’ knowledge, this paper is one of the first to address the literature of Islamic finance from a bibliometric aspect. The results of this study along with future research questions will help researchers and practitioners to further explore and stand on firm quantitative bases regarding the scientific development of Islamic finance.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 14 no. 2
Type: Research Article
ISSN: 1753-8394

Keywords

Available. Content available
Book part
Publication date: 11 March 2021

Abstract

Details

Corporate Success Stories in the UAE: The Key Drivers Behind Their Growth
Type: Book
ISBN: 978-1-80043-579-7

Available. Content available
Article
Publication date: 17 May 2021

Aymen Sajjad, Masahiro Hosoda and Hitomi Toyosaki

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Abstract

Details

Corporate Governance: The International Journal of Business in Society, vol. 21 no. 3
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 2 May 2024

Shatheish Maniam

Sharia-compliant financial technologies (Islamic fintech) are becoming increasingly popular among Muslims and non-Muslims. As the Islamic fintech landscape continues to grow and…

520

Abstract

Purpose

Sharia-compliant financial technologies (Islamic fintech) are becoming increasingly popular among Muslims and non-Muslims. As the Islamic fintech landscape continues to grow and transform, it is crucial to understand the factors that influence the acceptance or adoption of Islamic fintech services from the past literature. Therefore, this paper aims to conduct a systematic literature review (SLR) to investigate and compile factors that could influence a user to adopt Islamic fintech.

Design/methodology/approach

The current study adopted the systematic literature review approach using Preferred Reporting Items for Systematic Reviews and Meta-Analyses technique to examine research on Islamic fintech adoption. A set of inclusion criteria was applied to filter out irrelevant documents and ensure the selection of only the most relevant ones. The criteria were limited to quantitative journals published in English between 2012 and 2022, as identified in Scopus outlets.

Findings

Despite the existence of various theoretical frameworks, the technology acceptance model and Unified Theory of Acceptance and Use of Technology 2 frameworks have gained prominence as the most frequently applied frameworks in examining Islamic fintech adoption. In addition, trust is the most important self-developed construct for the adoption of Islamic Fintech.

Research limitations/implications

The current study does not segregate the intention, actual usage and retention, as the author is interested in understanding the overall adoption of Islamic fintech services. To obtain more specific analysis results, future research could potentially separate the three types of adoption exposure, i.e., consumer acceptance, intention and retention. Next, future studies can also expand their analysis and gain a better understanding of the research topic by exploring alternative data sources such as Web of Science, ERA or JSTOR.

Originality/value

To the best of the author’s knowledge, this study makes a significant contribution to the literature by providing the first systematic literature review of factors influencing fintech adoption from an Islamic perspective.

Details

Journal of Islamic Marketing, vol. 15 no. 11
Type: Research Article
ISSN: 1759-0833

Keywords

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Article
Publication date: 4 September 2017

Md Abu Saleh, Ali Quazi, Byron Keating and Sanjaya S. Gaur

Bank customers’ perceptions of service quality and service image of Islamic banks may differ from those of conventional banks. The purpose of this paper is to examine the…

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Abstract

Purpose

Bank customers’ perceptions of service quality and service image of Islamic banks may differ from those of conventional banks. The purpose of this paper is to examine the differing perceptions of customers of Islamic and conventional banking systems in an emerging market, which has rarely been addressed and adds to the body of knowledge on this topic. This study also re-examines the SERVQUAL model of customer banking services to measure their impact on customer satisfaction and loyalty.

Design/methodology/approach

The study uses responses from a randomly drawn sample of 229 customers from conventional banks and 225 customers from Islamic banks operating in Bangladesh using a structured questionnaire. SPSS and structural equation modeling techniques were employed as statistical tools for data analysis.

Findings

Overall, the examined service quality dimensions wield varying effects on client satisfaction mediated through the perceived image of banking services. Islamic bank customers’ perceptions of the level of reliability, responsiveness, security and reputation were significantly higher than those of conventional banks.

Research limitations/implications

This study enhances our understanding of how Islamic banking practices differ from those of conventional banking in terms of service quality and image-related factors. More specifically, the findings of this research explain consumers’ perceived assessment of satisfaction and loyalty in a comparative research setting.

Originality/value

No prior studies have addressed the impact of the individual service quality dimensions on image factors in the context of conventional and Islamic banking in an emerging market, Bangladesh.

Details

International Journal of Bank Marketing, vol. 35 no. 6
Type: Research Article
ISSN: 0265-2323

Keywords

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