Mark Thomas, Muriel Durand, Maram Hassan and Mathieu Tabourier
Skillful management of employees after a merger or acquisition (M&A) is one of the key aspects to ensuring a successful deal, and most notably to ensure talent retention. This…
Abstract
Purpose
Skillful management of employees after a merger or acquisition (M&A) is one of the key aspects to ensuring a successful deal, and most notably to ensure talent retention. This paper aims to describe how Bristol Myer Squibb (BMS) efficiently integrated Celgene after it bought the company for a near-record $74bn in 2019. The authors explain the structural elements applied during the premerger phase (acquisition experience, partner location and portfolio alignment) and the subsequent postmerger decisions to ensure rapid integration (choice of the leadership team, cultural integration and the communication strategy).
Design/methodology/approach
This paper adopts a single-case approach of the second largest acquisition in the pharmaceutical industry. It analyzes the management and talent retention decisions taken to ensure rapid integration of Celgene while ensuring that employees felt engaged in the process. This was achieved despite the consideration challenges posed by the COVID-19 global lockdown.
Findings
M&As are well known for the HR challenges they generate such as change management, cultural clashes and increased employee turnover. This paper demonstrates how BMS was able to overcome these hurdles, combining a fast speed of integration with managerial dexterity.
Originality/value
This paper offers a concise and clear outline of the management strategies used by BMS to ensure a successful integration strategy. This approach included a strong respect for the human as well as financial and strategic aspects of the deal. For even greater clarity, this paper offers a diagrammatic representation of the strategy of BMS to improve the speed of integration.
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Salvatore Polizzi, Fabio Lupo and Sara Testella
Quality Assurance and Improvement Program (QAIP) is defined as “an ongoing and periodic assessment of the entire spectrum of audit and consulting work performed by the internal…
Abstract
Purpose
Quality Assurance and Improvement Program (QAIP) is defined as “an ongoing and periodic assessment of the entire spectrum of audit and consulting work performed by the internal audit (IA) activity”. QAIP is an important component of internal auditors’ commitment to improve internal audit (IA) quality. The pressure towards improvement is urgent for central banks, in light of the vulnerabilities of their IA functions identified by the International Monetary Fund. The authors analyse the professional standards and the literature on IA and QAIP, aiming to propose general considerations to enhance IA quality and to develop and maintain a QAIP, with reference to central banks, also shedding light on the synergies among IA, QAIP and total quality management (TQM).
Design/methodology/approach
This paper reviews the most relevant professional standards in light of the professional and academic literature regarding IA quality, QAIP and their relationship with TQM. The analysis of these sources represents an important step to identify general measures to improve IA quality and develop effective QAIP in central banks.
Findings
This analysis shows that it is important to understand the rationale behind the development of an IA function and its theoretical and practical foundation, especially for complex organisations such as central banks. In addition, the authors show that QAIP represents an important tool to exploit the synergies between TQM and IA. These synergies could result in higher levels of quality for the IA function and more effective implementation of TQM within the whole organisation. Lastly, the authors provide practical suggestions to support the implementation of an effective QAIP in central banks and to spread TQM philosophy within the organisation.
Originality/value
The authors contribute to the scant literature on IA quality and QAIP by focusing on central banks and shedding light on the relationship with TQM. Regardless of their importance, these topics have been largely neglected by the extant literature.
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Safinar Salleh, Akmal Hidayah Halim, Uzaimah Ibrahim and Mohamad Asmadi Abdullah
A family takaful certificate is subscribed by a takaful participant for the purpose of preparing financial support for his dependants after his death. The takaful benefits could…
Abstract
A family takaful certificate is subscribed by a takaful participant for the purpose of preparing financial support for his dependants after his death. The takaful benefits could then be made payable to a nominee named as the beneficiary under conditional hibah (gift). In this respect, the participant is free to decide to whom the benefits are to be given since the law is silent as to the criteria of the beneficiary. This situation gives rise to the issue on whether such a practice fulfils the objectives of Sharīʿah, especially when the nominated beneficiary is not the sole dependant of the deceased participant. Therefore, this research aims to evaluate the status of family takaful benefits, analyse the rules of conditional hibah from the Sharīʿah perspective and propose solutions whenever necessary. The research adopts doctrinal analysis by examining existing primary and secondary materials including statutory provisions and other legal and non-legal literatures. The study predicates that the application of conditional hibah to the whole benefits does not reflect the objectives of Sharīʿah if determination on the status of the benefits is solely based on the nomination made by the participant. It is observed that takaful benefits payable from the Participant’s Account should be considered as the deceased’s estate and must be distributed according to fara’id or Islamic law of inheritance. Conversely, the sum covered payable from the Participant’s Special Account may be paid to the deceased’s dependants whose criteria are determined by the Sharīʿah Advisory Council as the highest authority in Islamic financial matters.
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Helen Crompton, Mildred V. Jones, Yaser Sendi, Maram Aizaz, Katherina Nako, Ricardo Randall and Eric Weisel
The purpose of this study is to determine what technological strategies were used within each of the phases of the ADDIE framework when developing content for professional…
Abstract
Purpose
The purpose of this study is to determine what technological strategies were used within each of the phases of the ADDIE framework when developing content for professional training. The study also examined the affordances of those technologies in training.
Design/methodology/approach
A PRISMA systematic review methodology (Moher et al., 2015) was utilized to answer the four questions guiding this study. Specifically, the PRISMA extension Preferred Reporting Items for Systematic Reviews and Meta-Analysis for Protocols (PRISMA-P, Moher et al., 2015) was used to direct each stage of the research, from the literature review to the conclusion. In addition, the Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA principles; Liberati et al., 2009) are used to guide the article selection process.
Findings
The findings reveal that the majority of the studies were in healthcare (36%) and education (24%) and used an online format (65%). There was a wide distribution of ADDIE used with technology across the globe. The coding for the benefits of technology use in the development of the training solution revealed four trends: 1) usability, 2) learning approaches, 3) learner experience and 4) financial.
Research limitations/implications
This systematic review only examined articles published in English, which may bias the findings to a Western understanding of how technology is used within the ADDIE framework. Furthermore, the study examined only peer-review academic articles from scholarly journals and conferences. While this provided a high level of assurance about the quality of the studies, it does not include other reports directly from training providers and other organizations.
Practical implications
These findings can be used as a springboard for training providers, scholars, funders and practitioners, providing rigorous insight into how technology has been used within the ADDIE framework, the types of technology, and the benefits of using technology. This insight can be used when designing future training solutions with a better understanding of how technology can support learning.
Social implications
This study provides insight into the uses of technology in training. Many of these findings and uses of technology within ADDIE can also transfer to other aspects of society.
Originality/value
This study is unique in that it provides the scholarly community with the first systematic review to examine what technological strategies were used within each of the phases of the ADDIE structure and how these technologies provided benefits to developing a training solution.
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Ahmad Abed Alla Alhusban, Ali Abdel Mahdi Massadeh and Haitham Haloush
This study aims to examine the validity of the installment payment contract when using the first Islamic credit card (ICC) in Jordan and will explore the hidden techniques that…
Abstract
Purpose
This study aims to examine the validity of the installment payment contract when using the first Islamic credit card (ICC) in Jordan and will explore the hidden techniques that are used to operate such a financial product. The purpose of the study will be achieved by examining the structure and the issues surrounding the first ICC that was introduced to the Jordanian market as a hybrid contract of Qard Hassan (benevolent loan), Murabaha, Wakalah (agency) and Bay‘ Al Ajjal (credit sale). In addition, a further objective is to examine whether this credit card is a Sharia-compliant financial product.
Design/methodology/approach
A qualitative research method approach was adopted to understand the issues, nature and structure of the first Jordanian ICC. This was due to the explanatory nature of the product, the different financial solutions it offered and the fact that the ICC in Jordan is, to date, relatively unexplored. This paper used the technique of content/thematic analysis that involves multiple sequenced steps to analyze these matters.
Findings
The main finding of this research is that the first ICC in the Jordanian financial market has caused a degree of uncertainty. This is because, once a customer decides to choose the installment payment contract option, the bank does not have real possession of the assets in question. The issue of constructive possession has been denied by several classic and contemporary Islamic scholars, including the General Iftaa Department of Jordan. Therefore, it can be seen that the installment payment contract option does not comply with Islamic principles and particular Fatwas that have been decreed.
Originality/value
This is the first study that shows how the first ICC, being a new Islamic financial product in Jordan, operates in relation to the installment payment contract. In addition, focusing on the concept of changing the nature of the contract from a Qard Hassan (benevolent loan) to a hybrid contract is significant, to encourage Islamic scholars to take a clear, legal stand under Sharia law.
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This study aims at unpacking the multiplicity of the sitting activity in public spaces through the lens of actor-network theory. In line with previous urban research focussing on…
Abstract
Purpose
This study aims at unpacking the multiplicity of the sitting activity in public spaces through the lens of actor-network theory. In line with previous urban research focussing on outdoor activities, such empirical investigation aims to show the importance of the physical aspects of spaces, including seating, in supporting sitting activities as a way of encouraging the use of public space.
Design/methodology/approach
This study adopts the overlap between actor–network theory and affordances. It utilises ethnographic research involving frequent users in Dahiyat Al Hussein Park in Amman-Jordan. Data were gathered on the different seat–user relations and the translated sitting activity networks.
Findings
Analysis demonstrates different cases of alignment, misalignment and realignment between what is intended and experienced, and where these relations are maintained, disrupted or changed. These findings reveal the multiplicity of sitting activities; this is significant for understanding how they are maintained.
Originality/value
The research suggests a new way of conceptualising the relationship between the physical environment and users and an approach for examining sitting activities. Some studies have applied actor–network theory and/or the concept of “affordance” by highlighting relations between the object and its user and how they create sitting activities. However, only few studies have problematised the multiplicity of sitting when considering seating uses.
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Dina H. Gabr and Mona A. ElBannan
This study aims to explore how environmental investments impact the firm financial outcomes in emerging markets using a sample of 4,081 firms across 25 emerging countries from…
Abstract
Purpose
This study aims to explore how environmental investments impact the firm financial outcomes in emerging markets using a sample of 4,081 firms across 25 emerging countries from different regions from 2010–2022.
Design/methodology/approach
Fixed effect regressions with robust standard errors for unbalanced panel data are used to investigate the impact of Environmental, Social and Governance (ESG) disclosure scores and carbon emissions intensity on firm profitability. The authors used simultaneous quantile regressions with bootstrapped standard errors to allow for estimating parameters of different quantiles of superior and inferior financial performers. Non-linear regressions are used to test for curvilinear relationships. Two-stage least squares regressions are used to mitigate concerns of endogeneity.
Findings
The results reveal that firms with less emissions of carbon dioxide report high profitability, however, firms with high ESG disclosure scores do not achieve superior performance. The authors detect a positive curvilinear U-shaped relationship and determine threshold level of ESG scores. Furthermore, firms with sustainable investments have more resilient performance during COVID-19 pandemic.
Research limitations/implications
A comprehensive analysis of the complex effect of environmental sustainability on financial performance in emerging markets uncovers the strategic motivations behind ESG disclosures and the thresholds where environmental performance translates into financial gains. Overall, this study emphasises the significance of sustainable investments in enhancing long-term profitability and resilience in emerging markets during turbulent times.
Practical implications
Proactive carbon emission reduction strategies are essential to safeguard firm competitive advantage. Firm ESG investments should be considered when forecasting firm value and stock price. There is a growing need for rigid policies to promote a green economy and mitigate climate change risks.
Originality/value
Offers a unique setting to examine the association between firm environmental and financial performance across emerging countries and regions. It explores the non-linear shape and magnitude of this relation across high-low quantiles of profitability. It sheds new light on the impact of sustainable practices on firm resilience during COVID-19 pandemic.
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This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said…
Abstract
Purpose
This paper aims to investigate the differences in the practice of tawarruq munazzam contracts based on personal financing products. The researcher will then analyse the said differences based on the potential for risk to occur and risk from a Shariah perspective.
Design/methodology/approach
This study’s methodology is qualitative, in which the data are collected through library research and field studies. The library research is conducted by examining books, articles, statutes and related circulars. From the practical aspect, field studies were conducted in an unstructured interview method with officers used in Islamic banks. The snowball method was used to determine the number of Islamic banks to be studied until no new information was obtained on the different practices of tawarruq munazzam contracts based on personal financing products.
Findings
The results show that there are differences in the practice of tawarruq munazzam contracts based on personal financing products practised by the Islamic banks studied. These differences have brought significant influence in determining the level of Shariah risk potentials and Shariah risks, respectively. The results also show that the highest number of the Shariah risk potential and Shariah risk in the Islamic financial institutions (IFIs) studied is 10 i.e. covering the issues of customer engagement, wa’ad (promise), commodity asset, gharar (uncertainty), wakalah (representative), ta’wid and gharamah, the willing but not an able debtor, qalb dayn and two prices in a transaction. Meanwhile, the least amount of the Shariah risk potential and Shariah risk in the IFIs studied is four, i.e. covering the issues of customer engagement, wakalah, the willing but not an able debtor and two prices in a transaction. Findings prove that there are opportunities for IFIs to minimise Shariah risk potential and risk in the personal financing products offered.
Research limitations/implications
This study is limited to the practice of tawarruq munazzam contracts based on personal financing products practised by IFIs in Malaysia.
Practical implications
The differences in the tawarruq munazzam contract practice show the distinctive elements in both Shariah risk potential and Shariah risk. Therefore, the findings of this study can be a guideline for IFIs to improve the practice of tawarruq munazzam contracts, especially in personal financing products in minimising Shariah risk potential and Shariah risk.
Social implications
The public confidence in Islamic banking is increasing as Islamic banks can minimise the Shariah risk potential and Shariah risk in tawarruq munazzam contracts based on the personal financing products offered.
Originality/value
This study analyses the differences in the practice of tawarruq munazzam contracts based on personal financing products by IFIs in Malaysia, which can impact Shariah risk potential and Shariah risk.
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The purpose of this study is to examine the legal paradigm of multiple Sharia' board directorship practice from the Sharia' law concept of Maslahah Al-Mursalah (public interest).
Abstract
Purpose
The purpose of this study is to examine the legal paradigm of multiple Sharia' board directorship practice from the Sharia' law concept of Maslahah Al-Mursalah (public interest).
Design/methodology/approach
It uses a doctrinal research method that relies on the commonly referred sources of Quran and Sunnah, with a specific focus on Maslahah Al-Mursalah and, where applicable, commentaries by contemporary scholars, academics and practitioners as well as translations of classical book of Fiqh. This study scrutinises the polarity of views concerning the distinct Masyaqqah (necessity) surrounding the practice in discussion: the Masyaqqah that encourages and one that discourages the application of the practice.
Findings
This study is keen to suggest the industry to adopt a cautious approach and consider exploring a corporate governance framework that appraises the theoretical and practical Sharia' issues concerning its application in cognisance of its adversarial influence towards the sustainability of Islamic banking industry.
Originality/value
Since Murat Unal’s study of multiple Sharia' board directorships in 2009 and 2011, empirical works that scrutinise the practice from the Sharia' law perspective have remained limited or almost non-existent. It is aspired that this study may assist fellow readers and future researchers alike in evaluating and appreciating the divergent views surrounding the application of this practice in Islamic banking.
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Companies are increasingly appointing a Chief Sustainability Officer (CSO) to anchor the need to highlight climate change at the senior management level. This study aims to…
Abstract
Purpose
Companies are increasingly appointing a Chief Sustainability Officer (CSO) to anchor the need to highlight climate change at the senior management level. This study aims to examine how CSO power and sustainability-based compensation influence climate reporting and carbon performance.
Design/methodology/approach
Using one of the largest data sets to date, consisting of 18,834 company years through the author’s observations, spanning an 11-year period (2011–2021) in 33 countries. This paper used quantitative methods – specifically, ordinal logistic regression estimation. This paper measures the level of climate change disclosure based on the carbon disclosure leadership methodology. Carbon performance is based on the intensity of carbon emissions (Scope 1, Scope 2), which is a quantitative and relatively more objective measure.
Findings
The results suggest that climate change disclosure continued to increase and the carbon emissions intensity of the companies in this study gradually decreased over the sample period. This paper finds that the presence of the CSO within the top management team has a positive and significant influence on the level of information on climate change of the companies in the sample. This finding confirms the idea that the managerial capacity of CSOs motivates the disclosure of climate change. The empirical results confirm that there are differences in the role that the CSO and sustainability-based compensation play in influencing the quality of climate information disclosure in developed and developing countries.
Originality/value
The recourse on a mixed theoretical framework, which highlights upper echelons theory, argues the understanding of the role of CSOs in explaining the relationship between climate change disclosure–carbon performance relationship. The novelty of the study lies in the approaches adopted to describe the quality of climate change disclosure. To control for endogeneity, this paper uses a difference-in-difference analysis by adding a firm to the Morgan Stanley Capital International index as an exogenous shock.