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The purpose of this paper is to provide an improved genetic algorithm to solve 0/1 multidimensional knapsack problem (0/1 MKP), by proposing new selection and crossover operators that cooperate to explore the search space.

The authors first present a new sexual selection strategy that significantly improves the one proposed by (Varnamkhasti and Lee, 2012), while working in phenotype space. Then they propose two variants of the two-stage recombination operator of (Aghezzaf and Naimi, 2009), while they adapt the latter in the context of 0/1 MKP. The authors evaluate the efficiency of both proposed operators on a large set of 0/1 MKP benchmark instances. The obtained results are compared against that of conventional selection and crossover operators, in terms of solution quality and computing time.

The paper shows that the proposed selection respects the two major factors of any metaheuristic: exploration and exploitation aspects. Furthermore, the first variant of the two-stage recombination operator pushes the search space towards exploitation, while the second variant increases the genetic diversity. The paper then demonstrates that the improved genetic algorithm combining the two proposed operators is a competitive method for solving the 0/1 MKP.

Although only 0/1 MKP standard instances were tested in the empirical experiments in this paper, the improved genetic algorithm can be used as a powerful tool to solve many real-world applications of 0/1 MKP, as the latter models several industrial and investment issues. Moreover, the proposed selection and crossover operators can be incorporated into other bio-inspired algorithms to improve their performance. Furthermore, the two proposed operators can be adapted to solve other binary combinatorial optimization problems.

This research study provides an effective solution for a well-known non-deterministic polynomial-time (NP)-hard combinatorial optimization problem; that is 0/1 MKP, by tackling it with an improved genetic algorithm. The proposed evolutionary mechanism is based on two new genetic operators. The first proposed operator is a new and deeply different variant of the so-called sexual selection that has been rarely addressed in the literature. The second proposed operator is an adaptation of the two-stage recombination operator in the 0/1 MKP context. This adaptation results in two variants of the two-stage recombination operator that aim to improve the quality of encountered solutions, while taking advantage of the sexual selection criteria to prevent the classical issue of genetic algorithm that is premature convergence.

The purpose of this paper is to investigate numerically mixed convection of Al₂O₃-water nanofluids flowing through a horizontal ventilated cavity heated from below by a temperature varying sinusoidally along its lower wall. The simulations focus on the effects of different key parameters, such as Reynolds number (200 ≤ Re ≤ 5,000), nanoparticles’ concentration (0 ≤ ϕ ≤ 0.1) and phase shift of the heating temperature (0 ≤ γ ≤ π), on flow and thermal patterns and heat transfer performances.

The Navier–Stokes equations describing the nanofluid flow were discretized using a finite difference technique. The vorticity and energy equations were solved by the alternating direction implicit method. Values of the stream function were obtained by using the point successive over-relaxation method.

The simulations were performed for two modes of imposed external flow (injection and suction). The main findings are that the dynamical and thermal fields are affected by the parameters Re, ϕ, γ and the applied ventilation mode; the addition of nanoparticles leads to an improvement of heat transfer rate and an increase of mean temperature inside the enclosure; the heat exchange performance and the better cooling are more pronounced in suction mode; the phase shift of the heating temperature may lead to periodic solutions for weaker values of Re and contributes to an increase or a decrease of heat transfer depending on the value of ϕ and the convection regime.

To the best of the authors’ knowledge, the problem of mixed convection of a nanofluid inside a vented cavity using the injection or suction technics and submitted to non-uniform heating conditions has not been treated so far.

This study aims to examine the association between the effectiveness of risk committee (RC) and firms’ performance in Malaysian context. It also explores whether political connection has an impact on the relationship.

This study, using a principle components analysis, derives a factor score for RC attributes to proxy the effectiveness of RC. It also uses both accounting and market performance to measure the company performance.

Using a sample of financial firms from 2004 to 2018, this study finds that both accounting and market performance are higher for firms with an effective RC. It also finds that the effectiveness of RC in monitoring and management of risks is more pronounced for politically connected firms (PCFs). In further tests, the paper finds that RC attributes (i.e. RC independence, qualification and gender) are positively and significantly associated with accounting performance, while those of RC existence and overlap are positively and significantly related to market performance. The study also finds that RC size (RC diligence) has a positive (negative) impact on financial firms accounting and market performance. The further analysis also shows that PCFs with a separate as well as larger RCs experience both higher accounting and market performance. This study’s results are robust for concerns of endogeneity.

The findings of this study resolve the ongoing debates surrounding political connection by suggesting financial firms not to have politically connected board members as doing so may deteriorate their performance. This study’s results are also useful for investors, regulators and policymakers.

To the best of the authors’ knowledge, this study, for the first time, introduces on the interaction term between the effectiveness of RCs and political connection to empirically explore how an effective RC may reduce the potential risk of political ties. As such, this study adds to the literature and sheds light on an aspect of risk (i.e. risk stems from establishing close link with the government) that is growing in importance.

The purpose of this study is to examine the extent of audit report lag and its association with governance mechanisms in the Islamic banking institutions in Malaysia.

The extent of audit report lag is defined by the number of days from a company’s financial year-end to the signature date on its audit report. The sample of the study comprises 112 observations of Islamic banking institutions’ financial reports for the period 2008-2014. A balanced panel data analysis is performed to analyse the association between the extent of audit report lag and governance mechanisms.

The findings show that the extent of audit report lag for the sample selected ranges from a minimum period of 7 days to a maximum period of 161 days, and the extent of audit report lag is approximately two months on average. A fixed effects analysis indicates that audit committee expertise and audit committee meeting have significant association with the extent of audit report lag. On the other hand, board independence, audit committee size and Shari’ah board expertise have insignificant association with the extent of audit report lag. In addition, one control variable (Islamic bank size) is found to be significantly associated with longer audit report lag.

The findings provide useful feedback for Malaysian policymakers on the past and current practices of financial reports and of governance mechanisms. The findings of the study would help the policymakers in monitoring the Islamic banking institutions’ compliance with financial reports submission requirements. The policymakers perhaps could relook into governance mechanisms that reduce the extent of audit report lag in the Islamic banking institutions and implement regulations to strengthen them.

Unlike the majority of prior studies that investigated the association between the extent of audit report lag and governance mechanisms, this study provides two contributions. First, to the authors’ knowledge, this study is the first piece of research that examined the association between governance mechanisms and the extent of audit report lag in Islamic banking institutions. Second, the study examined the association of new governance variable, namely, Shari’ah committee expertise which has not been previously examined in the literature of audit report lag.

This study aims to examine how digitalization affects the work efficiency of the Shariah Supervisory Board (SSB) in Islamic banks.

This study uses panel data analysis of annual report disclosures over the past 10 years. The authors have selected 79 Islamic banks for the period ranging from 2012 to 2021. The criteria for SSB efficiency used in this research are disclosure of Zakat and disclosure in the SSB report.

The econometric results show that digitalization has a positive effect on improving the work efficiency of the SSB in Islamic banks. Accordingly, the authors provide evidence that the higher the bank's digital engagement, the higher the quality of the SSB.

The findings highlight the need to improve the current understanding of SSB structures and governance mechanisms that can better assist Islamic banks in engaging in effective compliance with recent governance and accounting reforms. Moreover, Islamic banks are the most capable and appropriate to implement and activate digitalization because they are based on a vital root calling for development if there are executives believing in it, as well as legislation supporting and serving them.

The purpose of this study is to look at the structure of the interactions between the board of directors’ chairman qualities such as chairman independence, tenure, ethnicity, age- and impression management (IM).

The research population consists of non-financial Malaysian companies listed on Bursa Malaysia’s Main Market, using data gathered via annual reports and DataStream. The study relies on the ordinary least square regression to test the direct relationships between the directors’ chairman characteristics and IM. Moreover, robustness and sensitivity tests were used to examine the effectiveness of chairman characteristics with IM. Furthermore, the results rely on the FGLS regression as an additional test. The study found that chairman independence, chairman ethnicity and chairman age have a significant impact on IM.

The results reveal that chairman independence has a negative association with qualitative IM (IMSC1). Moreover, chairman ethnicity has a positively significant relationship with qualitative IM (IMSC1) and quantitative IM (IMSC2). Also, the effectiveness of chairman characteristics has a negative and significant association with IMSC1.

The primary goal of this paper is to fill a gap in the literature and to open up opportunities for more in-depth research on the subject. So far, there has been no research into the impact of the board chairman’s (BC) personality on IM. This study serves as a warning to policymakers, businesses and their stakeholders, as well as researchers, about the importance of BC characteristics, which may impede the effectiveness of corporate governance mechanisms. The paper provides a framework for investigating these characteristics in the context of IM.

In today’s competitive era, it has become significant for companies to understand their end consumer and target customers effectively. One of the ways to accomplish this goal is data-driven marketing. The current study seeks to explore the differences between traditional marketing and digital marketing, the pros and cons of data-driven marketing and usage of artificial intelligence (AI) in data-driven marketing. The research objective was met by exploration of published papers in the past 10 years covering the evolution of data-driven marketing, functions of data engineering, application of technology like AI in data-driven marketing and opportunities and challenges. This study is significant as it provides the insight into the relationship between marketing and data engineering and thus helps marketers to frame strategies by leveraging data-driven marketing to improve consumer experience and gain a competitive edge. Moreover, this study is an interdisciplinary study including marketing, engineering and data science. This study focusses on use of innovative methods to improve profitability of business and consumer experience.

This study aims to investigate the association between corporate social responsibility (CSR) performance and the cost of debt financing (CODF) in Malaysia. It further explores whether the potential impact of CSR performance on debt pricing is moderated by the females’ representation on board and female directors’ foreign experience.

The authors use a sample of 845 firm-year observations from 2017 to 2021 and apply various regression techniques, including the pooled ordinary least squares (POLS), the Heckman two-stage self-selection model, propensity score matching (PSM) and quantile regression, to test the study’s hypotheses.

The results show that socially responsible firms incur lower costs of debt. Similarly, female directors and female directors with foreign exposure are negatively associated with CODF. However, their impact becomes positive when these two variables are interacted with CSR performance. The study findings are robust across alternative measures of board gender diversity, different model specifications and approaches addressing the endogeneity problem. In additional analyses, we find that the positive implication of CSR on CODF is more pronounced for firms with higher CSR performance and less financial constraint. Nevertheless, the results reveal that only firms with lower CSR performance but a high proportion of female directors and female directors with foreign experience exhibit lower CODF. This underscores the likelihood that female directors and their foreign exposure may substitute CSR practices in mitigating the cost of debt.

Existing literature generally emphasises the importance of CSR performance to corporate financing decisions, often neglecting the role of female directors and their attributes in financial institutions’ creditworthiness evaluation. This study is among the first to address this gap by examining the moderating effect of female directors and their characteristics on CSR–CODF relationship within an emerging economy context. The findings contribute to the literature on CSR and board gender diversity, indicating that CSR performance and board gender diversity function more as substitutes than complements. Despite the unexpected consequences of interacting with female directors and their foreign experience with CSR, the study affirms the significance of CSR practices and board gender diversity in shaping borrowers’ financial decisions.

Delays occur mostly in the construction process of many projects, which can have a consequent effect on the overall performance of the project in areas such as profitability, efficiency and safety. This study aims to suggest a structure that can be applied to manage construction projects effectively and, thus, to reduce delays. The integrated balanced scorecard (BSC) and quality function deployment (QFD) framework proposed in the present study enabled the identification and ranking of the objectives of the financial perspective and the enablers of construction delay mitigation. This will help construction industry professionals prioritize the enabling factors that influence the financial perspective, thereby helping them focus on the achievement of the most important ones which subsequently results in efficiency. Consequently, more tasks are accomplished with the use of less time and resources as the actions tend to be more narrowly focused on the achievement of the most important factors such as client and contractor-related factors, as opposed to the low-value adding factors.

A literature review was conducted to determine the essential factors that would help resolve or reduce delays. A total of 41 mitigation factors (seven financial objectives and 36 enabler objectives) were identified and categorized into four BSC perspectives: financial, client, contractor and project management team, and innovation and learning. Two management tools, the BSC and QFD, were used to develop the system based on the mitigation factors defined.

The results of this study show that the most significant factors affecting the achievement of the financial objectives of the project are mainly customer-related factors, accompanied by factors related to contractors and project management teams. With the fishbone diagram and cause and effect analysis, the proposed BSC and QFD system provides a long-term approach for all stakeholders to help professionals in the construction industry prioritize and reduce delays more effectively. Moreover, the findings of the present study highlight the utility of the integrated BSC and QFD framework in quantifying the strengths of association of different objectives of the financial perspective and the enablers of construction delay mitigation.

The contribution of this paper to the body of knowledge is the proposed integrated structure for BSC and QFD that can serve as a comprehensive and structural approach to rating the essential enabling delay mitigation factors based on the magnitude of their effects on the financial performance of the project. The proposed framework can be considered a novel tool since this is the first integrated BSC and QFD framework for construction delay mitigation. Finally, the proposed BSC and QFD framework, along with the fishbone diagram and cause and effect analysis, provides a long-term strategy for all stakeholders to mitigate delays. Thus, the proposed integrated BSC and QFD framework can serve as a systematic and structural approach for measuring the strength of influence of the enablers of delay mitigation against the financial perspective.

This study aims to explore the impact of financial management strategies on the financial performance of construction projects in Iraq, specifically investigating the moderating role of company size. The primary focus is to understand how different cost components contribute to performance and how this relationship varies between larger and smaller businesses in the construction industry.

Utilizing a sample of 296 participants from the construction business in Iraq, this research employed a survey questionnaire. The WarpPLS software facilitated data analysis, employing Partial Least Squares Structural Equation Modelling (PLS-SEM) with bootstrapping for model validation. Confirmatory factor analysis (CFA) with maximum likelihood estimation assessed the measurement model, ensuring a comprehensive understanding of the financial management strategies and performance relationship.

The study reveals that equipment costs show no significant relationship with performance in Iraq’s construction industry. Larger construction firms exhibit a positive influence on financial performance from material costs, labour costs and permit/licencing fees compared to smaller firms. This suggests a moderation effect of size on the relationship between these cost components and financial outcomes, highlighting the nuanced impact of financial management strategies on performance.

While shedding light on the size-dependent nuances in the relationship between financial strategies and performance, this study is confined to the construction industry in Iraq. The findings might not be universally applicable, and contextual variations should be considered. Additionally, the reliance on survey data introduces the potential for response bias. Future research could expand the scope to different industries and regions, incorporating diverse methodological approaches for a more comprehensive understanding of the nuances in the financial management and performance relationship.

Construction companies in Iraq can enhance project performance by strategically allocating resources and effectively managing costs, considering the nuanced impact of company size. Larger firms, in particular, should focus on optimising material costs, labour costs and permit/licensing fees to maximise financial outcomes. This study provides actionable insights for practitioners, guiding financial management decisions and offering practical recommendations for improving project performance in the Iraqi construction industry.

The research contributes valuable insights to the Iraqi construction industry, an area with limited prior research on management matters. By emphasising the role of size in moderating the relationship between financial strategies and performance, the study informs industry stakeholders, policymakers and professionals about the importance of tailoring financial management approaches based on company size. This knowledge can potentially lead to improved financial outcomes, positively impacting the overall economic and social landscape in Iraq.

This research adds to the body of knowledge by examining the impact of company size on the relationship between financial management methods and performance in Iraq’s construction projects. The study’s originality lies in uncovering the moderating effect of size on the connection between specific cost components and financial performance. The findings provide a unique perspective on financial management strategies, offering construction companies valuable insights into optimising performance based on their size. This research contributes significantly to an underexplored area, filling a gap in the existing literature and providing practical implications for financial decision-making in the construction industry.