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The purpose of this paper is to develop an exclusive review framework for the Performance Prism.

An extensive literature survey on performance measurement is used to identify the main aspects of the review in such systems. Various dimensions related to the characteristics of Performance Prism are explored. All the findings are then rationally put together to develop the proposed conceptual framework.

The paper presents a conceptual model to review performance measurement systems (PMS) which are designed based on Performance Prism. The presented framework categorizes review processes and tools into two main categories; Business Performance Review (BPRw) and Performance Measurement System Review (PMSR). In BPRw, a loop is presented in three levels – with regards to the five facets of Performance Prism – which indicates the performance management process. PMSR deals with reviewing the efficiency and effectiveness of the design and implementation of the PMS itself. Several methods and tools have been gathered from the literature (e.g. relevance test, measures profile, etc) in this section to examine the relevance of measures, and some have been introduced (including a method to determine inconsistencies in organization's performance trends between stakeholder, strategic and operational level) to study and challenge the validity of strategic assumptions and strategies, and appropriateness of infrastructure. Implications of various factors such as organizational culture, change management, and characteristics of the measures (level of the measure, managers who receive reports including the measure, and supporting infrastructure) are highlighted.

In contrast to PMS design and implementation, research on PMS review is limited. This is more evident in the literature concerning Performance Prism. The empirical evidence of usefulness is beyond the scope of this article.

The framework provides a procedural action for reviewing both business performance and PMS performance when applying the Performance Prism in practice and provides a foundation for further empirical research.

The paper adds to the body of literature, by proposing a comprehensive review framework to be used in Performance Prism.

This study aims to investigate the effect of seasonality caused by fasting as a religious practice on trading activity.

The authors use an unbiased sample of daily trading by individuals and institutions on the Boursa Kuwait. The authors use panel data on trading activities and Tobit regression models to examine the effect of Muslims’ religious practice of fasting during the holy month of Ramadan on trading behavior.

The authors find that during the holy month of Ramadan, Muslims’ religious practice of fasting leads to a decline in the frequency of both overall stock market trading and the ratio of individual trading volume to total trading volume. The authors find a significant decrease in individual buy-side trading as a proportion of total trading volume and simultaneously a significant increase in institutional buy-side trading.

This study’s findings have important implications for the main players in stock markets of countries with a Muslim majority. Market-makers should be aware of the significant increase in the proportion of institutional buy-side trading volume to total trading volume to minimize the cost of trading with better-informed traders (adverse selection).

To the best of the authors’ knowledge, this is the first study that investigates individuals’ trading activity during Ramadan.

Supply chains (SCs) have been growingly virtualized in response to the market challenges and opportunities that are presented by new and cost-effective internet-based technologies today. This paper designed a virtual closed-loop supply chain (VCLSC) network based on multiperiod, multiproduct and by using the Internet of Things (IoT). The purpose of the paper is the optimization of the VCLSC network.

The proposed model considers the maximization of profit. For this purpose, costs related to virtualization such as security, energy consumption, recall and IoT facilities along with the usual costs of the SC are considered in the model. Due to real-world demand fluctuations, in this model, demand is considered fuzzy. Finally, the problem is solved using the Grey Wolf algorithm and Firefly algorithm. A numerical example and sensitivity analysis on the main parameters of the model are used to describe the importance and applicability of the developed model.

The findings showed that the Firefly algorithm performed better and identified more profit for the SC in each period. Also, the results of the sensitivity analysis using the IoT in a VCLSC showed that the profit of the virtual supply chain (VSC) is higher compared to not using IoT due to tracking defective parts and identifying reversible products. In proposed model, chain members can help improve chain operations by tracking raw materials and products, delivering products faster and with higher quality to customers, bringing a new level of SC efficiency to industries. As a result, VSCs can be controlled, programmed and optimized remotely over the Internet based on virtual objects rather than direct observation.

There are limited researches on designing and optimizing the VCLSC network. This study is one of the first studies that optimize the VSC networks considering minimization of virtual costs and maximization of profits. In most researches, the theory of VSC and its advantages have been described, while in this research, mathematical optimization and modeling of the VSC have been done, and it has been tried to apply SC virtualization using the IoT. Considering virtual costs in VSC optimization is another originality of this research. Also, considering the uncertainty in the SC brings the issue closer to the real world. In this study, virtualization costs including security, recall and energy consumption in SC optimization are considered.

1. Investigates the role of IoT for virtual supply chain profit optimization and mathematical optimization of virtual closed-loop supply chain (VCLSC) based on multiperiod, multiproduct with emphasis on using the IoT under uncertainty.

2. Considering the most important costs of virtualization of supply chain include: cost of IoT information security, cost of IoT energy consumption, cost of recall the production department, cost of IoT facilities.

3. Selection of the optimal suppliers in each period and determination of the price of each returned product in virtual supply chain.

4. Solving and validating the proposed model with two meta-heuristic algorithms (the Grey Wolf algorithm and Firefly algorithm).

Investigates the role of IoT for virtual supply chain profit optimization and mathematical optimization of virtual closed-loop supply chain (VCLSC) based on multiperiod, multiproduct with emphasis on using the IoT under uncertainty.

Considering the most important costs of virtualization of supply chain include: cost of IoT information security, cost of IoT energy consumption, cost of recall the production department, cost of IoT facilities.

Selection of the optimal suppliers in each period and determination of the price of each returned product in virtual supply chain.

Solving and validating the proposed model with two meta-heuristic algorithms (the Grey Wolf algorithm and Firefly algorithm).

The purpose of this paper is to review studies on mathematical optimization of the sustainable gasoline supply chain to help decision-makers understand the current situation, the exact dimensions of the problem and the models provided in the literature. So, a more realistic mathematical optimization model can be achieved by fully covering all dimensions of the supply chain of this product.

To evaluate and comprehend the mathematical optimization of the sustainable gasoline supply chain research area, a systematic literature review is undertaken that covers material collection, descriptive analysis, content analysis and material evaluation steps. Finally, based on this process, 69 related articles were carefully investigated.

The results of the systematic literature review show the main areas of the published papers on mathematical optimization of sustainable gasoline supply chain problems and the gaps for future research in this field presented based on them.

This approach is subject to limitations because the protocol of the systematic review of the research literature only included searching for the considered combination of keywords in the Scopus and ProQuest databases. Furthermore, the protocol used in this paper restricts documents to English.

The results have significant implications for both academicians and practitioners in this field. It can be useful for academics to comprehend the gaps and future trends in this field. Also, for practitioners, it can be useful to identify and understand the parts of the mathematical optimization model, which can help them model this problem effectively and efficiently.

No systematic literature review has been done in this field by considering gasoline to the best of the authors’ knowledge and delivers new facts for the future development of this field.

Studies on Islamic calendar anomalies in financial markets tend to apply quantitative analysis to historic share prices. Surprisingly, there is a lack of research investigating whether the participants of such markets are aware of these anomalies and whether these anomalies affect their investment practice. Or is it a case that these practitioners are completely unaware of the anomalies present in these markets and are missing out on profitable opportunities? The purpose of this paper is to analyse the views of influential participants within the Pakistani Stock Market.

The study documents the findings for 19 face-to-face semi-structured interviews conducted with brokers, regulators and high-net-worth individual investors in Karachi.

The paper’s major findings indicate that the participants believed that anomalies were present in the stock market and market participants were actively attempting to exploit these anomalies for abnormal gains. Interviewees suggested that predictable patterns can be identified in certain Islamic months (Muharram, Safar, Ramadan and Zil Hajj). The most common pattern highlighted by the interviews related to the month of Ramadan. Furthermore, interviewees mentioned the influence of the “Memon” community in the Pakistani Stock Market. Respondents also suggested that investor sentiment played an important role in influencing the stock market prices and trading patterns.

Because all the prior studies investigating Islamic calendar anomalies in Muslim-majority countries adopted quantitative method using secondary data, the current investigation is of particular value, as it focuses on the qualitative analyses and reports the views of market participants. This allows to fully explore the topic under investigation and to draw robust conclusions.

The Islamic Holy days are among the most celebrated spiritual traditions in the world and are observed by more than 1.5 billion Muslims. This study aims to investigate the effect of these events on the regular returns of stock exchanges in selected Muslim countries.

This study examines data from eight Asian and African stock exchanges from 2001 to 2019. Isolating the effect of Gregorian calendar anomalies, it aims to evaluate the effect of Islamic Holy days on stock returns by running a pooled random effect panel regression on all the stock exchanges examined.

The results reveal the positive impact of Eid-ul-Fitr on Asian markets, the negative impact of Eid Milad-un-Nabi on the African stock market’s returns and the positive effect of the Holy month of Ramadan on both markets. Some Gregorian calendar anomalies also were found in these markets.

The research has significant implications for marketing professionals to recognize business opportunities and investors to efficiently manage their stock portfolio during Islamic events of Eid-ul-Fitr, Eid Milad-un-Nabi and Ramadan in relevant Muslim countries.

Given the research gap between Gregorian and Islamic calendar anomalies, this paper contributes by combining the effect of Islamic Holy days on the returns of selected Muslim-dominated financial markets.