Abdus Salam Azad, Mohd Salman, S.C. Kaushik and Dibakar Rakshit
Lighting in building sectors (consumes the highest energy in commercial buildings and the second highest in residential buildings in India) has very much potential for energy…
Abstract
Purpose
Lighting in building sectors (consumes the highest energy in commercial buildings and the second highest in residential buildings in India) has very much potential for energy conservation in buildings. With the use of daylighting system, energy consumption in lighting can be lowered up to 30 to 40 per cent.
Design/methodology/approach
An experimental effort has been made in this paper to explore the internal wall coloring effect on the performance of tubular light pipe. Trace-pro software has been used and validated. With the help of this software, light pipe has been designed and simulated in a ray tracing mode. Assessment of four globally used prediction models has also been conducted to compare the performances in different seasons for light pipes in the composite climate of New Delhi.
Findings
It has been conducted based on three statistical indicators as mean bias error, root mean square error and R2. Using regression, an empirical model for average internal illuminance has been developed as a function of light reflectance value (LRV) and solar altitude angle. Trace-pro results confirmed that maximum internal illuminance can be obtained with wall surfaces coated with high LRV color. Finally, by using of a single light pipe system for a test room with the artificial lighting system and applying continuous dimming control, the amount of electrical energy has been saved up to 38.5 per cent per year.
Originality/value
After going through the literature, it has been identified that there has been no paper published which explores the effect of colors of the internal walls on the performance of the light pipe. Along with this, the comparison between existing empirical performance models and find out which model gives the best result in different seasons has been carried out for New Delhi, India.
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Piotr Kwiatek, Stavros Papakonstantinidis and Radoslav Baltezarevic
Recent studies conducted in Europe and in the Middle East found growing interest of young entrepreneurs in using social media as a venue for business activities. The Digital…
Abstract
Recent studies conducted in Europe and in the Middle East found growing interest of young entrepreneurs in using social media as a venue for business activities. The Digital Natives (DNs), young people who cannot recall their lives without the Internet and digital devices, are thought to be the most entrepreneurial generation so far.
In this chapter, the authors take a closer look at the role of gender in entrepreneurship and provide more insights for effective policy-shaping with the DNs in mind.
This study adopts a quantitative approach to compare the entrepreneurial mindset (EM) of DNs from two frontier markets, Serbia, and Kuwait and examines the gender differences in entrepreneurial intention (EI) and entrepreneurial capacity.
The study shows that female respondents demonstrate a positive attitude toward using social media for entrepreneurial activities. Although technology drives EI, female DNs should receive more guidance and encouragement to feel more confident to start a business. Extending previous studies, the authors discuss the prominent role of social approvals and expert guidance in driving the EM.
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Mumtaz Ali Memon, Hiram Ting, Christian Ringle, Jun-Hwa Cheah and Nuttawuth Muenjohn
Effiezal Aswadi Abdul Wahab, Mazlina Mat Zain and Kieran James
The purpose of this paper is to examine the relationship between political connection, corporate governance and audit fees in Malaysia. Specifically, it is argued that politically…
Abstract
Purpose
The purpose of this paper is to examine the relationship between political connection, corporate governance and audit fees in Malaysia. Specifically, it is argued that politically connected firms are perceived to be riskier and thus require auditors to undertake greater audit efforts which in turn lead to higher audit fee. Furthermore, it is also hypothesised that the demand for better corporate governance practices requires more audit effort exert from the auditors, and the demand for higher quality work is expected to be stronger for politically connected firms as these firms are being perceived to have higher risks. This is turn results in higher fees paid to the external auditor.
Design/methodology/approach
This paper employs panel regression analysis. The panel data set consists of 382 non‐financial firms (1,022 observations) for three years from year 2001 to 2003.
Findings
Based on 1,022 firm‐year observations for the period of 2001 to 2003, the results reveal that politically connected firms pay higher audit fees, while firms with better governance demand a higher audit quality, leading to higher audit fees. However, there is no evidence to support that corporate governance demands for a higher quality audit especially for politically connected firms.
Originality/value
This paper contributes to the corporate governance‐audit fees literature by examining a large number of corporate governance variables based on the Malaysian Code on Corporate Governance. In particular, instead of using several individual governance variables such as audit committee, board structure or composition, this study condensed the large number of corporate governance variables into a single index. Furthermore, this study was conducted in Malaysia, which is a unique environment that offers clear identifiable segments based along ethnic line, whereby, politically favoured firms are generally given special privileges by the government.
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Salman Ahmed Shaikh, Mohd Adib Ismail, Abdul Ghafar Ismail, Shahida Shahimi and Muhammad Hakimi Mohd. Shafiai
This paper aims to integrate Islamic and mainstream economics framework towards a more realistic understanding of Muslim consumption behaviour.
Abstract
Purpose
This paper aims to integrate Islamic and mainstream economics framework towards a more realistic understanding of Muslim consumption behaviour.
Design/methodology/approach
The model incorporates some of the Islamic institutions like period-wise deduction of Zakat from endowments. It also includes bequests which could be significant given the Islamic injunctions on inheritance distribution and the significance placed on the institution of family. Furthermore, the model integrates the assumption that consumption opportunity set will axiomatically filter out the prohibited consumption goods from the consumption set in both contemporaneous and inter-temporal consumption.
Findings
Zakat ensures contemporaneous redistribution from endowment surplus households (those having Zakatable endowments above Nisab) to endowment-deficient households (those having Zakatable endowments below Nisab). The lifetime resources are scaled down for endowment surplus households because of the payment of Zakat in both periods and leaving bequests in old-age period, while the lifetime resources are scaled up for endowment deficient households because of the receipt of Zakat in both periods and receiving the bequests in youth.
Originality/value
The authors show how some of the Islamic principles and institutions can be integrated in the mainstream economics framework, especially in research studies where the objective is to understand and describe reality rather than persuasion and idealization.
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Salman Ahmed Shaikh, Mohd Adib Ismail, Abdul Ghafar Ismail, Shahida Shahimi and Muhammad Hakimi Mohd Shafiai
This study aims to examine the consumption behaviour in Organization of Islamic Cooperation countries.
Abstract
Purpose
This study aims to examine the consumption behaviour in Organization of Islamic Cooperation countries.
Design/methodology/approach
Using time series and panel data, this study estimates rational expectations permanent income hypothesis model and the intertemporal elasticity of substitution, and examines the response in consumption to expected and unexpected changes in income.
Findings
The evidence supports the phenomenon of loss aversion. The response of consumption to unexpected income changes is statistically significant in only one-third of the countries in the sample. Conversely, the response of consumption to expected income changes is statistically as well as economically significant in one-fourth of the countries in the sample. The intertemporal elasticity of substitution is also statistically insignificant in majority of OIC countries in the sample.
Practical implications
The evidence in support of loss aversion in preferences could help in explaining the low penetration of equity-based risk sharing instruments in Islamic finance.
Social implications
The excess sensitivity of consumption to income suggests that redistribution efforts to enhance incomes of poor households could help in enhancing their consumption levels.
Originality/value
The study takes a comprehensive sample across time and space for OIC countries as compared to previous studies and also adjusts the budget constraint for Zakat.
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Salman Ahmed Shaikh, Mohd Adib Ismail, Abdul Ghafar Ismail, Shahida Shahimi and Muhammad Hakimi Mohd. Shafiai
This paper aims to study the cross section of expected returns on Shari’ah-compliant stocks in Pakistan by using single- and multi-factor asset pricing models.
Abstract
Purpose
This paper aims to study the cross section of expected returns on Shari’ah-compliant stocks in Pakistan by using single- and multi-factor asset pricing models.
Design/methodology/approach
To estimate cross section of expected returns of Shari’ah-compliant stocks, the study uses capital asset pricing model (CAPM), Fama-French three-factor model and Fama-French five-factor model. Data for the period 2001-2015 on 217 companies are used. For the market portfolio, PSX-100 and Dow Jones Islamic Index for Pakistan are used.
Findings
The study could not find empirical support for CAPM using Lintner (1965), Black et al. (1972) and Fama and Macbeth (1973) approach. Nonetheless, the relation between beta and returns is positive in up-market and negative in down-market. The results of Fama-French three-factor and five-factor models suggest that size premium is positive and significant for explaining the cross section of stock returns of small size stocks, whereas value premium is positive and significant for explaining the cross section of returns of high value stocks.
Practical implications
The results suggest that fund managers can use Shari’ah-compliant stocks for portfolio diversification and for offering specialized investments given the positive market excess returns and the existence of size and value premium on Shari’ah-compliant stocks.
Originality/value
This is the first study on Fama-French (2015) five-factor model for Islamic capital markets in Pakistan.
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Salman Ahmed Shaikh, Mohd Adib Ismail, Abdul Ghafar Ismail, Shahida Shahimi and Muhammad Hakimi Mohd. Shafiai
This study aims to comparatively analyze the performance of Islamic and conventional income and equity funds using various performance evaluation methods.
Abstract
Purpose
This study aims to comparatively analyze the performance of Islamic and conventional income and equity funds using various performance evaluation methods.
Design/methodology/approach
The authors comparatively analyze the performance of mutual funds using measures, such as tracking error, Sharpe ratio (1966), Treynor ratio (1965), M-square measure by Modigliani and Modigliani (1997) and information ratio. The authors also use market timing and selection measures, such as Treynor and Mazuy model (1966), Henriksson and Merton (1981) model and Fama’s decomposition approach (1973).
Findings
The authors find that Islamic equity funds are as much competitive as conventional equity funds. All Islamic equity funds have positive Sharpe ratio, Treynor ratio and net selectivity measure. Islamic equity funds are slightly less risky in general. Islamic equity and income funds generally have positive Jensen's Alpha and a positive market timing ability. However, the authors find that Islamic income funds generally underperform the market due to less Shari’ah-compliant investment class assets in the market.
Practical implications
It will help the industry players to assess their strategic positioning with regard to the commercial competitiveness of Islamic investments.
Originality/value
The authors take considerably large sample of 60 funds in Pakistan as compared to previous studies and also cover recent period (2006-16). For income funds, the authors construct an original benchmark index based on price and dividend data and use that in performance assessment.
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Salman Ahmed Shaikh, Abdul Ghafar Ismail and Muhammad Hakimi Mohd Shafiai
This paper aims to discuss the application of waqf (endowment) in the social finance sector for funding social and development projects and services.
Abstract
Purpose
This paper aims to discuss the application of waqf (endowment) in the social finance sector for funding social and development projects and services.
Design/methodology/approach
The study is qualitative. It reviews literature and provides descriptive data to present its main idea.
Findings
Most Muslim-majority countries are generally income-poor, and the governments are generally weak in their tax collection, effective governance and capacity for development spending. Private sector financial institutions are scarce and mostly cater to the people who can meet the income-based lending criteria. Thus, the institution of waqf can fill the gap as a social finance institution by providing intermediation services for effectively utilising perpetual social savings. Flexibility in the rules of waqf enables it to serve beneficiaries directly or through financial institutions and to provide a wide range of social services.
Research limitations/implications
This conceptual research highlights the need and potential of waqf without discussing the regulatory and operational details of how to effectively institutionalize it in different regions.
Practical implications
The institution of waqf can harness the potential of selfless charitable giving in an effective way for better economic impact in the targeted social segments of society.
Originality value
The paper suggests the establishment of waqf-based training and vocational centres which will increase opportunities of self-employment and contribute in upward social mobility of beneficiaries.
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Raida Abu Bakar, Rosmawani Che Hashim, Sharmila Jayasingam, Safiah Omar and Norizah Mohd Mustamil