Andreas Jobst, Peter Kunzel, Paul Mills and Amadou Sy
The most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset‐based capital market securities. The purpose of this paper is to enhance the general…
Abstract
Purpose
The most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset‐based capital market securities. The purpose of this paper is to enhance the general understanding of essential policy considerations in the creation and development of sukuk markets.
Design/methodology/approach
This policy paper reviews the key developments in the sukuk market and informs a debate about challenges and opportunities going forward. The paper presents a qualitative analysis of economic, regulatory and legal issues that warrant consideration.
Findings
The paper finds that while the sukuk market continues to generate strong interest by new issuers in Muslim and non‐Muslim countries alike, some critical constraints arising from continued legal uncertainty and regulatory divergences still need to be overcome. As issuers weigh the costs and benefits of sukuk issuance in a broad policy context, continued efforts will be required to overcome a series of economic, legal and regulatory issues.
Originality/value
The paper presents, for the first time, a structured analysis of sukuk markets aimed at identifying key considerations for sovereign debt managers, especially in non‐Muslim countries.
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Over decades, mega‐events have enjoyed increasing global popularity as catalysts of significant urban renewal both on and beyond the event grounds. Nevertheless, although some…
Abstract
Purpose
Over decades, mega‐events have enjoyed increasing global popularity as catalysts of significant urban renewal both on and beyond the event grounds. Nevertheless, although some mega‐events are exemplary in their transformation of some places, post‐event failure of others highlight a lack of long‐range planning. Yet, such a paradoxical relationship between spectacularity and sustainability has, so far, received little in‐depth analysis. Building upon the Yin‐Yang theory, the purpose of this paper is to identify the Triple‐C gap and argues that planning for mega‐event led renewals (MELRs) is an issue of dualism rather than dichotomy.
Design/methodology/approach
This paper adopts the multiple‐case study approach. Two methodological steps are taken to seek a greater understanding of the issue at global and local scales. One is a review of eight mega‐event cases in the West to identify post‐event sustainability challenges. The other explores these challenges through an examination of the Expo 2010 development as a chapter of the Huangpu Riverfronts Renewal in Shanghai China.
Findings
The eight historical cases and Expo 2010 unanimously challenge the dichotomy between event staging and post‐event sustainability. It is therefore high time for future client organizations to rethink how to find a convergence.
Practical implications
With lessons drawn, the article concludes that planning an MELR should be pre‐post oriented and serve as a catalyst for broader‐scale improvements.
Originality/value
This pioneering study constitutes a much‐needed reference for future mega‐event hosts to rethink their commitment to MELDs, which will hopefully spark more interdisciplinary interest.
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Harry McVea and Nicholas Charalambu
The purpose of this article is to assess strategies available to recipient states for managing the putative risks posed by sovereign wealth funds (SWFs) in the context of global…
Abstract
Purpose
The purpose of this article is to assess strategies available to recipient states for managing the putative risks posed by sovereign wealth funds (SWFs) in the context of global, liberalized, and capital markets.
Design/methodology/approach
The paper employs a game theory analysis in assessing these risks. Four basic scenarios are outlined whereby recipient states may interact with SWFs: “unselfish recipient state – unselfish SWF” (Option 1); “unselfish recipient state – Selfish SWF” (Option 2); “Selfish Recipient State – unselfish SWF” (Option 3); and “Selfish Recipient State – Selfish SWF” (Option 4).
Findings
In the light of this analysis, and the balance of risks which the authors perceive recipient states are exposed to in practice, the authors claim that recipient states ought, rationally, to adopt a selfish regulatory strategy irrespective of the strategy which SWFs adopt in practice.
Originality/value
This claim does not deny the importance of voluntary international measures – such as the “Santiago principles” – in the way SWFs are regulated. Rather, it seeks to show that according to a game theory analysis, and an attempted application of that analysis in practice, undue reliance by recipient states on international “soft law” regulatory initiatives to regulate SWF activity (which constitutes the current international consensus) is strategically unwise.
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John W. Mohr and Francesca Guerra-Pearson
Miller McPherson's approach to measuring the inherent duality of organizational forms and the environmental niches that they occupy is adapted and applied to an analysis of the…
Abstract
Miller McPherson's approach to measuring the inherent duality of organizational forms and the environmental niches that they occupy is adapted and applied to an analysis of the institutional field of (outdoor) poverty relief organizations operating in New York City (1888–1917). In contrast to McPherson's approach that emphasizes how organizations are differentially arrayed within “Blau space,” this chapter focuses on how organizational forms are distributed across an institutional “logic space” that is itself dually ordered and defined by the kinds of organizational forms that are understood to exist. The resulting niche maps are employed to trace out the jurisdictional conflicts that erupted during the Progressive Era between two competing organizational forms – scientific charities and settlement houses – each of which embodied a particular vision and practice for delivering social relief to the poor.
Funminiyi Peter Oyawole, Adebayo Shittu, Mojisola Kehinde, Gbemisola Ogunnaike and Lois Toluwani Akinjobi
This study assessed the extent of women empowerment and empirically investigated its effect on the adoption of climate-smart agricultural practices at the plot level in Nigeria.
Abstract
Purpose
This study assessed the extent of women empowerment and empirically investigated its effect on the adoption of climate-smart agricultural practices at the plot level in Nigeria.
Design/methodology/approach
Using the empowerment score and women empowerment gap for each household which were derived from the Abbreviated Women's Empowerment in Agriculture Index, a multivariate probit model which controlled for the influence of gender and women empowerment on climate-smart agricultural practices' adoption was estimated. The study made use of data from the ECOWAS-RAAF-PASANAO survey conducted in Nigeria in 2017.
Findings
The results show that men are significantly more empowered than women in four out of the five domains of empowerment and are more likely to adopt crop rotation. However, female plot managers have a higher likelihood of adopting green manure and agroforestry, while no significant gender differences in the adoption of organic manure and zero/minimum tillage were found.
Social implications
The results suggest that closing the empowerment gap between women and their spouses would positively influence the adoption of agroforestry.
Originality/value
This study represents the first attempt to examine the adoption of these practices from a gender perspective using a nationally representative plot-level dataset in Nigeria. Furthermore, this study contributes to existing literature on how gender differences influence technology adoption by modelling the effect of empowerment score for each plot manager, and the women empowerment gap for each household on the adoption of five climate-smart agricultural practices.
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Camille J. Mora, Arunima Malik, Sruthi Shanmuga and Baljit Sidhu
Businesses are increasingly vulnerable and exposed to physical climate change risks, which can cascade through local, national and international supply chains. Currently, few…
Abstract
Purpose
Businesses are increasingly vulnerable and exposed to physical climate change risks, which can cascade through local, national and international supply chains. Currently, few methodologies can capture how physical risks impact businesses via the supply chains, yet outside the business literature, methodologies such as sustainability assessments can assess cascading impacts.
Design/methodology/approach
Adopting a scoping review framework by Arksey and O'Malley (2005) and the PRISMA extension for scoping reviews (PRISMA-ScR), this paper reviews 27 articles that assess climate risk in supply chains.
Findings
The literature on supply chain risks of climate change using quantitative techniques is limited. Our review confirms that no research adopts sustainability assessment methods to assess climate risk at a business-level.
Originality/value
Alongside the need to quantify physical risks to businesses is the growing awareness that climate change impacts traverse global supply chains. We review the state of the literature on methodological approaches and identify the opportunities for researchers to use sustainability assessment methods to assess climate risk in the supply chains of an individual business.
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Jonathan Gumz and Diego Castro Fettermann
This article aims to compare smart meters' acceptance studies worldwide to consolidate trends and highlight factors that are not a consensus.
Abstract
Purpose
This article aims to compare smart meters' acceptance studies worldwide to consolidate trends and highlight factors that are not a consensus.
Design/methodology/approach
This work performs a statistical meta-analysis, using the Hunter–Schmidt method and the UTAUT2 model, of the factors of acceptance of smart meters in the world literature. A meta-regression was also conducted to verify the moderation exercised by gender, level of education and timeline context of the articles.
Findings
The main results point to hedonic motivation, performance expectancy and effort expectancy as the leading influencers for smart meter's acceptance. Meta-regression indicates that the influence is more significant among the male gender and that over the years, the social influence must gain weight in the smart meter's acceptance.
Social implications
Specific strategies are suggested to improve projects for the implementation of smart meters based on the obtained results.
Originality/value
The contribution given by this work is relevant, considering it is the first meta-analysis focused on smart meters' acceptance published in the literature
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Ebere Donatus Okonta and Farzad Rahimian
The purpose of this study is to investigate and analyse the potential of existing buildings in the UK to contribute to the net-zero emissions target. Specifically, it aims to…
Abstract
Purpose
The purpose of this study is to investigate and analyse the potential of existing buildings in the UK to contribute to the net-zero emissions target. Specifically, it aims to address the significant emissions from building fabrics which pose a threat to achieving these targets if not properly addressed.
Design/methodology/approach
The study, based on a literature review and ten (10) case studies, explored five investigative approaches for evaluating building fabric: thermal imaging, in situ U-value testing, airtightness testing, energy assessment and condensation risk analysis. Cross-case analysis was used to evaluate both case studies using each approach. These methodologies were pivotal in assessing buildings’ existing condition and energy consumption and contributing to the UK’s net-zero ambitions.
Findings
Findings reveal that incorporating the earlier approaches into the building fabric showed great benefits. Significant temperature regulation issues were identified, energy consumption decreased by 15% after improvements, poor insulation and artistry quality affected the U-values of buildings. Implementing retrofits such as solar panels, air vents, insulation, heat recovery and air-sourced heat pumps significantly improved thermal performance while reducing energy consumption. Pulse technology proved effective in measuring airtightness, even in extremely airtight houses, and high airflow and moisture management were essential in preserving historic building fabric.
Originality/value
The research stresses the need to understand investigative approaches’ strengths, limitations and synergies for cost-effective energy performance strategies. It emphasizes the urgency of eliminating carbon dioxide (CO2) and greenhouse gas emissions to combat global warming and meet the 1.5° C threshold.
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Hanh Minh Thai, Giang Nguyen Thuc Huong, Trinh Trong Nguyen, Hien Thu Pham, Huyen Thi Khanh Nguyen and Trang Huyen Vu
Climate change increases systematic risk for firms, especially those in the agricultural industry. Therefore, the need to examine the consequences of climate-related risks on…
Abstract
Purpose
Climate change increases systematic risk for firms, especially those in the agricultural industry. Therefore, the need to examine the consequences of climate-related risks on agribusiness companies' financial performance across the globe and emerging markets has risen. In this context, the paper aims to investigate the effects of climate change risks on the financial performance of agriculture listed firms in Vietnam.
Design/methodology/approach
The study sample includes 77 Vietnamese listed firms in the agricultural industry in the period of 2015–2019. The authors chose temperature, wind, rainfall and humidity proxies to measure climate change. The OLS regression, random regression and sub-sample analysis have been used to examine the impacts of climate risks on firms' financial performance.
Findings
Empirical results show that rain and temperature have positive impacts on financial performance of Vietnamese agriculture listed firms, while wind and humidity have insignificant impacts on financial performance.
Research limitations/implications
The research helps researchers, businesses, practitioners and policymakers interested in the agricultural industry, especially those in developing and emerging countries, to develop a deep understanding of the impact of climate change risks on firm performance and therefrom prepare necessary measures to reduce the negative impacts.
Originality/value
This study adds to the literature stream on the impacts of climate change on financial performance. It is the first study to investigate this impact in Vietnam, a country which depends mainly on agriculture.
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Siti Nurhidayah Mohd Roslen, Mei-Shan Chua and Rafiatul Adlin Hj Mohd Ruslan
The purpose of this study is to empirically investigate the asymmetric effects of financial risk on Sukuk market development for a sample of Malaysian countries over the period of…
Abstract
Purpose
The purpose of this study is to empirically investigate the asymmetric effects of financial risk on Sukuk market development for a sample of Malaysian countries over the period of 2010–2021.
Design/methodology/approach
This study refers to the International Country Risk Guide (ICRG) in determining the financial risk factors to be studied in addition to the Malaysia financial stress index (FSI) to capture changes in financial risk level. The authors use the nonlinear autoregressive distributed lag (NARDL) model to tackle the nonlinear relationships between identified financial risk variables and Sukuk market development.
Findings
The results suggest the existence of a long-run relationship between foreign debt service stability, international liquidity stability (ILS), exchange rate stability (ERS) and financial stress level with the Sukuk market development in Malaysia. Indeed, higher ILS and ERS will boost Sukuk market size, whereas higher foreign debt services and financial stress are negatively related to Sukuk market development. Findings also indicate that the long-run positive and negative impacts of identified financial risk components on Sukuk market development are statistically different. Taking into account the role of the Sukuk market in facilitating Malaysia’s economic growth, the country should aim to keep the foreign debt-to-GDP ratio at a sustainable level.
Research limitations/implications
This study points to three possible directions for future research. The first is the differential impact of financial risk components on Sukuk issuance for different Sukuk structures. As more data becomes available in the future, this area could be further explored by conducting the above analysis for different combinations of Sukuk structures and currency denominations. In addition, future researchers could also consider exploring the variability of financial risk impacts through comparative studies of the leading Sukuk-issuing countries to account for differences in regulatory frameworks and supporting infrastructure.
Practical implications
This study provides valuable practical and policy implications for strengthening the growth of the Sukuk market. While benefiting from the diversification benefits of funding sources to finance private or government projects and developments, Malaysia should remain vigilant to global economic conditions, foreign exchange markets and financial stress levels, as all of these factors may significantly influence investor sentiment and the rate of return offered by Sukuk issuance.
Originality/value
The use of the NARDL approach, which investigates the long-run effects of financial risk factors on Sukuk market development in Malaysia, makes this study a valuable addition to the literature, as there has been little research into the asymmetric effects of those variables on Sukuk market development using samples from emerging Asian markets.