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Article
Publication date: 6 October 2023

Md. Mahmudul Alam, Yasmin Mohamad Tahir, Abdulazeez Y.H. Saif-Alyousfi and Reza Widhar Pahlevi

This research paper aims to empirically explore how stock market investors’ perceptions are affected by extreme climatic events like El Nino and floods in Malaysia.

Abstract

Purpose

This research paper aims to empirically explore how stock market investors’ perceptions are affected by extreme climatic events like El Nino and floods in Malaysia.

Design/methodology/approach

This study uses structural equation modelling (SEM) to analyse the empirical data gathered through a questionnaire survey involving 273 individual investors from Bursa Malaysia between January and June 2019.

Findings

Results reveal that companies’ efforts, especially for agriculture and plantation-based industries, to adapt to climate change risk at the production, business and stock market levels significantly impact investors’ behaviour and investment decisions. Moreover, stock market investors’ climate change knowledge shows a significant moderating effect on corporate climate change adaptation initiatives and investors’ decisions to invest in Malaysian agricultural and plantation industry stocks.

Practical implications

This research has significant implications for practice and policy, as it measures the stock market investors’ level of awareness about climate change events and explores the companies’ strategies to reduce climatic risks to their business model.

Social implications

This study shows the way to adjust the climate change information in the stock market investment decision to improve market efficiency and sustainable stock exchanges initiative.

Originality/value

To the best of the authors’ knowledge, this paper is the pioneer one to provide a comprehensive link between climate change events and business performances at production level, business level and stock market levels by drawing inferences from empirical data on investors’ behaviours. This study also added value in investment theories and financial literature by observing the climate change as an important factor to determine the investors’ decisions in the stock market.

Details

Sustainability Accounting, Management and Policy Journal, vol. 15 no. 1
Type: Research Article
ISSN: 2040-8021

Keywords

Article
Publication date: 11 October 2022

Reza Widhar Pahlevi, Md. Mahmudul Alam, Dwipraptono Agus Harjito and Jamaliah Said

Traditional market revitalisation is an important policy designed to reduce unfair competition between traditional markets and modern businesses. This study aims to determine…

Abstract

Purpose

Traditional market revitalisation is an important policy designed to reduce unfair competition between traditional markets and modern businesses. This study aims to determine, analyse and illustrate the implementation of corporate governance principles so that traditional markets can be revived in accordance with the United Nations’ sustainable development goals (SDGs) program, with specific reference to the Yogyakarta Special Region.

Design/methodology/approach

The study relied on primary and secondary data sources. Data were collected through interviews, observations, analysis of documentation and review of the literature. The research was conducted in Yogyakarta Special Region, specifically Bantul Regency, Kranggan Market in Yogyakarta City, Sentolo Market in Kulonprogo Regency, Gentan Market in Sleman Regency and Argosari Market in Gunungkidul Regency. The data were analysed using the qualitative research method and a descriptive approach.

Findings

Traditional markets play a vital role in strengthening the national economy and preserving an old culture that reflects local traditions. Good collaboration between parties in the implementation of corporate governance is evident, despite market revitalisation proving to be highly costly. In some places market development has simply resulted in marginalising the old traders who cannot improve their livelihoods. Therefore, the revitalisation program of traditional markets must not only improve the facilities but all aspects of traditional markets.

Originality/value

To the best of the authors’ knowledge, this is an original study based on primary observation, and it has implications for all emerging economies where traditional markets are being replaced by modern markets.

Details

International Journal of Ethics and Systems, vol. 39 no. 3
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 31 October 2022

Reza Widhar Pahlevi

The principles of good corporate governance (GCG) in Islam are more stakeholder oriented than shareholder oriented. If the implementation of GCG always refers to the principles of…

1120

Abstract

Purpose

The principles of good corporate governance (GCG) in Islam are more stakeholder oriented than shareholder oriented. If the implementation of GCG always refers to the principles of GCG that are sourced from the values of capitalism, it is necessary to reconstruct corporate governance so that it can be applied to Sharia institutions. Therefore, this study aims to carry out a detailed development of Islamic corporate governance with careful evaluation of the various aspects of the scientific panorama inherent in Islamic business and social finance.

Design/methodology/approach

The approach in this research is Islamic corporate governance research as a reference in “Article Title, Abstract and Keywords” based on Scopus from 1994 to 2021. The analysis was carried out in December 2021. VOSviewer and Excel software were used to analyze the collected data and apply bibliometric analysis.

Findings

The research findings indicate that Islamic corporate governance research can be categorized into subfields, such as research on the basics of Islamic corporate governance, analysis of Islamic corporate governance and research on various applications of Islamic corporate governance in Islamic finance. Although there is some important or fundamental research in Islamic corporate governance, this does not yet answer for such a powerful Islamic financial instrument. This study relies on research in the existing Islamic corporate governance literature and future research.

Research limitations/implications

This study relies on research in the existing Islamic corporate governance literature and future research. The outcome of the current study will provide a strategic perspective to law-making bodies and practitioners of the organization to implement Islamic corporate governance to attain a higher sustainability performance.

Practical implications

GCG practices make companies have better performance; the failure of small and medium enterprises is the result of weak corporate governance practices. Corporate governance is indeed not a solution to all the problems faced, but governance is an unquestionable thing to achieve business success.

Social implications

It discusses above the current state of corporate governance practices in the conventional economy and establishes the measurement of GCG at the functional level, compared from Islamic perspectives. Like any other civilization and religion, Islamic culture also embedded GCG since the early days of Islamization.

Originality/value

To the best of the authors’ knowledge, this paper is the first to examine the existing Islamic corporate governance literature by bibliometric analysis. The definite results and research areas can help scholars and researchers to conduct future research to enhance the scientific development of Islamic finance and provide alternative instruments to implement corporate governance according to Islamic values.

Details

Journal of Islamic Accounting and Business Research, vol. 14 no. 4
Type: Research Article
ISSN: 1759-0817

Keywords

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