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This paper aims to investigate the safe haven feature of Bitcoin, gold and two gold-backed cryptocurrencies (DGX and PAXG) against energy and agricultural commodities (crude oil, natural gas and wheat) during the COVID-19 pandemic, the Russia–Ukraine conflict and the Silicon Valley Bank (SVB) collapse.

The authors use the threshold GARCH (T-GARCH)-asymmetric dynamic conditional correlation (ADCC) model to evaluate the asymmetric dynamic conditional correlation between the return series and compare the diversifying, hedging and safe-haven ability of Bitcoin, gold and the two gold-backed cryptocurrencies (DGX and PAXG) against financial swings in the commodity market during the COVID-19 outbreak, the Russian–Ukrainian military conflict and SVB collapse. The authors also calculate the hedging ratios (HR) and hedging effectiveness index (HE). The authors finally use the wavelet coherence (WC) approach to check our results’ robustness and further investigate the impact of the three crises on the relationship between Bitcoin, gold gold-backed cryptocurrencies and commodities.

The results show that PAXG serves as a strong hedging instrument while gold, Bitcoin and DGX act as strong diversifiers during normal times. During crises, gold outperforms Bitcoin as a diversifier and a safe haven against commodities. Gold-backed cryptocurrencies also exhibit strong performance as diversifiers and safe havens. HR results indicate that Bitcoin and DGX are more cost-effective for commodities risk mitigation than gold and PAXG. In terms of hedging effectiveness, gold and PAXG emerge as the best hedging instruments for commodities, while DGX is considered the worst one. Bitcoin shows superior hedging against oil compared to wheat and gas risks. Moreover, the results of the WC approach confirm those of the T-GARCH-ADCC results in both the short and long run.

This paper provides a comprehensive analysis of the diversification ability of gold, Bitcoin and gold-backed cryptocurrencies during different crises (the COVID-19 pandemic, the Russia–Ukraine conflict and the SVB collapse). By taking into consideration gold-backed cryptocurrencies, the authors expand the understanding of safe havens beyond conventional assets.

The purpose of this paper is to identify the most dominant pigment of pomegranate explants for natural color coatings and detect the presence of phytochemical constituents and comparison of the antioxidant activities.

Extracts of leaf, stem, peel and seed of in vitro and in vivo growth cultures were prepared for phytochemical constituent and antioxidant activity. The supernatant from 95 per cent methanol was mixed with 15 per cent polyvinyl alcohol (PVA) with the ratio of 1:1 to form a coating system.

Although glycosides was not found in this species, tests for tannins and flavonoids were positive in all samples. The IC50 values were also comparable to commercial antioxidant ascorbic acid with 34.92 per cent inhibition. Chlorophyll a and b were detected in stem and leaf using UV-photospectrometer in 420 and 645 nm wavelengths ranges. The effects of heat and salt on the stability of natural dye colorants mixed with polyvinyl alcohol to form a basic coating system were indicated negatively in in vivo and in vitro growth cultures.

The paper shows that further improvement with co-pigmentations may give a notable mixture from pomegranate extraction for the paint materials or nail varnish. It was also indicated that pomegranate contains some compounds such as polyphenolics that can donate electron/hydrogen easily.

This study aims to revisit the relationship between Shariah-compliant firms and earnings management. Specifically, the authors examine whether Shariah-certified firms have lower earnings management than non-Shariah-certified firms and how often a firm must hold its certification to observe considerably reduced earnings management. This study also explores how senior management ethnic dualism affects the association of Shariah certification and earnings management.

The authors analyze the hypothesized association between Shariah certification and earnings management using a panel regression model and several robustness tests, including the Heckman selection model. The sample consists of 547 nonfinancial firms listed on the Bursa Malaysia stock exchange, with 5,478 firm-year observations over the 2001–2016 sample period.

Shariah certification is found to mitigate earnings management, particularly for firms that consistently retain their Shariah status. The longer firms retain their Shariah certification continually, the lower the earnings management. Additionally, the results indicate that the negative impact of Shariah certification on earnings management is driven by ethnic duality when a specific ethnic group dominates the top management.

Firms’ commitment to religious-based screening and continuation of certification plays a significant role in improving earnings quality. Firms are committed to abiding by the Shariah code of conduct instead of using the Shariah status for reputation purposes to attract investors.

For investors, the continuous compliance status is a crucial indicator of a firm’s commitment to comply with Shariah principles and to mitigate earnings management. Regarding policy implications, Shariah-compliance guidelines can constrain earnings manipulation, especially among firms lacking ethnic diversity.

The study shows that Shariah certification must be maintained consecutively to reduce earnings management. Shariah certification’s governance function is crucial in ethnically homogeneous firms, primarily when one ethnic group dominates the senior management.

The study aims at reviewing a synthesis of disclosure, transparency, and International Financial Reporting Standards (IFRS) implementation in an attempt to provide directions for future research. Prior research overwhelmingly supports that the IFRS adoption or effective implementation of IFRS will enhance high-quality financial reporting, transparency, enhance the country’s investment environment, and foreign direct investment (FDI) (Dayanandan, Donker, Ivanof, & Karahan, 2016; Gláserová, 2013; Muniandy & Ali, 2012). However, some researchers provide conflicting evidence that developing countries implementing IFRS are probably not going to encounter higher FDI inflows (Gheorghe, 2009; Lasmin, 2012). It has also been argued that the IFRS adoption decreases the management earnings in countries with high levels of financial disclosure. In general, the study indicates that the adoption of IFRS has improved the financial reporting quality. The common law countries have strong rules to protect investors, strict legal enforcement, and high levels of transparency of financial information. From the extensive structured review of literature using the Scopus database tool, the study reviewed 105 articles, and in particular, the topic-related 94 articles were analysed. All 94 articles were retrieved from a range of 59 journals. Most of the articles (77 of 94) were published 2010–2018. The top five journals based on the citations are Journal of Accounting Research (187 citations), Abacus (125 citations), European Accounting Review (107 citations), Journal of Accounting and Economics (78 citations), and Accounting and Business Research (66 citations). The most-cited authors are Daske, Hail, Leuz, and Verdi (2013); Daske and Gebhardt (2006); and Brüggemann, Hitz, and Sellhorn (2013). Surprisingly, 65 of 94 articles did not utilise the theory. In particular, four theories have been used frequently: agency theory (15), economic theory (5), signalling theory (2), and accounting theory (2). The study calls for future research on the theoretical implications and policy-related research on disclosure and transparency which may inform the local and international standard setters.

This paper aims to examine whether competition from Islamic banks add to the financial stability and profitability of financial sector and to assess the sources of such (in)stability.

Using Herfindahl–Hirschman Index as a measure of competition and Z-score as a measure of stability, the authors run panel GMM regressions to assess their association with data from 84 banks in Indonesia and Malaysia over a period from 2005 to 2018.

Increasing competition from Islamic banks in East Asian banking industry adds to the stability of the system while it does not affect profitability. This stability is derived from both asset and liability side.

While adding to the literature on banking and Islamic finance, this paper suggests to the policy makers that policies promoting Islamic banking will tend to assist in enhancing financial sector stability.

Growth in alternative financial instruments brings steadiness within the financial structure. Such growth and competition should be encouraged.

The paper exploits an interesting setting of dual-banking industry in two large Muslim-majority developing country for testing two competing theories: competition-fragility and competition-stability. Such a setting also allowed us to examine whether increasing stability of financial sector is driven by demand or supply.

Islamic finance and Halal product sectors are thriving successfully. This chapter is a general review of the perception of Asian consumers on Islamic finance and Halal sectors in the global Halal economy.

The first section will briefly describe the Halal concept in both Islamic finance and Halal industries, and the growth of both sectors in Asian countries. The second part highlights the review of Asian consumers’ perception towards Islamic finance products and Halal products.

The review found that the consumers’ perception towards the Islamic finance products and Halal products is distinctive. This is due to the diversity of Asian countries in terms of geography, religion, culture, ethnic, school of thoughts (madzahib), income per capita and government’s involvement.

The third part of the chapter concentrates on planning towards Halal marketing, which involves the move and future challenges in different layers of industries to gear up and strengthen the Halal economy.

This research aims to determine the influence of environmental, social and governance (ESG) factors on market performance. The study shows the perspective of ESG on market performance. The study attempted to test the relationship between ESG and Tobin’s Q and the effect of control variables.

The study used panel data from a sample covering 720 firms and ran a fixed-effects model regression during the 2007–2019 period for eight European countries’ listed companies.

The findings reveal that ESG positively impacts Tobin’s Q. According to the findings, high company ESG performance boosts market performance via the moderator effect of competitive advantage. The results indicate that all control variables are significant. The firm’s leverage has a negative relationship with ESG. The size of the firm impacts ESG positively. Also, the results prove that the firm’s size and industry positively affect Tobin’s Q.

The findings of this study suggest that managers, practitioners and authorities interested in learning about ESG scores (ESGSs), market performance and competitive advantage might draw intriguing conclusions from the data. Managers can identify the appropriate levels of competitive advantage that improve market performance. Practitioners must determine whether fit, size, growth, leverage and industry could enhance market performance. The findings also give authorities and the board of directors information on future growth opportunities for the company and the country.

The research presents a vision of how ESG factors affect market performance. This study aims to identify the positive link between ESGSs and European market performance.

This study contributes to the understanding of the health effects of pesticides exposure and of how pesticides have been and should be regulated.

This study presents literature reviews for the period 2000–2013 on (i) the health effects of pesticides and on (ii) preference valuation of health risks related to pesticides, as well as a discussion of the role of benefit-cost analysis applied to pesticide regulatory measures.

This study indicates that the health literature has focused on individuals with direct exposure to pesticides, i.e. farmers, while the literature on preference valuation has focused on those with indirect exposure, i.e. consumers. The discussion highlights the need to clarify the rationale for regulating pesticides, the role of risk perceptions in benefit-cost analysis, and the importance of inter-disciplinary research in this area.

This study relates findings of different disciplines (health, economics, public policy) regarding pesticides, and identifies gaps for future research.

This study aims to reconcile conflicting empirical results from prior studies on the association between political connections (PCs) and firms’ performance. Furthermore, it investigates whether the contradictory findings were moderated by the different types of both PCs and firms’ performance measures. This study also makes a cross-country comparison of the empirical evidence to provide more insight.

This study used meta-analysis to integrate the previous studies’ findings on the association between PCs and firms’ performance and further investigated the moderators of such association.

The findings show that PCs have a positive association with firms’ performance. This result is apparent for both democratic and authoritarian countries, which suggests PCs’ beneficial consequences toward firms’ performance should not be disregarded in both contexts. This study also finds PCs and firms’ performance measures moderate the association between PCs and firms’ performance.

This study contributes to the stream of research that investigates the association between PCs and firms’ performance. To the best of our knowledge, it is among the first to implement statistical meta-analysis on the aforementioned literature while incorporating a cross-country comparison.

This paper discusses the urban management challenges in the Greater Kuala Lumpur area. Before examining Greater Kuala Lumpur's economic and social environment, we will look at the factors that make it a competitive and fiscally sound entity. When considering urban development and redevelopment, we consider how proposed and ongoing projects, as well as plans, hierarchical links, and road networks, contributed to the increase. Because there is no urban growth boundary, land use change and rural encroachment, as well as environmental degradation and the impact of national economic projects on urban expansion, are both rapid and linear in the analysis. This paper also considers how to manage linear development that results in the creation of new suburbs. Finally, we propose strategies for achieving sustainable urban expansion and management by balancing the financial and governance capacities of Greater Kuala Lumpur local governments.