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This study examines the influence of corporate governance indicators (CGIs) on the textual tone of nonfinancial firms in a developing economy.

The data from 1,250 annual reports of listed nonfinancial firms in Pakistan are collected for 10 years. The narrative disclosure tone (NDT) is derived using the sentiment analysis of annual reports, resulting in six distinct NDT scores. The CGIs data are also extracted from the annual reports. The fixed effects model is used as the primary analytical tool, supplemented by machine learning-based linear regression. System GMM and two-stage least squares regressions are employed for robustness checks.

The findings reveal that most CGIs significantly influence all six NDTs. These results align with the existing theoretical literature, except those related to audit committee independence and gender diversity.

The study is limited to the use of annual reports as a source of narrative disclosures. Future research might employ other sources, such as earning press releases and social media.

Within the unique regulatory environment of Pakistan, the study offers insights for regulators to enhance the efficacy of independent directors, discourage concentrated ownership and promote the inclusion of women in board subcommittees to establish the authenticity of textual disclosures.

The study adds to the limited literature on the determinants of NDT. It underscores the importance of understanding textual tone for informed investor decision-making and restoring investor confidence. Moreover, it contributes by focusing on six NDTs and exploring the interplay between CGIs and textual tone.

The purpose of this study is to test whether the prediction of firm performance can be enhanced by incorporating nonfinancial disclosures, such as narrative disclosure tone and corporate governance indicators, into financial predictive models.

Three predictive models are developed, each with a different set of predictors. This study utilises two machine learning techniques, random forest and stochastic gradient boosting, for prediction via the three models. The data are collected from a sample of 1,250 annual reports of 125 nonfinancial firms in Pakistan for the period 2011–2020.

Our results indicate that both narrative disclosure tone and corporate governance indicators significantly add to the accuracy of financial predictive models of firm performance.

Our results offer implications for the restoration of investor confidence in the highly uncertain Pakistani market by establishing nonfinancial disclosures as reliable predictors of future firm performance. Accordingly, they encourage investors to pay more attention to these disclosures while making investment decisions. In addition, they urge regulators to promote and strengthen the reporting of such nonfinancial information.

This study addresses the neglect of nonfinancial disclosures in the prediction of firm performance and the scarcity of corporate governance literature relevant to the use of machine learning techniques.

This study aims to investigate the impact of risk committee characteristics on the risk disclosure of banking institutions in an emerging economy, Pakistan.

The data are collected through a manual content analysis of 21 banks regulated by the State Bank of Pakistan over the period 2011–2020. The study utilizes the generalized least square (GLS) regression model as the method of analysis.

The study finds that risk committee size is positively associated with risk disclosure, which is in line with agency theory. However, risk committee independence and risk committee gender diversity are negatively associated with risk disclosure. This contradicts the theoretical perspective and is explained by the weak regulatory framework of Pakistan.

This study was carried out in a single research setting, which limits the generalizability of its findings to other developed and emerging economies.

The results provide valuable insights for regulators by identifying the attributes that require regulatory focus to strengthen risk committees and enhance risk disclosure practices within the banking sector of Pakistan. The findings highlight the effectiveness of the risk committee size, call for fully independent risk committees and encourage greater representation of women in these committees.

This study contributes to the corporate governance literature by empirically examining the risk committee characteristics and their impact on the risk disclosure of banks in an emerging economy. Moreover, this study contributes to theory by utilizing upper echelon theory in addition to agency theory as the motivation for the study.

Spiritual tourism has recently been accepted as a growing segment of tourism in business and research circles. The purpose of this paper is to suggest a new dimension in Islamic marketing and investigates spiritual tourism as a new strategy for marketing Islam as a religion.

In this exploratory research, convenient sampling was employed to select Muslim spiritual tourists and Islamic organisations arranging spiritual tourism in Australia. A total of 34 face‐to‐face interviews were conducted. Thematic analysis was used to identify factors relevant to the research themes regarding spiritual tourism and marketing Islam.

Some religious organisations used religious gatherings and festivals as spiritual tourism products to market their religion – Islam. These organisations attracted Muslim and non‐Muslim spiritual tourists to the Islamic places, gatherings, occasions, and festivals by promoting them as spiritual tourism products.

The paper identifies spiritual tourism journeys and events that could be strategically used by religious organisations for marketing Islam.

This paper aims to build bridges for better understanding of Islam among the Australian public. The paper could be replicated to study the marketing of other religions in other geographical locations.

The paper originates in recognising a genuinely new strategy of spiritual tourism that could be used more effectively for marketing Islam. A future quantitative study could be conducted to test the findings of this paper.

The majority of economic crises impact the wealth of people which in turn affect their financial capacity to purchase residential properties. However, the home financing method may also have an impact on the behaviour of house prices. This chapter intends to test argued resilience of Islamic finance to situations of financial crisis by using an Islamic home financing product called Enhanced Musharakah Mutanaqisah (EMM) which was proposed by Asadov and Ibrahim (2018) as an example and compare its performance to conventional mortgage. Two different models of home financing, conventional and EMM based ones are developed with the former reflecting basic features of conventional mortgage and the latter using rental rates and house price indices for product pricing. Both models are compared using aggregate data for the US housing market for the past 30 years in order to demonstrate the resilience of the EMM model. The findings of the study show that EMM is more flexible in terms of reflecting real situations in both the housing market and aggregate economy as compared to the conventional model. Its pricing is more accommodating particularly during times of economic downturns, and it can potentially provide the solution to numerous mortgage defaults arising from such conditions. Despite the proposed models being tested using data only from the United States, the analysis can be generalized for other countries as well. The implementation of the EMM model, as an example of Shariah-based Islamic financial product, is expected to bring fairness and justice in the relationship between financial institutions and its clients. To the best of our knowledge, this is the first attempt of simulating a Musharakah Mutanaqisah based home financing using both actual rental rates and house prices for product pricing.

This study examines the influence of spiritual leadership toward spirituality, conscientiousness, job satisfaction and reduction of deviant behavior.

The method of data analysis used is a structural model based on WarpPLS (Solimun et al., 2017), with the first-order factor analysis based on variables with reflective indicators.

The research findings indicate that the sustainability of workplace spirituality and conscientiousness can stimulate the employees' job satisfaction, which eventually leads to the reduction of workplace deviant behavior (WDB). Accordingly, the direct influence of workplace spirituality on WDB is quite major ( 0.296), this indicates the importance of workplace spirituality for employees in working so that it can reduce the WDB. Conscientiousness had a negative influence on WDB. However, the interesting part about this study is the indirect influence of workplace spirituality on WDB through job satisfaction, which also has a major value ( 0.208) and almost equal to the direct influence. This circumstance depicts how workplace spirituality influences WDB as well as the importance of the improvement of employees' job satisfaction.

The originality of this study is primarily placed on the causal relationship between the variables of spiritual leadership and WDB; other than the direct influence, there is also an indirect influence that has a big value, which is the path of spiritual leadership toward WDB through workplace spirituality (−0.248). In other words, WDB is not only influenced directly by spiritual leadership but also by workplace spirituality.

The purpose of this paper is to investigate the effect of equity market misvaluation on manager behavior. Using a sample of 535 French-listed over 2000–2018, the authors analyze whether corporate investment decision is sensitive to equity market overvaluation.

The study adopts market-to-book (M/B) decomposition developed by Rhodes-Kropf and Viswanathan (2004, RKV) that proxies for market misvaluation at the firm and industry levels. The authors conducted a long-term performance analysis via a portfolio sorting procedure and a Carhart (1997) four-factor pricing model. The authors tested the relationship between equity misvaluation, corporate investment decisions and equity issuance. The authors ran several robustness tests.

The empirical results show that equity market misvaluation affects corporate investment positively as the stock price deviates further away from its fundamental. Based on market timing theory, the authors find that corporate investment occurs in periods of high valuation motivated by equity issuance to benefit from the low cost of capital. This effect is more prominent for financially constrained firms. Consistent with the catering channel, the authors find that the misvaluation-investment nexus is more pronounced in firms with short-horizon investors. By examining the stocks’ long-term performance of misvalued firms, via a sorting portfolio procedure, the authors find that undervalued firms outperform and generate higher abnormal returns (Jensen’s alpha) than overvalued firms, suggesting that mispricing-driven investment appear to be short-lived and lead to lower return in the long term.

Corporate decision-makers and governance structures should pay attention to the rationality of the corporate investment decision in the context of equity market misvaluation. Managers who focus on maximizing the stock market value in the short-run at the expense of its long-term performance must give preference to value-creating investment, not driven by an external mechanism such as equity market mispricing. More generally, investors and portfolio managers must take into account the market mispricing process in decision-making. Nonetheless, from the portfolio sorting perspective, decision-makers must act in terms of high governance quality to mitigate suboptimal investment due to stock market mispricing (Jensen, 2005). Finally, equity market overvaluation, leading managers to invest via equity financing in particular, should be a signal to attract investors’ attention to seize the window of opportunity and embark on a short-term portfolio strategy. Such a strategy promises high returns in the short term.

This paper investigates jointly two theoretical channels: equity market timing and catering. The authors propose for the analysis three components of the M/B decomposition to dissociate market misvaluation at the firm and industry level from the fundamental component of market value (growth). This procedure provides a better understanding of the role of firm and industry misvaluation in explaining corporate investments. The authors provide evidence of the equity market misvaluation via a portfolio sorting procedure and a Carhart (1997) four-factor pricing model. The authors examine the effect of misvaluation on both the investment and the financing decisions.

While cyberloafing has emerged as a prevalent issue in numerous workplaces, research on its consequences is still underdeveloped, highlighting a need for further exploration and analysis. Drawing upon the cognitive appraisal theory of emotion, this study investigates the influence of coworkers' cyberloafing on employees' workplace incivility, mediated by negative emotions and moderated by task interdependence.

In Study 1, the hypothesized research model was tested utilizing three-wave time-lagged survey data collected from 333 employees and their coworkers. In Study 2, an additional sample of 274 employees was surveyed. Data were analyzed using hierarchical regression analysis and the bootstrap method.

The results indicated that coworkers' cyberloafing positively influenced employees' workplace incivility, with this relationship mediated by negative emotions. Additionally, task interdependence was found to positively moderate both the direct relationship between coworkers' cyberloafing and negative emotions and the indirect path from coworkers' cyberloafing to employees' workplace incivility through negative emotions.

This study helps managers gain a deeper understanding of cyberloafing's effects, enabling them to manage and curb it more effectively.

Prior research has predominantly explored the effects of cyberloafing on its implementers. However, this study innovatively shifts focus to the observer perspective, empirically demonstrating whether and how coworkers' cyberloafing affects employees' workplace incivility, enriching and expanding the existing literature.

The research on consumerism has been dramatically rising in recent decades. However, in the food industry, little research has been empirically conducted in the beverage industry. This research empirically tests the consequences of consumer perceptions: perceived price (PPR), perceived quality (PQ), perceived packaging (PPG) and perceived taste (PT) on repurchase intention (RI) particularly; it unveils the consumer attributes, e.g. gender, age and ethnicity between consumer perceptions and RI of the consumers.

The data were collected from 403 consumers of the beverage industry (e.g. Nestle, Mitchell's Fruit Farms, Murree Brewery and OMORE) in Pakistan. The researchers used online survey questionnaires followed by a cross-sectional approach because data collection physically was not possible due to COVID-19.

Data were analyzed by Smart partial least square structural equation modeling (PLS-SEM) 3.3.3, and the results supported the significant influence of consumer perceptions separately, e.g. PPR, PQ, PPG and PT on RI. Additionally, gender, age and ethnicity were found to have a moderating role between consumer perceptions and RI, so, the truth of having consumer attributes has been revealed.

The managers of beverage industries should provide ethical and operational strategies to tackle consumer's problems based on cultural norms. Furthermore, they should make sensible measures for the quality branding of the beverage products. In this way, the consumers will have a better experience of quality, price, taste and packaging, in turn, to RI.

This research targeted the beverage industry that needs facts and figures based on consumer attributes, e.g. age, gender and ethnicity. This research also disclosed the behaviors of consumers according to their gender, age and area of residence.

This study investigates how the COVID-19 pandemic, as a unique environmental factor, influences Australian supermarket customers’ satisfaction and behavioural loyalty intentions through contactless self-checkout systems (SCSs). It examines the role of customer perceptions of service quality and vulnerability in shaping these outcomes and explores how customer perceptions of COVID-19 risk moderate these relationships.

Employing the stimulus-organism-response (S-O-R) theoretical framework, this research analyses responses from 428 Australian supermarket customers who use contactless self-checkout systems. The study integrates service quality and customer vulnerability as stimuli, examines their impact on customer satisfaction (the organism) and assesses how these factors influence customers' behavioural loyalty intentions (the response). Additionally, it explores how customer risk perceptions related to COVID-19 act as a moderator within these relationships.

The findings demonstrate that both SCS service quality and customer vulnerability significantly enhance customer satisfaction, positively affecting behavioural loyalty toward the supermarket. Furthermore, the study reveals that higher levels of perceived COVID-19 risk strengthen the impact of customer vulnerability on customer satisfaction and the effect of customer satisfaction on loyalty intentions.

This study contributes to the literature by highlighting the underexplored area of SCS usage and customer perceptions of service quality during an emerging pandemic among Australian consumers. It uniquely combines elements of consumer vulnerability and pandemic-related risk perceptions with traditional service quality metrics to offer new insights into customer behaviour in the retail sector. The study’s insights are valuable for supermarket management and marketing practices, particularly in adapting to and capitalizing on changes in consumer behaviour in response to global crises.