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This study aims to investigate whether country governance, regulated industry and firm-level characteristics, namely, ownership structure and firm size, are associated with the likelihood of firms having a politically connected board (PCB). This study also examines whether country governance and concentrated ownership moderates the association between institutional ownership and PCB.

This study uses cross-country analysis using 20 countries and hand-collected PCB data from 574 firms and 1,701 firm-year. This study performs logit regression analyses to examine hypotheses.

The results document that countries’ accountability, industry type and institutional ownership are associated with the likelihood of firms having a PCB. This study also finds that country governance, especially accountability, moderates the relationship between institutional ownership and PCBs. The results thus indicate the importance of country governance, especially accountability, in determining institutional investors’ political strategies.

This study provides several implications. First, firms tend to elect PCBs as a non-financial strategy because it arguably delivers additional resources and improves their performance, especially in countries with lower accountability and regulated industries. Meanwhile, investors and management must also hire PCBs cautiously because PCBs are closely related to agency issues. Agency issues reflect on the finding that institutional investors tend to avoid PCBs. However, the relationship between institutional investors and PCBs is closely related to the country-level context, especially accountability. This study also advises policymakers that country governance, especially accountability, is crucial in regulating the relationship between business and politics.

This study uses a relatively large number of new PCB and institutional ownership data collected manually from 20 countries. This study also examines several variables of country governance, such as accountability to PCB decisions that have not been tested before. This study examines the relationship between institutional ownership and PCB ownership decisions that were not examined before and uses a cross-country sample. In addition, to the best of the authors’ knowledge, this study is the first one that examines the role of state governance, especially accountability for the relationship between institutional ownership and PCBs.

This paper analyzes the impact of increased federal regulatory enforcement from the SEC's Municipalities Continuing Disclosure Cooperation (MCDC) initiative on municipal debt issuers continuing disclosure practices.

We analyze the changes in continuing disclosure practices by estimating a series of difference-in-differences regressions based on variables representing issuers' changes in regulatory risk after the MCDC. The continuing disclosure data are hand-collected for 827 cities over a seven-year period.

The empirical findings indicate that increased regulatory enforcement has a significant impact on continuing disclosure compliance. We find increased enforcement has no impact on issuers that already have a higher probability of being monitored by federal regulators. We also find that an increase in continuing disclosure compliance does not automatically increase continuing disclosure timeliness.

The MCDC lacks monetary penalties for noncompliant bond issuers and no direct regulatory consequences exist for untimely disclosure. Our findings suggest that regulatory enforcement should be followed by adequate sanctions to emphasize the credibility of the enforcement threat and the SEC should consider requiring bond issuers to commit to the timely disclosure of significant information in offering documents.

This paper extends prior studies by analyzing regulatory risk in the market, and the ability of regulation to reduce disclosure compliance deficiencies in the municipal market. By focusing on the MCDC, this study is able to disentangle the impact of regulatory enforcement from the changes in accounting regulation.

The coronavirus disease 2019 (COVID-19) outbreak in the first quarter of 2020 has caused a severe decline in stock markets worldwide. While prior studies in developed markets found that workplace closure can negatively impact the capital market (e.g. Ozili and Arun, 2020), lesser is known about how it impacts emerging capital markets, which may have different characteristics and behaviour (Harjoto et al., 2021). Hence, this study seeks to uncover stock performance around workplace closure dates of firms incorporated in ASEAN countries and investigates the role of accounting fundamentals in mitigating workplace closure policy's effects on stock performances.

Using an event study methodology, the authors measure the cumulative abnormal returns (CARs) around workplace closure dates. The authors then use cross-sectional analysis to analyse whether the accounting fundamentals, specifically profitability, cash flow, and leverage, are associated with the CAR. This cross-sectional study involves 1,720 firms that are incorporated in the ASEAN countries.

This analysis indicates that, on average, ASEAN capital markets react negatively to workplace closure policies. The authors then find that the CARs around workplace closure dates are positively associated with the current ratios and are negatively associated with long-term debt ratios. This study’s results thus indicate that firms with a higher liquidity and a higher solvency experience a less adverse impact of the COVID-19 pandemic than other firms. The authors also find that the associations are more robust for (1) firms in industries more affected by COVID-19 and (2) firms located in countries with more severe cases. Additionally, contrary to this study’s expectation, the authors do not find meaningful associations between CARs around workplace closure dates and firms' cash flow from operation and profit respectively. This study’s results suggest that investors view prior performances related to firms' ability to generate operating cash flow and profit as less relevant to measure firm performance around the workplace closure event.

This study’s results contribute to studies examining fundamental accounting roles during the COVID-19 era, specifically in emerging economies. The findings are critical for investors in understanding the company fundamentals associated with stock price performance in emerging markets during the recent health-related crisis.

Most studies analysing cross-sectional differences in stock returns during the COVID-19 era focus on industry-level differences and use observations from developed markets (Sinagl, 2020; Ramelli and Wagner, 2020). Studies using firm-level analysis in emerging markets are still limited. The authors expand prior studies by using firm-level analysis that spans six countries in ASEAN.

The changing workplace and the disruption and transformation of business processes brought on by modern technology make it difficult for a firm to maintain its existing plans. A management's ability to succeed is related to sustaining and developing its employees to be innovative workers. The idea is to empower subordinates and share authority with them, which increases efficiency.

In this study, it was anticipated that there is a definite relationship between leadership empowerment and workplace cultures of self-esteem, emotional intelligence and creative thinking. Data were obtained using random sample techniques to confirm the hypothesis. A total of 291 Pakistani private-sector employees were surveyed for this study.

There were positive and substantial links between empowered leadership and creativity, while emotional intelligence and organizational self-esteem have an inverse relationship. For psychological appeal and inventiveness at work, empowerment alone is sufficient. Intellectual stimulus or culture of excessively positive self-esteem may cause numerous limits at work. Hence, management should avoid situations where leaders are predisposed to developing empowering techniques.

This study yields an additional understanding of organizational behavior literature. It was concluded from this study that empowering leaders should avoid using emotional intelligence when scaling up creative strategies. As an alternative, they should develop a culture of self-esteem through emotional intelligence.

Leaders may want to consider demographic values while developing empowerment strategies. It is not recommended to use emotional intelligence and empowerment simultaneously. As a result, this framework suggests a realistic and candid approach that is simple to implement.

Leaders make people aware of the ongoing importance of innovative processes to encourage staff to be creative. Successful leaders may use either empowering culture or leadership empowerment strategies for a more significant appeal. Self-esteem culture may provide a structure of interaction buffer against the other emotions that could counter disruption.

Takaful is a social security approach that guarantees business risks in light of shari’ah, thus playing a crucial role in human life and the economy. The purpose of this study is to examine the factors that influence the behavioural intention of micro, small and medium-sized enterprises (MSMEs) entrepreneurs to participate in takaful in Sri Lanka.

This study is designed quantitatively with deductive approach using the theory of planned behaviour. A total of 432 MSMEs in Sri Lanka were surveyed using convenience sampling to measure the intention to participate in takaful as a risk mitigation. The collected data were analysed through partial least square-structural equational modelling.

Attitude, subjective norm and perceived behavioural control variables positively influenced the intention, with t-values of 3.216, 3.813 and 3.859, respectively. The influence of these variables exhibits not much difference.

This study only focuses on MSMEs and a general takaful scheme. Future researchers may consider family takaful involvement among Sri Lankan business entrepreneurs.

Takaful practitioners should gain from the entrepreneurs’ intention to participate in takaful. Findings from this study could help marketing managers to revamp their strategies to further attract the entrepreneurs and make them to understand risk they are facing and, subsequently, participate in the takaful scheme.

This paper focuses on the context of Muslim minority among pluralism, where there is no regulation for Islamic financial products and services, and under the Islamic financial market crisis. This unleashes how business owners feel about takaful system on different dimensions.

In light of the complex risk and transparency regulations, this paper investigates the factors influencing the level of risk management disclosure by insurance firms in Jordan and Palestine. The characteristics examined were ownership structure, which covers public, institutional and management ownership on risk management disclosure (RMD) utilizing ISO 31000, as well as profitability, leverage, liquidity and firm size.

To achieve the aim of this study, a quantitative research methodology was used. Based on the total number of observations, 232 purposeful annual observations for the study sample were collected between 2016 and 2023 for 10 insurance companies listed on the Palestine stock exchange (Palestinian companies) with 80 observations and 19 companies listed on the Amman stock exchange (Jordanian companies) with 152 observations. This study uses panel data regression with fixed effects models. By employing the 2SLS approach, we comprehensively address the main endogeneity concerns and problems in risk management disclosure RMD of insurance firms in Jordan and Palestine.

The results show that risk management disclosure is significantly influenced by the liquidity and size of an organization. Furthermore, RMD is not significantly affected by profitability, debt, public ownership, institutional ownership or liquidity, whereas business size has a favorable influence.

The findings of this study may not be generalizable to firms in other countries because of the limitations of insurance firms in Palestine and Jordan. Study replication in future studies should consider the potential for bias and differences in data interpretation when utilizing qualitative methodologies to evaluate RMD.

The practical implications emphasize how crucial it is for investors, practitioners and stakeholders to choose firms that are large and have little liquidity because this is linked to high levels of risk management transparency. This knowledge can offer investors an important direction for assessing possible risks and transparency in risk management within the insurance sector framework. The study recommends that the governments of Palestine and Jordan enact laws requiring risk management disclosure according to the ISO 31000:2018 standard, especially in the insurance industry.

This study contributes to the literature by illuminating the relationship between firm size, liquidity and risk management disclosure in insurance companies operating in Jordan and Palestine. Therefore, investors should choose large, relatively liquid companies with strong risk management disclosure. This study offers theoretical insights that may be used as a guide for other research, improving the understanding of the variables influencing risk management disclosure in insurance companies and advancing scientific understanding.

The purpose of this study is to examine job engagement and creativity of employees in the hospitality industry of Pakistan as outcomes of empowering leadership through the mediating role of creative self-efficacy.

An electronic survey was conducted to collect data from 373 employees of food-chain restaurants in Pakistan. The data was analyzed by applying structural equation modeling (SEM) through Smart PLS 3.

Results indicated that empowering leadership has a positive association with job engagement and employee creativity in the hospitality industry. Further, creative self-efficacy has been found as mediating the relationship of empowering leadership with job engagement and employee creativity.

The study has substantial implications for the employees, managers and organizations of the hospitality industry as well as for the scholars of services industry research.

This study aims to determine the intention of online cash waqf donations among Indonesian Muslim youth for micro enterprises (MEs) financing. Therefore, the contribution of Muslim youth in supporting MEs can be accelerated to solve some interrelated social and economic issues.

This study integrates the theory of planned behaviour (TPB) and the technology acceptance model (TAM) partially relevant to research characteristics. A questionnaire survey is used as a data collection approach to acquire responses from 180 Indonesian Muslim youth. The data obtained are analysed using smart partial least squares-structural equation modelling to answer the research hypothesis and obtain conclusions.

Religiosity, awareness and perceived behavioural control are significant factors determining the intention to donate online cash waqf for MEs financing. Religiosity plays an important role in building attitudes and perceived awareness of Muslim youth’s behaviour and intention to donate online cash waqf for MEs financing.

The analysed factors could be used as guidelines for better planning and implementing digital-based cash waqf marketing strategies for Nazir (waqf institutions). Regulators (Government and National Waqf Board) must provide better regulations for digital waqf platforms and policies for cash waqf financing for MEs. Researchers could investigate the other theory and cash waqf financing model in low-risk MEs’ empowerment. This study will also broaden cash waqf literacy for MEs financing.

To the best of the authors’ knowledge, no previous study addressed the intention of Muslim youth in Indonesia towards online cash waqf to empower MEs. This study develops models by combining TPB and TAM with additional constructs to determine the intention to donate online cash waqf for MEs financing that have been experiencing difficulties accessing banking financing.

Business-society relations have weakened in recent years due to evidence of greenwashing and misleading corporate social responsibility (CSR) practices, resulting in a lack of trust and interest amongst the stakeholders regarding CSR efficiency. Therefore, this paper aims to analyse the major antecedents and customer-related outcomes of perceived CSR authenticity. In addition, the study provides an integrated model of CSR authenticity and empirically validates the model in Indian settings.

A structured questionnaire was developed to collect data from 250 bank customers living in a major city situated in the northern part of India. The analysis was conducted using structural equation modelling.

The findings of the study demonstrate that extrinsic motives, intrinsic motives, CSR impact and corporate reputation significantly influence CSR authenticity, while CSR fit was reported to exhibit no significant influence on CSR authenticity. Additionally, the results of the mediation analysis indicated that CSR authenticity had no direct effect on customer loyalty; rather, this effect was found to be mediated through customer trust.

This study/research adds insight into the concept of CSR authenticity, which is relatively under-researched, especially in the Indian context. Furthermore, the study focuses on less-explored antecedents, including CSR impact and corporate reputation. In addition, the paper also examines the mediating effect of trust between CSR authenticity and consumer loyalty, which has not been explored yet in the context of CSR authenticity. The analysis also delved into the moderating effect of gender and age on CSR authenticity.

The geographical location of Yazd province has significant potential for religious tourism. To make the most of this opportunity, it is important to develop an interpretive structural modeling. This paper aims to outline a model for the development of religious tourism in Yazd province as a Global Religious Destination by identifying and analyzing the interaction of effective drivers in future religious tourism development.

The research methodology is based on the interpretative paradigm and is developmental in nature. It takes an exploratory-analytical approach through the adoption of an inductive method and uses mixed research (qualitative/quantitative) involving religious tourism experts and tourists. The study consists of three main steps. In the first step, effective drivers in future religious tourism development were identified through content analysis of published articles. In the second step, the identified drivers were finalized through a survey of experts. Using futures research and Micmac software, a model was designed to investigate the interaction of the future drivers of religious tourism development. In the third step of the research, 384 tourists who visited Yazd Global Religious Destination participated to check the accuracy of the presented model.

Content analysis and review of scientific documents have identified 14 effective drivers in future religious tourism development that have finalized in a layered model. The model identified factors from the most influential at level one to the least influential at level eight. the theoretical foundations of this research confirmed by 384 visitors participated.

developing religious tourism, whether in the form of a religious city, a religious value system, a religious ceremony and a religious business, requires a comprehensive view that includes tourist’s mental and visual imagery, destination brand’s ideals and visions, religious belief, governmental and formal activities and the material and spiritual capital that can offer religious life style in the world markets to audiences from all over the world in the best way and in the dynamic conditions of competition between destination brands, occupy the first rungs of the audience’s mental ladder.