Purpose The purpose of this study is to reveal empirical facts that literacy and marketing strategies effectively impact people using Sharia pawn products during the COVID-19 pandemic because of the pressure of capital needs and financial difficulties. Design/methodology/approach This study used an exploratory qualitative research approach through semi-structured interviews with six partners of different productive ages and social, economic and educational backgrounds. After data reduction, presentation, description and validation, this paper develops the theory and presents it as a qualitative thematic analysis. Findings The findings of this study revealed that those who had socialised Sharia pawnshops had a low literacy level. Nonetheless, the socialisation of Sharia pawnshops increases literacy and public understanding of pawnshop products in Sharia pawnshops. This issue arises because of the COVID-19 pandemic, which makes it impossible for Sharia pawnshops to hold an event or socialise. Originality/value The authenticity of this study proves that literacy and marketing strategies can increase public awareness of Sharia pawn products during the COVID-19 pandemic.
{"title":"Literacy and strategic marketing to raise public awareness using Sharia pawnshops during the COVID-19 pandemic","authors":"Budi Sukardi, Novia Rachmadani Wijayanti, Fachrurazi Fachrurazi","doi":"10.1108/qrfm-12-2021-0205","DOIUrl":"https://doi.org/10.1108/qrfm-12-2021-0205","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to reveal empirical facts that literacy and marketing strategies effectively impact people using Sharia pawn products during the COVID-19 pandemic because of the pressure of capital needs and financial difficulties.\u0000\u0000\u0000Design/methodology/approach\u0000This study used an exploratory qualitative research approach through semi-structured interviews with six partners of different productive ages and social, economic and educational backgrounds. After data reduction, presentation, description and validation, this paper develops the theory and presents it as a qualitative thematic analysis.\u0000\u0000\u0000Findings\u0000The findings of this study revealed that those who had socialised Sharia pawnshops had a low literacy level. Nonetheless, the socialisation of Sharia pawnshops increases literacy and public understanding of pawnshop products in Sharia pawnshops. This issue arises because of the COVID-19 pandemic, which makes it impossible for Sharia pawnshops to hold an event or socialise.\u0000\u0000\u0000Originality/value\u0000The authenticity of this study proves that literacy and marketing strategies can increase public awareness of Sharia pawn products during the COVID-19 pandemic.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45315588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-28DOI: 10.1108/qrfm-02-2023-234
W. Forbes
{"title":"Narrative Economics","authors":"W. Forbes","doi":"10.1108/qrfm-02-2023-234","DOIUrl":"https://doi.org/10.1108/qrfm-02-2023-234","url":null,"abstract":"","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41532317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-28DOI: 10.1108/qrfm-02-2022-0027
Hardeep Singh Mundi
Purpose This study aims to understand the unique financial behavior of transgender individuals compared to cisgender individuals. Furthermore, this study aims to demonstrate that understanding the financial behavior of transgender people will help financial institutions, regulators and policymakers to include them in the formal financial sector. Design/methodology/approach The qualitative approach to research aims at understanding a given phenomenon among the participants. Semi-structured interviews are conducted with 28 transgender and cisgender individuals each. Thematic analysis is used to understand the participants’ financial behavior and propose future research directions and implications to regulators and practitioners. Findings The transgender participants (TP) earn no stable income compared to cisgender participants. Due to a lack of regular income, TP faces hardships covering their spending. No fixed spending or financial planning pattern is found among the TP, and they are found to be highly uncertain of their income and spending. The TP is found wholly excluded from the financial system, and not even a single participant with an active bank account or insurance is found. TP has not visited a bank in their lifetime, and financial literacy is found completely missing among them. No TP has ever taken a bank loan or credit from a financial institution. A zeal among TP to be financially included is found, and such participation will undoubtedly help them live a financially independent life. Cisgender people (CP) are found to be earning a stable income, have full-time jobs, save money, transact through a formal financial system and are financially more independent than TPs. Gender is shown to play a role in the financial behavior of the participants. Research limitations/implications This study gathers information from transgender and CP and does not focus on the financial services providers; the decision not to interview the providers of financial services is a potential limitation of the present study. Another limitation is the small number of respondents who participated in the semi-structured interviews. Due to these limitations, the generalizability of the findings of this study regarding financial behavior will be restricted and require further evidence from future research. Practical implications The present study has several practical implications. First, the requirement of understanding the financial behavior of transgender people from their perspective is missing in the literature, and studies focusing on their behavior are required to help them be financially independent. The present study has implications for regulators, policymakers and practitioners to help transgender people improve their financial conditions. Originality/value The existing literature does not include studies focusing on understanding the financial behavior of transgender people or drawing a comparison of the financial behavior of transgender or CP
{"title":"Complexity of gender to understand financial behavior. Financial behavior of transgender and cisgender individuals: evidence from India: a qualitative inquiry","authors":"Hardeep Singh Mundi","doi":"10.1108/qrfm-02-2022-0027","DOIUrl":"https://doi.org/10.1108/qrfm-02-2022-0027","url":null,"abstract":"\u0000Purpose\u0000This study aims to understand the unique financial behavior of transgender individuals compared to cisgender individuals. Furthermore, this study aims to demonstrate that understanding the financial behavior of transgender people will help financial institutions, regulators and policymakers to include them in the formal financial sector.\u0000\u0000\u0000Design/methodology/approach\u0000The qualitative approach to research aims at understanding a given phenomenon among the participants. Semi-structured interviews are conducted with 28 transgender and cisgender individuals each. Thematic analysis is used to understand the participants’ financial behavior and propose future research directions and implications to regulators and practitioners.\u0000\u0000\u0000Findings\u0000The transgender participants (TP) earn no stable income compared to cisgender participants. Due to a lack of regular income, TP faces hardships covering their spending. No fixed spending or financial planning pattern is found among the TP, and they are found to be highly uncertain of their income and spending. The TP is found wholly excluded from the financial system, and not even a single participant with an active bank account or insurance is found. TP has not visited a bank in their lifetime, and financial literacy is found completely missing among them. No TP has ever taken a bank loan or credit from a financial institution. A zeal among TP to be financially included is found, and such participation will undoubtedly help them live a financially independent life. Cisgender people (CP) are found to be earning a stable income, have full-time jobs, save money, transact through a formal financial system and are financially more independent than TPs. Gender is shown to play a role in the financial behavior of the participants.\u0000\u0000\u0000Research limitations/implications\u0000This study gathers information from transgender and CP and does not focus on the financial services providers; the decision not to interview the providers of financial services is a potential limitation of the present study. Another limitation is the small number of respondents who participated in the semi-structured interviews. Due to these limitations, the generalizability of the findings of this study regarding financial behavior will be restricted and require further evidence from future research.\u0000\u0000\u0000Practical implications\u0000The present study has several practical implications. First, the requirement of understanding the financial behavior of transgender people from their perspective is missing in the literature, and studies focusing on their behavior are required to help them be financially independent. The present study has implications for regulators, policymakers and practitioners to help transgender people improve their financial conditions.\u0000\u0000\u0000Originality/value\u0000The existing literature does not include studies focusing on understanding the financial behavior of transgender people or drawing a comparison of the financial behavior of transgender or CP","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47743821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-27DOI: 10.1108/qrfm-07-2022-0114
M. Joshipura, N. Joshipura, Aditya Sharma
Purpose The disposition effect remains one of the most significant investor behavior puzzles. This study aims to consolidate the knowledge, explore current dynamics, elicit trends and offer future research directions to demystify the disposition effect. Design/methodology/approach This study applies the hybrid review method. It first used bibliometric analysis (212 documents), followed by content analysis (54 articles) to analyze the breadth and depth of literature on the disposition effect. Findings This study presents performance analysis and science mapping. It identifies five main research streams: evidence, implications and mitigation techniques; theoretical explanations; investor biases and hedonic framing; attributes, beliefs and preferences; and implications for asset pricing and market efficiency. This study further offers future research directions for disposition effect research. Research limitations/implications This study deploys sequential bibliometric and content analysis. A meta-analysis of quantitative articles could provide specific insights regarding the disposition effect. Besides, this study is based on Scopus-indexed journals only. Practical implications This study benefits investors and portfolio managers as they learn effective ways to guard against the disposition effect. Policymakers may tweak tax laws to incentivize long-term holding, and regulators can run investor education campaigns to minimize the disposition effect’s consequences effectively. Originality/value To the best of the authors’ knowledge, this is probably the first hybrid review of high-quality, contemporary articles on the disposition effect that offers science mapping, research streams, future research directions and a succinct summary of theories, contexts, characteristics and methods deployed in the field of research.
{"title":"Demystifying disposition effect: past, present and future","authors":"M. Joshipura, N. Joshipura, Aditya Sharma","doi":"10.1108/qrfm-07-2022-0114","DOIUrl":"https://doi.org/10.1108/qrfm-07-2022-0114","url":null,"abstract":"\u0000Purpose\u0000The disposition effect remains one of the most significant investor behavior puzzles. This study aims to consolidate the knowledge, explore current dynamics, elicit trends and offer future research directions to demystify the disposition effect.\u0000\u0000\u0000Design/methodology/approach\u0000This study applies the hybrid review method. It first used bibliometric analysis (212 documents), followed by content analysis (54 articles) to analyze the breadth and depth of literature on the disposition effect.\u0000\u0000\u0000Findings\u0000This study presents performance analysis and science mapping. It identifies five main research streams: evidence, implications and mitigation techniques; theoretical explanations; investor biases and hedonic framing; attributes, beliefs and preferences; and implications for asset pricing and market efficiency. This study further offers future research directions for disposition effect research.\u0000\u0000\u0000Research limitations/implications\u0000This study deploys sequential bibliometric and content analysis. A meta-analysis of quantitative articles could provide specific insights regarding the disposition effect. Besides, this study is based on Scopus-indexed journals only.\u0000\u0000\u0000Practical implications\u0000This study benefits investors and portfolio managers as they learn effective ways to guard against the disposition effect. Policymakers may tweak tax laws to incentivize long-term holding, and regulators can run investor education campaigns to minimize the disposition effect’s consequences effectively.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this is probably the first hybrid review of high-quality, contemporary articles on the disposition effect that offers science mapping, research streams, future research directions and a succinct summary of theories, contexts, characteristics and methods deployed in the field of research.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45978659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-17DOI: 10.1108/qrfm-11-2021-0186
Nahid Zehra, U. B. Singh
Purpose The objective of this systematic literature review (SLR) is to explore the current state of research in the field of household finance (HF). This study aims to summarize the existing research to highlight the importance of household finance in a nation’s economy. By exploring all conceptual and applied implications of HF, this study projects directions for future research to develop a comprehensive understanding of the subject. Design/methodology/approach This SLR is based on 112 articles published in peer-reviewed journals between 2006 and 2020 (Table 3). The methodology comprises five steps, namely, formulation of research questions, identification of studies, their selection and evaluation, analyses and syntheses and presentation of results. Findings The findings of this study show that studies on HF are gradually increasing worldwide with the USA registering the highest number of published research on the topic during the period under scrutiny. Notwithstanding the increasing attention and research on HF, empirical research in emerging economies is lagging. Additionally, this study finds that HF structure presents a perfect setting to understand how households compose their financial portfolio, make financial decisions and what factors influence their decisions. Research limitations/implications This study is an SLR – an accurate and accepted method of reviewing available literature on a selected subject. However, the selection of inclusion and exclusion criteria depends on the researchers’ rationale which might lead to research bias. This should be considered an inherent limitation of SLR. Practical implications By synthesizing the contents of extant literature, this study presents important insights into HF. This study underlines the most discussed topics in the domain and identifies potential investigation areas. This study gives the knowledge of leading articles, authors and journals and informs scholars and academicians about the areas that need further investigation by portraying the complete picture of the subject in a systematic manner. Further, this study highlights that households make suboptimal financial decisions that affect their financial well-being. To reduce the adverse impacts of these decisions, policymakers and financial institutions must take steps to improve households’ use of formal financial markets. Household decisions can be reformed by enhancing consumers’ knowledge about financial products and services. Furthermore, households can be served better by offering customization in traditional financial products. Originality/value This study synthesizes the main findings of selected literature on HF. The expansion of studies on HF has generated the need to review the existing literature in a systematic manner. To the researchers’ best knowledge, this SLR is the first thorough study of available articles in the HF domain. This study presents the scope of future research by highlighting numerous aspects a
{"title":"Household finance: a systematic literature review and directions for future research","authors":"Nahid Zehra, U. B. Singh","doi":"10.1108/qrfm-11-2021-0186","DOIUrl":"https://doi.org/10.1108/qrfm-11-2021-0186","url":null,"abstract":"\u0000Purpose\u0000The objective of this systematic literature review (SLR) is to explore the current state of research in the field of household finance (HF). This study aims to summarize the existing research to highlight the importance of household finance in a nation’s economy. By exploring all conceptual and applied implications of HF, this study projects directions for future research to develop a comprehensive understanding of the subject.\u0000\u0000\u0000Design/methodology/approach\u0000This SLR is based on 112 articles published in peer-reviewed journals between 2006 and 2020 (Table 3). The methodology comprises five steps, namely, formulation of research questions, identification of studies, their selection and evaluation, analyses and syntheses and presentation of results.\u0000\u0000\u0000Findings\u0000The findings of this study show that studies on HF are gradually increasing worldwide with the USA registering the highest number of published research on the topic during the period under scrutiny. Notwithstanding the increasing attention and research on HF, empirical research in emerging economies is lagging. Additionally, this study finds that HF structure presents a perfect setting to understand how households compose their financial portfolio, make financial decisions and what factors influence their decisions.\u0000\u0000\u0000Research limitations/implications\u0000This study is an SLR – an accurate and accepted method of reviewing available literature on a selected subject. However, the selection of inclusion and exclusion criteria depends on the researchers’ rationale which might lead to research bias. This should be considered an inherent limitation of SLR.\u0000\u0000\u0000Practical implications\u0000By synthesizing the contents of extant literature, this study presents important insights into HF. This study underlines the most discussed topics in the domain and identifies potential investigation areas. This study gives the knowledge of leading articles, authors and journals and informs scholars and academicians about the areas that need further investigation by portraying the complete picture of the subject in a systematic manner. Further, this study highlights that households make suboptimal financial decisions that affect their financial well-being. To reduce the adverse impacts of these decisions, policymakers and financial institutions must take steps to improve households’ use of formal financial markets. Household decisions can be reformed by enhancing consumers’ knowledge about financial products and services. Furthermore, households can be served better by offering customization in traditional financial products.\u0000\u0000\u0000Originality/value\u0000This study synthesizes the main findings of selected literature on HF. The expansion of studies on HF has generated the need to review the existing literature in a systematic manner. To the researchers’ best knowledge, this SLR is the first thorough study of available articles in the HF domain. This study presents the scope of future research by highlighting numerous aspects a","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48179447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-16DOI: 10.1108/qrfm-08-2022-0133
Umair Riaz, Muhammad Al Mahameed, Lisa Gentemann, T. Dunne
Purpose This study aims to explore how organisations use institutional language in Green Bond reports to explain and justify their activities using language that describes and reflects narratives while simultaneously constructing and shaping ideology. The paper mobilises Wodak and Meyer’s critical discourse analysis (CDA) to examine reports and related documentation relating to Green Bonds issued in France. Design/methodology/approach The study uses three legitimating discourses: technocratic, environmental and social and business performance to develop a linguistic perspective that permits contributions to existing knowledge in the area. Findings The analysis attempts to identify the discursive strategies used to legitimise Green Bond issuance via claims linked to environmental management improvements and business activities’ social impact. Originality/value The study contributes to the critical literature on organisational legitimation and responsibility, investigations of Green Bond narratives and an understanding of broader environmental reporting in the financial sector.
{"title":"Discourse and the creation of French green bond legitimacy","authors":"Umair Riaz, Muhammad Al Mahameed, Lisa Gentemann, T. Dunne","doi":"10.1108/qrfm-08-2022-0133","DOIUrl":"https://doi.org/10.1108/qrfm-08-2022-0133","url":null,"abstract":"\u0000Purpose\u0000This study aims to explore how organisations use institutional language in Green Bond reports to explain and justify their activities using language that describes and reflects narratives while simultaneously constructing and shaping ideology. The paper mobilises Wodak and Meyer’s critical discourse analysis (CDA) to examine reports and related documentation relating to Green Bonds issued in France.\u0000\u0000\u0000Design/methodology/approach\u0000The study uses three legitimating discourses: technocratic, environmental and social and business performance to develop a linguistic perspective that permits contributions to existing knowledge in the area.\u0000\u0000\u0000Findings\u0000The analysis attempts to identify the discursive strategies used to legitimise Green Bond issuance via claims linked to environmental management improvements and business activities’ social impact.\u0000\u0000\u0000Originality/value\u0000The study contributes to the critical literature on organisational legitimation and responsibility, investigations of Green Bond narratives and an understanding of broader environmental reporting in the financial sector.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42531732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-14DOI: 10.1108/qrfm-09-2021-0157
K. Tomczak
Purpose This study aims to examine the effect of the COVID-19 pandemic on the banking sector and to assess if COVID-19 was a trigger for the banking crisis. Design/methodology/approach To achieve the main objective, the beta of the banking sector was calculated and analysed. In addition, a fixed panel regression model was applied over the period from the 30th of December 2019 until the 24th of September 2021. Findings The results suggest that the pandemic contributed to higher volatility and risk in banking sector but did not confirm a systematic banking crisis. Originality/value This paper contributes to the literature by analysing the COVID-19 pandemic as a potential trigger for a banking crisis. This paper also contributed by studying the effects of COVID-19 on the banking sector, especially the risk in the banking sector.
{"title":"The impact of COVID-19 on the banking sector. Are we heading for the next banking crisis?","authors":"K. Tomczak","doi":"10.1108/qrfm-09-2021-0157","DOIUrl":"https://doi.org/10.1108/qrfm-09-2021-0157","url":null,"abstract":"\u0000Purpose\u0000This study aims to examine the effect of the COVID-19 pandemic on the banking sector and to assess if COVID-19 was a trigger for the banking crisis.\u0000\u0000\u0000Design/methodology/approach\u0000To achieve the main objective, the beta of the banking sector was calculated and analysed. In addition, a fixed panel regression model was applied over the period from the 30th of December 2019 until the 24th of September 2021.\u0000\u0000\u0000Findings\u0000The results suggest that the pandemic contributed to higher volatility and risk in banking sector but did not confirm a systematic banking crisis.\u0000\u0000\u0000Originality/value\u0000This paper contributes to the literature by analysing the COVID-19 pandemic as a potential trigger for a banking crisis. This paper also contributed by studying the effects of COVID-19 on the banking sector, especially the risk in the banking sector.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43661344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-08DOI: 10.1108/qrfm-02-2022-0028
Razali Haron, Galad Mohamed Barre
Purpose The purpose of this study is to examine the acceptability of tawarruq in the banking industry in Somalia, focusing on awareness, need, compatibility, relative advantage, behavioral attitude and the role of Shariah scholars. This study is governed by the Theory of Islamic Consumer Behavior. Design/methodology/approach A questionnaire survey was conducted involving 150 customers of Islamic banks in Mogadishu, Somalia. This research adopts a quantitative methodology, using descriptive and survey analyses by employing SPSS 23. Smart-PLS-4 SEM was used to test the six hypotheses established in the study. Findings This study provides evidence that the customers of Islamic banks in Somalia are looking forward to Islamic banks offering tawarruq in the country. Respondents viewed tawarruq as a very attractive product compared to other existing products of Islamic banks in the country. The need for tawarruq, its compatibility and relative advantage have a positive and significant influence on the intention to use tawarruq products for cash financing purposes, whereas customer awareness, behavioral attitudes and the role of Shariah scholars have insignificant influence. Practical implications The findings of this study can be beneficial to all Islamic financial institutions in Somalia by applying tawarruq contract to facilitate cash financing. Originality/value This study contributes to the literature by enhancing the awareness of tawarruq in Somalia. The study also shed light on the need of Islamic banks’ customers on tawarruq for cash financing purposes in Somalia.
{"title":"Application of tawarruq in Islamic banking institutions in Somalia","authors":"Razali Haron, Galad Mohamed Barre","doi":"10.1108/qrfm-02-2022-0028","DOIUrl":"https://doi.org/10.1108/qrfm-02-2022-0028","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to examine the acceptability of tawarruq in the banking industry in Somalia, focusing on awareness, need, compatibility, relative advantage, behavioral attitude and the role of Shariah scholars. This study is governed by the Theory of Islamic Consumer Behavior.\u0000\u0000\u0000Design/methodology/approach\u0000A questionnaire survey was conducted involving 150 customers of Islamic banks in Mogadishu, Somalia. This research adopts a quantitative methodology, using descriptive and survey analyses by employing SPSS 23. Smart-PLS-4 SEM was used to test the six hypotheses established in the study.\u0000\u0000\u0000Findings\u0000This study provides evidence that the customers of Islamic banks in Somalia are looking forward to Islamic banks offering tawarruq in the country. Respondents viewed tawarruq as a very attractive product compared to other existing products of Islamic banks in the country. The need for tawarruq, its compatibility and relative advantage have a positive and significant influence on the intention to use tawarruq products for cash financing purposes, whereas customer awareness, behavioral attitudes and the role of Shariah scholars have insignificant influence.\u0000\u0000\u0000Practical implications\u0000The findings of this study can be beneficial to all Islamic financial institutions in Somalia by applying tawarruq contract to facilitate cash financing.\u0000\u0000\u0000Originality/value\u0000This study contributes to the literature by enhancing the awareness of tawarruq in Somalia. The study also shed light on the need of Islamic banks’ customers on tawarruq for cash financing purposes in Somalia.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":"1 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41505229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-08DOI: 10.1108/qrfm-07-2021-0124
Rafał Wolski, Monika Bolek, Jerzy Gajdka, Janusz Brzeszczyński, Ali M. Kutan
Purpose This study aims to answer the question whether investment funds managers exhibit behavioural biases in their investment decisions. Furthermore, it investigates if fund managers, as a group of institutional investors, make decisions in response to central bank’s communication as well as other information in relation to various behavioural inclinations. Design/methodology/approach A comprehensive study was conducted based on a questionnaire, which is composed of three main parts exploring: (1) general information about the funds under the management of the surveyed group of fund managers, (2) factors that influence the investment process with an emphasis on the National Bank of Poland communication and (3) behavioural inclinations of the surveyed group. Cronbach’s alpha statistic was applied for measuring the reliability of the survey questionnaire and then chi-squared test was used to investigate the relationships between the answers provided in the survey. Findings The central bank’s communication matters for investors, but its impact on their decisions appears to be only moderate. Interest rates were found to be the most important announcements for investment fund managers. The stock market was the most popular market segment where the investments were made. The ultra-short time horizon played no, or only small, role in the surveyed fund managers’ decisions as most of them invested in a longer horizon covering 1 to 5 years. Moreover, most respondents declared that they considered in their decisions the information about market expectations published in the media. Finally, majority of the fund managers manifested limited rationality and were subject to behavioural biases, but the decisions and behavioural inclinations were independent and, in most cases, they did not influence each other. Practical implications The results reported in this study can be used in practice to better understand and to improve the fund managers’ decision-making processes. Originality/value Apart from the commonly tested behavioural biases in the group of institutional investors in the existing literature, such as loss aversion, disposition effect or overconfidence, this paper also focuses on the less intensively analysed behavioural inclinations, i.e. framing, illusion of the control, representativeness, sunk cost effect and fast thinking. The originality of this study further lies in the way the research was conducted through interviews with fund managers, who were found to be subject to behavioural biases, although those behavioural inclinations did not influence their investment decisions. This finding indicates that professionalism and collectivism in the group of institutional investors protect them from irrationality.
{"title":"Do investment fund managers behave rationally in the light of central bank communication? Survey evidence from Poland","authors":"Rafał Wolski, Monika Bolek, Jerzy Gajdka, Janusz Brzeszczyński, Ali M. Kutan","doi":"10.1108/qrfm-07-2021-0124","DOIUrl":"https://doi.org/10.1108/qrfm-07-2021-0124","url":null,"abstract":"\u0000Purpose\u0000This study aims to answer the question whether investment funds managers exhibit behavioural biases in their investment decisions. Furthermore, it investigates if fund managers, as a group of institutional investors, make decisions in response to central bank’s communication as well as other information in relation to various behavioural inclinations.\u0000\u0000\u0000Design/methodology/approach\u0000A comprehensive study was conducted based on a questionnaire, which is composed of three main parts exploring: (1) general information about the funds under the management of the surveyed group of fund managers, (2) factors that influence the investment process with an emphasis on the National Bank of Poland communication and (3) behavioural inclinations of the surveyed group. Cronbach’s alpha statistic was applied for measuring the reliability of the survey questionnaire and then chi-squared test was used to investigate the relationships between the answers provided in the survey.\u0000\u0000\u0000Findings\u0000The central bank’s communication matters for investors, but its impact on their decisions appears to be only moderate. Interest rates were found to be the most important announcements for investment fund managers. The stock market was the most popular market segment where the investments were made. The ultra-short time horizon played no, or only small, role in the surveyed fund managers’ decisions as most of them invested in a longer horizon covering 1 to 5 years. Moreover, most respondents declared that they considered in their decisions the information about market expectations published in the media. Finally, majority of the fund managers manifested limited rationality and were subject to behavioural biases, but the decisions and behavioural inclinations were independent and, in most cases, they did not influence each other.\u0000\u0000\u0000Practical implications\u0000The results reported in this study can be used in practice to better understand and to improve the fund managers’ decision-making processes.\u0000\u0000\u0000Originality/value\u0000Apart from the commonly tested behavioural biases in the group of institutional investors in the existing literature, such as loss aversion, disposition effect or overconfidence, this paper also focuses on the less intensively analysed behavioural inclinations, i.e. framing, illusion of the control, representativeness, sunk cost effect and fast thinking. The originality of this study further lies in the way the research was conducted through interviews with fund managers, who were found to be subject to behavioural biases, although those behavioural inclinations did not influence their investment decisions. This finding indicates that professionalism and collectivism in the group of institutional investors protect them from irrationality.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45098033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-03DOI: 10.1108/qrfm-12-2021-0215
N. Gupta, Jacqueline Symss
Purpose This paper aims to attempt to examine some of the unique features of cryptocurrency and the reasons for its growing market acceptability. Given the expanding size of cryptocurrency markets, the present study strives to identify whether it can be used as an alternative financial asset in place of traditional financial assets to meet firms' financial constraints. It also provides issues for future research in the area of cryptocurrency markets. Design/methodology/approach This paper analysed 94 research papers from databases such as ScienceDirect, Proquest, EBSCO, Emerald Insight and Web of Science. Articles connected to cryptocurrency, financial assets and corporate financial constraints research were explored. VOSviewer software has been used to visualise the specified body of literature and identify eight clusters in previous literature using keyword and abstract analysis. Findings Studies reveal that cryptocurrency markets are independent of traditional financial markets and cryptocurrency returns have less correlation with traditional financial asset classes. This can be an advantage to firms, especially during times of crisis when traditional financial assets are impacted by significantly lower returns, while cryptocurrencies can serve as an alternative. Realtime data reveals that during the pandemic, cryptocurrencies had the maximum growth in returns which also happened to be a time when firms faced severe cash constraints. While accepting cryptocurrency as a means of exchange is still under review by regulatory authorities, it can be considered an alternative asset for investment purposes. Firms can take advantage of it to overcome financial constraints and thus reap the gains from holding crypto assets for precautionary reasons. Originality/value The present study investigates using cryptocurrency as an alternative financial asset to solve the financial constraint problem in corporates. The issues regarding volatility, cyber securities, gold returns, long-term and short-term returns have been some of the most prominent studies in the area of cryptocurrency. The present study uses eight theme-based clusters to identify the role of cryptocurrency as an alternative investment class and examines evidence-based research regarding the financial returns from holding cryptocurrency over certain traditional asset classes such as gold, currency or stocks. In recent years, it has been found that investors' growing interest in holding cryptocurrency as part of their financial portfolio has led to the substantial appreciation of cryptocurrency prices. To the best of the authors’ knowledge, the study will be a novel attempt to identify the role of cryptocurrency as an antidote to the companies’ financial constraints and liquidity issues.
目的本文旨在探讨加密货币的一些独特特征及其日益被市场接受的原因。鉴于加密货币市场的规模不断扩大，本研究试图确定它是否可以作为替代传统金融资产的替代金融资产，以满足企业的财务约束。它还为加密货币市场领域的未来研究提供了问题。设计/方法论/方法本文分析了来自ScienceDirect、Proquest、EBSCO、Emerald Insight和Web of Science等数据库的94篇研究论文。探讨了与加密货币、金融资产和企业财务约束研究相关的文章。VOSviewer软件已被用于可视化指定的文献主体，并使用关键词和抽象分析识别先前文献中的八个聚类。发现研究表明，加密货币市场独立于传统金融市场，加密货币回报与传统金融资产类别的相关性较小。这对公司来说可能是一个优势，尤其是在危机时期，传统金融资产受到明显较低回报的影响，而加密货币可以作为替代品。实时数据显示，在疫情期间，加密货币的回报增长最大，而这恰好也是公司面临严重现金限制的时候。尽管监管机构仍在审查是否接受加密货币作为交换手段，但它可以被视为投资目的的替代资产。公司可以利用它来克服财务限制，从而出于预防原因从持有加密资产中获得收益。独创性/价值本研究调查了使用加密货币作为替代金融资产来解决企业的财务约束问题。波动性、网络证券、黄金回报、长期和短期回报等问题一直是加密货币领域最突出的研究之一。本研究使用了八个基于主题的集群来确定加密货币作为一种替代投资类别的作用，并考察了关于持有加密货币相对于黄金、货币或股票等某些传统资产类别的财务回报的循证研究。近年来，人们发现，投资者对将加密货币作为其金融投资组合的一部分的兴趣越来越大，这导致了加密货币价格的大幅升值。据作者所知，这项研究将是一次新颖的尝试，旨在确定加密货币作为公司财务约束和流动性问题的解药的作用。
{"title":"Can cryptocurrency solve the problem of financial constraint in corporates? A literature review and theoretical perspective","authors":"N. Gupta, Jacqueline Symss","doi":"10.1108/qrfm-12-2021-0215","DOIUrl":"https://doi.org/10.1108/qrfm-12-2021-0215","url":null,"abstract":"\u0000Purpose\u0000This paper aims to attempt to examine some of the unique features of cryptocurrency and the reasons for its growing market acceptability. Given the expanding size of cryptocurrency markets, the present study strives to identify whether it can be used as an alternative financial asset in place of traditional financial assets to meet firms' financial constraints. It also provides issues for future research in the area of cryptocurrency markets.\u0000\u0000\u0000Design/methodology/approach\u0000This paper analysed 94 research papers from databases such as ScienceDirect, Proquest, EBSCO, Emerald Insight and Web of Science. Articles connected to cryptocurrency, financial assets and corporate financial constraints research were explored. VOSviewer software has been used to visualise the specified body of literature and identify eight clusters in previous literature using keyword and abstract analysis.\u0000\u0000\u0000Findings\u0000Studies reveal that cryptocurrency markets are independent of traditional financial markets and cryptocurrency returns have less correlation with traditional financial asset classes. This can be an advantage to firms, especially during times of crisis when traditional financial assets are impacted by significantly lower returns, while cryptocurrencies can serve as an alternative. Realtime data reveals that during the pandemic, cryptocurrencies had the maximum growth in returns which also happened to be a time when firms faced severe cash constraints. While accepting cryptocurrency as a means of exchange is still under review by regulatory authorities, it can be considered an alternative asset for investment purposes. Firms can take advantage of it to overcome financial constraints and thus reap the gains from holding crypto assets for precautionary reasons.\u0000\u0000\u0000Originality/value\u0000The present study investigates using cryptocurrency as an alternative financial asset to solve the financial constraint problem in corporates. The issues regarding volatility, cyber securities, gold returns, long-term and short-term returns have been some of the most prominent studies in the area of cryptocurrency. The present study uses eight theme-based clusters to identify the role of cryptocurrency as an alternative investment class and examines evidence-based research regarding the financial returns from holding cryptocurrency over certain traditional asset classes such as gold, currency or stocks. In recent years, it has been found that investors' growing interest in holding cryptocurrency as part of their financial portfolio has led to the substantial appreciation of cryptocurrency prices. To the best of the authors’ knowledge, the study will be a novel attempt to identify the role of cryptocurrency as an antidote to the companies’ financial constraints and liquidity issues.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2023-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42724522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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