Pub Date : 2023-11-02DOI: 10.1108/jiabr-05-2022-0129
Lan-Huong Nguyen, Tu D.Q. Le, Thanh Ngo
Purpose This paper aims to investigate the efficiency and performance of the Islamic banking industry amid the COVID-19 pandemic. Design/methodology/approach The authors used a two-stage data envelopment analysis to first estimate the efficiency of 78 Islamic banks (IBs) across 15 countries for the 2005–2020 period (a total of 782 bank-year observations) and then to examine their determinants, including the COVID-19 pandemic. Findings The authors found that the Islamic banking industry performed at a moderate level during the 2005–2020 period, providing evidence that IBs are resilient to the financial shocks created by COVID-19. The authors also found that bank-level characteristics (such as bank size) and country-level characteristics (such as inflation) can contribute to the bank’s operational efficiency. Research limitations/implications The results of this study suggested that banking management and government macroeconomic policy, especially in terms of precautions and continuous support, are important for IBs to improve their performance. Originality/value To the best of the authors’ knowledge, this is the first study to examine the efficiency and performance of IBs amid COVID-19.
{"title":"Efficiency and performance of Islamic banks amid COVID-19","authors":"Lan-Huong Nguyen, Tu D.Q. Le, Thanh Ngo","doi":"10.1108/jiabr-05-2022-0129","DOIUrl":"https://doi.org/10.1108/jiabr-05-2022-0129","url":null,"abstract":"Purpose This paper aims to investigate the efficiency and performance of the Islamic banking industry amid the COVID-19 pandemic. Design/methodology/approach The authors used a two-stage data envelopment analysis to first estimate the efficiency of 78 Islamic banks (IBs) across 15 countries for the 2005–2020 period (a total of 782 bank-year observations) and then to examine their determinants, including the COVID-19 pandemic. Findings The authors found that the Islamic banking industry performed at a moderate level during the 2005–2020 period, providing evidence that IBs are resilient to the financial shocks created by COVID-19. The authors also found that bank-level characteristics (such as bank size) and country-level characteristics (such as inflation) can contribute to the bank’s operational efficiency. Research limitations/implications The results of this study suggested that banking management and government macroeconomic policy, especially in terms of precautions and continuous support, are important for IBs to improve their performance. Originality/value To the best of the authors’ knowledge, this is the first study to examine the efficiency and performance of IBs amid COVID-19.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"11 7‐8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135875955","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 : 2023-11-01DOI: 10.1108/jiabr-11-2022-0307
Marwan N. Al Qur’an
Purpose The purpose of this paper is to review and analyze assumptions and the appropriateness of the most dominant strategic decision-making theories within the Islamic cultural context as an attempt to develop an Islamic decision-making framework. Design/methodology/approach This paper adopted the integrative literature review approach as a research method (Torraco, 2005). This method allows the researcher to evaluate and syndicate the relevant literature to, critically, review and expand on the theoretical foundation of the topic and, hence, develop new theoretical perspectives and views. Findings Based on the critical review of the decision-making theories from an Islamic perspective, Islamic culture confirms the behavioural decision theory as the most appropriate approach to make strategic decisions in organizations. In addition, the study reveals that mutual consultation and consultative decision-making (Shura), based on knowledge and Islamic ethics, is the principal Islamic approach to strategic decision-making. Practical implications The developed Islamic decision-making framework will, significantly, assist management practitioners, managers and policy makers in both private and governmental organizations to improve their decision-making skills through adopting the Shura approach in decision-making. Originality/value The paper expands the boundaries of knowledge in managerial decision-making through developing an Islamic decision-making framework. This theoretical framework brings new insights and open new opportunities of thinking on Islamic decision-making among business scholars and represents fundamental grounds for future research in cross-cultural management in the area of managerial decision-making from an Islamic perspective, which is rare among scholars of management.
{"title":"An Islamic cultural analysis of managerial decision-making","authors":"Marwan N. Al Qur’an","doi":"10.1108/jiabr-11-2022-0307","DOIUrl":"https://doi.org/10.1108/jiabr-11-2022-0307","url":null,"abstract":"Purpose The purpose of this paper is to review and analyze assumptions and the appropriateness of the most dominant strategic decision-making theories within the Islamic cultural context as an attempt to develop an Islamic decision-making framework. Design/methodology/approach This paper adopted the integrative literature review approach as a research method (Torraco, 2005). This method allows the researcher to evaluate and syndicate the relevant literature to, critically, review and expand on the theoretical foundation of the topic and, hence, develop new theoretical perspectives and views. Findings Based on the critical review of the decision-making theories from an Islamic perspective, Islamic culture confirms the behavioural decision theory as the most appropriate approach to make strategic decisions in organizations. In addition, the study reveals that mutual consultation and consultative decision-making (Shura), based on knowledge and Islamic ethics, is the principal Islamic approach to strategic decision-making. Practical implications The developed Islamic decision-making framework will, significantly, assist management practitioners, managers and policy makers in both private and governmental organizations to improve their decision-making skills through adopting the Shura approach in decision-making. Originality/value The paper expands the boundaries of knowledge in managerial decision-making through developing an Islamic decision-making framework. This theoretical framework brings new insights and open new opportunities of thinking on Islamic decision-making among business scholars and represents fundamental grounds for future research in cross-cultural management in the area of managerial decision-making from an Islamic perspective, which is rare among scholars of management.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"28 1-2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135162139","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 : 2023-10-31DOI: 10.1108/jiabr-09-2022-0233
Siong Min Foo, Nazrul Hisyam Ab Razak, Fakarudin Kamarudin, Noor Azlinna Binti Azizan, Nadisah Zakaria
Purpose This study comprehensively aims to review the key influential and intellectual aspects of spillovers between Islamic and conventional financial markets. Design/methodology/approach The study uses the bibliometric and content analysis methods using the VOSviewer software to analyse 52 academic documents derived from the Web of Sciences (WoS) between 2015 and June 2022. Findings The results demonstrate the influential aspects of spillovers between Islamic and conventional financial markets, including the leading authors, journals, countries and institutions and the intellectual aspects of literature. These aspects are synthesised into four main streams: research between stock indexes; studies between stock indexes, oil and precious metal; works between Sukuk, bond and indexes; and empirical studies review. The authors also propose future research directions in spillovers between Islamic and conventional financial markets. Research limitations/implications Our study is subject to several limitations. Firstly, the authors only used the WoS database. Secondly, the study only includes papers and reviews written in English from the WoS. This study assists academic scholars, practitioners and regulatory bodies in further exploring the suggested issues in future studies and improving and predicting economic and financial stability. Originality/value To the best of the authors’ knowledge, no extant empirical studies have been conducted in this area of research interest.
本研究旨在全面回顾伊斯兰和传统金融市场之间溢出效应的关键影响和知识方面。本研究采用文献计量学和内容分析方法，使用VOSviewer软件分析了2015年至2022年6月间来自Web of Sciences (WoS)的52篇学术文献。研究结果显示了伊斯兰和传统金融市场之间溢出效应的影响方面，包括主要作者、期刊、国家和机构以及文学的知识方面。这些方面可以归纳为四个主要方向:股指之间的研究;股指与石油、贵金属的关系研究在伊斯兰债券，债券和指数之间工作;并对实证研究进行回顾。作者还提出了伊斯兰和传统金融市场之间溢出效应的未来研究方向。研究限制/启示我们的研究受到一些限制。首先，作者仅使用WoS数据库。其次，本研究仅包括WoS用英文撰写的论文和评论。本研究有助于学术学者、从业人员和监管机构进一步探讨未来研究中提出的问题，并改善和预测经济和金融稳定性。原创性/价值据作者所知，在这一研究兴趣领域还没有进行过实证研究。
{"title":"Islamic versus conventional financial market: a meta-literature review of spillover effects","authors":"Siong Min Foo, Nazrul Hisyam Ab Razak, Fakarudin Kamarudin, Noor Azlinna Binti Azizan, Nadisah Zakaria","doi":"10.1108/jiabr-09-2022-0233","DOIUrl":"https://doi.org/10.1108/jiabr-09-2022-0233","url":null,"abstract":"Purpose This study comprehensively aims to review the key influential and intellectual aspects of spillovers between Islamic and conventional financial markets. Design/methodology/approach The study uses the bibliometric and content analysis methods using the VOSviewer software to analyse 52 academic documents derived from the Web of Sciences (WoS) between 2015 and June 2022. Findings The results demonstrate the influential aspects of spillovers between Islamic and conventional financial markets, including the leading authors, journals, countries and institutions and the intellectual aspects of literature. These aspects are synthesised into four main streams: research between stock indexes; studies between stock indexes, oil and precious metal; works between Sukuk, bond and indexes; and empirical studies review. The authors also propose future research directions in spillovers between Islamic and conventional financial markets. Research limitations/implications Our study is subject to several limitations. Firstly, the authors only used the WoS database. Secondly, the study only includes papers and reviews written in English from the WoS. This study assists academic scholars, practitioners and regulatory bodies in further exploring the suggested issues in future studies and improving and predicting economic and financial stability. Originality/value To the best of the authors’ knowledge, no extant empirical studies have been conducted in this area of research interest.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"64 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135808438","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}
Purpose To better understand the characteristics of Indonesian Muslims, this study uses cluster analysis to group upper-middle-class Muslims based on psychographic variables related to participation in cash waqf for productive purposes. Design/methodology/approach This study used mixed methods to build and analyse the segmentation of upper-middle-class Muslims towards cash waqf and propose scenarios for a cash waqf model based on the findings. Findings This study identified six clusters for upper-middle-class Muslims related to the participation in cash waqf for productive purposes. All clusters show heterogeneous values of all factors. Although relatively few Muslims perform cash waqf for productive purposes, the high scores for the economic rational, family and community factors indicate great potential for the development of various cash waqf models for investment purposes. The next challenge will lie in reviewing the “one-fits-all strategy” in the development of program, education and socialisation. Based on the findings, this study proposes three scenarios of cash waqf participation: as wakif only ( waqf donor), investor only (capital provider) and hybrid participation ( waqf donor and capital provider). Research limitations/implications The limitation of this study is the location and object of the sample are only Muslims in Indonesia who are categorised as upper-middle class in terms of their monthly income. Based on this study’s findings, other Muslim-majority countries worldwide have the potential to develop a cash waqf model that is integrated with financial instruments and involves the role of Islamic banking and other Islamic commercial institutions in future research development. Researchers can also attempt to include a simulation or experiment method to construct and validate the proposed cash waqf model based on this study’s findings and to explore other factors that have not been addressed. Practical implications The findings of this study can contribute as a foundation for the development of a cash waqf model and business-marketing strategy to increase the participation of upper-middle-class Muslims. Social implications The findings of this study will support the acceleration of cash waqf collection for investment initiatives, which in turn will have a broader social and economic impact nationally. Originality/value To the best of the authors’ knowledge, this study constitutes the first attempt to specifically investigate upper-middle-class Muslim segmentation toward cash waqf participation for productive purposes. This study’s knowledge is helpful for various stakeholders such as academia, the Islamic banking industry, regulators and the Muslim community about customer segmentation to Islamic banking products and services related to cash waqf .
{"title":"Upper-middle-class Muslim characteristics on cash <i>waqf</i> (Islamic endowment) participation for productive purposes: does one-fits-all strategy still works?","authors":"Rindawati Maulina, Wawan Dhewanto, Taufik Faturrahman","doi":"10.1108/jiabr-04-2023-0134","DOIUrl":"https://doi.org/10.1108/jiabr-04-2023-0134","url":null,"abstract":"Purpose To better understand the characteristics of Indonesian Muslims, this study uses cluster analysis to group upper-middle-class Muslims based on psychographic variables related to participation in cash waqf for productive purposes. Design/methodology/approach This study used mixed methods to build and analyse the segmentation of upper-middle-class Muslims towards cash waqf and propose scenarios for a cash waqf model based on the findings. Findings This study identified six clusters for upper-middle-class Muslims related to the participation in cash waqf for productive purposes. All clusters show heterogeneous values of all factors. Although relatively few Muslims perform cash waqf for productive purposes, the high scores for the economic rational, family and community factors indicate great potential for the development of various cash waqf models for investment purposes. The next challenge will lie in reviewing the “one-fits-all strategy” in the development of program, education and socialisation. Based on the findings, this study proposes three scenarios of cash waqf participation: as wakif only ( waqf donor), investor only (capital provider) and hybrid participation ( waqf donor and capital provider). Research limitations/implications The limitation of this study is the location and object of the sample are only Muslims in Indonesia who are categorised as upper-middle class in terms of their monthly income. Based on this study’s findings, other Muslim-majority countries worldwide have the potential to develop a cash waqf model that is integrated with financial instruments and involves the role of Islamic banking and other Islamic commercial institutions in future research development. Researchers can also attempt to include a simulation or experiment method to construct and validate the proposed cash waqf model based on this study’s findings and to explore other factors that have not been addressed. Practical implications The findings of this study can contribute as a foundation for the development of a cash waqf model and business-marketing strategy to increase the participation of upper-middle-class Muslims. Social implications The findings of this study will support the acceleration of cash waqf collection for investment initiatives, which in turn will have a broader social and economic impact nationally. Originality/value To the best of the authors’ knowledge, this study constitutes the first attempt to specifically investigate upper-middle-class Muslim segmentation toward cash waqf participation for productive purposes. This study’s knowledge is helpful for various stakeholders such as academia, the Islamic banking industry, regulators and the Muslim community about customer segmentation to Islamic banking products and services related to cash waqf .","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"458 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136019138","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 : 2023-10-30DOI: 10.1108/jiabr-06-2023-0175
Armand Mboutchouang Kountchou, Ali Haruna, Honoré Tekam Oumbé, Muhamadu Awal Kindzeka Wirajing
Purpose The purpose of this paper is to examine the effects of Islamic finance on women empowerment in Africa between the periods of 1975 and 2021. Design/methodology/approach This paper uses secondary data for 27 African countries obtained from the World Development Indicators, World Population Review and the Varieties of Democracy databases. Four dimensions of women empowerment, namely, economic, social, political and household, are considered while Islamic finance is proxied by a binary variable with 1 and 0 representing the presence and the absence of Islamic finance, respectively. The two-staged least square estimation technique is used to control for the problem of endogeneity. Findings This study revealed that Islamic finance positively affects women empowerment in Africa. Specifically, Islamic finance has positive and significant effects on women political empowerment, women economic empowerment and women social empowerment in Africa but nonsignificant effect on home empowerment. These effects are more pronounced in middle-income than in low-income countries and in countries with higher penetration rate of Islamic finance. Practical implications Policymakers should put in place the necessary mechanisms for the promotion of Islamic finance such as the enacting of laws that ensures the creation of full-fledged Islamic banks, encouraging research in Islamic finance and Islamic economics. These policies should equally be backed by the creation of some accompanying measures such as the abolition of social norms that limit women’s ability to take part in decision-making. Originality/value To the best of the authors’ knowledge, this is the first study involving an Africa continent-wide analysis of the effects of Islamic finance on women empowerment.
{"title":"Women empowerment in Africa: can we rely on Islamic finance?","authors":"Armand Mboutchouang Kountchou, Ali Haruna, Honoré Tekam Oumbé, Muhamadu Awal Kindzeka Wirajing","doi":"10.1108/jiabr-06-2023-0175","DOIUrl":"https://doi.org/10.1108/jiabr-06-2023-0175","url":null,"abstract":"Purpose The purpose of this paper is to examine the effects of Islamic finance on women empowerment in Africa between the periods of 1975 and 2021. Design/methodology/approach This paper uses secondary data for 27 African countries obtained from the World Development Indicators, World Population Review and the Varieties of Democracy databases. Four dimensions of women empowerment, namely, economic, social, political and household, are considered while Islamic finance is proxied by a binary variable with 1 and 0 representing the presence and the absence of Islamic finance, respectively. The two-staged least square estimation technique is used to control for the problem of endogeneity. Findings This study revealed that Islamic finance positively affects women empowerment in Africa. Specifically, Islamic finance has positive and significant effects on women political empowerment, women economic empowerment and women social empowerment in Africa but nonsignificant effect on home empowerment. These effects are more pronounced in middle-income than in low-income countries and in countries with higher penetration rate of Islamic finance. Practical implications Policymakers should put in place the necessary mechanisms for the promotion of Islamic finance such as the enacting of laws that ensures the creation of full-fledged Islamic banks, encouraging research in Islamic finance and Islamic economics. These policies should equally be backed by the creation of some accompanying measures such as the abolition of social norms that limit women’s ability to take part in decision-making. Originality/value To the best of the authors’ knowledge, this is the first study involving an Africa continent-wide analysis of the effects of Islamic finance on women empowerment.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136019137","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}
Purpose This study aims to assess the effect of material internal control weaknesses (MICW) on the relationship between ownership structures and future-oriented disclosure. Design/methodology/approach A total number of 197 firms were assessed in this study during 2014–2021. Two measures were used for MICW. First, the number of existing MICW was assessed in independent auditors’ reports. In Iran, the maximum number of weaknesses is 13. Second, the scoring (0 or 1) method was used as a dummy variable, 1 for a firm with MICW and otherwise 0. Moreover, the scoring (0 or 1) method was used to measure the level of future-oriented disclosure of 13 indicators. Findings The findings showed that institutional ownership and managerial ownership have a significant positive effect on future-oriented disclosure, whereas the MICW have a significant negative effect on future-oriented disclosure. In addition, MICW played a moderator role in the relationship between ownership structures and future-oriented disclosure. The robustness checks confirmed the results. Originality/value As the studies conducted on future-oriented disclosure and the contributing factors are limited, and also the effect of MICW on future-oriented disclosure is not explored, the present findings can show the importance of the study, and fill the gap in this field. This study offers theoretical and practical implications to drive policymakers and managers to the effectiveness of internal control and future-oriented transparency.
{"title":"The impact of material internal control weaknesses, institutional ownership and managerial ownership on future-oriented disclosure: evidence from Islamic economy","authors":"Arash Arianpoor, Imad Taher Lamloom, Hameed Mohsin Khayoon, Ali Shakir Zaidan","doi":"10.1108/jiabr-02-2023-0052","DOIUrl":"https://doi.org/10.1108/jiabr-02-2023-0052","url":null,"abstract":"Purpose This study aims to assess the effect of material internal control weaknesses (MICW) on the relationship between ownership structures and future-oriented disclosure. Design/methodology/approach A total number of 197 firms were assessed in this study during 2014–2021. Two measures were used for MICW. First, the number of existing MICW was assessed in independent auditors’ reports. In Iran, the maximum number of weaknesses is 13. Second, the scoring (0 or 1) method was used as a dummy variable, 1 for a firm with MICW and otherwise 0. Moreover, the scoring (0 or 1) method was used to measure the level of future-oriented disclosure of 13 indicators. Findings The findings showed that institutional ownership and managerial ownership have a significant positive effect on future-oriented disclosure, whereas the MICW have a significant negative effect on future-oriented disclosure. In addition, MICW played a moderator role in the relationship between ownership structures and future-oriented disclosure. The robustness checks confirmed the results. Originality/value As the studies conducted on future-oriented disclosure and the contributing factors are limited, and also the effect of MICW on future-oriented disclosure is not explored, the present findings can show the importance of the study, and fill the gap in this field. This study offers theoretical and practical implications to drive policymakers and managers to the effectiveness of internal control and future-oriented transparency.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"30 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136107051","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 : 2023-10-25DOI: 10.1108/jiabr-02-2023-0067
Ekrem Yilmaz
Purpose This study aims to discuss the behavioral economics and Islamic economic joint criticisms against the conceptual and economic political view of the mainstream. Design/methodology/approach The purpose of this study is to examine the effectiveness of mainstream economic policies in addressing unemployment. Furthermore, it critically assesses the mainstream perspective on unemployment within the contexts of Islamic economics and behavioral economics, separately. The commonalities and disparities between the approaches of Islamic economics and behavioral economics regarding unemployment are evaluated. Subsequently, the conventional viewpoint on unemployment is scrutinized from the combined standpoint of Islamic economics and behavioral economics. This article employs a theoretical approach to address these concerns. Findings Although there are some differences, the recommendations and values of Islamic Economics and behavioral economics in the context of unemployment are almost the same. And, more importantly, both approaches are similar in their emphasis on the ineffectiveness and distance from human values of mainstream economic policies. Originality/value This article is the first to examine unemployment from the joint perspectives of Islamic economics and behavioral economics. It is also the first article to criticize the mainstream view of unemployment from the common framework of these two approaches.
{"title":"Behavioral and Islamic economics critique mainstream views on unemployment: a joint perspective","authors":"Ekrem Yilmaz","doi":"10.1108/jiabr-02-2023-0067","DOIUrl":"https://doi.org/10.1108/jiabr-02-2023-0067","url":null,"abstract":"Purpose This study aims to discuss the behavioral economics and Islamic economic joint criticisms against the conceptual and economic political view of the mainstream. Design/methodology/approach The purpose of this study is to examine the effectiveness of mainstream economic policies in addressing unemployment. Furthermore, it critically assesses the mainstream perspective on unemployment within the contexts of Islamic economics and behavioral economics, separately. The commonalities and disparities between the approaches of Islamic economics and behavioral economics regarding unemployment are evaluated. Subsequently, the conventional viewpoint on unemployment is scrutinized from the combined standpoint of Islamic economics and behavioral economics. This article employs a theoretical approach to address these concerns. Findings Although there are some differences, the recommendations and values of Islamic Economics and behavioral economics in the context of unemployment are almost the same. And, more importantly, both approaches are similar in their emphasis on the ineffectiveness and distance from human values of mainstream economic policies. Originality/value This article is the first to examine unemployment from the joint perspectives of Islamic economics and behavioral economics. It is also the first article to criticize the mainstream view of unemployment from the common framework of these two approaches.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"24 19","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135112713","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 : 2023-10-20DOI: 10.1108/jiabr-07-2021-0196
Taha Almarayeh
Purpose Motivated by the rapid spread of the COVID-19 outbreak in the world, this study aims to explore the stock markets’ response toward it in the Middle East and North Africa (MENA) countries. Design/methodology/approach Ordinary least squares (OLS) regressions were used to analyze the association between the COVID-19 outbreak and stock market returns. The author made use of a panel data set, including 4,195 observations from 13 countries in MENA for the period January 29, 2020, to April 30, 2021. The dependent variable was stock market returns. The explanatory variable, i.e. COVID-19, was proxied by daily growing confirmed infected cases and daily growing confirmed death cases caused by the outbreak. Findings The author finds that stock markets have responded negatively to the growth in COVID-19 deaths. Meanwhile, stock markets show no reaction to the daily growth of confirmed infected COVID-19 cases. Practical implications This study presents worthy information to regulators and policymakers in MENA countries, whose responsibility is to govern regulations at the macro and micro levels based on a comprehensive route that leaves no one behind. This study also offers significant insights to policymakers, managers, investors and society by showing how the stock markets quickly react to outbreaks. Originality/value This study is, to the best of the author’s knowledge, among those exploring the impact of the COVID-19 outbreak on stock market returns in the MENA countries.
{"title":"Covid-19 and stock markets’ response in MENA countries","authors":"Taha Almarayeh","doi":"10.1108/jiabr-07-2021-0196","DOIUrl":"https://doi.org/10.1108/jiabr-07-2021-0196","url":null,"abstract":"Purpose Motivated by the rapid spread of the COVID-19 outbreak in the world, this study aims to explore the stock markets’ response toward it in the Middle East and North Africa (MENA) countries. Design/methodology/approach Ordinary least squares (OLS) regressions were used to analyze the association between the COVID-19 outbreak and stock market returns. The author made use of a panel data set, including 4,195 observations from 13 countries in MENA for the period January 29, 2020, to April 30, 2021. The dependent variable was stock market returns. The explanatory variable, i.e. COVID-19, was proxied by daily growing confirmed infected cases and daily growing confirmed death cases caused by the outbreak. Findings The author finds that stock markets have responded negatively to the growth in COVID-19 deaths. Meanwhile, stock markets show no reaction to the daily growth of confirmed infected COVID-19 cases. Practical implications This study presents worthy information to regulators and policymakers in MENA countries, whose responsibility is to govern regulations at the macro and micro levels based on a comprehensive route that leaves no one behind. This study also offers significant insights to policymakers, managers, investors and society by showing how the stock markets quickly react to outbreaks. Originality/value This study is, to the best of the author’s knowledge, among those exploring the impact of the COVID-19 outbreak on stock market returns in the MENA countries.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"69 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135567590","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 : 2023-10-19DOI: 10.1108/jiabr-07-2022-0177
Arash Arianpoor, Nahid Mohammadbeikzade
Purpose This study aims to investigate the relationship between stock liquidity, future investment, future investment efficiency and the moderating effect of financial constraints. Design/methodology/approach To serve the purpose of the study, the data of 178 companies listed on the Tehran Stock Exchange in 2012–2017 were examined. In this research, two Amihud liquidity and stock trading turnover measures were taken for the liquidity. Due to variance heterogeneity, the FGLS test was used. Moreover, a modified multiple regression analysis was used to investigate the moderating role of financial constraints. Findings The results showed a significant positive relationship between the firm stock liquidity in the current year and the next year investment; the firm stock liquidity (based on the stock trading turnover) in the current year and the next two years’ investment; the firm stock liquidity (based on the trading turnover index) in the current year and the next year investment efficiency; and the firm stock liquidity (based on the stock trading turnover) in the current year and the next two years’ investment efficiency. Moreover, financial constraints negatively moderated the relationship of firm stock liquidity (based on trading turnover index) in the current year and investment in the next year; investment in the next two years; investment efficiency in the next year; and investment efficiency in the next two years. Originality/value Given the importance of investment and investment efficiency in emerging markets especially in Asian emerging markets, and because the predicted impacts through financing constraints are usually unclear, this paper attempted to fill the existing gap and be innovative in this regard.
{"title":"Stock liquidity, future investment and future investment efficiency in an emerging economy: investigating the moderator role of financial constraints","authors":"Arash Arianpoor, Nahid Mohammadbeikzade","doi":"10.1108/jiabr-07-2022-0177","DOIUrl":"https://doi.org/10.1108/jiabr-07-2022-0177","url":null,"abstract":"Purpose This study aims to investigate the relationship between stock liquidity, future investment, future investment efficiency and the moderating effect of financial constraints. Design/methodology/approach To serve the purpose of the study, the data of 178 companies listed on the Tehran Stock Exchange in 2012–2017 were examined. In this research, two Amihud liquidity and stock trading turnover measures were taken for the liquidity. Due to variance heterogeneity, the FGLS test was used. Moreover, a modified multiple regression analysis was used to investigate the moderating role of financial constraints. Findings The results showed a significant positive relationship between the firm stock liquidity in the current year and the next year investment; the firm stock liquidity (based on the stock trading turnover) in the current year and the next two years’ investment; the firm stock liquidity (based on the trading turnover index) in the current year and the next year investment efficiency; and the firm stock liquidity (based on the stock trading turnover) in the current year and the next two years’ investment efficiency. Moreover, financial constraints negatively moderated the relationship of firm stock liquidity (based on trading turnover index) in the current year and investment in the next year; investment in the next two years; investment efficiency in the next year; and investment efficiency in the next two years. Originality/value Given the importance of investment and investment efficiency in emerging markets especially in Asian emerging markets, and because the predicted impacts through financing constraints are usually unclear, this paper attempted to fill the existing gap and be innovative in this regard.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135667164","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 : 2023-10-19DOI: 10.1108/jiabr-01-2023-0036
Mohamed Ghroubi
Purpose This study aims to examine the triple relationship between capital regulation, banking lending and economic growth in a dual markets. Specifically, the author seeks to explore how changes in capital regulation can impact banking lending practices and subsequently influence economic growth, while also investigating the reciprocal effects of banking lending on economic growth. Design/methodology/approach The author follows several previous studies such as Shrieves and Dahl (1992), Beck and Levine (2002), Altunbas et al. (2007), Saeed et al. (2020) and Stewart et al. (2021) to identify a system of three equations, regarding economic growth, capital and banking financing growth, respectively. The author estimates the parameters of all equations simultaneously using the seemingly unrelated regression method (Zellner, 1962) for a sample of 46 Islamic banks and 113 conventional banks during 2002–2022. These banks operate in 13 Muslim countries from Middle East and North Africa and Southeast Asia. Findings The author’s findings demonstrate that in the case of Islamic banking, an increase in loan growth stimulates economic growth, while an increasing capital ratio positively influences economic growth but is accompanied by a reduction in loan growth. This result corroborates the findings of Stewart et al. (2021), which indicate that regulatory capital reduces unstable credit while improving gross domestic product growth. However, in the case of conventional banks, the response to an increase in loan growth on Gross Domestic Product Per Capita Growth (GDPCG) is ambiguous, while the capital ratio improves GDPCG and promotes LOANG, which, in turn, increases risk. Practical implications The Islamic banks can continue to significantly contribute to economic growth by effectively directing their available capital toward viable investment opportunities and supporting sustainable financial practices, even in the presence of potential constraints on loan growth. As for conventional banks, they are invited to increase their capital levels to ensure a strong and resilient financial system that can support lending and facilitate economic growth. Originality/value To the best of the author’s knowledge, this paper is the first to explore the triple relationship between capital requirements, Islamic bank lending and economic growth.
{"title":"Linkages between capital, bank financing and economic growth: the case of Islamic and conventional banks from a panel of Muslim countries","authors":"Mohamed Ghroubi","doi":"10.1108/jiabr-01-2023-0036","DOIUrl":"https://doi.org/10.1108/jiabr-01-2023-0036","url":null,"abstract":"Purpose This study aims to examine the triple relationship between capital regulation, banking lending and economic growth in a dual markets. Specifically, the author seeks to explore how changes in capital regulation can impact banking lending practices and subsequently influence economic growth, while also investigating the reciprocal effects of banking lending on economic growth. Design/methodology/approach The author follows several previous studies such as Shrieves and Dahl (1992), Beck and Levine (2002), Altunbas et al. (2007), Saeed et al. (2020) and Stewart et al. (2021) to identify a system of three equations, regarding economic growth, capital and banking financing growth, respectively. The author estimates the parameters of all equations simultaneously using the seemingly unrelated regression method (Zellner, 1962) for a sample of 46 Islamic banks and 113 conventional banks during 2002–2022. These banks operate in 13 Muslim countries from Middle East and North Africa and Southeast Asia. Findings The author’s findings demonstrate that in the case of Islamic banking, an increase in loan growth stimulates economic growth, while an increasing capital ratio positively influences economic growth but is accompanied by a reduction in loan growth. This result corroborates the findings of Stewart et al. (2021), which indicate that regulatory capital reduces unstable credit while improving gross domestic product growth. However, in the case of conventional banks, the response to an increase in loan growth on Gross Domestic Product Per Capita Growth (GDPCG) is ambiguous, while the capital ratio improves GDPCG and promotes LOANG, which, in turn, increases risk. Practical implications The Islamic banks can continue to significantly contribute to economic growth by effectively directing their available capital toward viable investment opportunities and supporting sustainable financial practices, even in the presence of potential constraints on loan growth. As for conventional banks, they are invited to increase their capital levels to ensure a strong and resilient financial system that can support lending and facilitate economic growth. Originality/value To the best of the author’s knowledge, this paper is the first to explore the triple relationship between capital requirements, Islamic bank lending and economic growth.","PeriodicalId":46046,"journal":{"name":"Journal of Islamic Accounting and Business Research","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135666853","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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