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The purpose of this paper is to examine the impact of dividend announcements on the stock return of Shariah-compliant and conventional stocks.

An event study methodology is applied to study the beta anomaly. Market-adjusted return model, mean-adjusted return model and market model have been applied to calculate excess returns. Estimation period used in this study is 130 days, and event period consists of 21 days in total, i.e. starting from the day –10 “before the cash dividend announcement” to day +10 “after the cash dividend announcements.

It has been concluded from the results that dividend plays an informational role in the Pakistan Stock Exchange. As the investors in Pakistan react favorably to the dividend increase announcements and unfavorably to the dividend decrease announcements, they consider dividend increase announcement as good news and dividend decrease announcement as bad news.

The findings of this study have several implications for different participants of the stock market, such as investors, academicians, researchers, fund managers and policymakers. They can use this information to make decisions while making efficient portfolios. Investors may get abnormal returns by focusing on the dividend announcement patterns. This can influence the attitude of investors toward efficient investments in the stock market and ultimately contribute to the betterment of society. This study is also beneficial for academicians and researchers, as it provides a comparative analysis of Shariah-compliant and conventional stocks and the anomalous effect of dividend announcements on stock return.

Limited research in the world’s context and null is available in Pakistani context on the subject matter. The comparative analysis of “Shariah-compliant” and “conventional” stocks provides insight into the asset pricing of Shariah-compliant stocks that have not been explored earlier. This study also uses three different methods (mean model, market model and market-adjusted return models) to compare Shariah-compliant and conventional stocks

This paper aims to investigate the spillover effects of jump and crash events among Chinese nonfinancial firms.

This sample consists of more than 1.5 million weekly observations of over 3,000 Chinese listed firms over the period 1991–2015. The authors utilize univariate tests to compare the post-event performance of matched peer and non-peer control firms and cross-sectional regressions of their abnormal returns/cumulative abnormal returns (ARs/CARs) and returns on assets (ROAs).

The authors find that extreme risk-adjusted abnormal stock returns (stock price crashes and jumps) generate statistically significant ARs/CARs in the same directions in industry, size, leverage, and geographical location matched peer firms in Chinese stock market. Further tests reveal that peer firms' response to the crash event is pronounced more in the group of firms about which the information asymmetry is high between investors and firms.

Portfolio investors can adjust their portfolios accordingly by selling stocks of the matching rival firms during a crash period. Policymakers may develop policies so as to protect the interests of small investors in the events of crashes in the markets. They can reduce the information asymmetry between the firms and the investors by making information about the firms more transparent, so as to reduce the contagion in case of crash event.

This study has important implications for portfolio investment managers and policymakers.

To the best of authors' knowledge, this is the first study that combines the jump and crash events and attempts to assess their spillover effects on other firms in Chinese stock market.

The purpose of this paper is to explain the multi-stage dynamic process of financial distress. An attempt is made to explore multiple adverse heterogeneous events of financial distress leading a firm closer to bankruptcy progressively.

Sample comprises 321 ongoing, 54 suspended and 91 delisted non-financial firms from Pakistan Stock Exchange. Financial distress is segregated into three stages, i.e. profit reduction, mild liquidity (ML) and severe liquidity (SL). Flow diagrams are used to explain the transition of healthy firms through proposed stages of financial distress.

Results showed that firms liquidated/winding-up by court documented SL problems and closed their operations well before the delisting year. It is found that healthy firms are more likely to face SL when faced ML problem at first stage. Distressed firms can recover to a healthy position at any stage, however after approaching to SL, recovery is less expected.

The proposed process will provide a foundation for future studies to develop more relevant, robust and accurate early warning system of corporate failure that will help stakeholders to respond potential crisis accordingly and timely.

Previously, most of the studies used the ex post definition of bankruptcy that is criticized due to the contextual application, sample bias and non-segregation by the degree of liquidity problems. The originality of the proposed ex ante model is its segregation into a three-stage process that can be generalized regardless of specific bankruptcy law.

The purpose of this paper is to examine the impact of corporate governance (hereafter, CG) reforms on the risk disclosure quality in an emerging economy, namely Pakistan. The authors also investigate the impact of CG reforms on the relationship between CG practices and risk disclosure quality.

The authors use a manual content analysis method to a sample of non-financial companies listed on the PSX-100 index for 2009–2015, to examine the impact of CG reforms on risk disclosure quality. The authors use pooled ordinary least squares and the system GMM estimations to test the research hypotheses.

The authors find that CG reforms have a positive impact on risk disclosure quality. The results indicate that certain CG practices such as CEO duality and board independence are associated with risk disclosure quality. Interestingly, the findings also highlight the effectiveness of CG reforms by showing that the revised code positively moderates the CG practices and risk disclosure relationship.

The findings of the study have policy implications for regulatory bodies of emerging economies trying to strengthen the CG structures and to introduce risk disclosure regulations to cater the information need of stakeholders.

The authors provide new empirical evidence for the impact of CG reforms on risk disclosure quality using a unique setting of an emerging economy, namely Pakistan.

The purpose of this study is to determine the level of perception of a Muslim account holder in a conventional bank toward Islamic banking products and to determine the relationship between the perception levels of Nigerian’s account holder’s and their decision to patronize Islamic banking. Personal perception factor is operationalized as opinion or observations, which are able to influence customer’s decision to patronize Islamic banking products and services.

A field survey was conducted and samples drawn using proportionate stratified simple random sampling techniques. Out of the 500 questionnaires distributed by hand, only 304 were returned and 286 were usable for the data analysis using SPSS and PLS Modeling Software.

First, the means for personal perception variable was 4.91 with standard deviation of 1.007. This indicates the good perception level of Islamic products by Muslim account holders in a conventional bank in Kano, Nigeria. The respondents’ level of decision to patronize the Islamic banking products and services was satisfactory. Second, the results also showed that the research framework model, structural model and hypothesis were supported. In the measurement model, the convergent, discriminant validity and reliability/composite reliability of the perception construct were assessed favorably. The results revealed that perception was positively associated with a Muslim account holder’s decision to patronize Islamic banking products.

The study is subject to several shortcomings that limit interpretation of findings. One of the limitations of this study is the use of cross-sectional design for survey research and subjective self-reported perceptual measures in assessing the studies. Hence, the findings of this study cannot be generalized in a larger context across the cultures of other countries.

The implication of this study is for the Islamic banking industry to focus on the people’s level of perception, government support, quality and availability of Islamic banking products and services that would have an impact on customer decision to patronize Islamic banking products. The necessary suggestions on new area of research were recommended for future researchers.

Islamic banks have the potential to exploit and market to various segments of customers extending beyond those who are concerned with the legitimacy of the facility from the Islamic point of view and those who seek service quality, convenience and efficient transactions. To the practitioners in search of patronage of Islamic banking products and services, patronage studies on Islamic banking have so far largely focused on the combination of various religious, reputation, commercial, service satisfaction, staff, confidentiality and convenience factors.

The results of the present study establish the major problem that requires urgent attention needed to strengthen public education toward the distinctive characteristics of Islamic banks and how it may profitably suit the interest of customers in their financial dealings.

The purpose of this paper is to focus on managing the risk of fraud in commercial letters of credit (LC) in Bangladesh involving three parties: the seller, the buyer and the bank. It addresses the severity of LC fraud, the banks’ actions when detected and the preventive measures the relevant parties can adopt.

This research uses doctrinal and qualitative methods to propose strategic actions that benefit buyers, sellers, banks, legal professionals and judges. The study aims to explore the modus operandi used by fraudsters through thematic analysis.

The study’s findings reveal that LC fraud has escalated to a concerning level, posing a significant threat to the economic stability of Bangladesh. Measures must be taken to mitigate this risk and safeguard the country’s financial integrity. To effectively combat the risk of LC fraud, the updated version of UCP must include specific and detailed guidelines on LC fraud. This study recommends preventative measures that all parties involved must take to reduce the likelihood of fraud significantly.

Due to a lack of LC experts, the participant sample for the study in Bangladesh was limited. Nevertheless, most banking participants were highly distinguished and held the Head of Trade Finance Department position in commercial banks. A few academics and legal practitioners with LC expertise also participated in the study.

It provides cutting-edge solutions to effectively handle LC fraud risk and provides proactive measures to prevent it.

Halal products were a norm in the Muslim countries; however, halal food products were not only being consumed by Muslims nowadays. People are concerned about their daily needs, especially their food and spend in this modern society. Customers nowadays are more educated, and all the information can be easily accessed by just a click. Previous literature found that customers are looking for quality products and products that are safer to be consumed.

The purpose of this study investigates non-Muslim customers’ intention in consuming halal food products in Klang Valley, Malaysia. Using 321 non-Muslim responses from Klang Valley, partial least square regression was used to examine the factors influencing the customer’s purchase intention on halal products.

The results show that product quality, product price, product availability and product safety significantly influence the purchase intention of urban non-Muslim on halal food products. The result implies that product quality is the most significant factor compared with other variables.

The data and results may contribute to the relevant authority to form a proper plan to improve Malaysia’s halal food items.

This study aims to identify the intention to purchase Halal food products amongst non-Muslim consumers in Malaysia, moderated by the acculturation effect.

A structured close-ended questionnaire was used to gather data through the random distribution of 397 non-Muslim consumers from the Alumni network of several private higher education institutions in Malaysia.

The collected data was analyzed through the structural equation modelling technique using partial least squares with SmartPLS 3.0. The result indicated that attitude, subjective norms and perceived behavioral control were positively influenced by the purchase decision of Halal food products amongst non-Muslim consumers in Malaysia. Apart from that, the acculturation effect moderates the relationship between attitude and intention to purchase.

This finding will contribute to academics, Halal food makers and government in understanding the Halal food purchase intention amongst non-Muslim consumers in Malaysia.

The outcome of this study can be used as an input for Halal entrepreneurship in terms of marketing and operation strategy. On the government aspect, this study also provides an implication on national public policy and strategic economic planning in developing overall national Halal policy.

The social harmonization amongst the multiple races in Malaysia is partially contributed through the acculturation effect. The acculturation effect has been reflected through the food choice decision amongst Malaysian, despite of different religious belief and home culture background.

Research in studying Halal food purchase intention amongst non-Muslim consumers are scarce. This research is able to reinforce the theory of planned behavior model in dealing with Halal food choice decisions, taking into consideration of acculturation effect.

Public-Private Partnership (PPP) is a common practice in both the public and private sectors. PPP has been an important instrument to achieve Sustainable Development Goals (SDGs) at the national level. However, the role of PPP at the subnational level is often scarcely studied. Using Khulna city of Bangladesh as a case, this paper aims to assess the role of PPP projects in the attainment of SDGs.

The research was conducted in the Central Business District (CBD) of Khulna, on a total of 4.6 kilometers stretches of road medians in the CBD where landscaping was done through the PPP approach. Besides the collection of secondary data from official records, primary data were collected through site visits, field surveys and interviews of PPP project partners.

The result shows that 89 percent of the respondents (road users) were pleased with the landscaping done on the road medians. Similarly, about 86 percent of the respondents felt more comfortable and safer to use the roads. Well-maintained road medians allow road-crossing at a regular interval which reduces the chance of an accident. The private parties have installed promotional billboards on the road medians and saved BDT 10.82 million a year. The public authority saves the maintenance budget amounting to BDT 23 million a year. The project achieves a triple-win situation. Despite some limitations, this PPP project has taken Khulna a step forward to achieve SDGs.

The findings have policy implications as the PPP project has enhanced the resilience of Khulna by addressing the relevant SDGs.

This study aims to investigate the effects of incorporating seaweed composite flour on soft roll dough rheological characteristics and quality.

In this study, wheat flour was substituted with seaweed powder obtained from red seaweed (Kappaphycus alvarezii) at varying proportions (100:0; 99:1; 98:2; 97:3; 96:4; 95:5, 94:6, 93:7 and 92:8) and applied in soft roll production. The effects of seaweed composite flour were evaluated in terms of rheological characteristics, proximate composition and physical properties. The sensory characteristics of the soft rolls was evaluated by 40 untrained panellists by using a hedonic scale.

Farinograph analysis of the soft roll doughs showed that the incorporation of seaweed powder promoted an increase in water absorption, development time and mixing tolerance index, whereas it decreased stability time. Analysis of the proximate composition of the soft rolls showed that protein and carbohydrate contents decreased, but moisture, ash and crude fibre contents substantially increased. Dietary fibre increased with the increase in the proportion of seaweed powder added. The specific volume, bulk density and firmness of the soft rolls ranged from 3.01 to 5.48 cm³/g, 0.18 to 0.33 g/cm³ and 1.86 to 20.63 N, respectively. Sensory evaluation results showed that the mean score of sensory attributes decreased as the proportion of seaweed powder added was increased in the formulations. With regard to the overall acceptability, the panellists preferred the soft rolls with the least amount of seaweed powder added. The results of hedonic tests revealed that the panellists' acceptance decreased as higher amounts seaweed powder were added in the formulations.

This study showed that the seaweed powder of K. alvarezii can be utilised as an ingredient to improve the nutrient composition of baked products.