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After completion of the case study, students are expected to demonstrate understanding of the process of strategy formulation (which include conducting situational analysis) and strategy implementation.

Perusahaan Azan, which trades under the brand name Roti Azan for its fresh bread and Azan for its dry bread or rusks, was established as a family business in 1968 by Haji Abu Bakar bin Ali in his hometown in Kuala Pilah, in the state of Negeri Sembilan in Malaysia. In the mid-1980s, the management of the business was passed on by Haji Abu Bakar to one of his sons, Haji Mohd Ghazali bin Haji Abu Bakar. Haji Ghazali was named managing director in 1985 and officially inherited his father’s company in 1987. By 2004, Perusahaan Azan breads had started to penetrate major grocery stores nationwide, and later the business began to expand internationally in 2010, with Oman and Iraq among the first countries it ventured into. The company sold both its fresh and dry bread in local stores; however, in the international market, only dry bread types were sold, specifically wholemeal rusks and long rusks, which had longer shelf lives. Post-pandemic, by 2022, the company had exited the retail fresh bread market and had focused only on its contractual fresh bread and retail dry bread markets. He thought about the main strategic choices he had of going forward, either to revive its retail fresh bread segment or venture into a coffee shop business. The former was the bread and butter of the company in the last 50 years. However, he knew that re-entering this market was getting more difficult, as it requires competing head-to-head with the giant breadmakers. There were also issues of rising costs and high wastage. For the latter coffee shop project, the company did not have experience in directly “serving” the customers, with its businesses so far had been mainly in production. He pondered on the best decision to undertake to sustain the company’s profitability into the next generation. Few family businesses can pass this crucial stage. He knew he had to act fast to ensure that the company’s plans for the future could be successfully implemented. The case study is suitable for use in teaching courses in strategic management, organisational management and integrated case study for advanced undergraduates and postgraduates in the programmes of business administration, Muamalat administration and accounting.

The case study is suitable for use in advanced undergraduate students in management, business administration, Muamalat administration and postgraduate students in MBA, Master in Muamalat Administration or other related master’s programmes with a course in strategic management, organisational management and integrated case study.

Teaching notes are available for educators only.

CSS 11: Strategy.

This research seeks to reveal the mediating role of work engagement and affective commitment as individual aspects that have the potential to bridge the effect of empowering leadership on the task performance of Correctional Service counselors in Indonesia, especially due to the limited literature on these two aspects in the context of public organizations.

Quantitative research was conducted on 350 counselors throughout Indonesia. The data was collected by distributing questionnaires online. The collected data were then analyzed using Structural Equation Modeling to test the seven research hypotheses.

Empowering leadership significantly strengthens task performance, work engagement and affective commitment. For indirect effects, this study found that affective commitment partially mediates the effect of empowering leadership on task performance. Meanwhile, work engagement failed to act as a mediator because it did not significantly impact strengthening task performance.

Notably, the unexpected result of work engagement's inability to significantly boost task performance deviates from the prevailing trends observed in previous empirical research, thereby adding a novel dimension to the findings of this study.

It is widely argued that money laundering (ML) is not a new phenomenon and the pervasiveness of ML is associated with some severe economic, social and political costs. Due to the lack of studies on the ML’s issue in the UAE, this study aims to examine the determinants of ML in the country between 1975 and 2020.

The autoregressive distributed lag bounds testing results demonstrate the presence of long-run relationship between ML and the selected macroeconomics variables. The analysis is validated by the dynamic ordinary least squares, the fully modified ordinary least squares and the canonical co-integration regression estimators.

The estimation result reveals that while the real estate market, outflow of money, arms procurement and size of the underground economy influences the size of ML positively, gold trade, the level of financial development and the size of economic activities are negatively associated with ML, both in the short- and long-run.

Up to date from a country-level analysis, no study has been devoted to the ML in UAE, except for Aljassmi et al. (2023). To the best of the authors’ knowledge, this study is the first to investigate the determinants of laundered money in the UAE economy. Based on these outcomes, strategies and measures which will deter the laundering of illicit funds through the real estate and gold market, remittance system, financial system and arms procurement contracts in the UAE are recommended.

Despite the vulnerability of rapidly developing and emerging market economies, researchers have paid less attention to the determination of the size of money laundering (ML) in these economies, including the United Arab Emirates (the UAE). Therefore, this paper aims to estimate the magnitude of ML in the UAE between 1975 and 2020 based on the currency demand approach (CDA).

The study uses the Gregory–Hansen cointegration technique alongside the autoregressive distributed lag bounds testing procedure to estimate the CDA model.

The results illustrate that an amount equivalent to about 19.034% of the GDP is laundered in the UAE between 1975 and 2020, on average, with the value lying between 15.129% and 23.121%. In addition, the results demonstrate the importance of the real estate market, gold trade, remittance channels and the size of the underground economy in facilitating the laundering of illicit funds in the country.

To the best of the authors’ knowledge, the study is the pioneering attempt at estimating the amount of illicit funds laundered in the UAE. Besides, the adoption of a novel, yet robust, approach based on the modification of the CDA technique also sets the study apart as it ensures a correct, clear, unambiguous and indisputable estimate of the magnitude of ML is obtained. In addition, it is expected that the outcome of the study will expand the frontiers of knowledge among policy makers and relevant agencies and ensure the adoption of the most efficient and effective measures to curb the ML menace in the country.

This study aims to identify the factors that influence the willingness of Bangladeshi retail investors to invest in ṣukūk.

The authors surveyed Bangladeshi retail investors using a structured questionnaire to understand their perspectives on potential investment in ṣukūk. The authors considered the behavioral aspects of retail investors and the desired ṣukūk features to analyze the demand side. Factors and regression analyses were performed to identify the persuading factors.

The results indicate that investor awareness is a fundamental factor in potential investments in ṣukūk. Investors perceive the security represented by government and third-party guarantees as a persuasive feature of ṣukūk. The tradability and tenor of ṣukūk also affect the investment intention. Sharīʿah consciousness of the investors also plays a significant role in their investment decisions.

One limitation of this study is that it incorporates potential individual investors only, and precludes institutional investors. In the future, there is scope for research to explore the demand factors impacting institutional investors of ṣukūk in Bangladesh.

The authors expect that the study will aid policymakers and ṣukūk issuers in crafting strategies to cater to the needs of Bangladeshi retail investors.

This study is the earliest research conducted in Bangladesh to determine the factors impacting the willingness of individual investors to make their potential investments in ṣukūk. To the best of the authors' knowledge, no study has analyzed the desired ṣukūk features from the perspective of Bangladeshi retail investors.

This study aims to investigate the extent of Shariah compliance in wakalah sukuk and Shariah non-compliant risk disclosure in the sukuk documents and to analyse the risk management techniques associated with the disclosed risks.

This study uses qualitative document analysis as both data collection and analysis methods. The document analysis acts as a data collection method for 23 wakalah sukuk documents selected from 32 issuances of wakalah sukuk from 2017 to 2021. These sukuk documents were selected based on their availability from relevant websites. Document analysis, both content analysis and thematic analysis, were used to analyse the data. Codes were grounded from that data through keywords search of Shariah noncompliant risk and its risk management. Besides these, interviews were also conducted with four active industry players, i.e. two legal advisors of wakalah sukuk, a wakalah sukuk trustee and a sukuk institutional issuer. These interview data were analysed based on categorical themes, on the aspects of the extent of Shariah compliance in sukuk, and the participant’s views on the risk management techniques associated with the risks or used in the sukuk documents.

Overall, the findings reveal three types of Shariah non-compliant risks disclosed in the sukuk documents and seven risk management techniques associated with them. However, the disclosure and the risk management techniques can be considered minimal in contrast to the extent of Shariah compliance in a sukuk, i.e. Shariah compliance at the pre-issuance stage, ongoing stage and post-issuance stage. On top of these, it was also found from the interviews that not all risk management techniques are workable to manage Shariah non-compliant risk in sukuk. As a result, these findings suggest rigorous reviews of the existing Shariah non-compliance risk (SNCR) disclosures and risk management techniques by the relevant parties.

Sukuk documents used in the study are limited to corporate wakalah sukuk issued in Malaysia. Out of 32 issuances from 2015 to 2021, only 23 documents are available in relevant website. Thus, Shariah non-compliant risk disclosure and its risk management techniques analysed in this study are only limited in those documents.

The findings of this study suggest rigorous reviews on the existing Shariah non-compliance disclosures and risk management techniques. Other than these, future research in relation to uncommon risk management clauses, i.e. assurance, Shariah waiver and transfer of risk, are needed.

The insights presented in the analysis are of importance to sukuk issuers and the sukuk due diligence working group in enhancing the sukuk Shariah compliance and Shariah non-compliant risks disclosure and towards sukuk investors, in capturing and assessing Shariah non-compliant risks in a sukuk and to assist them to make informed investment decisions. More importantly, this study has found few areas of future study in relation to SNCR disclosures and SNCR risk management techniques.

Research on the significance of corporate social responsibility (CSR) and value creation is nascent as compared to CSR and financial performance. The concept of value is also evolving because of changing business environments, globalization and the expanded idea of CSR. Nowadays, managers expect a more quick, pragmatic approach to satisfy valid stakeholder claims while simultaneously creating competitive advantage through reputation and investor value. The paper aims to examine the impact of CSR on the market and sustainable value creation through CSR expenditure in India and the moderating role of pressure-sensitive institutional investors (PSII).

The study used panel data regression methodology on a sample of 1,845 non-financial Indian firms from 2015 to 2021.

CSR creates market and sustainable value for non-financial Indian firms in line with stakeholder theory. The authors find a positive moderating role of governance represented by PSII on CSR and market value creation but not on sustainable value.

The study is based on secondary data. CSR, despite being a regulatory obligation, provided long-term benefits that increased their sustainable growth rate. The results highlight the importance given by financial markets to CSR activities. Other types of institutional investors can also be examined in future research. CSR can be embedded in the core operations of the firm, which can help in fostering a culture of sustainability and responsible business practices that benefit firms and society as a whole. Tax incentives can be provided to firms investing in CSR.

CSR provides long-term benefits to the firm, which enhances the goodwill and integrity of the firm in the market. The results reveal that besides capital market investors, firms are subject to the scrutiny of consumers, communities and the government as expectations rise and information spreads faster, which can have repercussions. CSR helps in meeting such expectations and the perceived value of the firms. Managers and chief executive officers (CEOs) can pay attention to the type of institutional investors like PSII, which can be formed as a part of the firm’s CSR strategy.

The positive impact of CSR on sustainable value expresses a long-term management orientation based on the improvement of stakeholder relations and the associated environmental impacts referring to cohesion and consensus, market opportunities and strengthened reputation and image. A sustainable company involves a conscious and continuing effort in the equilibrium between contrasting stakeholders’ expectations in an attempt to optimize value creation. Tax exemption can be provided for CSR activities.

The authors contribute to the scant literature on CSR and value creation, especially sustainable value, as most of the prior studies are not empirical on sustainable value in the Indian context. Managers and CEOs can pay attention to the types of institutional investors like PSII, which can be formed as a part of the firm’s strategy.

This paper aims to clarify the spatial connection characteristics and organization mode of logistics economy of 21 cities in Guangdong Province under the background of the integrated development of Guangdong, Hong Kong and Macao Bay area, and explore the spatial development characteristics and influencing factors of logistics economy in Guangdong Province.

This paper constructs the development level model of urban logistics economy in Guangdong Province from three aspects: demand level, supply level and support level, and uses the entropy weight method to measure the development level index of urban logistics economy in Guangdong Province. Then, the traffic accessibility index model is used to measure the traffic accessibility index between cities in Guangdong Province. Finally, using the social network analysis method, combined with the development level index of urban logistics economy in Guangdong Province and the urban traffic access index in Guangdong Province, this paper analyzes the spatial connection characteristics and influencing factors of logistics economy network in Guangdong Province.

There are regional differences in the development level of logistics economy in Guangdong Province; The overall network density of its logistics economic connection is large, but there is an imbalance in the network structure, and the core edge phenomenon is obvious; Logistics economic space presents the characteristics of double core development.

Because the research object is the spatial connection characteristics of logistics economy in Guangdong Province, the research results may lack universality. Therefore, researchers are encouraged to put forward further tests.

By studying the spatial connection mode of logistics economy in 21 cities in Guangdong Province, China, this paper promotes the original methods and empirical contributions, and constructs the research framework of spatial relationship of logistics economy. This research framework is universal to a certain extent.

This paper is conducive to promoting the integrated development of logistics economy in Guangdong Province and improving the balance of regional development of logistics economy.

Firstly, this study provides a new perspective to understand the spatial relationship and spatial spillover of logistics economy from relational data rather than attribute data. Secondly, This study enriched and broadened the research topic of spatial correlation of logistics economy. Thirdly, this research aims to promote the original methods and empirical contributions. Specifically, this study establishes a comprehensive research framework on the spatial network structure of logistics economy.

The purpose of this study is to provide a comprehensive analysis on the economic relationship between trade openness and economic growth and to identify current developments, potential research area and future directions. The emphasis is on the identification of annual growth of publications, country-wise distribution, publication pattern, intellectual structure and cluster analysis of scientific production in this field.

This study used evaluative techniques, text mining approach and performance analysis to identify possible patterns and correlation and to measure the impact of authors/citations/scientific production. Further, this study used the bibliometric mapping to represent the structural features of scientific production. This study emphasized on identification of the research hotspots based on occurrence of indexed keywords, productive researchers and journals during 2000–2022. Further, cluster analysis is performed using VOS viewer to analyze the current dynamics and future direction of the association between trade openness and economic growth (Eck and Waltman, 2011). Also, co-citation analysis is used in this study to identify the relations among authors or journals or documents using citation data, whereas the bibliographic coupling/mapping is intended to analyze the citing documents. Similarly, co-word analysis is used to study the article keywords that are mainly used to assess the conceptual structure of a concerning subject.

Economic growth is a function of trade openness, and it is important to analyze the relationship between trade openness and economic growth. Trade openness tends to become more liberalized over time, to contribute more to economic growth. Empirical evidence suggested that there exists a strong association between trade openness and economic growth. Further, keyword timeline analysis illustrated that the linkage between trade openness and economic growth is current area of interest among researchers. As per bibliometric analysis, China, Pakistan and Malaysia are the three most prolific countries in the terms of published articles on this theme. However, the most influential publications based on h-index and citation on trade openness–economic growth relationship is produced by Turkey. Based on cluster analysis, this study suggests that researchers are currently working on trade openness–economic growth relationship with other variables such as FDI, financial development, labor force, environment degradation and carbon emission, while in future, researchers could work on variables such as technology and sustainable development.

There are some limitations of this study. The first limitation is the authors have used Scopus database, leaving the possibility for future research to use Web of Science, Google Scholar or other similar sources. The second limitation is that the authors have used search terms “trade openness “and “economic growth,” although research could be performed using synonyms or even relevant terms in other languages.

Cluster analysis suggested that researchers are currently working on trade openness–economic growth relationship with other variables such as FDI, financial development, labor force, environment degradation and carbon emission, while in future, researchers could work on variables such as technology and sustainable development. Therefore, this study identified the potential research area in this research domain.

To confirm the originality of this study, to the best of the authors’ knowledge, this is the first study to combine bibliometric analysis and cluster analysis on trade openness–economic growth relationship. This study makes a comparison with phenomena/processes/events in contemporary economic and social reality in the field of trade openness and economic growth relationship.

This study aims to examine the role of financial management practices, which consist of financial disclosure, internal control, financial planning and budgeting and financial performance on Islamic social enterprises’ (ISEs) accountability.

Questionnaires were administered to financial officers of 102 Malaysian ISEs. Findings were analysed using Smart-PLS to examine the relationships between financial management practices and accountability.

Results of this study indicate a direct relationship exists between internal control and accountability. Relationships between other financial management practices and accountability are indirect through internal control. Hence, the data demonstrates that internal control has a mediating role on other financial management practices, which are financial disclosure and financial performance management with the accountability of ISEs.

This study has implicated the significant role of financial management practices in ISEs in the pursuance of their accountability especially internal control to achieve public trust.

Appropriate financial management practices, especially internal control, are essential for the ISEs to achieve good accountability.

This study contributes to the field of management and social accounting by providing empirical evidence on ISE practices specifically on financial management practices and accountability. This framework thus presents among the early attempts in studying accountability issues in ISEs.