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Article
Publication date: 17 August 2021

Muhammad Farooq, Amna Noor and Shoukat Ali

The purpose of this research is to look into the governance–performance relationship in the context of critical firm characteristics, such as firm size.

Abstract

Purpose

The purpose of this research is to look into the governance–performance relationship in the context of critical firm characteristics, such as firm size.

Design/methodology/approach

Based on total assets, sample firms were classified as small or large. The governance index, which is based on 29 governance provisions covering the audit committee, board committee, ownership and compensation structure of the respective firm, measures governance quality among sample firms. A higher governance index indicates a higher level of governance quality and vice versa. Accounting and market value measures are used to determine firm profitability. The authors used the two-stage least square (2SLS) method of estimation of the model to eliminate the simultaneous equation bias.

Findings

Corporate governance (CG) appears to have a positive impact on accounting return and market indices (Tobin’s Q), but it has little impact on return on equity. In terms of firm size, larger companies profited more from better governance implementation than smaller firms that lacked these principles, thus improving CG. The findings indicate that small businesses should improve their governance mechanisms to reap the benefits of CG in terms of increased profitability.

Research limitations/implications

There are certain drawbacks to this research. First, the authors omitted qualitative aspects of CG from the CG index, such as the board’s decision-making process, directors’ perceptions of the board’s position and directors’ age and qualifications. Such a qualitative component will improve the governance index in the future while building the governance index. Second, as the current study only looks at the nonfinancial sector, caution should be exercised before applying the findings to the entire population.

Practical implications

The findings show that companies that follow good governance standards have better accounting and market efficiency than those that do not. As a result, good governance practices can help firms in developing countries improve their performance. Academic researchers, regulators, investors, lenders and practitioners can find the findings useful in establishing a true relationship between firm performance and CG practices in Pakistan.

Originality/value

The relationship between governance and profitability in the context of firm size is examined in this research. Firms with varying resources and ability to implement CG codes have varying effects on profitability. To the authors’ knowledge, there was a gap in the literature that addressed this topic in the local context.

Details

Corporate Governance: The International Journal of Business in Society, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 22 July 2021

Muhammad Farooq, Amna Noor and Shahzadah Fahad Qureshi

The present study aims to explore the role of corporate social responsibility (CSR) on the likelihood of financial distress for a sample of 139 Pakistan Stock Exchange…

Abstract

Purpose

The present study aims to explore the role of corporate social responsibility (CSR) on the likelihood of financial distress for a sample of 139 Pakistan Stock Exchange (PSX) listed firms throughout 2008–2019.

Design/methodology/approach

Panel logistic regression (PLR) and the dynamic generalized method of moments (GMM) estimator are used to examine the impact of CSR on financial distress. The investment in CSR measures through a multidimensional financial approach which comprises the sum of the contribution made by the company in the form of charitable donation, employees’ welfare and research and development, whereas the Altman Z-score and ZM-Score are used as an indicator of financial distress. The higher the Z-score lower will be the probability of financial distress, whereas the higher ZM score shows a greater probability of financial distress risk.

Findings

The authors find a significant negative impact of CSR on financial distress in both PLR and GMM models. This finding is consistent with the stakeholder view of CSR, as an investment in CSR not only aligns the interest between shareholders and stakeholders but also mitigates the risk of financial distress as well.

Research limitations/implications

Like other studies, the present study is not free from limitations. First, financial firms skipped from the sample, although literature witnesses a lot of studies highlight the financial firms' commitment to achieving CSR goals. Second, financial distress occurs in different stages, the authors fail to establish linkage CSR engagements at different stages of CSR. In the future, researchers can make a valuable addition by covering these missing links in present studies.

Practical implications

The findings of this study provide more insight to corporate managers and investors about the association between the quality of investment in CSR and the degree of financial distress, concerning Pakistani firms. Furthermore, this study contributes to the existing literature by adding new evidence from developing countries such as Pakistan which are helpful for regulatory bodies and policymakers in the formulation of long-term CSR strategies to manage financial distress.

Originality/value

The study extends the body of existing literature on CSR and the likelihood of financial distress in Pakistan. The results suggest that policymakers may pay special attention to the quality of CSR while predicting corporate financial distress.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 16 June 2021

Muhammad Farooq and Amna Noor

This study aims to explore the role of corporate social responsibility (CSR) on the likelihood of financial distress for a sample of 139 Pakistan Stock Exchange (PSX…

Abstract

Purpose

This study aims to explore the role of corporate social responsibility (CSR) on the likelihood of financial distress for a sample of 139 Pakistan Stock Exchange (PSX) listed firms throughout 2008–2019.

Design/methodology/approach

The dynamic generalized method of moments (GMM) estimator is used to examine the impact of CSR on financial distress. The investment in CSR is measured through a multidimensional financial approach which comprises the sum of the contribution made by the company in the form of charitable donation, employees’ welfare and research and development, while the Altman Z-score is used as an indicator of financial distress. The higher the Z-score, the lower will be the probability of financial distress.

Findings

The authors find a significant positive impact of CSR on financial distress in GMM model. This finding is consistent with the shareholder view and over-investment hypothesis of CSR as management makes an investment in CSR to get personal benefits, which resultantly leads the firm toward financial distress state. Further, this positive relationship remains present for firms having strong involvement in foreign business through exports.

Research limitations/implications

Like other studies, the present study is not free from limitations. First, financial firms are skipped from the sample, although literature witnesses a lot of studies highlight the financial firms’ commitment to achieving CSR goals. Second, financial distress occurs in different stages, and this study fails to establish a linkage between CSR engagement at different stages of financial distress. In the future, researchers can make valuable addition by covering these missing links in present studies.

Practical implications

Findings suggest several practical implications. For policymakers, they should encourage firms to adopt more socially responsible behavior as it not only prevents them from distress but also comes with better investment behavior, minimize bankruptcies and make economies more strong and stable. Second, results suggest corporate managers emphasize socially responsible behavior as its benefits are beyond the “societal benefits” as it lessens financial distress through lower cost of debt, lesser financial constraints and reduced cost of information asymmetry, and it minimizes the cost of capital. Lastly, investors make risk premium assessments related to future earnings by determining the likelihood of financial distress in the future.

Originality/value

The study extends the body of existing literature on CSR and the likelihood of financial distress in Pakistan, which is according to the best knowledge of the authors, not yet studied before. The results suggest that policymakers may pay special attention to the quality of CSR while predicting corporate financial distress.

Details

Pacific Accounting Review, vol. 33 no. 3
Type: Research Article
ISSN: 0114-0582

Keywords

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Article
Publication date: 19 August 2021

Faiqa Naz, Kanwar Hamza Shuja, Muhammad Aqeel, Saima Ehsan, Atqa Noor, Dua Butt, Hajra Gul, Ushba Rafaqat, Amna Khan and Shafaq Gulzamir

There is an ever-increasing number of patients suffering from various forms of acute and chronic pain and getting treatment for such ailments is a basic human right…

Abstract

Purpose

There is an ever-increasing number of patients suffering from various forms of acute and chronic pain and getting treatment for such ailments is a basic human right. Opioid analgesics remain one way of managing and attending to such patients. However, due to the prevalence of opiophobia, many doctors avoid prescribing opioid-based medicines, even at the cost of patients suffering leading to a hindrance in providing optimal health care. Up till now, there has been no reliable and valid instrument to measure the severity of opiophobia in doctors. For this reason, the purpose of this study is to represent the construction of a precise and reliable instrument for measuring opiophobia along with its validation for doctors in Pakistan.

Design/methodology/approach

Interviews and theoretical knowledge relating to opiophobia were used as the basis for the purpose of generating an item pool. The generated item pool was evaluated by subject matter experts for content validity and inter-rater reliability, followed by Velicer’s minimum average partial method and maximum likelihood factor analysis for establishing the factorial structure of the scale. As opiophobia in doctors prevails the most and causes a lower ratio of prescription of opioid analgesics. The present sample selected for the study was that of n = 100 doctors (men = 50; women = 50) from various hospitals, treating patients with chronic pain, in Rawalpindi and Islamabad.

Findings

A two-factor structure was suggested by Velicer’s minimum average partial method and maximum likelihood factor analysis, which were labeled as fear of opioid analgesics and justified acceptance of opioids. The developed opiophobia questionnaire along with its subscales displayed appropriate levels of reliability α = 0.733, α = 0.760 and α = 0.725, respectively, suggesting the scale to be reliable.

Research limitations/implications

Like any other study, this study also tried to address every essential aspect, but still lacked at some places which should be considered and catered for in future studies. In the first place the sample size was very limited which was due to the fact, the study was conducted during a pandemic and physically going for data collection was unavailable, thus leading to consequent sample size. It is recommended a correspondent study can be conducted with larger sample size, so they can get more reliable results with greater precision and power. Then, they will have the advantage of a small margin of error. The second limitation was the study involved only doctors as that was the main focus of the present study. However, other hospital staff such as nurses should also be incorporated to assess their level of opiophobia. The current scale suggests the severity of opiophobia with higher scores though no cutoff point has been suggested. Future studies should try and incorporate a cutoff point to assess the difference between doctors who have conventional levels of reservations against opioids and those suffering from opiophobia. Another limitation was that the present scale did not establish additional validities such as convergent and divergent validity. Future studies should collect data from a larger sample to establish these validities to further refine the scale.

Practical implications

This instrument can be immensely effective in identifying doctors who have concerns and fears about prescribing opioids to patients with chronic pain. The findings acquired on such a scale can help in developing appropriate academic and psychological interventions which can help such doctors to overcome their opiophobia. This can enable more doctors to prescribe appropriate medicine to their patients instead of letting them suffer from pain. Additionally, researchers can equally benefit from the instrument as it can enable them to investigate opiophobia with other possible variables.

Social implications

Developing such a scale about the fear faced by doctors while treating patients would be very useful as it is not possible to take such fear when it comes to a patient’s life. This fear is also common among patients where they have a fear about the undesirable effects, addiction of drugs and fear of dying. Better awareness should be given to them which will be helpful for successful and less painful treatment in hospitals.

Originality/value

This scale is an original work with the aim of accessing opiophobia among doctors toward (chronic) patients with severe pain. There was a lot of research work that has been done on opiophobia in developed countries and few Pakistani researchers have also worked on opiophobia and its impact on pain management but still, no scale has been developed to measure the extent or tendency of opiophobia among doctors or patients. This scale can be used globally on both men and women doctors to access the tendency of opiophobia among them.

Details

International Journal of Human Rights in Healthcare, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2056-4902

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Article
Publication date: 14 March 2016

Fajer Saleh Al-Mutawa

The purpose of this paper is to explore how Muslim men in Kuwait negotiate their luxury fashion consumption (considered a feminized practice in Kuwait) without…

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Abstract

Purpose

The purpose of this paper is to explore how Muslim men in Kuwait negotiate their luxury fashion consumption (considered a feminized practice in Kuwait) without compromising their masculine identity.

Design/methodology/approach

The data were collected through 108 qualitative questionnaires and two unstructured in-depth interviews. Non-participant observations and informal conversations took place as part of an ongoing ethnographic study on luxury fashion consumption in Kuwait.

Findings

Within the feminized space of fashion, accessories (such as shoes, wallets, watches, sunglasses, etc.) seem to allow Muslim men an androgynous space (consumer constructions of gendered spaces to be equally masculine and feminine) to be fashionable yet maintain a masculine identity.

Research limitations/implications

Further research may explore the negotiation of androgyny among men who consume luxury fashion clothing or conspicuously feminized fashion (such as jewellery and handbags) in highly gendered societies. Limitations include reliance on questionnaire data (lacks depth insights) and narrow consumer (Muslim men in Kuwait).

Practical implications

Marketers of luxury fashion brands in Kuwait should focus on fashion accessories when targeting males. Advertising needs to shift gender perceptions of traditionally feminine fashion (such as handbags or jewellery) towards androgyny to attract male consumers. Religiosity of consumers is an important segmentation basis, and Muslim men who are less religious may be more open towards fashion consumption.

Originality/value

This research proposes the notion of androgynous spaces, contributing to gender within marketing theory and practice.

Details

Journal of Fashion Marketing and Management, vol. 20 no. 1
Type: Research Article
ISSN: 1361-2026

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Article
Publication date: 2 May 2017

Sihem Kherraf, Emna Zouaoui and Mohamed Salah Medjram

The purpose of this study was to investigate the inhibitive action of some green leaves on Monel 400 alloy in acidic media.

Abstract

Purpose

The purpose of this study was to investigate the inhibitive action of some green leaves on Monel 400 alloy in acidic media.

Design/methodology/approach

Green leaves of Mespilus japonica, Ricinus communis L and Vitis vinifera were immersed in methanol solutions, separately, and filtrated after 48 h of immersion; the obtained filtrates were examined as corrosion inhibitors of Monel 400 alloy in hydrochloric acid solution (1.0M HCl). The performance of these inhibitors was evaluated using electrochemical impedance spectroscopy and potentiodynamic polarization. The effect of temperature on corrosion behavior of Monel 400 was also studied.

Findings

The results obtained showed that all tested inhibitors performed as good corrosion inhibitors. The inhibition process is attributed to the adsorption of the inhibitors on Monel surface. The adsorption behavior was found to follow Langmiur isotherm. The inhibition efficiencies of extracts increased with increasing the concentration of each inhibitor and deceased with increasing the temperature.

Practical implication These inhibitors could have application in industries where hydrochloric solutions were used to remove the surface impurities of Monel 400.

Originality/value

This paper helps to find new corrosion inhibitors that are safe and eco-friendly.

Details

Anti-Corrosion Methods and Materials, vol. 64 no. 3
Type: Research Article
ISSN: 0003-5599

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Article
Publication date: 28 July 2021

Miranti Kartika Dewi and Ilham Reza Ferdian

This study aims to propose a comprehensive education model to enhance Islamic financial literacy to elevate the prominence of Islamic finance.

Abstract

Purpose

This study aims to propose a comprehensive education model to enhance Islamic financial literacy to elevate the prominence of Islamic finance.

Design/methodology/approach

The study conceptualized a framework of Islamic finance education using Prochaska and DiClemente’s transtheoretical model (TTM) of change aided by a review of the essential literature on Islamic financial literacy. The study also includes critical reflection based on the real firsthand experiences of delivering 16 voluntary non-formal community-based Islamic finance workshops for Indonesian diaspora in the UK and the Republic of Ireland from December 2014 to July 2016.

Findings

This study provides an inclusive conceptualization of an Islamic finance education approach to creating awareness in communities of applying Islamic financial principles in daily life. It also elaborates stage-appropriate strategies that cover the pre-contemplation, contemplation, preparation, action and maintenance stages that vary by upon individuals based on their readiness to adopt Islamic finance principles.

Research limitations/implications

This study is not merely based on a conceptual examination of literature but also incorporates critical reflection on a series of community-based Islamic finance workshops conducted by the authors. It therefore offers the potential to present an under-researched model used to enhance Islamic finance literacy as one of the pillars in supporting the development of the Islamic economic and financial sector.

Practical implications

This study provides guidelines and various practical ideas that scholars and any concerned parties can use to offer community-based Islamic finance educational activities aimed at supporting the future organic growth of Islamic finance.

Originality/value

The study expands the use of Prochaska and DiClemente’s TTM (which has been widely cited in health-related behavioral research) and brings a unique theoretical lens, notably within the Islamic finance literature. The use of the TTM was established in psychology and health-related behavioral science, particularly in relation to elucidating how people cease unhealthy behaviors (e.g. alcohol and smoking addictions) and how they develop healthy behaviors. This paper brings the TTM into another context on how to stimulate individuals, particularly Muslims, to shift from “riba addiction” and develop sharia-compliant financial behaviors.

Details

Journal of Islamic Accounting and Business Research, vol. 12 no. 5
Type: Research Article
ISSN: 1759-0817

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