Search results

This study aims to provide comprehensive models that investigate the combination of both external fundamentals and internal characteristics on firm performance and if there is any difference between Shariah and non-Shariah compliant firms. The objective of this paper therefore is to analyze the significant relation between external fundamentals, internal characteristics and firm performance.

Panel data regression analyses are applied to determine significant results. It helps to control for unobserved factors of firm heterogeneity, which may result in spurious regression.

Most internal firm characteristics are found to be significant, but the same cannot be said for external fundamentals. Firm size is found to be very significant in driving both sets of firm performances. Financial distress in term of higher level of leverage is found to be a negative driver of non-Shariah-compliant firms’ performance in terms of return on asset but not for Shariah firms consistent with Islamic finance understanding. Shariah-compliant firms with higher liquidity tend to perform much better than less liquid firms, but the same is not found for non-Shariah-compliant ones.

This study is limited to the industrial production sector and compares both Shariah and non-Shariah compliant firms.

This study adds new findings to clarify the roles of external macroeconomic fundamentals and internal characteristics determinants on firm performance. Findings from this study combine relevant information on different sets of determinants on firm performance and produce empirical evidence beneficial to both sets of Shariah and non-Shariah compliant firms in the industry.

This paper fulfills the need for firms to understand the external and internal environment for continuous survival and performance. It is therefore important for firms to recognize the possible factors which may influence their performance and mechanisms to sustain their performance for long-term survival.

This paper aims to review the Shari’ah investment screening methodologies of 34 prominent global Islamic finance users, including index providers, Shari’ah service providers, Islamic banks, a regulator, an association body and fund managers.

A comparative analysis is performed to highlight the variances of the Shari’ah-compliant methods and principles practiced by these renowned institutions with the latest compiled data.

The two sets of business screens and financial screens are profiled separately to clearly examine the similarities and differences between the different methodologies. Some of these practitioners are more specific in their listing of Shari’ah-impermissible activities, while some are more general in allowing more businesses to be included as permissible. The majority of these users practice a two-tier method of screening: qualitative and quantitative. Under quantitative screen, the range of allowable threshold ratios on non-permissible criteria differs slightly between them.

With the wide divergence in screening methodologies applied by practitioners, there is a general consensus in the acceptance of compliant assets from various countries and practice. Standardization is, therefore, seen as a need not only to make understanding of Shari’ah investments clear to investors but also to discourage misunderstandings between scholars and investors.

The suggestion, therefore, is to set globally acceptable universal Shari’ah standard methodologies which are applicable by the world Islamic financial market. These standards which are relevant and logical to global ethical investing would further stimulate investments in Islamic finance.

With Shari’ah-compliant asset growing exponentially relative to the world’s financial assets, it is alleged that greater harmonization of the global screening methods would prevent misunderstanding and provide a clearer insight on Shari’ah investing, which could further accelerate growth of the Islamic finance sector worldwide.

To provide a more transparent regulatory environment and build local and regional regulatory framework through establishment of standards, there should be more consistency with minimum barriers that prevent the industry from achieving its full potential. The paper also contributes to existing literature by documenting and analyzing the qualitative and quantitative screening procedures as practiced by a comprehensive set of global Islamic finance users. It is, therefore, important to share this knowledge as an effort toward greater understanding and harmonization of the practices at the global level to accelerate growth in the industry.

A pæan of joy and triumph which speaks for itself, and which is a very true indication of how the question of poisonous adulteration is viewed by certain sections of “the trade,” and by certain of the smaller and irresponsible trade organs, has appeared in print. It would seem that the thanks of “the trade” are due to the defendants in the case heard at the Liverpool Police Court for having obtained an official acknowledgment that the use of salicylic acid and of other preservatives, even in large amounts, in wines and suchlike articles, is not only allowable, but is really necessary for the proper keeping of the product. It must have been a charming change in the general proceedings at the Liverpool Court to listen to a “preservatives” case conducted before a magistrate who evidently realises that manufacturers, in these days, in order to make a “decent” profit, have to use the cheapest materials they can buy, and cannot afford to pick and choose; and that they have therefore “been compelled” to put preservatives into their articles so as to prevent their going bad. He was evidently not to be misled by the usual statement that such substances should not be used because they are injurious to health— as though that could be thought to have anything to do with the much more important fact that the public “really want” to have an article supplied to them which is cheap, and yet keeps well. Besides, many doctors and professors were brought forward to prove that they had never known a case of fatal poisoning due to the use of salicylic acid as a preservative. Unfortunately, it is only the big firms that can manage to bring forward such admirable and learned witnesses, and the smaller firms have to suffer persecution by faddists and others who attempt to obtain the public notice by pretending to be solicitous about the public health. Altogether the prosecution did not have a pleasant time, for the magistrate showed his appreciation of the evidence of one of the witnesses by humorously rallying him about his experiments with kittens, as though any‐one could presume to judge from experiments on brute beasts what would be the effect on human beings—the “lords of creation.” Everyone reading the evidence will be struck by the fact that the defendant stated that he had once tried to brew without preservatives, but with the only result that the entire lot “went bad.” All manufacturers of his own type will sympathise with him, since, of course, there is no practicable way of getting over this trouble except by the use of preservatives; although the above‐mentioned faddists are so unkind as to state that if everything is clean the article will keep. But this must surely be sheer theory, for it cannot be supposed that there can be any manufacturer of this class of article who would be foolish enough to think he could run his business at a profit, and yet go to all the expense of having the returned empties washed out before refilling, and of paying the heavy price asked for the best crude materials, when he has to compete with rival firms, who can use practically anything, and yet turn out an article equal in every way from a selling point of view, and one that will keep sufficiently, by the simple (and cheap) expedient of throwing theory on one side, and by pinning their faith to a preservative which has now received the approval of a magistrate. Manufacturers who use preservatives, whether they are makers of wines or are dairymen, and all similar tradesmen, should join together to protect their interests, for, as they must all admit, “the welfare of the trade” is the chief thing they have to consider, and any other interest must come second, if it is to come in at all. Now is the time for action, for the Commission appointed to inquire into the use of preservatives in foods has not yet given its decision, and there is still time for a properly‐conducted campaign, backed up by those “influential members of the trade” of whom we hear so much, and aided by such far‐reaching and brilliant magisterial decisions, to force these opinions prominently forward, in spite of the prejudice of the public; and to insure to the trades interested the unfettered use of preservatives,—which save “the trade” hundreds of thousands of pounds every year, by enabling the manufacturers to dispense with heavily‐priced apparatus, with extra workmen and with the use of expensive materials,—and which are urgently asked for by the public,—since we all prefer to have our foods drugged than to have them pure.

Well‐founded complaint has recently been made concerning the characters of the various forms of “candy,” or, as we should term them, “sweets,” that are manufactured in great quantities in the United States.

In recent years, diversity and inclusion in higher education has become a topic of increased interest both nationally and internationally. Given the importance of this topic in today's world, it is surprising that the research is limited, especially with university students in the rural areas. This study examines on-campus students' perceptions of university diversity initiatives, and their value to the university environment.

Focus-group interviews with both undergraduate and graduate students from a public university in rural Michigan, USA, were conducted. Focus groups were used in this study because they are a particularly good method for generating discussion and stimulating ideas.

Overall, the participants identified several positive attitudes toward diversity and inclusion that included being accepting and respectful. However, it is significant that some participants are limited in their perceptions of culturally diverse backgrounds, which has resulted in some anxiety.

This study not only provides guidance to current institution administrators to create effective inclusive environments in their university. It can also be treated as a model for other rural universities, as building a successful inclusive environment in the future.

This paper aims to examine the effects of design sources (user design vs. company design) on customers’ perceived value (perceived self-improvement and perceived uncertainty) and consequently purchase intention, as well as the moderating effect of brand strength in the context of purchasing utilitarian products.

Two studies were conducted. Study 1 used a laboratory experiment (n = 160) to test the effects of design sources on perceived self-improvement, perceived uncertainty and purchase intention. Study 2 used an online experiment (n = 312) to examine the moderating effect of brand strength.

The results showed that user design is a double-edged sword for companies. Compared with company design, user design is associated with stronger self-improvement and uncertainty as perceived by customers. Perceived self-improvement is positively related to purchase intention, while perceived uncertainty undermines purchase intention. Moreover, for weak brands, perceived self-improvement is significantly stronger in user design than company design, while for strong brands, this relationship is not significant.

This paper draws on mental accounting theory to study the perceived benefits and risks of user design of utilitarian products, and highlights the double-edged effects of user design on customers’ perceived value and purchase decision. The findings provide more rounded insights on user design of utilitarian products, complementing the one-sided view of customers’ positive perceives of user design in unclassified product categories.

The information which has hitherto appeared in the daily press as to the evidence laid before the Departmental Committee which is inquiring into the use of preservatives and colouring matters can hardly have afforded pleasant reading to the apologists for the drugging of foods. It is plainly the intention of the Committee to make a thorough investigation of the whole subject, and the main conclusions which, in the result, must bo forced upon unbiassed persons by an investigation of this character will be tolerably obvious to those who have given serious attention to the subject. At a later stage of the inquiry we shall publish a full account of the evidence submitted and of the Committee's proceedings. At present we may observe that the facts which have been brought forward fully confirm the statements made from time to time upon these matters in the BRITISH FOOD JOURNAL, and amply justify the attitude which we have adopted on the whole question. Representatives of various trade interests have given evidence which has served to show the extent to which the practices now being inquired into are followed. Strong medical evidence, as to the dangers which must attach to the promiscuous and unacknowledged drugging of the public by more or less ignorant persons, has been given; and some medical evidence of that apologetic order to which the public have of late become accustomed, and which we, at any rate, regard as particularly feeble, has also been put forward. Much more will no doubt be said, but those who have borne the heat and burden of the day in forcing these matters upon the attention of the Legislature and of the public can view with satisfaction the result already attained. Full and free investigation must produce its educational effect ; and whatever legal machinery may be devised to put some kind of check upon these most dangerous forms of adulteration, the demand of the public will be for undrugged food, and for a guarantee of sufficient authority to ensure that the demand is met.

IN order to be able to discriminate with certainty between butter and such margarine as is sold in England, it is necessary to carry out two or three elaborate and delicate chemical processes. But there has always been a craving by the public for some simple method of determining the genuineness of butter by means of which the necessary trouble could be dispensed with. It has been suggested that such easy detection would be possible if all margarine bought and sold in England were to be manufactured with some distinctive colouring added—light‐blue, for instance—or were to contain a small amount of phenolphthalein, so that the addition of a drop of a solution of caustic potash to a suspected sample would cause it to become pink if it were margarine, while nothing would occur if it were genuine butter. These methods, which have been put forward seriously, will be found on consideration to be unnecessary, and, indeed, absurd.

This research is concerned with youth activism in Singapore historically and the importance of legitimacy for understanding the further development of youth activism and Singapore’s democratization process. It takes into account issues pertaining to good governance, economic performance and democratic participation (legitimacy). The paper aims to discuss this issue.

The research adopts a historical approach, qualitative in nature with some quantitative analysis based on documentary research, press reports and content analysis.

Historically youth activism was vibrant and dynamic in the fight for independence and against inequality and injustice during the colonial era in Singapore. Under Lee Kuan Yew’s rule, the scope and boundary of democratic participation (legitimacy) were delimited and controlled by the state. State-contained or controlled participation has replaced contentious politics. In the Singapore General Election in 2011, the younger generation of Singapore electorate, who are better educated and well-travelled, however, proved themselves to be rational and pragmatic when they exercised their rights to reject polices detrimental to their socio-economic well-beings as well as to the inclusiveness of society. The People’s Action Party (PAP) had the lowest vote share (60 per cent) in history. Since then the PAP government had stepped up its efforts in improving welfare gains of the citizens as well as managing public discontents with more effective policies. The PAP victory in the Singapore election (GE 2015), however, showed that among other reasons, welfare gains and good governance helped in salvaging the electoral legitimacy vis-à-vis the political legitimacy of the PAP government. However, the PAP government’s continual harsh treatment of critics, young and old, means that to achieve democratic legitimacy, it has to break through the shackles of authoritarian leadership style and elite governance, which have led to the regime’s failure to face up to the reality of an emerging civic participatory culture in the Singapore contexts.

Legitimacy is an important concept. To date there is no systematic application of this concept to the study of Singapore electoral politics. This paper employs Bruce Gilley’s determinants of legitimacy – democratic legitimacy, welfare gains and good governance – to explicate the basis of the PAP’s regime legitimacy, the contradictions inherent in state-contained participation and political representation that delimited and undermined the nature, scope and boundary of democratic legitimacy.

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.