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The paper aims at providing a survey of the development of empirical research in business process management (BPM). It seeks to study trends in empirical BPM research and applied methodologies by means of a developed framework in order to identify the status quo and to assess the probable future development of the research field.

In order to analyse the development of the research field a systematic literature review of empirical journal articles in the BPM context is conducted. The retrieved literature is analyzed by means of scientometric methods and a developed reference framework.

The steadily growing number of published articles in empirical BPM research shows an increase in interest in the research field. Research interests, applied methodologies, the underlying research paradigm and the level of maturity of empirical BPM research differ depending on regional aspects. BPM gains importance in the industry as well as in the public administration context.

The findings are based on a sample of 355 articles and not on an exhaustive amount of available empirical research contributions. Nevertheless, significant analyses can be conducted. Future research could apply the developed reference framework for further literature reviews in order to be able to compare the findings and to measure progress.

The presented literature review gives an overview of trends in empirical BPM research. The developed and strictly applied reference framework supports a systematic analysis of contributions and can thus draw a significant picture of the state‐of‐the‐art of the research field. To the best knowledge of the authors no such survey has currently been undertaken.

In line with the IFSB and BCBS methodology, the purpose of this study is to undertake a comparative analysis of dual banking systems for asset-liability management (ALM) practices with the duration gap, in Islamic Commercial Banks (ICBs) and Conventional Commercial Banks (CCBs). Based on the research objective, two research questions are developed: How do the duration gaps of ICBs compare with those of similar sized CCBs? Are there any country-specific and regional differences among ICBs in terms of managing their duration gaps?

The research methodology comprises two-stages: stage one uses a duration gap model to calculate the duration gaps of ICBs and CCBs; stage two applies parametric tests. In terms of the duration gap model, the study determines the duration gap with a four-step process. The study selected a sample of 100 banks (50 ICBs and 50 CCBs) from 13 countries for the period 2009-2015.

The paper provides empirical insights into the duration gap and ALM of ICBs and CCBs. The ICBs have more variations in their mean duration gap compared to the CCBs, and they have a tendency for a higher (more) mean duration gap (28.37 years) in comparison to the CCBs (11.79 years). The study found ICBs as having 2.41 times more duration gap compared to the CCBs, and they are exposed to increasing rate of return (ROR) risk due to their larger duration gaps and severe liquidity mismatches. There are significant regional differences in terms of the duration gap and asset-liability management.

Future studies also consider “Off-Balance Sheet” activities of the ICBs, with multi-term duration measures. A larger sample size of 100 ICBs with 10 years’ data after the GFC would be more beneficial to the industry. In addition, the impact of an increasing benchmark rate (e.g. 100, 200 and 300 bps) on the ICBs as per the IFSB 20 per cent threshold can also be established with the duration gap approach to identify the vulnerabilities of the ICBs.

The study makes profound contributions to the literature and suggests various policy recommendations for Islamic banks, regulators, and standard setters of the ICBs, for identifying and measuring the significance of the duration gaps; and management of the ROR risk under Pillar 2 of the BCBS and IFSB, for financial soundness and stability purposes.

To the best of the authors’ knowledge, this is a pioneer study in Islamic banking involving a sample of 100 banks (50 ICBs and 50 CCBs) from 13 countries. The results of the study provide original empirical evidence regarding the estimation of duration gap, and variations across jurisdictions in terms of vulnerability of ICBs and CCBs in dual banking systems.

The purpose of this paper is to investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance structures influence disclosure in the period following major reform and funding constraints.

The authors adopt a modified version of Coy and Dixon’s (2004) public accountability index, referred to in this paper as a public accountability and transparency index (PATI), to measure the extent of voluntary disclosures in 130 UK HEIs’ annual reports. Informed by a multi-theoretical framework drawn from public accountability, legitimacy, resource dependence and stakeholder perspectives, the authors propose that the characteristics of governing and executive structures in UK universities influence the extent of their voluntary disclosures.

The authors find a large degree of variability in the level of voluntary disclosures by universities and an overall relatively low level of PATI (44 per cent), particularly with regards to the disclosure of teaching/research outcomes. The authors also find that audit committee quality, governing board diversity, governor independence and the presence of a governance committee are associated with the level of disclosure. Finally, the authors find that the interaction between executive team characteristics and governance variables enhances the level of voluntary disclosures, thereby providing support for the continued relevance of a “shared” leadership in the HEIs’ sector towards enhancing accountability and transparency in HEIs.

In spite of significant funding cuts, regulatory reforms and competitive challenges, the level of voluntary disclosure by UK HEIs remains low. Whilst the role of selected governance mechanisms and “shared leadership” in improving disclosure, is asserted, the varying level and selective basis of the disclosures across the surveyed HEIs suggest that the public accountability motive is weaker relative to the other motives underpinned by stakeholder, legitimacy and resource dependence perspectives.

This is the first study which explores the association between HEI governance structures, managerial characteristics and the level of disclosure in UK HEIs.

The purpose of this paper is to draw the state of the art on the trade credit, one of the most alternative form of firm financing, especially for small- and medium-sized enterprises (SMEs).

The present study first reviews the theoretical papers focusing on the raison d’être of trade credit financing. Then the study identifies the empirical research studies in SMEs’ context and summarizes them on the basis of the following drivers: the country and the period analysed, the methodology used, the main findings and the presence of a shock in time span.

Findings reveal a discrepancy of results, especially in testing Meltzer’s hypothesis of substitution effects among trade and bank credit. The heterogeneity of results should be driven by lending infrastructure of the country analysed and the presence or not of a shock in time span considered. Financial constraints can reconcile the discrepancy of results. Then, most of the studies analysed are based on the assumption that trade credit is more expensive than bank credit.

This paper provides valuable conclusion on past and present studies on trade credit. First is providing a rule of the thumb in the reading of empirical evidences. Also researchers and academicians should deal with consideration regarding the cost of trade credit that still appears as a black box. This is an important issue in corporate finance, as it influences the financial decision of firms and it will be useful for conducting a deeper comparison on the alternative cost of firm financing.

The purpose of this paper is to examine herding in four frontier markets in the Balkan region, namely, Bulgaria, Croatia, Romania and Slovenia, from October 2000 to December 2016.

The author employs Chang et al.’s (2000) cross-sectional dispersion approach to capture herding, while also testing for the global financial crisis’ effects and the European Union (EU)/Euro zone accession effects over herding. Potential asymmetric herding effects conditional on market performance, domestic volatility, German and US investor sentiment are also examined. Finally, the cross-market herding dynamics of the region are also explored.

Overall, Romania exhibits the most extensive evidence of herding across various estimations. The empirical results indicate that cross-market herding dynamics within the region generate stronger herding (compared to the herding observed within each stock market individually), suggesting that Balkan stock exchanges’ growing financial integration leads their herding to be “imported”, rather than domestically motivated.

The findings provide useful insights for regulators in frontier markets, considering the destabilising potential of herding; they are also of particular interest to the investment community for reasons of international asset allocation, diversification and hedging strategies.

This study contributes to the limited herding literature regarding frontier markets and provides novel findings regarding the herding dynamics in the Balkan region, the EU/Euro zone accession’s effect and global factors’ impact on herding estimations.

This study presents evidence on the relations of stock market performance and industrial production growth for a group of 20 industrial markets. Evidence supports the notion that an increase in stock returns or a rise in the market value of stocks contributes positively to industrial production growth. Evidence suggests that stock market risk has a significantly negative effect on production growth for advanced markets. The Granger test finds a unidirectional causality running from stock returns or stock volatility to industrial growth. However, the United States shows a bilateral causality between stock volatility and industrial production growth.

This paper tests public budgeting as a long-run and short-run process; political decision makers strive to head toward budgetary balance over the long run but are constrained in the short run and follow incremental decision-making. First, the budget equilibrium theory is stated and is used to explain the relationship between revenues and expenditures. Second, the interaction between expenditures and revenues is tested with a vector error correction model for Canada, UK and the US, using annual time series data between 1948 and 2000. The results show that, in the long-run, revenues are the driving force behind the budget in Canada; in the UK expenditures force the budget toward balance. In the short-run, incrementalism occurs in both of these countries. The most interesting finding is for the United States where on-budget revenues and expenditures both push the budget toward balance over the longrun but there is no incrementalism in the process in the short-run. This, of course, is contrary to much of the existing literature.

This paper aims to review the literature on the balanced scorecard (BSC) system. The BSC may well be one of the most popular performance measurement systems, but this is not synonymous with successful. The inventors of the BSC, Kaplan and Norton, actually emphasize that a BSC can only really impact the organizational performance if it is linked to the actors’ intrinsic and extrinsic incentives. As BSC has existed for more than 20 years, the authors find it relevant to survey the extant literature which elaborates on the BSC-incentives link within organizations.

This paper identifies 117 empirical studies from leading academic journals published between 1992 and 2012 and then assesses 30 of these studies, which present the BSC-compensation link within the BSC literature. The authors analyze both research design (authors’ perspective) and the actual findings in the field (organizations’ perspective).

First, it was found that only 30 of 117 empirical studies have a research design that is comprehensive enough to capture a full BSC as suggested by Kaplan and Norton, and only six of these studies elaborate on the link between the BSC and compensation. Second, extant research lacks valid constructs for the BSC and focuses too much on planning (ex-ante) with the BSC and not sufficiently on evaluation and control (ex-post). Third, the authors demonstrate that empirical BSC literature relies very strongly on field research in small and medium enterprises compared to similar research. Overall, the authors claim that the “relevance” of the BSC remains unproven.

The authors synthesize the empirical BSC literature and derive a future research agenda.

The purpose of this paper is to provide new empirical evidence on the performance of multinational banks as a subset of the eclectic theory.

The paper employs the least square method of random effects model (REM). The opportunity to use a random effects rather than a fixed effects model has been tested with the Hausman test. To control for cross‐section heteroscedasticity of the variables, the study employs White's transformation.

The empirical findings indicate that credit risk, overhead costs, income from non‐traditional sources, and loans intensity contribute positively to the profitability of the foreign subsidiaries. The results seem to suggest that the parent bank's branch networks exert positive influence on their foreign subsidiaries in India, while the size of the parent banks negatively influences their Indian subsidiaries’ performance.

Due to its limitations, the present study could be extended in a variety of ways. First, future research could include more variables such as taxation and regulation indicators, and exchange rates as well as indicators of the quality of the offered services. Second, future studies could also examine the differences in the determinants of profitability between small and large or high and low profitability banks. Third, in terms of methodology, frontier optimization techniques such as the data envelopment analysis, the stochastic frontier analysis, and/or the Malmquist productivity index methods are recommended to examine the performance of the foreign subsidiaries of multinational banks operating in the Indian banking sector.

Studies on the potential benefit of foreign bank entry have been studied extensively. Still, little is known about in which type of country, and under which circumstances, foreign banks have an advantage over their domestic bank peers. Furthermore, Claessens and van Horen point out that the recent financial crisis has highlighted risks associated with cross‐border banking and foreign banks presence. These developments have led to greater interest among policy makers and academicians for more analyses to help guide regulatory reform.

The empirical works concerning multinational banking have mainly focused on the determinants and methods of multinational banks entry into foreign markets. On the other hand, empirical evidence on the performance of multinational banks as a subset of the eclectic theory is scarce. By using the whole gamut of foreign subsidiaries of multinational banks operating in the Indian banking sector during the period 2000 to 2008, the paper contributes to this line of the literature.

Following the controversy regarding the effects of stronger intellectual property rights (IPR) on technological innovation, the purpose of this paper is to systemically examine the relationship between IPR and technological innovation under the North‐South analytical framework.

Using panel data from 27 developed countries and 57 developing countries, this paper operates the empirical examination on determinants of technology innovation in an open economy by separated sample of the North and the South. The paper adopts the instrumental variable (IV) estimation to handle the possible endogenous problem caused by IPR variable.

This paper finds that the threshold effects of stronger IPR on innovation depended on the initial IPR level. Neither too strong IPR nor too weak IPR are conducive to innovation. Furthermore, the optimal level of IPR in developed countries is higher than that of developing countries; this difference implies that adoption of IPR standard of developed countries may be inefficient for developing countries.

The authors' empirical results uncover new empirical evidence to support “the optimal IPR hypothesis” and provide this field with more detailed and reliable empirical evidence.