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This paper aims to investigate the behaviour determinants towards cash waqf for productive purposes between two different classes of Muslims: the upper-middle class and the lower-middle class.

Under the Theory of Planned Behavior framework, this study modified previous literature to investigate the determinants of two Muslim classes’ behaviour towards cash waqf for productive purposes. A structural equation model was applied to test the hypothesis, and an in-depth interview was conducted to explain the findings further.

The behaviour of participating in cash waqf for productive purposes differs between the two Muslim segments. Upper-middle-class Muslims’ intentions will not necessarily consider subjective norms, even though they will consider religiosity as their deciding factor. Meanwhile, this study found different results on the influence of attitude, religiosity and subjective norms to intention in the lower-middle-income group. Other attributes such as perceived behaviour control, knowledge, trust and perceived benefits show positive and significant effects on the intention for both income classes of Muslims.

The current findings may not accurately reflect ideal conditions due to the low level of waqf literacy and actual participation of Muslims in cash waqf for productive purposes. Researchers can conduct further studies based on other criteria, such as gender, age, education level or area of residence, using experimental or simulation methods to complement the research.

This study’s findings can support policymakers and related waqf stakeholders to set strategies for cash waqf literacy and participation by providing more detailed information about the differences in Muslims characteristics based on the income classes.

This study specifically modifies the behavioural framework to investigate differences in the behaviour of two classes of Muslims towards their participation in cash waqf for productive purposes in Indonesia.

Current research in the field of behavioural finance has attempted to discover behavioural biases and their characteristics in individual investors’ irrational decision-making. This study aims to find out how biases in information based on knowledge affect decisions about investments.

In step one, through existing research and consultation with specialists, 13 relevant items covering major aspects of bias were determined. In the second step, multiple linear regression and artificial neural network were used to analyse the data of 337 retail investors.

The investment choice was heavily impacted by regret aversion, followed by loss aversion, overconfidence and the Barnum effect. It was observed that the Barnum effect has a statistically significant negative link with investing choices. The research also found that investors’ fear of making mistakes and their tendency to be too sure of themselves were the most significant factors in their decisions about where to put their money.

This research contributes to the expansion of the knowledge base in behavioural finance theory by highlighting the significance of cognitive psychological traits in how leading investors end up making irrational decisions. Portfolio managers, financial institutions and investors in developing markets may all significantly benefit from the information offered.

This research is a one-of-a-kind study, as it analyses the emotional biases along with the cognitive biases of investor decision-making. Investor decisions generally consider the shadowy side of knowledge management.

This paper aims to study and discover the unsearched area in behavioral finance in the new era of technology enhancement. The study has been done with two significant methodologies of reviews. This study also covers the whole structure of the investment decision scenario.

A systematic and bibliometric analysis has been done to make this study conceptual. Data collection sources are highly indexed journals, Scopus, Web of Science and Google Scholar. The “R” package has been used to do bibliometric analysis. Start with data cleaning and import the data in biblioshiny to get and interpret the result. A total of 642 data has been finalized from 1973 to 2022.

Various noticeable results have been found to accomplish the objectives and fill the gap in the study. There is a need to research both technological and psychological factors to determine the relation of these two variables with the investment decision-making of investors.

This study has done a systematic literature review and a bibliometric analysis that shows the importance of technology enhancement for further research, which has been searchable throughout this study.

This study aims to investigate the impact of financial and behavioural factors on investment decisions in the cryptocurrency market within the Gulf Cooperation Council (GCC).

The study uses the cross-sectional absolute deviation methodology developed by Chang et al. (2000) to determine the existence of herding behaviour during extreme conditions in the cryptocurrency market of four GCC countries: Bahrain, Saudi Arabia, Kuwait and UAE. In addition, a questionnaire survey was distributed to 322 investors from the GCC cryptocurrency markets to gather data on their investment decisions.

The study finds that the herding theory, prospect theory and heuristics theory account for 16.5% of the variance in investors' choices in the GCC cryptocurrency market. The regression analysis results show no multicollinearity problems, and a high F-statistic indicates the general model's acceptability in the results.

The study's findings suggest that behavioural and financial factors play a significant role in investors' choices in the GCC cryptocurrency market. The study's results can be used by investors to better understand the impact of these factors on their investment decisions and to develop more effective investment strategies. In addition, the study's findings can be used by policymakers to develop regulations that consider the impact of behavioural and financial factors on the GCC cryptocurrency market.

This study adds to the body of literature in two different ways. Initially, motivated by earlier research examining the impact of behaviour finance factors on investment decisions, the authors look at how the behaviour finance factors affect investment decisions of the GCC cryptocurrency market. To extend most of these studies, this study uses a regime-switching model that accounts for two different market states. Second, by considering the recent crisis and more recent periods involving more cryptocurrencies, the authors have contributed to several studies examining the impact of behavioural financial factors on investment decisions in cryptocurrency markets. In fact, very few studies have examined the impact of behavioural finance on cryptocurrency markets. Therefore, to the best of the authors’ knowledge, this study is the first of its kind to investigate how behavioural finance factors influence investment decisions in the GCC cryptocurrency market. This allows to better illuminate the factors driving herd behaviour in the GCC cryptocurrency market.

Millennials are a vital generational cohort of the Indian population, and understanding their motivation to participate in the stock market is crucial. This study aims to understand the investment decision-making behavior among millennials in the Indian Stock Market.

Using a cross-sectional research design that entails in-depth personal interviews, this study aims to understand the equity investment behavior of millennials. Verbatim texts from interview transcripts were used to analyze the content and arrive at themes.

The study investigated the motivation to enter the stock market and gained insights into how individuals make equity investment decisions considering economic and behavioral dimensions. The basis for stock selection was predominantly on the self-analysis of investors. Multiple stock selection priorities are also discussed. In addition, informants ensured asset diversification and exercised various strategies to overcome emotions. Furthermore, they suffered from various behavioral biases.

Individual investors are the least informed and most impacted stakeholders in the stock markets; therefore, this study contributes fresh insights to enhance their financial security. The paper also examines some noticeable behavioral tendencies retail investors exhibit and gathers helpful strategies for mitigating behavioral biases.

The uniqueness of the research lies in its adoption of a qualitative methodology that uses the investment experience of millennial investors to reveal the components of decision-making behavior and investor psychology. The findings are thereby unique and have significant managerial implications.

This paper examines the relationship between behavioral biases, and demand decisions for life insurance products in Uganda.

Data were collected from 351 life insurance policyholders in Uganda. The authors used a cross-sectional survey by applying a structured questionnaire. Descriptive analysis was conducted and hypothesized relationships between the constructs were evaluated through the use of structural equation modeling.

Results indicate that, behavioral biases are significant predictors of life insurance demand among Ugandan policyholders. Also, the two behavioral bias variables (heuristic bias and prospect bias) are significant predictors of demand decisions for life insurance products.

These results are helpful for both insurers and regulators. For insurers, it is now evident that demand decisions for life insurance products are not fully rational. It is imperative for insurers to simplify life insurance product information (heuristics), integrate product education and widen dissemination of product information (prospect bias) to allow policyholders to come up with optimal demand decisions. While for insurance policymakers, the study provides an understanding of behavioral biases. With such insights, policymakers can identify exploitative and deceptive information that target policyholders to better guide life insurance documentation and product designs.

This study is the first to offer insights into behavioral biases' influence on demand decisions for life insurance products in a developing country like Uganda. By integrating prospects and expected utility theory, this study examines rationality and irrationality in demand decisions for life insurance products.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0201

This paper aims to investigate the impact of audit mechanisms on earnings management (EM) practices in listed Saudi Arabian companies. Specifically, it examines the association between audit committee (AC) characteristics, external audit quality and EM before and after the revision of Saudi Regulations on Corporate Governance (SRCGs) in 2017.

The study analyzes a data set comprising 135 Saudi-listed companies observed from 2013 to 2020. EM practices are measured using the absolute value of discretionary accruals, and external audit quality is assessed by the involvement of BIG 4 auditors. The authors also consider four variables to gauge AC characteristics: independence, size, meeting frequency and expertise. To test the hypotheses, the authors use multivariate regression on panel data.

The findings provide robust evidence regarding the impact of audit mechanisms on EM practices. The presence of accounting and finance experts within the AC is shown to have a substantial and statistically significant effect in reducing EM practices. Similarly, AC independence demonstrates a negative association with EM after the implementation of the SRCGs 2017. However, the study does not uncover any statistically significant impact of AC size and meeting frequency on EM practices. Moreover, the research highlights a noteworthy positive relationship between EM practices and engagement with BIG 4 audit firms before the SRCGs 2017. However, this relationship ceases to exist following the regulatory amendment.

The practical implications of this research are significant for policymakers and companies operating in Saudi Arabia, as well as for practitioners and auditors working in the region. The findings underscore the importance of high-quality auditing work to prevent EM practices and promote transparent financial reporting. The study recommends increasing the number of independent members and financial experts on the AC, as well as rigorous monitoring of AC size and meetings. It also emphasizes the need for compliance with governance regulations to focus on effective monitoring of the AC rather than mere fulfillment of requirements.

The study enhances the existing literature on the effectiveness of ACs and external audit quality in mitigating EM by providing evidence from a unique and Islamic context that has not been extensively studied before. This can help in validating or challenging the findings of previous studies and provide a more comprehensive understanding of the factors that impact EM in different contexts.

Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.

Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.

The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.

This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.

This study examines the effects of financial literacy and financial risk tolerance on investor behavior by introducing social stigma as a mediator and emotional intelligence as a moderating factor.

Data is collected from 761 financially independent individual investors, with a minimum age of 25 years, a minimum of five years of stock market experience and residing in five selected major Indian cities. The collected data is subsequently analyzed using SmartPLS. Homogeneous purposive sampling followed by snowball sampling was employed.

The findings of the study demonstrate a strong and noteworthy impact of financial literacy on investor behavior. The research reveals that social stigma acts as a partial mediator and emotional intelligence plays a significant moderator with direct effects and indirect effects between financial literacy, financial risk tolerance, social stigma and investor behavior.

Exploring emotional intelligence in financial decisions enriches academic programs by integrating it into financial education. Collaboration between academia and financial institutions yields practical tools, infusing emotional intelligence into services. This prompts systemic shifts, reshaping education and societal discourse, fostering inclusive, emotionally intelligent financial landscapes, aiming to redefine both academic teachings and real-world financial practices.

Integrating emotional intelligence into government-led financial literacy programs can transform societal perspectives on financial decision-making. Customized services, destigmatizing workshops and collaborative efforts with academia foster an emotionally intelligent financial landscape, reshaping traditional paradigms.

Promoting open societal discussions about finances combats stigma, fostering a supportive space for risk-taking. Emphasizing emotional intelligence in awareness campaigns cultivates inclusivity and confidence. Normalizing financial talks empowers individuals, enhancing their well-being. Elevating both financial literacy and emotional intelligence enhances overall financial health, nurturing a community adept at navigating financial journeys.

This study marks a notable contribution to behavioral finance and social stigma theory by examining their intersection with emotional intelligence. It uniquely introduces social stigma as a mediator and emotional intelligence as a moderator, unexplored in this context. This novelty underscores the research’s significance, offering practical insights into financial well-being.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2023-0626

This study aims to investigate the relationship between financial inclusion and sustainable economic development in Indonesia by exploring the potential impact of Takaful. Specifically, the study seeks to examine the feasibility of leveraging Takaful as a means to foster financial inclusion and drive economic growth in Indonesia.

This study uses a qualitative analysis methodology, specifically using content analysis techniques, to investigate the relationship between financial inclusion and sustainable economic growth in Indonesia, focussing on the role of Takaful. The content analysis enables a systematic study of the data to identify trends and topics pertinent to Takaful and its potential to advance financial inclusion.

The study’s results reveal a direct causal link between economic growth and achieving financial inclusion through the use of Takaful. The findings also indicate a positive correlation between the increased presence of Takaful markets and accelerated economic growth.

The study examines only the use of Takaful in achieving financial inclusion and sustainable economic growth in Indonesia. Nonetheless, the practical implications of this research are substantial, as they highlight the potential of Takaful to foster financial inclusion and stimulate economic growth in Indonesia.

This study contributes to the limited body of research on the relationship between financial inclusion and economic growth in Indonesia, specifically in the context of Takaful.

This study’s value lies in its exploration of an under-researched area, providing crucial insights into the potential of Takaful to promote financial inclusion and drive economic growth in Indonesia. The social implications of this study are also noteworthy, as increased financial inclusion and economic growth can positively affect poverty reduction, job creation and overall societal well-being in Indonesia.