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This study aims to comparatively analyze the systematic, idiosyncratic and downside risk exposure of both Islamic and conventional funds in Pakistan to see which of the funds has higher risk exposure.

The study analyzes different types of risks involved in both Islamic and conventional funds for the period from 2009 to 2016 by using different risk measures. For systematic and idiosyncratic risk single factor CAPM and multifactor models such as Fama French three factors model and Carhart four factors model are used. For downside risk analysis different measures such as downside beta, relative beta, value at risk and expected short fall are used.

The study finds that Islamic funds have lower risk exposure (including total, systematic, idiosyncratic and downside risk) compared with their conventional counterparts in most of the sample years, and hence, making them appear more attractive for investment especially for Sharīʿah-compliant investors preferring low risk preferences.

As this study shows, Islamic mutual funds exhibit lower risk exposure than their conventional counterparts so investors with lower risk preferences can invest in these kinds of funds. In this way, this research provides the input to the individual investors (especially Sharīʿah-compliant investors who want to avoid interest based investment) to help them with their investment decisions as they can make a more diversified portfolio by considering Islamic funds as a mean for reducing the risk exposure.

To the best of the author’s knowledge, this study is the first attempt at world level in looking at the comparative risk analysis of various types of the risks as follows: systematic, idiosyncratic and downside risk, for both Islamic and conventional funds, and thus, provides significant contribution in the literature of mutual funds.

The young members of Generation Z, who are hyperconnected and addicted to social media, are thought to be particularly sensitive to environmental and social concerns. This study aims to draw on a conceptual model that is based on the stimulus-organism-response paradigm. Exposure to sustainability content on social media is considered to be a stimulus that affects the development of sustainability advocacy among GenZers, who modify their lifestyles. Five hypotheses are developed and tested. The goal is to define the antecedents of sustainability advocacy.

A Web survey was distributed to 660 Italian members from Generation Z (aged between 14 and 25) to detect the frequencies of exposure to sustainability content on social media, sustainable habits, sustainable consumption behaviours and actions that are related to sustainability advocacy on social media. Correlation and multiple regression analyses were conducted to investigate the relationships between these factors.

The results show that exposure to sustainability content on social media affects both sustainable habits and sustainable consumption behaviour. These three factors influence the propensity to promote sustainability-related issues on social media and should, therefore, be considered to be antecedents of sustainability advocacy.

The study, which takes the social responsibilities of large companies into account, is conducive to understanding how brands can intervene in the soliciting processes of sustainability advocacy through social media to gain legitimacy and increase brand awareness.

This study is among the first to consider the use of social media for advocating sustainability among Generation Z, thus enriching academic research on this cohort.

The purpose of this paper is to obtain empirical evidence of the relationship of independence, professionalism and skepticism with the quality of audit produced.

This research was conducted with questionnaires distributed to all auditors working in KAP Surabaya and Sidoarjo. The population in this study was all auditors working in KAP 45 Surabaya and KAP 1 Sidoarjo. Hypothesis testing was performed by using the partial least square test with the help of SmartPLS software version 3.0.

The results from this study found that auditor independence is positively related to audit quality but is not significant. Variable auditor professionalism is positively related to audit quality and proved significant, while the skepticism variable of auditor professionalism is positively related to audit quality and is significant.

The results of this study indicate that auditor independence, professionalism and skepticism are positively related to audit quality.

The impact of diversification on bank stability and risk remains an ongoing topic of discussion with inconclusive results. Hence, this study investigated the implications of income diversification on bank stability within African markets.

The study utilised longitudinal financial data on 45 countries from 2000 to 2017 and employed static and dynamic panel model estimation.

The results of the study suggest income diversification technique could improve financial stability throughout typical and crisis periods which validate portfolio management theory. The study also confirms the “too big to fail” hypothesis, extensive diversifying over an optimal range negatively impacts stability. Banks with a high level of liquidity, a higher operating efficiency and a larger deposit ratio become more resilient. Banking capital regulations found to be the appropriate monitoring instrument for lowering risks and maintaining stability. However, profitability was found to have a positive effect on bank risk-taking. The finding also suggests that political institutions have substantial, direct implications that are positively related to bank fragility. Macroeconomic factors such as gross domestic product (GDP) growth and inflation also influenced bank stability.

This study has important implications for bankers, regulators and academicians concerned about the effect of diversification on a bank’s risk-taking or stability in developing economies.

To the best of the author’s knowledge, this is the first study on Africa to analyse the quadratic influence of income diversification and the effects of political institutions on the level of bank stability.

The purpose of this paper is to examine the extent to which audit opinion, audit findings, follow-up audit recommendations, level of education, level of welfare and heads of local governments’ commitment influence the disclosure of financial statements on the official website of local government.

The data of this research comprise 68 financial statements during the period 2015–2016 collected from 34 local governments across Indonesia by employing the census method. The data then are analyzed using logistic regression.

The results of this study show that audit opinion has a positive significant influence on the disclosure of financial statements on local government websites in Indonesia, while the audit findings, follow-up audit recommendations, level of education, level of welfare and heads of local governments’ commitment have no significant influences on the disclosure of financial statements local governments’ websites across Indonesia.

The study contributes to the public sector accounting research by enhancing our understanding to the disclosure of financial statements on local government websites.

This research studies femvertising social marketing impact on their perceived congruence and authenticity; and attitudes toward female role portrayal cross-gender.

This research used deductive quantitative research approach. Data were gathered during a sports event in Egypt made to support female empowerment; a local sports organization hosted 8K Women Race on February 26, 2022, applying a cross-sectional timeframe. The researcher approached both male and female segments with an administrated questionnaire to fill out through convenience sampling. Structural equation modeling path coefficient analysis was used to test the hypotheses.

The research shows femvertising perceived congruence is insignificant cross-gender; femvertising perceived authenticity is significant to female segment, not the male segment; femvertising impacts female portrayal among male segment and female segment.

The conclusions could be reference for stakeholders who have interest in women empowerment marketing strategies as brand activism; companies that look toward femvertising as effective tactic to enhance affirmative attitude and build an empowered female customer base. The results indicate that marketers can benefit from adapting a more mindful approach to the portrayal of females used in advertising.

The addition of a cross-gender perspective on femvertising (as brand activism) is a key contribution to this literature. This study adds knowledge on the how perceived congruence and authenticity of the advertising can impact significantly attitude toward women empowerment; when brands promote social matters, their underpinning motives are under microscope among consumers, and adverse attributions can hinder brand performance as consumers may not believe the brands when they engage in the activism.

In a work environment marked by unprecedented complexity, volatility and ambiguity, managers must accomplish their objectives while navigating many challenges. This paper aims to investigate potential interrelations among environmental transformations, cognitive biases and strategic decisions. In particular, the purpose of the study is to crystallize the state of art on the impact of cognitive biases on strategic decisions, in the context of environmental transformations.

The authors have conducted a systematic literature review to identify existing relevant work on this topic and to detect potential avenues for future research.

The findings highlight how decision-making is influenced and enabled by internal (e.g. perception) and external factors (e.g. digitalization). Specifically, the strategic role of cognitive biases appears to be crucial when investigating the related impact on strategic decisions in times of environmental transformation.

Implications are drawn for scholars and practitioners interested in evaluating the role of specific decision-making determinants for the formation and implementation of strategic decisions. In this sense, we stress that decision-makers need to manage their cognitive biases and select the right information out of a wide data set in order to adapt to environmental transformations.

By systematizing the literature review, potential interrelations among environmental transformations, cognitive biases and strategic decisions are identified. Furthermore, the primary phases that drive the decision-making process are proposed (analysis, decision, onboarding and control).

Drawing upon underinvestment theory and clientele effect hypothesis, this paper aims to examine the effects of foreign currency (forex) exposure and Shari’ah-compliant status on firms’ financial hedging strategy.

Based on data of 250 nonfinancial firms listed on Bursa Malaysia from 2010 to 2018 (2,250 firm-year observations), the authors test the impact of forex exposure based on a vector of foreign-denominated cash flows (FCF) indicators and firms’ Sharīʿah-compliant status on two proxies of financial hedging decisions, namely, the ratio of the notional value of currency derivatives to total assets and a binomial measure of hedging status. The hedging decision models are estimated using panel logistic regression and system generalized method of moments.

The results indicate significant positive effects of the forex exposure indicators on firms’ propensity to hedge. However, the impact of forex exposure is most prevalent via total FCF. The results also reveal significant positive effects of Sharīʿah-compliant status on firms’ propensity to hedge but its negative impacts on the value of currency derivatives they use. The results suggest that Sharīʿah-compliant firms refrain from engaging in currency derivatives to avoid riba’ and subsequently subdue the clientele effect. However, when the forex exposure reaches higher levels, engagement in currency derivatives becomes a matter of tentative necessity (dharurat).

This study relies exclusively on the disclosure of foreign currency risk and management data in the annual reports of listed companies. Consequently, this limits the sample size to only those nonfinancial listed companies with complete data for the study period. Also, since none of the companies reports using Sharīʿah-compliant derivatives, the authors thus assume that they use derivative instruments that tolerate “riba.”

Given the significance of forex exposure on hedging decisions, the accounting profession must strictly adopt FRS 7 and FRS 139 for all listed firms to avoid market scrutiny and sustain their clientele. The results also call for the Islamic market regulators to include mandatory disclosure of conventional currency derivatives in screening firms for clearly prohibited activities to help enhance the credibility of its Islamic financial market.

Due to difficulty accessing relevant cash flow data, the study is among the few studies that measure forex exposure using FCF and test more proxy indicators. This study is perhaps the first to examine the Shari’ah perspective on currency derivatives in corporate forex risk management.

The purpose of this paper is to assess the effect of financial derivatives use on different exposures by comparing domestic firms, domestic multinational corporations (MNCs) and affiliates of foreign MNCs using a unique hand-collected data set of derivatives activities from 881 non-financial firms in eight East Asian countries over the period of 2003-2013.

In this paper, the authors apply a two-stage approach. In the first stage, exposures to country risks, exchange rate and interest rate risks are estimated by using the market model. In the second stage, potential effects of firms’ derivatives use on multifaceted exposures are investigated by carrying out pooled regression model, and panel data regressions with random effect specifications.

The authors provide novel evidence that financial hedging of domestic firms and domestic MNCs reduces exposure to home country risks by 10.91 and 14.42 percent per 1 percent increase in notional derivative holdings, respectively, while affiliates of foreign MNCs fail to mitigate exposure to host country risks. The use of foreign currency and interest rate derivatives by domestic firms and domestic MNCs is effective in alleviating such firms’ exposures to varied degrees, while foreign affiliates’ use of derivatives can only lower interest rate exposures.

The primary theoretical contribution of this study is applying the market model to estimate exposures to home and host country risks. Regarding empirical contributions, the authors provide strong evidence that the use of financial derivatives by domestic firms and domestic MNCs significantly contributes to a decline in exposure to home country risks, and evidence the outperformance of domestic MNCs vis-à-vis domestic firms and foreign affiliates.