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Article
Publication date: 31 August 2010

Daniel Perez Liston and Gökçe Soydemir

The purpose of this paper is to investigate relative portfolio performance between sin stock returns and faith‐based returns.

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Abstract

Purpose

The purpose of this paper is to investigate relative portfolio performance between sin stock returns and faith‐based returns.

Design/methodology/approach

Similar to Hong and Kacperczyk, Jensen's alpha was utilized to conduct tests along with three asset‐pricing models and rolling regression technique to reveal that faith‐based and sin betas move in opposite directions during most of the sample period.

Findings

Norm‐neglect was found, in that Jensen's alpha is positive and significant for the sin portfolio. Further, evidence in favor of norm‐conforming investor behavior was found, where Jensen's alpha is negative and significant for the faith‐based portfolio. These findings provide evidence that the sin portfolio outperforms the faith‐based portfolio relative to the market. A rolling regression technique reveals that faith‐based and sin betas tend to move in opposite directions during most of the sample period. The evidence suggests that faith‐based beta has an average estimated beta of one, mimicking the market. The sin portfolio, however, has an average estimated beta of one‐half. Finally, the reward‐to‐risk measure, Sharpe ratio, is statistically higher for the sin portfolio relative to the faith‐based portfolio.

Originality/value

This paper contributes to the literature in the following distinct ways. First, three asset‐pricing models are estimated to examine Jensen's alpha for sin and faith‐based portfolios. Second, a rolling regression procedure is used to examine the dynamic behavior relative to the market of the sin and faith‐based portfolios. Third, use is made of the Jobson and Korkie test, which allows for statistical comparisons of Sharpe ratios. Lastly, daily instead of monthly data and a different sample period are used to examine the research questions posed in this study.

Details

Managerial Finance, vol. 36 no. 10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 2008

Andrew McConnochie

Recent research suggests that faith communities can be successfully involved in gang initiatives and, indeed, many are already working with children and young people at…

Abstract

Recent research suggests that faith communities can be successfully involved in gang initiatives and, indeed, many are already working with children and young people at risk. However, despite their commitment, they receive little professional support and attract few resources. This article outlines how effective partnerships can be developed between statutory agencies and faith communities.

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Safer Communities, vol. 7 no. 1
Type: Research Article
ISSN: 1757-8043

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Article
Publication date: 9 June 2021

Janet Davey, Eldrede Kahiya, Jayne Krisjanous and Lucy Sulzberger

While service inclusion principles raise the awareness of scholars to service that improves holistic well-being, little research explicitly investigates the spiritual…

Abstract

Purpose

While service inclusion principles raise the awareness of scholars to service that improves holistic well-being, little research explicitly investigates the spiritual dimensions of service inclusion. This study, therefore, aims to explore faith-based service inclusion in sub-Saharan Africa.

Design/methodology/approach

A qualitative case study of the Salvation Army’s Chikankata Services in Zambia was undertaken. Semi-structured interviews with the organization’s leaders and professionals were analyzed thematically.

Findings

Service inclusion pillars evince contextualized meaning and priority. In resource-constrained, vulnerable communities, faith-based service inclusion prioritizes two additional pillars – “fostering eudaimonic well-being” and “giving hope,” where existence is precarious, fostering (hedonic) happiness is of low priority. Findings reveal that pillars and processes are mutually reinforcing, harnessed by the individual and collective agency to realize transformative outcomes from service inclusion.

Research limitations/implications

This paper provides unique insight into faith-based service inclusion but acknowledges limitations and areas warranting further research.

Practical implications

The study yields important managerial implications. Service providers can use the framework to identify the contextual priority and/or meaning of service inclusion pillars and relevant reciprocal processes. The framework emphasizes the harnessing potential of individual agency and capability development for transformative well-being.

Social implications

Faith-based service inclusion, predicated on inclusion, human dignity and holistic well-being, has important implications for reducing the burden on scarce resources while building resilience in communities.

Originality/value

By examining a faith-based service in sub-Saharan Africa, this paper provides a holistic framework conceptualizing pillars, processes, agency and outcomes to extend Fisk et al.’s (2018) service inclusion pillars and to better understand the shaping of service delivery for service inclusion.

Details

Journal of Services Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0887-6045

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Book part
Publication date: 12 December 2011

Peter Seele

This chapter aims to develop an institutionalist concept of faith based on Williamson's concept of ‘institutional trust’ and Coleman's contribution to ‘placement of…

Abstract

This chapter aims to develop an institutionalist concept of faith based on Williamson's concept of ‘institutional trust’ and Coleman's contribution to ‘placement of trust’. As a starting point, it considers the social capital literature on trust from the perspective of institutional economics and economic anthropology. ‘Institutional faith’ posits as a normative state the inevitability of trust with regard to certain questions human beings cannot answer. This has a behaviour-channelling effect which makes, e.g. for institutional stability. The proposed concept is evaluated critically by contrasting it with T. Kuran's concept of ‘preference falsification’ in the Hindu caste system. Finally, the concept is challenged by today's Hindu fundamentalism and makes a differentiation between fundamentalism and institutional faith.

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The Economics of Religion: Anthropological Approaches
Type: Book
ISBN: 978-1-78052-228-9

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Book part
Publication date: 10 June 2014

Social identity as shaped by religion or spirituality is unique in comparison to some other social identity dimensions because it may be invisible unless a person wears a…

Abstract

Social identity as shaped by religion or spirituality is unique in comparison to some other social identity dimensions because it may be invisible unless a person wears a symbol or dress widely regarded as synonymous with a given religious tradition. Yet, some employees choose to fuse their personal and work lives when religion or spirituality is a salient dimension of their social identity. Problems emerge, however, and can make for an awkward fit in the business world.

Perhaps the primary advantage to religion or spirituality at work is potential for high employee morale and residual benefits in enhanced performance. Scholars who research the God gap suggest that abundant and ongoing airing of political and religious difference can benefit everyone. Numerous business organizations endorse respectful pluralism and lived religion, enabling employees to participate in community service activities, retreats with nature walks, physical exercise, meditation, spiritual contemplation, physical space for individual prayer and group discussions throughout the day, faith-related reading materials, and faith leaders to provide counseling. Yet, even though religion is a federally protected class and employers in some parts of the world are mandated to accommodate employees’ religious beliefs and observances so long as no undue hardship on business operations results, this does not mean that conflicts do not arise. To explore religious identity and spirituality with a focus on workplace dynamics, Chapter 11 is divided into subthemes of: what is religious identity?, accommodating faith/spirituality at work, faith/spirituality in organizations and health, the formal religion-spirituality dichotomy, lived religion, and conflicts about faith/spirituality in the workplace.

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Practical and Theoretical Implications of Successfully Doing Difference in Organizations
Type: Book
ISBN: 978-1-78350-678-1

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Book part
Publication date: 21 May 2021

Tehmina Khan and Peterson K. Ozili

Purpose: Ethical investing is considered to be the pinnacle of embedding environmental considerations in investing. Environmental considerations form a major part of…

Abstract

Purpose: Ethical investing is considered to be the pinnacle of embedding environmental considerations in investing. Environmental considerations form a major part of corporate social responsibility (CSR), and CSR is considered to have a positive effect on investment returns. The purpose of this chapter is to assess the degree of environmental considerations embedded in faith-based funds investment criteria. The comparative analysis between principles and practice through faith-based investing is undertaken.

Design/Methodology: Prospectuses of selected faith-based mutual funds and other information around investment strategies provided on the Funds’ websites have been analyzed in detail. Content analysis has been undertaken in order to evaluate the existence and types of environmental related criteria demonstrated by the Funds. The criteria are compared to the faith principles on environmental responsibility.

Findings: It is generally assumed that CSR requirements form the premise of socially responsible investing. The authors find that faith-based investing criteria are narrowly defined and that they represent biases which do not promote environmentally responsible investing.

Implications: The major implication is that inspite of the availability of faith-based environmental responsibility principles, faith-based funds represent a case of economic returns prioritization over environmental considerations. Environment accountability principles that exist need to be promoted regularly so that they become an essential element of every day decision-making including faith-based economic decision-making.

Originality: This study contributes to the debate on ethical investing from the perspective of faith-based mutual funds.

Details

New Challenges for Future Sustainability and Wellbeing
Type: Book
ISBN: 978-1-80043-969-6

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Book part
Publication date: 23 January 2020

Peter Buberis

Abstract

Details

Australian Franchising Code of Conduct
Type: Book
ISBN: 978-1-83909-168-1

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Book part
Publication date: 17 June 2020

Lynnaia Main

This chapter, based on a keynote presentation at the Moana: Water of Life conference at the University of Lincoln, UK, in August 2019, explores how individual people of…

Abstract

This chapter, based on a keynote presentation at the Moana: Water of Life conference at the University of Lincoln, UK, in August 2019, explores how individual people of faith, and faith actors, engage with the confluence of member states, UN entities, and civil society that make up the UN system, in order to address climate change and water, informally and formally. Interviews with faith-based organizations, UN entities, and UN ambassadors revealed lessons learned on the successes, challenges, and obstacles in engaging with the UN on climate action. Drawing from this research, the author revealed some “lessons learned” in order to respond to a key question: How can faith-based participants engage with the United Nations (UN) on climate action in smart, strategic ways in an era of climate emergency? The research aims to equip the readers with a sense of the urgency of climate action and an appreciation of their own agency and action and practical tools for using their faith in climate action with the UN.

Details

Science, Faith and the Climate Crisis
Type: Book
ISBN: 978-1-83982-987-1

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Book part
Publication date: 19 May 2008

Ronald L. Akers, Jodi Lane and Lonn Lanza-Kaduce

This chapter focuses on restorative/rehabilitative faith-based programs, in particular, a youth mentoring program conducted by the Florida Department of Juvenile Justice…

Abstract

This chapter focuses on restorative/rehabilitative faith-based programs, in particular, a youth mentoring program conducted by the Florida Department of Juvenile Justice. We begin with a brief description of a faith- and community-based juvenile mentoring program of the Florida Department of Juvenile Justice (which we are in the process of evaluating) intended to provide community reintegration and restoration of adjudicated delinquents released from state juvenile correctional facilities. Then we move to the overlapping theoretical, philosophical, and empirical backgrounds of restorative justice, faith-based rehabilitative/restorative, and mentoring programs. We conclude with a review of programmatic and empirical issues in faith-based mentoring programs.

Details

Restorative Justice: from Theory to Practice
Type: Book
ISBN: 978-0-7623-1455-3

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Article
Publication date: 25 February 2020

Baba Gnanakumar

Self-esteem values, with the new art of living, in the minds of Indians, lead to establish faith among the spiritual organization. Later on, the spiritual organizations…

Abstract

Purpose

Self-esteem values, with the new art of living, in the minds of Indians, lead to establish faith among the spiritual organization. Later on, the spiritual organizations brand their names and market the products in their branded name. These brands, which are inspired by faith and created by Indian spiritual gurus, have even disrupted the fast-moving consumer goods (FMCG) market by being customer-centric instead of being geared by lucrative returns. It is in this context that this paper aims to find the cultural divergence factors that lead to change the consumption pattern of FMCG and how such brands of faith have been segmented in the Indian perspective by spiritual gurus. The research concludes that cultural divergence variables such as power distance, collectivism, uncertainty avoidance and long-term orientation influence the brands that are inspired by faith. Spiritual gurus in India are using sociocultural marketing activities such as social endorsement and cause-related marketing strategies for segmenting the markets.

Design/methodology/approach

The primary data were collected from the 1,678 customers of the Isha products. The respondents were selected based on the snowball sampling. The responses were collected from the followers who visited the foundation at least three times during the period of two years in Coimbatore and purchased Isha products worth more than Rs 500. The data were collected between the period August 2016 and April 2018. Of 1,678 responses, 1,465 responses were validated after coding. Of 1,465 responses that were validated, 1,126 responses were found reliable.

Findings

“Cause-related marketing” and “social group endorsement” activities of the firms tend to create a brand image. To find out which of the above activities highly influence the brands of faith, realistic-operating characteristic (ROC) analysis was carried out. ROC curves were drawn to assess the brands of faith centroid values with social group endorsement and cause-related marketing variables. ROC curves explored the precision of diagnostic tests and were used to find the best “cut-off” value for impressive and unimpressive cluster test results.

Research limitations/implications

Cultural divergence variables such as power distance, collectivism, uncertainty avoidance and long-term orientation are influencing the brands of faith. The followers of the spiritual foundation have their own distinct culture, and their social affinity values increase the brands of faith. Social group endorsement and cause-related marketing are the marketing strategies suitable for spiritual foundation (to market their product/ service). Age, education and occupation are demographic values that influence the brands of faith. The spiritual foundations are segmenting their customers based on the occupational values, and they use the cause-related marketing strategies to increase the values of brands of faith.

Practical implications

As the cultural values related to the art of living have been recognized by society as the measure of social well-being, the spiritual leaders can enhance their brands of faith. The social media communication about cause-related marketing can create trust in society. On the other hand, societal marketing activities cannot target the entire society. Hence, it is to be stratified. While stratifying, the players of diversity markets have to target a group based on the values generated by the stakeholders in the foundation. The diversified markets created by the Indian spiritual gurus are providing cultural diversity.

Social implications

The business value created by spiritual foundations is increasing the social values which are essential to uplift society. The author concludes that if business values and societal values are integrated by any group of people, it improves economic value to that society and they can use the social currency in the form of “brands of faith”.

Originality/value

The cultural values of a society are measured and compared with national and global index. The enumerate method is an original one.

Details

European Business Review, vol. 32 no. 3
Type: Research Article
ISSN: 0955-534X

Keywords

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