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Asset pricing revolves around the core aspects of risk and expected return. The main objective of the study is to test different asset pricing models for the Indian securities market. This paper aims to analyse whether leverage and liquidity augmented five-factor model performs better than Capital Asset Pricing Model (CAPM), Fama and French three-factor model, leverage augmented four-factor model and liquidity augmented four-factor model.

The data for the current study comprises records on prices of securities that are part of the Nifty 500 index for a time frame of 14 years, that is, from October 2004 to September 2017 consisting of 183 companies using time series regression.

The results indicate that the five-factor model performs better than CAPM and the three-factor model. The model outperforms leverage augmented and liquidity augmented four-factor models. The empirical evidence shows that the five-factor model has the highest explanatory power among the entire asset pricing models considered.

The present study bears certain useful implications for various stakeholders including fund managers, investors and academicians.

This study presents a five-factor model containing two additional factors, that is, leverage and liquidity risk along with the Fama-French three-factor model. These factors are expected to give more value to the model in comparison to the Fama-French three-factor model.

The purpose of this paper is to examine socially responsible investment (SRI) fund performance and investigate the factors influencing fund performance.

The study uses return data from the Morningstar database for 152 SRI funds from January 1995 to May 2015. The initial analysis includes the use of various risk-adjusted performance measures, including Sharpe ratio, Treynor ratio, Information ratio, Sortino ratio and M². The study also uses four factor models, including Jensen single-factor model, Fama–French three-factor model, Carhart four-factor model and Fama–French five-factor model to explain SRI fund returns. Finally, a cross-sectional regression analysis is applied to investigate the determinants of SRI fund returns.

The results show that, on average, the SRI funds provide comparable risk-adjusted returns relative to various benchmark market indices. Market factor is significant in explaining SRI fund returns. Examining each factor model, the results do not support Fama–French’s three-factor model as neither size nor value factor is significant. The author finds weak support for Carhart’s momentum factor along with the market factor. Finally, the Fama–French five-factor model shows market, size and operating profit factors explain SRI fund returns. The study also finds the fund performance is stronger for funds with the higher turnover ratio, the larger fund size and more managerial experience and lower for funds with higher expense ratio. Also, funds formed with negative screening perform better than positive or mixed screened funds.

SRI funds have received considerable attention from investors. This study contributes to the literature by examining SRI fund performance and investigating factors influencing their performance using multiple factor models and cross-sectional regression analysis. The findings are relevant for investors who demand responsible investment opportunities without sacrificing returns for nonfinancial screenings. Findings also suggest that investors should consider fund characteristics when selecting SRI funds.

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 purpose of this study is to empirically develop and validate a practical, consistent and specific scale to assess perceived service quality at the service encounter at quick-service restaurants (QSRs).

Development and validation of the scale involved a five-stage process. Data were collected from 430 customers of a QSR belonging to an international brand located in Barcelona. Surveys were applied immediately after the service encounter, using the face-to-face method. The scale development procedure involved exploratory and confirmatory factor analyses.

The results suggest a specific and parsimonious measurement scale, whose structure comprises 14 items in four dimensions. In contrast to previous studies, this study identified the appropriateness of splitting the interaction quality dimension into two single dimensions, one focusing on the interaction time and other on staff–customer interaction. Furthermore, these indicate that a speedy service, pleasant treatment and food quality are the most valued attributes in QSR.

This scale is a useful instrument to administer and assure service quality standards within QSR management systems. Its practical approach and short survey length ease data collection, considering that customers spend short amounts of time in this type of restaurant. Furthermore, it could also be used by franchisors and restaurant operators as a tool to monitor continuing compliance with service quality standards.

The resulting scale introduces a novel four-factor structure with high goodness of fit to effectively measure customers' perceived service quality in QSRs, where the ease of use and speed of gathering client responses are a key factor for successful implementation.

This study aims to develop a valid and reliable Islamic financial literacy (IFL) scale that can capture all the segments of the Islamic financial sectors and which could be considered applicable for all jurisdictions across the globe.

To build the measure, this study followed a scale development process by collecting 698 a priori items from 81 respondents. Later, it generated an item pool through the analysis of the items with experts and gave the last form (40 items) to 287 respondents in Turkey with another IFL scale that is frequently used in the literature and a scale assessing religiosity. With explanatory factor analysis, the scale demonstrates a four-factor construct with 20 items. This construct provides good fit indexes and reliability scores.

Results of the correlation analysis and comparison of the fit indexes of alternative structures provided supportive evidence for discriminant and convergent validity of the scale and its sub-dimensions. As a result, an applicable scale is developed for countries where Islamic financial institutions are operating and where they are not.

One of the strengths of this study is that it represents a comprehensive scale development for the entire Islamic financial system, including banking, takāful (Islamic insurance) and fund management. In addition, the attempt to design an IFL scale applicable to any economy or individual is a pioneering attempt in the literature.

The study of shame has a long tradition in intra- and inter-personal psychology. This paper aims to investigate whether consumers can experience brand shame after self-relevant consumption incidents. Specifically, this research proposes that consumers follow a complex shame-inducing process in the aftermath of unpleasant experiences involving their favorite brand. The moderating role of relational tie strength between consumers and their favorite brand existing prior to symbolic failures is examined.

A scenario-based, online survey (n = 660) among consumers who have recently experienced a self-relevant failure with their favorite brand was conducted. Confirmatory factor analysis ensured the reliability and validity of the measurement model. For testing the conceptual model, data was analyzed by means of a moderated mediation analysis. The proposed model was tested against, among others, common method bias and alternative models. The findings were cross-validated with a scenario-based online experiment (n = 1,616).

Results show that brand shame is a key mediator between customer dissatisfaction and brand anger when self-relevant, symbolic failures happen. Moreover, strong consumer-brand identification triggers brand-detrimental effects. It is shown to influence the connection between consumers’ inward- (i.e. brand shame) and resulting outward-directed (i.e. brand anger) negative emotions on brands, which lead to consumer vengeance.

To the best of the authors’ knowledge, this research is the first to introduce the concept of situational brand shame to the literature on favorite brands. Furthermore, it shows that consumer-brand identification moderates the direct and indirect (via brand shame) unfavorable effects of failure-induced dissatisfaction on brand anger. This research adds insights to the investigation of the “love-becomes-hate” effect arising after self-relevant failures involving consumers’ most preferred brand.

In recent years, efforts to reinforce the links between corporate social responsibility and human resource management have highlighted employees’ role as crucial organizational stakeholders. This study aims to investigate whether workers’ perception of socially responsible human resource management (SR-HRM) based on employee-focused practices is related to work engagement (WE). This research also explored whether perceived organizational support (POS) and affective commitment (AC) can contribute to explaining this relationship. Social exchange theory and job demands-resources model were used to theoretically frame the research.

Data were collected from a sample of 222 employees working in diverse organizations, using individual online surveys. Several analyses were conducted to assure data robustness to common method bias.

The results confirm that SR-HRM fosters WE and that this effect is subject to sequential mediation by POS and AC. Accordingly, SR-HRM practices contribute to higher level of POS, which then foster stronger affective bonds with employers and, in turn, higher levels of vigor, absorption and dedication among workers.

The findings contribute to the expansion of the SR-HRM literature by providing a deeper understanding of how this management strategy affects employees’ job-related attitudes, particularly WE a much-overlooked variable in this realm.

The purpose of this study is to examine the effects of servant leadership (SL) and innovative organizational culture (IOC) on employees' innovative work behavior (IWB). In addition, this paper attempts to examine the mediating role of perceived organizational support (POS) in these relationships.

Data were collected from 280 employees working in technopark companies located in Turkey, which require intensive IWB. Structural equation modeling and bootstrapping procedure were used to test the hypothesized relationships.

The findings suggest that SL, and IOC are significantly and positively related to employees' IWB. The results also show that SL and IOC stimulate employees' IWB through POS.

Because this study was carried out by employing a cross-sectional research design with data obtained from the same source, the inferences about the causality among the variables cannot be inferred.

The empirical findings suggest that organizations should make efforts to promote SL and improve IOC in order to harvest IWB from their employees. Moreover, organizations and managers need to recognize the importance of the POS by employees, and therefore form an adequate working environment, create and utilize policies and procedures accordingly.

This study suggests ways for organizations to enhance their innovativeness through IOC and SL applications in pursue of harvesting employees' IWB using POS by employees as mediator. This study is also original, in that no previous studies have investigated the mediating role of POS in the relationship between IOC, SL and IWB.

本研究旨在探討僕人式領導和創新組織文化對僱員的創新工作行為的影響; 研究亦擬探討就上述有關的影響和關聯而言、組織支持感所扮演的調節角色。

研究的數據取自在土耳其的科技園區裡工作的280名僱員 (在科技園區工作，僱員須具備強大的創新工作行為) 。研究採用結構方程模型和拔靴法程式去測試假設的關聯。

研究結果間接表明了僕人式領導和創新組織文化與僱員創新工作行為之間的關聯是正相關的，而且，這相關性頗為顯著。研究結果亦顯示，僕人式領導和創新組織文化均會透過組織支持感、促進僱員的創新工作行為。

由於研究採用橫斷研究設計，而使用的數據又取自同一來源，故變數間的因果關係是無法推斷的。

本研究之經驗結果建議組織應鼓勵推行僕人式領導，亦應努力提昇創新組織文化，以能取得僱員創新工作行為所帶來的成效。而且，組織和管理階層必須明白使僱員感受到組織的支持是很重要的，因此，組織和主管須創造一個良好的工作環境，並制訂適當的政策和處理各種事宜的程式，以能提高組織支持感。

本研究為組織提供了增強創新能力的建議，方法是透過促進創新組織文化和採用僕人式領導，並利用僱員組織支持感的調節作用，以取得僱員創新工作行為所帶來的成效。另外，本研究是獨創的，這是因為從前沒有研究、去探討在創新組織文化和僕人式領導與創新工作行為之間的關聯上、組織支持感所扮演的調節角色。