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This paper aims to investigate the relationship between family and institutional ownerships and corporate performance.

Using a panel data of 139 nonfinancial companies listed on the Indonesian Stock Exchange from 2009 to 2013, this study used generalized least square model.

The results show that family ownership has a significant and positive impact on corporate performance, while institutional ownership has significantly and negatively influenced corporate performance. These results imply that family ownership leads to better corporate performance, while institutional ownership leads to lower corporate performance.

Future research would extend to examine different ownership variables, e.g. domestic, foreign and black shareholders ownerships with different performance measures such as profit margin and return on investments (ROI). Then, their results could be compared to the result of this paper.

For shareholders and managers, the result of this study provides a base for shareholder on the importance to have the same understanding as management to improve return of capital invested by them (family capital) through firm’s long- and short-term business decision-making. It is possible for management for doing so because their interest is same. Therefore, this can be an interesting incentive for management. This result of this study also provides practical implication for investors (including international investors) with respect to their funds in the firm with family ownership share. By doing so, they will get better and stable ROI compared to nonfamily-owned business.

This study is original as studies on institutional and family ownerships and corporate performance are limited in the Indonesian context. The use of nonlinearity effect of family ownership and corporate performance in Indonesian case is the first attempt. Therefore, this study contributes to corporate governance literatures by investigating the relationship between family and institutional ownerships and market performance in Indonesian context using the improved methodology.

This paper aims to explore social responsibility reporting of full-fledged Islamic banks in two developing countries, namely, Indonesia and Malaysia. Corporate social responsibility (CSR) has become an important aspect of business society. As such, companies have shown a growing interest in reporting their social and environmental initiatives.

Content analysis of the annual reports for three full-fledged local Islamic banks in Indonesia and three Islamic banks in Malaysia was carried out for the period of 2007-2011.

Results of the study revealed that CSR disclosure of Islamic banks has generally grown both in Malaysia and Indonesia. More specifically, it was found that workplace and community dimensions were the most highly disclosed areas by the Islamic banks in both countries.

The current study provides a cross-cultural perspective on social responsibility disclosure in Islamic banks across two countries. The study is limited by investigating a five-year time frame.

By discussing the findings according to the stages of growth model for CSR, the authors suggest that Islamic banks can enhance their responsiveness, and transform their role from being CSR reporters of social responsibility to responders.

While the tenets of CSR have a lot in common with Islamic moral law (Shariah), little is known about CSR disclosure of Islamic banks.

This study aims to propose a solution to accelerate financing support low carbon (circular economy) transition. The authors developed a sustainability governance (SGOV) model and a sustainability governance (SGOV) index as a proxy for the diffusion of sustainability innovation. This study investigates the effect of SGOV practices on profitability with the mediating role of operational efficiency.

The SGOV index consists of 32 and 122 sub-items, constructed using content analysis of annual and sustainability reports published by banks listed on the Indonesia Stock Exchange (IDX) from 2010 to 2020 (404 bank-year observations).

Banks are at a moderate level of sustainability innovation. They are prioritizing the balance aspects of financial, social and environmental. SGOV practice negatively affects profitability. However, operational efficiency plays a positive mediating role that is robust.

The measurement of the SGOV index uses criteria that have not been tested in previous studies. There is the potential subjectivity in interpreting qualitative data, although this has been minimized by cross-checking the analysis of five raters.

This study gives feedback for the Indonesia sustainable finance (SF) journey phase I to proceed into SF journey phase II.

The SGOV model can be applied in other industry sectors to know the readiness for entering low carbon (circular economy) transition.

The uniqueness of the scoring technique assuming a step-by-step innovation model to sustainable finance.

This study aims to examine the effects of corporate ownership (government-linked investment companies, GLICs), linearity of GLICs, board ownership and linearity of board ownership on company performance.

Using panel data from companies that are listed on the Malaysian Stock Exchange during the period of 2000 to 2009, this study uses weighted least square models.

The results show that GLICs ownership is positively and significantly related to company performance, while board ownership is negatively and significantly related to company performance. These findings suggest that GLICs ownership improves company performance, while board ownership destroys company performance. The results also show that while GLICs ownership has an inverted U-shaped relationship with company performance, board ownership has a U-shaped relationship with company performance.

The theoretical implication of this study is that agency problem decreases in companies with low and high levels of board ownership concentration, while it increases in companies with middle level of board ownership concentration. Furthermore, agency cost decreases in companies with a certain level of GLICs ownership concentration as the government’s New Economic Model (NEM) expects. However, agency cost increases in companies after a certain level of GLICs ownership concentration.

In practical perspectives, this study provides evidence to policy makers that the government’s proposal to reduce GLICs’ investments in Malaysia and diversify them aboard as mentioned in NEM is supported because the decrease in GLICs stakes in certain level may increase company performance. On the other hand, if the policy of the government is to increase GLICs stakes, the company performance may decrease after a certain level of ownership concentration. This study also provides evidence that investors can invest in companies with low and high board ownership concentration. Furthermore, the NEM policy gives investors an opportunity to invest in the companies with GLICs. Reducing GLICs stakes in the Malaysian market and putting them in the international markets, as mentioned in the Malaysian Government’s NEM policy, will create more opportunities for international investors to invest their fund in the Malaysian market. Thus, the emerging markets exist. In addition, the NEM policy also encourages institutional ownerships like domestic and foreign to increase their stakes instead of GLICs in the Malaysian market.

So far, most of the previous studies on GLICs and board ownerships in the Malaysian setting focused on the relationship of the ownership structure with company performance. However, no study has been done to examine the linearity effects of GLICs and board ownerships on company performance. The study is very important to perform to provide the policy makers and investors with clear guidance before their decisions.

This paper aims to compare the implementation of public–private partnership (PPP) in Western and non-Western countries by analyzing several predetermined aspects such as government and political system, PPP’s model of agreement, political commitment and the role of PPP supporting unit.

This study uses comparative case studies to compare the implementation of PPP in seven Western and non-Western countries by using various appropriate data such as frequently used agreements, government systems, political commitments and PPP-supporting units to understand the extent of differences in the success of PPP implementation found in each country.

The results reveal that the implementation of PPPs in Western and non-Western countries do not significantly differ, except for in the instance of political commitments. Political interventions in PPP implementation still frequently occurred in non-Western countries, which consequently disrupted the implementation of PPP itself.

Previous comparison of PPP studies only focused on the implementation of PPP without analyzing the political context in each country. One of the contributions that this paper will bring to the conversations around PPP is that the implementation of PPP will be analyzed with regard to political contexts.

The purpose of this study is to examine asnafs’ acceptance of home financing in Malaysia.

This work developed and introduced the maqasid theory of consumer behaviour (MTCB) to examine the effects of educational programmes, mortgage welfare, consumer justice and Islamic debt policy on receptiveness. Data analysis involving 733 respondents was conducted using partial least squares (PLS), where SmartPLS4.0 software comes into play.

In the core model, the effects of the MTCB’s variables helped shape the development of asnaf home financing acceptance.

This study was based on quantitative data and geographical constraints.

The findings provide valuable inputs for the Joint Committee Body (JCB), combining Islamic banks and State Islamic Religious Councils to develop action plans for improving the facility offered.

This work functioned as a social benchmark for improving Islamic home financing that includes asnafs’ homeownership.

A new conceptual framework for asnaf home financing drawn from MTCB is developed in the context of asnafs’ homeownership.

The purpose of this paper is to comprehensively discuss the issue of risk vis-à-vis the perpetuity restriction principle inherent in waqf (Islamic endowment). Specifically, it attempts to consolidate the axioms in both conventional and Islamic finance, such as the risk-return trade-off and al-ghunm bi al-ghurm (liability accompanies gain), with the perpetual nature of waqf. Overall, this paper attempts to find a resolution to the dilemma of perpetuity restriction inherent in cash waqf against the natural occurrence of the risk.

This paper is based on the secondary research methodology; past literature encompassing journal articles, books, relevant financial axioms, fatwas (Islamic rulings) and state enactments is critically reviewed to present its case. In regard to state enactments, only Malaysian state enactments have been used, thus restricting the study to the Malaysian case only.

This study contends that the dilemma of the perpetuity restriction and the natural occurrence of risk can be resolved through the integration of waqf risk management, especially concerning cash waqf, with the Islamic spiritual approach. By implementing standard operating procedures that inculcate awareness on waqf risk management and Islamic spirituality in waqf stakeholders (wāqif (donor), trustee and beneficiaries), the stakeholders may accept the reality of risk that is inevitable even after all efforts have been exhausted. In other words, the violation of perpetuity is exonerated given that mental faculties aligned with revealed texts have been exhaustively used beforehand.

Findings from this study may broaden the choice of investment avenues for waqf trustees while adhering to the perpetual restriction of waqf. More importantly, waqf trustees will not be forced to invest in interest-bearing securities or be involved in any usurious transactions just to obtain guaranteed returns and preserve the corpus of waqf.

This study offers a unique perspective on cash waqf risk management by re-analyzing the axioms and concepts of finance and waqf while observing the welfare of the beneficiaries.

This paper is aimed at introducing ḥalāl supply chain management (SCM) to the British construction sector, construction supply chains and “SCM”. Ḥalāl supply chains can optimise British construction supply chains by promoting meticulous, qualitative and mutually reinforcing systems. The British construction sector has failed to overcome the inimical, inefficient, fractured and transactional attitudes (collectively, the “complexities”) pervading it and the supply chains beneath it. Construction SCM has been able to introduce change, but with limited profound effect. This is owed to its lack of human agency, proactive quality control systems, as well as other verification and assurance mechanisms. Introducing the Sharīʿa principles encapsulating ḥalāl food supply chains can offer the input needed to optimise current construction supply chains.

This paper adopts an integrative general review of the academic literature pertaining to the British construction sector, construction SCM, ḥalāl food supply chains, ḥalāl assurance and control processes. The extensive literature review is crucial because it will enable introducing “ḥalāl” to construction SCM, hence ḥalāl construction supply chain management (“ḤCSCM”). ḤCSCM will then be applied to one of the most recent British construction SCM systems to identify how ḤCSCM can complement existing systems.

The findings indicate that ḤCSCM can further alleviate the complexities thwarting the British construction sector on a supply chain level. This is attributed to taʿrīf’s tailored identification and traceability processes, iltizām’s cross-lateral monitoring processes and istiqāmah’s Sharīʿa-compliant, assured and verifiable certification system, all of which complement the existing construction supply chain assurance and control processes in the UK.

The conception of ḤCSCM promotes an untapped area in the academic literature. Academicians and practitioners can transplant ḥalāl principles from the ḥalāl food manufacturing sector into the British construction sector – similar to how construction SCM was founded by principles originating from the manufacturing industry. This paper highlights the shortfalls of construction SCM in British construction supply chains and propounds how ḤCSCM can resolve them.

The purpose of this study is to examine variables and their relationships that hinder socially responsible behaviours in the supply chain of small- and medium-sized enterprises (SMEs) in the Gulf Cooperation Council (GCC). countries.

The study uses the mixed-method approach that includes the survey method and soft mathematical modelling. Empirical data were collected from 130 SMEs and their suppliers based in Qatar and Oman. Furthermore, to understand the barriers and their interrelationships, interpretive structural modelling approach is applied.

The results of empirical study reveal lack of coherence among SMEs and their suppliers in prioritising social responsibility issues in their supply chain. The hierarchy-based model reveals that shortages of incentive, short-term objectives, the lack of cooperation and willingness among supply chain partners, constraints (financial, managerial and technological) and the pressure from customers were the independent barriers and have strong driving power.

The findings of this study are expected to provide an insight to further improve and promote socially responsible supply chain in emerging economies in Gulf region. Future research could compare the socially responsible activities of SMEs from different Gulf countries and expand the understanding of the barriers that outline the responses of suppliers situated in different Gulf economies.

The results contribute to the field of supply chain sustainability as the first academic attempt to shed light on how SMEs in GCC are dealing with supply chain social responsibility issues and one of the few in the emerging economy perspective that probes the key role of barriers to improve the socially responsible behaviour of Gulf-based SMEs.