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The purpose of this paper is to investigate the influence of the halal label on product perceptions among Muslims high (vs low) in the centrality of their religion.

It was hypothesized that a halal label would predict positive product perceptions, especially among those Muslims who scored high in the Centrality of Religiosity Scale (CRS). The study was conducted among 187 Muslims in Indonesia, a country in which Islam is the dominant religion. We used an experimental design where two products (cake and energy drink), with (n = 85) or without (n = 102) the halal label (depending on the experimental condition), were displayed. The participants were randomly assigned to the research conditions. Following product exposure, the participants evaluated products on perception scales (e.g. tasty, healthy). Finally, the centrality of religiosity (moderator variable) was measured.

The results of the analysis showed that the halal label increased positive product perceptions among those Muslims who scored high in the CRS. A similar pattern of results was obtained for both products (cake and energy drink), though the described effect was even more pronounced in the case of the energy drink.

Results shed light on the role of religiosity in consumption, especially in consumers’ responses to the halal label.

This study investigated how working capital management (WCM) influences the profitability of listed halal food and beverage companies.

The study utilized a sample of 56 listed halal food and beverage companies operating in Indonesia, Malaysia, Saudi Arabia, Pakistan and the United Arab Emirates (UAE). Unbalanced panel data were generated from the Bloomberg database between 2008 and 2021. Besides, the study employed the two-step system generalized method of moments (GMM) technique for the estimation, which can address the models' endogeneity, heteroskedasticity and autocorrelation problems. Also, feasible generalized least square (FGLS) regression was applied to check the robustness of the results.

The study revealed that the cash conversion cycle (CCC) and accounts receivable period (ARP) significantly reduced firm profitability. Also, the inventory conversion period (ICP) significantly reduced return on assets (ROA) but insignificantly influenced return on equity (ROE). However, the results showed that the accounts payable period (APP) significantly increased firm profitability. These findings are robust to the results obtained by applying FGLS regression.

The study utilized a sample of only the listed halal food and beverage firms that operate in Indonesia, Malaysia, Saudi Arabia, Pakistan and the United Arab Emirates (UAE).

The study suggests that the management of listed halal firms should adopt an aggressive policy in managing their working capital in order to enhance their financial performance. This could be attained by lowering CCC when ARP and ICP are reduced and APP is increased.

This study contributes to the literature by providing cross-country empirical evidence showing how working capital and its components affect the financial performance of firms that solely produce or buy and sell halal food and beverage products in five countries.