Search results
1 – 10 of 12This paper aims to measure investors' perception of the rights issue announcement of publicly listed companies in five stock markets of Islamic countries. Then, these firms are…
Abstract
Purpose
This paper aims to measure investors' perception of the rights issue announcement of publicly listed companies in five stock markets of Islamic countries. Then, these firms are grouped according to their debt level to examine whether abnormal returns are different from those that are highly leveraged. Moreover, Sharīʿah compatibility of firms is checked to understand if return anomaly shows different behaviour around rights issue announcement days.
Design/methodology/approach
The analysis period includes the years 2010–2019, which includes 362 rights issue announcements. The event study methodology is applied to measure the level of impact that is triggered by the rights issue announcements. Hereafter, one-way ANOVA test is performed to identify whether there exists a difference among the sample groups according to their debt level.
Findings
Findings suggest that rights issue announcements cause −3.90% fall in share prices on average for the whole sample. However, negative abnormal return is found significant only in Egypt and Turkey. Individual regression analysis results suggest that an increase in debt level worsens the return anomaly only in Egypt. This refers that the rights issue announcement is perceived as less favourable for highly leveraged companies compared to others in this country. Finally, Sharīʿah-compliant companies show better performance compared to non-compliant counterparts around the event dates.
Originality/value
This paper is novel in evaluating market reaction during rights issue announcements in multiple Islamic countries. Also, to the best of the authors’ knowledge, this study is the first attempt to compare return behaviour of Sharīʿah-compliant and non-compliant firms around the rights issue announcements.
Details
Keywords
Abdul Rashid and Muhammad Saarim Ghazi
The objective of this study is to present a theoretical framework, which helps ascertain the meanings of the Sharīʿah audit quality and identify the factors that affect it.
Abstract
Purpose
The objective of this study is to present a theoretical framework, which helps ascertain the meanings of the Sharīʿah audit quality and identify the factors that affect it.
Design/methodology/approach
The current literature of conventional and Islamic finance on audit quality is critically reviewed to propose the theoretical framework for the quality of Sharīʿah audit.
Findings
The paper suggests that for a better Sharīʿah compliance at Islamic banking institutions (IBIs), the role of audit practitioners is very much indispensable. The competency of the practitioner is one of the important factors that affect the quality of the Sharīʿah audit. Assessment and identification of Sharīʿah risk in different financial arrangements, contracts and transactions require a unique competency on the part of the auditor, that is, gripping Sharīʿah law besides traditional assurance skills and techniques.
Practical implications
The Sharīʿah compliance is one of the primary objectives of IBIs, which works at the conceptual level, product development and implementation level, various business models and governance level. Sharīʿah audit function, internal or external, is an important component of Sharīʿah governance framework and provides an independent assessment of IBIs’ compliance with the Sharīʿah rules and principles and helps in managing the Sharīʿah non-compliance risk and ensuring sound internal Sharīʿah control system.
Originality/value
The paper proposes a theoretical framework for defining the Sharīʿah audit quality and determining the factors that are significant in affecting the Sharīʿah audit quality in the IBIs of Pakistan.
Details
Keywords
Susan P. McGrath, Irina Perreard, Joshua Ramos, Krystal M. McGovern, Todd MacKenzie and George Blike
Failure to rescue events, or events involving preventable deaths from complications, are a significant contributor to inpatient mortality. While many interventions have been…
Abstract
Failure to rescue events, or events involving preventable deaths from complications, are a significant contributor to inpatient mortality. While many interventions have been designed and implemented over several decades, this patient safety issue remains at the forefront of concern for most hospitals. In the first part of this study, the development and implementation of one type of highly studied and widely adopted rescue intervention, algorithm-based patient assessment tools, is examined. The analysis summarizes how a lack of systems-oriented approaches in the design and implementation of these tools has resulted in suboptimal understanding of patient risk of mortality and complications and the early recognition of patient deterioration. The gaps identified impact several critical aspects of excellent patient care, including information-sharing across care settings, support for the development of shared mental models within care teams, and access to timely and accurate patient information.
This chapter describes the use of several system-oriented design and implementation activities to establish design objectives, model clinical processes and workflows, and create an extensible information system model to maximize the benefits of patient state and risk assessment tools in the inpatient setting. A prototype based on the product of the design activities is discussed along with system-level considerations for implementation. This study also demonstrates the effectiveness and impact of applying systems design principles and practices to real-world clinical applications.
Details
Keywords
Riccardo Bellofiore and Scott Carter
Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some…
Abstract
Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some of these developments. First and perhaps foremost is the fact that as of September 2016 Sraffa’s archival material has been uploaded onto the website of the Wren Library, Trinity College, Cambridge University, as digital colour images; this chapter introduces readers to the history of these events. This history provides sharp relief on the extant debates over the role of the archival material in leading to the final publication of Production of Commodities by Means of Commodities, and readers are provided a brief sketch of these matters. The varied nature of Sraffa scholarship is demonstrated by the different aspects of Sraffa’s intellectual legacy which are developed and discussed in the various entries of our Symposium. The conclusion is reached that we are on the cusp of an exciting phase change of tremendous potential in Sraffa scholarship.
Details
Keywords
In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the woman still…
Abstract
In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the woman still be covered by the Act if she were employed on like work in succession to the man? This is the question which had to be solved in Macarthys Ltd v. Smith. Unfortunately it was not. Their Lordships interpreted the relevant section in different ways and since Article 119 of the Treaty of Rome was also subject to different interpretations, the case has been referred to the European Court of Justice.
Discrimination law has evolved from litigating or prosecuting overt, individual cases of egregious behavior solely by means of anecdotal evidence and eyewitness testimony…
Abstract
Discrimination law has evolved from litigating or prosecuting overt, individual cases of egregious behavior solely by means of anecdotal evidence and eyewitness testimony. Statistical evidence came to bear the imprimatur of the United States Supreme Court in the Seventies as a probative means of discerning guilt or liability, and has been used to shore up patterns of prejudice at a systemic level since. Courtrooms of the Twenty-First Century have struggled to define discrimination through a quantitative lens, nonetheless relying on qualitative evidence to assist the factfinder in rendering a verdict. Some definitions carry more precision and accuracy than others. Consider the inflammatory National Law Journal's indictment of the United States Environmental Protection Agency (‘EPA’) as an example of the latter. In 1992, the National Law Journal ran a Special Investigation of the EPA, claiming that the federal government had fostered a racist imbalance in hazardous site cleanup and its pursuit of polluters. Kudos to the columnists for bringing environmental equity into the spotlight of public debate and for forewarning and encouraging the EPA to conduct its enforcements reflectively, in order to avoid being on the receiving end of a Title VI lawsuit. Nonetheless, the methodology used by the National Law Journal belies a total understanding of the bureaucratic structure that pursued these actions and of the notion of statistical significance. This Article confines itself to Region X's actions between 1995 and 1999, applying linear regression and other statistical tests to determine whether biases, found using the National Law Journal's naive methodology, stand after due consideration of chance. The NLJ approach finds evidence of bias, but the author also conducts more complicated and appropriate analyses, such as those contemplated by the National Guidance. After issuing some provisos, the author dismisses charges of racism or classism. While the National Guidance represents a positive first step in identifying environmental justice communities, those with an above-average proportion of lower-class or non-Caucasian inhabitants, it lacks statistical sophistication and econometric depth. This Article concludes by recommending the use of normalized racial distributions, Gini coefficients, and Social Welfare Functions to the EPA and to other organizations conducting environmental justice analysis.
Grace J. Yoo and Barbara W. Kim
As an ethnic group, Korean Americans have one of the highest uninsured rates in the U.S. (Brown et al., 2000). Through in-depth interviews (n=14) and surveys (n=268), this study…
Abstract
As an ethnic group, Korean Americans have one of the highest uninsured rates in the U.S. (Brown et al., 2000). Through in-depth interviews (n=14) and surveys (n=268), this study found that one-third of the sample was uninsured. High premiums prevented the uninsured from purchasing health insurance. Although health insurance has been a strong predictor of health services utilization, this study also found that when examining the utilization of various health services by health insurance status, there were no major significant differences with the exception of Korean traditional health services. High deductibles prevented insured persons from utilizing health services.
The purpose of this paper is to investigate the optimum design of a quarter car passive suspension system using a particle swarm optimization algorithm in order to minimize the…
Abstract
Purpose
The purpose of this paper is to investigate the optimum design of a quarter car passive suspension system using a particle swarm optimization algorithm in order to minimize the applied loads and vibrations.
Design/methodology/approach
The road excitation is assumed as zero-mean random field and modeled by single-sided power spectral density (PSD) based on international standard ISO 8608. The variance of sprung mass displacements and variance of dynamic applied load are evaluated by PSD functions and used as cost function for the optimization.
Findings
The advantages in using this methodology are emphasized by an example of the multi-objective optimization design of suspension parameters and the results are compared with values reported in the literature and other gradient based and heuristic algorithms. The paper shows that the algorithm effectively leads to reliable results for suspension parameters with low computational effort.
Research limitations/implications
The procedure is applied to a quarter car passive suspension design.
Practical implications
The proposed procedure implies substantial time savings due to frequency domain analysis.
Social implications
The paper proposes a procedure that allows complex optimization designs to be feasible and cost effective.
Originality/value
The design optimization is performed in the frequency domain taking into account standard defined road profiles PSD without the need to simulate in the time domain.
Details
Keywords
Siti Hasnah Hassan and Harmimi Harun
The purpose of this paper is to develop a method to understand the predictors of hijab fashion consciousness and consumption. Muslim women in developing countries have evolved…
Abstract
Purpose
The purpose of this paper is to develop a method to understand the predictors of hijab fashion consciousness and consumption. Muslim women in developing countries have evolved from living a traditional to a modern lifestyle, as more women become more educated, work and earn their own money. As modern sophisticated Muslim women, they have transformed themselves in the way they dress and don their hijab while adhering to the Shariah-compliant dress code. As a result, hijab fashion among hijabistas “Muslim women who wear fashionable outfits with matching fashionable headscarves” is flourishing.
Design/methodology/approach
Data were collected using questionnaires distributed to Muslim women who visited the Kuala Lumpur International Hijab Fashion Fair 2014 using the convenience sampling method. A total of 345 final useable data were used for data analysis using SmartPLS.
Findings
Results show that dressing style, fashion motivation, fashion uniqueness and sources of fashion knowledge positively influence fashion consciousness and indirectly influence hijab fashion consumption.
Practical implications
Results of this paper will provide insights to the people involved in the fashion industry, such as designers, retailers and marketers, to understand the hijabista market segment. Practitioners can design proper hijab fashion products that are Shariah-compliant to capture the segment of Muslim women with proper marketing strategies.
Originality/value
The fashion of Muslim women, particularly the hijab fashion, has received little attention in the fashion literature. This paper hopes to provide new insights to relevant researchers and industries.
Details
Keywords
Steven J. Greenland, Lester Johnson and Shahla Seifi
This paper aims to inform social responsibility and social policy by describing the brand strategy of Australia’s largest tobacco manufacturer, British American Tobacco Australia…
Abstract
Purpose
This paper aims to inform social responsibility and social policy by describing the brand strategy of Australia’s largest tobacco manufacturer, British American Tobacco Australia (BATA), the year following the introduction of plain packaging and other regulation. Tobacco controls are a proven catalyst for reducing smoking, but manufacturers adapt swiftly seeking to minimise the impact of regulatory change.
Design/methodology/approach
BATA’s strategy was determined using 2012-2014 tobacco ingredient reports, recommended retail price lists and a supermarket retail audit.
Findings
The research identified over 70 BATA brand variants, offered in diverse packaging options, with new products and modified names appearing since 2012. In total 14 main brands are highly differentiated by price, with 45 per cent difference between the cheapest and the most expensive. Volume discounting occurs across packaging ranges, with twin packs offering best value and prices up to 10 per cent lower than those of single packs.
Originality/value
The research originality stems from the triangulation of three different data resources to establish brand strategy following increased regulation. The study confirms ongoing market segmentation using highly differentiated ranges, and it reveals the unintended consequences of corporate responses to regulation. Evolving variant names communicate product information and imagery previously imparted by pack design. Pricing strategies enable smokers to offset substantial excise increases through brand switching and volume buying. The research, therefore, reveals the potential for regulating these as yet unrestricted elements to enhance the impact of plain packaging and other tobacco controls, thereby further reducing the social impact of smoking.
Details