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1 – 10 of 131This paper aims to adopt a comparative method using case law, statutes and secondary literature across both jurisdictions. This paper also draws on various theories of property…
Abstract
Purpose
This paper aims to adopt a comparative method using case law, statutes and secondary literature across both jurisdictions. This paper also draws on various theories of property ownership.
Design/methodology/approach
This paper conceptualises the legal relations embedded within condominium housing and the various theories of property ownership to ascertain how children’s interest fit within this framework. The laws of two jurisdictions, New South Wales and Singapore, are examined to determine how their strata law responds when children’s safety is at stake.
Findings
Drawing on pluralist moral theories of property law, the thesis advanced is that children’s issues within condominiums should not be subject to majoritarian rule especially when their safety is at stake. The paramount guiding value should be ensuring their safety within multi-owned housing communities. Using the law of two jurisdictions, New South Wales and Singapore, the central argument of this paper is that the law in these jurisdictions has rightfully adopted a protective approach towards children in multi-owned properties where their safety is at stake.
Originality/value
The literature on the law of multi-owned housing has largely focused on governance issues such as mediating between the majority owners’ interest with that of the minority owners’ interest. Children in multi-owned developments remain an under investigated area as children’s interests do not fit within the paradigm of majority versus minority interests. The paper advances the argument that children’s interest should be viewed through either a rights-based theory or pluralists’ theories of property law. Lessons from the New South Wales and Singapore experience are also drawn which might prove useful to other jurisdictions.
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Hisham Ali Yousef, ElHassan Anas ElSabry and Alaa Eldin Adris
Petroleum companies have various goals in light of high energy prices, uncertainty and potential fluctuations in demand in the current digital age, including making a profit while…
Abstract
Purpose
Petroleum companies have various goals in light of high energy prices, uncertainty and potential fluctuations in demand in the current digital age, including making a profit while maintaining long-term sustainability and lowering their environmental impacts. The purpose of this paper is to explore the impact of technology management (TM) and its practices through process and maintenance technologies on sustainability performance (SP) for petroleum refineries and petrochemical companies in terms of economic, environmental and social sustainability.
Design/methodology/approach
A new proposed framework has been developed for a clearer understanding in relation to these aspects. The study was conducted among Egyptian refineries and petrochemical companies. A structured questionnaire was used to collect data from 65 petroleum experts and professionals, which was then summarized using statistical analysis, hypothesis testing and regression analysis.
Findings
The findings demonstrate that TM has a significant and direct impact on SP. Furthermore, the study shows that process technology (PT) has a positive influence on the three aspects of SP. Although maintenance technology has a positive impact on economic and environmental sustainability, it shows no direct effect on social sustainability.
Research limitations/implications
The degree to which TM and sustainability principles are implemented across petroleum companies in various countries varies significantly because of managerial and cultural dimensions. Therefore, when conducting the research, it is important to consider the study’s geographical area to comprehend how these practices are impacted by the distinctive managerial and cultural settings of each country. Also, respondents in developing countries do not participate in such surveys with much enthusiasm.
Practical implications
The study shows that implementing TM practices generates more economic stability and ensures environmental and social sustainability. The research studied how PT and maintenance practices affected each aspect of sustainability. These findings can apply to all downstream oil companies, regardless of their size or type of operations. Further research can be conducted to examine the relationship between variables in other industries.
Social implications
Decision-makers and managers may use the study's findings to improve their companies' performance and develop new plans and policies. The results demonstrate that companies will have a greater chance of achieving sustainable performance if they incorporate process and maintenance technologies into their activities. Besides economic and environmental sustainability, petroleum companies must strive for social sustainability.
Originality/value
The study is regarded as a significant contribution to the management of petroleum refineries and petrochemical companies, as it combined TM practices with SP in a single research framework. Industry executives and researchers can use this research as a guide that can be applied to all petroleum companies in the same country.
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This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management…
Abstract
Purpose
This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management activities and market efficiency. It also includes some of the research work on the origins and foundations of behavioral finance, and how this has grown substantially to become an established and particular subject of study in its own right. The study also aims to provide future direction to the researchers working in this field.
Design/methodology/approach
For doing research synthesis, a systematic literature review (SLR) approach was applied considering research studies published within the time period, i.e. 1970–2021. This study attempted to accomplish a critical review of 176 studies out of 256 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioral finance domain-related explicitly to cognitive heuristic-driven biases and their effect on investment management activities and market efficiency as well as on the origins and foundations of behavioral finance.
Findings
This review reveals that investors often use cognitive heuristics to reduce the risk of losses in uncertain situations, but that leads to errors in judgment; as a result, investors make irrational decisions, which may cause the market to overreact or underreact – in both situations, the market becomes inefficient. Overall, the literature demonstrates that there is currently no consensus on the usefulness of cognitive heuristics in the context of investment management activities and market efficiency. Therefore, a lack of consensus about this topic suggests that further studies may bring relevant contributions to the literature. Based on the gaps analysis, three major categories of gaps, namely theoretical and methodological gaps, and contextual gaps, are found, where research is needed.
Practical implications
The skillful understanding and knowledge of the cognitive heuristic-driven biases will help the investors, financial institutions and policymakers to overcome the adverse effect of these behavioral biases in the stock market. This article provides a detailed explanation of cognitive heuristic-driven biases and their influence on investment management activities and market efficiency, which could be very useful for finance practitioners, such as an investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making their financial management strategies.
Originality/value
Currently, no recent study exists, which reviews and evaluates the empirical research on cognitive heuristic-driven biases displayed by investors. The current study is original in discussing the role of cognitive heuristic-driven biases in investment management activities and market efficiency as well as the history and foundations of behavioral finance by means of research synthesis. This paper is useful to researchers, academicians, policymakers and those working in the area of behavioral finance in understanding the role that cognitive heuristic plays in investment management activities and market efficiency.
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Mastura Ab. Wahab, Tajul Ariffin Masron and Noorliza Karia
This paper aims to examine the effects of taqwa (God-consciousness) and syukr (gratitude to God) on emotional intelligence (EI) in a Muslim population in Malaysia.
Abstract
Purpose
This paper aims to examine the effects of taqwa (God-consciousness) and syukr (gratitude to God) on emotional intelligence (EI) in a Muslim population in Malaysia.
Design/methodology/approach
Structural equation modelling tool AMOS was used to test the study’s hypotheses. In total, data were sourced from 302 Muslim employees working in Malaysia's public and private sectors.
Findings
Taqwa and syukr positively influence EI, and people with taqwa and syukr demonstrate greater levels of self-emotional appraisal compared with other emotional appraisals. This study also shows that people with taqwa and syukr give increased priority to understanding and distinguishing positive and negative emotions because of their understanding of Islamic teachings. They also exhibit concern with knowing their emotions well before advising or responding to the emotions of others. This may increase their sense of empathy, thereby improving their emotional competency and EI.
Originality/value
The findings indicate that taqwa and syukr predispose Muslims to EI. This study applied the Qur’anic model of self-development, which connects the origin of emotion with the soul, thereby further enriching the literature on the subject. It also highlights the importance of taqwa and syukr to Muslim employees for achieving EI that is useful in creating a harmonious atmosphere in the workplace and prosperous relationships in society.
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The aim of this paper is to systematically review the literature published in recognized journals focused on recognition-based heuristics and their effect on investment management…
Abstract
Purpose
The aim of this paper is to systematically review the literature published in recognized journals focused on recognition-based heuristics and their effect on investment management activities and to ascertain some substantial gaps related to them.
Design/methodology/approach
For doing research synthesis, systematic literature review approach was applied considering research studies published within the time period, i.e. 1980–2020. This study attempted to accomplish a critical review of 59 studies out of 118 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioural finance domain-related explicitly to recognition-based heuristics and their effect on investment management activities.
Findings
The survey and analysis suggest investors consistently rely on the recognition-based heuristic-driven biases when trading stocks, resulting in irrational decisions, and an investment strategy constructed by implementing the recognition-based heuristics, would not result in better returns to investors on a consistent basis. Institutional investors are less likely to be affected by these name-based behavioural biases in comparison to individual investors. However, under the context of ecological rationality, recognition-based heuristics work better and sometimes dominate the classical methods. The research scholars from the behavioural finance community have highlighted that recognition-based heuristics and their impact on investment management activities are high profile areas, needed to be explored further in the field of behavioural finance. The study of recognition-based heuristic-driven biases has been found to be insufficient in the context of emerging economies like Pakistan.
Practical implications
The skilful understanding and knowledge of the recognition-based heuristic-driven biases will help the investors, financial institutions and policy-makers to overcome the adverse effect of these behavioural biases in the stock market. This article provides a detailed explanation of recognition-based heuristic-driven biases and their influence on investment management activities which could be very useful for finance practitioners’ such as investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/ broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making its financial management strategies.
Originality/value
Currently, no recent study exists, which reviews and evaluates the empirical research on recognition-based heuristic-driven biases displayed by investors. The current study is original in discussing the role of recognition-based heuristic-driven biases in investment management activities by means of research synthesis. This paper is useful to researchers, academicians, and those working in the area of behavioural finance in understanding the role that recognition-based heuristics plays in investment management activities.
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Sneha Badola, Aditya Kumar Sahu and Amit Adlakha
This study aims to systematically review various behavioral biases that impact an investor’s decision-making process. The prime objective of this paper is to thematically explore…
Abstract
Purpose
This study aims to systematically review various behavioral biases that impact an investor’s decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors’ behavior.
Design/methodology/approach
Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature.
Findings
This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors’ decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors’ irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework.
Research limitations/implications
The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services.
Originality/value
The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor’s decision-making.
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Manpreet K. Arora and Sukhpreet Kaur
Employee Stock Options [ESOs] have been used widely as a component of employees' compensation. To maximise the incentive effect of these options it is very important to understand…
Abstract
Purpose
Employee Stock Options [ESOs] have been used widely as a component of employees' compensation. To maximise the incentive effect of these options it is very important to understand the exercise decision of the employees. This is an important financial decision that is dependent on both rational and psychological factors. This paper aims to study the mediating role of Herding Bias on Personality Traits and the employees' decision to exercise ESOs.
Design/methodology/approach
The data were collected through a self-structured questionnaire from 210 employees of Banks and NBFCs [Non-Banking Financial Companies] who have received and exercised the ESOs. SPSS MACRO version 25 was used to understand the mediational effect of Herding Bias on Personality Traits and Employees' decision to exercise their ESOs.
Findings
The results showed that Personality Traits affect the employees' decision to exercise their ESOs. The study also shows a partial negative mediating effect of Herding Bias on Personality Traits and employees' decision to exercise ESOs.
Originality/value
Limited study has been conducted on how the employees make their decision to exercise ESOs. Although extant studies have touched upon the importance of including behavioural biases in ascertaining the exercise decision of the employees, the predictors of the behavioural biases have not been studied under this context. To the best of the author's knowledge, this study is the first in itself to study the inter-linkage between Personality Traits, Herding Bias and employees' decision to exercise ESOs.
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Barkha Dhingra, Mahender Yadav, Mohit Saini and Ruhee Mittal
This study aims to conduct a bibliometric analysis to provide a comprehensive picture and identify future research directions to enrich the existing literature on behavioral…
Abstract
Purpose
This study aims to conduct a bibliometric analysis to provide a comprehensive picture and identify future research directions to enrich the existing literature on behavioral biases.
Design/methodology/approach
The data set comprises 518 articles from the Web of Science database. Performance analysis is used to highlight the significant contributors (authors, institutions, countries and journals) and contributions (highly influential articles) in the field of behavioral biases. In addition, network analysis is used to delve into the conceptual and social structure of the research domain.
Findings
The current review has identified four major themes: “Influence of behavioral biases on investment decisions,” “Determinants of home bias,” “Impact of biases on stock market variables” and “Investors’ decision-making under uncertainty.” These themes reveal that a majority of studies have focused on equity markets, and research on other asset classes remains underexplored.
Research limitations/implications
This study extracted data from a single database (Web of Science) to ensure standardization of results. Consequently, future research could broaden the scope of the bibliometric review by incorporating multiple databases.
Originality/value
The novelty of this research is to provide valuable guidance by evaluating the existing literature and advancing the knowledge base on the conceptual and social structure of behavioral biases.
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This paper describes how financial professionals' behavioral biases influence their financial forecast and decision-making process. Most of the earlier studies are focused on…
Abstract
Purpose
This paper describes how financial professionals' behavioral biases influence their financial forecast and decision-making process. Most of the earlier studies are focused on well-developed financial markets, and little is researched about financial professionals, such as institutional investors, portfolio managers, investment advisors, financial analysts, etc., in emerging markets.
Design/methodology/approach
An expert-validated questionnaire measure four prominent behavioral biases and Indian financial professionals' rational decision-making process. The final sample consists of 274 valid responses using the purposive sampling technique. IBM SPSS and AMOS structural equation modeling (SEM) software are used to build measurement and structural models, multivariate analysis including regression, factor analysis, etc.
Findings
The results provide empirical insights into the relationship between behavioral biases and the decision-making process. The results suggest that the structural path model closely fits the sample data. The presence of behavioral biases indicates that financial professionals' forecasting and decision-making is not always rational but bounded rational or irrational due to these factors. Furthermore, these biases (except overconfidence bias) have a markedly significant and positive relationship with irrational decision-making.
Research limitations/implications
It is critical to eradicate these psychological errors, but awareness and attentiveness toward behavioral biases may help financial professionals to make informed decisions. Investors can improve their portfolio decisions and investments by recognizing their judgment errors and focusing on specific investment strategies to mitigate the impact of these biases. It is necessary to incorporate behavioral insights while developing training techniques for financial professionals. Rules of thumb, visual tools, financial coaching and implementing social-cultural elements in training programs enable financial professionals to develop simple, engaging, appealing and customized approaches for their clients.
Originality/value
This novel study is the first of this kind of research that examines the relationship between financial professionals' behavioral biases and rational decision-making process. This study significantly and remarkably provides insights into irrationality in financial professionals' decision-making.
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Hanuman Reddy N., Amit Lathigara, Rajanikanth Aluvalu and Uma Maheswari V.
Cloud computing (CC) refers to the usage of virtualization technology to share computing resources through the internet. Task scheduling (TS) is used to assign computational…
Abstract
Purpose
Cloud computing (CC) refers to the usage of virtualization technology to share computing resources through the internet. Task scheduling (TS) is used to assign computational resources to requests that have a high volume of pending processing. CC relies on load balancing to ensure that resources like servers and virtual machines (VMs) running on real servers share the same amount of load. VMs are an important part of virtualization, where physical servers are transformed into VM and act as physical servers during the process. It is possible that a user’s request or data transmission in a cloud data centre may be the reason for the VM to be under or overloaded with data.
Design/methodology/approach
VMs are an important part of virtualization, where physical servers are transformed into VM and act as physical servers during the process. It is possible that a user’s request or data transmission in a cloud data centre may be the reason for the VM to be under or overloaded with data. With a large number of VM or jobs, this method has a long makespan and is very difficult. A new idea to cloud loads without decreasing implementation time or resource consumption is therefore encouraged. Equilibrium optimization is used to cluster the VM into underloaded and overloaded VMs initially in this research. Underloading VMs is used to improve load balance and resource utilization in the second stage. The hybrid algorithm of BAT and the artificial bee colony (ABC) helps with TS using a multi-objective-based system. The VM manager performs VM migration decisions to provide load balance among physical machines (PMs). When a PM is overburdened and another PM is underburdened, the decision to migrate VMs is made based on the appropriate conditions. Balanced load and reduced energy usage in PMs are achieved in the former case. Manta ray foraging (MRF) is used to migrate VMs, and its decisions are based on a variety of factors.
Findings
The proposed approach provides the best possible scheduling for both VMs and PMs. To complete the task, improved whale optimization algorithm for Cloud TS has 42 s of completion time, enhanced multi-verse optimizer has 48 s, hybrid electro search with a genetic algorithm has 50 s, adaptive benefit factor-based symbiotic organisms search has 38 s and, finally, the proposed model has 30 s, which shows better performance of the proposed model.
Originality/value
User’s request or data transmission in a cloud data centre may cause the VMs to be under or overloaded with data. To identify the load on VM, initially EQ algorithm is used for clustering process. To figure out how well the proposed method works when the system is very busy by implementing hybrid algorithm called BAT–ABC. After the TS process, VM migration is occurred at the final stage, where optimal VM is identified by using MRF algorithm. The experimental analysis is carried out by using various metrics such as execution time, transmission time, makespan for various iterations, resource utilization and load fairness. With its system load, the metric gives load fairness. How load fairness is worked out depends on how long each task takes to do. It has been added that a cloud system may be able to achieve more load fairness if tasks take less time to finish.
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