Search results

1 – 10 of 840
To view the access options for this content please click here
Article
Publication date: 8 May 2017

Sulaiman Abdullah Saif Al-Nasser Mohammed and Datin Joriah Muhammed

The purpose of this paper is to investigate the performance of Islamic banks in developing countries from 2007 to 2010 which includes the period of the financial crisis by…

Abstract

Purpose

The purpose of this paper is to investigate the performance of Islamic banks in developing countries from 2007 to 2010 which includes the period of the financial crisis by empirically examining the way in which the macroeconomy affected Islamic banking performance (IBP) in developing countries. The empirical examination involves two approaches of measuring performance: Sharia-based and conventional-based performance measurement.

Design/methodology/approach

For this paper, the authors have utilized a Data Stream/Bank Scope database and data from the Bank Negara Malaysia (Malaysian Central Bank) to collect a panel set of annual financial information for Islamic banking from the year 2007-2010. The initial sample covers 34 Islamic banks from developing countries that are listed on the International Islamic Service Board. Furthermore, the authors adopted only those listed Islamic banks to tackle the data availability issue. The authors’ final sample comprised 136 observations with complete data as the numbers of Islamic banks in developing countries are low in comparison to their conventional peers. The financial crisis dummy follows America’s commonly used National Bureau of Economic Research timeline for the financial crisis. The authors also used the method of a generalized least square (GLS) method of pooled panel data analysis regression model. The rationale for employing the GLS technique was made on the basis of the ability of GLS to give less weight to the error term that is closely clustered around the mean, to improve the goodness of fit and to remove autocorrelation compared with normal, random, and fixed effect models.

Findings

The authors of this paper found that the macroeconomic factors reflected in gross domestic product, gross domestic product growth, and inflation rate have a significant positive relationship with the return on assets. In addition, a significant negative relationship was found between the financial dummy and IBP in developing countries. On the other hand, it failed to find evidence of a relationship between the macroeconomic factors and performance including the legal system and the financial crisis dummy, when the performance is reflected by the Zakat ratio. The result embedded that the financial crisis had an impact on the performance of Islamic banks in developing countries when viewed from the conventional banking perspective. The financial crisis played a role in reducing the profitability of Islamic banks which is consistent with a previous study by Hasan and Dridi (2011). However, in the view of Sharia, the financial crisis did not have any effect on IBP; even the macro factors did not have any effect on the level of performance.

Research limitations/implications

There are possible explanations for these contradictory coefficient signs. First, the contradictory signs of the coefficient for the same independent variable that was regressed with different dependent variables show that researchers would need to take caution in using the right indicators when measuring IBP. Conventional indicators bring different results in comparison to Islamic indicators (Badreldin, 2009; Mudiarasan. Kuppusamy, 2010; Zahra and Pearce, 1989). Second, Richard et al. (2009), having reviewed performance measurement-related publications in five of the leading management journals (722 articles between 2005 and 2007), suggested that the past studies reveal a multidimensional conceptualization of organizational performance with limited effectiveness of commonly accepted measurement practices. Accordingly, these studies call for more theoretically grounded research and debate for establishing which measures are appropriate in a given research context. Today, there is a general consensus that the old financial measures are still valid and relevant (Yip et al., 2009). However, these need to be balanced with more contemporary, intangible, and externally oriented measures. It has been argued that various researchers working in their own disciplines using functional performance measures (such as market share in marketing, schedule adherence in operations and so on) ought to link their discipline to focused performance measures of overall organizational performance.

Practical implications

Islamic banking has unique characteristics in comparison to conventional banking and this paper examines the differences between the two and also investigates the resilience of Islamic banks during a period of economic turbulence. Furthermore, due to these unique characteristics, a comparison cannot be made by using the conventional performance measures alone. In addition, amid the in-depth studies examining the resilience of Islamic banks during periods of economic crises, there are instances of theoretical disagreement in the extant empirical literature examining finance and economics. In that regard, the majority of the existing literature is either based on advanced markets or countries where the majority of the population practices the faith of Islam, and little is known about the performance of Islamic banking from the pooled emerging markets; particularly in developing countries.

Originality/value

Introducing Zakat as a performance measurement in Islamic banking context relating it to macroeconomic factors enhances the thinking of new research in Islamic theory about bank performance.

To view the access options for this content please click here
Article
Publication date: 4 June 2020

Sulaiman Abdullah Saif Alnasser Mohammed

Understanding money laundering plays an important role in understanding economic growth (EG). Extensive research is conducted about that, previous research lacks answers…

Abstract

Purpose

Understanding money laundering plays an important role in understanding economic growth (EG). Extensive research is conducted about that, previous research lacks answers about the relationship of anti-money laundering (AML) and EG by investigating the roles of the performance of Islamic banks, legal environment, financial crisis (FC) and bank size. Therefore, the purpose of this paper is to cover that gap.

Design/methodology/approach

SmartPLS 3.0 was used and 33 Islamic banks were selected from developing countries between 2007 and 2010.

Findings

Note that AML, Islamic bank performance, legal environment, and FC are significantly related to EG.

Research limitations/implications

The research would be of importance to those seeking to understand the determinants of EG; it is also beneficial for those writing books about money laundering and Islamic banks in developing countries. The limitation of the study is the low number of Islamic banks that have complete data. Thus, this could be future research contribution.

Originality/value

To the best knowledge of the author, research on money laundering and Islamic banks in developing countries are not extensive, we have found an ample room to discuss the said variables.

Details

Journal of Money Laundering Control, vol. 24 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

To view the access options for this content please click here
Article
Publication date: 18 March 2019

Moustafa Salman Haj Youssef, Hiba Maher Hussein and Ioannis Christodoulou

The purpose of this paper is to examine the national-level predictors of country competitiveness using the concept of managerial discretion. The objective is to…

Abstract

Purpose

The purpose of this paper is to examine the national-level predictors of country competitiveness using the concept of managerial discretion. The objective is to empirically link the strategic management discipline particularly the upper echelon theory to the concept of country performance measured by competitiveness.

Design/methodology/approach

This paper tests the proposed relationship between managerial discretion and country competitiveness using a sample of 18 countries from 6 different regional clusters. Discretion scores are generated from survey responses of prominent senior management consultants, while country competitiveness is measured via the Global Competitiveness Index developed by the World Economic Forum. A multi-level regression analysis on the panel data set spanning 10 years of national competitiveness levels is used to empirically demonstrate the association between managerial discretion and country competitiveness.

Findings

The authors show that managerial discretion is a direct predictor of national competitiveness through its ability to provide CEOs with a wider array of actions to innovate and enhance firm performance which will ultimately contribute to country competitiveness.

Practical implications

The positive influence of managerial discretion on country competitiveness provide an interesting framework to examine the influence of firms over public policy-making. Additionally, with businesses becoming increasingly globalized, the profile of countries becomes of a great importance and can become a tool for corporate strategic decisions, such as: market entry strategies.

Originality/value

By linking the well-known term of competitiveness to the concept of managerial discretion, the authors provide a totally new approach to assess country performance. Additionally, this paper contributes to the growing literature of managerial discretion by discovering new national-level consequences.

Details

Competitiveness Review: An International Business Journal, vol. 29 no. 2
Type: Research Article
ISSN: 1059-5422

Keywords

To view the access options for this content please click here
Article
Publication date: 1 January 2006

Elia Marzal

The object of this research is the reconstruction of the existing legal response by European Union states to the phenomenon of immigration. It seeks to analyse the process…

Abstract

Purpose

The object of this research is the reconstruction of the existing legal response by European Union states to the phenomenon of immigration. It seeks to analyse the process of conferral of protection.

Design/methodology/approach

One main dimension is selected and discussed: the case law of the national courts. The study focuses on the legal status of immigrants resulting from the intervention of these national courts.

Findings

The research shows that although the courts have conferred an increasing protection on immigrants, this has not challenged the fundamental principle of the sovereignty of the states to decide, according to their discretionary prerogatives, which immigrants are allowed to enter and stay in their territories. Notwithstanding the differences in the general constitutional and legal structures, the research also shows that the courts of the three countries considered – France, Germany and Spain – have progressively moved towards converging solutions in protecting immigrants.

Originality/value

The research contributes to a better understanding of the different legal orders analysed.

Details

Managerial Law, vol. 48 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

To view the access options for this content please click here
Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

To view the access options for this content please click here
Article
Publication date: 1 March 2010

Dana L. Haggard and Stephen Haggard

We proposed a model in which culture plays a dominant role, along with religion and legal origin, in determining the quality of governance in a country. We examined four…

Abstract

We proposed a model in which culture plays a dominant role, along with religion and legal origin, in determining the quality of governance in a country. We examined four dimensions of culture and four measurements of governance quality across 71 countries. Our empirical results demonstrated the dominant role played by culture, over and above religion and legal origin, in explaining governance quality. As culture is persistent and unlikely to be easily changed, efforts to improve governance quality might be doomed to failure in nations with cultural values that are hostile to good governance.

Details

International Journal of Organization Theory & Behavior, vol. 13 no. 4
Type: Research Article
ISSN: 1093-4537

To view the access options for this content please click here
Article
Publication date: 3 June 2020

Maria Neves and João Branco

As high-tech industries are the main responsible for research and development (R&D), the purpose of this paper is to investigate some of the possible determinants of R&D…

Abstract

Purpose

As high-tech industries are the main responsible for research and development (R&D), the purpose of this paper is to investigate some of the possible determinants of R&D investment in this type of industry.

Design/methodology/approach

The analysis is based on a sample of European high-tech industries represented both by countries of civil law origin and common law origin. The authors used data from 155 high-tech firms in the period between 2011 and 2016. The sample was collected from Amadeus database. The panel data methodology was used to test the dependence of R&D expenses ratio according to different variables. Specifically, the authors have used the generalized method of moments (GMM) estimation method.

Findings

The results point out that there are differences in the explanation of the R&D ratio depending on whether the authors are dealing with countries of civil legal origin or common legal origin. The evidence also suggests that the intangible assets, contrary to the expect result, have a negative influence on R&D. Probably in this recovery time, as de global financial crisis and the sovereign debt crisis for Eurozone countries, the high-tech firms are using their intangible assets to create value and not for more investments in R&D. Companies are not renewing their asset stocks.

Originality/value

As high-tech companies are traditionally rich in R&D, this research can contribute with additional pieces to the knowledge of the factors that contribute to this. Thereby, this study may be interesting for managers, investors and civil society. This study adds value as it is unique in addressing this topic on this new dimension, with respect to the sample and indicators presented.

Propósito

Como las industrias de alta tecnología son las principales responsables por la I + D, proponemos investigar algunos de los posibles determinantes de la inversión en I + D en este tipo de industria.

Diseño/metodología

Nuestro análisis se basa en una muestra de indústrias europeas de alta tecnología representadas tanto por países de origen civil como por derecho consuetudinario. Utilizamos datos de 155 empresas de alta tecnología en el período comprendido entre 2011 y 2016. Nuestra muestra se recopiló de la base de datos Amadeus. La metodología Panel Data se utilizó para evaluar la dependencia del índice de gastos de I + D de acuerdo con diferentes variables. Específicamente, hemos utilizado el método de estimación del Método Generalizado de Momentos (GMM).

Resultados

Nuestros resultados señalan que existen diferencias en la explicación de la relación de I + D dependiendo de si estamos tratando con países de origen legal civil u origen legal común. Nuestra evidencia también sugiere que los activos intangibles, al contrario del resultado esperado, tienen una influencia negativa en la I + D. Probablemente en este tiempo de recuperación económica, desde la crisis financiera mundial y la crisis de la deuda soberana para los países de la zona euro, las empresas de alta tecnología están utilizando sus activos intangibles para crear valor y no para más inversiones en I + D. Las empresas no renuevan sus activos.

Originalidad/valor

Dado que las empresas de alta tecnología son tradicionalmente ricas en I + D, esta investigación puede contribuir con piezas adicionales al conocimiento de los factores que contribuyen a esto. Por lo tanto, este artículo puede ser interesante para gerentes, inversores y la sociedad civil. Este artículo agrega valor, ya que es único al abordar este tema en esta nueva dimensión, con respecto a la muestra y los indicadores presentados.

Objetivo

Como as indústrias de alta tecnologia são as principais responsáveis pela investigação e desenvolvimento, neste trabalho propomos investigar alguns dos possíveis determinantes da I&D nesse tipo de indústria.

Metodologia

A Nossa análise é baseada em uma amostra de indústrias europeias de alta tecnologia representadas por países de origem do direito civil e de direito comum. Foram utilizados dados de 155 empresas de alta tecnologia no período compreendido entre 2011 e 2016. Os dados foram recolhidos da base de dados Amadeus. Foi usada a metodologia de Dados em Painel para testar a dependência entre as despesas de I&D e as diferentes variáveis explicativas. Especificamente, usamos o método de estimação Método generalizado de momentos (GMM).

Resultados

Os nossos resultados apontam que existem diferenças na explicação do índice de I&D, dependendo de estarmos lidando com países de origem legal civil ou de origem legal comum. As evidências também sugerem que os ativos intangíveis, ao contrário do resultado esperado, influenciam negativamente a I&D. Provavelmente neste período de recuperação económica, desde a crise financeira global e a crise da dívida soberana dos países da zona do euro, as empresas de alta tecnologia estão a usar os seus ativos intangíveis para criar valor e não para mais investimentos em I&D. As empresas não estão a renovar os seus ativos.

Originalidade/valor

Como as empresas de alta tecnologia são tradicionalmente ricas em I&D, este trabalho pode contribuir com peças adicionais para o conhecimento dos fatores que contribuem para esse facto. Assim, este artigo pode ser interessante para gestores, investidores e sociedade civil. Trata-se de uma investigação que agrega valor, pois é único ao abordar este tópico nesta nova dimensão, com relação à amostra e às variáveis apresentadas.

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 18 no. 3
Type: Research Article
ISSN: 1536-5433

Keywords

To view the access options for this content please click here
Article
Publication date: 1 March 2011

Dana L. Haggard and K. Stephen Haggard

This study provides insight into the proportion of the variation across countries in the desirable outcomes of freedom and peace that can be accounted for using a set of…

Abstract

This study provides insight into the proportion of the variation across countries in the desirable outcomes of freedom and peace that can be accounted for using a set of national characteristics which are difficult, if not impossible, to change. The majority of prior studies in this area have utilized bivariate (correlational) analysis. While these studies have made important contributions to the field, they have not been able to disentangle the effects of other important national characteristics from the effect of culture on freedom and peace. Through our multivariate framework, we are able to shed light on the relative importance of these national characteristics in explaining the variation in freedom and peace across countries.

Details

International Journal of Organization Theory & Behavior, vol. 14 no. 3
Type: Research Article
ISSN: 1093-4537

To view the access options for this content please click here
Article
Publication date: 3 August 2015

Minna Yu and Ronald Zhao

This paper aims to examine whether capital market rewards firms with good corporate sustainability practices in an international setting by using the Dow Jones…

Abstract

Purpose

This paper aims to examine whether capital market rewards firms with good corporate sustainability practices in an international setting by using the Dow Jones Sustainability Index (DJSI hereafter) as an integrated measure of firm sustainability performance.

Design/methodology/approach

There are two alternative theories regarding the impact of sustainability on firm value. The value-creating theory predicts that integration of environmental and social responsibility into corporate strategies and practices reduces firm risk and promotes long-term value creation. The value-destroying theory on sustainability suggests that managers may engage in socially responsible activities at the expense of shareholders. To perform empirical tests, we use a large international sample for a period of 13 years between 1999 (the first year when DJSI became available) and 2011. To control for self-selection bias and simultaneity, the authors use lagged values of sustainability performance in a robustness check.

Findings

The authors find a positive relation between sustainability performance and firm value, after controlling for variables that have been found to affect firm value in the existing literature. The test results are consistent with the value enhancing theory (as opposed to the shareholder expense theory) regarding the role of sustainability engagement in firm valuation. Furthermore, the positive impact of sustainability engagement on firm value is primarily driven by countries with strong investor protection and with high disclosure levels.

Research limitations/implications

A positive impact of sustainability performance on firm value supports the value-creating theory and rejects the value-destroying theory. Test results also suggest a more pronounced market response to corporate sustainability in countries with stronger shareholders protection and higher requirement for financial transparency.

Practical implications

Given the growing international capital market and intensifying global competition, the valuation implications of sustainability in an international context is of practical interest to management, investors and regulators worldwide.

Originality/value

First, it is an initial attempt to test an integrated measure of the “triple-bottom-line” definition of sustainability in an international setting. Second, our paper studies the international variation in market valuation of firm sustainability performance in terms of the value enhancing versus shareholder expense theories on sustainability. The authors explore the relevance of sustainability performance in relation to the investor protection and the reporting environment across countries.

Details

International Journal of Accounting and Information Management, vol. 23 no. 3
Type: Research Article
ISSN: 1834-7649

Keywords

To view the access options for this content please click here
Article
Publication date: 21 September 2015

Andrea Liesen, Andreas G. Hoepner, Dennis M. Patten and Frank Figge

The purpose of this paper is to seek to shed light on the practice of incomplete corporate disclosure of quantitative Greenhouse gas (GHG) emissions and investigates…

Abstract

Purpose

The purpose of this paper is to seek to shed light on the practice of incomplete corporate disclosure of quantitative Greenhouse gas (GHG) emissions and investigates whether external stakeholder pressure influences the existence, and separately, the completeness of voluntary GHG emissions disclosures by 431 European companies.

Design/methodology/approach

A classification of reporting completeness is developed with respect to the scope, type and reporting boundary of GHG emissions based on the guidelines of the GHG Protocol, Global Reporting Initiative and the Carbon Disclosure Project. Logistic regression analysis is applied to examine whether proxies for exposure to climate change concerns from different stakeholder groups influence the existence and/or completeness of quantitative GHG emissions disclosure.

Findings

From 2005 to 2009, on average only 15 percent of companies that disclose GHG emissions report them in a manner that the authors consider complete. Results of regression analyses suggest that external stakeholder pressure is a determinant of the existence but not the completeness of emissions disclosure. Findings are consistent with stakeholder theory arguments that companies respond to external stakeholder pressure to report GHG emissions, but also with legitimacy theory claims that firms can use carbon disclosure, in this case the incomplete reporting of emissions, as a symbolic act to address legitimacy exposures.

Practical implications

Bringing corporate GHG emissions disclosure in line with recommended guidelines will require either more direct stakeholder pressure or, perhaps, a mandated disclosure regime. In the meantime, users of the data will need to carefully consider the relevance of the reported data and develop the necessary competencies to detect and control for its incompleteness. A more troubling concern is that stakeholders may instead grow to accept less than complete disclosure.

Originality/value

The paper represents the first large-scale empirical study into the completeness of companies’ disclosure of quantitative GHG emissions and is the first to analyze these disclosures in the context of stakeholder pressure and its relation to legitimation.

Details

Accounting, Auditing & Accountability Journal, vol. 28 no. 7
Type: Research Article
ISSN: 0951-3574

Keywords

1 – 10 of 840