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This chapter investigates the financial performance and technical efficiency of the 26 listed firms in the services sector of the Philippine Stock Exchange over the period 1998–2007, using the DuPont system and the super-efficiency data envelopment analysis (SE-DEA). Empirical findings revealed a negative return on equity for the sector and the presence of outliers in the sample. We also verified a robust significant association between the financial and technical performances of the sector.

The chapter offers new significant contributions to knowledge in terms of the multidimensional performance evaluation and the efficiency of the stock market, especially in developing economies, which has not been a well-researched area. Managerial implications are also identified for the improvement of the firms’ management and the usefulness of the SE-DEA model in performance management.

This chapter compares the returns performance of the Islamic mutual funds (IMFs) with that of conventional mutual fund (CMF). It covers both pre- and post-ASEAN financial crisis and global financial crisis data for an overall sample of 128 IMFs and 350 CMFs. It also covers two market cycles from January 1995 to December 1998 and from January 2005 to December 2008.

The net raw returns of all expenses and market risk-adjusted return performance measurements are employed to examine the portfolios’ performance, and to capture the difference movement of the funds based on the particular market trend.

We observed that on average both portfolios outperform the market return. In general, average returns performance of IMFs is not better than the CMFs during bullish and bearish market trend periods. However, the empirical results based on time-series regression model reveal that the IMFs portfolio slightly outperform the conventional counterparts.

The study would benefit the investors and market players to consider IMFs in their portfolio selection, if in future such an expected event may occur.

The study provides insights to regulators and market players who plan to access investment plan in an emerging market, particularly in Malaysia.

The entrepreneurial vision, strategic goals, organizational capabilities and processes, alone, will not be adequate to attain business success, unless there is a quality management philosophy in the company (Al-Dhaafri, Al-Swidi, & Yusoff, 2016). Successful entrepreneurial endeavours essentially rest on action, assertiveness, persistence and know-how of leadership (Azyan, Pulakanam, & Pons, 2017) who comprehend the application of quality management methods as a long-term ‘quality journey’. The appropriate implementation of a quality management system (QMS) or total quality management (TQM) system results in enhanced organizational performance (Sahoo & Yadav, 2017).

A wide range of small and medium-sized enterprises (SMEs) have nowadays been aware of the indisputable importance of quality and have reaped the benefits of TQM, having in mind that TQM is not just a method or a tool but a whole business philosophy. TQM is a systematic approach that focuses on continuous improvement of the organizational processes with the participation and contribution of all the stakeholders, so as to manage and enhance quality, productivity and customer satisfaction. It is the best way for the enterprise's growth and domination in the contemporary national and international competitive marketplace (Kriemadis, Thomopoulou, & Sioutou, 2017). According to several studies, by embracing the TQM philosophy, SMEs can compete in the global competitive environment (Womack & Roos, 1990; as cited in Karani & Bichanga, 2012; Sainis & Kriemadis, 2019; Pashiardis & Kriemadis, 1999).

The present study aims to develop a generic TQM model for SMEs in order to improve their competitiveness, productivity and quality as well as to enhance their entrepreneurial orientation.

This study investigates the effect of corporate governance mechanisms and country-level factors on the extent of Internet Financial Reporting (IFR). We used a sample of 106 listed firms from five African countries. A financial reporting disclosure index was used to compute the aggregate IFR scores, which are made up of two components: content and presentation. Our results indicate that IFR relates to board size, firm size, country-level governance, economic development and index return. These results evidence the predominance of country-level factors over firm-specific factors in explaining the extent of IFR in Africa. It also shows that corporate governance mechanisms via board practices are insufficient to explain IFR in Africa. By further extending our analysis into the two components of IFR, we find that factors affecting the content and presentation dimensions are different. This study is among the first to investigate the extent of IFR in several African countries and adds to the existing evidence that has mainly focussed on firm-specific factors.

The “slippery slope” framework assumes that trust and power are alternative approaches to attaining taxpayers’ compliance and for reducing tax evasion. This study aimed to investigate whether the impacts of power and trust dimensions previously found in developed countries also exist in developing countries, such as Indonesia. Data were collected through a researcher-administered questionnaire survey of 274 small business taxpayers and were then analyzed through stepwise linear regressions. The results show that trust significantly influences voluntary tax compliance, but neither trust nor power promotes enforced tax compliance. Ultimately, this study’s findings only partly support the assumptions of the “slippery slope” framework. This study also contributes to current global literature on the influence of trust and power in voluntary and enforced tax compliance in developing countries, especially in Asia.

This chapter investigates the presence of a difference in the systemic risk level between Islamic and conventional banks in Bangladesh. The authors compare systemic resilience of three types of banks: fully fledged Islamic banks, purely conventional banks (CB), and CB with Islamic windows. The authors use the market-based systemic risk measures of marginal expected shortfall and systemic risk to identify which type is more vulnerable to a systemic event. The authors also use ΔCoVaR to identify which type contributes more to a systemic event. Using a sample of observations on 27 publicly traded banks operating over the 2005–2014 period, the authors find that CB is the least resilient sector to a systemic event, and is the one that has the highest contribution to systemic risk during crisis times.

We empirically investigate the determinants of sukuk issuance type in Indonesia to issue either ijarah sukuk or mudharabah sukuk. We include sukuk characteristics, sharia-related factors, and firm characteristics, provide empirical evidence on the determinants of sukuk issuance type by incorporating sukuk-specific factors, firm-specific factors, and sharia compliance variables, and address the role of Sharia Supervisory Board, as the sharia representative of firm compliance for sharia products, in the issuer’s choice of sukuk type. By studying 88 sukuk issuance in Indonesia from 2009 to 2017, we find that firm profitability and the sharia compliance level have a significant effect on the probability of issuing mudharabah sukuk. Some other factors’ characteristics including sukuk yield, firm age, and inflation rate are also found to have a significant effect.

Introduction: As internet and communication technologies are getting developed, the commercial transaction is becoming more electronic. This change also brings new approaches to new payment mechanisms like emergence of crypto currencies. They are virtual and digital currencies which can only be used in electronic environment but they are increasingly treated as a new payment and investment tool. Nevertheless, their use has not spread into the general public, yet. At this point, it will better to take the complex nature of the crypto currencies into consideration because it may still lead to some risks for people and the type of the risks perceived by consumers may influence their attitudes toward and intention to use crypto currencies.

Aim: Accordingly, this study attempts to examine the interaction between perceived risk, attitudes toward and intention to use crypto currencies within the context of Bitcoin, as the first crypto currency.

Method: This study was designed as a causal research. The sample of the study was reached by using convenience sampling method and data were collected with survey. The compiled data were tested with Structural Equation Model.

Findings: A statistically significant and negative relationship was found between perceived financial, time and psychological risk and attitudes toward the use of Bitcoin, and a statistically significant and positive relationship was found between attitudes toward and intention to use Bitcoin. The findings of the study are expected to contribute to both relevant literature and practice by explaining the financial behavior of the individuals within the context of perceived risk theory.

The aim of this paper is to analyse the recent changes in the role played by Africa as a traditional natural resources supplier for the world economy in a multipolar context. We highlight, on the one hand, how Africa remains a prominent supplier of critical minerals needed for information and communication technologies (ICT), including platinum, vanadium, coltan, chromium, manganese, zirconium, etc., and how the boomerang effect results in Africa also importing electronic waste. On the other hand, we show how the BRICS’ growth model, based on a very intensive use of natural resources acquired through international trade, is now being fuelled by Africa too. BRICS countries (especially China and India) are making foreign direct investments in Africa using their state companies to ensure the supply of natural resources under favourable economic terms. Thus, Africa appears as a disputed territory between the old domination of the advanced capitalist countries and emerging powers like the BRICS. However, this should not mask the fact that the European Union and North America are still the dominant foreign powers in the continent. Finally, we discuss which scenarios are open to further this multipolar moment, particularly in the wake of the great crisis.