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This study aims to present the perspectives of heterodox economics and Islamic economics on environmental economics, as an alternative to mainstream economics, which takes economic growth as its main objective and argues that environmental problems will largely disappear when economic growth is achieved.

In this study, there was no intention to conduct a detailed analysis of heterodox economic models and Islamic economics. Instead, the approaches to the “environment,” which can be considered as an urgent need of the planet, were evaluated, and the inadequate proposals of the mainstream economics’ environmental approach were theoretically criticized and heterodox economics and Islamic economics were proposed as an alternative model.

Heterodox and Islamic economics offer alternative models of development prioritizing social and ecological justice to address environmental problems, which is in contrast to mainstream economics’ narrow focus on market mechanisms and individual rationality. Thus, engaging in more dialogue in the context of the environment is inevitable for both schools, considering the vast geography inhabited by Muslims and the proposed heterodox economic policies, and moreover, these approaches are modeled for the first time.

This article presents a synthesis of Islamic economics and heterodox thinking in contrast to mainstream economic policy, highlighting their similarities and differences and providing a more comprehensive understanding of the complexities and potential solutions of environmental problems. To the best of the authors’ knowledge, this approach has not been previously explored, making it an original contribution to the literature.

To cope successfully with the pressures imposed by a devastating pandemic and other challenges, companies and policymakers need to look at how they conceptualize, define, measure and operationalize “value”. This paper aims to support this conversation.

This study presents a historical review of how the value construct has been conceptualized over time, demonstrating that its history is one of tension and debate with conceptualizations swinging between objective (i.e. the value of something exists independent of the observers) and subjective (i.e. the value of something depends on the personal response of the observer to what is being considered) views over time.

This paper outlines the implications to researchers of value’s low construct clarity, offering suggestions designed to exploit rather than ignore the duality of the value construct. Instead of thinking of the value construct as being subjective or objective, this study recommends that scholars consider value’s objectivity and subjectivity as being interrelated and complementary. The paper recommends that researchers use both quantitative and qualitative methodologies in studying this construct.

A major limitation of this paper is the word count limitation restricting the extent to which this paper could explore a more comprehensive list of the conceptualizations of value throughout history.

This paper presents practitioners with a nuanced understanding of value that should assist those interested in examining the worth of investments with observable expenses but less quantifiable outputs.

The authors have not found a similar analysis of the various conceptualizations of value.

This paper aims to portray the publication pattern, key themes, study trends and future directions for the studies on ethics in Islamic finance. A total of 194 published documents that includes journal articles, books and book chapters and conference proceedings were screened for the period 1988 to August 2022 and categorized based on designated sectors of the Islamic finance industry. This paper also highlights the change in research trends in all three sectors of Islamic finance and suggests possible areas for future research.

A comprehensive systematic literature review was conducted using the “advanced search” function of “google scholar” by using the option “find articles” with the keywords “Ethic (s/al)”, “Islamic banks”, “Islamic banking”, “Islamic finance”, “Islamic capital markets” Takaful, Islamic insurance without restricting the time frame, author list and the platform. Furthermore, the search for relevant articles was conducted on other mainstream index databases such as “Web of Science” and “Scopus”.

Among the highlights of the findings were an increase in publications on ethical issues after the global financial crisis and an increase in publications in high-impact mainstream business and finance journals. A higher number of studies were documented in the area of Islamic banking and finance followed by Islamic capital markets and Islamic insurance/Takaful. Although a greater number of empirical studies were published than conceptual studies, dominance was resulted due to the replication of the studies in various jurisdictions based on the same concepts or models rather than applying diversified concepts in various jurisdictions.

This study contributes to the growing literature on ethical and/or Islamic finance as a guide for researchers to identify research gaps and provides a systematic direction for future studies in the area of ethics in Islamic finance.

Transaction cost economics sees a broad spectrum of governance structures spanned by two types of economic adaptation: autonomous and cooperative. Stakeholder theorists have drawn much inspiration from transaction cost economics but have not paid explicit attention to the centrality of the idea of adaptation in this literature. This study aims to address this gap.

The authors develop a novel conceptual framework applying the distinction between the two types of economic adaptation to stakeholder theory.

The authors argue that the idea of cooperative adaptation is particularly useful for describing the firm’s collaboration with primary stakeholders in the joint value creation process. In contrast, autonomous adaptation is more relevant for firms interacting with secondary stakeholders who are not directly engaged in joint value creation and may not have formal contractual relationships with the firm. Accordingly, cooperative adaptation can be seen as vital for resolving team production problems affecting joint value creation, whereas autonomous adaptation addresses how the firm maintains legitimacy within the larger stakeholder environment.

Similar to its significance for transaction cost economics, the distinction between the two types of adaptation equips stakeholder theory with a new systematic understanding of a potentially broad spectrum of firm–stakeholder collaboration forms.

Internet search is a $120bn business that answers lists of search terms or keywords with relevant links to Internet webpages. Only a few companies have sufficient scale to compete and thus economics of the process are paramount. This study aims to develop a detailed industry-specific modeling of the economics of internet search.

The current research develops a stochastic model of the process of Internet indexing, search and retrieval in order to predict expected costs and revenues of particular configurations and usages.

The models define behavior and economics of parameters that are not directly observable, where it is difficult to empirically determine the distributions and economics.

The model may be used to guide the economics of large search engine operations, including the advertising platforms that depend on them and largely fund them.

This paper, based on the 2022 Master Class delivered at the 50th National Economic Meeting organized by ANPEC, discusses how post-Keynesian macroeconomics and New Developmentalism complement each other to understand middle-income economies' development in financial globalization. It summarizes my academic reflection about the advance in post-Keynesian thinking to develop macroeconomics for peripheral middle-income economies.

As part of this reflection, I first bring up the idea of a developmental convention and, next, how peripheral financialization impacts the elaboration of this convention. Given the asymmetric configuration of the international financial system and the context of hierarchical currencies, I discuss the challenge of overcoming underdevelopment in peripheral economies. The post-Keynesian macroeconomics and advances in the structuralist debate provide the analytical tools to understand how peripheral economies develop virtuous or vicious growth cycles. At the end of the paper, I present some comments on the stagnation of the Brazilian economy.

The growth strategy with foreign savings does not provide the conditions for middle-income economies to operate with sufficient economic policy autonomy to promote productive transformation. To this end, a developmental convention should replace the neoliberal convention that has dominated since the 1970s.

The dynamics of peripheral, middle-income economies, often influenced by international liquidity flows, are a crucial area of study. This research underscores the importance of understanding these dynamics, as it forms the basis for economic policy recommendations. The paper also highlights the inadequacy of the growth strategy with foreign savings in the current configuration of the international financial system, emphasizing the need for middle-income economies to operate with greater economic policy autonomy to foster productive transformation.

Illicit financial flows are targeted by the United Nations’ (UN) sustainable development goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws and regulations that lack mechanisms to detect and penalize them. This paper aims to investigate whether a recent test, the embezzler test, can be used to identify regulatory architectures that facilitate illicit financial flows and related financial crimes.

This paper develops a more advanced version of the embezzler test in terms of definitions and practical implementation methodology.

In this test, the definition of embezzlement can be understood to be the occurrence of illicit financial flows crossing the boundaries of organizations and/or countries. This is a multistage test, which intentionally simulates illicit financial flows to observe how well equipped is the regulatory architecture to deal with other financial offences that are related with these flows, such as theft, money laundering, fraud, corruption, market manipulation and tax evasion.

Future research can use the version of this test to stress test a large range of economic norms, laws and regulations.

This test’s new version can assist achieve the UN SDGs’ illicit financial flow reduction target. Furthermore, it can be used to study both existing and proposed norms, laws and regulation.

To the best of the author’s knowledge, this is the first explicit test that has been presented to identify norms, laws and regulations that facilitate illicit financial flows and related financial crimes.

This paper aims to contribute to the literature on corporate and leadership responsibility by proposing a relational business model for shared responsibility.

First, a literature review on corporate and leadership responsibility is presented and discussed. This is followed by an overview of existing public and private regulations and future perspectives that enforce and/or foster corporate and leadership responsibility. Based on the concepts of relational economics, relational leadership and proactive regulation, the theoretical foundations of a relational business model are derived. In addition, a decision model for the empirical application of the relational business model in ethical dilemma situations is developed and presented.

Theoretical elaboration of a relational business model and an associated relational decision-making approach.

This study contributes to a new way of doing business in terms of shared responsibility. Furthermore, corporate responsibility and leadership responsibility are usually researched as two distinct fields, with the former referring to the meso level and the latter to the micro level. A relational approach, which views leadership as a relational phenomenon, contributes to bridging both concepts.

The purpose of this empirical study was to test whether presenting organizational change in a way that enhances employee self-worth will result in increased employee support for the identified change. In doing so, we developed a new measure, which includes a novel baseline element.

Items were developed, and then categorical validation data were collected through an online cross-sectional survey in which 222 respondents (adults over 18 years of age, and at least 6 months tenure) participated.

Within the items, we framed the activation of self-worth bias as requests for employee comments regarding change efforts. Results indicate there is a difference between asking for employee comment on change efforts, compared to asking for employee comment on change efforts and also providing feedback considerate of that input.

This study explores and presents a convergence between behavioral economics, management and applied psychology research – using both self-worth bias, and organizational change management communications; no other such comparable study or analysis could be found during the preparation of this research effort. Furthermore, a novel measure and innovative method is presented for developing and measuring self-worth bias during organizational change management communications.