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Article
Publication date: 31 May 2022

Md Hakim Ali, Christophe Schinckus, Md Akther Uddin and Saeed Pahlevansharif

Even though Bitcoin has been often labelled as a safe haven asset class in the literature, the influence of economic policy uncertainty (EPU) on the diversifying opportunities…

Abstract

Purpose

Even though Bitcoin has been often labelled as a safe haven asset class in the literature, the influence of economic policy uncertainty (EPU) on the diversifying opportunities offered by Bitcoin in relation to other assets needs to be investigated. This paper aims to investigate how the EPU affects diversification of commodity, conventional, Islamic and sustainable equity returns in relation to its impact on Bitcoin returns.

Design/methodology/approach

The authors use advanced time-series econometrics, namely, multivariate generalized autoregressive conditional heteroscedastic-dynamic conditional correlation and continuous wavelet transformation, for the analysis of the daily returns for the aforementioned assets between 01 August 2011 and 01 September 2019.

Findings

First, the authors found a strong evidence of Bitcoin’s mean reverting trend in the long run while its volatility has decreased significantly since 2013. After separating the EPU into two regimes (high and low), diversification opportunities with Bitcoin seems to disappear in a high EPU period, while the hedging opportunity tends to prevail in a low EPU period for all classes of assets. Importantly, the findings indicate that Bitcoin offers short-term diversification for sustainable and Islamic equity as well as energy stocks during a low uncertainty period. Consequently, in relation to the policy uncertainty, Bitcoin provides similar hedging opportunities than commodities like Gold and Silver. Overall, the study shows that EPU is remarkably important in explaining the average portfolio returns of Bitcoin, suggesting that this indicator can be perceived as a decent explanatory factor for portfolio diversification.

Originality/value

The study significantly extends the empirical literature of Bitcoin’s portfolio diversification by taking EPU into consideration. To the best of authors’ knowledge, this is one of the few studies to investigate the asymmetric effects of US EPU on Bitcoin’s hedging capabilities by taking into account major conventional equity, sustainable equity, Islamic equity, gold, silver and oil.

Details

Studies in Economics and Finance, vol. 40 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 17 December 2018

Md Hakim Ali, Md Akther Uddin, Mohammad Ashraful Ferdous Chowdhury and Mansur Masih

On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors…

Abstract

Purpose

On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market.

Design/methodology/approach

The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic –DCC and continuous wavelet transforms. For robustness, this study also applied maximal overlap discrete wavelet transform.

Findings

The findings tend to indicate that the Saudi Arabian investors have portfolio diversification benefits with all major trading partners in the short-term investment horizon. Interestingly, Saudi Arabian market has the least portfolio diversification benefits with the Chinese market. However, in the long run, all markets are correlated, yielding minimum portfolio diversification benefits and most importantly Saudi Arabian investors have portfolio diversification benefits with the Indian Islamic equity market in almost all investment horizons. The findings are highly consistent across different econometric technique estimations.

Research limitations/implications

The authors are only considering five major trading partners of Saudi Arabia. Also, the authors are using S&P and FTSE shari’ah index. Moreover, the time period of the study is constrained by the availability of shari’ah indices. Econometric limitations are also well documented in the literature.

Practical implications

The results could be beneficial for the investors, portfolio managers, hedge fund managers and institutional investors and also could be useful for the policy makers in their policy-making decisions.

Originality/value

Only very few studies have looked into the benefits of international portfolio diversification from the perspective of local investors as well as the portfolio diversification benefits with the major trading partners of Saudi Arabia. One of the novelties of the method is to make the stock investors, practitioners and policy makers aware of the portfolio diversification benefits available at different time scales such as 4, 8, 16, 32, 64 and 256 trading days as investment holding periods to unveil the true dynamics of co-movement between those different assets.

Details

Managerial Finance, vol. 45 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 22 April 2020

Md Akther Uddin, Md Hakim Ali and Mansur Masih

This paper aims to study institutions, human capital and economic growth in developing countries.

Abstract

Purpose

This paper aims to study institutions, human capital and economic growth in developing countries.

Design/methodology/approach

The study applies dynamic system Generalized Method of Moments (GMM) and simultaneous quantile regression on a panel of 120 developing countries for the period of 1996-2014.

Findings

The findings show that human development and institutions do have a significant positive effect on economic growth. Interestingly, institutions and human development have a significant negative interactive effect on the economic growth of developing countries. This paper argues that incremental investment in human development would impact economic growth negatively in the presence of weak and dysfunctional institutions because additional stock tends to be employed in rent-seeking and socially unproductive activities.

Research limitations/implications

The policy makers should bear in mind the critical role played by the institutions and the initial stage of growth of a country in making their education and health policies more effective.

Originality/value

The most important novelty is the study of various transmission channels: political, economic and financial institutions through which human development affect economic growth in developing countries. This paper also studies the Islamic economic development concept and empirically investigates whether Muslim countries are different from their counterparts. Moreover, this study extends the existing empirical growth literature by simultaneously applying dynamic system GMM and quantile regression techniques.

Details

Studies in Economics and Finance, vol. 38 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 28 March 2023

Osama F. Atayah, Khakan Najaf, Md Hakim Ali and Hazem Marashdeh

The purpose of this paper is to provide empirical evidence on the suitability of a Bloomberg Environmental (E), Social (S) and Governance (G) (ESG) disclosure index designed for…

1033

Abstract

Purpose

The purpose of this paper is to provide empirical evidence on the suitability of a Bloomberg Environmental (E), Social (S) and Governance (G) (ESG) disclosure index designed for companies from the USA and to investigate the sustainability quality and stock performance of FinTech companies.

Design/methodology/approach

Data from all FinTech and non-FinTech firms in the USA was acquired from Bloomberg to undertake the study and evaluate the suggested hypotheses efficiently. The final sample consists of 1,672 company-year observations from 2010 to 2019. The methodology used ordinary least squares regressions of performance metrics on the Bloomberg ESG disclosure index and its components.

Findings

The findings indicated that the Bloomberg ESG disclosure index is a valid proxy for sustainability and has a direct relationship with stock performance. Furthermore, this study suggests that non-FinTech firms outperform FinTech firms in sustainability and stock performance. The findings support stakeholder theory, which suggests that increased disclosure of ESG information will mitigate the agency problem and protect shareholders’ interests.

Research limitations/implications

This study’s findings were significant because the findings emphasised ESG disclosure in FinTech and non-FinTech firms, providing information to academics, legislators, regulators, financial report users, investors, environmental unions, workers, customers and society.

Originality/value

This research is unique as it evaluates ESG practices in both FinTech and non-FinTech firms.

Details

Meditari Accountancy Research, vol. 32 no. 2
Type: Research Article
ISSN: 2049-372X

Keywords

Article
Publication date: 1 August 2023

Syed Ali Raza, Komal Akram Khan and Faiza Hakim

The study aims to inspect the impact of employees’ perception of corporate social responsibility (CSR) and their spiritual values on their affective commitment and job…

Abstract

Purpose

The study aims to inspect the impact of employees’ perception of corporate social responsibility (CSR) and their spiritual values on their affective commitment and job satisfaction, which in turn may promote organizational citizenship behavior. Furthermore, this study examines the moderating effect of Islamic work ethics to identify whether they strengthen or weaken the proposed associations.

Design/methodology/approach

A survey instrument was devised to collect data from employees. The statistical analysis of the data was conducted using the Smart PLS software. Additionally, the research uses the “Partial Least Square-Structural Equation Modelling (PLS-SEM)” technique.

Findings

The findings of the study suggest that employees’ perception of CSR exhibits a positive association with affective commitment and job satisfaction. Likewise, employees’ spiritual values demonstrate a positive and significant correlation with affective commitment and job satisfaction. Finally, the outcomes reveal that affective commitment and job satisfaction play a major role in fostering organizational citizenship behavior. Moreover, Islamic work ethics positively and significantly moderate the relationship between employee CSR perception and affective commitment and between employee CSR perception and job satisfaction.

Originality/value

This research study endeavors to fill the gaps in the current literature by investigating two crucial aspects of employees: their perception of CSR and spiritual values. Additionally, the study includes Islamic work ethics as a moderator to provide a more comprehensive understanding of how these factors contribute to fostering organizational citizenship behavior. This work highlights the significance of spiritual values and social responsibilities in employees’ lives and how Islamic work ethics shape their behavior accordingly.

Book part
Publication date: 25 November 2019

Hassan Raza, Brad van Eeden-Moorefield, Soyoung Lee and Lisa Lieberman

The current study aims to use bioecological theory to examine the effects of different contextual factors such as husbands’ desire for children, visit by a family planning worker…

Abstract

The current study aims to use bioecological theory to examine the effects of different contextual factors such as husbands’ desire for children, visit by a family planning worker, media messages, and province level on women’s use of contraception in Pakistan. Two cross-sectional data sets were taken from the Pakistan Demographic and Health Surveys (PDHS), conducted in 2006–07 and 2012–13, which included 3,811 and 4,871 currently married, lower socioeconomic status (SES) women aged 15–49 years, respectively. Using logistic regression, the results showed that women’s perception of a husband’s desire for children and visit by family planning workers were significant predictors of women’s use of contraception in both periods (i.e. PDHS 2006–07 and PDHS, 2012–13). Specifically, those women who had a desire for children similar to their husband were more likely to use contraception than those who either were not sure about their husband’s desire for children or whose desire for children was less or more than their husband. Moreover, those women who had at least one visit from a family planning worker during the 12 months prior to the survey were more likely to use contraception than their counterparts.

Details

Childbearing and the Changing Nature of Parenthood: The Contexts, Actors, and Experiences of Having Children
Type: Book
ISBN: 978-1-83867-067-2

Keywords

Article
Publication date: 11 September 2023

Khairul Hidayatullah Basir, Muhamad Alif Haji Sismat and Siti Sara Ahmad

This paper explores the experiences and strategies that have emerged from an Islamic university in Brunei Darussalam in its efforts to adapt to the new normal. It aims to provide…

Abstract

Purpose

This paper explores the experiences and strategies that have emerged from an Islamic university in Brunei Darussalam in its efforts to adapt to the new normal. It aims to provide a comprehensive post COVID-19 teaching and learning strategies framework and understand how the principles of Islam can be harmonised with modern practices, offering valuable lessons for educational institutions worldwide.

Design/methodology/approach

The study employed a three-fold methodology. Initially, the authors conducted a comprehensive review of the post-COVID-19 experiences within Islamic universities. Subsequently, they administered a structured questionnaire to academic staff and students at an Islamic university in Brunei, utilising Google survey forms. Based on the insights from the data analysis, strategies were carefully formulated. Ultimately, this informed the development of a framework grounded in the established strategies.

Findings

The significant findings from this study include the adoption of “e-Talaqqi” and how this can be related to Maqasid Shariah to produce a conceptual framework of post-COVID-19 strategies adaptable for Islamic Higher Education Institutions (HEIs) and how that can be related to Maqasid Shariah in line with the values of Islamic-based universities.

Research limitations/implications

The applicability of the framework developed from data gathered at an Islamic university in Brunei might have certain limitations when extended to other Islamic HEIs. Future research should aim to cover more Islamic HEIs across various countries, thereby strengthening a broader applicability of the framework. Moreover, it is advisable that the developed framework undergoes statistical validation to fortify it.

Practical implications

The study's implications encompass theory, researchers, educators, policymakers, and all stakeholders concerned with the past, present, and future of HEIs, particularly in facilitating the adaptation of post-COVID-19 norms within Islamic HEIs.

Social implications

This paper holds the potential to significantly benefit society by providing invaluable insights to educators and various sectors, aiding them in enhancing their learning pedagogies.

Originality/value

This study has developed a conceptual framework that offers strategies tailored for Islamic HEIs in the post-COVID-19 era, harmonising with the principles of Islamic-based universities, in alignment with Maqasid Shariah. Consequently, this research serves as a significant contribution to the evolution of new theoretical paradigms because of COVID-19.

Details

Journal of Applied Research in Higher Education, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2050-7003

Keywords

Article
Publication date: 9 August 2021

Suvasish Das Shuvo, Md. Eunus Ali, Md. Masudur Rahman, Abu Taher, Md Asaduzzaman, Md. Toufiq Elahi, Md. Ashrafuzzaman Zahid, Dipak Kumar Paul and Deepa Roy

This study aims to evaluate the association between dietary patterns with health status and smoking-related knowledge, attitudes and practices (s-KAP) among Bangladeshi adolescent…

Abstract

Purpose

This study aims to evaluate the association between dietary patterns with health status and smoking-related knowledge, attitudes and practices (s-KAP) among Bangladeshi adolescent smokers.

Design/methodology/approach

An analytical cross-sectional study was conducted among 205 randomly selected adolescents. Socio-demographic, health status, s-KAP related data were collected in face-to-face interviews. Dietary intake data were calculated using the food frequency questionnaire.

Findings

The practices score (44.8%) was comparatively poor among adolescent smokers. Among the respondents, around 56.1%, 38.1% and 49.3% were suffering from gastric problems, nausea and the loss of appetite, respectively, because of smoking. There was a significant relationship between dietary diversity and the occurrence of several diseases such as gastric problems, nausea and loss of appetite. The respondents who consumed fresh fruits and vegetables regularly might reduce gastric problems (OR: 0.53, 95% CI: 0.27–1.04 and OR: 0.64, 95% CI: 0.25–1.65), nausea (OR: 0.72, 95% CI: 0.38–1.37 and OR: 0.28, 95% CI: 0.13–0.84) and loss of appetite (OR: 0.52, 95% CI: 0.32–1.21 and OR: 0.16 95% CI: 0.27–0.68).

Originality/value

In conclusion, smoking has been associated with multiple health problems because of poor practices score. Consumption of a balanced diet, better smoking-related knowledge, attitudes and practices needs to be improved among adolescents.

Details

Nutrition & Food Science , vol. 52 no. 1
Type: Research Article
ISSN: 0034-6659

Keywords

Article
Publication date: 18 April 2023

Eli Sumarliah and Belal Al-hakeem

Sustainable supply chain management (SSCM) practices and green entrepreneurial preference (GEP) have gained increasing attention from academicians; however, their impacts on…

Abstract

Purpose

Sustainable supply chain management (SSCM) practices and green entrepreneurial preference (GEP) have gained increasing attention from academicians; however, their impacts on business' competitive performance (BCP) post-coronavirus disease of 2019 (COVID-19) remain unclear. Although SSCM is vital for supporting BCP, the previous publications indicate the absence of significant relationships among GEP, SSCM and BCP. This study tries to fill this literature gap by investigating if GEP and SSCM can shape BCP. This study also suggests the moderation effect of digital innovations such as artificial intelligence and big data analytics (AIBD) on those relationships from a COVID-19 viewpoint.

Design/methodology/approach

Data were collected from 245 Halal food firms in Yemen, and the research framework was assessed using structural equation modeling (SEM).

Findings

The empirical findings show that there are significant impacts of GEP on SSCM and subsequently on BCP. The findings also reveal that SSCM practice mediates GEP-BCP link. Besides, digital innovations such as AIBD positively moderate the link of GEP-SSCM.

Originality/value

This study is the first attempt that advises Halal food firms to formally adopt GEP, SSCM and digital innovations to boost BCP, especially in uncertain times like post-COVID-19. Unlike earlier studies that observe SSCM usage as a direct predictor of firm performance, this study delivers an innovative insight that digital innovations can assist in GEP and SSCM incorporation in the in-house operations of the firms post-COVID-19.

Book part
Publication date: 4 February 2011

Abstract

Details

Contributions to Economic Analysis
Type: Book
ISBN: 978-0-85724-721-6

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