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This paper aims to ask whether a range of stock market factors contain information that is useful to investors by generating a trading rule based on one-step-ahead forecasts from rolling and recursive regressions.

Using USA data across 3,256 firms, the authors estimate stock returns on a range of factors using both fixed-effects panel and individual regressions. The authors use rolling and recursive approaches to generate time-varying coefficients. Subsequently, the authors generate one-step-ahead forecasts for expected returns, simulate a trading strategy and compare its performance with realised returns.

Results from the panel and individual firm regressions show that an extended Fama-French five-factor model that includes momentum, reversal and quality factors outperform other models. Moreover, rolling based regressions outperform recursive ones in forecasting returns.

The results support notable time-variation in the coefficients on each factor, whilst suggesting that more distant observations, inherent in recursive regressions, do not improve predictive power over more recent observations. Results support the ability of market factors to improve forecast performance over a buy-and-hold strategy.

The results presented here will be of interest to both academics in understanding the dynamics of expected stock returns and investors who seek to improve portfolio performance through highlighting which factors determine stock return movement.

The authors investigate the ability of risk factors to provide accurate forecasts and thus have economic value to investors. The authors conducted a series of moving and expanding window regressions to trace the dynamic movements of the stock returns average response to explanatory factors. The authors use the time-varying parameters to generate one-step-ahead forecasts of expected returns and simulate a trading strategy.

This study aims to compare the nexus between donations to Islamic and conventional microfinance institutions (MFIs) and their credit risk, financial performance and social outreach.

The authors use fixed effects and two-step system generalized methods of moments models with internal instrumentation. The analysis is conducted on an international sample of 1,519 MFIs in 55 countries during 1999–2019.

Islamic MFIs receiving greater donations experience an increase in credit risk, whereas the opposite occurs among their conventional counterparts. Donations are associated with an improvement in the depth of outreach of Islamic MFIs, allowing them to serve a poorer client base, despite a simultaneous decline in the breadth of their outreach. On the other hand, donations improve both the depth and breadth of conventional MFIs outreach. Donations also exhibit a positive relation with productivity, efficiency and sustainability in conventional MFIs.

This paper addresses a gap in the literature on Islamic MFIs and their use of donor funds by examining how donations contribute to the quality of their credit portfolios, financial performance and social outreach. This study used Ahmed’s (2012, 2017, 2020, 2021) total factor productivity model to capture the impact of donations on the performance of MFIs.

Donations are found to contribute to positive financial inclusion outcomes for both Islamic and conventional MFIs, a promising implication for society and donors alike.

This paper addresses a gap in the academic literature on Islamic MFIs and their use of donor funds by examining how donations contribute to the quality of their credit portfolios, financial performance and social outreach.

The purpose of this paper is to examine the impact of corporate governance on risk and forward-looking disclosures in Qatar.

The authors automatically measure levels of risk and forward-looking disclosures in the annual reports of Qatari firms for the period 2008–2014. The authors also use two ways clustered error pooled panel regressions to examine the determinants of these disclosures.

The authors find that firms with a higher percentage of foreign ownership disclose more forward-looking information; conversely, board size has a negative impact on the forward-looking disclosure. Financial firms tend to disclose less forward-looking information, however, they tend to disclose more forward-looking information after the 2008 global financial crisis. The authors also find negative relationships between the risk disclosure and both the number of non-executive members of the board of directors and duality role of the CEO.

The study uses the quantity of disclosure as a proxy for the quality of disclosure.

The findings should help the users of corporate annual reports in Qatar to understand managerial incentives for reporting risk and forward-looking information. This should help regulators to set a proper set of disclosure rules. Moreover, this study increases our understanding of the behavior of international investors and the board characteristics (i.e. board size) in motivating risk and forward-looking disclosures in Qatari firms.

The authors provide the original empirical evidence on the impact of corporate ownership and board characteristics on risk and forward-looking disclosures for Qatari firms using two ways clustered error pooled panel regressions.

The purpose of this paper is to consider the economic information content within several popular stock market factors and to the extent to which their movements are both explained by economic variables and can explain future output growth.

Using US stock portfolios from 1964 to 2019, the authors undertake three related exercises: whether a set of common factors contain independent predictive ability for stock returns, what economic and market variables explain movements in the factors and whether stock market factors have predictive power for future output growth.

The results show that several of the considered factors do not contain independent information for stock returns. Further, most of these factors are neither explained by economic conditions nor they provide any predictive power for future output growth. Thus, they appear to contain very little economic content. However, the results suggest that the impact of these factors is more prominent with higher macroeconomic risk (contractionary regime).

The stock market factors are more likely to reflect existing market conditions and exhibit a weaker relation with economic conditions and do not act as a window on future behavior.

Fama and French three-factor model still have better explanations for stock returns and economic information more than any other models.

This paper contributes to the literature by examining whether a selection of factors provides unique information when modelling stock returns data. It also investigates what variables can predict movements in the stock market factors. Third, it examines whether the factors exhibit a link with subsequent economic output. This should establish whether the stock market factors contain useful information for stock returns and the macroeconomy or whether the significance of the factor is a result of chance. The results in this paper should advance our understanding of asset price movement and the links between the macroeconomy and financial markets and, thus, be of interest to academics, investors and policy-makers.

In recent days, there has been an increasing interest towards achieving sustainable tourism objectives globally and specifically in Saudi Arabia. The benefits can be maximized if the government is successful in attracting current pilgrims and influence their future intention to revisit the country as tourists. Hence, the purpose of this paper is to measure pilgrims’ revisit intentions to understand more about the possibility of their potential contribution towards the Saudi tourism and hospitality industry in the evolving circumstances.

This paper uses configuration theory to identify the “ideal” type of the pilgrims and compares this to the rest to establish if they differ and if that difference matters. Data were collected from 278 visitors to the Holy Mosque in Makkah, Saudi Arabia, to perform Umrah.

The findings show that a large deviation from the “ideal pilgrim” is negatively related to revisiting intentions and dissemination of positive word of mouth (PWOM).

The development of profiles gives a better understanding of organizations or people across several dimensions looked at holistically. Fundamental to the theory is that there are only a limited number of configurations that achieve optimal performance (however defined).

The analytical approach adopted in this paper leads to achieving verbal and statistical correspondence in tests of “gestalts”. The interest is in establishing whether this difference matters to intentions to revisit and providing PWOM.

Umrah is a religious ritual that takes place inside the Holy Mosque in Makkah. Umrah can be performed any time during the year; however, performing Umrah in the month of Ramadan is much rewarded. Although the kingdom of Saudi Arabia is hosting this event each year, studies that focus on exploring the Holy Mosque visitor segments are scarce. This study aims to explore and describe the marketing segments of Umrah performers relative to their Umrah experience inside the Holy Mosque of Makkah. Most specifically, this study aims to explore segments of Umrah performers based on their perception of servicescape, hedonic and convenience value and the visitors’ outcome behaviors [i.e. intention to revisit and positive word of mouth (PWOM)].

Mixed-method techniques of data collection [i.e. self-administered questionnaires (n = 278) and short discussions (n = 10)] were used.

Cluster analysis is used for data analysis. The findings revealed four clusters of Umrah performers: real, occasional, rational and passionate performers.

This study is a first attempt to target pilgrims based on their experience with the servicescape during the organized religious event; despite its exploratory nature, it reveals interesting insights that will be useful for managers and scholars. Although the study helps to enrich the existing knowledge on visitors’ experience and proposes some implications for practitioners, it does have some limitations. First, convenience sampling was used, and hence the findings cannot be generalized. Second, the limited period of observation did not allow the authors to provide a complete picture of the pilgrims’ behavior; for this reason, the study findings partially describe the phenomenon. Another limitation is related to the difficulty of approaching respondents from Asia or South East Asia although they constitute a significant percentage of the total Umrah performers every year; this is because of the language barrier as data was collected from only English and Arabic speakers. Hence, to overcome these limitations, it is suggested that future studies could be expanded to target Asian respondents and perhaps other nationalities; and could be undertaken in other religious contexts. Moreover, an interesting future study could be carried out to compare the same model during other religious events. Added to that, another growing area of research could be approached by researchers, such as the impact of pilgrims sharing their experiences on influencing E-PWOM.

The findings reveal several implications for policymakers and stakeholders. The segmentation of Umrah performers assists destination managers, policymakers and local firms involved in managing this mass event to identify effective marketing decision-makers, business strategies and policymakers to satisfy the needs of these visitors (Disegna et al., 2011). Particularly, the identification of the key characteristics of these visitors can help destination marketers to develop a marketing mix that suits the needs of each cluster (Smith et al., 2014). Despite that the performers’ main motivation is the religious purpose, marketing strategists can attract the attention of these visitors to visit other religious, cultural and heritage sites in the country.

Encouraging the visit to other tourist spots in Saudi has several impacts on nourishing the economy and the community. Tourism in Saudi could encourage entrepreneurs to start new ventures to satisfy the need of visitors to the country. Small-medium enterprises could benefit from tourism as they could target market niches in which leader companies are not serving. For instance, hand-made souvenirs are one of these industries that could grow to satisfy the need of visitors.

The results contribute to the literature of event segmentation by identifying visitors’ profiles to rarely investigated destinations. The findings reveal several implications for policymakers and stakeholders.

The proposed article is aimed at exploring the opportunities, challenges and possible outcomes of incorporating big data analytics (BDA) into health-care sector. The purpose of this study is to find the research gaps in the literature and to investigate the scope of incorporating new strategies in the health-care sector for increasing the efficiency of the system.

Fora state-of-the-art literature review, a systematic literature review has been carried out to find out research gaps in the field of healthcare using big data (BD) applications. A detailed research methodology including material collection, descriptive analysis and categorization is utilized to carry out the literature review.

BD analysis is rapidly being adopted in health-care sector for utilizing precious information available in terms of BD. However, it puts forth certain challenges that need to be focused upon. The article identifies and explains the challenges thoroughly.

The proposed study will provide useful guidance to the health-care sector professionals for managing health-care system. It will help academicians and physicians for evaluating, improving and benchmarking the health-care strategies through BDA in the health-care sector. One of the limitations of the study is that it is based on literature review and more in-depth studies may be carried out for the generalization of results.

There are certain effective tools available in the market today that are currently being used by both small and large businesses and corporations. One of them is BD, which may be very useful for health-care sector. A comprehensive literature review is carried out for research papers published between 1974 and 2021.

Classical assumptions of agency theory (AT) fall short of providing satisfactory answers to modern management and organizational knowledge (MOK) problems, and there is a need for extending the scope of the field. This article aims to compare modern AT assumptions with the agency perspective of Islamic historical political treatises (namely, siyasetnamas) and point out how AT can be furthered.

This article applies content analysis method to find out agency perspectives in Islamic political treatises and then compare them with those of the basic AT assumptions to find out similarities and differences between them in explaining agency problems.

The agency perspective in siyasetnamas are based on the following assumptions which could contribute to the development of AT with their emphasis on (1) responsibilities beyond contracts, (2) entrustment rather than ownership, (3) shared societal responsibility rather than conflicting individual interests, (4) importance of self-control for both principals and agents and (5) trust discourse which emphasizes inner virtues rather than control discourse.

Agency perspectives cannot be considered independent of cultural imprints. By introducing siyasetnamas' agency perspective, this article makes an effort to suggest implications for how to further modern MOK based overwhelmingly on individualistic cultural assumptions to rediscuss agency problems from the viewpoint of specifically the emerging markets in which collectivist culture plays an important role in social and economic life. In this respect, siyasetnamas' agency perspective based on the notion of entrustment seems, arguably, to be a better fit to the contextual realities and managerial practices of emerging markets.

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.

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.

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.

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.

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.

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.

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.

The purpose of this paper is to investigate whether the Islamic religious occasions can, through their impact on investor sentiment, affect returns in six Arab financial markets.

In this paper, the authors test the effect of the occasions of Hajj pilgrimage, Ramadan, Eid-al-Fitr, Mawlid and Ashura during the period of 2001-2016 on Saudi Arabia, Dubai, Kuwait, Egypt, Qatar and Bahrain financial markets. Three measures of investor sentiment are used: trading volume, high minus low and psychological line index.

Higher effect of investor sentiment on returns is detected after Hajj pilgrimage than that before Hajj pilgrimage in all studied financial markets. The positive emotions during Ramadan contribute significantly to the increase in returns in Arab financial markets. Results indicate that most of studied financial markets exhibit a significant effect of investor sentiment on returns during the first 10 days and the second 10 days of Ramadan. Empirical results indicate that Eid-al-Fitr affects the relation between investor sentiment and returns in Saudi Arabia, Kuwait, Qatar and Dubai financial markets. Relationship between investor sentiment and returns is not is not significantly affected by the Mawlid occasion, except in the Dubai and Kuwait financial markets.

The Islamic occasions of the Hajj pilgrimage, Ramadan and Eid-al-Fitr affect significantly the relation between investor sentiment and returns.