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Drawing upon underinvestment theory and clientele effect hypothesis, this paper aims to examine the effects of foreign currency (forex) exposure and Shari’ah-compliant status on firms’ financial hedging strategy.

Based on data of 250 nonfinancial firms listed on Bursa Malaysia from 2010 to 2018 (2,250 firm-year observations), the authors test the impact of forex exposure based on a vector of foreign-denominated cash flows (FCF) indicators and firms’ Sharīʿah-compliant status on two proxies of financial hedging decisions, namely, the ratio of the notional value of currency derivatives to total assets and a binomial measure of hedging status. The hedging decision models are estimated using panel logistic regression and system generalized method of moments.

The results indicate significant positive effects of the forex exposure indicators on firms’ propensity to hedge. However, the impact of forex exposure is most prevalent via total FCF. The results also reveal significant positive effects of Sharīʿah-compliant status on firms’ propensity to hedge but its negative impacts on the value of currency derivatives they use. The results suggest that Sharīʿah-compliant firms refrain from engaging in currency derivatives to avoid riba’ and subsequently subdue the clientele effect. However, when the forex exposure reaches higher levels, engagement in currency derivatives becomes a matter of tentative necessity (dharurat).

This study relies exclusively on the disclosure of foreign currency risk and management data in the annual reports of listed companies. Consequently, this limits the sample size to only those nonfinancial listed companies with complete data for the study period. Also, since none of the companies reports using Sharīʿah-compliant derivatives, the authors thus assume that they use derivative instruments that tolerate “riba.”

Given the significance of forex exposure on hedging decisions, the accounting profession must strictly adopt FRS 7 and FRS 139 for all listed firms to avoid market scrutiny and sustain their clientele. The results also call for the Islamic market regulators to include mandatory disclosure of conventional currency derivatives in screening firms for clearly prohibited activities to help enhance the credibility of its Islamic financial market.

Due to difficulty accessing relevant cash flow data, the study is among the few studies that measure forex exposure using FCF and test more proxy indicators. This study is perhaps the first to examine the Shari’ah perspective on currency derivatives in corporate forex risk management.

Increased political measures to protect the marine environment addresses a shipping industry characterised by strained financial resources, excess supply of capacity and consolidation. In addition, 5-15 per cent of industry participants are believed by shipping experts to neglect rules on vessel-source pollution to stay competitive within their industry and vis-à-vis other transport modes. This study aims to identify and quantify cost effects of maritime environmental legislation, to relate these with company characteristics and to investigate the impact of regulatory compliance.

A mixed-methods design was used to develop both a theoretical model of compliance costs effects and to quantify effect sizes. In total, 12 in-depth exploratory expert interviews were conducted and analysed. A theoretical framework emerged, which was evaluated, strengthened and fed with quantitative data from questionnaire data by 120 shipping companies. Partial least squares analysis was conducted to determine compliance cost effects.

It was found that organisational capacities played a significant role in determining compliance behaviour. Exterior determinants showed no significant correlation with legal compliance. This is a striking result, as it does not support achieving legal compliance with measures of strong enforcement.

European transport policy-making depends on scientifically sound studies on the impact of policy. An in-depth impact assessment on environmental legislation for the maritime industry highlights mechanisms applicable to environmental policy-making in transport and helps in building policy that considers compliance concerns, company characteristics and the interconnectedness of different transport modes for a sound response to the tragedy of the commons.

Originality lies in the inductive development of a comprehensive theory on shipping companies’ legal compliance behaviour and the empirical testing of this theory. Further value is derived from applying a sequential mixed-methods approach to the research problem, showing both the worth and challenge in combining different methodologies to achieve sound research results.

Earned value management systems (EVMS), also called integrated project and program management systems, have been greatly examined in the literature, which has typically focused on their technical aspects rather than social. This study aims to hypothesize that improving both the technical maturity of EVMS and the social environment elements of EVMS applications together will significantly impact project performance outcomes. For the first time, empirical evidence supports a strong relationship between EVMS maturity and environment.

Data was collected from 35 projects through four workshops, attended by 31 industry practitioners with an average of 19 years of EVMS experience. These experts, representing 23 organizations, provided over 2,800 data points on sociotechnical integration and performance outcomes, covering projects totaling $21.8 billion. Statistical analyses were performed to derive findings on the impact of technical maturity and social environment on project success.

The results show statistically significant differences in cost growth, compliance, meeting project objectives and business drivers and customer satisfaction, between projects with high EVMS maturity and environment and projects with poor EVMS maturity and environment. Moreover, the technical and social dimensions were found to be significantly correlated.

Key contributions include a novel and tested performance-driven framework to support integrated project management using EVMS. The adoption of this detailed assessment framework by government and industry is driving a paradigm shift in project management of some of the largest and most complex projects in the U.S.; specifically transitioning from a project assessment based upon a binary approach for EVMS technical maturity (i.e. compliant/noncompliant to standards) to a wide-ranging scale (i.e. 0–1,000) across two dimensions.

At the US passenger stations, train operations approaching terminating tracks rely on the engineer’s compliant behavior to safely stop before the end of the tracks. Noncompliance actions from the disengaged or inattentive engineers would result in hazards to train passengers, train crewmembers and bystanders at passenger stations. Over the past decade, a series of end-of-track collisions occurred at passenger stations with substantial property damage and casualties. This study’s developed systemic model and discussions present policymakers, railway practitioners and academic researchers with a flexible approach for qualitatively assessing railroad safety.

To achieve a system-based, micro-level analysis of end-of-track accidents and eventually promote the safety level of passenger stations, the systems-theoretic accident modeling and processes (STAMP), as a practical systematic accident model widely used in the complex systems, is developed in view of environmental factors, human errors, organizational factors and mechanical failures in this complex socio-technical system.

The developed STAMP accident model and analytical results qualitatively provide an explicit understanding of the system hazards, constraints and hierarchical control structure of train operations on terminating tracks in the US passenger stations. Furthermore, the safety recommendations and practical options related to obstructive sleep apnea screening, positive train control-based collision avoidance mechanisms, robust system safety program plans and bumping posts are proposed and evaluated using the STAMP approach.

The findings from STAMP-based analysis can serve as valid references for policymakers, government accident investigators, railway practitioners and academic researchers. Ultimately, they can contribute to establishing effective emergent measures for train operations at passenger stations and promote the level of safety necessary to protect the public. The STAMP approach could be adapted to analyze various other rail safety systems that aim to ultimately improve the safety level of railroad systems.

Constructive deviance has received increasing attention across the last 20 years. However, because the distinction between constructive and traditional forms of deviance (i.e., destructive) is based on the intent behind the behaviors, it can be difficult to determine which acts are constructive. As an umbrella construct consisting of several forms of deviant acts (e.g., whistle-blowing, employee voice, necessary evils), research into constructive deviance has largely remained focused on the individual behaviors to date. While advancements have been made, this focus has limited the consideration of an overarching understanding of constructive deviance in the workplace. Further, constructs like constructive deviance that straddle the bounds between beneficial and detrimental necessitate the exploration into their antecedents as determined by the employees (i.e., apples), their environments (e.g., barrels), or some combination of the two. The author seeks to advance the research in constructive deviance by proposing a testable model. In which, the author develops an interactionist perspective of the antecedents to reposition constructive deviance as the acts of good employees in restrictive or negative environments. In doing so, the author considers how various aspects of individuals, their organizational environments, and the influence of their leaders interact. The author then develops a multi-stakeholder approach to the outcomes of constructive deviance to consider how the various parties (i.e., organization, coworkers, customers) are expected to respond and how these responses impact the more distal outcomes as well as the likelihood of engaging in future constructive deviance.

Many entrepreneurs want to reach high to the heavens to achieve unlimited success. These hardworking, often underappreciated, venturers often crave fame and fortune as they strive to create their personal business legacy. One strategic path many have wandered down is that of the Initial Public Offering (IPO), whereby shares of the company are sold to the public. The IPO has many strong attractions. Large amounts of capital can be brought into the company.The company's stock can be used as currency to acquire other companies. Early investors realize a good ROI. Employees can perceive real value in their stock options. Customers, banks, vendors, and other stakeholders pay more respect to the company. Is this truly the entrepreneurʼs nirvana? Or is it a case of “Be careful of what you wish for because it may really come true?” Read on.

This paper aims at understanding the differences between user profiles in collaborative consumption (CC) platforms in order to improve their management approaches and set up customized strategies. Particularly, the authors investigate the emerging role of prosumers and their influence on the active participation and growth of CC platforms. Moreover, the authors study user experience to help promoting users' recommendation and offering intention.

The sample includes responses from 6,388 users of CC platforms across the EU. The data were collected through the European Commission's Flash Eurobarometer survey 467 and analyzed through a partial least squares structural equation modeling (PLS-SEM) and a fuzzy set qualitative comparative analysis (fsQCA).

The PLS-SEM findings suggest that prosumers are more likely than consumers to recommend and offer services through CC platforms. Furthermore, previous experience using platforms positively affects the switch from consumers to prosumers. The fsQCA suggests that only economic advantages affect the switchover decision.

This study deepens the hitherto unexplored prosumer role in CC platforms and its antecedents and drivers.

The main limitations concern the generalizability outside of the EU, the unbalanced coverage of sectors and the number of moderator variables.

Prosumers act as golden actors because they contribute to enlarge both the customer base (through recommendations) and the provider base (through offering intention). Hence, managers should focus on prosumers' experiences to increase the critical mass and positive externalities of CC platforms.

This study helps understand the importance of the role of prosumers in the growth of CC platforms. The study provides more robust results through a cross-country and mixed-method research.