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This paper aims to develop a novel approach to Islamic deposit insurance, specifically addressing the deficiencies in the current prevailing models of Islamic deposit insurance.

The analysis in this paper adopts a qualitative content analysis approach to review the existing literature on Islamic deposit insurance and propose a new model.

The proposed model includes a revised scheme. In the event of a bank failure, the funds used to reimburse depositors of the failed bank are divided into two distinct categories. The first category includes nonrepayable premiums that have been previously paid by the failed bank and managed by the Islamic deposit insurance agency or Islamic deposit insurance corporation. The second category comprises qard hasan, an interest-free loan provided by the Islamic deposit insurance agency or Islamic deposit insurance corporation using the deposit insurance funds from the collective pool of premiums of other banks.

The proposed model ensures that well-managed banks are not unfairly burdened by the failures of their poorly managed counterparts, thus preventing a sense of unfairness and inefficiency. Implementing the proposed model may result in higher business practices and risk management standards, ultimately leading to better depositors’ protection and banking system’s stability.

This paper offers a significant contribution to the limited literature on Islamic deposit insurance. The proposed model enriches the discourse and offers valuable insights for the future development of Islamic banking.

Education system stimulates the development of human capital and provides informative signaling allowing to differentiate productivity of individuals. If education system is efficient then higher levels of education usually associated with greater returns on labor market. To evaluate the efficiency of Russian education system we aim to estimate the effect of vocational education and different levels of higher education on wages.

We use data on 8,764 individuals in the years 2019–2021. Our statistical approach addresses two critical issues: nonrandom selection into employment and the endogeneity of education choice. To tackle these problems, we employed Heckman’s method and its extension that is a structural model which addresses the issue of self-selection into different levels of education.

The results of the analysis suggest that there is a significant heterogeneity in the returns to different levels of education. First, higher education, in general, offers substantial wage premiums when compared to vocational education. Specifically, individuals with specialist’s and bachelor’s degrees enjoy higher wage premiums of approximately 23.59–24.04% and 16.43–16.49%, respectively, compared to those with vocational education. Furthermore, we observe a significant dis-parity in returns among the various levels of higher education. Master’s degree provides a substantial wage premium in comparison to both bachelor’s (19.79–20.96%) and specialist’s (12.64–13.41%) degrees. Moreover, specialist degree offers a 7.16–7.55% higher wage premium than bachelor’s degree.

We identify a hierarchical pattern in the returns associated with different levels of higher education in Russia, specifically “bachelor-specialist-master.” These findings indicate that each level of education in Russia serves as a distinct signal in the labor market, facilitating employers' ability to differentiate between workers. From a policy perspective, our results suggest the potential benefits of offering opportunities to transition from specialist’s to master’s degrees on a tuition-free basis. Such a policy may enhance access to advanced education and potentially lead to higher returns for individuals in the labor market.

There are many studies on returns to higher education in Russia. However, just few of them estimate the returns to different levels of higher education. Also, these studies usually do not address the issue of the endogeneity arising because of self-selection into different levels of education. Our structural econometric model allows addressing for this issue and provides consistent estimates of returns to different levels of education under the assumption that individuals with higher propensity to education obtain higher levels of education.

The rapid growth of the mobile money industry has been matched by a rise in mobile money fraud. The technology required to apprehend perpetrators of such fraud is nonexistent in most developing countries. Hence, the need for individuals to be willing to pay for insurance against such frauds is crucial. This paper aims to examine individuals’ willingness to pay for insurance against mobile money fraud in Ghana.

The paper uses nationally representative data collected from 4,266 adults (persons 18 years and above) in Ghana. Individuals’ willingness to pay premiums for protection against mobile money fraud was elicited by a single-bound dichotomous choice and open-ended contingent valuation designs.

On average, 24.34% of Ghanaians are willing to pay premiums for insurance against mobile money frauds, with more men (26.37%) being willing than women (22.56%). Similarly, the average monthly premium that men are willing to pay for protection against mobile money fraud is GH¢32.16 (US$8.16), while that of women is GH¢22.5 (US$5.62). Furthermore, the results show that years of schooling, income, previous fraud experience, and using the accounts for saving are all positively associated with willingness to pay. However, using other networks apart from MTN has a negative association with willingness to pay.

To the best of our knowledge, this is the first study that examines willingness to pay for insurance against mobile money fraud. Thus, this is the first that estimate quantitatively how much mobile account holders will pay as premiums for insurance against mobile money fraud.

This paper aims to discuss the firm productivity premium for servitized firms. It discusses servitization across the product value chain and estimates the effects of the range and extent of servitization on productivity premium in manufacturing firms.

This paper develops a conceptual framework and tests the hypotheses on the effects of servitization on productivity premium using linear regression models with a sample of 20,837 Russian manufacturing firms gathered from the Ruslana Bureau van Dijk database and the Russian customs service.

Servitized firms exhibit higher total factor productivity and labor productivity. The labor productivity premium increases with the number of services offered. However, the impact of services on productivity varies along the product value chain: postmanufacturing and postsales services enhance productivity premium, while manufacturing and back-office services diminish them. The effect of establishment services remains ambiguous.

This paper offers an analytical framework for firms to assess their servitization strategies. These strategies should be gradual, focused on enhancing firm efficiency rather than being an end goal. Firms should initiate the process by introducing services at the postproduction and postsales stages of the product creation chain to achieve productivity premium.

The paper extends the evidence on firm-level productivity drivers and contributes to the servitization theory. A servitization strategy should be portfolio-based, considering both the potential gains and losses in productivity resulting from the implementation of specific services.

The purpose of this study is threefold: to examine the impact of a remuneration committee (RC) on the level of chief executive officer (CEO) remuneration; whether firms with a RC, pay a premium to CEOs with different skill sets (general or specific); and whether a pay premium mitigates the potential for CEO turnover.

This study uses a sample of 5,305 firm-year observations on a data set drawn from companies listed on the Australian Securities Exchange for the period 2007 to 2014. The authors use ordinary least squares as well as logit regression techniques to test the formulated hypotheses. Difference in difference and propensity score matching techniques were undertaken to address the endogeneity concerns.

The findings show that firms with a RC pay a higher total remuneration to CEOs compared to firms without a RC. Furthermore, firms with a RC, value and reward CEOs with general skills by paying a premium not offered to CEOs with industry-specific skills. Paying a premium, in turn, mitigates CEO turnover by strengthening the CEO’s commitment to the organisation.

The study helps us to understand the critical role played by the RC in the remuneration of CEOs. The findings show that RCs act as an effective governance mechanism to deal with issues of executive remuneration and to retain skilled CEOs. Additionally, CEOs who acquire and develop general managerial skills will be able to extract higher pay from improved bargaining power. The findings will be of relevance to shareholders, regulators and company management who have an interest in executive pay and performance.

Over the last few years, the European Central Bank (ECB) has adopted unconventional monetary policies. These measures aim to boost economic growth and increase inflation through the bond market. The purpose of this paper is to study the impact of the ECB’s quantitative easing (QE) on the investor’s behavior in the stock market.

First, the authors theoretically identify the transmission channels of the QE shocks to the stock market. Then, the authors empirically assess the financial market’s responses to QE shocks in a data-rich environment using a factor augmented VAR (FAVAR).

The results show that the ECB’s unconventional monetary policy positively affects the stock market. A QE shock leads to an increase in stock prices and a drop in the realized volatility and the implied risk premium. The authors also suggest that the ECB’s QE is transmitted to the stock market through five main channels: the liquidity, the expectation, the portfolio reallocation, the interest rates and the risk premium channels.

The findings help to better understand the behavior of stock market assets in a data-rich economic context and guide investors and policymakers in the presence of unconventional monetary tools. For instance, decision-makers and investors should consider the short-term effect of the QE interventions and the changing behavior of the financial actors over time. In addition, high stock market returns can increase risk appetite. This can lead investors to underestimate the market risk. Decision-makers and market participants should take into consideration the impact of the large injection of money through the QE, which may raise the risk of a speculative bubble in the financial market.

To the best of the authors’ knowledge, this is the first study that incorporates a theoretical and empirical analysis to explore QE transmission to the stock market in the European context. Unlike previous studies, the authors use the shadow rate proposed by Wu and Xia (2017) to quantify the effect of the ECB’s QE in a data-rich environment. The authors also include two key risk indicators – the stock market risk premium and the realized volatility – to capture investors’ behavior in the stock market following QE shocks.

This study examines the relationship between environmental building certification Building Research Establishment Environmental Assessment Method (BREEAM-NL) and office rents in the Dutch office market.

A hedonic price model was used to assess the impact of BREEAM certification on office rents. The study is based on 4,355 rent transactions in the period 2015 to mid-2022, in which 331 transactions took place in certified office buildings and 4,024 transactions in non-certified office buildings.

The results provide empirical evidence on quantitative economic benefits of BREEAM-certified offices in the Netherlands. After controlling for all important office rent determinants, the results show a rental premium for certified office buildings of 10.3% on average. The green premiums highly differ across submarkets and vary between 5.1 and 12.6% in the five largest Dutch cities. Additionally, the results show significant positive correlation between BREEAM-NL label score and rents, whereby better performing buildings generally command higher rents.

The study contributes to the current literature on green building economics by providing, as one of the first, empirical evidence on the existence of financial benefits for BREEAM-certified office buildings in the Dutch office market.

The purpose of this paper is to study the effects of sports sponsorship on brand equity using two managerially related outcomes: price premium and market share.

This study uses a best–worst discrete choice experiment (BWDCE) and compares the outcome with that of the purchase intention scale, an established probabilistic measure of purchase intention. The total sample consists of 409 fans of three soccer teams sponsored by three different competing brands: Nike, Adidas and Puma.

With sports sponsorship, fans were willing to pay more for the sponsor’s product, with the sponsoring brand obtaining the highest market share. Prominent brands generally performed better than less prominent brands. The best–worst scaling method was also 35% more accurate in predicting brand choice than a purchase intention scale.

Future research could use the same method to study other types of sponsors, such as title sponsors or other product categories.

Sponsorship managers can use this methodology to assess the return on investment in sponsorship engagement.

Prior sponsorship studies on brand equity tend to ignore market share or fans’ willingness to pay a price premium for a sponsor’s goods and services. However, these two measures are crucial in assessing the effectiveness of sponsorship. This study demonstrates how to conduct such an assessment using the BWDCE method. It provides a clearer picture of sponsorship in terms of its economic value, which is more managerially useful.

This study aims to analyse how multinational corporations (MNCs) organise value chain activities to penetrate new market segments. It contributes by expanding traditional decisions regarding the vertical fine-slicing of value chain activities (whether performed internally or externally) and the consideration of resource-sharing decisions (integration or separation) for each value chain function.

The authors draw on primary data collected from two case study firms operating in the large emerging Chinese market: Volvo Construction Equipment AB and Epiroc AB. In-depth cases illustrate how foreign MNCs expand into new market segments and simultaneously target both the lower-priced mid-market and the premium segments in the Chinese mining and construction industry.

The results reveal that product diversification creates challenges for managers who must oversee new (vertical) value chains, often simultaneously. Beyond geography and modes of governance, managers must decide whether to integrate or separate value chain activities for the new product lines. The study identifies four main strategic choices for firms to address this complexity, focusing on the decision to internalise or externalise (i.e. within or across organisational boundaries) and integrate or separate value chain activities between different product lines.

This study builds upon the internalisation theory and recent international business contributions that focus on value chain configurations to explain MNCs’ product diversification as a growth strategy in a host emerging market. It also sheds light on the choice of conducting new activities in-house or externally and elucidates firms’ managerial decisions to operationally integrate or separate individual value chain activities. The study provides insights into the drivers explaining managerial decisions to configure value chain activities across product lines and contributes to the growing body of literature on MNC activities in emerging economies by highlighting that product diversification impacts entry mode diversity and resource sharing across units.

Grounded in strategic fit theory, this study aims to identify external and internal factors that influence retailers’ strategic choices regarding their own product brands. Furthermore, it seeks to explore the variations between different own product brand strategies in achieving both external and internal strategic fit.

The systematic review method, incorporating a thematic analysis, was adopted, and 318 articles were included for review.

The factors that influence retailers’ strategic choices regarding their own product brands encompass a range of external macro and industrial environmental factors, along with various internal resource and capability factors. Moreover, the effects of these factors vary across different own product brand strategies.

To our knowledge, this is the first systematic review of research on retailers’ own product brands from a strategic management perspective, offering systematic and structured guidance for retailers.