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The abnormality of the month-of-the-year and Ramadan effects has extensively existed in the stock and other markets. The commercial strategy pattern and the computation of such predictable patterns in the market allow investors to make money. By using anomalies such as the month-of-the-year and the Ramadan effects on earnings management (EM), it is possible to achieve such a goal. This study aims to investigate the month-of-the-year effect and the Ramadan effect on the relationship between accrual earnings management and real earnings management (AEM and REM, respectively) and liquidity in the Iranian capital market.

This empirical analysis comprises a panel data set of 80 listed firms (400 observations) on the Tehran Stock Exchange from 2016 to 2020.

The findings exhibit that when AEM and REM increase, information asymmetry also increases. The simultaneous increase of these variables leads to a decrease in stock liquidity. Furthermore, the results indicate that the month-of-the-year and Ramadan effects intensify the negative relationship between AEM and REM with stock liquidity. Therefore, EM is affected by the investor’s behavior in specific months.

Anomalies caused by the Ramadan effect and the month-of-the-year effect on reducing liquidity in the Iranian stock market were confirmed. Investors can use these anomalies to identify predictable patterns, exchange securities according to those patterns and earn abnormal returns.

To the best of the authors’ knowledge, this is the first study that empirically examined the simultaneous effect of Gregorian and Islamic calendar anomalies on the relationship between EM and liquidity, and while helping managers and other readers, it can be the basis for future research.

This paper aims to investigate feedback trading and autocorrelation behavior in the cryptocurrency market.

It uses the GJR-GARCH model to investigate feedback trading in the cryptocurrency market.

The findings show a negative relationship between trading volume and autocorrelation in the cryptocurrency market. The GJR-GARCH model shows that only the USD Coin and Binance USD show an asymmetric effect or leverage effect. Interestingly, other cryptocurrencies such as Ethereum, Binance Coin, Ripple, Solana, Cardano and Bitcoin Cash show the opposite behavior of the leverage effect. The findings of the GJR-GARCH model also show positive feedback trading for USD Coin, Binance USD, Ripple, Solana and Bitcoin Cash and negative feedback trading for Ethereum and Cardano only.

This paper contributes to the literature by extending Sentana and Wadhwani (1992) to explore the presence of feedback trading in the cryptocurrency market using a sample of the most active cryptocurrencies other than Bitcoin, namely, Ethereum, USD coin, Binance Coin, Binance USD, Ripple, Cardano, Solana and Bitcoin Cash.

In the stock market, herding behavior occurs when investors mimic the actions of others in their investment decisions. As a result, the market becomes inefficient and speculative bubbles form. This study aims to investigate the relationship between information, overconfidence, market sentiment, experience and national culture, and herding behavior among Malaysian investors. A total of 400 questionnaires are distributed to bank institutions' investors. The survey design based on cross-sectional data is analyzed using the Partial Least Squares Structural Equation Model. The results indicate that information, market sentiment, experience, and national culture are positively related to herding behavior, while overconfidence has no effect. With this, the government should strengthen regulations to prevent the dissemination of misleading information. Moreover, investors are encouraged to overcome narrow thinking by expanding their understanding of different cultures when making investment decisions.

This study aims to establish the factors affecting the financial investment decision-making of an investor, with specific reference to investors’ emotions and how various events such as festivals, the pandemic and sports matches affect their investors’ investment decision-making. The authors further intend to understand the role of these investor emotions in creating stock market anomalies.

Twenty-nine semistructured exploratory interviews with fund managers from the top 10 asset management companies in India, who deal with individual investors regularly, were taken. The interviews were conducted to identify and describe the underlying ideas and sentiments that influence an individual’s investment behavior.

Although risk and return are the primary motivators of investment decisions, fund managers’ daily interactions with individual investors are affected by unpredictability and technical ambiguity, and investing is an inherently emotionally arousing process, according to the findings of the in-depth interviews.

To the best of the authors’ knowledge, this study is one of the first studies in Indian market to report the views of financial professionals about the emotional aspect of investors in making an investment decision. With most of the research conducted using quantitative methods, the current study brings in the perspective of financial professionals using primary data.

The purpose of this paper is to check the feasibility of using biomaterial such as of Phragmites-Australis (PA) in cement paste to achieve sustainable building materials.

In this study, cement pastes were prepared by adding locally produced PA fibers in four different volumes: 0%, 0.5%, 1% and 2% for a duration of 180 days. Bottles and prisms were subjected to chemical shrinkage (CS), drying shrinkage (DS), autogenous shrinkage (AS) and expansion tests. Besides, prism specimens were tested for flexural strength and compressive strength. Furthermore, a mathematical model was proposed to determine the variation length change as function of time.

The experimental findings showed that the mechanical properties of cement paste were significantly improved by the addition of 1% PA fiber compared to other PA mixes. The effect of increasing the % of PA fibers reduces the CS, AS, DS and expansion of cement paste. For example, the addition of 2% PA fibers reduces the CS, expansion, AS and DS at 180 days by 36%, 20%, 13% and 10%, respectively compared to the control mix. The proposed nonlinear model fit to the experimental data is appropriate with R2 values above 0.92. There seems to be a strong positive linear correlation between CS and AS/DS with R2 above 0.95. However, there exists a negative linear correlation between CS and expansion.

The PA used in this study was obtained from one specific location. This can exhibit a limitation as soil type may affect PA properties. Also, one method was used to treat the PA fibers.

The utilization of PA fibers in paste may well reduce the formation of cracks and limit its propagation, thus using a biomaterial such as PA in cementitious systems can be an environmentally friendly option as it will make good use of the waste generated and enhance local employment, thereby contributing toward sustainable development.

To the authors best knowledge, there is hardly any research on the effect of PA on the volume stability of cement paste. Therefore, the research outputs are considered to be original.

This paper aims to understand the religio-spiritual insights of the consumers and investigate their relationship with the consumers’ attitude towards advertising and its antecedents. Religious festivals, such as Ramadan, are celebrated with high religio-spiritual contemplations, which are often targeted by intensive marketing campaigns. During these religious festivals, consumers’ attitude toward advertising is influenced when television commercials contain “unnecessary” entertainment, “inappropriate casting” of celebrities with less credibility, “cluttered” information, “phony claims” related to good for economy and “annoying content” increasing consumers’ irritation.

This study developed a higher-order construct of religio-spiritual insights and used “Theory of Reasoned Action” for measuring the effect of religio-spiritual insights on consumers’ attitude toward advertising. Exploratory sequential mixed methods research design was used to develop and validate the instrument. A total of 30 semi-structured interviews were conducted during i-depth analysis phase to generate themes and questionnaire. During instrument validation phase, 839 Muslim consumers were surveyed by using the questionnaire, and instrument was validated by using the co-variance-based structural equation modeling approach.

This study develops and validates the instrument of religio-spiritual insights and identifies its significant direct and mediating effects between the consumer’s attitude toward advertising and its determinants.

The newly developed instrument of religio-spiritual insights is based on six dimensions, namely, “beliefs and practices,” “association with higher power,” “interconnectedness,” “self-actualization,” “heart and mind involvement,” “knowledge and meanings.” This instrument of religio-spiritual insights was validated and then tested by using a conceptual framework based on the several variables, such as attitude toward advertising, irritation, good for economy, entertainment, credibility and information.

The purpose of this paper is to investigate whether audit committee characteristics, in particular audit committee size, audit committee activity and audit committee gender diversity, are associated with financial performance in Egyptian banks. The second purpose of this paper is to explore the moderating role of board gender diversity on the relationship between audit committee characteristics and financial performance.

A multiple regression analysis is used to estimate the moderating role of board gender diversity on the relationship between audit committee characteristics and financial performance of a sample of Egyptian banks during the period between 2018 and 2022.

The results indicate that audit committee size has a negative and insignificant effect impact on return on assets (ROA) and return on equity (ROE), respectively. The results also indicate that the audit committee gender diversity has a significant positive impact on ROA and ROE, respectively. Regarding audit committee activity, the number of board meetings has a negative and insignificant effect on ROA and ROE, respectively. Regarding gender diversity as a moderating variable, in general there is a positive effect of gender diversity on the relationship between audit committee characteristics and financial performance.

The study was limited to 20 banks in one country, but it sets the tone for future empirical research on this subject matter. The study also relied on one moderating variable, which is board gender diversity. This study provides an avenue for future research in the area of corporate governance and financial performance in other emerging countries, especially other African countries.

This study provides useful insights for managers and policymakers to better understand which audit committee characteristics can best encourage a company to improve financial performance. Furthermore, regulators should ensure that banks strictly adhere to corporate governance principles to build a strong banking industry capable of achieving economic development.

Banks will benefit equally from valuable qualities across demographic groupings in society by having females on the audit committee and appropriate audit committee meetings. Additionally, if audit committee members are correctly selected, banks with more females in audit committee and suitable audit committee meetings can successfully contribute to strengthening financial performance and social welfare of diverse segments of society. A culture of good banking governance must emerge to improve bank financial stability and, as a result, greater stability and economic growth.

To the best of the authors’ knowledge, the study is, perhaps, the first to examine the moderating role of board gender diversity on the relationship between audit committee characteristics and financial performance in Egyptian banks. This study adds to the literature by investigating such an issue in a developing economy that operates in a different context than those in developed countries.

This paper aims to examine the antecedents of green entrepreneurship intention (GEI) amongst tourism and hospitality higher education students and further explores the effect of green entrepreneurship intention on sustainable development (SD). It also investigates the mediating role of GEI in the relationship between the antecedents of GEI and SD in students' future tasks in tourism and hospitality.

Partial least squares structural equation modeling was used to analyze data collected via an online questionnaire from 970 tourism and hospitality universities' students in Egypt, either undergraduate or postgraduate.

The results show that green entrepreneurship intention is positively affected by attitude, subjective norms, environmental education, risk aversion, self-efficacy and environmental values. The results also revealed that green entrepreneurship intention is a significant driver for sustainable development. Moreover, the findings revealed that GEI mediates the link between the antecedents of GEI and SD.

The results offer highly persuasive insights that may be used to promote GEI and SD among tourism and hospitality students. The effectiveness of GEI in achieving SD will motivate government and educational institutions to develop GEI for university students. This study will assist policymakers in developing a novel strategy, providing a contribution to the green behavior literature in an emerging context.

The field of the green entrepreneur is uncharted and still in its infancy. As a result, further research is needed in the literature to better understand green entrepreneurship intention. Enhancing tourism and hospitality students' green entrepreneurial intentions will help the economy expand sustainably in the future because they are the entrepreneurs of tomorrow. The findings hold important implications for both the research community and tourism education and business management.

The purpose of this study is to examine the impact of firm financial and operational characteristics on the level of forward-looking information disclosure (FLID) by Egyptian-listed non-financial companies. The present research also aims to investigate the moderating role of gender diversity on the board of directors.

The sample incorporates the non-financial companies included in the EGX 100 of the Egyptian Stock Exchange (ESE), whose reports were available during the study period from 2013 to 2018. The final sample comprises 49 companies with 294 observations. Statistical analysis is performed using multiple regression analysis.

This study found a significant positive impact of return on assets, leverage, company size and age on the level FLID, while external audit firm type and industry were found to impact the level of FLID negatively. Further, the board gender diversity (BGD) is found to have a moderating impact as it strengthens the effect of financial and operational characteristics on the level of FLID.

The present study has some implications for Egyptian companies, investors in the Egyptian market and regulators in emerging economies, which include paying more attention to BGD when selecting the board members by companies as well as following up the female representation in all the listed companies by regulators.

To the best of the authors’ knowledge, this is the first study to investigate the moderating role of BGD and its impact on the level of FLID in emerging markets. This extends the disclosure literature as the present study brings new evidence from an emerging market regarding BGD moderating role as early research concentrated on the direct impact of BGD on the level of FLID.

This study explores the connection between intellectual capital (IC) components and the competitive advantage (CA) of the hospitality sector in Jordan through the mediating role of service innovation as well as the moderating role of big data analytics capabilities.

Data were collected through a self-administered questionnaire from the hospitality sector with a sample of 402 respondents. Data were analysed using SmartPLS, a bootstrapping technique was used to analyse the data. The mediating effect for service innovation and the moderating effect for big data analytics capabilities were performed.

The results showed that the proposed moderated-mediation model was accepted because the relationships between the constructs were statistically significant. The results of the data analysis supported a positive relationship between human capital, structural capital and relational capital and the CA as well as a mediating effect of service innovation. The findings confirmed that there is a moderating relationship for big data analytics capabilities between service innovation and CA. The results illustrate the importance of IC and service innovation in enhancing CA in the Jordanian hospitality sector in light of the big data analytics capabilities.

This cross-sectional study provides a snapshot at a given moment in time, a methodological limitation that affects the generalisation of the limitation's results, and the results are limited to one sector.

This research developed a theoretical model to incorporate IC components, service innovation, big data analytics capabilities and CA. This paper offers new theoretical and practical contributions that add value to the innovation and CA literature by testing the moderated-mediation model of these constructs in the hospitality sector which has been greatly affected by the coronavirus disease 2019 (COVID-19) pandemic. This study is distinguished from other studies by highlighting the role of IC and service innovation in enhancing CA as service innovation contributes to the formation of many organisational advantages in the Jordanian hospitality sector.