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This study aims to develop a Sharīʿah-compliance rating mechanism for the Islamic financial services industry (IFSI), with a special focus on banking. The banking sector is taken as the area of focus due to its leadership role in the volume of global Sharīʿah-compliant assets.

The objectives of the Islamic financial system (IFS) are selected as the basis for ratings. A range of performance indicators (leading to achievement of the objectives) is grouped into four broader categories and used in the study to allocate scores with a sum total of 100. Special considerations – including the amount of resources required in performing an activity, suitability of prevailing business conditions, the degree of compulsion/discretion in performing a task and linkage with the essence of the IFS – were taken into account in the allocation of scores.

This study groups multiple performance measures into four categories, including portfolio construction (deposits mechanism, participatory and asset-based modes of financing), access to finance (service to the less-privileged and sector screening), reputation (disclosures and stakeholders’ survey) and Sharīʿah governance (Sharīʿah supervision and controls, charitable operations, human resources, product development and organization). The Portfolio, Audit, Reputation and System (PARS) rating system is then developed.

A Sharīʿah-compliance rating system is helpful in measuring the progress towards goal achievement of the IFS and in gaining stakeholders’ trust. It is also important for Sharīʿah boards and regulators in policy formulation, for management in addressing weaknesses and taking corrective measures and potentially for standard-setting bodies.

This study presents a comprehensive quantitative Sharīʿah-compliance rating mechanism, taking into consideration the objectives of the IFS – equitable distribution of wealth and financial stability, in addition to Sharīʿah-compliance in operations. Development of Sharīʿah-compliance quality ratings for Islamic banking is essential to gain customers’ trust; the suggested methodology is thus a contribution to the literature on Islamic finance.

The purpose of this paper is to determine whether different scales and ways to collect reviews and ratings found on online travel agencies (OTAs) can affect hotels, and whether hotels obtain the same or different evaluations.

Hotel ratings from five OTAs in four European markets were collected and compared in pairs. An initial comparison was made with the hotel scores of each OTA to show what a typical user would see. Then, a rescaled score (0-10) was used to compare all the OTA scales appropriately and to distinguish between what customers observe and what the reality is.

The results reveal that Booking.com that uses a scale (2.5-10) and Agoda with a scale (2-10) seem to give higher rating scores than Atrapalo (1-10), Travel Republic (0-10) and hotel reservation service (1-10). However, when the scores are rescaled (0-10), the worst ratings are found on Booking.com followed by Agoda.

OTAs should include, next to the scores, the scale used to rate hotels so as to provide users with better and clearer information. Moreover, rating questionnaires should match the verbal denominations with their numerical values to avoid biased ratings.

OTAs and hotel managers are losing information provided by customers because customers are not aware of the scale when rating hotels. Moreover, hotel ratings are used by potential customers to obtain a clearer image of an establishment. However, if some hotels are being overrated by some scales, customers might have higher expectations, which may not be met.

The unique rating scales of Booking.com and Agoda provide additional insights into their hotel evaluations, which seem to be apparently higher when in fact they are not.

在线旅行评论评分量表及其对酒店得分和竞争力的影响

摘要

这项研究旨在研究在线旅行社（OTA）上评论和评级的不同量表和方式是否会影响酒店获得的评估。

本研究收集并比较了来自四个欧洲市场中五个OTA的酒店等级数据。研究首先对每个OTA的酒店得分进行了比较, 以显示一般用户会看到的内容。然后研究使用重新缩放的得分（0-10）来恰当地比较所有OTA的酒店等级, 并区分顾客观察到的内容和现实。

结果显示, Booking.com使用的量表（2.5-10）和Agoda的量表（2-10）, 似乎高于Atrapalo（1-10）, Travel Republic（0-10）和 hotel reservation service （1-10）的评分。但是, 当分数重新调整为（0-10）时, 最差的评分是在Booking.com上, 其次是Agoda。

OTA应在评分旁边注明用于对酒店进行评分的量表, 以便为用户提供更好, 更清晰的信息。此外, 评级问卷应使评价描述与其数值相匹配, 以避免评级出现偏差。

OTA和酒店经理正在丢失客户所提供的信息, 因为客户在对酒店进行评级时并不了解其使用的量表。此外, 潜在客户使用酒店评级来获得更清晰的企业形象。但是, 如果某些酒店被某些网站的评级量表高估, 那么客户可能会有偏高的期望, 而这些期望可能无法被满足。

Booking.com和Agoda的独特评分等级标准为酒店提供了更多见解, 而实际上酒店的情况可能并非如此。

Las escalas de calificación de las opiniones de los viajes online y sus efectos en la valoración y competitividad de los hoteles.

El objetivo de esta investigación es determinar si las diferentes escalas y formas de recopilar opiniones y valoraciones de las Agencias de Viajes Online (OTAs), pueden afectar a si los hoteles tienen las mismas o distintas calificaciones.

Las calificaciones de hoteles de cinco OTAs en cuatro mercados europeos, se recopilaron y compararon por pares. Se realizó una comparación inicial con las puntuaciones de los hoteles de cada OTA, para mostrar lo que vería un usuario típico. Luego, se utilizó una puntuación de reescalado (0-10), para comparar todas las escalas de las OTAs de manera apropiada y así poder diferenciar entre lo que los clientes observan y lo que es en realidad.

Los resultados revelan que Booking.com, que utiliza una escala (2.5-10) y Agoda con una escala (2-10), parecen puntuar con calificaciones más altas que Atrapalo (1-10), Travel Republic (0-10) y hotel reservation service (1-10). Sin embargo, cuando se vuelven a escalar las puntuaciones (0-10), las peores calificaciones se encuentran en Booking.com, seguida de Agoda.

Las OTAs deben incluir, junto a las puntuaciones, la escala utilizada para calificar los hoteles a fin de proporcionar a los usuarios una información mayor y más clara. Además, los cuestionarios de calificación deben hacer coincidir las denominaciones verbales con sus valores numéricos para evitar calificaciones sesgadas.

Por un lado las OTAs y los gerentes de hoteles, están perdiendo información proporcionada por los clientes, porque los clientes no son conscientes del tipo de escala utilizada cuando califican los hoteles. Por otro lado, los clientes potenciales utilizan las calificaciones de los hoteles para obtener una imagen más clara de un establecimiento. Por lo que en muchos casos, los clientes pueden tener expectativas más altas, que pueden no cumplirse, si los hoteles están siendo sobrevalorados por algunas escalas.

Las escalas de calificación únicas de Booking.com y Agoda, brindan información adicional sobre las evaluaciones de sus hoteles que parecen ser aparentemente más altas cuando en realidad no lo son.

For over 25 years, the United States Green Building Council (USGBC) has significantly influenced the US sustainable construction through its leadership in energy and environmental design (LEED) certification program. This study aims to delve into how Baton Rouge, Louisiana, fares in green building adoption relative to other US capital cities and regions.

The study leverages statistical and geospatial analyses of data sourced from the USGBC, among other databases. It scrutinizes Baton Rouge’s LEED criteria performance using the mean percent weighted criteria to pinpoint the LEED criteria most readily achieved. Moreover, unique metrics, such as the certified green building per capita (CGBC), were formulated to facilitate a comparative analysis of green building adoption across various regions.

Baton Rouge’s CGBC stands at 0.31% (C+), markedly trailing behind the frontrunner, Santa Fe, New Mexico, leading at 3.89% (A+) and in LEED building per capita too. Despite the notable concentration of certified green buildings (CGBs) within Baton Rouge, the city’s green building development appears to be in its infancy. Innovation and design was identified as the most attainable LEED benchmark in Baton Rouge. Additionally, socioeconomic factors, including education and income per capita, were associated with a mild to moderate positive correlation (0.25 = r = 0.36) with the adoption of green building practices across the capitals, while sociocultural infrastructure exhibited a strong positive correlation (r = 0.99).

This study is beneficial to policymakers, urban planners and developers for sustainable urban development and a reference point for subsequent postoccupancy evaluations of CGBs in Baton Rouge and beyond.

This study pioneers the comprehensive analysis of green building adoption rates and probable influencing factors in capital cities in the contiguous US using distinct metrics.

This study aims to examine the concept of innovative technologies and identify their impacts on the environmental sustainability of commercial properties in South Africa. This slow adoption is attributed to South Africa’s energy building regulation, SANS 204, which does not promote energy-conscious commercial property development. Furthermore, it was observed that buildings waste significant amounts of energy as electrical appliances are left on when they are not in use, which can be prevented using innovative technologies.

The researchers attempted to evaluate the impact of innovative technologies through an overarching constructivist mixed-method paradigm. The research was conducted using a multi-case study approach on green buildings which had innovative technologies installed. The data collection took the form of online, semi-structured interviews, where thematic analysis was used to identify emergent themes from the qualitative data, and descriptive statistics was used to evaluate the quantitative data.

It was found that implementing innovative technologies to reduce the energy consumption of commercial buildings could achieve energy savings of up to 23%. Moreover, a commercial building’s carbon footprint can be reduced to 152CO2/m2 and further decreased to 142CO2/m2 through the adoption of a Photovoltaics plant. The study further found that innovative technologies improved employee productivity and promoted green learning and practices.

This research demonstrated the positive impact innovative technologies have on energy reduction and the sustainability of commercial properties. Hence, facility managers should engage innovative technologies when planning a commercial development or refurbishment.

The purpose of this paper is to investigate the role of distinct types of heating technology and their price impact in German residential real estate markets, considering a wide range of other housing market determinants. The authors aim to test and to verify specifically, whether the obsolescence of heating technology leads to a significant price discount and whether higher technological standards (and environmental friendliness) come with a price premium on the market.

The authors create housing market models for rental and sales segments by constructing generalized additive models with explicit multi-layered spatial components. To elaborate a profound and contemporary answer using these models, the authors perform large-sample regression analyses based on more than 400,000 observations covering German residential properties in 2015.

First and foremost, the heating system indeed shows significant explanatory importance for measuring housing rents and purchasing price. Second, the authors find that it makes a difference whether clean “green” technologies are implemented or whether “brown” systems with obsolete technology or fossil energy sources is on hand. Ultimately, the authors conclude that while low energy consumption indeed comes with a price premium, this needs to be interpreted together with the property’s heating type, as housing markets seem to outweigh the “green premium” by “brown discounts” if low energy consumption figures are powered by a certain type of heating technology system.

Aside of a possible omitted variable bias, the main research limitation is constituted by the integration of asking prices in the analysis, as actual transaction prices are not systematically transparent on national level in Germany. Limitations are discussed at the end of the paper.

This work supports investors who face the challenge of making environmental- and energy-related decisions as well as appraisers who deliver financial fundamentals for such. Third, the paper supports both asset managers as well as investment strategists in argumentation pro-environmental investments beyond all ecological necessity.

This paper contributes to the current discussion on climate change and the eclectic role of real estate in this context. The authors deliver evidence on pricing effects as a measure of socioeconomic acceptance of progressive heating technology and environmental friendliness as an imperative of twenty-first century societies.

This is the first study on “green premiums” or “brown discounts” that includes heating technology as a potential and distinct driver of value and rents. It is a contemporary contribution and delivers original information on the quantitative impact of contemporary and anachronistic technology in heating to researchers as well as investors and appraisers.

The credit ratings issued by the Big 3 ratings agencies are inaccurate and slow to respond to market changes. This paper aims to develop a rigorous, transparent and robust credit assessment and rating scheme for sovereigns.

This paper develops a regression-based model using credit default swap (CDS) data, and data on financial and macroeconomic variables to estimate sovereign CDS spreads. Using these spreads, the default probabilities of sovereigns can be estimated. The new ratings scheme is then used in conjunction with these default probabilities to assign credit ratings to sovereigns.

The developed model accurately estimates CDS spreads (based on RMSE values). Credit ratings issued retrospectively using the new scheme reflect reality better.

This paper reveals that both macroeconomic and financial factors affect both systemic and idiosyncratic risks for sovereigns.

The developed credit assessment and ratings scheme can be used to evaluate the creditworthiness of sovereigns and subsequently assign robust credit ratings.

The transparency and rigor of the new scheme will result in better and trustworthy indications of a sovereign’s financial health. Investors and monetary authorities can make better informed decisions. The episodes that occurred during the debt crisis could be avoided.

This paper uses both financial and macroeconomic data to estimate CDS spreads and demonstrates that both financial and macroeconomic factors affect sovereign systemic and idiosyncratic risk. The proposed credit assessment and ratings schemes could supplement or potentially replace the credit ratings issued by the Big 3 ratings agencies.

The purpose of this paper is to generalize the traditional risk evaluation methods and to specify a multi-level risk evaluation framework, in order to prepare customized risk evaluation and to enable effectively integrating the elements of risk evaluation.

A real case study of an electric motor manufacturing company is presented to illustrate the advantages of this new framework compared to the traditional and fuzzy failure mode and effect analysis (FMEA) approaches.

The essence of the proposed total risk evaluation framework (TREF) is its flexible approach that enables the effective integration of firms’ individual requirements by developing tailor-made organizational risk evaluation.

Increasing product/service complexity has led to increasingly complex yet unique organizational operations; as a result, their risk evaluation is a very challenging task. Distinct structures, characteristics and processes within and between organizations require a flexible yet robust approach of evaluating risks efficiently. Most recent risk evaluation approaches are considered to be inadequate due to the lack of flexibility and an inappropriate structure for addressing the unique organizational demands and contextual factors. To address this challenge effectively, taking a crucial step toward customization of risk evaluation.