Search results

This study aims to determine experimentally factors affecting the satisfaction of retail stock investors with various investor protection regulatory measures implemented by the Government of India and Securities and Exchange Board of India (SEBI). Also, an effort has been made to gauge the level of satisfaction of retail equities investors with the laws and guidelines developed by the Indian Government and SEBI for their invested funds.

To accomplish the study’s goals, a well-structured questionnaire was created with the help of a literature review, and copies of it were filled by Punjabi retail equities investors with the aid of stockbrokers, i.e. intermediaries. Amritsar, Jalandhar, Ludhiana and Mohali-area intermediaries were chosen using a random selection procedure. Xerox copies of the questionnaire were given to the intermediaries, who were then asked to collect responses from their clients. Some intermediaries requested the researcher to sit in their offices to collect responses from their clients. Only 373 questionnaires out of 1,000 questionnaires that were provided had been received back. Only 328 copies were correctly filled by the equity investors. To conduct the analysis, 328 copies, which were fully completed, were used as data. The appropriate approaches, such as descriptives, factor analysis and ordinal regression analysis, were used to study the data.

With the aid of factor analysis, four factors have been identified that influence investors’ satisfaction with various investor protection regulatory measures implemented by government and SEBI regulations, including regulations addressing primary and secondary market dealings, rules for investor awareness and protection, rules to prevent company malpractices and laws for corporate governance and investor protection. The impact of these four components on investor satisfaction has been investigated using ordinal regression analysis. The pseudo-R-square statistics for the ordinal regression model demonstrated the model’s capacity for the explanation. The findings suggested that a significant amount of the overall satisfaction score about the various investor protection measures implemented by the government/SEBI has been explained by the regression model.

A study could be conducted to analyse the perspective of various stakeholders towards the disclosures made and norms followed by corporate houses. The current study may be expanded to cover the entire nation because it is only at the state level currently. It might be conceivable to examine how investments made in the retail capital market affect investors in rural areas. The influence of reforms on the functioning of stock markets could potentially be examined through another study. It could be possible to undertake a study on female investors’ knowledge about retail investment trends. The effect of digital stock trading could be examined in India. The effect of technological innovations on capital markets can be studied.

This research would be extremely useful to regulators in developing policies to protect retail equities investors. Investors are required to be safeguarded and protected to deal freely in the securities market, so they should be given more freedom in terms of investor protection measures. Stock exchanges should have the potential to bring about technological advancements in trading to protect investors from any kind of financial loss. Since the government has the power to create rules and regulations to strengthen investor protection. So, this research will be extremely useful to the government.

This work has societal ramifications. Because when adequate rules and regulations are in place to safeguard investors, they will be able to invest freely. Companies will use capital wisely and profitably. Companies should undertake tasks towards corporate social responsibility out of profits because corporate houses are part and parcel of society only.

Many investors may lack the necessary expertise to make sound financial judgments. They might not be aware of the entire risk-reward profile of various investment options. However, they must know various investor protection measures taken by the Government of India & Securities and Exchange Board of India (SEBI) to safeguard their interests. Investors must be well-informed on the precautions to take while dealing with market intermediaries, as well as in the stock market.

The purpose of the study was to determine the relationship between personal mastery orientation and employee creativity through internalized extrinsic motivation (identified regulation) and intrinsic motivation while testing job complexity as a boundary condition.

The authors tested this study model using a cross-sectional design with a sample of (N = 361). The study population was software developers from across different cities of Pakistan. Respondents were asked to rate themselves on creative behavior. Partial least square structural equation (PLS-SEM) and PROCESS macro were used for data analysis.

The results of the study confirm that personal mastery orientation positively affects employee creativity. Furthermore, both identified regulation and intrinsic motivation mediate the relationship between personal mastery and employee creativity. Job complexity was shown to moderate the direct relationship between personal mastery, identified regulation and intrinsic motivation such that for higher job complexity levels, the relationship between personal mastery and both types of motivation (identified and intrinsic) becomes stronger. The authors confirm that the indirect relationship between personal mastery and employee creativity through identified regulation was contingent upon job complexity level. In comparison, the indirect relationship between personal mastery and employee creativity through intrinsic motivation is not contingent upon the level of job complexity.

There are a few limitations to the authors' study. The current study is based on a cross-sectional design; therefore, this is of limited causal value. The authors suggest the studies examining similar relations to this study model use a longitudinal design. The incumbent of the job reports creative behavior; therefore, this is susceptible to common method bias (CMB). A peer-reported or supervisor-reported creative behavior should be used to eliminate the CMB in future studies.

The authors' study provides valuable input in identifying the complex mechanism through which creative behavior is induced involving individual personality disposition, job attributes and various types of motivations. In this study, the authors tried to reveal the mechanism through which personal mastery orientation predicts creative behavior. In the authors' endeavor of testing the motivational paths through which personal mastery orientation predicts creative behavior, the authors confirmed the efficacy of autonomous-complex motivation based on the self-determination framework. The authors' findings add to the evidence of the importance of intrinsic motivation in inducing creative behavior and recommend that the researcher should not ignore intrinsic motivation when exploring the effectiveness of extrinsic motivation.

The study's findings strengthen the argument of the continuum-like structure of the motivation types under self-determination theory(SDT). The authors argued that intrinsic motivation is a relatively stable type of motivation when creative behavior is involved and is not contingent upon the job attributes. These findings add to the evidence that intrinsic motivation is stable compared to extrinsic motivation. Another important contribution of this study is that the authors identified a boundary condition for the internalized extrinsic motivation when serving as creativity predicting mechanism and ruled the presence of a conditional effect when intrinsic motivation is involved.

As a growth industry in the international tourism segment market, halal tourism domestic policy should align with General Agreement on Trade in Services (GATS) as an international trade in services regulation. This paper aims to examine Indonesia’s halal tourism policy and its intersection with obligations as a member state of the World Trade Organization (WTO). Particularly in balancing Indonesia’s international obligation and the right to regulate.

The present study uses normative legal research by analysing legal materials, primarily GATS and Indonesia’s halal tourism policy. By using this methodology, this paper seeks the normative ideal domestic approach that aligns with Indonesia’s international obligations within GATS.

Regional regulations primarily govern the halal tourism policy in Indonesia. The critical substance of the regulation is the mandatory halal certification for the implementation of halal tourism. This obligation may be incompatible with Indonesia’s commitment to liberalise the tourism sector under the GATS. The current legal framework gives rise to a lack of consistency in its application despite its adherence to the halal tourism standards established by the MUI. At the same time, the provincial and regent authorities lacked the authority to do so. The authors argue that halal tourism policy shall be promulgated in the national-level policy to settle this issue. This measure is necessary to mitigate conflicts between prevailing norms and Indonesia’s international commitments within GATS. Therefore, Indonesia can uphold both its international obligations and national interests.

This paper presents a novelty contribution by highlighting the absence of prior research examining Indonesia’s adherence to its international commitments under the GATS in formulating domestic legislation on halal tourism. To close this gap, this study suggests that national legislation governing halal tourism should consider international obligations in the tourism sector under the GATS.

From 1979 to 2023, the takaful structure has been adopted in many jurisdictions, making the documenting of its early days of establishment relatively difficult and somewhat unreliable. This is unlike conventional insurance, where the history and legislation are well documented and archived in various research (Hellwege, 2016; Marano and Siri, 2017). The purpose of this paper is to provide a chronology for the establishment and development of takaful via the takaful establishment in each jurisdiction, documenting its first takaful operator and first takaful regulation.

This paper has used a qualitative method in the form of reviewing literature and available data such as journals, books and official resources. The data is thoroughly analysed in order to build the chronology for takaful. It adopted an exploratory research design, which is deemed suitable in situations where few works of literature have examined the subject (Neuman, 2014). The paper explores the establishment and non-establishment of takaful in 57 countries. The paper categorises the countries into seven regions starting with the GCC, Levant, Asia, Central Asia, Africa, Europe and Others.

The takaful chronology presented in this paper shows that takaful operations exist in 47 jurisdictions, starting from Sudan and the UAE in 1979, with the most recent adopters being Morocco and Iran in December 2021. It is found that 22 jurisdictions do not have takaful regulations, and the Takaful Act 1984, issued in Malaysia, is considered the first takaful regulation that sets the basis for other regulations that follow.

The paper contributes to the literature by providing a comprehensive chronology of takaful, especially as the few existing timelines have been found to be incomplete and consist of contradictory information.

Agricultural banks likely respond differently to economic downturns compared to nonagricultural banks. Limited previous research has examined the performance of agricultural banks under economic crisis and in the presence of banking regulations. This study aims to explore agricultural banks' responses to economic and regulation shocks relative to nonagricultural banks.

This study uses bank-quarter level data from 2002 to 2022 for virtually all commercial banks in the U.S. In this research, the Z-score measures the bank’s default risk, the return on assets measures bank profitability and changes in amount of farm loans indicate the wider impact on the agricultural sector. Effects of the financial crisis, Basel III reforms to banking regulation and the coronavirus (COVID-19) pandemic on these banking measures are assessed using distinct empirical frameworks. The empirical estimations use various subsamples based on bank types, bank sizes and time periods.

Economic downturns are associated with fluctuations in returns and the risk of default of commercial banks. Agricultural banks appeared to be more resilient to economic downturns than nonagricultural banks. However, Basel III regulated agricultural banks were more likely to fail amidst the pandemic-related economic shocks than the regulated non-agricultural banks.

This study examines the resiliency of agricultural banks during economic downturns and under postfinancial crisis regulation. This is one of the first empirical works to analyze the effectiveness of Basel III regulation across bank types and sizes considering the COVID-19 pandemic. The key finding suggests that banking regulation should consider not only size heterogeneity but also the heterogeneity in lending portfolios.

Surakarta needs to evaluate its flat management as the most populous city in Central Java, Indonesia. This study examines the implementation of flat management in Surakarta City and evaluates and recommends the appropriate flat retribution rate.

This study used the analytical descriptive method to explain the problems in managing flats in Surakarta City. The data were obtained through a review of existing regulations and in-depth interviews with the flat residents and managers. The proposed retribution tariff for flats is calculated with a market approach through a comparison with neighboring cities and/or districts adjusted to the regional minimum wage to accommodate the residents’ ability to pay.

Based on the results of interviews and a review of regulations, problems were identified in the management of flats in Surakarta City. A comparison of levy rates with surrounding districts led to a proposal for new levy rates, which were divided into two tariff groups based on the characteristics of flats in Surakarta City.

The result of this study is a suggested retribution tariff derived from an economic framework that has yet to be validated by assessing the flat residents' willingness to pay.

This paper complements previous studies on the management and financing of flats by more in-depth evaluating the current tariffs and providing recommendations for appropriate tariffs.

After decades of hypergrowth, since the 2008 global financial crisis there has been a deceleration of globalization and a partial jamming of its main engines (trade and foreign direct investment [FDI]). This study aims to critically reflect on the current phase, labeling it as “win-lose globalization” characterized by firm-firm competition increasingly intertwined with that between the respective nation-states, which aim to be the relative winners, even at the expense of joint absolute gains. Acting as “strategists,” states implement policies to weaponize economic interdependences, which the paper analyzes.

The approach is “problem setting” rather than “problem solving.” The latter offers well-defined solutions but often assumes unambiguous definitions of problems, which obscure their complexity. This phase is so intricate that the problem itself is problematic. Thus, to advance knowledge, the focus is given on nation-state policies: FDI screening and the politicization of international trade relations; protectionism; misuses of antitrust and regulation.

The intensification of firm-firm/state-state competition, seeking disproportionate gains over rivals, is the ultimate result of the contradictions and dissatisfactions accumulated over decades of globalization, the benefits of which have been far from equally distributed. Conflicts in international economic relations are bound to intensify, and a return to win-win globalization is unlikely. International cooperation to strengthen existing/new supranational governance institutions in the interest of absolute global inclusive benefits is urgently needed.

The paper integrates the international business debate on the fate of globalization with interpretations from industrial policy studies and international relations theory. This allows for suggestions for policymakers, corporate executives and scholars.

Research indicates a significant risk of economic crime associated with post-disaster funding. The purpose of this paper is to assess the characteristics of post-disaster funding that make it susceptible to the risk of economic crime and to analyse how the statutory and regulatory disaster risk management instruments of South Africa aim to manage post-disaster events.

This paper uses secondary sources such as, but not limited to, legislation, institutional reports, textbooks and peer-reviewed academic journal articles.

Post-disaster funding is inherently susceptible to economic crime due to characteristics identified such as time pressure; substantial inflow of money, goods and services; inadequate needs assessment, large-scale reconstruction and the involvement of contractors or suppliers; power imbalance; and the responsibility of governments. The Disaster Management Act and National Disaster Management Framework provide an extensive regulatory framework for mitigating post-disaster funding risks by attempting to find a balance between quick aid distribution and financial controls. This paper finds that even though South Africa is known to have some of the best disaster risk management laws, the pervasive nature of the characteristics could still render post-disaster funding structures susceptible to the risk of economic crime.

There is limited scientific research on this topic. The expected prevalence of future disasters requires the regulatory and legislative disaster risk management instruments to evolve concomitantly. Research on this topic must continue to ensure that risks associated with post-disaster funding and its susceptibility to economic crime can be mitigated as far as possible.

This study aims to explore the status and drivers (including free-floated shares, board size, rule duality and board independence) of corporate risk disclosure (CRD) for the conventional listed banks in the Egyptian stock market from 2010 to 2021, which include the country’s major political upheavals and the COVID-19 pandemic.

This study based on a sample of 117 annual reports of sampled banks from 2010 to 2021. RD index of Al-Maghzom (2016) was developed and adopted to quantify CRD using an unweighted scoring system. The multiple linear regression model was used to validate the hypotheses.

The analysis shows that the COVID-19 pandemic increased insignificantly disclosure of all risks except for segment risks. In addition, findings reveal that all sampled banks adhere highly to the requirements of mandatory RD, with a low level of adherence to voluntary RD. Moreover, the analysis concluded that the board size and free-floating shares positively affect the disclosure of financial, operational, general information.

The study’s limitations include the content analysis methodology, reliance on annual reports, emphasis on financial and non-financial risks, focus on listed conventional banks in Egypt.

Current study’s findings are more likely to be useful for many parties. It informs investors about the characteristics of the boards’ directors of Egyptian listed banks that disclosed risk information. Banks should disclose more comprehensive risk information. For academics, the current study’s limitations can be considered in their future research.

This work fills a new research area in which there is relatively little research in emerging financial markets that adds new evidence to the relationship between RD and both free-floating shares and board characteristics, particularly in Egypt.

The purpose of this study is to investigate and compare the dynamic leverage policies of Islamic and conventional banks within selected Organization of Islamic Cooperation (OIC) countries. The study specifically focuses on the concepts of leverage procyclicality and prospect theory.

To achieve the research objectives, the study uses data from three distinct periods: Crisis I (2007–2009), Crisis II (2011–2012) and Crisis III (2020). The analysis uses dynamic panel-data regression, using the generalized method of moments (GMM) technique.

The research findings indicate that both Islamic and conventional banks demonstrate leverage procyclicality. Interestingly, Islamic banks exhibit weaker leverage procyclicality during normal conditions but display stronger procyclicality during crises compared to their conventional counterparts. The application of prospect theory reveals that both bank types exhibit risk-taking or risk-averse behavior through leverage under certain financial and market performance measures as the first-level domain of the gain-vs-loss condition. Furthermore, during crises (as the second-level domain of the normal-vs-crisis condition), both Islamic and conventional banks experience heightened leverage. Notably, Islamic banks, owing to their lower risk exposure and greater shock resilience, demonstrate lesser risk-taking behavior through leverage than conventional banks, both during periods of underperformance and worsening conditions amid crises. These findings validate the extension of prospect theory's applicability in a two-level domain perspective. The dynamic nature of leverage policy, being procyclical and adhering to prospect theory, also varies following different crises specifically.

The study's limitations include the unequal crisis periods (Crises I, II and III), leading to an imbalanced examination of their effects, certain financial and market performance metrics that fail to corroborate the expected hypotheses and the limited generalizability of findings beyond the selected OIC countries.

Understanding the intricate dynamics and behavioral aspects of leverage policy for both Islamic and conventional banks, particularly during crisis scenarios, proves crucial for reviewing banking regulations, making informed financial decisions and managing risks effectively.

This study enriches the current knowledge by presenting two key points. First, it highlights the dynamic nature of leverage procyclicality in Islamic banks, showing a change from weaker procyclicality in normal conditions to stronger procyclicality during crises compared to conventional banks. Second, it expands the application of prospect theory by introducing a dual-level domain context. Examining the comparative leverage policies of Islamic and conventional banks during different crises within OIC countries provides novel insights into leverage procyclicality and behavioral responses.