The purpose of this paper is to propose a model of the Islamic sovereign wealth funds (ISWFs) based on Islamic finance principles to modify the precarious image of SWFs…
The purpose of this paper is to propose a model of the Islamic sovereign wealth funds (ISWFs) based on Islamic finance principles to modify the precarious image of SWFs from Muslim countries. The Shariah laws are the cardinal direction for this study.
The authors applied a qualitative research technique that consists of three approaches: exploratory case study approach to critically examine and rank the existing status of SWFs; descriptive analysis; and content analysis to present a model of ISWFs in comparison of conventional SWFs.
The authors propose a model of the “Islamic Sovereign Wealth Funds” based on four key pillars: the major Shariah principles; the Islamic corporate governance framework; the Islamic transparency and disclosure framework; and the Islamic corporate social responsibility framework. Furthermore, the authors argue that the potential effect of the ISWFs on Islamic finance and economy will be positive.
The model is an initial work and idea to convert SWFs from Muslim countries into ISWFs, which required an in-depth policy review by governments.
The findings of the paper are useful for policymakers and governments of the Muslim countries to overcome the issues and criticism on SWFs by converting them in ISWFs.
This paper contributes to the literature related to Islamic finance and sovereign wealth fund by presenting a first model of ISWFs for Muslim countries.
Employee voice has emerged as a strong predictor of positive organizational outcomes. Grounding the theoretical model in resource-based theory; this study conceptualizes…
Employee voice has emerged as a strong predictor of positive organizational outcomes. Grounding the theoretical model in resource-based theory; this study conceptualizes how high-performance work system (HPWS) can enhance organizational innovation of small and medium enterprises (SMEs) through voice behaviors. Specifically, the purpose of this paper is to empirically test if employee voice mediates the relationship between HPWS and organizational innovation.
This study used a quantitative strategy and cross-sectional survey method for the collection of data from SMEs operating in Pakistan. A list of SMEs was obtained from the federal government organization responsible for the development of SMEs in Pakistan. A self-administered structured questionnaire was distributed and 239 randomly selected SMEs responded to the survey.
Findings confirmed the conceptualized model and revealed that HPWS was significantly and positively related to employee voice and organizational innovation. Employee voice was found as a significant predictor of organizational innovation and mediating factor in the relationship between HPWS and organizational innovation.
This study is limited in terms of variables included in the conceptual model and relatively small size of the sample that was derived from a single federal organization. More variables and SMEs can be included in future studies to get broader results and, potentially, better findings.
SME managers/owners can design HR function in such a way that employees will be encouraged to raise their voice and participate more in the organization. Scholars should study voice behaviors distinct from citizenship behaviors.
This study is the first of its kind to conceptualize the relationship between HPWS, employee voice, and organizational innovation in SMEs of Pakistan.