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The purpose of this study is to comparatively analyze the effect of dividend policy on shareholders’ wealth in Shariah-compliant (SC) and noncompliant (NC) nonfinancial firms in Pakistan.

All the nonfinancial firms listed on the Pakistan stock exchange have been taken as a sample for 2016–2021. The Karachi Meezan index screening criteria were applied to screen SC firms. Based on the BPLM and Hausman test results, the authors used the fixed-effect and pooled OLS model for SC and NC firms, respectively. The F-test was used to compare the effect of each dividend policy variable on shareholders’ wealth for both firm types.

The findings reveal that the dividend policy does affect the shareholders’ wealth in both firm types. Dividend per share (DPS), dividend yield (DY) and earnings per share significantly affect the shareholders’ wealth in SC firms. For NC firms, the dividend payout, DPS and DY are critical. Moreover, the F-test results show that the DPS, DY and leverage effect on the shareholders’ wealth significantly differ for both firm types.

This study fills the research gap in the Pakistani context specifically as well as globally by providing important insights into the relationship between a firm’s dividend policy and shareholders’ wealth for SC and NC firms. In addition, this study comprehensively compares the results for both firm types, which is also lacking in the existing literature. Because this study is based in Pakistan, the generalizability of the results would be limited.

The findings of this study are helpful for the management of SC and NC firms in devising their dividend policies that can maximize their shareholders’ wealth. This study also provides guidance and knowledge to investors in choosing companies for their investments that can maximize their wealth.

To the best of the authors’ knowledge, this is the first study that analyzes the relationship between dividend policy and shareholders’ wealth for SC firms in Pakistan. It is also the first study that comprehensively compares the dividend policy relationship with shareholders’ wealth for SC and NC firms. In addition, using the F-test for joint hypotheses to compare the specific effect of each dividend policy variable is a methodological contribution of the study.

This study aims to compare capital structure determinants' effect on the leverage levels of Shariah-compliant (SC) and noncompliant (NC) firms in Pakistan. This study also estimates and compares the capital structure adjustment speed for both firm types.

Based on the Karachi Meezan Index screening criterion, a balanced panel of 117 SC and 68 NC firms listed on the Pakistan Stock Exchange from 2008 to 2018 was constituted. This study used the generalized method of moments to identify the significant determinants of capital structure and estimate the speed of adjustment. In addition, the F-test was used to check whether the effect of the determinants on the leverage is same for SC and non-SC firms.

The authors found that different determinants affect both firm types' leverage levels (book and market) differently. The authors also found that the adjustment speed of SC firms toward their target leverage ratio is slower than their NC peers. Lastly, significant variation was observed in the results under different screening criteria.

This study fills the literature gap by providing a comprehensive comparison of the capital structure decisions of the SC and non-SC firms. Because this study is limited to Pakistan, generalizability would be an issue.

This study will guide the management of SC and non-SC firms about which factors are reliably important in choosing their capital structure. The findings also call for bringing harmony in the different Shariah screening criteria being in practice.

To the best of the authors’ knowledge, this is the first comparative study that identifies the significant capital structure determinants for SC and NC firms and investigates their effect on the leverage of both firm types. By testing joint hypotheses of same relationship, this study seeks to determine if, because of Shariah restrictions, the capital structure determinants of SC firms are similar to NC firms or they exhibit different behavior. The authors also repeat their analysis using other prominent screening criteria to assess the consistency of their results.

This study aims to extend Bowman's risk–return paradox to Asian emerging markets and explain its causes under the prospect theory.

The study is conducted on a cross-sectional sample of 4,609 firms across nine Asian emerging countries. The two stage least squares (2SLS) estimation technique is used to evaluate the three objectives of the study, i.e. Bowman's risk–return paradox, significance of firm-specific risk and prospect theory explanation of Bowman's paradox.

The authors challenge the two basic financial economics arguments that higher risk is rewarded with higher return, and firm-specific risk is diversifiable. The empirical findings confirm the negative impact of firm-specific and systematic risk on firm return, thus, corroborates the Bowman's explanation of risk–return trade-off. However, the authors did not find empirical evidence to support prospect theory's explanations of Bowman’s paradox in Asian emerging markets.

A holistic approach is adopted to analyze the various aspects of Bowman's paradox and its causes for the same time period, variables and sample. The authors also rectified several methodological limitations observed in previous studies, i.e. the use of same proxies for firm return and risk, endogeneity and survivorship issues. Furthermore, the findings of this study will enable managers to formulate critical viewpoint on firm-specific risk and systematic risk and take informed strategic decisions regarding optimum utilization of their firm's key resources in Asian emerging markets.

The novel mechanical, chemical and thermodynamics characteristics of both single- and multi-wall carbon nanotubes (CNTs) make them a subject of much attention for the scientists and engineers from all domains. Fluid flows subject to CNTs are significant in biomedical engineering, energy storage systems, domestic and industrial cooling, automobile industries and solar energy collectors, etc. Keeping such effectiveness of CNTs in mind, this paper aims to examine peristaltic flow subject to CNTs in an asymmetric tapered channel. Both single and multiple walls CNTs are considered. The viscosity of nanomaterial depends on nanoparticles volume fraction and temperature. Total entropy rate through second law of thermodynamics is calculated. Heat source/sink and nonlinear heat flux are accounted.

The complicated flow expressions are simplified through lubrication approach. The velocity, temperature and entropy expressions are numerically solved by the built-in-shooting method.

The solutions for entropy generation, temperature and velocity are plotted, and the influences of pertinent variables are examined. The authors noticed that entropy generation is an increasing function of the Brinkman number.

The originality of this work is to communicate peristaltic CNTs-based nanomaterial peristaltic flow of viscous fluid in an asymmetric channel. No such consideration is yet published in the literature.

An increment in energy efficiency by employing nanoparticles is a hot topic of research in present era due to its abundant implications in modern engineering and technological processes. Therefore, the current research analysis reported the viscoelastic nanofluid flow over porous oscillatory moving sheet in the presence of microorganisms. A rate-type fluid namely Maxwell fluid is employed with the addition of nanoparticles. The paper aims to discuss this issue.

First, acceptable dimensionless variables are defined to convert the system of dimensional form into the system of dimensionless forms. Later on, the self-similar solution of the boundary value problem is computed by using the homotopy analysis method. The obtained results of velocity, temperature, mass concentration and motile microorganism density profiles are interpreted through physical background.

The presence of both thermophoresis and Brownian motion parameters also improve the thermophysical features of non-Newtonian nanoparticles. It is also pointed out that the presence of porous medium and magnetic force enhances the nanoparticles concentration. Moreover, a weaker distribution of gyrotactic microorganism has been depicted with Peclet number and bioconvection Lewis parameter.

No such article exists in the literature yet.

The aim of present work is to study the flow and heat transport structures of hybrid nanoparticles in a moving material. Two types of hybrid nanoparticles have been chosen namely Al₂O₃-Cu and Al₂O₃-Ag nanoparticles (90%) within 10% of pure water.

Leading governing equations are transformed through similarity technique and then computed for numerical illustration by applying RKF method.

The author observed that the skin friction value of Al₂O₃-Cu/water case is lesser in comparison to the values of Nusselt number for Al₂O₃-Ag/water nanoparticles.

There exist no such study which addressed such phenomenon.

The purpose of this paper is to discuss the flow of Casson nanofluid past a nonlinear permeable stretching sheet in the presence of thermal radiation, chemical reaction, viscous dissipation, heat source, and magnetohydrodynamics.

Appropriate transformations are used to convert the boundary layer equations into nonlinear ODEs which are then solved numerically by using the Runge-Kutta-Fehlberg fourth-fifth order method along with shooting technique.

Solution of this systems is obtained for velocity, temperature, and concentration profiles. Graphical illustrations are added to discuss the effect of evolving parameters against above-mentioned distributions. Tabular values of local skin friction factor, local Nusselt number, and local Sherwood number are also added and studied accordingly.

A good agreement of the present results has been observed by comparing with the existing literature results. It is noted that skin friction coefficient, Nusselt number, and Sherwood number decrease with Casson parameter and increase with suction parameter.

The purpose of this paper is to focus on MHD unsteady flow of Carreau fluid over a variable thickness melting surface in the presence of chemical reaction and non-uniform heat sink/source.

The flow governing partial differential equations are transformed into ordinary ones with the help of similarity transformations. The set of ODEs are solved by a shooting technique together with the R.K.–Fehlberg method. Further, the graphs are depicted to scrutinize the velocity, concentration and temperature fields of the Carreau fluid flow. The numerical values of friction factor, heat and mass transfer rates are tabulated.

The results are presented for both Newtonian and non-Newtonian fluid flow cases. The authors conclude that the nature of three typical fields and the physical quantities are alike in both cases. An increase in melting parameter slows down the velocity field and enhances the temperature and concentration fields. But an opposite outcome is noticed with thermal relaxation parameter. Also the elevating values of thermal relaxation parameter/ wall thickness parameter/Prandtl number inflate the mass and heat transfer rates.

This is a new research article in the field of heat and mass transfer in fluid flows. Cattaneo–Christov heat flux model is used. The surface of the flow is assumed to be melting.

Purpose: This chapter revisits digital financial inclusion as an international development agenda and discusses everything you need to know about digital financial inclusion.

Methodology: This chapter uses conceptual discourse methodology to explain digital financial inclusion.

Findings: This chapter identifies the definitions of digital financial inclusion, the goal of digital financial inclusion, the components of digital financial inclusion, the types of providers of digital financial services, the instruments for digital financial inclusion, the benefits of digital financial inclusion, the risks of digital financial inclusion, and the regulatory issues associated with digital financial inclusion. It also proposes suggestions on how to make digital financial inclusion work for the good of all. This chapter concludes by offering some implications for policymaking and practice in the digital finance ecosystem.

In this communication, a theoretical simulation is aimed to characterize the Darcy–Forchheimer flow of a magneto-couple stress fluid over an inclined exponentially stretching sheet. Stokes’ couple stress model is deployed to simulate non-Newtonian microstructural characteristics. Two different kinds of thermal boundary conditions, namely, the prescribed exponential order surface temperature (PEST) and prescribed exponential order heat flux, are considered in the heat transfer analysis. Joule heating (Ohmic dissipation), viscous dissipation and heat source/sink impacts are also included in the energy equation because these phenomena arise frequently in magnetic materials processing.

The governing partial differential equations are transformed into nonlinear ordinary differential equations (ODEs) by adopting suitable similar transformations. The resulting system of nonlinear ODEs is tackled numerically by using the Runge–Kutta fourth (RK4)-order numerical integration scheme based on the shooting technique. The impacts of sundry parameters on stream function, velocity and temperature profiles are viewed with the help of graphical illustrations. For engineering interests, the physical implication of the said parameters on skin friction coefficient, Nussult number and surface temperature are discussed numerically through tables.

As a key outcome, it is noted that the augmented Chandrasekhar number, porosity parameter and Forchhemeir parameter diminish the stream function as well as the velocity profile. The behavior of the Darcian drag force is similar to the magnetic field on fluid flow. Temperature profiles are generally upsurged with the greater magnetic field, couple stress parameter and porosity parameter, and are consistently higher for the PEST case.

The findings obtained from this analysis can be applied in magnetic material processing, metallurgy, casting, filtration of liquid metals, gas-cleaning filtration, cooling of metallic sheets, petroleum industries, geothermal operations, boundary layer resistors in aerodynamics, etc.

From the literature review, it has been found that the Darcy–Forchheimer flow of a magneto-couple stress fluid over an inclined exponentially stretching surface with heat flux conditions is still scarce. The numerical data of the present results are validated with the already existing studies under limited cases and inferred to have good concord.