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The purpose of this study is to empirically investigate the asymmetric effects of financial risk on Sukuk market development for a sample of Malaysian countries over the period of 2010–2021.

This study refers to the International Country Risk Guide (ICRG) in determining the financial risk factors to be studied in addition to the Malaysia financial stress index (FSI) to capture changes in financial risk level. The authors use the nonlinear autoregressive distributed lag (NARDL) model to tackle the nonlinear relationships between identified financial risk variables and Sukuk market development.

The results suggest the existence of a long-run relationship between foreign debt service stability, international liquidity stability (ILS), exchange rate stability (ERS) and financial stress level with the Sukuk market development in Malaysia. Indeed, higher ILS and ERS will boost Sukuk market size, whereas higher foreign debt services and financial stress are negatively related to Sukuk market development. Findings also indicate that the long-run positive and negative impacts of identified financial risk components on Sukuk market development are statistically different. Taking into account the role of the Sukuk market in facilitating Malaysia’s economic growth, the country should aim to keep the foreign debt-to-GDP ratio at a sustainable level.

This study points to three possible directions for future research. The first is the differential impact of financial risk components on Sukuk issuance for different Sukuk structures. As more data becomes available in the future, this area could be further explored by conducting the above analysis for different combinations of Sukuk structures and currency denominations. In addition, future researchers could also consider exploring the variability of financial risk impacts through comparative studies of the leading Sukuk-issuing countries to account for differences in regulatory frameworks and supporting infrastructure.

This study provides valuable practical and policy implications for strengthening the growth of the Sukuk market. While benefiting from the diversification benefits of funding sources to finance private or government projects and developments, Malaysia should remain vigilant to global economic conditions, foreign exchange markets and financial stress levels, as all of these factors may significantly influence investor sentiment and the rate of return offered by Sukuk issuance.

The use of the NARDL approach, which investigates the long-run effects of financial risk factors on Sukuk market development in Malaysia, makes this study a valuable addition to the literature, as there has been little research into the asymmetric effects of those variables on Sukuk market development using samples from emerging Asian markets.

The current study aims to achieve two targets. First, examine empirically that whether corporate managers use tax avoidance to influence short-term profitability? Second, investigate the impact of tax avoidance on the value of firms. The tax accounts provide the opportunity to influence temporary/permanent profitability but empirical studies overlooking this matter, particularly in emerging economies.

First, the authors identified unexpected fluctuations of tax avoidance and then examine whether it impacts the profitability signal and firms' value? The unbalanced panel data of 189 non-financial firms for the period 2000–2018 are used for empirical analysis. The estimation biases and results consistency are verified by using two different econometric models including generalized least square and two-stage least square

The study identifies that managers manipulate the profitability signal through tax avoidance. Tax avoidance practices help in earning management and earning smoothing to avoid negative signals in the stock market. In line with the behavioral finance view, tax avoidance has a positive impact on current stock returns because investors focus on profitability without a detailed screening of cash flows.

A limited number of studies investigate the use of tax avoidance for manipulation of the short-term earning signal. Identifying gaps and limitations in the literature, this study provides invaluable insights into tax avoidance and its association with the profitability and value of firms. The findings are important for investors, managers and policymakers in making portfolio decisions and corporate policies.

After completion of the case study, the students will be able to analyze the role of industry in strategic decision-making, examine the information and make judgments with the use of different models such as political, economic, social, technological, environmental & legal (PESTEL) and Porter’s five forces and formulate a marketing strategy for the future move of Diwan & Co. using the Company, Competitors, and Customers (3Cs) model.

This case study is about young entrepreneur Mr Mansha Ram, who was working in the battery industry and was contemplating launching a new product. A gap was found after extensive research. The research showed that there is a gap between sustainable, reliable and cost-efficient batteries in the market that must be filled. To discuss this opportunity, a meeting was called where all managers talked about their concerns, considering the cost constraint as well as shifts in Pakistani battery industry trends. Ram was a key person who had to decide whether to launch the product or not. Should he go for a new initiative and launch lithium-ion batteries or capitalized on existing technology, which was lead acid batteries? Which path should he take considering all the macroenvironmental factors, electric vehicles or renewable energy?

This case study can be taught in the final year of undergraduate classes and the first year of MBA classes. This case study is particularly designed for students to understand how a company makes decisions while keeping in view the macro- and microbusiness environment. Even if some businesses do not have cost constraints, these businesses still face the impact of other factors on their businesses, for that purpose, the case study will provide insights into why a comprehensive industry analysis is important. Furthermore, this case study keeps in view the competitiveness of the market and its impact on the decision-making of companies.

Teaching notes are available for educators only.

CSS 8: Marketing.

This study aims to investigate the efforts and role of technology leaders in achieving organizational commitment to sustainability through mediating the role of green HRM practices and moderating the role of green knowledge sharing.

This empirical research study is based on two theories: upper echelon theory and social capital theory, in which data were collected from 284 permanent faculty employees belonging to the government, semi-government and private HEIs recognized universities of Pakistan.

The results confirm that the technology leadership style has a significant impact on organizational commitment to sustainability. Whereas green HRM practices as a mediator and green knowledge-sharing behavior as a moderator have also significant impacts on the organizational commitment to sustainability.

This study integrates the concept of technology leadership as a strategy and green HRM practices as a process that jointly impacts organizational commitment to sustainability.

This paper aims to test for volatility spillovers among Islamic stock markets with the exogenous impact of geopolitical risk (GPR) to check the risk transmission among Saudi Arabia, Malaysia, Indonesia and Turkey. Researchers test for both the symmetric and asymmetric risk transmission.

For the symmetric response of volatility, the study uses simple generalized autoregressive conditional heteroscedastic (GARCH) and for the asymmetric response of volatility with the exogenous impact of GPR, the exponential GARCH models have been adopted.

The results suggest spillover effects exist from Turkey to Saudi Arabia, Indonesia to Malaysia and Saudi Arabia and Malaysia to Indonesia. The findings of volatility spillover from GPR to sample countries suggest that only Malaysia and Indonesia experience volatility spillovers from GPR.

The present study is limited to the context of four countries and Islamic equities; the study contributes to the literature on volatility spillover, Islamic finance, GPR and asset pricing.

This study contributes to individual, institutional investors’ policymakers’ knowledge in determining security prices, trading plans, investment hedging and policy regulation.

The extant literature disregards the GPR index to examine the volatility spillover effects among Islamic stock markets, which allow researchers to justify the mechanism of risk transmission due to GPR across the Islamic stock market.

To the best of the authors’ knowledge, this is the first research of its type to look at volatility spillover and GPR transmission in Islamic stock markets.

This paper aims to provide an analysis of National Accountability Ordinance 1999 (NAO) after June 2022 amendments. It raises a key question whether the new legislation is effective and improves anti-corruption operating system in Pakistan.

This paper performs an analysis of recent amendments incorporated in NAO from the observations of superior courts, United Nations Corruption Convention and Financial Action Task Force (FATF) guidelines and also evaluates new legislation in terms of effectiveness in anti-corruption campaign.

This paper finds that ample amendments are inessential, and thus may largely jeopardize accountability process; changes appear to be intentionally crafted to benefit some selected group of people: the definition of asset is compressed; the onus of proof is shifted on the informer; and provisions of money trail, foreign evidence and protection of approver are abolished; such changes defy to the UN Corruption Convention and FATF guidelines. A legislation endorsed from all stakeholders is suggested; additionally, improved strategies proposed to strengthen accountability process while keeping in view the constitutional issues relevant in the course of anti-corruption investigations.

This paper is unique in the context of the anti-corruption strategies in Pakistan, highlighting the legal laxness of new government regarding corruption and money laundering.

Based on both quantitative and qualitative analyses, this study revisits public relations (PR) and marketing practitioners' perceptions of PR function and its relationship with marketing function in the digital context.

An online survey targeting 234 PR and marketing practitioners was first conducted, followed by a total of 27 in-depth interviews with PR and marketing practitioners.

Results from the two phases of analysis show that both PR and marketing practitioners perceive market functions as sales-oriented, whereas media relations is interpreted as more of a PR function. Content marketing and influencer marketing via digital communication channels help to enhance the convergence of PR and marketing functions. PR and marketing practitioners believe that PR and marketing functions are integrative, and they are willing to work flexibly for both functions within workplaces.

This study presents a continuum of PR and marketing functions in the digital era that illustrates the role of digital communication in the convergence of PR and marketing functions. The results help to advance the theoretical discussion on both the functional (excellent PR practices and relationship management) and critical (the social role of PR in the participatory culture) approaches of PR in the digital context. Managerial implications are also discussed in addition to the theoretical contributions.