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This paper aims to explore the common ethical decision-making challenges faced by financial advisers and how they meet these challenges. The purpose is to identify successful decision-making tools used by investment advisers in doing business ethically. Additionally, the authors uncover common challenges and offer decision-making tools to provide support for supplemental ethics training in the future.

Questions were analyzed through a qualitative approach using individual interviews to examine a range of experiences and attitudes of active financial advisers. The sample was represented by 11 practicing financial advisers affiliated with US independent broker-dealers: six women and five men, each with 10 or more years of experience, ranging in age from 35 to 75. Grounded in four ethical decision-making models, this research examines individual ethical decision-making using individual (internal, personal) and organizational (external, situational) factors.

The method used uncovered struggles and revealed strategies used in making ethical decisions. Two research questions were examined: what are the common ethical decision-making challenges faced by financial advisers in the US financial industry? How do financial advisers handle ethical decision-making challenges? Four themes emerged that impacted ethical decision-making: needs of the individual, needs of others, needs of the firm and needs of the marketplace. Financial advisers identified moral obligation, self-control and consulting with others as major considerations when they contemplate difficult decisions.

A limitation of this review is its small sample size. A more robust sample size from investment advisers with a broader range of experiences could have widened the findings from the study.

Investment advisers can use the findings of this study as a tool for improving their own ethical decision-making or designing training for their employees to be better decision-makers.

The study explores the decision-making experiences of investment advisers to reveal multifaceted, often private struggles that qualitative methods can uncover. The study provides support for the development of additional training in ethical decision-making specific to investment advisers.

The rise in business activities coupled with free trade liberalisation across countries has entailed an increase in securities transaction as well as insider trading (IT). In fact, IT is characterised by the influence and usage of some prior knowledge concerning sensitive information of a corporate body which results in a financial benefit to the insider trader. The practice of IT is not only unethical but also illegal and this statement is witnessed by the mushrooming of laws across the globe categorising IT as an offence. However, the type of punishment varies in different countries depending on various factors. Consequently, the purpose of this paper is to assess the adequacy and efficiency of IT laws in the context of a developing country being Mauritius.

To achieve the research objective, the Mauritian laws on IT were compared with the corresponding laws of some developed countries like the USA and the UK. As such, a qualitative research method was adopted. In particular, the black letter approach was used to examine the relevant laws of Mauritius, UK and USA on IT. A comparative analysis was conducted concerning IT laws for each country with the view of suggesting recommendations for Mauritian stakeholders to adopt to enhance the existing legal and regulatory framework on IT.

It was found that Mauritian IT laws are largely inspired from both the US and UK corresponding legislation. However, Mauritian laws need to be strengthened by imposing some more severe penalties in terms of fines and terms of imprisonment like the USA has established. The Mauritian Financial Services Commission as the regulator also needs to play a more active role in disseminating particularities of IT laws, offences and penalties to the civil society at large.

At present, this study will be among the first academic writings on the efficiency of IT laws in Mauritius and also, because existing literature is quite scarce on assessing the adequacy of IT legislation in developing countries, this research aims at filling in the gap in literature. The study is carried out with the aim of combining a large amount of empirical, theoretical and factual information that can be of use to various stakeholders and not only to academics.

This study aims to investigate the extent of Shariah compliance in wakalah sukuk and Shariah non-compliant risk disclosure in the sukuk documents and to analyse the risk management techniques associated with the disclosed risks.

This study uses qualitative document analysis as both data collection and analysis methods. The document analysis acts as a data collection method for 23 wakalah sukuk documents selected from 32 issuances of wakalah sukuk from 2017 to 2021. These sukuk documents were selected based on their availability from relevant websites. Document analysis, both content analysis and thematic analysis, were used to analyse the data. Codes were grounded from that data through keywords search of Shariah noncompliant risk and its risk management. Besides these, interviews were also conducted with four active industry players, i.e. two legal advisors of wakalah sukuk, a wakalah sukuk trustee and a sukuk institutional issuer. These interview data were analysed based on categorical themes, on the aspects of the extent of Shariah compliance in sukuk, and the participant’s views on the risk management techniques associated with the risks or used in the sukuk documents.

Overall, the findings reveal three types of Shariah non-compliant risks disclosed in the sukuk documents and seven risk management techniques associated with them. However, the disclosure and the risk management techniques can be considered minimal in contrast to the extent of Shariah compliance in a sukuk, i.e. Shariah compliance at the pre-issuance stage, ongoing stage and post-issuance stage. On top of these, it was also found from the interviews that not all risk management techniques are workable to manage Shariah non-compliant risk in sukuk. As a result, these findings suggest rigorous reviews of the existing Shariah non-compliance risk (SNCR) disclosures and risk management techniques by the relevant parties.

Sukuk documents used in the study are limited to corporate wakalah sukuk issued in Malaysia. Out of 32 issuances from 2015 to 2021, only 23 documents are available in relevant website. Thus, Shariah non-compliant risk disclosure and its risk management techniques analysed in this study are only limited in those documents.

The findings of this study suggest rigorous reviews on the existing Shariah non-compliance disclosures and risk management techniques. Other than these, future research in relation to uncommon risk management clauses, i.e. assurance, Shariah waiver and transfer of risk, are needed.

The insights presented in the analysis are of importance to sukuk issuers and the sukuk due diligence working group in enhancing the sukuk Shariah compliance and Shariah non-compliant risks disclosure and towards sukuk investors, in capturing and assessing Shariah non-compliant risks in a sukuk and to assist them to make informed investment decisions. More importantly, this study has found few areas of future study in relation to SNCR disclosures and SNCR risk management techniques.

This study aims to empirically examine environment, social, and governance (ESG) as an effective strategy to reduce major impediments for a corporation in the form of costs of capital (COC) and systematic risk, especially for emerging markets such as India.

A sample of 114 Indian firms from eight prominent industries based on Thomson Reuters classification (TRBC) are used in the study. A panel regression with industry-fixed effects is carried out to account for industry heterogeneity. For robustness, the authors also carry out a matched sample analysis.

The authors observe a negative and significant relationship between ESG performance with COC and systematic risk, respectively. For the pillar-wise analysis, the authors observe that only governance performance is negatively and significantly related to COC whereas the environmental and social performances are negative and insignificant. For ESG pillar level analysis for beta, the authors observe that all pillars are negative and significant, thus making a case for how firms can fine-tune their ESG strategies according to each pillar.

As the ESG concept is still in a very nascent stage, data availability is a definite challenge in India.

As ESG is increasingly becoming relevant for multiple stakeholders, this study aims to provide evidence that can potentially guide the regulators, practitioners, and academicians to address the contemporary needs of these stakeholders, while also doing good for the firm in the traditional sense.

The transition to a sustainable economy is a challenge for emerging economies, especially for a country like India where stakeholders are not only varied but also huge in number. With this study's contribution towards an incremental understanding of ESG, Indian regulators and policymakers can bring forward mandates as to ESG compliances that are rewarding for the firms and give them enough impetus towards complying with ESG norms.

The extant literature on ESG majorly discusses the relationship between ESG performance and financial performance. This study addresses the lacuna of the relationship of ESG with COC and beta in the Indian context.

This study aims to examine how governing bodies demonstrated stakeholder engagement during the time of the COVID-19 crisis in South Africa.

This study uses a qualitative approach based on semi-structured interviews with 18 participants, comprising of preparers of financial statements, board members and management consultants/advisors. The study also relied on the analysis of articles on corporate webpages and publications produced by professional bodies on the economic, social and environmental impact of COVID-19.

The results of this study indicated that governing bodies demonstrated stakeholder engagement during times of crisis through transparent reporting, corporate social responsibility initiatives and active stakeholder inclusivity.

This study contributes to the body of research on stakeholder engagement during a crisis and provides evidence of the role stakeholder inclusivity can play in responding to a crisis. The findings will be useful in understanding the importance of stakeholder engagement during times of crisis. The study is one of the first, to the best of the authors’ knowledge, to evaluate how stakeholder engagement principles can be followed by governing bodies during a crisis.

The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of waqf as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan.

This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of waqf for community development/social inclusion in economies like that of Pakistan.

As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting Waqf for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for waqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the waqf properties makes the waqf institutions sustainable and effective when compared to individual charities.

This is conceptual research discussing the potential of waqf in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor.

The research will provide the researchers with insight into the potential of waqf as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare.

To the best of the authors’ knowledge, it is the first major research that discusses the role of waqf in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.

This case requires students to evaluate alternative dual-share-class corporate structures that allow companies and entrepreneurs to pursue profit with purpose. The case explores Impact Makers, an IT consulting company based in Richmond, Virginia. While original founders of the firm hold all voting rights, the cash flow rights belong to two nonprofits setting the stage for a Newman's Own model of management consulting. The case discusses whether and how the alternative corporate structure aids the firm's overall strategy to attract top-quality employees, pay them competitive salaries, and provide superior service to its clients while donating 100% of its lifetime value to charitable causes, largely through partnerships with various nonprofit organizations. More importantly, the case asks students to evaluate how such a dual-share-class and dual-purpose company can raise capital to fund continued growth.

The case opens with CEO Michael Pirron reminding himself of all the questions he had run through to execute a strategy to further grow Impact Makers' consulting business both through expanding a menu of services and through conquering new geographical markets. To do either, or both, the company needed a cash infusion. Internal cash was limited, as up to 40% of it flowed to charitable partners, demonstrating Impact Makers' commitment to its mission. Raising debt for a company without fixed assets was challenging and time consuming. Complicating it all was that being structured as a nonstock corporation rendered equity raising difficult. Could Impact Makers raise money to grow and stay true to community values at the same time?

The purpose of this paper is to examine the corporate social responsibility performance among small and medium enterprise (SME) owners in the United Arab Emirates (UAE) before and during COVID-19. This study shows insights into the barriers that could affect the CSR performance practices of UAE SMEs, and related implications are discussed in the study.

This study used a longitudinal qualitative research design. The research comprised 30 interviews from 15 SME owners that were studied prior to and during the pandemic. The 15 interview participants are the sole owners of these SMEs and are Emirati citizens. They were identified through personal contacts and referrals.

Study findings show that there was a clear shift during the pandemic to place more focus on employees. CSR performance practices are dominated by strategies for caring for the environment and employees. During the pandemic, the priority was paying employees at least a portion of their salary despite financial hardships and ensuring their health and well-being. Prior to the crisis, the key barrier to the implementation of CSR performance practices was a lack of knowledge. During the pandemic, barriers identified included uncertainty and financial constraints. Furthermore, all the owners believe that big corporations should be more socially responsible and SMEs should be the recipients of CSR practices. Lastly, the owners expressed their belief in the values of transparency, integrity, commitment, efficiency and responsibility.

This study is a novel attempt to gain an in-depth understanding of CSR among SMEs in the UAE in the context of a pandemic. It looks specifically at the performance practices pursued by SME owners in the UAE before and during the COVID-19 crisis.

Considering the ongoing debate regarding the roles of business in society, this paper aims to examine the managerial understanding of corporate social responsibility (CSR) in Nepal.

This study uses explanatory sequential design under mixed methods of research. First, the questionnaire survey method was used to collect data from 168 managers of listed companies in Nepal. Second, semistructured interviews were conducted with 20 senior-level managers of listed companies to verify the results obtained from the survey and to gain a deeper understanding of the phenomena.

The survey results show that managerial understanding of CSR is mainly guided by the notions of corporate philanthropy, stakeholder approach and political CSR, respectively. However, the managerial understanding vis-à-vis political CSR and corporate philanthropy were found to be remarkably positively influenced by the firm’s size, whereas the stakeholder perspective was widely held by the managers regardless of their firm’s size. The interview results largely substantiated questionnaire survey findings and further revealed vivid dimensions within the philanthropic approach, stakeholder approach and political CSR.

Given the recent legal provisions vis-à-vis mandatory CSR spending in Nepal, the policymakers may devise and update common core and firm-size-specific informational, fiscal-economic, legal and partnering instruments based on the findings of this study. Besides, companies may go for appropriate institutional arrangements for CSR as needed.

The reaffirmation of conventionally accepted roles and the approval of relatively nascent political roles of business in a distinct socio–political–legal–economic context of Nepal can be an important contribution to the literature.

This study aims to examine whether and how the experience of specialized external governance mechanisms mandated by the Employee Retirement Income Security Act of 1974 – the actuary and auditor – affect pension plan funding.

This study uses data from annual pension plan regulatory reports (Form 5500), Form 10-K filings, Form DEF 14A filings (company proxy statements) and publicly available data sources. The hand-collected data include information related to the pension plan’s actuary and auditor and various pension plan data disclosed in the company’s financial statement footnotes.

The author finds that more experienced actuaries and auditors are associated with better funded pension plans, especially when the company has higher financial risk or lower board independence. Additional analyses indicate that companies with more experienced actuaries and pension plan auditors are more likely to make higher annual pension plan contributions and hold fewer Level 3 fair value assets.

The dearth of pension plan governance research generally focuses on whether and how internal governance mechanisms affect pension plan funding. To the best of the author’s knowledge, this is the first empirical study of the relationship between external pension plan governance mechanisms and pension plan funding.