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This paper aims to provide analysis on the state of Islamic finance through critical appraisal on its current form and practices. This paper argues that the current form of Islamic finance practices is due to its legalistic approach and hence requires value-oriented reform. In this regard, Shari’ah governance system can be one of the mechanisms toward such reformation.

This paper uses case study research method and comparative studies of other’s works to develop understanding on the extent of Islamic finance practices. The study utilizes descriptive, comparative and critical analysis approaches in extracting and analyzing the information.

The literature has indicated the growing frustration of scholars and proponents of Islamic economics on the failure of Islamic finance in addressing the real economic and ethical issues beyond the legal realm of Shari’ah compliance. Legalism leads to a narrow understanding and ignores certain dimensions of Islamic finance practices. Considering all factors and through critical observation, this paper argues that the current form of Islamic finance practices is due to its legalistic approach and hence requires value-oriented reform. At this juncture, the paper suggests that Shari’ah governance system can be one of the mechanisms toward such reformation.

This paper provides valuable discussion and fresh and recent information on Islamic finance practices, including Shari’ah governance practices of Islamic financial institutions (IFIs) through case studies. The study shares experience of Malaysia in developing its Islamic finance framework and practices from legalistic toward value-oriented approach.

Prior research has documented that product failures can be among a firm's worst nightmares. In this research, we examine if retailers are also held accountable by consumers when products that they sold, but did not manufacture, fail. In two studies, we show that consumers not only blame multiple parties when product failures occur – including the retailer – but also that manufacturer brand equity and retailer store image serve as important contextual cues in the blame assignment process. Specifically, building on congruity theory, we show that retailers are especially susceptible to being held responsible for failure if the equity of the failed product and the retailer store image are incongruent. Our findings also indicate that value-oriented retailers are particularly vulnerable to being blamed when high-equity products fail. Our findings suggest measuring attribution of blame between the manufacturer and retailer involved in a product failure event – instead of only the manufacturer as has been the norm in extant research – facilitates our understanding of consumer responses when product failures occur.

Whether corporate governance systems and practices are converging to the Anglo-American shareholder-value-oriented model or continue to diverge from this model and maintain their idiosyncrasies has been controversially debated among scholars in a variety of academic disciplines. The purpose of this paper is to review, critique and integrate the disparate positions in the convergence-divergence debate in corporate governance and to suggest promising directions for future research.

The author constructs a theoretical framework in which convergence and divergence dynamics are conceptualized as simultaneous processes of institutional change and continuity. This framework takes into account the influence of economic market forces, social embeddedness and cultural forces in shaping corporate governance at the national and the firm levels and provides a holistic and integrative perspective on the extant literature in the convergence-divergence debate.

The literature review does not support either the predictions of convergence advocates or the predictions of divergence advocates. Instead, the paper finds that convergence and divergence dynamics can coexist and lead to increasing heterogeneity in corporate governance arrangements of firms within and between corporate governance systems. This finding adds complexity to the debate and opens room for interesting research directions.

The paper offers a comprehensive review of the topic and draws from literature in financial economics, comparative law, economic sociology, international business, political science and strategic management. Most importantly, the paper offers a multi-theoretical framework that allows for an integration of the divergent perspectives presented in the literature.

Financial information about costs and return on investments are of key importance to strategic decision making but also in the context of process improvement or business engineering. The purpose of this paper is to propose a value‐oriented approach to business process modeling based on key concepts and metrics from operations and financial management, to aid decision making in process re‐design projects on the basis of process models.

The paper suggests a theoretically founded extension to current process modeling approaches, and delineates a framework as well as methodical support to incorporate financial information into process re‐design. The paper uses two case studies to evaluate the suggested approach.

Based on two case studies, the paper shows that the value‐oriented process modeling approach facilitates and improves managerial decision making in the context of process re‐design.

The paper presents design work and two case studies. More research is needed to more thoroughly evaluate the presented approach in a variety of real‐life process modeling settings.

The paper shows how the approach enables decision makers to make investment decisions in process re‐design projects, and also how other decisions, for instance in the context of enterprise architecture design, can be facilitated.

This paper reports on an attempt to integrate financial considerations into the act of process modeling, in order to provide more comprehensive decision‐making support in process re‐design projects.

This paper seeks to elaborate on how subject positions promoting shareholder value are infused with an outcome focus.

The study employs Foucault's perspectives on government and the interrelations between objectivity and subjectivity in the analysis of in‐depth case data gathered in one shareholder value‐oriented‐listed company and one non‐listed company.

The outside financial market discipline that objectifies shareholder value‐oriented company executives makes them subjects in their own organisation, allowing them to redirect discipline onwards and thereby objectify their subordinates. The non‐listed company executives, due to the relatively closed governance structure of their company and the lack of outside ownership, are not subject to such continuous outside discipline; they lack the same access to the means to create tangible outcomes within their organisations. The subject positions promoting shareholder value are focused on outcomes, whereas the non‐listed company subject positions are focused on processes.

The subject positions of actors within different types of non‐listed companies and listed companies without a shareholder focus form a target for future studies.

The study contributes to the literatures on manager subject position formation and shareholder value. These contributions are achieved by uncovering a novel consequence of subject position formation and by revealing a mechanism by which outcome focus is tied with shareholder value.

The purpose of this study is to construct consumer value structures for clothing.

Using content analysis, a total of 301 advertisements from the New Yorker and Esquire magazines are analyzed during one representative year out of each of the last four decades.

Consumer values reflected in clothing ads are identified as functional, social, emotional and epistemic. Functional value dominated throughout the 1970s, 1980s, and 1990s, but showed a decreasing trend. By the 2000s, emotional value had overtaken functional value in emphasis. Consumer consequences and product attributes, which fell under each of the consumer values, are also revealed. Of all the consumer consequences, high quality was connected the most frequently with functional value. At the same time, high quality served as an intermediary qualifier for symbols of social status, a consequence of social value. Fabric was the attribute linked most frequently to functional and social consequences.

Clothing companies can use the values, consequences and attributes presented here to differentiate between values, to determine the most effective attributes to emphasize, and to target certain audiences for their marketing and advertising strategies.

The essential contribution of this paper is that this study reveals a hierarchical dimension to clothing value and is the first study which attempts to construct a means‐end chain through the content analysis of advertisements.

The purpose of this paper is to offer a critical analysis of today's most common calculation methods for maintenance budgets in Europe. The methods are quantitatively validated using the real lifecycle data of 17 exemplary buildings. As a result, a new approach for the budgeting of maintenance measures is suggested which helps to define the real budgeting costs more accurately.

The paper starts with a theoretical definition and critical discussion of the different budgeting methods. All methods are quantitatively validated using real data analysis. Analysed is the lifecycle data of 17 school or office buildings. The maintenance costs previously calculated using the existing calculation methods can thus be contrasted with the real maintenance costs and validated. The development of a new calculation method aims at the elimination of the shortcomings of the existing methods.

The paper finds that the calculation methods used today are only partially suitable for the prediction of the financial requirements of building maintenance. Real‐life building maintenance costs follow certain cycles and change considerably over time. Recently, calculation methods particularly underestimate the first big maintenance peak which is reached approximately 30 years after a building's construction. It also became clear that it is essential to include certain influencing factors into the calculation, as the analytical methods do. The findings lead to the development of a new calculation method called practical adaptive budgeting of maintenance measures. This method is the first to differentiate between annual and one‐off maintenance measures and includes empirically determined correcting factors to take into account specific building characteristics.

This paper's findings refer to the examination of 17 sample buildings. In order to be able to generalise the results, more research needs to be done using a higher number of sample buildings.

This paper contributes to the improvement of the prospective calculation of maintenance budgets. The new calculation method is the first to enable maintenance experts to determine their maintenance budgets in a transparent and scientific way so that the required financial means to carry out necessary maintenance measures can be made available at the right time.

Based on real maintenance data, it becomes possible for the first time to verify and validate theoretic calculation approaches from literature. The results are new findings that are useful in science as well as in real life.

Despite recent advances, neither organizational studies nor the scholarship on economic resilience has systematically addressed how the ecologies of organizations that populate local economies can serve as infrastructures for responding proactively to economic shocks. Using county-level data, this study analyzes relationships between the prevalence of organizational alternatives to shareholder value-oriented (SVO) corporations within a particular locality and its unemployment levels during and after the Great Recession. The results support the hypothesis that the presence of such alternative organizations can enhance the capacities of local economies to resist and recover from recession shocks. Cooperative, municipal, and community-based enterprises, research universities, and nonprofits more generally were associated with greater resistance to the recession shock and stronger recoveries – specifically, lower surges in unemployment rates from 2007 to 2010 and greater reductions in unemployment rates from 2010 to 2016. By contrast, SVO corporations were associated with greater surges in unemployment and perhaps weaker recoveries. Providing a proof of concept, this study opens up new lines of inquiry for organizational studies by linking organizational ecologies to the promotion of collective efficacy and a more broadly shared prosperity in economic life.

This paper builds the framework for linking the established work of competitive advantage with the emerging discipline of value marketing. The outcome of this linkage is the concept of strategic value management. Strategic value management focuses on the right combinations of product quality, customer service and fair prices as the key to selling to today’s value conscious consumers. The core of the strategy stresses the firm’s ability to combine and manage these dimensions of value in a way that a strategic value advantage is created and maintained. This advantage provides long‐term profitability for the firm and satisfaction for the customer segment. Three companies that excel at strategic value management, Southwest Airlines, Hewlett‐Packard, and Nordstrom, illustrate how this advantage provides long‐term profitability for their firm and satisfaction for their customer segment. Value oriented actions have been developed to support a strategic value approach.

This paper responds to the increasing concern among both the public and the academic community regarding the negative effects of for‐profit activities of organisations on society, in particular on human development and well‐being. It does so by aiming to examine the main theories regarding the possibility of positive and/or negative relationships between the management of for‐profit activity and human value. It aims to identify guiding principles to assist organisations in meeting the business imperative of respecting and considering their effects on human rights wherever they operate.

This paper takes a conceptual approach drawing from economic, social and political philosophy literature to investigate four perspectives on the relationship between the management of for‐profit activity and human value.

The need for management theory to develop a typology of factors determining positive, negative or mixed effects of for‐profit activity on human value is identified. The study identifies recommendations for management theory and practice regarding the scope and limits of action that could be taken by business organisations to improve human value.

Research questions relevant to three key areas of management (people management, operational management and strategic management) are suggested.

The paper concludes that there is a need to understand why there are negative relationships between profit making and human value, and how to identify the means of minimising this relationship in a human value oriented organisation.

The paper responds to the increasing concern among both the public and the academic community regarding the negative effects of for‐profit activities of organisations on society, in particular on human development and well‐being. It does so by proposing the guiding philosophical principles that should inform organisations in meeting the business imperative of respecting and considering their effects on human rights wherever they operate.

The paper is unique in proposing the guiding philosophical principles that should inform a human value oriented workplace culture and can be applied in various management sub‐disciplines. It also makes an original attempt to understand the gap between conflictualist and compatibilist paradigms and how this can inform management theory.