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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 develop a comprehensive insolvency model tailored to Islamic banks, ensuring alignment with Shariah principles throughout pre-insolvency, bankruptcy and post-bankruptcy stages.

The research adopts a qualitative research method, using a desktop research approach. Primary sources and secondary sources are examined to gather information and draw conclusions.

This study presents a comprehensive insolvency model designed for Islamic banks, rooted in Shariah principles. The model covers pre-insolvency, bankruptcy (taflis) and post-bankruptcy stages, incorporating key Shariah parameters to ensure adherence to Islamic finance principles. It addresses challenges such as adapting to dynamic financial landscapes and varying interpretations of Shariah principles. Notably, the model recognizes the separate legal personality of Islamic banks and emphasizes transparency, fairness and compliance with religious obligations. In the post-bankruptcy stage, directors are urged to voluntarily settle remaining debts, aligning with ethical and Shariah-compliant standards.

The study contributes to the stability and growth of Shariah-compliant financial systems by extending insolvency principles to Islamic banks, providing a foundation for future research and policymaking specific to this context.

This study investigates determinant factors (influence of the third party (ITP), credit policy (CP) and follow-up process (FP)) of micro, small and medium enterprises' (MSMEs) accounting processes (APs) and strategic debtors' management.

The study employed a sequential mixed-method approach, combining quantitative and qualitative methods for comprehensive data analysis. Phase I involved purposively selecting and interviewing 10 MSME owners or accountants to gain insights into debtors' management. In Phase II, a quantitative approach was used for collecting survey data from 72 MSME owners or accountants. Structural equation modeling-partial least squares (SEM-PLS) are the statistical tools that validated the study's proposed hypotheses.

The findings indicate that determinant factors (ITP, CP and FP) positively affect MSMEs' AP, significantly influencing strategic debtors' management. As a result, sole proprietors can use this study's findings to create value through systematic management of their debtors, guaranteeing sustainable firm growth and profitability.

The sample has restricted to MSMEs in Oman, where the findings may not be generalized to other companies. Overall, the findings suggest that it requires considering the proposed determinant factor of MSMEs' AP to manage their debtors or accounts receivable (AR) to be more profitable.

MSMEs play an essential role in the growth of any country's economy. However, the dearth of comprehensive research on influential factors of MSMEs' debtors’ management studies justifies the significance of the current study.

This study aims to explore the underlying issues of behavioural biases in relation to stock market participation and the challenges of individual investors in Bangladesh. The study identifies behavioural biases affecting individuals’ stock market participation, their circumvention strategies and the importance of financial knowledge in encouraging the participation of individuals in the stock market.

Semi-structured interviews were used in this study to gather information from industry researchers, individual investors, brokers and institutional advisors. Twenty-two experts were contacted, and 13 agreed to participate in the interviews. The study then uses the thematic analysis method to report its findings.

This research shows that investors’ behavioural biases (such as loss aversion, herding, trust, gambler’s fallacy and risk tolerance) are among Bangladesh’s primary drivers of stock market participation. Circumvention strategies (such as poor corporate governance and agency costs) also play a part in individuals’ participation. These influences are in addition to the obvious factors of investment risks, poor infrastructure, poor regulation enforcement and the need for more sufficient investment products.

This study conducted 13 interviews with expert subjects, which is a small sample size. However, the findings achieved saturation and cannot be ignored. Future research should use quantitative or experimental methods with a large sample size to validate the current findings.

This study is pioneering in the Bangladesh stock market, exploring the behavioural biases of investors’ participation in the market. This paper provides valuable insights into investor participation by discovering the underlying behavioural biases that have been continually ignored; these insights may also be relevant in frontier markets in Asian countries.

There is a need for research examining how governments and firms responded to the coronavirus disease (COVID-19) pandemic. This study investigates the interdependence between governments and innovative small and medium-sized enterprises (SMEs) during the pandemic in relation to the dynamic capabilities and resource dependence theories.

We use World Bank survey data collected immediately before and after the COVID-19 outbreak and a generalized structural equation model to examine the mediating role of government support in the relationship between firm innovation, resilience and survival.

Innovative SMEs exhibited higher resilience and a better chance of survival during the pandemic, partly due to attracting more government support.

This study offers a novel understanding of the government’s role in supporting innovative SMEs during the pandemic. The findings have implications for how government support policies can limit the deadweight effect and the substitution effect.

With the goal of helping consumers bounce back from the financial challenges they faced as a result of the COVID-19 pandemic, many firms developed and announced consumer-targeted resiliency programs (e.g. Walgreens waived delivery fees, Associated Bank allowed deferred mortgage payments). However, there is a paucity of research examining the unique features of these programs, and whether firms' investors (the first external stakeholder group to provide them with feedback regarding their strategies) were receptive to these programs during a period of time in which firms themselves were suffering financially. Drawing on resilience theory and stakeholder theory, the present research incorporates an event study of consumer-targeted resiliency program announcements to understand their financial implications for firms, and to learn whether firms witnessed different financial effects as a result of firm- and program-specific factors.

This study referred to business news publications and newswire services to collect a comprehensive list of consumer-targeted resiliency programs announced by publicly traded U.S. firms during the pandemic. The resulting dataset consisted of 145 announcements made during the period of February–June 2020. An event study was conducted in order to precisely measure the main effect of consumer-targeted resiliency programs on firm value, as manifested through abnormal stock returns. Finally, a moderation analysis (regression) was conducted to uncover whether firm characteristics or specific features of firms' consumer-targeted resiliency programs lead certain firms to witness stronger financial effects than others.

The main effect of consumer-targeted resiliency programs on firm value was found to be positive – a 1.9% increase on average. The moderation analysis finds that non-financial firms were rewarded more positively than financial firms (e.g. banks and credit card companies). In addition, financial aid (i.e. allowing customers to defer their payments to a firm for its products/services, versus a reduction in the price of a product/service or offering it for free or giving cash back to customers) and temporal characteristics (i.e. an offer being framed as limited-time, vs being indefinite or for the foreseeable future) are not found to have a moderating effect.

This theory-driven empirical study uncovers practical implications for managers of firms interested in whether investing in corporate social responsibility during times of crisis is a wise allocation of resources. Any form of financial aid for consumers, regardless of temporal limitations, is received positively by investors.

This study aims to use the extended model of goal-directed behavior (EMGB) to examine the interaction between wine purchasing motivations and prior knowledge and their impact on consumers’ wine purchase intentions and decisions.

The survey was conducted in large discount retail stores in South Korea, and structural equation modeling analysis reveals EMGB’s strong predictive ability to understand wine buying behavior.

Notably, the findings reveal that social life and enjoyment motivations play a significant role in shaping consumers' attitudes. In addition, positive emotions, attitudes, prior knowledge, subjective norms and negative anticipated emotions all have a positive effect on desire, while desire, prior knowledge and frequency of past behavior have a significant impact on behavioral intention. Contrary to previous studies, celebration motivation has no significant effect on attitude and perceived behavioral control has no significant effect on desire and behavioral intention.

The findings provide practical insights for marketers to conduct targeted wine marketing campaigns and increase consumers' intention to purchase wine.

This study furthers the understanding of the complex mechanisms involved in shaping the intention to purchase wine using the EMGB framework.