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The purpose of this paper is to critically study the application of beneficial ownership in sukuk ijarah by analysing the fiqh interpretation on the concept of beneficial ownership.

This is a theoretical paper using content analysis approach that delves into the works of Islamic scholars on the concept of ownership and evaluates the concept of beneficial ownership in sukuk ijarah from the Islamic perspective.

The paper concludes that the beneficial ownership should be considered as true ownership because Shari’ah has allowed the transfer of ownership by a sole basis of contract (offer and acceptance). Although the sukuk holders are not registered as the legal owners in the Land Office, the documentations and agreements have clearly specified the owners and their liabilities.

Empirical investigations into how sukuk holders are responsible for the underlying assets in sukuk ijarah.

It is therefore important to develop parameters for beneficial ownership to govern the use of the concept in Islamic finance.

The paper shows the fiqh interpretation on the beneficial ownership in sukuk ijarah while considering all the constraints and challenges in the implementation of sukuk.

We argue that the stakeholder and CSR literature can benefit from more systematic thinking about ownership. We discuss general notions of ownership in the economics and legal literature and the entrepreneurial notion of ownership we have developed in prior work. On this basis, we argue that stakeholder theory needs to deal more systematically with ownership as an economic function that can be exercised with greater or lesser ability, may be complementary to other economic functions, and works better when assigned to homogeneous groups. Some stakeholder groups are likely to lack what we call “ownership competence,” even if they have made relationship-specific investments, in part because of a diversity of interests. We also discuss CSR from the perspective of ownership and support Friedman’s original position, but with a twist. The point of Friedman’s paper is not that firms “should” maximize profits, but that managerial pursuit of “socially responsible” activities in a discretionary way imposes costs on owners. We suggest this problem is exacerbated with entrepreneurial managers who can devise new ways to prop up their self-interested actions with new creative CSR initiatives.

The primary purpose of this paper is to verify the importance of psychological ownership in the organisational context of a franchise by testing predicted relationships concerning feelings of ownership towards branding, legal ownership of complementary assets, organisational commitment, and a willingness on the part of franchisees to diffuse a franchise brand to peers.

Evidence is presented from an empirical study on the largest taxi franchise fleet in Taiwan. Two formal questionnaires/surveys were conducted in May 2005 and September 2005, from which data were collected from 147 franchisees. Regression analysis is employed to test seven hypotheses.

The empirical results demonstrate that analysing the psychological ownership of a franchise brand from two dimensions (i.e. the degree of psychological ownership and the self‐centred propensity towards psychological ownership) sees an increase in explained variance in organisational commitment and brand diffusion in the context of the franchise organisation. It also illustrates that both dimensions of psychological ownership are negatively affected by the ownership of the non‐brand‐specified complementary assets owned by a franchisee.

The majority of previous research has investigated the phenomenon of franchising from the perspective of the agency theory or of resource scarcity; and has focused on the franchisor's concerns. A major implication of this study indicates that these perspectives, while essential, are insufficient in explaining the growth through franchising strategies. Researchers need to consider how to integrate asset ownership (or property rights) and affect elements in order to influence a franchisee's cognition and behaviour entrepreneurially. A limitation of this study is that it is conducted within the respective boundaries of cultural, professional, and industrial factors.

This study indicates that entrepreneurs can achieve better brand diffusion effects for franchise growth if they engage in merging the structures of asset ownership and psychological ownership.

This is the first paper to examine the psychological ownership of branding within the setting of a franchise organisation and highlights the importance of a sense of ownership in entrepreneurship.

The purpose of this paper is to show that fractional reserve banking (FRB) has implications for the ownership structure of assets in the economy that violates the Islamic principles of ownership.

This is a theoretical paper that looks into the works of Islamic scholars on the issue of ownership that are based on Qur'an principles and the traditions of the Prophet, and evaluates the FRB from that perspective.

The conclusion of the paper is that money creation through FRB is creation of purchasing power out of nothing which brings about unjust ownership transfers of assets, from the economy to the bank effectively paid for by the whole economy through inflation. This transfer of ownership is not based on human effort by taking on legitimate risks and neither with the knowledge nor the consent of the initial owners. This violates the ownership principles in Islam and is tantamount to theft. It also has the elements of riba. Islamic governments should therefore not create fiat money since this is equivalent to taking assets of the people, rich and poor alike, forcefully without compensation.

Empirical investigations into how bank loans along the years have changed the asset ownership structure in economies may shed further light.

It is, therefore, important that Shariah scholars render a fatwa on both the fiat money and the FRB system. Such a fatwa is urgent and pertinent before Islamic banking and finance, that operate under these systems, takes a course that may prove difficult to reverse later. The Islamic economics and finance cannot be founded upon a money system that is fundamentally equivalent to theft and riba.

The paper shows how the operations of Islamic banking and finance within the fiat money, FRB system are invalid from the Islamic perspective.

The purpose of the study is to examine how operating efficiencies from incentive alignment compensate for rent extraction in family firms. The author asks whether ownership (1) improves operating efficiencies to increase firm value, (2) positively affects related-party transactions (RPTs), or (3) destroys firm value. Finally, the author assesses whether the incentive effect dominates the entrenchment effect.

This study employs a panel of 333 listed family firms (and 185 nonfamily firms) and handles endogeneity using a dynamic panel system GMM and panel VAR.

Ownership decreases discretionary expenses and increases asset utilization to add firm value. The efficiency gains generate more value in family firms, especially majority-held ones, than in nonmajority ones. However, ownership is also related to increased RPTs (especially dubious loans/guarantees), reducing firm value. RPTs destroy value more severely in the family (or group) firms than in nonfamily (nongroup) firms. It could be why ownership's positive impact on value is lower in family firms than in nonfamily firms. Overall, the incentive effect dominates the entrenchment effect and is robust to controlling private benefits of control in the dynamic ownership-value model.

(1) A family firm's ownership may not be optimal. (2) The firm's long-term commitment as a dynasty limits the scale of expropriation yet sustains impetus for long-term value creation. The paradox partly explains why large family holdings and firm-specific investments endure over generations. (3) This way, large ownership substitutes weak investor protection in India despite tunneling as skin in the game provides necessary investor confidence. (4) Future studies can examine whether extraction varies with family generations and how family characteristics affect the incentive effects.

(1) Concentrated ownership may not be a wrong policy choice in emerging markets to draw firm-specific investments. (2) Investors, auditors, or creditors must pay closer attention to loans/guarantees. (3) More vigorous enforcement, auditor scrutiny, and board oversight are needed.

Family firms are not necessarily a bad organization type that destroys investor wealth. They can be valuably efficient due to their ownership and wealth concentration, and frugality. They matter in the economic growth of a developing market like India.

(1) Extends ownership-performance research to family firms and shows that although ownership facilitates tunneling, the incentive effect dominates; (2) family ownership is not impacted by firm value; (3) family ownership levels reduce discretionary expenses and increase asset utilization to create added value, especially in majority-held family firms; (4) RPTs and loans/guarantees increase with ownership; (5) value erosion from RPTs is higher in family (group) firms than in other firms.

For any developing countries in the 20th century, there exists a problem of how to choose the economic development route – socialist or capitalist; which means how to compare different social and economic benefits and make different value judgements in economic development. Socialism is not a pure political and ideological question, certainly not just a political question. It is a way for developing countries, particularly large agricultural countries, to realise their industrialisation and modern commercial economy. Essentially, it is a focus of development economics. For economically backward countries the aim of socialism is not to fight against the capitalist world, but first to develop their own economy. Socialist public ownership connected with the stage of economic development involves inner contradictions in its own development from the very beginning. We cannot make socialist public ownership perfect without overcoming those contradictions. Public ownership cannot improve social productivity without coming across its own historical limitation. Economic reforms now being practised in China are an effort to improve socialist public ownership: to reform traditional forms of public ownership which have not satisfied the development of productivity. Socialism and public ownership are not features for economically backward countries to flaunt. Neither are they historical trends. They are a way to get rid of poverty, and to realise a modern commercial economy, a way different from the development route of capitalism. There are historical necessity and economic rationality for that kind of socialist public ownership connected with economic development of backward countries. And, of course, socialist public ownership has its own inner contradictions and historical limitations, just like any other kind of ownership in history. It changes and develops continually. Socialist public ownership needs to improve itself, to realise its own development and evolution, and finally to make assets of public ownership the social capital satisfying the demand of highly socialised productivity.

This paper aims to investigate the potential of the “image-idea” of a “circular economy” for re-thinking property in law: In particular, to develop a strategy for making visible “alternative property practices” of community ownership across the subject areas of business and property law, to enhance the visibility of models of community ownership and interrogate their potential.

Case study research was undertaken into three public houses to investigate the ways in which the orthodoxies of property and ownership in the academy are challenged by evidence of “alternative property practices” in the community.

Using this approach renders visible tensions between the logics of economic value and social asset, carried in processes of abstraction and materiality, and mediated within the field of property by the development of techniques for holding property as title and benefit. It reveals the ways in which “property” as idea, practice and technique is used by people seeking to disrupt or defend against the economic logic of profit and investment. It raises questions concerning how property and law is imaged in the academy and it introduces one way of using an image-idea to open new perspectives and potential.

These implications emerge: the partiality of orthodox accounts of property; the importance of thinking property in terms of life-cycle and logics ecologies, field and techniques; how an model-theory derived from one discipline can be repurposed, in a second life, in an other discipline as an “image-idea” to refresh the host discipline; the significance of investigating “community assets” within and for property law and the need for more research into “alternative property practices” and the importance of case studies.

An enhanced knowledge of the development and potential of “community assets” within the academy, and of the potential to promote and support “alternative property practices” with the requisite legal skills and techniques – alongside a consideration of the limits of formal law in terms of policy expectations.

The research is of value to community activists in thinking how law can be used to support community development in terms of holding community assets; and the limitations of formal law which then requires an embedded approach considering how the development of practices and narratives can support community initiatives in relation to property held for community benefit.

There has been very little coverage of “community assets” within legal research, especially moving across business and property as subject areas, and no coverage on public houses taken into community ownership. This paper combines an introduction to the relevant legal forms with a consideration of the use of them in practice: considering, in particular, how practices and narratives deployed by and within the community think and present “property” as a means by which to counter the economic logic of profit. All this is made possible through the use of case-studies made visible by the utilization of the image-idea of the circular economy – used here not as a model-theory, but rather as an aid to opening thinking into new territories accessed through new perspectives.

The study aims to investigate the comparatively under‐researched relationship between ownership structure and capital structure in an emerging market. It is also one of the first studies to apply both single and reduced‐form equation methods using a panel data approach. Design/methodology/approach – The study applies econometrics modelling using both single equation and reduces equation models for panel data.

The results demonstrate that Jordanian firms follow the same determinants of capital structure as occur in developed markets, namely: profitability, firm size, growth rate, market‐to‐book ratio, asset structure and liquidity. In addition, institutional ownership structure is found to be determined by: assets structure, business risk (BR), growth opportunities and firm size. Finally, the results reveal that assets tangibility, firm size, growth opportunities and BR are considered to be joint determinants of ownership structure and capital structure.

The practical implication of the study is that investors and managers should consider both capital structure and ownership structure when they take their investment decisions.

This is the first study of the interaction between institutional ownership and capital structure in Jordan where there are differences, as regards institutional and financial structures, relative to those in developed markets.

The purpose of this paper is to explore the feasibility of asset-building social welfare in South Africa using the FinScope (2014) consumer survey data set. This is achieved using quantile regression technique to examine how financial inclusion influences asset ownership of individuals at the bottom of the assets distribution.

This paper test the feasibility of asset-building social policy for poor families in South Africa by examining the relationship between financial inclusion and asset ownership using FinScope 2014 consumer survey for South Africa. Financial inclusion is captured by monthly savings and insurance whereas asset ownership is measured by a composite assets index derived using multiple correspondence analyses from indicators of individual asset possession. Quantile regressions are used to examine how financial inclusion influences asset ownership of individuals at the bottom of the assets distribution.

Evidence from mean and quantile regressions showed that the relationship between financial inclusion and asset ownership is positive and statistically significant at 1 per cent level across the entire assets distribution. However, across the distribution, the change in asset ownership varies: higher at the lower tail (10th) quantile, lower at the median (50th) quantile and higher at the upper tail from the 60th quantile. Thus, the poor and low-income families, some of whom may be gaining formal access for the first time, may derive more satisfaction than frequent users such as the working class.

This evidence provides a good case for progressive asset-building social welfare programmes for the poor and low-income families in South Africa. With 11.9 million children currently receiving child support grants, the puzzle is whether income transfer alone can assist these children to break out of poverty. The results should be interpreted as association as the analysis is based on cross-sectional data.

The implications of this study are that social welfare in South Africa needs to extend beyond transfer and invest in capacity development of the poor. Asset-building social policy that combines income transfer and asset building such as child development/saving accounts will help to provide a sustainable pathway out of poverty.

Financial inclusion and asset-building social welfare is a crucial issue as it has the potential to improve welfare of the poor. That is, it acts as a complementary strategy to the income transfer approach to poverty alleviation by enabling the poor to find a sustainable pathway out of poverty by building assets.

Financial inclusion and asset building is a rare area of research particularly in South Africa. This study therefore is timely and its findings will be handy for policy makers in South Africa. Furthermore, the findings will stimulate future research and debates on how financial inclusion and asset-building social welfare can be used to close the gap between the rich and the poor in South Africa.

This study aims to investigate beneficial right as a new legal concept and term accepted by the Indonesian legal system. The new concept was ratified to endorse government decision to use ṣukūk (as an Islamic financial instrument) in the financing of state budget deficit. Some legal issues emerged after the ratification such as the necessity to synchronize the beneficial right with other property rights in Indonesia and the disharmony between laws related to sovereign ṣukūk issuance.

The study uses a qualitative method with library study and interviews with relevant legal experts in Indonesia as the data collection techniques.

The findings show that the passage of Sovereign Ṣukūk Law 2008 that ratified beneficial right deemed as a concession point by the government to solve conflicts between legal restriction and employment of state-owned assets as the underlying asset of sovereign ṣukūk. The study deemed the necessity to improve the use of beneficial right in the Indonesian legal system which by the concept is not exercised for the issuance of sovereign ṣukūk only. There is the need to harmonize the administration of this right with other property rights in Indonesia.

The scope of study will be limited to the Indonesian regulation related to the use of beneficial right concept in the issuance of sovereign ṣukūk in Indonesia. The regulation as mentioned will be in the form of statutes, presidential or ministerial regulations, and also opinions of Indonesian legal and sharīʿah scholars regarding the matter.

This study may explore significantly the use of beneficial right for the issuance of sovereign ṣukūk by the Government of Indonesia. Specifically, the study reveals and addresses the issues that are following the ratification of beneficial rights originated from the common law system into the Indonesian civil law system.