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This chapter uses agency theory and ethics literature to assess the moderating effect of manager's moral equity on the relation between budget participation and propensity to create slack. Moral equity is the major evaluative criterion for ethical judgment, is based on the overall concept of fairness, justice and right and is often very influential in contemporary moral thought (Robin & Reidenbach (1996) Journal of Business, 5(1) 17–28). The results indicate that a manager's moral equity moderates the effect of budget participation. For managers with high moral equity, the relationship between participation and manager's propensity to create slack is significantly negative while, for managers with low moral equity, the relationship is significantly positive. Further analyses indicate that high budget participation and high moral equity result in less propensity to create slack than high budget participation and low moral equity.

This study extends Quirin et al. (2000) by incorporating equity theory (Adams, 1965) into a theoretical model of budgetary participation and performance. The study develops and tests a nomological framework of budgetary participation that includes two organizational constructs, budgetary participation and budget-based compensation, and three individual characteristics, perception of equity, organizational commitment, and employee performance. Measures of these constructs were gathered from a sample of 98 employees in 15 organizations.

In accordance with the proposed theory and hypotheses, results reveal that budgetary participation is associated with increased use of budget-based compensation as well as higher levels of perception of equity and organizational commitment. Budget-based compensation and perception of equity, in turn, are also associated with increased levels of organizational commitment, while elevated commitment was related to higher performance. The results provide further insight into the beneficial aspects of budgetary participation. Specifically, the results indicate that budgetary participation is positively associated with perception of equity, which in turn increases organizational commitment and, ultimately, employee performance.

The aim of this research is to examine the roles of trust and electronic word-of-mouth (e-WOM) in crowdfunding (CF) participation for equity CF by taking into account the following antecedents of trust and e-WOM: intrinsic motivation (IM), extrinsic motivation (EM), deterrents, venture quality (VQ), third-party seal (TPS), value congruence (VC) and perceived accreditation (PA).

In this research, a survey among 408 active and potential funders in Iran was conducted. The statistical analysis used partial least squares structural equation modeling (PLS-SEM).

The results of this research revealed a significant influence of trust and e-WOM on participation in CF for equity CF. Extrinsic motivation had the greatest impact on trust and VC had the greatest impact on e-WOM.

This research extends the equity CF research area to CF success and considers the effects of some parameters on CF participation. This research provides many theoretical and practical implications.

The trust in participation banks depends largely on authentic dependence on Sharia, legal financial instruments and fair yet transparent distribution among account owners and banks. Taking into account the economic Islamic principles and those of mudarabah agreement, this study aims to identify problematic areas pertaining to profit sharing in addition to revealing opportunities leading to the improvement of the profit distribution system while developing a new profit distribution system proposal.

This study proposes two hypotheses (H). H1: There are partial deviations between the profit considered to be legal according to the economic principles of Islam and the practice of participation banking. H2: There are partial deviations or loss of right in practice between the mudarabah contract concluded among owners of participation account and participation banks. In-depth interview technique and review of the literature including legislation were used to determine the parameters affecting the distributed profit. The collected data was tested through comparison with the theoretical framework of the mudarabah contract.

There are two separate fund pools used in participation banks, including equity and participation accounts. Managers’ selection of pools set according to their personal goals related to balance sheet profit management may cause profit to pass between participation accounts and equity. Many issues negatively affect the distributed profits. For example, incomes from funding commissions, reserve requirements and idle funds, although they originate from participation accounts, are recorded in the bank’s income. In addition, the bank does not return the profit initially recorded in its own account to participation pools, whether or not profit.

The interviewed officials were cautious to avoid a negative perception of the sector. This made it difficult to determine the real situation of applications decided with initiative in profit distribution. Although the authorization documents have partially been published, it is still difficult to access most licensed documents. There is no independent audit report made considering the interest-free banking principles regarding the profit distribution system of participation banking. The scarcity of the literature on the subject is another limitation. The research does not cause any harm to the reputation of participation banks.

Adopting a single-pool system in line with the global practices will end the shift of right between pools while ensuring a fair and transparent system. In this system, the bank equities, other shareholders’ funds and participation accounts are collected and operated in a single pool. The pool profit and loss are distributed as per the shares in the pool. The profit per each participation account is distributed based on the share of each participation account in the pool and profit-sharing ratio.

Participation banking is expected to support the real economy by means of production, leasing, merchandising based on certain religious, ethical and contractual principles. Bringing funds of conservatives, that does not go to conventional banks for avoiding of interest, in the economy is expected to provide new sources to reduce the foreign dependency for the economy and to supply a financial alternative for the conservatives who stay away from interest-based economic activities. However, if this will represent an alternative to debt-based systems, then products, contracts, business processes and legislations driven according to interest-free banking principles should be developed.

This study introduces and analyzes a new proposal of the profit distribution system of participation banking. A similar methodology is used in interest-free banking on a global scale, especially in Malaysia, and is compatible with the profit distribution decisions in AAOIFI’s depositor accounts. However, this methodology is considered to be new as far as participation banking is concerned. The implementation of this new methodology will eliminate several problems identified in the profit distribution system of participation banks. This research provides an academic contribution to the participation banking profit distribution system and represents a reference material on the subject.

The mainstream framework for corporate governance is that all corporate activity should be directed towards shareholder wealth maximization. This article posits that public policy should move away from shareholder primacy and instead recognize employees as key contributors to corporate value-creation. One way to implement this approach is to require the creation of Employee Equity Funds (EEFs) at large corporations, which would pay employees dividends alongside external shareholders and establish a collective employee voice in corporate governance. EEFs may reduce economic inequality while improving firm performance and macroeconomic stability. This article provides an original estimate of average employee dividends, illustrating the potential of employee equity funds.

Analysis of employee dividends for Employee Equity Funds at large U.S. corporations, using publicly available corporate finance data.

Based on historic dividend payments and employee counts in public 10-K filings, I find that, if EEFs held 20% of outstanding equity, the average employee dividend across this sample would be $2,622 per year, while the median is $1,760. This indicates that employee dividends can be a small but meaningful form of redressing wealth inequality for the low-wage workforce, though it should emphatically not be seen as a replacement for fair wages.

Original data analysis of a proposed policy reform to increase the benefits of employee equity in the United States.

The purpose of this paper is to study the influence of factors such as financial literacy on a consumer’s investment decisions, particularly in the stock market. Based on two empirical studies, the theory of planned behaviour (TPB) was used to understand stock market participation (SMP) in India while developing a model to represent the relationships between the various factors. Consumer financial literacy was conceptualised to be a part of perceived behavioural control and included in the TPB.

A mixed methods research was followed where qualitative research preceded a quantitative survey-based study. In-depth interviews were conducted with investors and experts, results of which, when combined with the literature review, revealed seven variables including financial literacy which were pooled into three distinct groups based on the TPB. Responses obtained from 506 retail investors from four cities in India were analysed. Structural equation modelling was used to test the models and arrive at a final empirical model.

Results of the study indicated that investment intention predicts actual investments in the stock market (which represented behaviour). Financial literacy – both subjective and objective – were also found to be significant influencers on intention while only objective financial literacy seemed to affect behaviour. Three variables – perception of regulator, risk avoidance, and hassle factor – were combined to form a second-order construct which was named “Attitude to Investment Behaviour”. This had a negative impact on intention to invest in the equity markets. Financial well-being seemed to have a negative impact on intention while having a positive relationship with behaviour.

The results present significant investor behaviour and policy implications for financial services marketing. Some interventions, especially in the area of consumer financial literacy, are more likely than others to help consumers bridge the gap between non-participation and participation in the stock market.

The study makes a contribution to investor behaviour theory in the form of a comprehensive model to explain SMP in an emerging market. This can be further tested across geographies.

The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships (P3s) and project finance (PF). Additionally, this study proposes the financial captured value (FCV) theory for measuring how much financial value lenders may capture by becoming sponsors through financing of sustainable infrastructure systems (SIS).

The investment valuation model was validated through the Aguas Claras wastewater treatment plant as a case study.

The empirical results show that lenders may capture financial value by converting outstanding debt into equity shares throughout the operation and maintenance stage. Furthermore, case study results provide new insights into the implications of the debt–equity conversion ratio on the relationship between the sponsors’ internal rate of return and the FCV.

The most significant limitation is the lack of primary and secondary information on blue bonds. Thus, robust statistical analyses to contrast results were not possible.

Researchers and practising professionals can improve their understanding of how mezzanine debt, P3s and PF into an investment valuation model allows financing SIS using a non-conventional financial mechanism. The recommendations will benefit both the academia as well infrastructure industry in bridging the gap between design theory and practice.

Sustainability components have not been addressed explicitly or combined in the financing’s structuring. Therefore, the investment valuation model could be considered a novel methodology for decision making related to financing and investment of SIS.

The purpose of this paper is to provide an assessment of employment equity, Broad Based Black Economic Empowerment (BBBEE) and associated human resource management policies in South Africa. Polices and practices, and progress in representation of formerly disadvantaged groups are evaluated.

The paper comprises a general review using descriptive primary and secondary data and qualitative organizational factors.

The pace of representation and diversity at organisational levels is incremental rather than transformational. Conclusions for policy makers and organizational leaders are drawn, taking into consideration socio‐historical, political and demographic context of this jurisdiction.

The paper's findings and conclusions are pertinent for public and organizational policy and practice.

Through exploration of the Addressing Higher Education Access Disadvantage (AHEAD) Program, this chapter will outline how outreach programs contribute to national equity targets, university social responsibility practices, and university recruitment targets. The chapter explores innovations in tertiary outreach and its relationship to the student recruitment chain. Presenting insights and considerations to higher education (HE) leaders regarding approaches to equity outreach at an institutional level and the benefits of authentic university-based outreach initiatives. The chapter will draw on the experience of the AHEAD program since inception in 2014, and the data relating to student impact and university first preference scores from the Tertiary Institute Service Centre database, to demonstrate the Program’s effectiveness in developing student aspirations for HE. Additionally, the available data suggest that the creation of place-specific aspiration and learning experiences within the program has resulted in a recruitment advantage for the host institution, despite the program presenting information and pathways for all universities in Western Australia. The chapter presents the position that institution-specific affinity and natural transition pathways are cultivated through programs that seek to engage with low socioeconomic communities with a focus on co-solving-specific demographic challenges.