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There are a number of differences in the current Sharīʿah screening guidelines formulated by Sharīʿah scholars associated with world-renowned index providers and financial institutions. The purpose of this study is to highlight the consequences of such differences on the portfolio level outcomes for Sharīʿah-compliant investors. This study also investigates the cost of adopting an alternative stock selection methodology.

Seven Sharīʿah-compliant equity portfolios (SCEPs) are created from the active constituents of the S&P 500. Size, sector allocation and financial performance of the resulting seven portfolios are evaluated for the period 1984–2019. Style analysis is performed to attribute the difference in financial performance caused by the choice of selection criteria to different risk factors. The cost of switching the selection criteria is evaluated with turnover analysis and break-even transaction cost.

The choice of stock selection criteria has a significant effect on the size, sector bets and financial performance of the portfolios. Those portfolios which are constructed with market capitalization-based screens outperform portfolios constructed with total assets-based screens. The turnover analysis revealed that SCEPs are relatively costly in practice.

This study investigates the performance of Sharīʿah-compliant portfolios in the context of seven different screening guidelines. The effects of transaction cost and performance attribution to different risk factors represent the key contributions of this study.

This study aims to illuminate the contribution of neurophysiological techniques in the field of marketing and consumer decision-making and to highlight avenues and research questions that marketing researchers can take advantage of from neuroscience and psychology to inform marketing phenomena.

The authors first reviewed the roots and definition of consumer neuroscience. Then, the authors outlined the main characteristics of the most commonly used neurophysiological tools (namely, skin conductance, facial electromyography, electrocardiogram, eye-tracking, electroencephalography, functional magnetic resonance imaging, functional near-infrared spectroscopy, magnetoencephalography and transcranial magnetic stimulation) with a special emphasis on their advantages and weaknesses. Finally, the authors propose the development of research lines that could be implemented by marketing researchers with an appropriate application and understanding of tools and theories of neuroscience and psychology.

The authors propose research questions to be addressed within four thematic areas: opportunities in product decisions (predicting product purchasing decisions, consumer responses to branding efforts and packaging), pricing, communication and retailing scenarios. The authors also incorporate insights into the complementarity of neurophysiological tools to traditional ones and situations in which these tools are useful for enhancing marketing theory. The authors finally shed light on the moral–ethical criticisms of this new branch of marketing.

To the best of the authors’ knowledge, this research constitutes the first study in identifying the research opportunities that marketing researchers could take advantage from neuroimaging and physiological tools to inform marketing theory and practice.

Esta investigación tiene como objetivo esclarecer la contribución de las técnicas neurofisiológicas en el campo del marketing y la toma de decisiones de los consumidores y destacar las vías y preguntas de investigación que los investigadores de marketing pueden aprovechar de la neurociencia y la psicología para informar sobre los fenómenos del marketing.

En primer lugar, revisamos el origen y la definición de la neurociencia del consumidor. A continuación, esbozamos las principales características de las herramientas neurofisiológicas más utilizadas (a saber, la conductancia, la electromiografía facial, el electrocardiograma, el seguimiento ocular, la electroencefalografía, la resonancia magnética funcional, la espectroscopia funcional en el infrarrojo cercano, la magnetoencefalografía y la estimulación magnética transcraneal), haciendo especial hincapié en sus ventajas y debilidades. Finalmente, se propone el desarrollo de líneas de investigación que podrían ser implementadas por los investigadores de marketing con una adecuada aplicación y comprensión de las herramientas y teorías de la neurociencia y la psicología.

Proponemos preguntas de investigación para ser abordadas dentro de cuatro áreas temáticas: oportunidades en las decisiones de producto (predicción de las decisiones de compra de productos, respuestas de los consumidores a los esfuerzos de marca y envasado), precios, comunicación y distribución. También incorporamos ideas sobre la complementariedad de las herramientas neurofisiológicas con las tradicionales y las situaciones en las que estas herramientas son útiles para mejorar la teoría del marketing. Por último, arrojamos luz sobre las críticas ético-morales a esta nueva rama del marketing.

本研究旨在阐明神经生理学技术在营销和消费者决策领域的贡献, 并强调营销研究人员可以从神经科学和心理学中利用的途径和研究问题, 以告知营销现象。

我们首先回顾了消费者神经科学的根基和定义。然后, 我们概述了最常用的神经生理学工具（即皮肤电导率、面部肌电图、心电图、眼球追踪、脑电图、功能性磁共振成像、功能性近红外光谱、脑磁图和经颅磁刺激）的主要特点, 特别强调了它们的优势和劣势。最后, 我们提出了研究路线的发展, 这些路线可以由营销研究人员通过适当的应用和理解神经科学和心理学的工具和理论来实施。

我们提出了四个主题领域的研究问题：产品决策中的机会（预测产品购买决策、消费者对品牌推广工作的反应和包装）、定价、沟通和零售场景。我们还纳入了对神经生理学工具与传统工具的互补性的见解, 以及这些工具对加强营销理论有用的情况。最后, 我们对这个新的营销分支的道德伦理批评进行了说明。

纸张类型 – 研究论文

Human resource analytics (HRA) is an HR activity that companies and academics increasingly pay attention to. Existing literature conceptualises HRA mostly from an objectivist perspective, which limits understanding of actual HRA activities in the complex organisational environment. This paper therefore draws on the practice-based approach, using a novel framework to conceptualise HRA-as-practice.

The authors conducted a systematic literature review of 100 academic and practitioner-oriented publications to analyse existing HRA literature in relation to practice theory, using the “HRA-as-practice” frame.

The authors identify the main practices involved in HRA, by whom and how these practices are enacted, and reveal three topics in nomological network of HRA-as-practice: HRA technology, HRA outcomes and HRA hindrances and facilitators, which the authors suggest might actualize enactment of HRA practices.

The authors offer HR function and HR professionals a basic ground to evaluate HRA as a highly contextual activity that can potentially generate business value and increase HR impact when seen as a complex interaction between HRA practices, HRA practitioners and HRA praxis. The findings also help HR practitioners understand multiple factors that influence the practice of HRA.

This systematic review differs from the previous reviews in two ways. First, it analyses both academic and practitioner-oriented publications. Second, it provides a novel theoretical contribution by conceptualising HRA-as-practice and comprehensively compiling scattered topics and themes related to HRA.

This study argues that in order to address the problems associated with the modern market economy at their core, such as persistent poverty, growing inequality and environmental degradation, it is imperative to re-assess the well-being and moral philosophy underpinning economic thinking. The author attempts to offer a preliminary way forward with reference to the Islamic intellectual tradition.

This study employs content analysis of classical and contemporary Islamic texts on human well-being and economic ethics to derive a conceptual well-being model. The paper is structured in four sections: section one provides an overview of relevant secondary literature on moral economic approaches; section two outlines the main well-being frameworks; section three discusses the concept of human well-being in Islam informed by the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqās_.id al-Sharīʿah); and finally, section four discusses policy implications and next steps forward.

A conceptual model of human well-being from an Islamic perspective is developed by integrating philosophical insights of happiness (saʿādah) with an objective list of five essential goods: religion (Dīn), self (Nafs), intellect ('Aql), progeny (Nasl) and wealth (Māl) that correspond to spiritual, physical and psychological, intellectual, familial and social, and material well-being, respectively.

Further research is needed to translate this conceptual model into a composite well-being index to inform policy and practice.

This model can be used to review the performance of the Islamic finance sector, not solely in terms of growth and profitability, but in terms of realising human necessities, needs and refinements. It can also provide the basis for the Organisation of Islamic Co-operation (OIC) countries to jointly develop a well-being index to guide national and regional co-operation. More generally, this study highlights the need for research in Islamic economics to be more firmly rooted within Islamic ontology and epistemology, while simultaneously engaging in productive dialogue with other moral schools of economic thought to offer practical solutions to contemporary challenges.

This study offers three aspects of originality. First, by outlining well-being frameworks, it highlights key differences between the utilitarian understanding of well-being underpinning modern economic theory and virtue-based understandings, such as the Aristotelian, Christian and Islamic approaches. Second, it provides a well-being model from an Islamic perspective by integrating the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqāṣid al-Sharīʿah). Third, it proposes an ethical framework for informing economic policy and practice.

The purpose of this paper is to investigate whether Islamic stock indexes outperform conventional stock indexes, in terms of informational efficiency and risk, during the recent financial instability period.

The paper uses a state space model combined with a standard GARCH(1,1) specification while taking into account structural breakpoints. The authors allow for efficiency and volatility spillovers to be time-varying and consider break dates to locate periods of financial instability.

Empirical results show that Islamic stock indexes are more volatile than their conventional counterparts and are not totally immune to the global financial crisis. As regards of the informational efficiency, the results show that the Islamic stock indexes are more efficient than the conventional stock indexes.

Resulting evidence of this paper has several implications for international investors who wish to invest in Islamic and/or conventional stock markets. Policy makers and even academics and Sharias researchers should as well take preventive measures in order to ensure the stability of Islamic stock markets during turmoil periods. Overall, prudent risk management and precocious financial practices are relevant and crucial for both Islamic and conventional financial markets.

The originality of this study is performed by the use of time-varying models for volatility spillovers and informational efficiency. It considers structural break dates that think about the dynamic effect of informational flows on stock markets. The study was developed in a global framework using international data. The global analysis allows avoiding country specific effects.

This research analyzed the existing academic and grey literature concerning the technologies and practices of people analytics (PA), to understand how ethical considerations are being discussed by researchers, industry experts and practitioners, and to identify gaps, priorities and recommendations for ethical practice.

An iterative “scoping review” method was used to capture and synthesize relevant academic and grey literature. This is suited to emerging areas of innovation where formal research lags behind evidence from professional or technical sources.

Although the grey literature contains a growing stream of publications aimed at helping PA practitioners to “be ethical,” overall, research on ethical issues in PA is still at an early stage. Optimistic and technocentric perspectives dominate the PA discourse, although key themes seen in the wider literature on digital/data ethics are also evident. Risks and recommendations for PA projects concerned transparency and diverse stakeholder inclusion, respecting privacy rights, fair and proportionate use of data, fostering a systemic culture of ethical practice, delivering benefits for employees, including ethical outcomes in business models, ensuring legal compliance and using ethical charters.

This research adds to current debates over the future of work and employment in a digitized, algorithm-driven society.

The research provides an accessible summary of the risks, opportunities, trade-offs and regulatory issues for PA, as well as a framework for integrating ethical strategies and practices.

By using a scoping methodology to surface and analyze diverse literatures, this study fills a gap in existing knowledge on ethical aspects of PA. The findings can inform future academic research, organizations using or considering PA products, professional associations developing relevant guidelines and policymakers adapting regulations. It is also timely, given the increase in digital monitoring of employees working from home during the Covid-19 pandemic.

In an effort to reduce ambiguity around customs clearance of items deemed pernicious to public morality and present lessons for customs administration, this research aims to explore ways to improve customs clearance for RealDolls. Furthermore, by suggesting specific ideas to improve the process, this research also aims to contribute to the future customs clearance of socially controversial and legally ambiguous items.

The authors have decided to review studies from ethical and legal perspectives to focus on the legislation and its enforcement issues. The literature review is designed to provide insights on how to incorporate legal and ethical reasoning in the customs clearance process for RealDolls. Supplementary interviews were also conducted with criminal lawyers and customs officials to obtain expert knowledge on domestic legislation and customs control against the sex toys industry.

As a result of the study, it is found that a complete ban on RealDoll infringes on individuals' right to pursue happiness guaranteed by the Constitution and in most cases, cannot be implemented without loopholes. Therefore, it is suggested that the import regulation on RealDolls should be changed to the negative list system, which selectively disapproves certain RealDolls based on a list of RealDolls previously denied clearance by either the Supreme Court or the Customs Clearance Screening Committee. In addition, to have sufficient ethical and legal grounds, it is necessary to expand research on RealDolls regulation and actively introduce the process of obtaining social consensus.

There has been little discussion on regulating RealDolls on the customs clearance level; no specific criterion exists except the public morality clause. This study is vital in that it reviews issues of RealDolls customs clearance from legal and ethical perspectives. Doing so also has a practical significance of providing implications for the customs policies regarding items deemed pernicious to public morality.

The purpose of this paper is to examine socially responsible investment (SRI) fund performance and investigate the factors influencing fund performance.

The study uses return data from the Morningstar database for 152 SRI funds from January 1995 to May 2015. The initial analysis includes the use of various risk-adjusted performance measures, including Sharpe ratio, Treynor ratio, Information ratio, Sortino ratio and M². The study also uses four factor models, including Jensen single-factor model, Fama–French three-factor model, Carhart four-factor model and Fama–French five-factor model to explain SRI fund returns. Finally, a cross-sectional regression analysis is applied to investigate the determinants of SRI fund returns.

The results show that, on average, the SRI funds provide comparable risk-adjusted returns relative to various benchmark market indices. Market factor is significant in explaining SRI fund returns. Examining each factor model, the results do not support Fama–French’s three-factor model as neither size nor value factor is significant. The author finds weak support for Carhart’s momentum factor along with the market factor. Finally, the Fama–French five-factor model shows market, size and operating profit factors explain SRI fund returns. The study also finds the fund performance is stronger for funds with the higher turnover ratio, the larger fund size and more managerial experience and lower for funds with higher expense ratio. Also, funds formed with negative screening perform better than positive or mixed screened funds.

SRI funds have received considerable attention from investors. This study contributes to the literature by examining SRI fund performance and investigating factors influencing their performance using multiple factor models and cross-sectional regression analysis. The findings are relevant for investors who demand responsible investment opportunities without sacrificing returns for nonfinancial screenings. Findings also suggest that investors should consider fund characteristics when selecting SRI funds.

This paper aims to develop a ranking methodology for the companies included in the Islamic indices in Turkey. Thus, this paper simplifies the decision-making process for investors with Islamic sensitivities to stock market investment when constructing their investment portfolio.

This paper uses a case study of 20 companies listed on Borsa Istanbul, drawing data from their 2017, 2018 and 2019 financial reports. These companies are scored and ranked according to their compatibility with the screening criteria used by Ziraat Katilim index in Turkey. In addition, this paper uses the quantitative screening process to calculate the ranking scores of these companies.

The findings show that some companies are highly compatible with the screening criteria, with ranking scores close to 100 points. However, some companies satisfied the criteria on the margin. This may not be a desirable result for some investors.

Only 20 companies are included in the analysis. Since the conventional accounting system is used in Turkey, it was difficult to get exact information about the companies’ Sharīʿah compatibility from the financial results.

The findings assist investors to determine which company is ethically more responsible than others within the Islamic framework. There are also implications for the companies in question, index providers and Sharīʿah scholars.

The findings aim to simplify the decision-making process of investors who have Islamic sensitivities to stock exchange market investment when they constitute their portfolio.

To the best of the authors’ knowledge, it is one of the first attempts to develop a ranking methodology for Sharīʿah-screened stocks in Turkey even though Sharīʿah screening has been on the agenda since the late 1990s. This paper also compares 11 indices based on their screening criteria.

This study aims to identify the impact of ethical leadership on ethical voice by determining two paths covering relational identification and psychological safety. The first path focused on relational identification and psychological safety. Alternatively, the second path focused on organizational identification and psychological ownership leading to ethical voice. The specific objective of the study is to develop and test an integrated model of ethical leadership.

The objectives were achieved through the adoption of quantitative research techniques. Two hundred forty-eight samples were collected from the banking sector using quantitative research techniques, and data was gathered through a self-administrated questionnaire. Exploratory and confirmatory factor analyses were used through AMOS to generate the results and test hypotheses.

The results suggested a significant impact of ethical leadership on ethical voice, while the other paths’ results, such as relational identification, psychological safety, organizational identification and psychological ownership, suggested partial mediation. The study result adds new insights into ethical leadership and social exchange theory since it tested overlooked paths in the literature, such as relational identification and psychological safety.

The research highlights the significance of ethical voice as a desirable organizational behavior. Ethical voice contributes to a culture of accountability, transparency and ethical decision-making. Organizations should establish channels and platforms for employees to voice ethical concerns and suggestions. This may involve regular feedback sessions, anonymous reporting mechanisms and protection policies for whistleblowers. Leaders should actively encourage and value ethical voices as a valuable contribution to the ethical climate of the organization.

The study found that ethical leaders influence their followers in such a way that they adopt ethical behavior. It is also validated that organizational ethics are shared by employees who interact with ethical leaders. So, departments should train such leaders because ethical leadership positively affects followers’ attitudes and behaviors, and organizations should encourage ethical behavior in supervisors and subordinates. The study also found that relational and organizational identification helps employees develop psychological capabilities, which leads to reporting workplace misconduct. The current study tested these mechanisms collectively and found that ethical leadership significantly contributes to ethical voice.

The current study highlighted the role of ethical leaders in promoting ethical behavior, improving employee well-being and engagement, cultivating collaboration and inclusion, and making a contribution to the overall ethical climate within organizations and society as a whole. Organizations can have a positive impact on the social fabric by cultivating a culture of ethics, respect and social responsibility if they make these considerations their top priorities.

The current study is unique since it is intended to develop and test an integrated model of ethical leadership and ethical voice. This research combines an integrated model, focusing on employees’ identities and self-concepts and examining ethical voice as a behavioral outcome.