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Article
Publication date: 28 March 2024

Nikesh Nayak, Pushpesh Pant, Sarada Prasad Sarmah and Raj Tulshan

Logistics sector is recognized as one of the core enablers of the economic development of a nation. However, inefficiency in logistics operations impedes the achievement of…

Abstract

Purpose

Logistics sector is recognized as one of the core enablers of the economic development of a nation. However, inefficiency in logistics operations impedes the achievement of intended targets by increasing the cost of doing business. Also, it is difficult to improve the efficiency of a country’s logistics operations without a metric for evaluating and understanding logistics capabilities and efficiency. Therefore, the present study has developed In-country Logistics Performance Index (ILP Index) to propose a benchmarking tool to measure the in-country logistics competitiveness, particularly in the setting of emerging economies, i.e. India.

Design/methodology/approach

This study has developed a unified index using principal component analysis and quintile approach. In addition, the proposed index relies on several dimensions that are developed and illustrated using quantitative secondary panel data.

Findings

The findings of this study reveal that the quality of infrastructure, economy, and telecommunications are the three most important dimensions that may significantly support the growth of the transportation and logistics sector. The results reveal that Gujarat, Tamil Nadu, and Maharashtra are the top performers whereas, Bihar, Jharkhand, and Jammu and Kashmir scores the least due to the insufficient logistics infrastructure as compared to other Indian states.

Originality/value

Given the extensive focus on international-level logistics index (like World Bank’s LPI) in the existing literature, this study intends to develop in-country logistics index to evaluate the logistics capabilities at the regional and state level. In addition, unlike prior studies, this study utilizes quantitative secondary data to eliminate cognitive and opinion bias. Moreover, this benchmarking tool would assist decision-makers in idealizing standard practices toward sustainable logistics operations. Additionally, the ILP index could serve the international investors in crucial decision-making, as it provides valuable insights into a country’s logistics readiness, influencing their investment choices and trade preferences. Finally, the proposed approach is adaptable to measuring the overall performance of any other industry/economy.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 23 January 2024

Hugo Alvarez-Perez, Regina Diaz-Crespo and Luis Gutierrez-Fernandez

This study aims to examine the performance of environmental, social and governance (ESG) equity indices in Latin America (LA), evaluating their risk-return characteristics in…

Abstract

Purpose

This study aims to examine the performance of environmental, social and governance (ESG) equity indices in Latin America (LA), evaluating their risk-return characteristics in comparison to conventional benchmark indices.

Design/methodology/approach

Using a quantitative empirical approach, the authors analyze ESG equity indices from Brazil, Mexico, Chile, Peru and Colombia, employing metrics such as Sharpe, Sortino and Omega ratios to measure risk-adjusted returns. Regression analysis is employed to assess the replicability of ESG indices by benchmark indices. Monte Carlo simulations are conducted to explore the potential increase in risk-adjusted returns when ESG equity indices are incorporated into portfolios.

Findings

The study addresses critical questions for investors: Can ESG indices outperform their benchmarks? Can these ESG indices be replicated by benchmark counterparts? Do ESG equity indices enhance portfolio diversification? The findings reveal that investing in ESG indices has the potential to enhance risk-adjusted returns and portfolio diversification.

Research limitations/implications

While this study focuses on various LA economies, it’s important to note variations in currency and volatility.

Practical implications

For investors in LA, this study highlights the importance of considering ESG indices as part of their investment strategies. While not all ESG indices outperform conventional ones, some may improve diversification and risk-adjusted performance. Investors should carefully assess market-specific conditions and national factors when making investment decisions.

Originality/value

The primary contribution of this study is its focus on LA countries in the examination of diverse portfolios. The research provides valuable insights into the performance of ESG indices in this region compared to conventional benchmark indices. This approach addresses an important gap in the existing literature and offers a more comprehensive perspective on ESG investing and portfolio diversification.

Propósito

Se examina el rendimiento de los índices-ESG en América Latina (AL), evaluando sus características de riesgo y retorno en comparación con los índices convencionales.

Diseño/metodología/enfoque:

Utilizando un enfoque cuantitativo, analizamos los índices-ESG de Brasil, México, Chile, Perú y Colombia, empleando ratios de Sharpe, Sortino y Omega para medir los rendimientos ajustados al riesgo. Se utiliza análisis de regresión para evaluar la replicabilidad de los índices-ESG por parte de los índices de referencia. Se realizan simulaciones de Monte-Carlo para explorar el aumento en los rendimientos ajustados al riesgo cuando se incorporan los índices-ESG en las carteras.

Hallazgos:

El estudio aborda preguntas críticas: ¿Pueden los índices-ESG superar a sus índices de referencia? ¿Pueden estos índices-ESG ser replicados por sus contrapartes de referencia? ¿Mejoran los índices-ESG la diversificación de las carteras? Los hallazgos revelan que la inversión en índices-ESG tiene el potential de mejorar los rendimientos y la diversificación de las carteras de inversión.

Limitaciones/implicaciones de la investigación –

Aunque este estudio se centra en diversas economías de AL, es importante tener en cuenta variaciones en moneda y volatilidad.

Originalidad/valor:

La principal contribución de este estudio radica en su enfoque en países de AL en el examen de carteras diversas; ofrece valiosos conocimientos sobre el rendimiento de los índices-ESG en esta región en comparación con los índices convencionales.

Article
Publication date: 28 April 2023

Bashayer Merdef AlQashouti and Nasim Shah Shirazi

The purpose of this paper is to conduct a systematic literature review of research conducted in the economic Islamicity (EI) index field, in terms of non-Islamic countries.

Abstract

Purpose

The purpose of this paper is to conduct a systematic literature review of research conducted in the economic Islamicity (EI) index field, in terms of non-Islamic countries.

Design/methodology/approach

This study thoroughly assessed the literature on the EI index by conducting extensive systematic literature reviews.

Findings

The critical analysis of these indices shows the need for amendments, which can be achieved by improving the Islamicity index seen in non-Islamic countries. This step will help validate the Islamicity index assessment and help Islamic countries develop and strengthen Islamic economic values.

Originality/value

As the first comprehensive literature review in the Islamicity indices domain to the best of the authors’ knowledge, this research may contribute for Islamic country to increase the Islamicity index in terms of economic issue for future research themes.

Details

Journal of Islamic Accounting and Business Research, vol. 15 no. 2
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 8 March 2024

Said Elfakhani

This study aims to test mutual fund superiority, comparing the performance of 646 Islamic mutual funds with 475 ethical funds and conventional proxies.

Abstract

Purpose

This study aims to test mutual fund superiority, comparing the performance of 646 Islamic mutual funds with 475 ethical funds and conventional proxies.

Design/methodology/approach

This study uses statistical methods including paired t-statistics of independent samples, one-way Bonferroni test–analysis of variance–F-statistic for testing means equality, the chi-squared test for median equality and regression models corrected for heteroscedasticity. These methods are used to identify superiority of mutual funds and to validate the significance of the results.

Findings

The findings confirm the superiority of conventional funds over ethical funds and ethical funds over Islamic funds. Both ethical and Islamic funds, however, outperform conventional proxies during some recessionary periods. Moreover, stronger performance is recorded for Islamic funds in Europe and North America regions and across age and asset allocation categories, but limited support for reversal fund size, composition focus and reversed price effect.

Research limitations/implications

These findings should assist investors when deciding to invest and motivate Islamic and ethical funds to improve their portfolio formation and asset allocation strategies set by their professional managers.

Originality/value

The originality of this study is in its comprehensive approach in that it compares the performance of funds after accounting for such characteristics as fund objectives, size, age, asset allocation, geographical investment focus, fund composition focus, share price levels and the effect of global crises. This study approach is not only original and productive in documenting Islamic funds’ performance for the past three decades (1990–2022) but can also update the literature on these characteristics collectively and individually.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 11 December 2023

Admir Meskovic, Alija Avdukic and Emira Kozarevic

Explaining the sources of the differences in social performance among Islamic banks (IBs) is the motivation for this research. Consequently, the purpose of this paper is to…

Abstract

Purpose

Explaining the sources of the differences in social performance among Islamic banks (IBs) is the motivation for this research. Consequently, the purpose of this paper is to investigate the relationship between the development of Islamic finance regulation, the development of an Islamic financial system, the proportions of affected Muslim populations and the level of competition, on the one hand, and the social performance of IBs, on the other. To the best of the authors' knowledge, this is the first study that investigates the impact of the development of regulation and the Islamic financial system on the social performance of IBs.

Design/methodology/approach

A balanced panel of annual data for 40 banks from 13 countries is applied, spanning 2012–2018. A social performance index with eight dimensions is constructed and measures the social performance of IBs. The index based on qualitative and quantitative data derives from IBs’ annual reports and financial statements. The linear scaling transformation method articulates the quantitative dimensions of the index. In hypotheses testing, the authors use OLS, LSDV, FEM and Random Effect Model to estimate Model (1) and panel-corrected standard errors with Prais–Winsten transformation to estimate Model (2).

Findings

This unique research confirms the positive impact of the development of Islamic finance regulation on the social performance of IBs. The results show that the development of Islamic finance regulation is consistently significant on all standard significance levels. IBs’ age and the presence of Muslim populations in the country are also significant in most estimators.

Research limitations/implications

The results of this research highlight a significant value for regulators, shareholders and the management of IBs. Without proper regulation, these banks can hardly operate under the principles and expectations of the Islamic moral economy.

Originality/value

This is pioneering research that explores the development of Islamic finance regulation and market concentration as a determinant of social performance of IBs. Development of Islamic finance regulation has proved significant in all estimated models, which confirms that a new variable has been discovered among determinants of the social performance of IBs.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 17 no. 1
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 23 February 2024

Ha Vien and Christopher S. Galik

Recent scholarship has explored higher education institutions’ (HEIs) role in transitioning to a sustainable society, but empirically, questions remain regarding their impact on…

Abstract

Purpose

Recent scholarship has explored higher education institutions’ (HEIs) role in transitioning to a sustainable society, but empirically, questions remain regarding their impact on the sustainability of surrounding areas. This study aims to examine the correlation between HEIs’ sustainability actions and local sustainability performance.

Design/methodology/approach

This study uses a linear regression model and principal component analysis to examine the sustainability performance of 105 US metropolitan statistical areas (MSAs) using the US cities sustainable development goal (SDG) index, which hosts 427 HEIs known for sustainability efforts. The weighted HEI sustainability performance score is calculated based on the QS sustainability universities ranking.

Findings

The correlation between MSA and HEI sustainability performance exhibits a mix of positive and negative associations, with individual and interlinked SDGs serving as proxies. These correlations encompass a wide range of goals, from economic aspects of SDG 1, 2, 3, 7, 9, social aspects of SDG10 and 16, to socio-environmental aspects of SDG12.

Research limitations/implications

Further exploration is needed to identify the causal mechanisms behind associations between SDG measures and HEI sustainability performance, whether influenced by the institution, the individual or both.

Practical implications

This study suggests that HEIs are already associated with some aspects of community sustainability, but greater contributions to a broader array of sustainability measures are possible.

Social implications

The correlation found between HEI sustainability actions and SDG10, 12 and 16 index performance in an MSA highlights a connection between HEIs and the attainment of societal goals.

Originality/value

To the best of the authors’ knowledge, this study is the first to examine the correlation between HEI and MSA sustainability performance in the US through individual and interlinked SDG proxies. It provides novel empirical evidence that demonstrates an association between HEI and some aspects of community sustainability performance.

Details

International Journal of Sustainability in Higher Education, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1467-6370

Keywords

Article
Publication date: 19 February 2024

Tchai Tavor

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Abstract

Purpose

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Design/methodology/approach

Employing a multifaceted approach, the study combines parametric and nonparametric tests, robustness checks, and regression analysis to assess the impact of Airbnb’s announcements on emerging economy stock markets.

Findings

Airbnb’s announcements affect emerging economies' stock markets with a distinct pattern of cumulative abnormal returns (CAR): negative before the announcement and positive afterward. Informed investors strategically leverage this opportunity through short selling before the announcement and acquiring positions following it. Regression analysis validates these trends, revealing that stock index returns and inbound tourism affect CAR before announcements, while GDP growth influences CAR afterward. Announcements pertaining to emerging economies exert a more pronounced impact on stock indices compared to city-specific announcements, with COVID-19 period announcements demonstrating greater significance in abnormal returns than non-COVID-19 period announcements.

Originality/value

This study advances existing literature through a comprehensive range of statistical tests, differentiation between emerging countries and cities, introduction of five macroeconomic variables, and reliance on credible primary Airbnb data. It highlights the potential for investors to leverage Airbnb announcements in emerging markets for stock market profits, emphasizing the need for adaptive investment strategies considering broader macroeconomic factors.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Open Access
Article
Publication date: 13 February 2024

Marzena Stor

The main goal of the article is to determine the mediating role of human resources management (HRM) outcomes in the relationships between shaping employee work engagement and job…

Abstract

Purpose

The main goal of the article is to determine the mediating role of human resources management (HRM) outcomes in the relationships between shaping employee work engagement and job satisfaction (SEWE&JS) and company performance results and to establish whether there are any identifiable regularities in this scope in the pre-pandemic and pandemic period in the headquarters (HQs) and foreign subsidiaries of multinational companies (MNCs).

Design/methodology/approach

The empirical research included 200 MNCs headquartered in Central Europe. The raw data in the variables were adjusted with the efficiency index (EI) to capture the actual relations between the variables under study. The partial least squares structural equation modeling (PLS-SEM) was used to verify the research hypotheses and assess the mediating effects.

Findings

The research findings show that the HRM outcomes positively mediate the relationships between SEWE&JS and the company performance results. HRM outcomes turned out to be a stronger mediator between SEWE&JS and company performance results in finance and quality in the HQs during the pandemic. By contrast, in the local subsidiaries, they were a stronger mediator of the relationships between the results in innovativeness and quality during the pandemic.

Originality/value

In addition to confirming the results of some other researchers, the research findings also provide new knowledge. They determine the mediating role of HRM outcomes in the relationship between SEWE&JS and the three categories of company performance results, namely finance, innovativeness and quality. In addition, they identify certain regularities in the four studied contexts, which is a novelty in this type of research. A novelty is also the use of employee key performance indicators (KPIs) in the data analysis as the efficiency index in analyzing the effect of the variables under study. The value of the research is also the fact that it covers HRM in MNCs established in Central Europe, which, compared to MNCs from the Western world, is not a frequent subject of research.

Details

Central European Management Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2658-0845

Keywords

Article
Publication date: 15 January 2024

Alina Cristina Nuta, Ahmed Mohamed Habib, Serdar Neslihanoglu, Tamanna Dalwai and Calin Mihai Rangu

Stock market performance is paramount to every country, as it signifies economic growth, business performance, wealth maximization, savings deployment and consumer confidence…

Abstract

Purpose

Stock market performance is paramount to every country, as it signifies economic growth, business performance, wealth maximization, savings deployment and consumer confidence. This study investigates the disparities in the market performance of listed firms in Romania. This study also examines whether the COVID-19 crisis affected market performance.

Design/methodology/approach

The data were collected from 69 firms listed on the Bucharest Stock Exchange (BSE) from 2018 to 2022, belonging to 11 sectors. This study used several methods to achieve its objectives. Difference tests were considered to analyze the performance of Romanian companies before and during the COVID-19 crisis, as well as across sectors. Regression analysis was also conducted to estimate the effect of the COVID-19 crisis and classification type on Romanian companies' performance. Additional analyses were performed to verify the findings of the present study.

Findings

The study’s findings indicate a clear difference in market performance between the pre-crisis and crisis periods. The COVID-19 pandemic had an adverse and significant impact on market performance. However, after the market contraction in the early stage of the COVID-19 pandemic outbreak, the stock market outperformed the pre-pandemic capitalization levels and the regional and global indices evolution. Furthermore, there was a difference in market performance across sectors. In particular, the communication services sector has specifically demonstrated accelerated growth.

Originality/value

This research examines the variation in the market performance of companies before and during the COVID-19 pandemic and across different sectors. It also provides evidence of the potential impact of COVID-19 on firms' market performance. This research contributes to a better understanding of how sectors perform during times of crisis.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 20 March 2024

Gang Yu, Zhiqiang Li, Ruochen Zeng, Yucong Jin, Min Hu and Vijayan Sugumaran

Accurate prediction of the structural condition of urban critical infrastructure is crucial for predictive maintenance. However, the existing prediction methods lack precision due…

25

Abstract

Purpose

Accurate prediction of the structural condition of urban critical infrastructure is crucial for predictive maintenance. However, the existing prediction methods lack precision due to limitations in utilizing heterogeneous sensing data and domain knowledge as well as insufficient generalizability resulting from limited data samples. This paper integrates implicit and qualitative expert knowledge into quantifiable values in tunnel condition assessment and proposes a tunnel structure prediction algorithm that augments a state-of-the-art attention-based long short-term memory (LSTM) model with expert rating knowledge to achieve robust prediction results to reasonably allocate maintenance resources.

Design/methodology/approach

Through formalizing domain experts' knowledge into quantitative tunnel condition index (TCI) with analytic hierarchy process (AHP), a fusion approach using sequence smoothing and sliding time window techniques is applied to the TCI and time-series sensing data. By incorporating both sensing data and expert ratings, an attention-based LSTM model is developed to improve prediction accuracy and reduce the uncertainty of structural influencing factors.

Findings

The empirical experiment in Dalian Road Tunnel in Shanghai, China showcases the effectiveness of the proposed method, which can comprehensively evaluate the tunnel structure condition and significantly improve prediction performance.

Originality/value

This study proposes a novel structure condition prediction algorithm that augments a state-of-the-art attention-based LSTM model with expert rating knowledge for robust prediction of structure condition of complex projects.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

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