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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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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

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.

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.

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.

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.

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.

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).

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.

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.

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.

Financial performance has been paid attention at an unprecedented level, which can be confirmed as a fact that the quantitative expansion of financial performance evaluation work. The purpose of this study is to propose a more appropriate model for financial performance evaluation under the unbalanced development.

This paper introduces the differentiation criteria to eliminate the deviation caused by the same principle for multiple performance evaluation objects whose development are unbalanced; Then the generalized grey number is adopted to describe the value of performance evaluation index; and the information entropy weight is used to obtain the index weight to reduce the artificial judgment error; Finally, the generalized grey information entropy weight TOPSIS evaluation model is constructed.

Empirical research shows that in the new evaluation model, the differentiated possibility function effectively eliminates the deviation caused by the same principle, the application of information entropy weight reduces the human judgment error, and the value of generalized grey number further enhances the closeness of the results. Moreover, it is also found that in different scenarios, an adaptive performance evaluation model should be selected to match scientifically reasonable results.

The proposed model offers a solution for financial performance evaluation considering unbalanced development among cities. It can be realized by determining the differentiation possibility function matrix, and then the information entropy weight TOPSIS evaluation model can be constructed. This model reflects the actual situation, improves the performance evaluation accuracy, and can be used under similar conditions.

This study investigates the performance distribution of passive funds in the Korean market and compares it with the performance distribution of active funds. The key findings are as follows, first, the performance distribution of passive funds has a thicker tail compared to that of active funds. There are passive funds that achieve outstanding performance, and both the false discovery rate (FDR) analysis and simulation analysis suggest that their outperformance is driven by managerial skill rather than luck. Second, passive fund performance is more persistent compared to active fund performance. Third, investors are less responsive to passive fund performance compared to active fund performance. The fund flow-performance relationship is significantly positive for active funds but not for passive funds. This implies that investors may not recognize the managerial skills of passive funds.

The main goal of the article is to determine the mediating role of HRM outcomes in the relationships between staffing the organization and company performance results and to establish whether there are any identifiable regularity in this scope in the pre-pandemic and pandemic period in the HQs and foreign subsidiaries of MNCs.

The empirical research included 200 MNCs headquartered in Central Europe. To capture the actual relations between the variables under study the raw data in the variables were adjusted with the efficiency index (EI). The Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to verify the research hypotheses and assess the mediating effects.

The research findings show that, with the exception of the HQs in the pandemic period, when staffing had a negative effect on the company performance results in quality, in other cases it had a positive effect on results in HRM, finance, innovativeness and quality, both in the pre-pandemic and pandemic period, although this effect was not always statistically significant. Furthermore, the company's performance results in HRM mediate positively the relationships between staffing and the other three categories of company performance results, regardless of the organizational level (HQs' or subsidiaries') and time period under consideration. Additionally, during the pandemic, the company's performance results in HRM mediate the relationships between staffing and the other company's performance results stronger than in the pre-pandemic time.

In addition to confirming the results of some other studies, the article also provides new knowledge. It determines the mediating role of HRM outcomes in the relationship between staffing and company performance results in finance, innovativeness and quality. Moreover, it identifies certain regularities in the four studied contexts, which is a novelty in this type of research. It also uses an innovative approach to including employee KPIs as the efficiency index in analyzing the relationships between the variables under study.

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.

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.

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.

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.

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.

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.

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.

The purpose of this research is to investigate the effect of characteristics of capitalism on environmental performance.

The authors analyzed a sample of 6,257 companies, based in 55 countries and 8 typologies of capitalism. The independent variables are the characteristics of capitalism, measured through five indicators: cooperation between employees and employers, index of economic freedom, local competition between industries, human development index (HDI) and quality of the governance environment. To measure environmental performance, the authors created an index composed of 20 indicators. Data were analyzed using panel data regression and dynamic panel of the generalized method of moments.

The results indicate that the characteristics of capitalism can shape the environmental behavior of companies. The authors find that in countries with better cooperation between employees and employers, more economic freedom, and competition between firms, in addition to better HDI and national governance, companies have higher environmental performance. When they are in more developed countries, companies have a greater environmental performance.

Managers must consider the country's characteristics of capitalism when making their environmental decisions and strategies. The findings invite governments to incorporate into their regulations mechanisms to protect other interest groups, not just shareholders.

Few studies have examined environmental performance, which is less susceptible to greenwashing. The metric for environmental performance measures the company's concrete effort in relation to environmental issues and not just the disclosure of information. Additionally, the authors examine characteristics of capitalism supported by Varieties of Capitalism, an approach still little explored in the environmental management.