scholarly journals Shariah-compliant status and IPO oversubscriptions

2018 ◽  
Vol 9 (4) ◽  
pp. 531-548 ◽  
Author(s):  
Ahmad Hakimi Tajuddin ◽  
Nur Adiana Hiau Abdullah ◽  
Kamarun Nisham Taufil Mohd
Keyword(s):  
Initial Public Offerings ◽  
Design Methodology ◽  
Content Type ◽  
Financial Ratio ◽  
Future Studies ◽  
Public Offerings ◽  
Quantile Regression Model ◽  
Early Performance ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to examine the impact of Shariah-compliant status on oversubscription of initial public offerings (IPOs) in Malaysia. It is believed that the Shariah-compliant status serves as a platform that sends a credible signal to investors which could possibly explain the IPO oversubscription anomaly. Design/methodology/approach This study used a multivariate and quantile regression model which involved 252 IPOs listed on Bursa Malaysia from 2005 to 2015. Findings The results show a significant positive relationship between Shariah-compliant status and oversubscription ratio, which suggests that companies with Shariah status could draw the attention of the investors. Strict guidelines and permissible elements of Shariah-compliant are considered agreeable and amicable by the investors. Research limitations/implications Future studies should look into financial ratio benchmark (cash and debt) for determining Shariah-compliant status to enhance the understanding of oversubscription of IPOs in Malaysia. Practical implications This study offers practical understanding to the issuers and underwriters on the factors that should be considered in assuring a good early performance of their issuance. Therefore, it will benefit the issuers and underwriters in managing and planning the IPO process carefully. Social implications The results of this study provide a new insight for investors regarding important information found in the prospectus when making the decisions to subscribe to IPOs. Originality/value This paper is one of the first to provide an empirical evidence of the impact of Shariah-compliant status on oversubscription in the IPO market.

Effects of comparability of promotions on inaction inertia

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hsin-Hsien Liu ◽  
Hsuan-Yi Chou
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
Factors Affecting ◽  
Future Studies ◽  
Incentive Compatible ◽  
Internal Mechanism ◽  
The Impact ◽  
The Relationship ◽  
Practical Implications ◽  
A Current

PurposeBased on mental accounting theory, this study explored whether the comparability of missed and subsequent promotional formats/frames affects inaction inertia.Design/methodology/approachFour experiments with imaginary and incentive-compatible designs were conducted to test the hypotheses.FindingsConsumers are more likely to express inaction inertia after having missed a comparable promotion than after having missed a noncomparable promotion. Devaluation of the promoted target mediates the impact of comparability on inaction inertia, while referent others' actions do not moderate the comparability effect. Finally, when consumers accept a subsequent inferior promotion, they prefer using a different payment format because it reduces comparability of the two promotions.Practical implicationsCompanies should use different promotional formats/frames to reduce comparability and inaction inertia when a new promotion is relatively inferior to a recent previous one. Companies should offer different payment options to help customers actively avoid comparing a current promotion with a missed promotion.Originality/valueThis study provides a more comprehensive conceptual structure for understanding the relationship between psychological comparability and inaction inertia. It provides insights into what actions companies should take to reduce inaction inertia. Furthermore, this study empirically tests the influence of multiple comparison referents, which provides a reference point for future studies on the factors affecting inaction inertia. A new method to examine whether consumers actively avoid comparisons is used, which clarifies the internal mechanism of inaction inertia.

Exploring intellectual capital disclosure as a mediator for the relationship between IPO firm-specific characteristics and underpricing

2015 ◽  
Vol 16 (3) ◽  
pp. 639-660 ◽  
Author(s):  
Shaw Warn Too ◽  
Wan Fadzilah Wan Yusoff
Keyword(s):  
Initial Public Offerings ◽  
Intellectual Capital ◽  
Design Methodology ◽  
Firm Characteristics ◽  
Content Type ◽  
Public Offerings ◽  
Intangible Resources ◽  
The Cost ◽  
The Relationship ◽  
Practical Implications

Purpose – The purpose of this paper is to examine the direct and indirect impact of firm-specific characteristics on the level of underpricing among Malaysian initial public offerings (IPOs). Design/methodology/approach – Content analysis of IPO prospectuses was used for 331 firms underwent listing between 2002 and 2008. The extent of disclosure was computed by applying the disclosure index of Bukh et al. (2005). Findings – Of the five firm characteristics examined, there is a direct relationship between the firm’s financial performance and the level of foreign activity, and the level of underpricing, instead of being mediated through disclosure. However, some firm characteristics have direct influence on the extent of disclosure but do not have any influence on underpricing. Research limitations/implications – This empirical study concentrates on the Malaysian IPOs on a single disclosure mechanism. Other disclosure items can be examined together with the intellectual capital disclosure items. Practical implications – As the findings reveal that the extent of disclosure is relatively low in influencing the level of underpricing. Had the disclosure been higher, it may have some influence on underpricing. The accounting governance board need to regulate the disclosures of the intangible resources so that the level of underpricing can be minimized. Originality/value – This study provides new insight for the examination of direct and indirect (through disclosure) association between firm-specific characteristics and underpricing. The findings shed some lights to the IPO issuers to enhance disclosure so that the cost of capital can be reduced.

Sociopolitical activist brands

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Holger Joerg Schmidt ◽  
Nicholas Ind ◽  
Francisco Guzmán ◽  
Eric Kennedy
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
Future Studies ◽  
Mainstream Media ◽  
Strategic Approach ◽  
The Impact ◽  
Practical Implications ◽  
Shed Light ◽  
Sociopolitical Issues

Purpose This paper aims to shed light on the emerging position of companies taking stances on sociopolitical issues and the impact this has on consumers. Design/methodology/approach The paper uses focus groups, interviews and consumer experiments in various countries, to provide insights as to why brands are taking sociopolitical stances. Findings Consumers expect brands to take a stance on sociopolitical issues. However, to be credible, a stance needs to be rooted in a long-term commitment that aligns with the brand’s strategy and values. Perceived authenticity is key. Research limitations/implications Future studies should aim at broader generalizability and should address various industries. Practical implications Differentiating a brand through a sociopolitical stance requires a strategic approach. Brand managers need to identify which issues they should support, how to engage with them and the risks and opportunities involved. Originality/value While the impact of brands adopting a sociopolitical stance has been discussed in the mainstream media, there has been a lack of empirical evidence to support the arguments. The results of the four studies discussed in the paper provide insights and demonstrate the brand-related opportunities and risks of taking a sociopolitical stance.

Embedding employability within higher education for the profession of policing

2019 ◽  
Vol 9 (3) ◽  
pp. 319-328
Author(s):  
Ian Pepper ◽  
Ruth McGrath
Keyword(s):  
Higher Education ◽  
Design Methodology ◽  
Research Study ◽  
Longitudinal Research ◽  
Evidence Base ◽  
Content Type ◽  
Educational Provision ◽  
Professional Body ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to evaluate the impact of an employability module, the College of Policing Certificate in Knowledge of Policing (CKP), on students’ career aspirations, their confidence and wish to join the police along with the appropriateness of the module. This will inform the implementation of employability as part of the College of Policing-managed Police Education Qualifications Framework (PEQF). Design/methodology/approach A three-year longitudinal research study used mixed methods across four points in time to evaluate the impact on students studying the employability module. Findings The research suggests that the employability-focussed CKP was useful as an introduction to policing, it developed interest in the police and enhanced the confidence of learners applying to join. Lessons learnt from the CKP should be considered during the implementation of the PEQF. Research limitations/implications The ability to generalise findings across different groups is limited as other influences may impact on a learner’s confidence and employability. However, the implications for the PEQF curriculum are worthy of consideration. Practical implications As the police service moves towards standardised higher educational provision and evolution of policing as a profession, lessons can be learnt from the CKP with regards to the future employability of graduates. Originality/value Enhancing the employability evidence base, focussing on policing, the research identified aspects which may impact on graduates completing a degree mapped to the PEQF. The research is therefore of value to higher education and the professional body for policing.

What makes court-referred mediation effective?

2014 ◽  
Vol 25 (1) ◽  
pp. 21-37 ◽  
Author(s):  
Amira Galin
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
Process And Outcome ◽  
Refusal To Participate ◽  
The Impact ◽  
Practical Implications ◽  
Theoretical Insight ◽  
Insight Into ◽  
Low Rate

Purpose – The purpose of this paper is to obtain insight into court-referred mediation in the Israeli Labor Courts, by analyzing its processes and outcomes, as a function of tactics used by both the disputants and the mediator. Design/methodology/approach – Observation of 103 court-referred mediations, for each of which a detailed process and outcome were documented. Data on disputants' refusal to participate in the mediation was also collected. At the end of each mediation case, disputants were given a questionnaire in which they expressed their satisfaction with the outcome and their evaluation of the mediator's contribution. Findings – A low rate of refusal to participate in court-referred mediation was found. Also, the higher the ratio of soft tactics to pressure tactics employed (by all parties involved) during the process, the higher the rate of agreements. Mediators use significantly more soft tactics than disputants, and are more active in using tactics. The two significant variables that predict the mediation's agreement are the ratio between soft tactics to pressure tactics used by all parties, and mediator contribution to the process. Practical implications – The significant role of soft tactics in the process, outcome, and satisfaction of court-referred mediation may serve as a guideline for disputants and mediators. Originality/value – This unique research, which examines the impact of tactics on court-referred mediation, may provide added and significant theoretical insight into its process and outcome, as well as a better understanding of other “hybrid” (compulsory at the beginning, voluntary at the end) mediations.

The impact of blacklists on external deposits: one size does not fit all

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Michael Jonsson ◽  
Jan Pettersson ◽  
Christian Nils Larson ◽  
Nir Artzi
Keyword(s):  
Growth Rate ◽  
Design Methodology ◽  
Descriptive Statistics ◽  
Comparable Data ◽  
Patriot Act ◽  
Content Type ◽  
Probable Impact ◽  
The Impact ◽  
Practical Implications ◽  
Country Specific

Purpose This study aims to measure the impact of the Non-Cooperative Countries and Territories, Organization for Economic Cooperation and Development and US PATRIOT Act Section 311 blacklists on external deposits from blacklisted jurisdictions into BIS reporting countries in 1996–2008, a period when anti-money laundering-related actions were consistently less stringent than post-2010, to see whether they had an effect even absent the threat of sizable financial fines. Design/methodology/approach The study uses descriptive statistics and bivariate and multivariate regressions to analyze the probable impact from blacklists on non-bank external deposits. The country sample is divided into offshore financial centers (OFCs) and non-OFCs and includes 158 non-listed countries. The impact of the blacklists is tested both jointly and individually for the respective blacklists. Findings The authors find mixed impact from jurisdictions being blacklisted on the growth rate of stocks of deposits into BIS reporting countries. Effects are often zero, negative in several cases and positive in some cases. This is consistent with the “stigma effect” and the “stigma paradox” in the literature. An overall impact from blacklisting is difficult to discern. Different blacklists had different effects, and the same blacklist impacted countries differently, illustrating the importance of disaggregating the analysis by individual countries. Research limitations/implications Interpretation of these data is limited by the absence of comparable data on non-resident deposits in blacklisted jurisdictions. Practical implications The impact of a blacklist depends in part on the structure of the listed jurisdictions’ economies, implying that country-specific sanctions may be more effective than blacklists. Originality/value This is one of the very few papers to date to rigorously test the impact of blacklists on external deposits.

Sustaining corporate culture in a world of hybrid work

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peter Buell Hirsch
Keyword(s):  
Corporate Culture ◽  
Current Literature ◽  
Design Methodology ◽  
White Collar ◽  
Subjective Assessment ◽  
Social Implications ◽  
Content Type ◽  
The Subject ◽  
The Impact ◽  
Practical Implications

Purpose This paper aims to examine the challenges to sustaining corporate culture in a world of hybrid working. Design/methodology/approach This paper is a review of current literature on the impact of remote and hybrid working on white-collar employees. Findings There is little consensus on whether remote/hybrid working will harm or strengthen corporate culture. Research limitations/implications The viewpoint is a subjective assessment of a limited number of articles on the subject Practical implications It is not entirely clear how those responsible for corporate culture can act on the findings. Social implications In a world in which corporations are experiencing a shortage of talent, how they handle corporate culture will be increasingly important. Originality/value While much has been written on the impact of remote working, this viewpoint takes the original view that strong corporate cultures rely more on the attitudes and actions of individual employees that company programs or initiatives.

Fake news on Facebook: examining the impact of heuristic cues on perceived credibility and sharing intention

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Khudejah Ali ◽  
Cong Li ◽  
Khawaja Zain-ul-abdin ◽  
Muhammad Adeel Zaffar
Keyword(s):  
Public Health ◽  
Social Media ◽  
Design Methodology ◽  
Fake News ◽  
Content Type ◽  
Perceived Credibility ◽  
News Credibility ◽  
The Impact ◽  
Practical Implications ◽  
Active Processing

PurposeAs the epidemic of online fake news is causing major concerns in contexts such as politics and public health, the current study aimed to elucidate the effect of certain “heuristic cues,” or key contextual features, which may increase belief in the credibility and the subsequent sharing of online fake news.Design/methodology/approachThis study employed a 2 (news veracity: real vs fake) × 2 (social endorsements: low Facebook “likes” vs high Facebook “likes”) between-subjects experimental design (N = 239).FindingsThe analysis revealed that a high number of Facebook “likes” accompanying fake news increased the perceived credibility of the material compared to a low number of “likes.” In addition, the mediation results indicated that increased perceptions of news credibility may create a situation in which readers feel that it is necessary to cognitively elaborate on the information present in the news, and this active processing finally leads to sharing.Practical implicationsThe results from this study help explicate what drives increased belief and sharing of fake news and can aid in refining interventions aimed at combating fake news for both communities and organizations.Originality/valueThe current study expands upon existing literature, linking the use of social endorsements to perceived credibility of fake news and information, and sheds light on the causal mechanisms through which people make the decision to share news articles on social media.

Teamwork of temporary employees: multiple perspectives

2019 ◽  
Vol 27 (1) ◽  
pp. 11-14
Author(s):  
Saikat Chakraborty ◽  
Sushmita Chakravarti
Keyword(s):  
Design Methodology ◽  
Informed Decision ◽  
Multiple Perspectives ◽  
Temporary Employees ◽  
Content Type ◽  
Permanent Employees ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this study is to understand the teamwork of temporary employees by taking into consideration the impact and role of the management’s perspective, temporary employee’s perspective and contextual perspective. Design/methodology/approach Based on reviews of workplace literature pertaining to temporary employments, conversations with managers and temporary and permanent employees of organizations engaging temporary employees on a perennial basis have been thematically analyzed. Findings Multiple perspectives of teamwork of temporary employees exist in organizations. However, one rarely finds the interaction and collective treatment of these perspectives, which are critical to understanding teamwork of temporary employees. The paper reports on these perspectives. Practical implications With rise in temporary employments in organizations and teamwork being crucial to participative work cultures, organizations need to consider multiple perspectives of the phenomenon before making an informed decision. Originality/value There is limited research that delves into teamwork of temporary employees despite the phenomenon becoming increasingly significant in organizations. This paper offers an approach to look at teamwork of temporary employees through multiple perspectives.

When service providers fail: outsourcing help and consumer attitudes

2018 ◽  
Vol 39 (5) ◽  
pp. 22-30
Author(s):  
Aaron Gazley ◽  
Hamish Simmonds
Keyword(s):  
Design Methodology ◽  
Service Providers ◽  
Home Country ◽  
Service Failure ◽  
Service Recovery ◽  
Content Type ◽  
Consumer Ethnocentrism ◽  
The Impact ◽  
Practical Implications ◽  
Delivery Channel

Purpose The purpose of this paper is to investigate the effect of outsourcing and offshoring on brand loyalty in a service recovery context. In addition, the effect that consumer ethnocentrism has on these relationships is examined. Design/methodology/approach An experiment was designed using a series of service recovery scenarios that manipulated whether the recovery effort was conducted by an in-house/outsourced or local/offshored party. Findings The study shows that while outsourcing service recovery within the home country has no effect on loyalty, outsourcing to an offshore location does. In addition, the effect of offshoring of loyalty is greater for consumers who hold ethnocentric tendencies. Practical implications This research suggests the need to consider the delivery channel of service recovery to recover a service failure and retain customer loyalty. The results show that outsourcing within a local country may be effective, but the risks associated with offshoring are much greater. Originality/value Despite previous attempts to understand outsourcing and offshoring in a range of service scenarios, their role in service recovery is not well understood. Similarly, the impact that ethnocentrism might have on this process is overlooked. This paper therefore responds to calls within business theory, practice and consults for further study in this under-researched area.

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