07. Journal of Islamic Financial Studies






e-ISSN 2469-259X​​
Managing Editor: Bora Aktan
Email: jifs@uob.edu.bh
No Publication Fee



Aims and Scope


The Journal of Islamic Financial Studies (JIFS) is a double-blind peer-reviewed international academic journal which adopts a continuous publication model, embraces several key aims and a defined scope to navigate the dynamic landscape of Islamic as well as traditional business research.

The core objectives:
  • Promote high-quality research in Islamic finance: JIFS aims to be a leading platform for scholars and practitioners to disseminate cutting-edge research and contribute to the development of Islamic and conventional business and finance theory and practice.
  • Enhance knowledge dissemination: The continuous publication model facilitates rapid publication, ensuring research reaches readers promptly and informs current discussions and debates in the field.
  • Increase accessibility and inclusivity: By breaking away from fixed issue schedules, JIFS welcomes a wider range of submissions and encourages diverse perspectives on Islamic and conventional business and finance
  • Foster open dialogue and collaboration: The continuous format allows for prompt responses to published articles through comments and discussions, fostering a dynamic and collaborative research environment.

  • The Scope:
  • Theoretical and empirical research: JIFS welcomes submissions from various methodological approaches, including theoretical studies, empirical analyses, and case studies, that contribute to our understanding of Islamic and conventional business and finance principles, models, and practices.
  • Broad range of topics: The journal covers a wide spectrum of themes within Islamic finance, encompassing financial institutions, instruments, products, regulations, ethical considerations, and social impact.
  • Interdisciplinary approach: JIFS encourages research that fosters dialogue between Islamic finance and other disciplines, including economics, finance, law, and social sciences. This comparative approach promotes deeper understanding and strengthens the interconnectedness of knowledge within the broader financial landscape.
  • Global perspective: The journal welcomes research from across the globe, recognizing the diverse and evolving nature of both Islamic business and finance practices as well as conventional ones and comparative analyses in different countries and regions. JIFS is interested in research addressing current and emerging challenges in the following categories
    (including but not limited to):
  • Theory of Conventional and Islamic Business and Finance
  • Islamic and Conventional Business and Globalization
  • Sustainable Business, Finance and Sustainable Development
  • Financial Innovations and Islamic Business
  • Use of AI in Islamic Banking and Finance
  • Financial Technology (Fintech)
  • Islamic and Conventional Financial Products and Securitization
  • Financial Markets, Institutions, and Instruments
  • Investment Strategies
  • Corporate Social Responsibility and Business Ethics
  • Islamic Corporate Governance
  • Socially Responsible Investing (SRI)
  • Legal, Regulatory, And Institutional Foundations of Islamic Finance
  • Islamic Commercial Jurisprudence
  • Islamic Banking Techniques and Their Conformity with The Islamic Law
  • Financial Engineering and Risk Management
  • Global and Regional Integration of Financial Markets
  • Behavioral Economics and Finance
  • Insurance and Takaful
  • Corporate Finance
  • Public Finance
  • Green Finance
  • Islamic Accounting Practices and Principles
  • Islamic Endowment Funds
  • Entrepreneurship and Small Business Ownership


  • Open Access Policy

    The Editorial Office fully supports the global movement for free and open access to academic research results publication. We are convinced that free of charge online accessibility of research results promotes the development of university education and sciences worldwide. Thus, the Board takes an obligation to post in a timely manner every new issue of the journal for free download and further reading and to maintain the permanent archive of all published issues on the site of the journal. We are welcoming everybody who joins the community of our readers. However, we also expect that all works published online would not be subject to plagiarism and would be referenced properly in all further sources. Business Model / Publishing Fees

    The journal is fully funded by the following organization:
    University of Bahrain

    Therefore, the Editorial Board has currently the capacities not to ask for publishing fees from the authors' side. In case if financial situation changes in the future – the Board will post this information online and notify via the email all concerned parties about such changes.​


    Editor-in-Chief

    Dr. Abdulla Al Jalahma


    Managing Editor

    Dr. Gokhan Bora Aktan


    Editorial Boardr

  • Dr. Abdulrahman Al Saadi
  • Prof. Sasa Zikovic
  • Prof. Manuela Tvaronaviciene
  • Pr. Abdul Waheeb
  • Dr. Fuad Kreishan
  • Prof. Vidaburi Sander Raghavan
  • Dr. Farkhanda Shamim
  • Dr. Irina Aidrous
  • Prof. Khamis Hamad Al Yahya
  • Dr. Sara Al Balooshi
  • Prof. Bruce Burton
  • Dr. Chan Sok Gee
  • Dr. Yener Coskun
  • Dr. Mohammad Omar Farooq
  • Dr. Ammar Juraisat
  • Prof. Sayed Sadiq

  • Advisory Board

  • Dr. Nizam Yaqoobi
  • Prof. Ahmed El-Masry
  • Prof. Mondher Bellalah
  • Dr. Sutan Emir Hidayat

  • Instructions for Authors
    All contributions emailed to the editorial office for consideration are initially treated as authors' original research and are subject to double-blind peer-review according to the standard academic practice in the field.

    General Information
    Only papers in English are considered. Each article is reviewed by two experts, appointed by the Editorial Board, from the list of in-house reviewers approved by the Board who will examine the manuscript in terms of its relevance, originality of contribution and applicability. An electronic copy for anonymous consideration should be prepared in MS Word, Times New Roman following the technical requirements presented below. Contributions in pdf cannot be considered for technical reasons.

    Structure of the Article
    An article should preferable include the following structural units: title, authors' names and affiliations; abstract and keywords, introduction (with the object and goal of the research, the methods applied, the review of literature and its analysis, etc.), the main text, conclusions or recommendations, references at the end of the article. The authors may wish to provide personal data in a separate Word file. In any case, each submission would be anonymized and decoded before it is offered for blind review. Depending on the style and methodology of a particular research, some of the units may be omitted and added. However, the text should still maintain the internal logic of research material presentation which would be easy to follow by a reviewer, editor and further readers from the wider public.



    Format of the Article
    The text of the article should be with single intervals on 240​x170 mm format pages with the print area of 130×183 mm each. The length of the article cannot exceed 25 pages. The title of the article should be printed in 13 pt bold type, centered. There should be a single line space between the title and the author's name. The name and surname of the authors should be 9 pt bold type, also centred. Below the author's surname, the name of the institution (represented by the author or coauthors) must be printed in 8​ pt italic; its address and the author's contact e-mail, centred.

    Abstract and Keywords should be single spaced, 9 pt, in one column and after the institution address and space of three lines below the institution address should be left. Abstract and Keywords must be printed in bold.
    The size of the abstract – about 400-600 typographic characters overall. There should be a space of one line between the abstract and keywords.
    5-8 keywords should be provided which represent the core contents and central ideas of the paper.
    Introduction, main text and conclusions should be printed in 9 pt type single interval in one column at the distance of 1 line from keywords.
    Figures or tables should be of high printing quality. Graphics material of no less than 300 dpi, standard page size.

    If figures, tables, diagrams etc. are borrowed, not constructed/calculated by the author – this should be properly indicated with an exact reference.
    The titles of chapters and sub-chapters - 9 pt bold-regular, aligned left. Introduction, titles of chapters and conclusions must be numbered.
    The name of the author of the source, year of publication and pages should be presented in the text in brackets. The full list of references must be given after the conclusions. The word References is spelled in 9 pt bold-regular type, left ranged and the list of references goes in 9 pt. The references are to be presented in alphabetical order, in the original language of publication, while translation into English, whenever needed, is given in square brackets after.

    All references should be arranged according to Harvard style. For example, please, visit, for example:

    http://guides.library.uwa.edu.au/friendly.php?s=harvard​
    http://libguides.nus.edu.sg/c.php?g=145626&p=955164 ​
    http://libguides.nus.edu.sg/c.php?g=145626&p=955164 ​


    The authors are also encouraged to use the following template.
    JIFS Template​ ​
    Copyright 2023.docx ​

    Journal of Islamic Financial Studies (JIFS) is committed to upholding the highest standards of publication ethics and takes all possible measures against publication malpractice. Authors who submit papers to JIFS attest that their work is original and unpublished, is not under consideration for publication elsewhere. In addition, authors are supposed to confirm that their paper is their own; that it has not been copied or plagiarized, in whole or in part, from other works; and that they do not have any actual or potential conflicts of interest related to the presented work or commercial benefits associated with it.

    Overall, in all its practices, policies and procedures the Editorial Board is doing its best to follow the common International standards.

    DUTIES OF EDITORS

    Decision on Publication of Articles

    The Editor in Chief of JIFS is responsible for deciding which of the articles submitted to the journal should be published. The Editor in Chief is also guided by the policies of the Scientific Publishing Center of the University of Bahrain and subjected to such legal requirements regarding libel, copyright infringement and plagiarism.

    Review of Manuscripts

    Decision-making Editor in Chief must ensure that each manuscript is initially evaluated by the editor/co-editor, making use of appropriate software to examine the originality of the contents.
    The choice of a particular software for plagiarism check is subject to chief editor/host editor preferences and general availability/access. In contradictory cases two or more ways can be applied to make sure higher efficiency of plagiarism testing is reached. The text is forwarded to blind review only AFTER the positive result (that is, no borrowings detected) is known.
    Each of two anonymous reviewers is supposed to provide a recommendation on whether to publish (or not) the manuscript in its present form or to modify it for further publishing. In case of contradiction and/or bias presented in the reviews, the final decision remains to be the responsibility of the editor in chief. However, if the latter decides against the decision of a reviewer – the chief editor is expected to provide feedback to the reviewer explaining the reasons behind such a decision. In case two reviews of the same text provide the opposite, contradicting results – the final decision remains to be the responsibility of the chief editor.
    We expect our reviewers provide their feedback in a timely and polite manner, with the max accurate wording and well-grounded explanation of their views and decisions. The review timing, depending on the load and reviewers' availability, may be from 3 weeks up to 3 months (in extraordinary cases).

    Confidentiality

    The Editors in Chief/editors and any editorial staff must not disclose any information about a submitted manuscript to anyone other than the corresponding author, reviewers, potential reviewers, and the publisher.
    The Editorial Board does not communicate on publishing decisions with third parties, other than authors directly, even in those cases when third party represents the same institution to which an author is affiliated.

    DUTIES OF REVIEWERS

    Promptness

    In case, a reviewer feels that it is not possible for him/her to complete the review within the indicated time framework - this must be communicated to the chief editor, so that the manuscript could be reassigned to another reviewer.
    Confidentiality


    All information regarding manuscripts and provided on the pages of the manuscripts under review should be kept confidential and treated as privileged information.


    Acknowledgement of Sources


    Regardless the results of plagiarism check, the reviewers are responsible, inter alia, for analyzing the reference list used and literature review within the text so that to assess proper citing and relevance of the sources chosen to the topic and the problem posed. All borrowed fragments must be accompanied by relevant citations data. All quotes must be arranged according to internationally acknowledged standards of referencing.

    DUTIES OF AUTHORS

    Data Access and Retention

    Authors may be asked at any stage of paper consideration to provide the related raw data and calculations for additional review and double check. Such data should be also kept in store after the actual publication of the paper for at least 2 calendar years after the article was published.

    Originality and Plagiarism

    All texts submitted are treated by default as authors' original contribution at which all borrowed data are referenced properly. Any violations related to copyright and authorship as well as repeated attempts to present plagiarized work as own may become the reasons for author's ban, temporary or permanent, from all further cooperation with the journal.


    ​Multiple Publications

    It is among the top priority policies for the journal to prevent and avoid by all means what is known as research salami and/or texts cloning. Thus, we ask all our authors to restrain from multiple publishing and/or duplication of the materials for publishing in several journals in parallel. We treat such behavior as unacceptable; therefore, cases of obvious research results repetition would be considered as self-plagiarism and banned accordingly.

    Authorship of the Paper

    Authorship of an article should be limited specifically to those who indeed contributed to the initial concept, design, methodology, carrying out the research and follow-up analysis of the results. All those with significant contributions to the empirical part of the research study should be listed as coauthors. Other contributors who participated indirectly and/or insignificantly could be mentioned in the acknowledgement lines.

    Disclosure and Conflicts of Interest

    I​f the authors anticipate a potential conflict of interests related to copyright or commercial interest – they are encouraged to inform the editorial office explaining the situation and the potential risks, however, the conflict itself should be resolved independently.
    All sources of financial support/ grant sources/sponsorship/product placement fees related to publication should be mentioned in the acknowledgement lines with the exact and accurate indication of all necessary data (e.g., project # and name, sponsoring institution etc.).

    Fundamental Errors in Published Works

    If an author discovers a significant error or inaccuracy in his/her own already published work, it is the author's obligation to promptly notify the editorial office with the retraction request providing all necessary details. In all retraction procedures the Editorial Board intends to follow the standard COPE rules and recommendations.

    This journal is indexed by these worldwide databases:

  • EconLit
  • Google Scholar
  • Road - Directory of open access
  • EBSCO
  • Gale, a Cengage Company
  • CABELL’s

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    Search Results

    Now showing 1 - 10 of 77
    • Item
      Arbitrage and Stock Mispricing: Empirical Evidence from GCC Markets
      (2021-12-01) Alawi, Ahmed; Bawazir, Hana; Celik, Saban; Central Bank of Bahrain; University of Bahrain; Izmir Katip Celebi University; Bahrain; Bahrain; Turkey
      Cross listing has become a worldwide phenomenon and is considered a great way for listed companies to raise extra capital and gain access to new markets and segments. However, the impact of cross listing is very vague and data and research regarding the subject in relation to the Arabian Gulf are very limited. It is very important to know the implications of cross listing; in addition, the relationship between cross listing and the price movement of the cross listed company in both the home and host markets (i.e., existence of arbitrage).The purpose of this research study is to not only gain a better insight on the performance and consequences of cross listing in the Gulf, but also whether arbitrage trading is possible or not, taking into consideration the difference in the listing currency between home and host markets, along with the level of volume traded on the stock. The sample data for this research study was manually collected from the official websites of the Bahrain Bourse, Bourse Kuwait and the Dubai Financial Markets, whilst exchange rates have been gathered from the Bloomberg Terminal system. There were 8 Bahraini cross listed companies as of 31st December 2019; however, 4 companies have been excluded due to extreme illiquidity of the stocks in both the home and host markets; therefore, a sample data of 4 firms were analysed using EViews 9 software and Statistical Product and Service Solutions (SPSS). The Wilcoxon Test was conducted to test for arbitrage between home and host markets; Multiple regression analysis was performed to test the relationship between arbitrage and liquidity, returns, and exchange rate; the Granger Causality test was used to test for causality between arbitrage and exchange rates. The Wilcoxon Test showed that there is a significant difference in share price of certain listed companies tested, on a yearly basis and for the period of 2016 to 2019 as a whole. The multiple regression showed different results for each analysed cross listed company, indicating that arbitrage is company based and not an index based, whilst the Granger Causality test showed that the exchange rate was not the cause of arbitrage, vice versa. This paper provides valuable input to all GCC listed companies, regulators, investors, and other Capital Market stakeholders by providing them with solid data on the effects and consequences of cross listing.
    • Item
      Stock of Capital and Sustainable Development in Egypt: Does it Matter?
      (2021-12-01) Abou Elseoud, Mohamed Sayed; College of Business Administration, University of Bahrain, Bahrain, and Sadat Academy for Management Sciences, Egypt; Bahrain
      The current study aims to suggest a mechanism for achieving economic sustainability in Egypt while also considering the environmental consequences. Egypt is an Arab and Islamic country. The study’s goal is to revise the traditional system of national accounts, which measures a country’s economic performance and identifies all economic changes without accounting for environmental and social costs; as a result, the study introduces a national income account adjustment that assesses the depreciation values of depleted resources on the one hand, and the monetary values of environmental retreat on the other. The study employed descriptive and analytical approaches to evaluate both modern ideas of sustainable development and the Egyptian sustainable development plan. The study indicates that data on natural resources must be acquired in an effective and timely manner to execute the proposed strategy. Finally, the study concludes that adjusting national income accounts and calculating sustainable income on a global scale, particularly for developing countries, will have a significant impact on achieving the Sustainable Development Goals, and that it may lead to a review of national comparison criteria based on sustainable income rather than current income.
    • Item
      Geographically Marked Product Perception of Tourism Students: A Research in Erzurum
      (2021-12-01) Denk, Erkan; Bilici, Nilgun Sanalan; Mil, Burak; Ataturk University, Faculty of Tourism, Department of Tourism and Hotel Management, Erzurum-Turkey; Ataturk University, Faculty of Tourism, Department of Tourism and Hotel Management, Erzurum-Turkey; Istanbul Kent University, Faculty of Arts and Design, Department of Gastronomy and Culinary Arts, Istanbul-Turkey; Turkey; Turkey; Turkey
      In this study, the geographical indication (GI) notion, which is one of the industrial property rights, and its importance has been tried to explain and information has been given about the products that got GI, whose registration performed especially in Turkey, and their distribution. Furthermore, the aim of this study is to determine the perception and awareness of products with GI of the manager candidates who are expected to take part in business and kitchens in the accommodation and food-beverage sector in the future that is the students who study in the field of Tourism and mostly is the Gastronomy and Culinary Arts and is to determine their point of view on products that got GI. It has been thought that this situation is very important in terms of the sustainability of GI practices, the evaluation of products with GI in terms of tourism and especially in terms of gastronomy, culture and rural tourism, and their availability in businesses and units that provide food-beverage service. Accordingly, a questionnaire was applied to 419 students studying tourism at the undergraduate level via e-mail. As a result of the analysis, it was determined that the students’ GI perception was low and their GI awareness did not differ according to their levels of department and grade. This situation of producers and manager candidates who are expected to protect their cultural heritage in the future, and who are mainly educated in Tourism in the field of Gastronomy and Culinary Arts, has been evaluated as quite thought-provoking, and various suggestions have been developed for sustainability of products with GI.
    • Item
      The Effect of Social Media Tools on Accommodation Marketing
      (2021-12-01) TANDOGAN, V.Ugur; KUDAY, Murat; Adnan Menderes University Tourism Faculty Kusadasi / Turkey; Turkey
      The aim of this study is to show the effect of social media tools in the marketing of accommodation services by revealing the purposes and levels of using social media of accommodation businesses and their guests. In this way, it is to create an awareness of the marketing opportunities and advantages that social media will provide to accommodation businesses. For this purpose, social media perceptions of both accommodation businesses and hotel guests were determined. Quantitative research method and survey technique were applied in data collection and analysis. Two separate surveys were used for hotels and for guests. As a result of the application; social media tools contribute to the recognition of businesses and increase their competitiveness; It has been determined that it also affects the decision-making processes of the guests and the dimensions of these processes such as purchasing, interaction, intention, benefiting in hotel selection, benefiting in destination selection and informing.
    • Item
      The Role of Sukuk in Meeting Global Development Challenges During Covid-19 Pandemic
      (2021-12-01) Javaria, Kiran; Masood, Omar; Lahore School of Accountancy and Finance, University of Lahore, Islamabad, Pakistan; Pakistan
      This study investigates the importance of sukuk structure and explains that how it effects the global development challenges during COVID pandemic times. Sukuk are financial instruments used for raising funds, and are also considered for resource mobilization, for public or private sector. This study will help to investigate the latest sukuk issuance trends and optimistic expectations relating to Sukuk issuance all over the world. The Sukuk market was significantly influenced by the COVID-19 pandemic. This research involves economics and macroeconomics variables, global financial crisis and COVID pandemic with strategic personages from Sukuk issuing entities in different economies of the world by the help of standardized mechanism. The objective of this research is to study the suitability of sukuk as long term Shariah – complaint financing instruments. It also gives an idea to evaluate, what are the ways in which sukuk financing would be taken forward. One perspective is to enlighten the study of how sukuk issuers are helpful in contributing to the funding of infrastructure and industrial projects by blowing their liquid funds. Sukuk are becoming important factor for financing instruments accompanying the bank loans and IPOs. This research will also throw light as long term outlook and the apparent future encounters facing the Sukuk market in all over the world.
    • Item
      Testing the Procyclicality and Financial Stability of Islamic Banking Industry
      (2021-06-01) Masood, Omar; Javaria, Kiran; Lahore School of Accountancy and Finance, University of Lahore, Islamabad, Pakistan -University, Tanta, Egypt; Pakistan
      The fnancial stability cyclical behavior is analyzed in this study which is seen as the risk taken by the Islamic banks for the period of 2013 to 2018. For this research study, researcher have used the dynamic panel data of 20 Islamic banks evaluated by the GMM (GMM) technique to investigate that whether the procyclicality in the fnancial stability of Islamic banks exist or not. The study found that there is no procyclicality or countercyclicality existing in the fnancial stability of Islamic banks which means that the risk taking behavior of Islamic banks is not infuenced either by the upturns or the downturns of the economy. In addition, the borrowing activities of the Islamic banks also have no infuence on the fnancial stability. Study found few signifcant results i.e. the proxy of insolvency risk i.e. Z sore of return on equity is found to be infuenced by the capitalization ratio and asset growth rate, risk adjusted asset returns is found to be infuenced by business cycle, capital measure i.e. CAPTA, BC*C and asset growth rate and risk adjusted market returns is infuenced by the capitalization ratio ETA and capital measure (CAPR). Study conclude that out of these three, asset growth rate affect the bank’s insolvency risk as compared to the others. This study is unique in nature and provide comprehensive model and added value to the previous researches. Study is helpful for the policymakers to understand the procyclicality testing and fnancial stability of Islamic banking sector
    • Item
      Analysis of Logistics Outsourcing Situation in Bahrain Manufacturing Companies: A Structural Equation Modelling Approach
      (2021-06-01) AlAzzawi, AbdulSattar,; Institution, address (Building University of Bahrain, Road 5429, Block 1054, Skheer; Bahrain
      The main objective of this study is to analyze the logistics outsourcing situation movement among Bahrain manufacturing companies using SEM approach. In order to achieve the study objective, a quantitative analysis was conducted by adopting A questionnaire technique for data collection. Furthermore, the sample size of 80 employees working in Bahrain manufacturing companies was measured. The study conducted different quantitative analysis such as: correlation and regression analysis to reveal the relationship between the selected variables. Additionally, SEM analysis factors were carried out to impute the association between unobserved constructs from observational variables. Hence, the major fndings of this study showed that the economies of sales, core competencies, and higher fexibility are considered as the major advantages for logistics outsourcing services in Bahrain’s manufacturing organizations. Besides, there are disadvantages on the other hand such as: lower work morale, lack of corporate knowledge, threatened data security, and partner selection risk. Moreover, there are positive and negative associations between logistics outsourcing (cost reduction, quality, human resource, cooperation, core business, reliability, effciency, fexibility, and enhanced customer service), and (organizational performance). Though, a signifcant relationship was shown between the cost reduction, cooperation, and core businesses..
    • Item
      The Problems of The Barter System in Turkey and The Solutions with Blockchain Technology
      (2021-06-01) Tandogan, V. Ugur; , Assoc.Prof.Dr. Aydin Adnan Menderes University,Tourism Faculty,Turkey; Turkey
      : Problems arising from the intermediary role of fat money and confrmation mechanisms in the exchange of goods and services and the crises in the fat money-based fnancial system have led to the search for alternatives. It has revealed the organized barter system at the end of these searches. However, the fact that there are some problems in the organized barter system in general and in Turkey prevents the system from spreading and using it effectively throughout Turkey. The age of digitalization and the newly developing blockchain technology have required a level up in the barter system. The aim of this study is to reveal how a new barter system can solve the problems, taking into account the latest developments. In this way, it is to ensure that the barter system is used more effectively and widely in Turkey. In this context, the Blockchain Barter (BB) system, which has not intermediary but is much safer confrmation mechanism and allows trading without using fat money, is offered as a suggestion. The method of the study is literature review. Using the information obtained here, the BB system for problem solving was developed and demonstrated on a sample application. In addition, the relative advantages and disadvantages of fat money, barter and BB systems were compared. As a result, it has been understood that the proposed BB system solves many problems and is quite superior to other systems. It is believed that the study will shed light on new BB system research to be developed in terms of software.
    • Item
      Does Executive Compensation Restrict Firm Over-investment?
      (2020-12-01) Abou Elseoud, Mohamed Sayed; Ebrahim, Rabab; Mili, Mehdi; Yassin, Mohamed; Sadat Academy for Management Sciences, Economics Department, Egypt & 4 Faculty of Commerce, Tanta University, Tanta, Egypt; College of Business Administration, University of Bahrain, Bahrain P.O. Box 32038-Kingdom of Bahrain; Egypt; Bahrain
      The current study examines the impact of executives’ compensation on frm over-investment. It uses the panel data of 215 USA non-fnancial listed frms during the period 2007-2019, and it employs an explanatory research with secondary fnancial data. The study outcomes show that total executives’ compensation is negatively associated with over-investment. It also found an insignifcant relationship between over-investment and stock awards but a signifcant relationship with stock options, in addition to CEO compensation signifcantly reducing frms’ over investments. The inverse relationship between executive compensations and over-investment is consistent with the agency cost hypothesis. Accordingly, the hypothesis that states that there is a positive relationship between executive compensation and over-investment is accepted.
    • Item
      Enterprise Risk Management Program Effectiveness, Determinants, Execution and effect on Financial Performance: Evidence from Global Takaful Industry
      (2020-12-01) Masood, Omar; Javaria, Kiran; Majeed, Ejaz; Lahore School of Accountancy and Finance, University of Lahore, Islamabad, Pakistan; Pakistan
      This study has been conducted with an aim to fnd the impact of Enterprise Risk Management (ERM) Implementation on the Financial Performance of the world Takaful Industry. In this regard, ERM implementation level has been measured. There are also employed two control variables in the study that are age and Gross Domestic Product (GDP). On the other side the fnancial performance is measured in terms of its indicators Return on Investments (ROI) and Earnings Per share (EPS). A sample of 30 Takaful Firms from 10 countries has been taken for a period of 4 years (2014-2017). The study is quantitative in nature and secondary data has been used for this purpose. The hypotheses are being tested one by one through correlation and regression analysis. The fndings can be utilized for the advancement of ERM within the Takaful Industry, making it strength of industry rather than a business risk.