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This study quantified the hedge and safe haven features of bond markets for multiple cryptocurrency indices from June 2014 to April 2021 to highlight whether bond markets offer hedging facilities to uncertainty indices of cryptocurrencies.

The authors employed the methodology of Baur and McDermott (2010) and AGDCC-GARCH model to measure the hedge and safe-haven characteristics of three bond markets (BBGT, SPGB and SKUK) for three uncertainty indexes of cryptocurrencies (UCRPR, UCRPO and ICEA).

The authors find that bond markets are neither hedge nor safe havens except for SKUK which is a safe haven investment for cryptocurrency indices and offers substantial diversification during the periods of economic fragility. In addition, the hedge effectiveness of SPGB outperforms other bonds during crisis periods and provides sufficient diversification potential for cryptocurrency indices.

The findings are important for policymakers, regulatory bodies, financial firms and investors in assessing hedge and safe haven characteristics of bond markets against cryptocurrency indices.

Employing the novel methodology of AGDCC-GARCH with three different bond markets and three uncertainty indices of cryptocurrencies, the current study adds to the existing strand of literature in terms of quantifying hedge and safe-haven attributes of bond markets for cryptocurrency uncertainty indexes.

This study aims to estimate the time–frequency connectedness among global financial markets. It draws a comparison between the full sample and the sample during the COVID-19 pandemic.

The study uses the connectedness framework of Diebold and Yilmaz (2012) and Barunik and Krehlik (2018), both of which consider time and frequency connectedness and show that spillover is specific to not only the time domain but also the frequency (short- and long-run) domain. The analysis also includes pairwise connectedness by making use of network analysis. Daily data on the MSCI World Index, Barclays Bloomberg Global Treasury Index, Oil future, Gold future, Dow Jones World Islamic Index and Bitcoin have been used over the period from May 01, 2013 to July 31, 2020.

This study finds that cryptocurrency, bond and gold are hedges against both conventional stocks and Islamic stocks on average; however, these are not “safe havens” during an economic crisis, i.e. COVID-19. External shocks, such as COVID-19, strengthen the return connectedness among all six financial markets.

For investors, the study provides important insights that during external shocks such as COVID-19, there is a spillover effect, and investors are unable to hedge risk between conventional stocks and Islamic stocks. These so-called safe haven investment alternatives suffer from the similar negative impact of systemic financial risk. However, during an external shock such as COVID-19, cryptocurrencies, bonds and gold can be used to hedge risk against conventional stocks, Islamic stocks and oil. Moreover, the findings imply that by engaging in momentum trading, active investors can gain short-run benefits before the market processes any new information.

The study contributes to the emergent literature investigating the connectedness among financial markets during the COVID-19 pandemic. It provides evidence that the return connectedness among six global financial markets, namely, conventional stocks, Islamic stocks, bond, oil, gold and cryptocurrency, is extremely strong. From a methodological standpoint, this study finds that COVID-19 pandemic shock has a significant short-run impact on the connectedness among financial markets.

This study aims to examine the connectedness among green, Islamic and conventional financial markets from December 2008 to May 2021. Moreover, the impact of global factors on the connectedness of given financial markets is also observed.

This study first employed the time-varying parameter vector autoregressions (TVP-VAR) technique to explore the connectedness of markets. Second, This study utilized the wavelet coherence analysis to test the time-frequency impact of global factors in terms of implied volatilities of stock, oil, gold, currency and bond on the connectedness across financial markets.

This study finds Islamic stocks, sustainability index and S&P500 composite index are the net transmitters, whereas Sukuk, commodity index, bond market, clean energy and green bonds are the net recipient of spillovers. Time-varying features of green, Islamic and conventional financial markets are evident in system-wide connectedness. This study further evidenced that global factors drive the connectedness of financial markets, particularly during stressful times.

The findings of this study furnish significant implications for policymakers, regulatory authorities, investors, financial market participants and portfolio managers in terms of carefully assessing the unique characteristics offered by each financial market in terms of risk mitigation and diversifying the portfolios.

Using a portfolio of green, Islamic and conventional financial markets, the uniqueness of this study lies in the examination of the connectedness of these markets by deploying the TVP-VAR technique. In addition, wavelet analysis offers a significant contribution in terms of global factors driving the connectedness of green, Islamic and conventional markets.

This study aims to examine the hedge and safe-haven properties of the Sukuk and green bond for the stock markets pre- and during the COVID-19 pandemic period.

To test the hedge and safe-haven characteristics of Sukuk and green bonds for stock markets, the study first uses the methodology proposed by Ratner and Chiu (2013). Next, the authors estimate the hedge ratios and hedge effectiveness of using Sukuk and green bonds in a portfolio with stock markets.

Strong safe-haven features of ethical (green) bonds reveal that adding green bonds into the investment portfolios brings considerable diversification avenues for the investors who tend to take fewer risks in periods of economic stress and turbulence. The hedge ratio and hedge effectiveness estimates reveal that green bonds provide sufficient evidence of the hedge effectiveness for various international stocks.

The study has significant implications for faith-based investors, ethical investors, policymakers and regulatory bodies. Religious investors can invest in Sukuk to relish low-risk and interest-free investments, whereas green investors can satisfy their socially responsible motives by investing in these investment streams. Policymakers can direct the businesses to include these diversifiers for portfolio and risk management.

The study provides novel insights in the testing hedge and safe-haven attributes of green bonds and Sukuk while using unique methodologies to identify multiple low-risk investors for investors following the uncertain COVID-19 pandemic.

This study serves two objectives; first, it examined the impact of ownership structure and board characteristics on firm value; second, the moderating effects of board gender diversity (women appearance on board) and board ethnic diversity (Chinese, Indian, and Foreign ethnicities) have been examined on the relationship between ownership structure, board characteristics, and firm value.

The dynamic model, system generalized method of moments (S-GMM hereafter), is employed to control potential dynamic endogeneity, reverse causality, simultaneity and unobserved heterogeneity persistent in corporate governance-performance relationships during 2006–2017 of 483 Malaysian listed companies.

Findings pertaining to objective one reveal that there is a weak linkage between ownership structure and firm value, whereas board characteristics significantly affect firm performance based on resource dependence theory. While considering the results of objective two, there is mixed evidence of moderating impact of board gender and ethnic diversity on ownership structure, board characteristics and performance nexus.

The findings of the study are practically significant for regulatory bodies, namely, Bursa Malaysia, Securities Commission (SC) Malaysia, and policymakers to develop guidelines for ownership structure variables. Moreover, Malaysian firms need to disperse their concentrated ownership structure for enhanced firm value. In addition, board characteristics significantly affect firm performance in Malaysian listed companies.

The paper contributes to multiple aspects: first, it examined the impact of ownership structure and board characteristics on firm performance. Second, the moderating effect of board gender and board ethnic diversity contributes to research significant and valuable for the researchers and practitioners. Finally, the study employed S-GMM, controlling for dynamic endogeneity considered a main econometric problem for CG-performance relationships.

This study investigates the dynamic interdependence between Islamic and conventional stock markets in the Gulf Cooperation Council (GCC) economies and the influence of global financial uncertainties on this interconnection.

The study employs the time-varying parameter vector autoregressions (TVP-VAR) technique and analyzes daily data from December 1, 2008 to July 14, 2021.

The research reveals robust interconnectedness within individual countries between Islamic and conventional stock markets, particularly during crises. Islamic stock markets exhibit greater susceptibility to spillover effects compared to conventional stocks. The UAE and Kingdom of Saudi Arabia (KSA) stock markets are identified as net transmitters of spillovers, while Oman, Bahrain and Kuwait receive more spillovers than they transmit. Global financial uncertainty measures (GVZ, USEPU and UKEPU) positively influence financial market interconnectedness, with EVZ exhibiting a negative impact while VIX and OVX remain statistically insignificant.

Investors and portfolio managers in Oman, Bahrain and Kuwait should carefully evaluate the UAE and KSA markets before making investment decisions due to the latter's role as net transmitters in the region. Additionally, it is emphasized that Islamic and conventional stocks should not be considered interchangeable asset classes for risk hedging.

Investors must be aware that Islamic and conventional stocks cannot be used as an alternative asset class to hedge risk.

The present article offers valuable insights for practitioners and researchers delving into the comparative analysis of Islamic and conventional stock markets within the GCC context. It enhances our comprehension of the dynamic interdependence between Islamic and conventional stock markets in the GCC economies and the impact of global financial uncertainties on this intricate relationship.

Growing attention of policymakers, governments and regulation authorities towards climate change and global warming has spurred the extensive need to carefully examine the current practices of green and sustainable finance. This study aims to provide a comprehensive analysis on the current state and future directions of green and sustainable finance through bibliometric analysis.

For extensive bibliometric analysis, the study comprises 1,413 documents published in peer-reviewed journals indexed in the SCOPUS database for the period ranging from 1990 to 2021.

The authors find that there are mainly three key areas of green and sustainable finance, which are largely addressed by the scholars following the given time. The key areas include socially responsible investments, green finance and climate finance that are in line with the previous studies and existing trends and practices prevailing in the business and corporate world.

The findings are important for policymakers, regulatory bodies, upcoming scholars, environmentalists and investors as findings of the study provide an effective framework for adopting sustainable strategies, to trade-off between profits and environmental hazards and to generate value from the green avenues of research and practice.

The study offers novel contributions to the existing literature in terms of comprehensively providing evidence of the current practices of green and sustainable finance. Meanwhile, significant implications for the prospective audience further refine the contribution of research.

While there is an increased demand from various corporate stakeholders on the need for public companies to have risk management frameworks as well as a stand-alone risk management committee to mitigate risks and simultaneously improve performance, this study investigates the effects of the risk management committee attributes on firm performance, and the role of board size is highlighted on this relationship in Malaysian listed companies.

Both accounting- and market-based performance measures have been used for measuring performance. A dynamic model using the generalized method of moments (GMM) has been employed to control for potential endogeneity, simultaneity and unobserved heterogeneity.

The findings reveal that risk management committee attributes such as size, independence and meetings negatively affect book-based performance measures and positively affect market-based performance measures. Moreover, board size positively moderates the risk management committee attributes and performance relationship. The study embraces the predictions of agency theory and resource dependence theory.

The findings are practically significant for Bursa Malaysia, Securities Commission Malaysia to assess the compliance of the Corporate Governance Code (MCCG, 2017) and for academia to further explore significant relationships in other emerging economies.

The paper contributes to multiple aspects: first, it studies the impact of risk management committee attributes on firm performance; second, it investigates the moderating effect of board size on RMC–performance relationship; in the end, the study employs dynamic modeling for estimation process to avoid dynamic endogeneity considered a main econometric problem for CG–performance relationships.

Motivated by lack of empirical research on sukuk (Islamic bonds) defaults and factors influencing the credit risk in sukuk industry, the study investigates the impact of corporate governance (CG) practices and corporate social sustainability (CS) disclosures on default risk of Islamic bonds in an emerging market.

In the Malaysian context the authors use generalized method of moments (GMM) to examine the mitigating effect of CG structure and CS disclosures on distance to default (DD) of sukuk issuers.

The results show that although both CG and CS have a significant and positive relationship with distance to default, the contribution of CS to augment DD is higher. Moreover, different CG variables have a varied relationship with distance to default, while the association is positive for all three pillars of CS, videlicet economic, social and environmental sustainability.

The findings of the study hold important implications for issuers, subscribers and regulators in the sukuk industry.

Limited research investigates the relationship between CG, CS and default risk of Islamic bonds. In light of this, the study attempts to fill the theoretical void in literature by examining the relationship among the underlying variables.

The purpose of the present study is to contribute to the existing literature by examining the nexus and the connectedness between classes S&P Green Bond Index, S&P GSCI Crude Oil Index, S&P GSCI Gold, MSCI Emerging Markets Index, MSCI World Index and Bitcoin, during the pre-and post-Covid period beginning from August 2011 to July 2021 (10 years).

The study employs time-varying parameter vector autoregression and Quantile regression methods to understand the impact of events on traditional and upcoming asset classes. To further understand the connectedness of assets under consideration, the study used Geo-Political Risk Index (GPR) and Global Economic Policy and Uncertainty index (GPEU).

Findings show that these markets are strongly linked, which will only expand in the post-pandemic future. Before the pandemic, the MSCI World and Emerging Markets indices contributed the most shocks to the remaining market variables. Green bond index shows a greater correlation and shock transmission with gold. Bitcoin can no longer be used as a good hedging instrument, validating the fact that the 21st-century technology assets. The results further opine that under extreme economic consequences with high GPR and GPEU, even gold cannot be considered a safe investment asset.

Financial markets and the players who administer and communicate their investment logics are heavily reliant on conventional asset classes such as oil, gas, coal, nuclear and allied groupings, but these emerging asset classes are attempting to diversify.