Search results

This paper aims to develop a compound measure, which is fiscal vulnerability index, provides early warning signals of fiscal sustainability problems for Türkiye's economy.

The index is constructed using twelve distinct fiscal indicators and applying the portfolio method, which considers the time-varying cross-correlation structure between the subindices.

Dynamics of the fiscal vulnerability index indicate that it accurately predicts to the well-known fiscal crisis occurring in Türkiye's recent history. As a result, such a compound measure should be used in the early identification of fiscal vulnerability in Türkiye.

The main contribution of this paper, relative to existing papers, is that a fiscal vulnerability index was constructed by employing the most contemporaneous method and evaluating its performance in terms of capturing historical stress periods.

Since the 2007–2008 financial crisis, the markets related to housing finance have been restoring their tools and instruments in order to avoid a new crisis. In this period, while attempting to eliminate structural problems in existing housing finance instruments, on the other hand new products were tried to figure out. In particular, products based on risk sharing have frequently come to the forefront, both in the academia and the industry. In this direction, one such innovative product is the participating mortgage, in which the borrower obtains below-market interest rates in return for a percentage of the property’s future appreciation and/or net operating income. Particularly used in conventional markets, participating mortgage can also be applied within the Islamic finance thanks to the model it is based on. This chapter attempts to introduce the method of participating mortgage with detailed background and intellectual investigation. Including the modeling of participating mortgage, this study also shows how this method can be designed under Islamic finance. Furthermore, implications and fields of application are explored with a discussion of challenges. In this chapter, considering the achievements of participating mortgage method, it is asserted that it can enable the product diversity of the Islamic banks, thereby increasing the share in the global banking sector.

Lack of individual awareness of knowledge sharing practices to prevent identity theft is a significant issue for online retail organisations (OROs). Agile learning processes and sharing of knowledge is essential, but the lack of relevant training inhibits these processes within the online industry. This study aims to identify the inhibiting factors in agile learning and knowledge sharing process with recommendations for best practice for organisations and staff to effectively share knowledge on identity theft prevention.

Three qualitative case studies were undertaken in OROs in the UK. Data were collected using semi-structured interviews, internal documents and related external material. The data were analysed using a thematic analysis method.

The findings identified that individual staff members within OROs from the information security and fraud prevention departments often share their knowledge as a community. However, there is no formal knowledge sharing process or any related training facilitating this exchange. There is a need for agile learning environment in OROs of the UK.

The study offers both theoretical and practical contributions to the extant literature of agile learning of knowledge sharing to prevent identity theft in OROs. Existing learning opportunities are not being used to enhance the knowledge of individuals, and OROs need to increase the skills and trust of their staff to share knowledge efficiently. This study identifies the systemic weaknesses inherent in the process of knowledge sharing and existing training provision within OROs. It provides ORO managers with practical guidelines in facilitating trust between individuals and developing appropriate training systems to educate staff on sharing organisational knowledge. This study contributes by extending the knowledge sharing framework proposed by Chong et al. (2011) for enhanced individual knowledge sharing processes to prevent identity theft within OROs. It also identifies OROs’ weaknesses in knowledge sharing learning processes for theft prevention and offers prevention guidelines and recommendations for developing effective agile learning environments.

This paper aims to present the theoretical and conceptual framework of a new method in public finance called “participation based tax increment financing (P-TIF)” by combining conventional tax increment financing (TIF) within the Sharīʿah-compliance structure.

This study develops a benchmark model for P-TIF, which offers a participative contract between both lender and borrower. With the help of this model, a financing schema in P-TIF is established by incorporating stochastic modelling. Possible implications and alternative options of application are also explored with a discussion of challenges.

The results mainly indicate that P-TIF promises lenders to be a part of increment from tax earnings, in return for a reduced interest rate. They show how a rise in participation of the lender in a given contract lowers the interest rate. Under the base case scenario, the interest rate is reduced to zero when the participation of the lender in tax increment is set at 50%.

With the feature of being interest-free, P-TIF can be implied also within the Sharīʿah-compliance framework, thanks to the model it is based on. Additionally, as the model in this paper is parametric, it can be applicable to various cases in Islamic finance.

To the best of our knowledge, this is the first paper in the literature in the sense that it provides a conceptual idea and respective model for TIF method within a Sharīʿah-compliance framework.

The purpose of this study is to comparatively analyze the effect of dividend policy on shareholders’ wealth in Shariah-compliant (SC) and noncompliant (NC) nonfinancial firms in Pakistan.

All the nonfinancial firms listed on the Pakistan stock exchange have been taken as a sample for 2016–2021. The Karachi Meezan index screening criteria were applied to screen SC firms. Based on the BPLM and Hausman test results, the authors used the fixed-effect and pooled OLS model for SC and NC firms, respectively. The F-test was used to compare the effect of each dividend policy variable on shareholders’ wealth for both firm types.

The findings reveal that the dividend policy does affect the shareholders’ wealth in both firm types. Dividend per share (DPS), dividend yield (DY) and earnings per share significantly affect the shareholders’ wealth in SC firms. For NC firms, the dividend payout, DPS and DY are critical. Moreover, the F-test results show that the DPS, DY and leverage effect on the shareholders’ wealth significantly differ for both firm types.

This study fills the research gap in the Pakistani context specifically as well as globally by providing important insights into the relationship between a firm’s dividend policy and shareholders’ wealth for SC and NC firms. In addition, this study comprehensively compares the results for both firm types, which is also lacking in the existing literature. Because this study is based in Pakistan, the generalizability of the results would be limited.

The findings of this study are helpful for the management of SC and NC firms in devising their dividend policies that can maximize their shareholders’ wealth. This study also provides guidance and knowledge to investors in choosing companies for their investments that can maximize their wealth.

To the best of the authors’ knowledge, this is the first study that analyzes the relationship between dividend policy and shareholders’ wealth for SC firms in Pakistan. It is also the first study that comprehensively compares the dividend policy relationship with shareholders’ wealth for SC and NC firms. In addition, using the F-test for joint hypotheses to compare the specific effect of each dividend policy variable is a methodological contribution of the study.

It is basically known that the oil and gas industry contributes to various forms of pollution through air, acid rain and water, as well as different kinds of illnesses in humans and aquatic animals. Eventually, this adversely contributes to climate change owing to increases in emission levels in various stages of oil and gas operations ranging from extraction, refining, transportation and even consumption. Therefore, the purpose of this paper is to produce a simplistic model for compliance with environmental taxes in the oil and gas industry as an effort to curtail such adversities. This attempt is expected to set a new pace for heated debates towards the production of a robust environmental tax compliance model through further research. Specifically, it has examined the effect of extensive regulation and use of power in ensuring compliance with environmental taxation via enforcement mechanisms.

The study used a quantitative research design through a positivist paradigm. The population of the study was 115 respondents who were identified as tax experts in three different stakeholder groups (regulators, operators and enforcers) in the Nigerian oil and gas industry. Out of this population, 103 served as the final sample of the study. The data collected from these tax experts were analyzed through partial least squares structural equation modelling.

The results revealed that both extensive regulation and the use of power have high likelihoods of enhancing compliance with environmental taxes through enforcement actions by the relevant authorities within the oil and gas industry.

The results implied the need for policymakers to deploy these enforcement mechanisms to enhance compliance with environmental taxes in the oil and gas industry, which will eventually reduce the environmental menace and ensure cleaner production. The paper also has highlighted the need for future researchers to expand this discussion through an elaborative approach either through disaggregating the variables studied here or integrating voluntary compliance mechanics into the model for further understanding of the drivers of environmental tax compliance. It also implied the need to utilize larger sample in other oil producing countries to improve generalization of results.

The work could be the pioneer in proposing and validating the enforced environmental tax compliance model in the oil and gas industry.

The purpose of this paper is to understand the impact of the recent recession on both the automotive manufacturer as well as their suppliers. The research aims to identify if the impact has been the same at each of the organizations, or if there has been a difference.

This paper carries out a case study research, into the need for suppliers to increase their responsiveness following recession and the impact this has had on supplier relations. Face-to-face semi-structured interviews were carried out at the vehicle manufacturer with two members of production control staff from VMUK plus seven production control staff at seven tier 1 suppliers to VMUK.

Supply chains have been enhanced through an increased level of responsiveness, following the economic downturn and supplier relations have had a positive impact post-recession.

Literature argues that competitive advantage can be achieved through responsiveness, and that responsiveness is critical during a period of volatility and market uncertainty. Furthermore, literature also argues that competitive advantage can be achieved through positive supplier relations. This study investigates both of these arguments.

This study concludes that the positive supplier relations offer a competitive advantage when there is no cost advantage to be found elsewhere. Furthermore, this study concludes that as a direct impact of the recession, supplier relations have improved within the case studies investigated.

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.

Today, millions of exporters and importers are using hundreds of business-to-business (B2B) electronic marketplaces to buy or sell goods and services. With this reason, this study aims to provide the related literature sufficient information concerning the most appropriate and beneficiary criteria which should be taken into consideration in the web pages of B2B companies via applying a content analysis method. The analysis results exhibit that globally oriented websites like B2B marketplaces must contain at least two or three language options, since people from different parts of the world speak and learn different languages according to their geography; and that B2B websites which do not provide trade assurances must consider adding this feature to attract more customers. In the scope of the study, it has been found out that all the selected websites take a good care of the information they share. When visiting these companies, it is really easy to learn everything about industries and international trade relations. Some of them even share information about the effect of the COVID-19 outbreak on industries. Among all the websites analyzed in the scope of the study, only Alibaba.com meets all the criteria taken into consideration. Moreover, it would be appropriate to suggest that Turkish B2B e-marketplaces, such as Tradeatlas.com, ptttrade.com, and steelorbis.com, should have these criteria to become leading B2B e-marketplaces in the world. Finally, it can be suggested that websites should prepare specific pages for newcomers to enlighten them in the best way they can do.