Subjects -> BUSINESS AND ECONOMICS (Total: 3570 journals)
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    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (235 journals)
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INTERNATIONAL COMMERCE (145 journals)                     

Showing 1 - 136 of 136 Journals sorted alphabetically
Acta Economica Et Turistica     Open Access   (Followers: 1)
Advances in Accounting     Hybrid Journal   (Followers: 10)
African Journal of Economic and Sustainable Development     Hybrid Journal   (Followers: 17)
Amnis     Open Access   (Followers: 1)
Antitrust Bulletin     Hybrid Journal   (Followers: 8)
Asia and the Global Economy     Open Access  
Asian Journal of Shipping and Logistics     Open Access   (Followers: 2)
Botswana Journal of Economics     Open Access   (Followers: 1)
Career Development International     Hybrid Journal   (Followers: 19)
China Business Review     Full-text available via subscription   (Followers: 2)
China Economic Quarterly International     Open Access  
Competition and Regulation in Network Industries     Full-text available via subscription   (Followers: 7)
Critical Perspectives on International Business     Hybrid Journal   (Followers: 1)
Crossroads     Hybrid Journal  
Digital Finance : Smart Data Analytics, Investment Innovation, and Financial Technology     Hybrid Journal   (Followers: 3)
East Asian Community Review     Hybrid Journal  
EC Tax Review     Full-text available via subscription   (Followers: 5)
Economic Journal of Emerging Markets     Open Access   (Followers: 1)
Economics Research International     Open Access   (Followers: 1)
Ekonomia Międzynarodowa     Open Access  
EMAJ : Emerging Markets Journal     Open Access  
Emerging Markets Finance and Trade     Hybrid Journal   (Followers: 7)
Estudos Internacionais : revista de relações internacionais da PUC Minas     Open Access   (Followers: 1)
European Business Law Review     Full-text available via subscription   (Followers: 17)
European Company Law     Full-text available via subscription   (Followers: 11)
European Journal of International Management     Hybrid Journal   (Followers: 3)
Expert Journal of Business and Management     Open Access  
Foreign Trade Review     Hybrid Journal   (Followers: 3)
Global & Strategis     Open Access   (Followers: 1)
Global Summitry     Hybrid Journal   (Followers: 1)
Global Trade and Customs Journal     Full-text available via subscription   (Followers: 6)
Human Resource Development International     Hybrid Journal   (Followers: 19)
Human Resource Management International Digest     Hybrid Journal   (Followers: 18)
IMF Economic Review     Hybrid Journal   (Followers: 44)
IN VIVO     Full-text available via subscription   (Followers: 4)
Information Resources Management Journal     Full-text available via subscription   (Followers: 8)
Information Technologies & International Development     Open Access   (Followers: 81)
International Advances in Economic Research     Hybrid Journal   (Followers: 6)
International Business Review     Hybrid Journal   (Followers: 9)
International Commerce Review     Hybrid Journal   (Followers: 1)
International Economic Journal     Hybrid Journal   (Followers: 8)
International Economic Review     Hybrid Journal   (Followers: 61)
International Economics     Hybrid Journal   (Followers: 3)
International Economics and Economic Policy     Hybrid Journal   (Followers: 7)
International Entrepreneurship and Management Journal     Hybrid Journal   (Followers: 8)
International Environmental Agreements: Politics, Law and Economics     Hybrid Journal   (Followers: 14)
International Finance     Hybrid Journal   (Followers: 26)
International Insolvency Review     Hybrid Journal   (Followers: 4)
International Journal of Applied Behavioral Economics     Full-text available via subscription   (Followers: 18)
International Journal of Asian Business and Information Management     Full-text available via subscription   (Followers: 1)
International Journal of Commerce and Management     Hybrid Journal  
International Journal of Export Marketing     Hybrid Journal   (Followers: 1)
International Journal of Governance and Financial Intermediation     Hybrid Journal  
International Labor and Working-Class History     Full-text available via subscription   (Followers: 15)
International Labour Review     Partially Free   (Followers: 60)
International Marketing Review     Hybrid Journal   (Followers: 14)
International Public Management Journal     Hybrid Journal   (Followers: 8)
International Review of Applied Economics     Hybrid Journal   (Followers: 6)
International Review of Economics     Hybrid Journal   (Followers: 4)
International Review of Economics & Finance     Hybrid Journal   (Followers: 28)
International Review of Finance     Hybrid Journal   (Followers: 9)
International Review of Financial Analysis     Hybrid Journal   (Followers: 8)
International Review of Law and Economics     Hybrid Journal   (Followers: 27)
International Review of Retail, Distribution and Consumer Research     Hybrid Journal   (Followers: 3)
International Review of Social History     Full-text available via subscription   (Followers: 32)
International Review on Public and Nonprofit Marketing     Hybrid Journal   (Followers: 3)
International Small Business Journal     Hybrid Journal   (Followers: 11)
International Studies of Management and Organization     Full-text available via subscription   (Followers: 8)
International Trade Journal : Western Hemispheric Studies     Hybrid Journal   (Followers: 2)
International Transactions In Operational Research     Hybrid Journal   (Followers: 2)
Intertax     Full-text available via subscription   (Followers: 4)
Japanese Political Economy     Full-text available via subscription   (Followers: 1)
Journal for International Business and Entrepreneurship Development     Hybrid Journal   (Followers: 8)
Journal of Accounting and Finance in Emerging Economies     Open Access  
Journal of Advanced Research in Economics and International Business     Full-text available via subscription  
Journal of Antitrust Enforcement     Hybrid Journal   (Followers: 1)
Journal of Chinese Economic and Foreign Trade Studies     Hybrid Journal   (Followers: 2)
Journal of Chinese Human Resource Management     Hybrid Journal   (Followers: 4)
Journal of Comparative International Management     Full-text available via subscription  
Journal of Contemporary European Research     Open Access   (Followers: 16)
Journal of Economics and International Finance     Open Access   (Followers: 1)
Journal of International Accounting, Auditing and Taxation     Hybrid Journal   (Followers: 5)
Journal of International Business Policy     Hybrid Journal  
Journal of International Business Studies     Hybrid Journal   (Followers: 47)
Journal of International Commerce, Economics and Policy     Hybrid Journal  
Journal of International Consumer Marketing     Hybrid Journal   (Followers: 9)
Journal of International Development     Hybrid Journal   (Followers: 32)
Journal of International Economics     Hybrid Journal   (Followers: 38)
Journal of International Entrepreneurship     Hybrid Journal   (Followers: 10)
Journal of International Financial Management & Accounting     Hybrid Journal   (Followers: 4)
Journal of International Financial Markets, Institutions and Money     Hybrid Journal   (Followers: 19)
Journal of International Food & Agribusiness Marketing     Hybrid Journal   (Followers: 2)
Journal of International Management     Hybrid Journal   (Followers: 5)
Journal of International Marketing     Full-text available via subscription   (Followers: 24)
Journal of International Money and Finance     Hybrid Journal   (Followers: 37)
Journal of International Trade & Economic Development: An International and Comparative Review     Hybrid Journal   (Followers: 11)
Journal of International Trade Law and Policy     Hybrid Journal   (Followers: 19)
Journal of Korea Trade     Full-text available via subscription   (Followers: 1)
Journal of Monetary Economics     Hybrid Journal   (Followers: 95)
Journal of Revenue and Pricing Management     Hybrid Journal   (Followers: 4)
Journal of Reviews on Global Economics     Open Access  
Journal of the Association for Consumer Research     Full-text available via subscription   (Followers: 7)
Journal of the Japanese and International Economies     Hybrid Journal   (Followers: 4)
Journal of Theoretical and Applied Electronic Commerce Research     Open Access  
Journal of World Trade     Full-text available via subscription   (Followers: 19)
Jurnal Hubungan Internasional     Open Access  
Jurnal Ilmu Ekonomi Terapan     Open Access  
L'Année du Maghreb     Open Access   (Followers: 1)
Management international / International Management / Gestiòn Internacional     Full-text available via subscription   (Followers: 3)
Management International Review     Hybrid Journal   (Followers: 7)
MEED Middle East Economic Digest     Full-text available via subscription   (Followers: 1)
Monthly Statistics of International Trade - Statistiques mensuelles du commerce international     Full-text available via subscription   (Followers: 3)
PharmacoEconomics     Full-text available via subscription   (Followers: 26)
Proceedings of the International Conference on Business Excellence     Open Access  
Qualitative Research in Financial Markets     Hybrid Journal   (Followers: 2)
Quarterly Journal of Political Science     Full-text available via subscription   (Followers: 18)
Regional Formation and Development Studies     Open Access  
Relações Internacionais (R:I)     Open Access  
Research World     Hybrid Journal  
Review of International Economics     Hybrid Journal   (Followers: 14)
Review of International Political Economy     Hybrid Journal   (Followers: 40)
Revista Brasileira de Gestão de Negócios     Open Access  
Revista Multiface Online     Open Access  
Revue internationale de l'économie sociale     Full-text available via subscription  
Revue Internationale du Travail     Full-text available via subscription   (Followers: 3)
Revue internationale P.M.E. : économie et gestion de la petite et moyenne entreprise     Full-text available via subscription   (Followers: 1)
South African Journal of International Affairs     Hybrid Journal   (Followers: 6)
South American Development Society Journal     Open Access  
Studies in Comparative International Development     Hybrid Journal   (Followers: 16)
Syracuse Journal of International Law and Commerce     Open Access   (Followers: 3)
TDM Transnational Dispute Management Journal     Full-text available via subscription   (Followers: 5)
Transnational Corporations Review     Hybrid Journal  
World Competition     Full-text available via subscription   (Followers: 9)
World Food Policy     Hybrid Journal   (Followers: 3)
World Oil Trade     Hybrid Journal  
World Trade and Arbitration Materials     Full-text available via subscription   (Followers: 8)

           

Similar Journals
Journal Cover
Qualitative Research in Financial Markets
Journal Prestige (SJR): 0.241
Citation Impact (citeScore): 1
Number of Followers: 2  
 
Hybrid Journal Hybrid journal   * Containing 1 Open Access Open Access article(s) in this issue *
ISSN (Print) 1755-4179 - ISSN (Online) 1755-4187
Published by Emerald Homepage  [360 journals]
  • Facilitator or enforcer, ally or enemy' Claimant’s perceptions of
           insurers’ roles in occupational rehabilitation

         This is an Open Access Article Open Access Article

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      Authors: Jarna Pasanen
      Abstract: This study aims to deepen the understanding of insurers’ role within the return-to-work (RTW) process by uncovering and categorizing the multiple roles assumed by the insurer based on the claimant’s perceptions and identifying the underlying mechanisms that explain the relationship between perceived insurer roles and occupational rehabilitation outcomes. The author used a qualitative approach with theory-guided content analysis to examine 24 semi-structured interviews with occupational rehabilitation claimants who had undergone occupational rehabilitation within the earnings-related pension insurance system in Finland. The author uncovered three perceived insurer roles in relation to other stakeholders in the rehabilitation network: financier, coordinator and leader. These roles have different perceived responsibilities and influences on rehabilitation outcomes. Additionally, the author found four perceived insurer roles in relation to the claimants, which varied according to their democracy and activity levels: ally, facilitator, enforcer or enemy. Based on this study, the author recommends that insurers adopt democratic and participatory actor roles (ally and facilitator) to promote the RTW process in occupational rehabilitation. This inaugural study applied role theory to insurers within the RTW process, developing a new framework of insurer profiles. This study reveals the dynamic nature of insurers and enhances the understanding of the connections between perceived insurer roles and rehabilitation outcomes.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-05-24
      DOI: 10.1108/QRFM-03-2021-0036
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • DARQ technologies in the financial sector: artificial intelligence
           applications in personalized banking

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      Authors: Gimede Gigante , Anna Zago
      Abstract: This paper aims to analyze the impact of DARQ technologies (distributed ledger, artificial intelligence, extended reality, quantum computing) in the financial sector, focusing on artificial intelligence (AI) applications in personalized banking, which consists of treating every customer as a segment of one. The research has two main goals. First, providing a complete and organic analysis of the DARQ technologies framework currently missing in the literature. Because this research focuses on the financial sector, more attention is dedicated to DARQ technologies in this industry. Second, studying applications of one of the DARQ technologies, AI, in personalized banking, where it appears to have a great potential impact. The research analyses both the supply side, collecting secondary data from documentation, reports and research studies to study the major trends and results obtained by leading banks, and on the demand side, collecting primary data through a dedicated survey and elaborating opinions and preferences of potential customers. Using this information, a detailed go-to-market plan based on the framework elaborated by Bain and Co. in 2012 is developed, considering the hypothesis of a well-known universal bank, operating globally, with an established brand and access to modern AI technologies, which decides to invest in this field as a priority. In addition to giving a detailed overview of DARQ technologies from a technical and a business perspective, the results related to the hypothetical case of the study help to understand which would be the most suitable target for the launch phase, which value proposition should be offered and how to deliver it, but also how to evolve the project to attract more customers and strengthen the relationship with the existing ones. Nevertheless, this research could be a starting point for future studies and updates, considering related evolutions, investigating more representative demand samples or analyzing how the combination of more DARQ technologies could be applied to the financial sector. Some limitations affect this work. First, the topics studied are evolving rapidly and partially dependent on other innovations under development; therefore, they may become obsolete and less significant in the next years. As regard the data collection, the supply-side analysis involves strategical information kept private by companies; therefore, the collected data probably miss some useful details. As concerns primary data, the sample could have been larger and more heterogeneous and biases and misinterpretations could have affected the answers. A compromise has been found between the time and resources available and the qualitative and quantitative characteristics of the sample. This research could be a tool for financial companies interested in investing in AI for personalized banking, but it also provides useful insights about the whole DARQ framework, which could be interesting for all the financial and nonfinancial firms. Applying AI effectively and efficiently could offer great benefits, both economic and noneconomic, to financial firms but also to their customers, who could benefit from hyper-tailored services at a reasonable and affordable price, whereas in the past, they were reserved only for very important person clients. This win-win situation could lead the way to further investments and consequent innovations in the future. Some issues still exist, mainly about data security and privacy, but also the social risk linked to the labor market due to the AI substitution for some tasks and the related shift in professionals required by employers, which could negatively affect the salary gap among workers with different levels of educations, tightening up existing inequality problems. An effort by public and private subjects will be required to make this transition inside the labor market smoother. Despite this, the research shows that AI applications in personalized m-banking could mutually benefit both the demand and the supply of the market. Apart from the organic overview offered on DARQ technologies and their related business applications, currently missing in the literature, which could be useful for a better comprehension of the topic and could also give interesting insights to firms, this research presents an original and concrete roadmap to follow for financial companies interested in delivering a personalized mobile banking service leveraging on AI. Every step presented in the output of this work is based on an in-depth analysis of past, and present actions carried out and result obtained by competitive firms on the market and on needs and preferences observed among potential customers.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-05-10
      DOI: 10.1108/QRFM-02-2021-0025
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Do international investors care about ESG news'

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      Authors: Paola de Vincentiis
      Abstract: Motivated by the increasing momentum of environmental, social and governance (ESG) investing, this research aims to test the impact of ESG-related news on stock returns, comparing different geographical areas to check whether the cultural background makes any difference. Using a classic event–study methodology, this study measures extra returns following the broadcast of positive or negative ordinary news concerning ESG issues using a panel of major international companies located in Europe, North America and the Asia-Pacific (APAC) region. ESG news are interpreted differently in different geographical areas. In Europe, bad news matter more than good news and produce a negative price impact. In the USA, a mirror picture emerges: good news matter more than bad news and produce a negative price impact. In the APAC area, ESG news are no news and are not correlated to significant extra returns. This study also shows that ESG reputation plays an important role and affects the impact of news on equity returns. Both managers and equity investors need to be aware of the potential magnitude and direction of stock market’s reactions to news concerning ESG matters, taking also into consideration the location of the firm and the moderating effect of ESG reputation. Sustainability cannot be ignored anymore and need to be included into information data set and decision-making processes. This study adds to the current literature insights on how ESG-related news impact in different geographical contexts. This study finds that news of similar tone may produce divergent effect on stock returns according to the prevailing cultural and economic interpretation of sustainability investments.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-05-05
      DOI: 10.1108/QRFM-11-2021-0184
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Governing Fintech for sustainable development: evidence from Italian
           banking system

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      Authors: Francesco Campanella , Luana Serino , Anna Crisci
      Abstract: Customer satisfaction has been traditionally the main goal aimed at by managers. Focusing on the banking industry, the importance of this concept is even greater because of the increasing focus of banks on mobile services to reach out to a larger set of customers. To investigate user’s behavior in a Fintech context, this study aim to focus on two relevant issues: service quality and perceived risk. For the purpose, the authors integrated a technology quality-based model with a green image perspective to investigate the impact on customer satisfaction in Fintechs users. The primary data is based on a survey directly taken from a questionnaire survey. The survey is collected by researchers. This research used probability sampling technique with convenience sampling. The data of this study data is derived from an online survey of Italian households performed between August 2020 and December 2020. In accordance to other studies, the questionnaires used Likert scale model that was conducted by measuring five categories of responses. For methodology, the authors analyzed data by structural model equations. The authors find that some of quality services factors impact on user satisfaction as well as the trust in Fintech providers. Moreover, the empirical findings highlight that the importance of a green reputation in Fintech providers from the perspective of consumer as it enhances both the trust and the satisfaction in internet banking services offered. It is needed to highlight that the most important thing for a Fintech provider is to secure loyalty and to be sustainable from a green perspective. The authors found that trust and green image give great influence on use intention. Therefore, it is most important for financial providers to develop financial products with trust and e-loyalty in mind. This study suggests that nowadays Fintech companies should invest more resources in the increasing of green image because it is positively associated with trust and customer’s satisfaction. The authors incentive the financial institutions to promote the sustainable development and green strategies in their planning as concern for the environment and sustainability affects consumers, who increasingly consider certain non-financial attributes in their investments, such as environmental, social and governance criteria. Future research that includes different cultural settings would enhance generalizability and external validity as the respondents all live in Italy. For the purpose, the authors integrated a technology quality-based model with a green image perspective to investigate the impact on customer satisfaction in Fintechs users. This paper, to the best of the authors’ knowledge, is the first to study consumer satisfaction in Fintech context in this sense. Although existing research has investigated relevant aspects of customer trust, satisfaction, these issues have not been discussed from a green perspective. Apart from that, the main contribution of this paper is its exploration of the influence of green image on loyalty and satisfaction. To the best of the authors’ knowledge, however, no studies have been done on sustainable banking in Italian banking sector, focused on Fintech services. In this paper, the authors attempt to fill this research gap.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-05-03
      DOI: 10.1108/QRFM-01-2022-0009
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Qard Hasan as a feasible Islamic financial instrument for crowdfunding:
           its potential and possible application for financing micro-enterprises in
           Malaysia

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      Authors: Abdulmajeed Muhammad Raji Aderemi , Muhammad Shahrul Ifwat Ishak
      Abstract: This paper aims to explore the viability of applying Qard Hasan as an Islamic crowdfunding financial instrument to finance micro-enterprises in Malaysia. This is a qualitative study in which semi-structured interviews were conducted with several crowdfunding professionals concerning the application of Qard Hasan in Islamic crowdfunding. To realise the purpose of this study, the data is subjected to thematic analysis. The finding reveals that though it is often argued that Qard Hasan is basically not a business-oriented instrument, a closer look at the framework reveals the uniqueness and flexibility of this instrument to be adopted as a viable financial instrument for crowdfunding in financing micro-enterprises in Malaysia. Although it is associated with various risks including default risk and the risk of attracting big funds. However, these risks can be managed and overcome by using FinTech mechanisms such as blockchain to carry out due diligence, monitor the project and ensure the repayment in installment. The findings of this study may not be suitable for generalisation to all crowdfunding practices as the semi-structured interview is concentrated predominantly in Malaysia. However, it still provides valuable contributions to the Islamic crowdfunding sector in Malaysia between theory and practice. The Qard Hasan crowdfunding framework in this study can potentially be applied to help micro-entrepreneurs reach out to financial services within their means. This framework provides means to grow the micro-enterprise sector. Qard Hasan crowdfunding will effectively alleviate poverty by creating an avenue of opportunities for business enterprises and close the gap between the wealthy and the poor classes in society, which will eventually bring about more cooperation, more collaboration and cultivate a generous society. In spite of the fact that Islamic crowdfunding is not a new topic in research, it lacks empirical studies, particularly qualitative analysis. As this study engages with experts in Shari’ah and crowdfunding regarding the potential application of Qard Hasan, it highlights a fresh discussion both in theory and practice.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-05-03
      DOI: 10.1108/QRFM-08-2021-0145
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Introducing an Islamic equity-based microfinance models for MSMEs in the
           State of Libya

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      Authors: Zainab Belal Lawhaishy , Anwar Hasan Abdullah Othman
      Abstract: This study aims to propose and verify the suitability and applicability of Islamic equity-based microfinance models for financing micro, small and medium enterprises (MSMEs) in the State of Libya. The proposed models combine the unique features of social solidarity, cooperation “Ta’awan,” meeting religious requirements and providing financing more fairly and equitably. A qualitative approach is applied in this study through semi-structured interviews with several Libyan experts, including Islamic bankers, Shariah scholars, MSMEs experts, Islamic microfinance experts and academicians. The data collected from 2019 to 2021 and thematic analysis by computer-based software NVivo is used to analyze the data. The results indicate that the proposed Islamic equity-based microfinance models are suitable and applicable in Libya. This study also reveals that the proposed models have numerous potential benefits not only in meeting the financial needs of MSMEs but also in meeting the government objectives in economic divarication and socioeconomic development. First, the study proposes the applicability and suitability of Islamic equity-based models in financing MSMEs only, while large firms are excluded from the study. Second, the study only proposes and tests the applicability of Islamic equity-modes of financing contracts, namely, Musharakah and Mudarabah, while Islamic debt-based financing models are not included. Finally, as there is no practical evidence of using those models for financing MSMEs in Libya, this study lacks empirical evaluations of equity models’ real benefits on income, employment generation, living standards improvement and business growth and sustainability. Given the importance of the MSMEs sector for the State of Libya’s economic growth, it is expected that the findings of this study can be of assistance in formulating guidelines and implementing Islamic equity-based microfinance programs. Besides, it can be a valuable source of information for policymakers for improving the functions of the current microfinance programs in the country. Additionally, as studies concerning Islamic alternative models for financing MSMEs are scarce, the current study can also be a reference point for researchers, academicians, practitioners and other stakeholders. Providing capital support for the underfunded economy segment, attracting small savings, increasing investments and developing entrepreneurial skills could lead to improved economic productivity and growth. The present study proposes the structure of Islamic equity-based microfinance models for MSMEs in Libya and verifies the suitability of those proposed models among Libyan experts. To the best of the authors’ knowledge, no study has been conducted on uncovering and exploring the potentials of Islamic equity-based microfinance models for financing MSMEs in Libya.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-04-25
      DOI: 10.1108/QRFM-01-2021-0017
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Mobile financial services (MFS) and digital inclusion – a study on
           customers’ retention and perceptions

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      Authors: Dilruba Afroze , Faria Islam Rista
      Abstract: Mobile financial service (MFS) is a fast-growing industry in the emerging markets of Asia, Africa and the Middle East. It provides benefits to economically marginalised people who are excluded by formal financial channels. While many people tend to use MFSs, several others do not. Therefore, the purpose of this study is to explore customer loyalty with a specific focus on understanding the user behaviour of MFSs in Bangladesh. The authors conducted 12 in-depth personal interviews with various types of users from the urban area of Bangladesh to comprehend their perceptions about the use of MFS. Thematic analysis was used to analyse the interviews and understand the behavioural patterns of the respondents. The authors found a gap between the registered users and active users of MFS and found some interesting factors leading to this phenomenon. These are dependency, lack of basic digital literacy, lack of perceived usefulness, lack of perceived ease of use, security concerns and transaction costs. The present study also suggested that if employers make it mandatory for employees to get their salaries through MFS, it will increase the number of active users. In addition, this study extensively focused on the behavioural patterns of women using MFS. The study’s key practical implication is that MFS providers investments towards adding new features result in improved relationships with users and retain them in the market. Some of these factors have not been previously documented in the literature. For example, female dependency on their male counterparts while using MFS is an interesting issue that needs to be minimised, as suggested by the present research findings.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-04-04
      DOI: 10.1108/QRFM-06-2021-0095
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Inside the black box of institutional investors in an emerging market: the
           role of sell side analyst outputs

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      Authors: Arit Chaudhury , Seshadev Sahoo , Varun Dawar
      Abstract: In the backdrop of emerging market setting of India, this study aims to attempt to identify how Institutional investors use sell side analyst outputs for their decision-making processes in light of inherent biases in their forecasts and recommendations. The study also conceptualizes the role of internal buy side teams in the process and try to figure out the key attributes and services provided by sell side analysts, which provide maximum value to the investors. The study is centered upon in-depth semi-structured interviews of ten institutional investors from top Indian asset management companies covering a wide range of topics tied back to theoretical explanations. The data collected was transcribed, coded and analyzed using content analysis to ensure a systematic synthesis of point of view. The findings show that internal analyst teams of institutional investors play a dominant role in terms of validation of sell side analysts’ outputs (given the inherent biases in sell side analyst forecasts). Further, the engagement of sell side analysts by the investors are determined not only through profitable recommendations but also on the basis of soundness of the investment rationale along with other services provided. Finally, this study puts into perspective, the critical role of analyst industry knowledge and access to company management (as opposed to analyst pedigree and forecast accuracy) for institutional investors decision-making. The findings of the paper have profound implications for various stakeholders such as companies, sell side analysts, policy makers, researchers and students of finance in terms of detailed understanding of investment processes of institutional investors in the context of emerging markets like India, which have a different legal and regulatory set-up compared to developed markets. The authors also provide a critical perspective through an intriguing paradox that exists between finance theory and its relevance for actual practitioners. To the best of the authors’ knowledge, this is the first study in India which look inside the “black box” of institutional investors and their decision-making process, especially with respect to how they use sell side outputs.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-03-23
      DOI: 10.1108/QRFM-05-2021-0086
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Money creation and commercial banks’ money lending activity through the
           accounting treatment: stakeholders’ perceptions in Malaysia

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      Authors: Md Shamim Hossain , Ahmed Razman Abdul Latiff , Mohammad Noor Hisham Bin Osman
      Abstract: The purpose of this study is to explore stakeholders’ perceptions on money creation and the impact of the accounting treatment for commercial banks’ money lending activity in Malaysia. A phenomenological approach was used to examine the stakeholders’ perceptions through experience-sharing. A semi-structured interview approach was used to collect the data. Ten individuals from different stakeholder groups have been interviewed with their prior consent. For the data analysis, the current study adopted the inductive thematic approach. Perceptions on money creation are influenced by the informants’ understanding and awareness of the research issue. Informants have agreed on the accounting treatment (debit loan and credit deposits) but explained the impact of this accounting treatment differently. The accounting treatment creates an opportunity for the commercial banks to create money as they want, and hence, the excess created money can create inflation and threat for the potential financial crisis. On the contrary, it is argued that money creation results from the systematic approach of the fractional reserve banking (FRB) in Malaysia. In addition, this money creation is not a threat to the economy as long as there is a strong controlling role of Bank Negara Malaysia (BNM). Stakeholders’ perception indicates that awareness of the research issue can be a cause of crucial consequence for money lending activity. Moreover, this study may stimulate the chief regulatory body such as BNM, the central bank of Malaysia, to be more cautious in controlling the commercial banks’ money lending activity to prevent the potential future crisis. Furthermore, findings may help to explain the conflicting concept between the textbook explanation for FRB and current commercial banks’ money lending practice through the accounting treatment. Monitoring and controlling of money creation and commercial banks’ money lending activity by BNM can be benefited from the stakeholders’ perceptions on this research issue. Because this is the first time study of the stakeholders’ perceptions on money creation and commercial banks’ money lending activity in Malaysia and hence, findings of this study may be worked as the input in the process of monitoring and controlling the money creation activity in Malaysia.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-03-23
      DOI: 10.1108/QRFM-07-2021-0110
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Risk management practices of Islamic microfinance institutions to improve
           their financial performance and sustainability: a study on Baitut Tamwil
           Muhammadiyah, Indonesia

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      Authors: Mutamimah Mutamimah , Zaenudin Zaenudin , Widiyanto Bin Mislan Cokrohadisumarto
      Abstract: This study aims to explore the risk management practices of Islamic microfinance institutions (IMFIs) to increase their financial performance and sustainability. This research used a qualitative approach to increase financial performance and sustainability. The study population comprised the Baitut Tamwil Muhammadiyah (BTM) in Central Java Province, Indonesia. The data collection techniques included questionnaires and an in-depth interview, and the framework was validated by the main participants. This study showed that BTMs have implemented risk management using different standards. However, such risk management is carried out partially while prioritising certain risks and using different methods. The risk of Sharia compliance is the most recognised risk, while financing and operational risks are the most anticipated, because these two risk types directly impact financial performance and sustainability. In general, a risk management model can improve financial performance and sustainability. Nevertheless, there are obstacles in implementing risk management at BTMs, which include weak human resources, the employee selection process, human resource development and a good control system. This research explored best practices for risk management in IMFIs and may contribute to the development of risk management in such institutions to maintain the financial performance and sustainability of their services.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-03-18
      DOI: 10.1108/QRFM-06-2021-0099
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Socio-economic development through self-help groups in rural India –
           a qualitative study

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      Authors: Vinay Kandpal
      Abstract: Through a thematic analysis, this research study aims to examine the role of microfinance institutions (MFIs) and self-help groups (SHGs) in empowering rural women and their contribution to financial inclusion in India. Sustainable development can be achieved when resources are equally available and accessible for all, irrespective of gender differences. For qualitative research, the response was collected through focused group discussion and gathered responses from members working in SHGs in Uttarakhand in India. Thematic analysis was done to analyse the data till the saturation level was reached. Despite several socio-economic developments worldwide, women still fall among some of the most vulnerable communities, unable to access resources at par with men. Thus, women’s empowerment emerges as a theme central to sustainable development. MFIs are looking to empower women by increasing their savings habits. There are consistent efforts on the part of the government to formalize the system of SHGs and give them additional financial support by creating a proper link between the banking system and SHGs. We also need technology and innovation for creating financial literacy among women. Women’s empowerment cannot be achieved unless they are involved in financial inclusion by creating awareness. The research focuses on people’s socio-economic development, especially women living in hilly and rural areas within the specific context of Uttarakhand in India. This research will provide an opportunity for strategic approaches and reveal the areas where government needs to focus for sustainable development.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-03-15
      DOI: 10.1108/QRFM-10-2021-0170
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • A qualitative examination of changing investment preferences, sentiments
           and behavioural tendencies in COVID-19: a special case of Indian
           individual investors

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      Authors: Rupali Misra , Jaya Mamta Prosad , Shruti Ashok , Puneeta Goel
      Abstract: This paper aims to identify changes in individual investors’ preferences, prominent sentiments in the market, behavioural tendencies and biases demonstrated as a result of the COVID-19 pandemic. As the study is exploratory social research, the design is also structured as such. In total, 69 Securities and Exchange Board of India-registered investment advisors catering to investors of diverse profiles, experiences and locales are engaged through in-depth semi-structured interviews. The responses are categorised thematically using a data structure model. Investors are guided by an inclination for safer and liquid asset classes and prefer fixed income securities. The authors observe various emotional reactions – inexperienced investors panic, experienced investors act maturely, while a few of both naïve and sophisticated investors are opportunistic contrarians. Lower valuations, ease of access to digital infrastructure for trading and social norms attract many first-time individual investors, causing a phenomenon identified as the “new investor boom”. Apart from the biases identified during the financial crisis, the authors also detect evidence of cognitive dissonance, bandwagon effect, fear-of-missing-out syndrome, disposition effect and others. The paper also discusses some noticeable behavioural tendencies displayed by the individual investors and compiles helpful strategies to successfully navigate any such financial crisis. An individual investor is a least aware and most affected stakeholder in any crisis, so this study contributes newer insights to ensure their financial well-being. The study’s originality lies in adopting a qualitative methodology that uses investment advisors’ professional experience to unveil the sub-structures of investor psychology and decision-making behaviour during COVID-19.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-03-14
      DOI: 10.1108/QRFM-12-2020-0232
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Long-lasting heuristics principles for efficient investment decisions

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      Authors: Gregory Gadzinski , Markus Schuller , Shabnam Mousavi
      Abstract: Behavioral solutions to our cognitive biases have long been studied in the literature. However, there is still ample evidence of behavioral biases in decision-making, with only limited improvement in the medium/long term even when debiasing methods are applied. The purpose of this paper is to describe how financial investors could benefit from a proactive management of emotions combined with a set of learning and decision-making heuristics to make more efficient investments in the long run. First, the authors offer a classification of the appropriate quantitative and qualitative methodologies to use in different ecological environments. Then, the authors offer a list of detailed heuristics to be implemented as behavioral principles intended to induce more long-lasting changes than the original rules offered by the adaptive toolbox literature. Finally, the authors provide guidelines on how to embed artificial intelligence and cognitive diversity within the investment decision architecture. Improvements in decision skills involve changes that rarely succeed through a single event but through a succession of steps that must be habitualized. This paper argues that implementing a more conscious set of personal and group principles is necessary for long-lasting changes and provides guidelines on how to minimize systematic errors with adaptive heuristics. To maximize their positive effects, the principles outlined in this paper should be embedded in an architecture that fosters cognitively diverse teams. Moreover, when using artificial intelligence, the authors advise to maximize the interpretability/accuracy ratio in building decision support systems. The paper proposes a theoretical reflection on the field of behavioral research and decision-making in finance, where the chief goal is to offer practical advices to investors. The literature on debiasing cognitive biases is limited to the detection and correction of immediate effects. The authors go beyond the traditional three building blocks developed by the behavioral finance literature (search rules, stopping rules and decision rules) and aim at helping investors who are interested in finding long-term solutions to their cognitive biases.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-03-02
      DOI: 10.1108/QRFM-04-2021-0072
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Caught in a trap' Financial Fair Play Regulations and the case of
           Scottish football

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      Authors: Finlay Maclean , Renzo Cordina , Martin J. Gannon
      Abstract: The purpose of this study is to investigate the Union of European Football Associations’s Financial Fair Play (FFP) Regulations in the context of the European football industry. This study seeks to explore whether these regulations are perceived by member organisations as contributing to the creation of a “poverty trap”. To do so, this study turns towards what are traditionally perceived as smaller clubs operating in smaller member associations and, in doing so, explores whether the regulations limiting benefactor payments are suitable for smaller leagues. In-depth semi-structured interviews were conducted with key individuals involved in the management of Scottish football clubs. The Scottish context was chosen because of the disparity in revenues amongst competing teams and the limited broadcasting revenues achieved in comparison to some other European member associations. FFP Regulations are perceived to be an effective tool for monitoring clubs and ensuring financial stability. However, the findings suggest that participants believe that these regulations consolidate the financial position of larger teams who rely on broadcasting and extant brand power for revenue generation. Further, smaller leagues demonstrate a lesser reliance on benefactor payments, and therefore, the restriction on benefactor payments inherent within FFP Regulations is posited by participants as holding little consequence and/or relevance within the Scottish football context. Most prior studies on FFP Regulations have focused on generating quantitative insight into the application of FFP Regulations in large, resource-rich European football leagues. Through a qualitative approach, this study provides nascent exploratory insight into FFP Regulations from the perspective of smaller leagues.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-02-28
      DOI: 10.1108/QRFM-02-2021-0031
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Is recapitalisation regulation a disrupter' Survival and
           sustainability of indigenous Ghanaian banks

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      Authors: Lydia Nyankom Takyi , Vannie Naidoo
      Abstract: This study aims to explore how the implementation of the recapitalisation by the Bank of Ghana disrupted the indigenous banks’ sources of accessing capital to raise the required amount within the mandatory stipulated time/deadline. This study used purposive sampling techniques to interview key role players and senior members involved in the bank’s recapitalisation process and/or have in-depth information on the 2017–2018 recapitalisation period. This study revealed that government directives significantly shape banks regulations and strategy; accordingly, any state-directed policies must be communicated cautiously, well explained and implemented to reduce any negative consequences. This study makes a significant contribution to knowledge by exploring how directives (arbitrary) of regulatory bodies can influence the business as well as its other stakeholders (such as the depositors, public, among others). Secondly, the study highlights how the delays in government support may not derive the benefits expected by the regulator.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-02-22
      DOI: 10.1108/QRFM-07-2021-0116
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Valuations, marketing and uncertainty: a field study of financial analysts
           and salespeople

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      Authors: Emre Tarim
      Abstract: This paper aims to explore how sell-side analysts and salespeople make sense of uncertainty on their market knowledge, valuation and marketing outputs. Data is collected by direct observations of and interviews with analysts and salespeople in the Turkish stock exchange, an emerging market with considerable global fund management activity. Analysts face considerable uncertainty on their market value forecasts but dismiss it as local dynamics not incorporable to valuation practices in global sell-side business. Salespeople, despite paying more attention to such dynamics owing to their sales tasks, limit themselves to analyst output in marketing. Both actors recognise the importance of analyst work to be able to have “a right to speak” in global sell-side business. Changing market conditions and regulations since the time of study have been shaping analysts and salespeople work in global sell-side business, for example, the way sell-side is compensated by buy-side, buy-side’s move to receiving sell-side services from fewer brokers and hence shrinking sell-side teams. The paper does not address these. Nonetheless, it shows how valuation and marketing can be two distinct lines of work in sell-side business irrespective of market conditions and raises the question for future research as to how sell-side professionals manage this distinction, and how they make sense of and cope with broad market dynamics beyond sell-side and buy-side relations (e.g. automated trading machines, online retail trading). The paper provides rare observation-based insights into analyst and salespeople work, including their sensemaking of uncertainty. It shows the importance of market identities and associated knowledge in valuation and marketing work in sell-side business.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-02-03
      DOI: 10.1108/QRFM-01-2021-0012
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Rules and regulations review on micro- scheme development in Malaysia

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      Authors: Sofi Mohd Fikri , Asmadi Mohamed Naim , Selamah Maamor , Mohamad Yazid Isa , Shahrul Nizam Ahmad , Wahidah Shari , Nurul Aini Muhamed
      Abstract: This study aims to review the current rules and regulations on micro-takaful in Malaysia to determine whether it addresses the basic principles of micro-takaful. Although the features of the first micro-takaful are slightly different from the customary long-established takaful settings, the rules and regulations remain unchanged following the original guidelines of operating insurance and takaful. Until Perlindungan Tenang makes its first premiere, the rules and regulations on micro-takaful are gaining ground. The dissimilarity of micro-takaful from the original takaful calls for updated guidelines, so that any micro-takaful scheme launched in the market meets the demand and needs of the targeted population. This study uses content analysis as the best method to review each guideline in the related rules and regulations across several documents such as microinsurance and micro-takaful discussion paper and guidelines on family takaful products. Overall, the findings reveal that guidelines on micro-takaful operating in Malaysia support the micro-takaful requirement to be affordable, valuable, accessible, understandable and simplified. Matching the rules and regulations with this population feedback, the extended distribution channel may need further scrutiny due to deficit trust among public members toward insurance and takaful. The insights presented are of important illumination to achieve long-term sustainability financial protection while preserving human well-being among those underserved.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-01-03
      DOI: 10.1108/QRFM-02-2021-0030
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Book review

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      Authors: Sandeepa Kaur , Simarjeet Singh
      Abstract: Book review
      Citation: Qualitative Research in Financial Markets
      PubDate: 2022-05-19
      DOI: 10.1108/QRFM-06-2022-233
      Issue No: Vol. 14 , No. 3 (2022)
       
  • The role of recognition-based heuristics in investment management
           activities: are expert investors immune' – A systematic literature
           review

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      Authors: Maqsood Ahmad
      Abstract: The aim of this paper is to systematically review the literature published in recognized journals focused on recognition-based heuristics and their effect on investment management activities and to ascertain some substantial gaps related to them. For doing research synthesis, systematic literature review approach was applied considering research studies published within the time period, i.e. 1980–2020. This study attempted to accomplish a critical review of 59 studies out of 118 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioural finance domain-related explicitly to recognition-based heuristics and their effect on investment management activities. The survey and analysis suggest investors consistently rely on the recognition-based heuristic-driven biases when trading stocks, resulting in irrational decisions, and an investment strategy constructed by implementing the recognition-based heuristics, would not result in better returns to investors on a consistent basis. Institutional investors are less likely to be affected by these name-based behavioural biases in comparison to individual investors. However, under the context of ecological rationality, recognition-based heuristics work better and sometimes dominate the classical methods. The research scholars from the behavioural finance community have highlighted that recognition-based heuristics and their impact on investment management activities are high profile areas, needed to be explored further in the field of behavioural finance. The study of recognition-based heuristic-driven biases has been found to be insufficient in the context of emerging economies like Pakistan. The skilful understanding and knowledge of the recognition-based heuristic-driven biases will help the investors, financial institutions and policy-makers to overcome the adverse effect of these behavioural biases in the stock market. This article provides a detailed explanation of recognition-based heuristic-driven biases and their influence on investment management activities which could be very useful for finance practitioners’ such as investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/ broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making its financial management strategies. Currently, no recent study exists, which reviews and evaluates the empirical research on recognition-based heuristic-driven biases displayed by investors. The current study is original in discussing the role of recognition-based heuristic-driven biases in investment management activities by means of research synthesis. This paper is useful to researchers, academicians, and those working in the area of behavioural finance in understanding the role that recognition-based heuristics plays in investment management activities.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-10-24
      DOI: 10.1108/QRFM-07-2021-0109
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • A review of literature directions regarding the impact of fintech firms on
           the banking industry

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      Authors: Haitham Mohamed Elsaid
      Abstract: This paper aims to provide a review of literature directions regarding the potential impact of fintech operators on the financial services market globally. This paper reviews the literature to identify possible benefits or challenges that fintech firms can have for the traditional banking system. This paper is based on a review of published research papers related to fintech and digital finance. The Scopus database, SSRN database and google scholar were used to find relevant research papers. The final sample included impactful papers about the effect of fintech activities on the banking and financial services industry. The current paper indicated that while fintech firms would take some market share away from banks, it is not expected that fintech firms would substitute banks. However, banks are required to accelerate their adoption of innovations and advanced technology to compete with fintech firms. It is also proposed that strategic partnerships and cooperation could happen between banks and fintech companies in a way that benefits both sides. The present paper adds to the understanding of the effect of the fintech firms’ growth on the banking industry in light of the emerging opportunities and threats for the financial sector. The paper also provides guidance for fruitful research on the impact of fintech activities on social and economic welfare in the future.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-10-11
      DOI: 10.1108/QRFM-10-2020-0197
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Capital budgeting practices and political risk: evidence from Lebanon

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      Authors: Ahmed Bakri , Suzanne G.M. Fifield , David M. Power
      Abstract: This paper aims to examine how capital investment projects are appraised in Lebanon; whether the risk is incorporated into this process by Lebanese firms and the impact of political risk on the capital budgeting process. This paper uses a questionnaire survey to investigate the capital budgeting practices of companies located in Lebanon, which is a country characterised by a high level of political risk. Lebanese companies tend to use more than one method of investment appraisal and, increasingly, they are using sophisticated discounted cashflow techniques alongside the payback period. The most widely used methods to evaluate risk include scenario and sensitivity analysis. Finally, political risk plays an important role in the capital budgeting processes of Lebanese companies. The paper reports on whether the methods of capital investment appraisal used throughout advanced Western economies are used in the context of an emerging economy. In addition, Lebanon is an ideal research site to study capital budgeting as the conflicts in the country of the past 50 years have required sizeable new expenditure on capital projects; the country is characterised by high levels of political risk which may lead corporate managers to use different approaches to investment appraisal and it provides an opportunity to study capital budgeting decisions by private, unlisted firms.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-12-09
      DOI: 10.1108/QRFM-11-2020-0224
      Issue No: Vol. 14 , No. 3 (2021)
       
  • The experience and the prospects of Islamic finance in Kazakhstan

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      Authors: Nasim S. Shirazi , Laura A. Kuanova , Adilbek Ryskulov , Aziya G. Mukusheva
      Abstract: This paper aims to take stock of the Islamic finance experience and aims to identify an approach for further development in Kazakhstan, using qualitative and quantitative assessments. The paper presents a conceptual framework based on literature review and content analysis. Furthermore, the study uses a survey-based methodology to collect data and determine the prospects, challenges and possible remedies. The quantitative parameters of the potential of Islamic finance in Kazakhstan are based on the assessment of funds on bank deposits, which can be considered potential resources for Islamic financial instruments. The results suggest improving the legal framework and institutional environment to grow Islamic finance in the country. Raising trust levels in a Shariah-based system within the local population, reducing transaction costs and reducing information asymmetry allow raising public awareness of Islamic finance and integrating Islamic finance into the conventional financial system. This paper is not free from limitations and does not focus on implementing the suggested results. This work elaborates in what way the Islamic finance advancement affects the development of economics and focuses on co-financing of real asset-based projects, with the risk and loss sharing; charity; strict prohibitions on the financing of haram activities, pseudo-needs; and subordination of the individual’s interests to society. The proposed study presents originalities and it identifies the significant challenges and barriers for further Islamic financial industry development in Kazakhstan by professionals survey. Furthermore, the study assesses potential Islamic finance assets and provides recommendations for successful Islamic finance advancement, considering the peculiarities of the national economy.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-11-30
      DOI: 10.1108/QRFM-03-2020-0023
      Issue No: Vol. 14 , No. 3 (2021)
       
  • Bibliometric study on asset pricing

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      Authors: Asgar Ali , Hajam Abid Bashir
      Abstract: This study aims to provide a comprehensive overview of asset pricing research and identifies the general research trends in the area. The study also aims to provide future direction to the researchers in the area of asset pricing. The study uses bibliometric analysis techniques to achieve the stated purpose. The study covers 3,007 articles published in the top 50 finance and economics journals, accessed from the Scopus database for a period of 47 years (1973–2020). After initial searching for “asset pricing” as the main keyword in “title, abstract, keywords”, the database yields 6,583 articles. This number further reduces to 3,007 articles when the search is restricted to research and review articles published in the top 50 peer-reviewed journals. The tabular and pictorial representation obtained from the analysis exhibit that asset pricing is an extensively researched area; however, a sudden rise in the number of publications (242) observed for 2019 demonstrates a growing interest amongst researchers. Further, affiliation statistics indicate that the volume of research is mainly concentrated in the USA and other developed nations; hence it opens vistas for the exploration of risk-return dynamics in the context of emerging markets. The work presents an exhaustive and comprehensive review along with potential research implications. The present study reconciles various contradictory views of the prior studies under asset pricing such as risk-return trade-off, low-risk anomaly and provides the researchers with potential research gaps.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-10-11
      DOI: 10.1108/QRFM-07-2020-0114
      Issue No: Vol. 14 , No. 3 (2021)
       
  • Analysis of contract in the Islamic profit rate swap (IPRS) implementation
           in Malaysia

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      Authors: Azlin Alisa Ahmad , Mohd Hafiz Mohd Dasar , Nik Abdul Rahim Nik Abdul Ghani
      Abstract: This study aims to analyse the Shariah issues in the implementation of tawarruq contract in the Islamic profit rate swap (IPRS) instrument in Malaysia. This is a qualitative study in applying data analysis and semi-structured interview approaches. Data was collected from various documents including journals, articles and past studies conducted by scholars. To achieve the purpose of this study, the data is analysed based on thematic analysis. The study found several Shariah issues regarding the implementation of tawarruq contract in the IPRS instruments, which have remained a dispute amongst the Islamic financial scholars such as its profit-making purpose, encouragement of debt, impediment of shared risk concept, disputed underlying assets, a deception towards allowing riba and dual agency. This study recommends several improvements such as the establishment of a neutral agency that does not represent any banking institution to manage the tawarruq contract commodity purchase from Bursa Suq al-Sila’ (BSAS). In addition, a neutral agency can provide aid in terms of transaction facility or at least consultation service for clients to enable them to conduct the commodity transactions independently. Moreover, guidelines should be established on the separation of the deadline to sign the agreement of appointment of a bank as the commodity purchase agent and the agreement of appointment of the bank as the commodity sale agent on behalf of clients. All transactions related to tawarruq contract commodity must be done through BSAS. The regulators and industry experts may create a guideline for the IPRS based on the issues and recommendations that have been discussed in this study. On the basis of the analysis of the criticisms and issues in the implementation of tawarruq contract in the IPRS instrument, the current study found that an intermediating institution is allowed to gain profits from transactions conducted so long as they are based on Shariah principles of contract in Islam. As there is no parameter specifically for IPRS, thus the suggested parameter can be used by policymakers such as the Central Bank of Malaysia to ensure the industry complies with Shariah principles.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-09-20
      DOI: 10.1108/QRFM-01-2021-0007
      Issue No: Vol. 14 , No. 3 (2021)
       
  • Is knowledge alone enough for socially responsible investing' A
           moderation of religiosity and serial mediation analysis

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      Authors: Pooja Mehta , Manjit Singh , Manju Mittal , Himanshu Singla
      Abstract: This study aims to test the serial mediation effect of attitude toward socially responsible investing (SRI) and social investing efficacy (SIE) on the relationship of knowledge about SRI with the intention to invest in SRI along with moderating effect of religiosity. The study uses a quantitative analysis approach, wherein the data has been collected from 569 north Indian retail investors. Partial least square (PLS)-structural equation modeling has been applied in this study using the latest version of SmartPLS (v. 3.2.8) software to examine the complex model of serial and moderated mediation. Attitude toward SRI and SIE significantly and serially mediate the relationship between knowledge about SRI and intention to invest in SRI. Also, the interaction effect of religiosity with knowledge about SRI is significant only for SIE and not for attitude toward SRI. The study is cross-sectional in nature conducted only on the north Indian investors. Besides knowledge, there can be many other personal or social aspects that might affect SRI intention that have not been taken into the study. The results suggested that the companies, financial advisors and governmental bodies can improvise upon social and environmental performance reporting so that investment in SRI can be promulgated. The paper concludes that religious-minded people are more open to the idea of investing in SRI. India, being is a religious-minded country, the results of this study suggest that there is good potential for the development of SRI in India. Empirical evidence regarding the relationship of SRI intention with its determinants is limited in Asian countries. Prior literature mainly provides evidence from developed countries where social and governance systems are comparatively stronger. The study provides evidence for the bright future of SRI in India, where investor’s beliefs are dominated by their religious values.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-09-20
      DOI: 10.1108/QRFM-11-2020-0218
      Issue No: Vol. 14 , No. 3 (2021)
       
  • A qualitative inquiry into the capital structure decisions of
           overconfident finance managers of family-owned businesses in India

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      Authors: Hardeep Singh Mundi , Parmjit Kaur , R.L.N. Murty
      Abstract: The purpose of this study is to understand the impact of the overconfidence of finance managers on the capital structure decisions of family-run businesses in the Indian scenario. Furthermore, this study aims to demonstrate that measurable managerial characteristics explain the capital structure decisions of managers. The qualitative approach to research, which aims at understanding a given phenomenon among the experts, is followed. Semi-structured interviews are conducted with 21 overconfident finance managers of family-owned businesses. Content analysis is used to analyse the collected data regarding capital structure decisions into several themes to fully explore the issue in the Indian scenario. In terms of preference for cash or debt, most of the responding overconfident finance managers of family-run businesses agreed that cash is the preferred source of financing over debt financing. This is due to the biased behaviour of overconfident managers, who consider lower availability of debt as a reason to prefer cash over debt financing. The present study reports that overconfident finance managers prefer short- to long-term debt financing. These managers raise certain practical issues, such as stringent debt terms and inflexible repayment schedules, that arise in relation to the long-term debt market. The study also finds that overconfident finance managers do not fully use tax savings. Respondents reported a lack of access to the debt market and a lack of expertise in capital structure decisions as factors in these capital structure decisions. In addition, the study explores various factors, such as the role of government, the Central Bank of India and industry practices, in relation to capital structure decisions. The study finds that the capital structure decisions of these overconfident finance managers are suboptimal because of the presence of overconfidence bias. This study gathers information from respondents who are finance managers, not top-level managers, of family businesses; the decision not to interview the higher-ranking managers is a potential limitation of the present study. Another limitation is the small number of respondents in a specific firm size. Because of these factors, the generalisability of the findings of this study will obviously be restricted. The present study has several practical implications. The first is the recognition of overconfidence bias as it affects the decision-making of finance managers. Executives, especially finance executives, will benefit from the recognition of overconfidence bias and will understand how the presence of such bias impacts corporate decision-making. Managers will understand that bias leads to faulty decision-making. The study will provide indirect feedback to policymakers and regulators in terms of understanding the role of macroeconomic variables in economic decisions. The qualitative approach followed in the present study may enhance the understanding of capital structure decisions from a psychological perspective. The majority of studies in the review of literature adopt quantitative approaches; so the qualitative approach adopted here represents a methodological innovation, and it may provide a deeper understanding of the matter. The existing literature includes quantitative research aimed at understanding the impact of CEO overconfidence on various corporate policies such as capital budgeting, mergers and acquisitions, dividend policy and capital structure decisions. Quantitative research into the presence of overconfidence bias among executives and its impact on corporate policies returns mixed results. To fulfil the need for studies of overconfidence bias among executives with practical implications, this study explores the presence of overconfidence bias among finance managers in family-run businesses and investigates the impact of overconfidence on capital structure decisions.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-09-02
      DOI: 10.1108/QRFM-02-2020-0019
      Issue No: Vol. 14 , No. 3 (2021)
       
  • Capital structure puzzle and banks: need for a unique approach'

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      Authors: Ashish Pandey
      Abstract: This study aims to examine some of the commonly proposed deviants associated with the banking industry in the context of the capital structure puzzle. The paper considers the role of guarantees, information asymmetry and other frictional factors in the context of modern financial markets and examines whether these factors deserve special consideration in solving the capital structure puzzle for banks. The authors adopt the argumentation theory model proposed by Toulmin (1958) as the methodological approach in this paper. The findings from this paper demonstrate that any solution to the capital structure puzzle, whenever available, will also solve the capital structure puzzle for banks without additional efforts. The focus of future research should be on solving the generic capital structure puzzle for a universal set of firms rather than focusing on the banking industry as a subset with unique features. The paper adopts a novel methodological approach offered by argumentation theory to pursue the enquiry. To the best of the knowledge, this paper is the first paper in the finance literature that uses argumentation theory to develop a theoretical construct. The finding from this study offers guidance for the proliferation of research paradigms in the capital structure puzzle.
      Citation: Qualitative Research in Financial Markets
      PubDate: 2021-09-02
      DOI: 10.1108/QRFM-09-2020-0178
      Issue No: Vol. 14 , No. 3 (2021)
       
  • Qualitative Research in Financial Markets

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