Search results for: Shariah-compliant firms

Authors: Muhammad Akhtaruzzaman

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The impact of corporate environmental social and governance (ESG) on financial performance is often difficult to quantify despite the ESG related theories predict that ESG performance improves financial performance of a company. This research examines the link between corporate ESG performance and the financial performance of the NZX (New Zealand Stock Exchange) listed companies. For this purpose, this research utilizes mixed methods approaches to examine and understand this link. While quantitative results found no robust evidence of such a link, however, the qualitative analysis of content data suggests a strong cooccurrence exists between ESG performance and financial performance. The findings of this research have important implications for policymakers to support higher ESG-performing companies and for management practitioners to develop ESG-related strategies.

Keywords: ESG, financial performance, New Zealand firms, thematic analysis, mixed methods

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Authors: Martin Bugeja, Helen Spiropolos

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Using a sample of U.S. firms during the period 1993-2015, this study examines whether mergers and acquisitions (M&A) impact the compensation of the Chief Financial Officer (CFO) in the bidding and integration phases of M&As. The study finds that after controlling for CEO power, CFOs’ total compensation is higher during M&A years and is driven by higher equity incentives. These results are robust to controlling for self-selection. Furthermore, CFOs receive a greater bonus during the year of acquisition and the year prior. The study also investigates if CFO compensation during M&A years is driven by M&A characteristics and finds that deal size and diversification are positively related to total compensation while completion time is negatively related. The results are robust to a number of sensitivity tests and additional analyses.

Keywords: chief financial officer, compensation, mergers, acquisitions

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Authors: Yunice Karina Tumewang

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As we have seen, the number of Muslim and their awareness toward financial products and services that conform to Islamic principles are growing rapidly today. Thus, it makes the market environment potentially beneficial for Shari-compliant funds with the expanding prospective client base. However, over the last decade, only small portion of this huge potential market has been covered by the established Islamic asset management firms. This study aims to examine the factors of this untapped market particularly in the demand side. This study will use the qualitative method with primary data through a questionnaire distributed to 500 samples of Muslim population. It will shed light on Muslim attitudes and expectations toward Sharia-compliant retirement planning and pensions. It will also help to raise the awareness of market players to see Islamic pension fund as a promising industry in the foreseeable future.

Keywords: Islamic marketing, Islamic finance, Islamic asset management, Islamic pension fund

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Authors: Kisanga Arsene

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The abundant literature on corporate governance identifies four main objectives: the configuration of power within firms, control, conflict prevention and the equitable distribution of value created. The persistent dysfunctions in companies in developing countries in general and in African countries, in particular, show that these objectives are generally not achieved, which supports the idea of analyzing corporate governance practices in Africa. Indeed, the objective of this paper is to review the literature on corporate governance in Africa, to outline the specific practices and challenges of corporate governance in Africa and to identify reliable indicators and variables to capture corporate governance in Africa. In light of the existing literature, we argue that corporate governance in Africa can only be studied in the light of African realities and by taking into account the institutional environment. These studies show the existence of a divide between governance practices and the legislative and regulatory texts in force in the African context.

Keywords: institutional environment, transparency, accountability, Africa

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Authors: Ruba Hamed, Khaled Hussainey, Basiem Al-Shattarat, Wasim Al-Shattarat

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This paper examines how the influence of mandating corporate social responsibility reporting (CSR) on subsequent financial performance through accounting-based measures and market-based measures. We provide evidence about the negative impact of reporting CSR voluntarily on the firm’s future performance due to the increased spending on and costs related to such activities. On the contrary, mandating CSR reporting enhances firms’ future performance by signalling to the market about the firm’s positive stance towards sustainability issues in the UK. Our findings are of interest to regulation setters and stakeholders with respect to mandatory CSR reporting and provide further insight and feedback into accounting and reporting practices.

Keywords: accounting-based performance, mandatory CSR, mandatory regulation, market-based performance

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Authors: Rosyidah, Permata Wulandari

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We investigate the price effect of addition and deletions from the Indonesia Sharia Stock Index (ISSI) and Jakarta Islamic Index (JII). Using event study methodology, we measure abnormal returns for firms over the period June 2019 - to December 2021. Through the sample of 107 additions and 95 deletions, we find evidence to support the theory of Muslim country investment behavior. We find that additions to the Islamic index led to a significant positive stock market reaction and deletions to the Islamic index led to a negative stock market reaction on Jakarta Islamic Index (JII) and there is no significant reaction of addition and deletion on Indonesia Sharia Stock Index (ISSI).

Keywords: abnormal return, abnormal volume, event study, index changes, sharia index

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Authors: Mairaj Salim, Asma Zaheer

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Oman has accomplished as much or more than its fellow Gulf monarchies, despite starting from scratch considerably later, having less oil income to utilize, dealing with a larger and more rugged geography, and resolving a bitter civil war along the way. Of course, Oman's progress in the past 30-plus years has not been without problems and missteps, but the balance is squarely on the positive side of the ledger. Oil has been the driving force of the Omani economy since Oman began commercial production in 1967. The oil industry supports the country’s high standard of living and is primarily responsible for its modern and expansive infrastructure, including electrical utilities, telephone services, roads, public education and medical services. In addition to extensive oil reserves, Oman also has substantial natural gas reserves, which are expected to play a leading role in the Omani economy in the Twenty-first Century. To reduce the country’s dependence on oil revenues, the government is restructuring the economy by directing investment to non-oil activities. Since the 21st century IT has changed the performing tasks. To manage the affairs for the benefits of organizations and economy, the Omani government has adopted E-Business technologies for the development. E-Business is important because it allows • Transformation of old economy relationships (vertical/linear relationships) to new economy relationships characterized by end-to-end relationship management solutions (integrated or extended relationships) • Facilitation and organization of networks, small firms depend on ‘partner’ firms for supplies and product distribution to meet customer demands • SMEs to outsource back-end process or cost centers enabling the SME to focus on their core competence • ICT to connect, manage and integrate processes internally and externally • SMEs to join networks and enter new markets, through shortened supply chains to increase market share, customers and suppliers • SMEs to take up the benefits of e-business to reduce costs, increase customer satisfaction, improve client referral and attract quality partners • New business models of collaboration for SMEs to increase their skill base • SMEs to enter virtual trading arena and increase their market reach A national strategy for the advancement of information and communication technology (ICT) has been worked out, mainly to introduce e-government, e-commerce, and a digital society. An information technology complex KOM (Knowledge Oasis Muscat) had been established, consisting of section for information technology, incubator services, a shopping center of technology software and hardware, ICT colleges, E-Government services and other relevant services. So, all these efforts play a vital role in the development of Oman economy.

Keywords: ICT, ITA, CRM, SCM, ERP, KOM, SMEs, e-commerce and e-business

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Authors: Kisik Song, Kyuwoong Kim, Sungjoo Lee

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Many global firms and corporations derive new technology and opportunity by identifying vacant technology from patent analysis. However, previous studies failed to focus on technologies that promised continuous growth in industrial fields. Most studies that derive new technology opportunities do not test practical effectiveness. Since previous studies depended on expert judgment, it became costly and time-consuming to evaluate new technologies based on patent analysis. Therefore, research suggests a quantitative and systematic approach to technology evaluation indicators by using patent data to and from customer communities. The first step involves collecting two types of data. The data is used to construct evaluation indicators and apply these indicators to the evaluation of new technologies. This type of data mining allows a new method of technology evaluation and better predictor of how new technologies are adopted.

Keywords: data mining, evaluating new technology, technology opportunity, patent analysis

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Authors: Mncedisi Trinity Dewa, Andre Francois Van Der Merwe, Stephen Matope

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Tool, Die and Mould-making (TDM) firms have been known to play a pivotal role in the growth and development of the manufacturing sectors in most economies. Their output contributes significantly to the quality, cost and delivery speed of final manufactured parts. Unfortunately, the South African Tool, Die and Mould-making manufacturers have not been competing on the local or global market in a significant way. This reality has hampered the productivity and growth of the sector thus attracting intervention. The paper explores the shortcomings South African toolmakers have to overcome to restore their competitive position globally. Results from a global benchmarking survey on the tooling sector are used to establish a roadmap of what South African toolmakers can do to become a productive, World Class force on the global market.

Keywords: competitive performance objectives, toolmakers, world-class manufacturing, lead times

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Authors: JoãO Paulo Estevam De Souza, Rob Dekkers

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Particularly for the space sector the inclusion of sustainability in product development poses considerable challenges for practitioners. Outcomes of action research at two companies in this sector demonstrate how this contemporary theme could be included in methods for product and process development; this was supported by wider focus groups involving more companies. The working together with practitioners brought to the fore that holistic product life-cycle thinking needs further development, especially when firms are suppliers to original equipment manufacturers. Furthermore, the findings indicate that the social aspect of the triple-bottom-line causes remains elusive for companies; to this purpose, some pathways based on the action research and focus groups are proposed.

Keywords: aerospace, action research, product development, product life-cycle, sustainability, triple bottom-line

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Authors: Kiyohiro Yamazaki

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A purpose of this study is to examine how a firm without fundamental technology is able to gain the competitive advantage. This paper examines three case studies, Sony in the flat display TV industry, Casio in the digital camera industry and Nintendo in the home game machine industry. This paper maintain the firms without fundamental technology construct two advantages, economic advantage and organizational advantage. An economic advantage involves the firm can select either high-tech or cheap devices out of several device makers, and change the alternatives cheaply and quickly. In addition, organizational advantage means that a firm without fundamental technology is not restricted by organizational inertia and cognitive restraints, and exercises the characteristic of strength.

Keywords: firm without fundamental technology, economic advantage, organizational advantage, Sony, Casio, Nintendo

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Authors: João Pereira Dos Santos

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The uneven spatial distribution of start-ups and their respective survival may reflect comparative advantages resulting from the local institutional background. For the first time, we explore this idea using Data Envelopment Analysis (DEA) to assess relative efficiency of Portuguese municipalities in this specific context. We depart from the related literature where expenditure is perceived as a desirable input by choosing a measure of fiscal responsibility and infrastructural variables in the first stage. Comparing results for 2006 and 2010, we find that mean performance decreased substantially with 1) the effects of the Global Financial Crisis; 2) as municipal population increases and 3) as financial independence decreases. A second stage is then computed employing a double-bootstrap procedure to evaluate how the regional context outside the control of local authorities (e.g. demographic characteristics and political preferences) impacts on efficiency.

Keywords: entrepreneurship, political economy, public finance, accountability, crisis, efficiency, Portuguese municipalities

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Authors: Fabienne Fel, Eric Griette

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Reshoring, whether concerning back-reshoring or near-reshoring, is a quite recent phenomenon. Despite the economic and political interest of this topic, academic research questioning determinants of reshoring remains rare. Our paper aims at contributing to fill this gap. In order to better understand the reasons for reshoring, we conducted a study among 280 French firms during spring 2016, three-quarters of which sourced, or source, in China. 105 firms in the sample have reshored all or part of their Chinese production or supply in recent years, and we aimed to establish a typology of the motives that drove them to this decision. We asked our respondents about the history of their Chinese supplies, their current reshoring strategies, and their motivations. Statistical analysis was performed with SPSS 22 and SPAD 8. Our results show that change in commercial and financial terms with China is the first motive explaining the current reshoring movement from this country (it applies to 54% of our respondents). A change in corporate strategy is the second motive (30% of our respondents); the reshoring decision follows a change in companies’ strategies (upgrading, implementation of a CSR policy, or a 'lean management' strategy). The third motive (14% of our sample) is a mere correction of the initial offshoring decision, considered as a mistake (under-estimation of hidden costs, non-quality and non-responsiveness problems). Some authors emphasize that developing a short supply chain, involving geographic proximity between design and production, gives a competitive advantage to companies wishing to offer innovative products. Admittedly 40% of our respondents indicate that this motive could have played a part in their decision to reshore, but this reason was not enough for any of them and is not an intrinsic motive leading to leaving Chinese suppliers. Having questioned our respondents about the importance given to various problems leading them to reshore, we then performed a Principal Components Analysis (PCA), associated with an Ascending Hierarchical Classification (AHC), based on Ward criterion, so as to point out more specific motivations. Three main classes of companies should be distinguished: -The 'Cost Killers' (23% of the sample), which reshore their supplies from China only because of higher procurement costs and so as to find lower costs elsewhere. -The 'Realists' (50% of the sample), giving equal weight or importance to increasing procurement costs in China and to the quality of their supplies (to a large extend). Companies being part of this class tend to take advantage of this changing environment to change their procurement strategy, seeking suppliers offering better quality and responsiveness. - The 'Voluntarists' (26% of the sample), which choose to reshore their Chinese supplies regardless of higher Chinese costs, to obtain better quality and greater responsiveness. We emphasize that if the main driver for reshoring from China is indeed higher local costs, it is should not be regarded as an exclusive motivation; 77% of the companies in the sample, are also seeking, sometimes exclusively, more reactive suppliers, liable to quality, respect for the environment and intellectual property.

Keywords: China, procurement, reshoring, strategy, supplies

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Authors: Saeed Nayeri

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This paper explores the feasibility of openness within firms' boundaries during process innovation and identifies the key determinants of open process innovation (OPI). Through a systematic review of 78 research studies published between 2001 and 2024, the author synthesized diverse findings into a comprehensive framework detailing OPI attributes and pillars. The identified OPI attributes encompass themes such as technology intensity, significance, magnitude, and locus of exploitation, while the OPI pillars include mechanisms, partners, achievements, and antecedents. Additionally, the author critically analysed gaps in the literature, proposing future research directions that advocate for a broader methodological approach, increased emphasis on theory development and testing, and more cross-national and cross-sectoral studies to advance understanding in this field.

Keywords: open innovation, process innovation, OPI attributes, systematic literature review, organizational openness

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Authors: Yawen Xia, Rubi Yang, Jing Zhao

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We examine the environmental, social, and governance (ESG) decision-making of companies during turbulent times like COVID-19. We find that firms’ ESG reputation risk comove with their industry and local peers, suggesting that managers may follow their industry and local counterparts in engaging in irresponsible activities. Moreover, the comovement in reputation risk is attenuated during the COVID-19 pandemic. Further analyses suggest that the reduction in comovement varies by state-level partisanship and death rate during the pandemic. Comovement in reputation risk declines more significantly in the Democratic states with stringent social distancing policies and in states with higher infection severity. Our findings suggest that social distancing provisions during COVID-19 may lead to a reduction in social activities and information sharing among enterprise managers.

Keywords: ESG, Covid, peer pressure, local comovement, orporate governance

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Authors: Li Sheng

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Based on an extended post-Keynesian model, we find that the association between the savings rate and income inequality is negative if savers’ funds are borrowed by spending households for consumption but positive if savings are channeled to investing firms for production. A negative association, such as the one that exists in the U.S., hinges on an income illusion created by an asset bubble and cheap credit. Thus, financial globalization leads consumption and income inequality to diverge, and the divergence is more extreme if lower-income groups have higher debt ratios. A positive association, such as the one that exists in China, relates to liquidity constraints faced by consumers such that consumption inequality closely follows income inequality. Our results imply that income inequality must be reduced in both types of countries to increase savings in deficit economies with negative associations and to reduce savings in surplus economies with positive associations.

Keywords: savings rate, income inequality, financial globalization, global imbalances

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Authors: Mohammed Al Awadh

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In order for businesses to take advantage of the opportunities for expanded production and trade that have arisen as a result of globalization and increased levels of competition, productivity growth is required. The number of available sources is decreasing with each passing day, which results in an ever-increasing demand. In response to this, there will be an increased demand placed on firms to improve the efficiency with which they utilise their resources. As a scientific method, work and time research techniques have been employed in all manufacturing and service industries to raise the efficiency of use of the factors of production. These approaches focus on work and time. The goal of this research is to improve the productivity of a manufacturing industry's production system by looking at ways to measure work. The work cycles were broken down into more manageable and quantifiable components. On the observation sheet, these aspects were noted down. The operation has been properly analysed in order to identify value-added and non-value-added components, and observations have been recorded for each of the different trails.

Keywords: time study, work measurement, work study, efficiency

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Authors: Meltem Gurunlu

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One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

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Authors: Umer Mukhtar

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Supply Chain Competitiveness is the capability of a supply chain to deliver value to the customer for the sake of competitive advantage. Service Performance and Quality intervene between supply chain actors including functions inside the firm in a significant way for the supply chain to achieve a competitive position in the market to gain competitive advantage. Supply Chain competitiveness is the current issue of interest because of supply chains’ competition for competitive advantage rather than firms’. A proposed theoretical model is developed by extracting and integrating different theories to pursue further inquiry based on case studies and survey design. It is also intended to develop a scale of service performance for functions of the focal firm that is a revolving center for a whole supply chain.

Keywords: supply chain competitiveness, service performance in supply chain, service quality in supply chain, competitive advantage by supply chain, networks and supply chain, customer value, value supply chain, value chain

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Authors: Mohammad Reza Nafar

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In order to get a better understanding of supply chain visibility for creating strategic value, this paper uses a dynamic capability lens to reveal the nature of supply chain visibility. This paper identifies the importance of supply chain visibility in driving supply chain reconfigurability and consequently improving supply chain strategic performance. Empirical evidence shows that visibility has a direct impact on supply chain strategic performance. It also supports that visibility is important for enhancing supply chain reconfigurability, thus creating strategic value in supply chains. Supply chain visibility, therefore, enables firms to reconfigure their supply chain resources for a better competitive advantage. From the perspective of practitioners, the results display several insights into how managers should create strategic value from supply chain visibility. Prominently, managers or decision-makers need to take advantage of supply chain visibility in order to use and recombine resources in a value creation manner.

Keywords: supply chain visibility, strategic performance, competitive advantage, resource mobilization, information system

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Authors: Hongmin Chun

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This paper examines corporate cash holdings and their effect on the cost of equity capital. In addition, this study examines the potentially different effects when the firm belongs to chaebol and non-chaebol groups. Chaebol is a South Korean form of business conglomerate. Chaebol is typically global multinationals and owns numerous international enterprises, controlled by a chairman with power over all the operations. The overall empirical result suggests that higher cash holdings are a risk increasing factor which holds for the chaebol group of firms. This result is valid in a battery of robustness tests and 2SLS regressions. In Korea, higher cash holdings represent a risk premium factor that is closely related to the overinvestment and agency problems between managers and shareholders.

Keywords: cash holdings, implied cost of equity capital, chaebol, agency problem

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Authors: Ananth Malali, Rohan Prasad, Ananth Revankar, Chiranth Hulgur

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This paper aims to show evidence that value creation by sustainable methods is achieved when a relation is shared with a sustainability attribute between two or more companies in every stage of the supply chain. The pillars of this paper, the value creation factors, attributes of sustainability and various relations that exist between firms in a horizontally integrated supply chain are defined. Further, a relational analysis was done using a simple analysis tool built based on research. Couple of case studies from the German manufacturing and Australian retail sectors were considered for the intra industry analysis and comparison. Taking the analysis ahead, for inter-industry comparison, the same cases were scrutinised in order to understand how the sustainability attributes change across each industry. Concluding, this paper gives an overview of how companies can plan their strategies to attain sustainability through horizontal integration.

Keywords: horizontal integration, value creation, sustainable supply chain

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Authors: Mario Gómez, José Carlos Rodríguez

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This paper analyzes innovation trends in South Korea by means of the number of patent applications filed by residents and nonresidents during the period 1965 to 2012. Making use of patent data released by the World Intellectual Property Organization (WIPO), we search for the presence of multiple structural changes in patent application series in this country. These changes may suggest that firms’ innovative activity has been modified as a result of implementing some science, technology and innovation (STI) policies. Accordingly, the new regulations implemented in this country in the last decades have influenced its innovative activity. The question conducting this research is thus how STI policies in South Korea have influenced its innovation activity. The results confirm the existence of multiple structural changes in the series of patent applications resulting from alternative STI policies implemented during these years.

Keywords: econometric methods, innovation activity, Korea, patent applications, science, technology and innovation policy, STI

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Authors: Norazlan Alias, Mohd. Hasimi Yaacob

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This study examines the impact of governance structure via corporate restructuring decision on selected firm characteristics and performance. Results of selected ratios that represent corporate decision, governance structure and performance in pre and post restructuring are analyzed for some conclusions. This study uses annual data of companies that are consistently listed on the Main Board of Bursa Malaysia and announced completed corporate restructuring. The results show that only debt ratio is significantly different before and after asset restructuring. This study concludes that firms do not view corporate restructuring namely asset restructuring as an opportunity to simultaneous enhance governance structure that could also contribute enhance firm performance and board of directors’ structure subsequent to asset restructuring only has significantly influence on changing capital structure but not on firm performance.

Keywords: board of directors, capital structure, corporate restructuring, performance

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Authors: Pei-Gi Shu, Yin-Hua Yeh, Chao-Ting Chen

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Using a dataset consisting of 7,120 firm-year observations from the Taiwan stock market over the 2007-2011 sample period, we find a significantly negative relationship between board external connectedness and firm diversification. We propose a learningeffect hypothesis indicating that an externally connected board member’s experiences in other companies directly affect his recommendations regarding the underlying firm’s diversification. The partial correlation between diversification and the performance of firms with externally connected board members is used as a proxy for the learning effect. The empirical results show that the learning effect is asymmetrically embedded in firm diversification, with negative experiences having a greater effect on firm diversification than positive experiences. Externally connected board members are associated with reduced diversification in one firm after they learn that diversification is detrimental to value in other companies. Moreover, the diversification of a firm due to board external connectedness is moderated by the controlling owner’s interest alignment and entrenchment.

Keywords: board, external, connectedness, diversification

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Authors: Bangkit Adhi Nugraha, Bambang Suripto

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On September 2016 Bank Indonesia (BI) release regulation no.18/18/PBI/2016 that permit bank clients for using the FX option call spread USD/IDR. Basically, this product is a combination between clients buy FX call option (pay premium) and sell FX call option (receive premium) to protect against currency depreciation while also capping the potential upside with cheap premium cost. BI classifies this product as a structured product. The structured product is combination at least two financial instruments, either derivative or non-derivative instruments. The call spread is the first structured product against IDR permitted by BI since 2009 as response the demand increase from Indonesia firms on FX hedging through derivative for protecting market risk their foreign currency asset or liability. The composition of hedging products on Indonesian FX market increase from 35% on 2015 to 40% on 2016, the majority on swap product (FX forward, FX swap, cross currency swap). Swap is formulated by interest rate difference of the two currency pairs. The cost of swap product is 7% for USD/IDR with one year USD/IDR volatility 13%. That cost level makes swap products seem expensive for hedging buyers. Because call spread cost (around 1.5-3%) cheaper than swap, the most Indonesian firms are using NDF FX call spread USD/IDR on offshore with outstanding amount around 10 billion USD. The cheaper cost of call spread is the main advantage for hedging buyers. The problem arises because BI regulation requires the call spread buyer doing the dynamic hedging. That means, if call spread buyer choose strike price 1 and strike price 2 and volatility USD/IDR exchange rate surpass strike price 2, then the call spread buyer must buy another call spread with strike price 1’ (strike price 1’ = strike price 2) and strike price 2’ (strike price 2’ > strike price 1‘). It could make the premium cost of call spread doubled or even more and dismiss the purpose of hedging buyer to find the cheapest hedging cost. It is very crucial for the buyer to choose best optimum strike price before entering into the transaction. To help hedging buyer find the optimum strike price and avoid expensive multiple premium cost, we observe ten years 2005-2015 historical data of USD/IDR volatility to be compared with the price movement of the call spread USD/IDR using Garman–Kohlhagen Model (as a common formula on FX option pricing). We use statistical tools to analysis data correlation, understand nature of call spread price movement over ten years, and determine factors affecting price movement. We select some range of strike price and tenor and calculate the probability of dynamic hedging to occur and how much it’s cost. We found USD/IDR currency pairs is too uncertain and make dynamic hedging riskier and more expensive. We validated this result using one year data and shown small RMS. The study result could be used to understand nature of FX call spread and determine optimum strike price for hedging plan.

Keywords: FX call spread USD/IDR, USD/IDR volatility statistical analysis, Garman–Kohlhagen Model on FX Option USD/IDR, Bank Indonesia Regulation no.18/18/PBI/2016

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Authors: Faraz Ali Memon

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Stakeholders are a vital part of any organisation. It includes working on the demands of different stakeholders within the projects. However, the reality of construction projects is slightly different when it comes to practice. The UK construction projects have a history of failing to complete projects on time and within the budget. The purpose of this qualitative study is to enhance knowledge of stakeholder engagement. Semi-structured interviews will be carried out using a purposive sampling technique. It includes interviewing and getting knowledge from industry practitioners from top UK construction firms on how to manage stakeholders effectively. The findings from this study will help in understanding stakeholders' impact and how the engagement of stakeholders can affect construction projects. The conclusions of this study add value to the existing body of knowledge on stakeholder management, especially in the UK, where academic studies on construction projects are few. As a contribution, this study will provide a practical guide for the practitioners to engage stakeholders within the scope of the project. In addition, this study is limited to UK construction projects. Therefore, the outcome may not be generalised to other developing and underdeveloped countries.

Keywords: stakeholders, UK construction, project management, cost and time

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Authors: Mohamed Haffar, Khalil Al-Hyari, Mohammed Khair Abu Zaid, Ramadane Djbarni, Mohammed Hamdan

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While employee readiness for change (ERFC) is recognised as critical for total quality management (TQM) implementation, there is a lack of systematic and empirical studies regarding the relationship between ERFC dimensions and TQM. Therefore, this study proposes to fill this gap by providing empirical evidence leading to advancement in the understanding of the influences of ERFC components on TQM implementation. The empirical data for this study was drawn from a survey of 400 middle and senior managers of Jordanian firms. The analysis of the collected data, which was conducted using Structural Equation Modeling technique, revealed that three of the ERFC components, namely personally beneficial, change self-efficacy and management support are the most supportive ERFC dimensions for TQM implementation. Therefore, this paper makes a novel contribution by providing a refined and deeper comprehension of the relationships between ERFCs and TQM implementation.

Keywords: total quality management, employee readiness for change, manufacturing organisations, Jordan

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Authors: Pallavi Malhotra

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This paper examines the importance of ethics in cloud computing. In the modern society, cloud computing is offering individuals and businesses an unlimited space for storing and processing data or information. Most of the data and information stored in the cloud by various users such as banks, doctors, architects, engineers, lawyers, consulting firms, and financial institutions among others require a high level of confidentiality and safeguard. Cloud computing offers centralized storage and processing of data, and this has immensely contributed to the growth of businesses and improved sharing of information over the internet. However, the accessibility and management of data and servers by a third party raise concerns regarding the privacy of clients’ information and the possible manipulations of the data by third parties. This document suggests the approaches various stakeholders should take to address various ethical issues involving cloud-computing services. Ethical education and training is key to all stakeholders involved in the handling of data and information stored or being processed in the cloud.

Keywords: IT ethics, cloud computing technology, cloud privacy and security, ethical education

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Authors: Kasra HosseinMostofi, Mohamadamin Oyar Hossein, Reza Mehdizadeh Anvigh

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BIM is an innovative concept for the majority of firms operating in industry. BIM offers a new paradigm to design, construct, operate, and maintain a facility. However, even with the most conscientious use, stakeholders can run into trouble during its implementation on a project or within an organization. At times, project stakeholders are unaware of the challenges that they can face with the implementation at the project level or an organizational level. Therefore, the study aimed to identify and compile barriers associated with the BIM implementation at the project and organizational level, as per the literature. Despite the fact that innumerable advantageous involved in exploiting BIM, there are some barriers to implement it properly. These barriers have been proved as impediments for academicians and members of construction team project to take the maximum advantage of its utilization. Although some research has been conducted to identify these barriers regarding BIM implementation in construction industry, more research is needed to be carried out among academicians to identify these barriers in institutions, and most importantly, to make suggestions for eliminating these obstacles.

Keywords: building information modelling, construction, design and construction, designers

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