Search results for: Islamic financial institutions

Authors: Carol S. Binnekade, Deon Scott, Christina C. Shuttleworth, Annelien A. Van Rooyen

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Higher education institutions are constantly challenged to deliver skilled graduates into the workplace. Employers expect graduates to have the required technical knowledge as well as various pervasive skills. This also applies to accountants who need to know the technical requirements of financial reporting and be able to communicate with individuals, teams and clients at a high level. Accountants need to develop effective business conversational skills and use these skills to communicate up, down and across organizations, taking into consideration cultural and gender diversity. In addition, they need to master business writing and presentation skills. However, providing students with these skills in a distance-learning environment where interaction between students and instructors is limited, is a challenge for academics. The study on which this paper reports, forms part of a larger body of research, which explored the perceptions of accounting practitioners of the communication skills (or lack thereof) of recently qualified accounting students. Feedback (qualitative and quantitative) was obtained from various accounting practitioners in South Africa. Taking into consideration that distance learners communicate mainly with their instructors via email communication and their assignments are submitted using various word processor software, the researchers were of the opinion that the accounting graduates would be capable of communicating effectively once they entered the workplace. However, the research findings, inter alia, suggested that the accounting graduates lacked communication skills and that training was needed to differentiate between business and social communication once they entered the workplace. Recommendations on how these communication challenges may be addressed by higher education institutions are provided.

Keywords: accounting practitioners, communication skills, distance education, pervasive skills

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Authors: Morteza Raei Dehaghi, Seyed Mohammad Mirhashemi

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The current study explored the effect of economic development, financial development and institutional quality on environmental destruction in upper-middle income countries during the time period of 1999-2011. The dependent variable is logarithm of carbon dioxide emissions that can be considered as an index for destruction or quality of the environment given to its effects on the environment. Financial development and institutional development variables as well as some control variables were considered. In order to study cross-sectional correlation among the countries under study, Pesaran and Friz test was used. Since the results of both tests show cross-sectional correlation in the countries under study, seemingly unrelated regression method was utilized for model estimation. The results disclosed that Kuznets’ environmental curve hypothesis is confirmed in upper-middle income countries and also, financial development and institutional quality have a significant effect on environmental quality. The results of this study can be considered by policy makers in countries with different income groups to have access to a growth accompanied by improved environmental quality.

Keywords: economic development, environmental destruction, financial development, institutional development, seemingly unrelated regression

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Authors: Kristel Faye Tandog

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The State Owned Enterprise (SOE) or also called Public Enterprise (PE) has been playing a vital role in a country’s social and economic development. Following this idea, this study focused on the Factor Structures of Financial Performance of the Local Economic Enterprises (LEEs) namely: Food Court, Market, Slaughterhouse, and Terminal in Matalam, Cotabato. It aimed to determine the profile of the LEEs in terms of organizational structure, manner of creation, years in operation, source of initial operating requirements, annual operating budget, geographical location, and size or description of the facility. This study also included the different financial ratios of LEE that covered a five year period from Calendar Year 2009 to 2013. Primary data using survey questionnaire was administered to 468 respondents and secondary data were sourced out from the government archives and financial documents of the said LGU. There were 12 dominant factors identified namely: “management”, “enforcement of laws”, “strategic location”, “existence of non-formal competitors”, “proper maintenance”, “pricing”, “customer service”, “collection process”, “rentals and services”, “efficient use of resources”, “staffing”, and “timeliness and accuracy”. On the other hand, the financial performance of the LEE of Matalam, Cotabato using financial ratios needs reformatting. This denotes that refinement as to the following ratios: Cash Flow Indicator, Activity, Profitability and Growth is necessary. The cash flow indicator ratio showed difficulty in covering its debts in successive years. Likewise, the activity ratios showed that the LEE had not been effective in putting its investment at work. Moreover, profitability ratios revealed that it had operated in minimum capacity and had incurred net losses and thus, it had a weak profit performance. Furthermore, growth ratios showed that LEE had a declining growth trend particularly in net income.

Keywords: factor structures, financial performance, financial ratios, state owned enterprises

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Authors: Mohadese Sukhtesaraii, Mohammad Esmail Esmaili Jelodar, Kosar Sookhtesaraii

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Throughout history, humans have always wanted to have a shelter to live in, and this need and desire became the beginning of building and architecture. It was necessary to build a shelter and a building, dealing with the surrounding nature. The design and construction of architectural spaces are always influenced by nature, climate, and geographical location, and It is believed clearly see this influence even in the use of materials used in the construction of architectural buildings. The historical port of Siraf is located on the northern coast of the Persian Gulf in Bushehr province and 38 km from Kangan port. Geographically and climatically, Siraf is considered one of the hot and humid areas. The Zagros mountains, which continue from the Iranian plateau to the sea, end at Bandar Siraf; As a result, it creates a strip one kilometer wide by the sea. The location of Siraf in the restrictive conditions of the mountains and the sea has made it impossible to expand the city. The main goal of the current research is to investigate the climate of Siraf and the influence of the region's climate on the architecture and design of residential buildings in Siraf, known as noble houses, in the early Islamic centuries. In this research, it is looking for an answer to the question of how the climatic and geographical conditions have affected the architecture of Siraf buildings. The theoretical framework of this research can be expressed based on the influence of climate on the historical architecture of Bandar Seraf and the spatial analysis of archeology. Also, the research method will be analytical-descriptive and using field and library studies. The authors of the article believe that the architectural spaces of the early Islamic centuries of Siraf city were affected by the climate and geographical location, and the architects started building buildings by considering factors such as the sun's radiation, wind direction, and the position of the mountains and the sea. To use the regional and environmental potential for buildings.

Keywords: hose N, noble hose, islamic era, siraf, climate

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Authors: Muhamad Rosdi Senam, Khairuddin Abdul Rashid, Azila Ahmad Sarkawi, Rapiah Mohd Zaini

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Islam is a way of life than merely a religion that covers all facets of Muslim affairs and lifes. It provides the most comprehensive values, principles and guidance that are based on divine sources to all mankind in all spheres including leadership. Islamic leadership is all encompassing and holistic model of leadership that offers the tauhidic paradigm, spiritual and ethical (akhlaq) dimensions that are absent in the modern conventional leadership theories. Islamic leadership has a glorious history of great success from the era of the Prophet S.A.W. and the following caliphs that had conquered almost one third of the world territory during that time, as their leadership was paragon of excellence that followed to the spirits and teachings of the Qur’an and the Sunnah. As the modern civilisation designed by the West takes place, the modern leadership theories has been dominating the world and literature including those in the Muslim countries. However, it is clear that values and principles derived from Islam and the West are distinct, as the Islamic ones are based on divine, the non-Islamics are not indeed as there are based on human rational and judgement. Recent development in business organisations and literature have seen the tendency towards moral, ethical, even spiritual and positive form of leadership such as servant leadership, ethical leadership, authentic leadership and spiritual leadership that found its root in the Islamic model of leadership.This development has surfaced after series of serious ethical dilemma, corporate scandals and leadership crisis in the West. This paper aims to draw a comparative discussions and analysis between the modern conventional leadership theories with the Islamic leadership by highlighting the key dimensions that distinguish the two. It is suggested in this paper that the core dimensions of Islamic leadership are spiritual dimension, moral and ethical dimension and physical dimension which is also paralleled with the roles of khalifah of Allah on earth; relationship with Allah, relationship with human beings and relationship with the environment respectively. Islam is a way of life than merely a religion that covers all facets of Muslim affairs and lifes. It provides the most comprehensive values, principles and guidance that are based on divine sources to all mankind in all spheres including leadership. Islamic leadership is all encompassing and holistic model of leadership that offers the tauhidic paradigm, spiritual and ethical (akhlaq) dimensions that are absent in the modern conventional leadership theories. Islamic leadership has a glorious history of great success from the era of the Prophet S.A.W. and the following caliphs that had conquered almost one third of the world territory during that time, as their leadership was paragon of excellence that followed to the spirits and teachings of the Qur’an and the Sunnah. As the modern civilisation designed by the West takes place, the modern leadership theories has been dominating the world and literature including those in the Muslim countries. However, it is clear that values and principles derived from Islam and the West are distinct, as the Islamic ones are based on divine, the non-Islamics are not indeed as there are based on human rational and judgement. Recent development in business organisations and literature have seen the tendency towards moral, ethical, even spiritual and positive form of leadership such as servant leadership, ethical leadership, authentic leadership and spiritual leadership that found its root in the Islamic model of leadership.This development has surfaced after series of serious ethical dilemma, corporate scandals and leadership crisis in the West. This paper aims to draw a comparative discussions and analysis between the modern conventional leadership theories with the Islamic leadership by highlighting the key dimensions that distinguish the two. It is suggested in this paper that the core dimensions of Islamic leadership are spiritual dimension, moral and ethical dimension and physical dimension which is also paralleled with the roles of khalifah of Allah on earth; relationship with Allah, relationship with human beings and relationship with the environment respectively.

Keywords: conventional leadership, Islamic leadership, comparative, dimensions

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Authors: Rodrigo Zepeda

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Transaction cost analysis (TCA) is a way of analyzing the relative performance of different intermediaries and different trading strategies for trades undertaken in financial instruments. It is a way for an investor to determine the overall quality of execution of a particular trade, and there are many different approaches to undertaking TCA. Under the updated Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), investment firms are required when executing orders, to take all sufficient steps to obtain the best possible result for their clients. This requirement for 'Best Execution' must take into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. The new regulatory compliance framework under MiFID II will now also apply across a very broad range of financial instruments. This article will provide a comprehensive technical analysis of how TCA and Best Execution will significantly change under MiFID II. It will also explain why harmonization of post-trade reporting requirements under MiFID II could potentially support the development of peer group analysis, which in turn could provide a new and highly advanced framework for TCA that could more effectively support Best Execution requirements under MiFID II. The study is significant because there are no studies that have dealt with TCA and Best Execution under MiFID II in the literature.

Keywords: transaction cost analysis, execution quality, best execution, MiFID II, financial instruments

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Authors: Priyanwada I. Singhapathirana

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The public land ownership is a common phenomenon in many countries in the world however, the development approaches and the institutional structures are greatly diverse. The existing scholarship around public land development has been greatly limited to Europe and advanced Asian economies. Inferences of such studies seem to be inadequate and inappropriate to comprehend the peculiarities of public land development in developing Asian economies. The absence of critical inquiry on the public land ownership and the long-established institutional structures which govern the development has restrained these countries from institutional innovations. In this context, this research investigates the issues related to public land development and the institutional responses in Sri Lanka. This study introduces the concept of ‘Institutional Responsiveness’ in Public land development, which is conceptualized as the ability of the institutions to respond to the spatial, market and fiscal stimulus. The inquiry was carried out through in-depth interviews with five key informants from apex public agencies in order to explore the responsiveness of land institutions form decision-makers' perspectives. Further, the analysis of grey literature and recent media reports are used to supplement the analysis. As per the findings, long term abandonment of public lands and high transaction costs are some of the key issues in relation to public land development. The inability of the institutions to respond to the market and fiscal stimulus has left many potential public lands underutilized. As a result, the public sector itself and urban citizens have not been able to relish the benefits of the public lands in cities. Spatial analysis at the local scale is suggested for future studies in order to capture the multiple dimensions of the responsiveness of institutions to the development stimulus.

Keywords: institutions, public land, responsiveness, under-utilization

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Authors: Ruth Estrada Javier - Reyes

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The study assessed the status of HTM program of selected private higher education institutions for internationalization across the eleven regions of the country. The descriptive survey method of research was used in this study. A devised survey questionnaire was utilized to gather information about the status of Philippine Higher Education Institutions’ internationalization of hospitality and tourism management education programs. The respondents were 12 administrators, 17 deans and program heads, 104 faculty members and 860 HTM students. Frequency, percentage, mean, standard deviation, t-test and F-test were used to treat the data. The results of the study are as follows: HEIs’ HTM education had complied with the policies/standards of CHED as per CMO No. 30 S. 2006. The respondents of the HTM education program were qualified for internationalization as assessed both by administrators and faculty. The private HEIs are ready to apply for international certification of their HTM education programs. The curriculum of HTM education programs in private HEIs are enriched by internationalization requirements. The administrators and faculty of HTM education programs are qualified educators but have limited participation in collaborative international research and linkages. The HEIs are qualified to apply for the internationalization of the Hospitality and Tourism Management education program in preparation to the ASEAN 2015.

Keywords: status, Hospitality and Tourism Management Program, internationalization, Private Higher Education Institutions

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Authors: Isabel Freitas, Paula Remoaldo, Olga Matos, Ricardo Goja, Juliana Araujo, Vitor Ribeiro, Miguel Pereira

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Several destinations have been experiencing a transition from a massified cultural tourism to a creative tourism approach. In this new segment of tourism, urban territories have been the focus for several decades. Urban studies on creative industries and initiatives have been taking place in big cities marginalizing small towns and more specifically rural areas. This paper envisages evaluating the differences between rural and urban institutions/platforms, mostly certified by the Creative Tourism Network, in what concerns the practices and initiatives in creative tourism worldwide. In the research carried out between March 2017 and March 2018, we had three levels of primary data and qualitative analysis: i) research on Google (web) by using several keywords like 'creative tourism initiatives', 'creative cities', 'best practices in creative tourism' (from March to August 2017). With the help of the certification of institutions/platforms by the Creative Tourism Network, 24 institutions were found and declared to be developing creative initiatives. It was decided to try to unravel the type of activities and some practices and initiatives carried out by these institutions and the analysis of the differences between rural and urban initiatives. A database of 20 items (e.g., institutions in charge of implementing the initiatives, year of implementation, site, activities developed, place of development, country of origin, type of partners chosen) was created for each institution/platform; ii) A deeper analysis was made on the websites’ information on the institutions (from September to December 2017). The type of professionals involved in the activities, the language used in the activities and the type of activity performed were some of the data analysed and iii) To complement these data, semi-structured interviews were done to representatives of the institutions, conducted mainly by Skype from July 2017 to April 2018. The interviews consisted of 17 questions. In the present paper, these interviews are used to complement the analysis of the same items. Some of the qualitative analysis was supported by the narratives of the leaders of the twenty-four institutions that were surveyed. The results indicate that creative tourism is more active and diverse in urban areas. Some more consolidated communication strategies and partnerships are needed for these activities to become economically more sustainable. The findings of this research provide researchers and practitioners with a better understanding of creative tourism and give some information of how creative tourism is developed in rural and urban areas, the gaps and lack of information, and all the possible directions towards the development of the creative tourism industry.

Keywords: creative tourism, practices of creative tourism, rural areas, urban areas

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Authors: Saheed Biodun Qaasim-Badmusi

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A lot has been written on peaceful co-existence with non-Muslims in Islam, but little attention is paid to the conflict between Ahadith relating to dissociation from non-Muslims as a kernel of Islamic faith, and the one indicating peaceful co-existence with them. Undoubtedly, proper understanding of seemingly contradictory prophetic traditions is an antidote to the bane of pervasive extremism in our society. This is what calls for need to shed light on ‘Harmonization of Conflict Ahadith between Dissociation and Peaceful Co-existence with Non-Muslims. It is in view of the above that efforts are made in this paper to collate Ahadith pertaining to dissociation from non-Muslims as well as co-existence with them. Consequently, a critical study of their authenticity is briefly explained before proceeding to analysis of their linguistic and contextual meanings. To arrive at the accurate interpretation, harmonization is graphically applied. The result shows that dissociation from non –Muslims as a bedrock of Islamic faith could be explained in Sunnah by prohibition of participating or getting satisfaction from their religious matters, and anti-Islamic activities. Also, freedom of apostasy, ignoring da`wah with wisdom and seeking non-Muslims support against Muslims are frowned upon in Sunnah as phenomenon of dissociation from non –Muslims. All the aforementioned are strictly prohibited in Sunnah whether under the pretext of enhancing peaceful co-existence with non-Muslims or not. While peaceful co-existence with non-Muslims is evidenced in Sunnah by permissibility of visiting the sick among them, exchange of gift with them, forgiving the wrong among them, having good relationship with non-Muslim neighbours, ties of non-Muslim kinship, legal business transaction with them and the like. Finally, the degree of peaceful co-existence with non-Muslims is determined by their attitude towards Islam and Muslims.

Keywords: Ahadith, conflict, co-existence, non-Muslims

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Authors: Ifedapo Francis Awolowo

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The unrelenting series of embarrassing audit failures should stimulate a paradigm shift in accounting. And in this age of information revolution, there is need for a constant improvement on the products or services one offers to the market in order to be relevant. This study explores the perceptions of external auditors, forensic accountants and accounting academics on whether a paradigm shift to forensic accounting can reduce financial statement frauds. Through Neo-empiricism/inductive analytical approach, findings reveal that a paradigm shift to forensic accounting might be the right step in the right direction in order to increase the chances of fraud prevention and detection in the financial statement. This research has implication on accounting education on the need to incorporate forensic accounting into present day accounting curriculum. Accounting professional bodies, accounting standard setters and accounting firms all have roles to play in incorporating forensic accounting education into accounting curriculum. Particularly, there is need to alter the ISA 240 to make the prevention and detection of frauds the responsibilities of bot those charged with the management and governance of companies and statutory auditors.

Keywords: financial statement fraud, forensic accounting, fraud prevention and detection, auditing, audit expectation gap, corporate governance

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Authors: Zainuddin Abuhamid Muhammad Ghozali, Andrew Whitworth

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Islamic boarding school or pesantren is a distinctive education institution in Indonesia focusing on religious teachings. Its stance in restricting access to the internet raises a question about its students’ development of digital literacy. Inspired by Luckin’s ecology of resource model, this study aims to map out the digital literacy situation of the institution based on the availability of learning resources, such as digital facilities, digital accessibility, and digital competence. This study was carried out through a survey method involving 50 teachers from pesantrens across the nation. The result shows that pesantrens have provided students with digital facilities at a moderate level, yet the accessibility to using them is still limited. They also incorporated digital competencies into their curriculum, with an emphasis on digital ethics. The study also identifies different patterns of pesantrens’ behavior based on types and educational levels, where certain school types and educational levels tend to give a stricter policy compared to others or vice versa. The restriction of digital resources in pesantren indicated that they had done a filtration process to design their learning environment. The filtration was mainly motivated by sociocultural factors, where they drew concern for the negative impact of the internet. Notably, this restriction also contributes to students’ poor development of digital literacy.

Keywords: digital literacy, ecology of resources, Indonesia, Islamic boarding school

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Authors: Rodrigo Zeidan

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The paper identifies failures of decision making and corporate governance that allow non-financial companies around the world to develop hedging strategies that lead to hefty losses in the aftermath of the financial crisis. The sample is comprised of 346 companies from 10 international markets, of which 49 companies (and a subsample of 13 distressed companies) lose a combined US$18.9 billion. An event study shows that most companies that present losses in derivatives experience negative abnormal returns, including a number of companies in which the effect is persistent after a year. The results of a probit model indicate that the lack of a formal hedging policy, no monitoring to the CFOs, and considerations of hubris and remuneration contribute to the mismanagement of hedging policies.

Keywords: risk management, hedging, derivatives, monitoring, corporate governance structure, event study, hubris

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Authors: A. J. Regan, F. J. Lidgey, M. Betteridge, P. Georgiou, C. Toumazou, K. Hayatleh, J. R. Dibble

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Our goal is development of an algorithm capable of predicting the directional trend of the Standard and Poor’s 500 index (S&P 500). Extensive research has been published attempting to predict different financial markets using historical data testing on an in-sample and trend basis, with many authors employing excessively complex mathematical techniques. In reviewing and evaluating these in-sample methodologies, it became evident that this approach was unable to achieve sufficiently reliable prediction performance for commercial exploitation. For these reasons, we moved to an out-of-sample strategy based on linear regression analysis of an extensive set of financial data correlated with historical closing prices of the S&P 500. We are pleased to report a directional trend accuracy of greater than 55% for tomorrow (t+1) in predicting the S&P 500.

Keywords: financial algorithm, GPU, S&P 500, stock market prediction

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Authors: Pilar Gamarra Gamarra, Michele Girotto

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In the expanding field of leaders’ ethical behavior research, little attention has been paid to the association between finance leaders’ ethical traits (beyond personality) and ethical leadership, and more importantly, how these ethical characteristics can be predictors of ethical behavior at the leadership level in the financial sector. In this study, we tested a theoretical model based on uponsocial cognitive theory (Bandura, 1986) and the cognitive-developmental model (Piaget, 1932) to examine leaders’ moral identity and moral attentiveness as antecedents of ethical leadership. After the 2008 economic crisis, the marketplace has awakened to the potential dangers of unethical behavior. The unethical behavior of the leaders of the financial sector was identified as guilty of this economic catastrophe. For that reason, it seems increasingly prudent for organizations to have leaders who are cognitively inclined toward ethical behavior. This evidence suggests that moral attentiveness and moral identity is perhaps one way of identifying those kinds of leaders. For leaders who are morally attentive and have a high moral identity, themes of ethics interventions are consistent with their way of seeing the word. As a result, these leaders could become critical components of change in organizations and could provide the energy and skills necessary for these efforts to be successful. Ethical behavior of leader from the financial sector and marketing sectors must be joined to manage the change. In this study, a leader’s moral identity, leader’s moral attentiveness, and self-importance of Ethical Leadership are measured for financial and marketing leaders to be compared to determine the relationship between the three variables in each sector. Other conclusion related to gender, educational level or generation are obtained.

Keywords: ethical leadership, moral identity, moral attentiveness, financial leaders, marketing leaders, ethical behavior

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Authors: Maher Aburrous, Adel Khelifi, Manar Abu Talib

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Transactions performed by financial institutions on daily basis require XML encryption on large scale. Encrypting large volume of message fully will result both performance and resource issues. In this paper a novel approach is presented for securing financial XML transactions using classification data mining (DM) algorithms. Our strategy defines the complete process of classifying XML transactions by using set of classification algorithms, classified XML documents processed at later stage using element-wise encryption. Classification algorithms were used to identify the XML transaction rules and factors in order to classify the message content fetching important elements within. We have implemented four classification algorithms to fetch the importance level value within each XML document. Classified content is processed using element-wise encryption for selected parts with "High", "Medium" or “Low” importance level values. Element-wise encryption is performed using AES symmetric encryption algorithm and proposed modified algorithm for AES to overcome the problem of computational overhead, in which substitute byte, shift row will remain as in the original AES while mix column operation is replaced by 128 permutation operation followed by add round key operation. An implementation has been conducted using data set fetched from e-banking service to present system functionality and efficiency. Results from our implementation showed a clear improvement in processing time encrypting XML documents.

Keywords: XML transaction, encryption, Advanced Encryption Standard (AES), XML classification, e-banking security, fuzzy classification, cryptography, intelligent encryption

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Transport infrastructures are high-cost, long-term investments that serve as vital foundations for the operation of a region or nation and are essential to a country’s or business’s economic development and prosperity, by improving well-being and generating jobs and income. The development of appropriate financing options is of key importance in the decision making process in order develop viable transport infrastructures. The development of transport infrastructure has increasingly been shifting toward alternative methods of project financing such as Public Private Partnership (PPPs) and hybrid forms. In this paper, a methodological decision-making framework based on the evaluation of the financial viability of transportation infrastructure for different financial schemes is presented. The framework leads to an assessment of the financial viability which can be achieved by performing various financing scenarios analyses. To illustrate the application of the proposed methodology, a case study of rail transport infrastructure financing scenario analysis in Greece is developed.

Keywords: rail transport infrastructure, financial viability, scenario analysis, rail project feasibility

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Authors: Twarakavi Venkata Suresh Kumar, Sailaja Kumar, B. Eswara Reddy

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In a world of tremendous technical developments, effective and efficient higher education has always been a major challenge. The rising number of educational institutions have made it mandatory for healthy competitions among the institutions. To evaluate the qualitative competence of these educations institutions in engineering and technology and related disciplines, an efficient assessment technique in internal and external quality has to be followed. To achieve this, the curriculum is to be developed into courses, and each course has to be presented in the form teaching lesson plan consisting of topics and session outcome known as Course Outcomes (COs), that easily map into different Programme Outcomes (POs). The major objective of these methodologies is to provide quality technical education to its students. Detailed clear weightage in CO-PO mapping helps in proper measurable COs and to devise the POs attainment is an important issue. This ensures in assisting the achievement of the POs with proper weightage to POs, and also improves the successive curriculum development. In this paper, we presented a methodology for mapping CO and PO considering the key elements supported by each PO. This approach is useful in evaluating the attainment of POs which is based on the attainment of COs using the existing data from students' marks taken from various test items. Such direct assessment tools are used to measure the degree to which each student has achieved each course learning outcome by the completion of the course. Hence, these results are also useful in measuring the PO attainment for improving the programme vision and mission.

Keywords: attainment, course outcomes, programme outcomes, educational institutions

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Authors: Bruno Henrique Rocha Fernandes, Amir Rezaee, Jucelia Appio

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The relation between Human Resource Management (HRM) practices and organizational performance remains the subject of substantial literature. Though many studies demonstrated positive relationship, still major influencing variables are not yet clear. This study considers the Person-Environment Fit (PE Fit) and its components, Person-Supervisor (PS), Person-Group (PG), Person-Organization (PO) and Person-Job (PJ) Fit, as possible explanatory variables. We analyzed PE Fit as a moderator between HRM practices and financial performance in the “best companies to work” in Brazil. Data from HRM practices were classified through the High Performance Working Systems (HPWS) construct and data on PE-Fit were obtained through surveys among employees. Financial data, consisting of return on invested capital (ROIC) and price earnings ratio (PER) were collected for publicly traded best companies to work. Findings show that PO Fit and PJ Fit play a significant moderator role for PER but not for ROIC.

Keywords: financial performance, human resource management, high performance working systems, person-environment fit

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Authors: Adamu Danlami Ahmed

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Inventory management is the determinant of effective and efficient work for any manager. This study looked at the relationship between inventory management and financial performance. The population of the study comprises all conglomerate quoted companies in the Nigerian Stock Exchange market as at 31^st December 2010. The scope of the study covered the period from 2010 to 2014. Descriptive, Pearson correlation and multiple regressions are used to analyze the data. It was found that inventory management is significantly related to the profitability of the company. This entails that an efficient management of the inventory cycle will enhance the profitability of the company. Also, lack of proper management of it will hinder the financial performance of organizations. Based on the results, it was recommended that a conglomerate company should try to see that inventories are kept to a minimum, as well as make sure the proper checks are maintained to make sure only needed inventories are in the store. As well as to keep track of the movement of goods, in order to avoid unnecessary delay of finished and work in progress (WIP) goods in the store and warehouse.

Keywords: finished goods, work in progress, financial performance, inventory

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Authors: Faisal Kalota

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Big Data and analytics have gained a huge momentum in recent years. Big Data feeds into the field of Learning Analytics (LA) that may allow academic institutions to better understand the learners’ needs and proactively address them. Hence, it is important to have an understanding of Big Data and its applications. The purpose of this descriptive paper is to provide an overview of Big Data, the technologies used in Big Data, and some of the applications of Big Data in education. Additionally, it discusses some of the concerns related to Big Data and current research trends. While Big Data can provide big benefits, it is important that institutions understand their own needs, infrastructure, resources, and limitation before jumping on the Big Data bandwagon.

Keywords: big data, learning analytics, analytics, big data in education, Hadoop

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Authors: Afrin Jaman Bonny, Mehrin Jahan, Zannatul Ferdhoush, Mumenunnessa Keya, Md. Shihab Mahmud, Sharun Akter Khushbu, Sheak Rashed Haider Noori, Sheikh Abujar

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In 2020, the SARS-CoV-2 pandemic had led all the educational institutions to move to online learning platforms to ensure safety as well as the continuation of learning without any disruption to students’ academic life. But after the reopening of those educational institutions suddenly in Bangladesh, it became a vital demand to observe students take on this decision and how much they are comfortable with the new habits. When all educational institutions were ordered to re-open after more than a year, data was collected from students of all educational levels. A Google Form was used to conduct this online survey, and a total of 565 students participated without being pressured. The survey reveals the students' preferences for online and offline education systems, as well as their mental health at the time including their behavior to get back to offline classes depending on getting vaccinated or not. After evaluating the findings, it is clear that respondents' choices vary depending on gender and educational level, with female and male participants experiencing various mental health difficulties and attitudes toward returning to offline classes. As a result of this study, the student’s overall perspective on the sudden reopening of their educational institutions has been analyzed.

Keywords: covid-19 epidemic, educational proceeding, university students, school/college students, physical activity, online platforms, mental health, psychological distress

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Authors: Khalid Alshaikh

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Corporate Social Responsibility (CSR) in Libya has recently gained momentum, especially with the rise of the social issues ensued by the recent war. CSR is a new organisational culture designing its features and route within the Libyan financial institutions. Now, both the public and private banks invest in this construct trusting that its powers are capable of improving the economic, social and environmental problems the conflict has created. On the other hand, the Libyan commercial banks recognise the benefits of utilising CSR to entice investors and ensure their continuations in the national and international markets. Nevertheless, as a new concept, CSR necessitates an in-depth exploration and analysis to help its transition from the margins of religion to the mainstream of society and businesses. This can assist in constructing its activities to bring about change nation-wide. Therefore, this paper intends to explore the current definitions attached to this term through tracing back its historical beginnings. Then, it investigates its trends both in the public and private banks to identify where its sustainable development materialises. Lastly, it seeks to understand the key challenges that obscure its success in the Libyan environment. The research methodology used both public and private banks as case study and qualitative research to interview ten Board of Directors (BoDs) and eleven Chief Executive Managers (CEOs) to discover how CSR is defined and the core CSR activities practiced by the Libyan Commercial Banks (LCBs) and the key constraints that CSR faces and make it unsuccessful. The findings suggest that CSR is still influenced by the power of religion. Nevertheless, the Islamic perspective is more consistent with the social contract concept of CSR. The LCBs do not solely focus on the economic side of maximizing profits, but also concentrate on its morality. The issue is that CSR activities are not enough to achieve good charity publicly and needs strategies to address major social issues. Moreover, shareholders do not support CSR activities. Their argument is that the only social responsibility of businesses is to maximize profits, while the government should deal with the existing social issues. Finally, although the LCBs endeavour to embed CSR in their organisational culture, it is still important that different stakeholders need to do much more to entrench this construct through their core functions. The Central bank of Libya needs also to boost its standing to be more influential and ensure that the right discussions about CSR happen with the right stakeholders involved.

Keywords: corporate social responsibility, private banks, public banks, stakeholders

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Authors: Bilal Orfali

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It is common practice in modern times to read mystical poetry and apply it to our mundane lives and loves. Sufis in the early period did the opposite. Their mystical hymns often spun out of the courtly poetic ghazal, panegyric, and wine songs. This paper highlights the relation of the Arabic courtly poetic canon to early Sufism. Sufi akhbār and poetry evoke past poets and their poetic heritage. They tend to quote or refer to eminent poets whose poetry must have been widely circulated and memorized. However, Sufism places this readily recognizable poetry in a new context that deliberately changes the past. It is a process of a metaphorization in which the reality of the pre-Islamic, Umayyad, and Abbasid models now acts as a device or metaphor for the Sufi poetics.

Keywords: Sufism, Arabic poetry, literature, Islamic literature, Abbasid

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Authors: M. Sohrabi Narciss

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Urban spaces of Tehran, the capital of Iran, have witnessed many revolts, movements, and protests during the past few decades. After the Iranian Constitutional Revolution, the 1979 Revolution has had a profound impact on Tehran’s urban space. In 1979, the world watched as Iranians demonstrated en masse against the Pahlavi dynastdy which eventually led to its overthrow. Tehran’s public space is replete with images and artwork that depict the overthrow of the Pahlavi regime and the establishment of an Islamic government in Iran. The public artworks related to the 1979 Islamic Revolution reflect the riots, protests, and strikes that the Iranians underwent during the revolution. Many of these artworks try to revitalize the events that occurred in the 1970s by means of collective memory. Almost 4 decades have passed since the revolution and ever since the public artwork has been affected either directly or indirectly by the Iran-Iraq War, the Green Movement, and the rise and fall of various political forces. The present study is an attempt to investigate Tehran’s urban artwork such as urban sculptures and mural paintings organized and supervised by the government and the graffiti drawn by the critics or the opposition groups. To this end, in addition to the available documents, field research and questionnaires were used to qulaitatively analyze the data. This paper tries to address the following questions: 1) what changes have occurred in Tehran’s urban art? 2) Does the public, revolution-related artwork have an effect on people’s vitality? 3) do Iranians find these artworks appealing or not?

Keywords: public space, Tehran, public art, movement, Islamic revolution

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Authors: Seyedmohsen Mortazavi

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The purpose of this research is to investigate the personality types of internal auditors on the quality of financial reporting in companies admitted to the Tehran Stock Exchange. Personality type is one of the issues that emphasizes the field of auditors' behavior, and this field has attracted the attention of shareholders and stock companies today, because the auditors' personality can affect the type of financial reporting and its quality. The research is applied in terms of purpose and descriptive and correlational in terms of method, and a researcher-made questionnaire was used to check the research hypotheses. The statistical population of the research is all the auditors, accountants and financial managers of the companies admitted to the Tehran Stock Exchange, and due to their large number and the uncertainty of their exact number, 384 people have been considered as a statistical sample using Morgan's table. The researcher-made questionnaire was approved by experts in the field, and then its validity and reliability were obtained using software. For the validity of the questionnaire, confirmatory factor analysis was first examined, and then using divergent and convergent validity; Fornell-Larker and cross-sectional load test of the validity of the questionnaire were confirmed; Then, the reliability of the questionnaire was examined using Cronbach's alpha and composite reliability, and the results of these two tests showed the appropriate reliability of the questionnaire. After checking the validity and reliability of the research hypotheses, PLS software was used to check the hypotheses. The results of the research showed that the personalities of internal auditors can affect the quality of financial reporting; The personalities investigated in this research include neuroticism, extroversion, flexibility, agreeableness and conscientiousness, all of these personality types can affect the quality of financial reporting.

Keywords: flexibility, quality of financial reporting, agreeableness, conscientiousness

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Authors: Muhammad Ilham Agus Salim, Mohammad Ali

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In this article, we have elaborated a study over the nature of Islamic financial transaction by comparing between Dinar and IDR currency in Indonesia. We have found the interesting issue among scholars and practitioners in which Dinar would be a single currency ASEAN Economic Community (AEC), then becoming motivation and added value research. The assessment among dinar volatility analysis for three years ago and IDR fluctuation as well as outlook qualitative test regarding dinar are components of analysis that weak Indonesian currency should be altered to be better coinage. The value of dinar more stable than IDR and also eligible as a currency e.g. limited quantities, easy to carry, durable, easy to saved, and has the same quality. On the other hand, the existing of IDR has defeated by inflation. The EViews program explained that Dinar at current level still fluctuate, but in the first different have fixed variant. The result of analysis describing that dinar has potential as the medium exchange, because the material of dinar is relevant and feasible since 14 century until present. Therefore, dinar should be considered to solve Indonesia crisis today.

Keywords: medium of exchange, dinar & IDR currency, volatility analysis, EViews program

Procedia PDF Downloads 357

Authors: Mohammed Jemal Ahmed

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Some anti-Islam attributes, such as alcoholism and voyeurism, have become de facto manifestations of the tourism sector. This eventually causes a paradoxical relationship between tourism and Islam. Hence, on the one hand, Islam inherently encourages Muslims to engage in tourism, the interest of Muslims to engage in tourism is steadily increasing. On the other hand, haram activities and products that are not allowed to Muslims as per the Islamic law and doctrine have surrounded tourism. Therefore, halal tourism has emerged as the best mediator to reconcile the conflicts between secular interests and religious values. Recent studies have confirmed that halal tourism is an emerging cultural phenomenon and secular rather than religious. The central aim of halal tourism is to have delighted customers irrespective of their religious and cultural backgrounds while promoting environmental conservation and social coexistence. This study appraises halal tourism development in Ethiopia from commercial, socio-cultural and diplomatic perspectives. Employing qualitative methodologies, the study, firstly, tried to clarify the existing terminological ambiguities between halal tourism and Islamic tourism and redefine both concepts. Then, it assessed perceptions of local communities and stakeholders towards halal tourism and identified halal tourism resources of Ethiopia. Accordingly, five clusters of halal visitor attractions and five potential halal tourism routes were identified and proposed. Furthermore, the comparative advantages of Ethiopia in terms of halal tourism development and potential barriers to halal tourism development in the country were rigorously appraised. The findings of this study reveal that halal tourism could inject hard currency into the national economy and create job opportunities for the locals. It could also support the mainstream tourism industry through product diversification and curving seasonality. Moreover, socially, halal tourism reinforces interreligious cohesion, relationship and coextensive in multi-religious, multicultural and multiethnic Ethiopia. Politically, it strengthens Ethiopia's foreign diplomatic relationship with the Islamic world and its near and distant neighbor Muslim Countries.

Keywords: halal-conscious travelers, halal tourism, Islamic tourism, tourism resources

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Authors: Muhammad Hikmah

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Based on the population census in 2015, Indonesia consists of 254.9 millions of people, and 80% of them are Muslims (Data of Central Bureau of Statistic). Indonesia becomes the highest number of Muslims civilization in the world. The question would be, is the number of population proportional to the growth of Syariah transaction in Indonesia? It is going to be discussed in this research. The problem limitation of this research is in Syariah Banking. Therefore, Syariah transaction in this study is described as transaction only in Syariah Banking. The researcher focused on the study in Yogyakarta, a city in Indonesia. The development of Syariah Bank assets until January 2016, based on statistic data launched by Financial Services Authority (FSA), has increased Rp 287.44 trillion, however, a total amount of bank achieves Rp 6.198,15 trillions. It means that the assets of Syariah Bank are only 4.64% from the total amount of banking assets in Indonesia, though, Syariah Banking was first established in 1991, known as Bank Muamalat. As we can see that in these 25 years, Syariah Banking could only reach that number. Based on the press conference of FSA and Syariah Banking Exhibition iB Vaganza in 2015, the number of Syariah Bank’s customers are under 10 millions. With 80% of Muslims, Syariah Bank is not able to be a market leader in Indonesia. This will be answered in this research, how much the interest if Muslims in Yogyakarta towards Syariah Bank compared to conventional bank. This study will be conducted in Yogyakarta. The sampling will represent to the muslims having good knowledge of Islam, such as dawn prayer worshipers in some mosques in Yogyakarta. There are some reasons why Indonesian muslims are not interested in Syariah Bank, such as the people do not put trust in Syariah Bank; there are some obligation where they work to have conventional bank; business matters services which is not covered by Syariah Bank where most of them are limited to the laws authorities; and there is no sufficient knowledge about the importance of syariah transaction from religion point of view. Each of them is going to be discussed in this research. The suggestions of this study are we should share our knowledge about Islamic transaction anywhere and we need to support Syariah Bank to have Syariah principles. For those who have the authority should be active as well to announce the rules of the constitution supporting the development of syariah transaction in order to be apply perfectly. We hope that trust from the people will increase, and we should provide Syariah Banking products which fulfill business needs. Finally, syariah transaction will be the solution for all people in the world in bussiness transaction.

Keywords: shariah, Islamic, banking, Indonesia

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Authors: Edward Chamisa, Colin C. Smith, Hamutyinei H. Pamburai, Abdul C. Abdulla

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South Africa (SA) adopted International Financial Reporting Standards (IFRS) for listed firms effective 1 January 2005. However, it was not until 2011 that substantial financial reporting enforcement changes were introduced, which were meant to ensure compliance with IFRS. This innovative setting allows us to examine the value relevance of accounting amounts during the (1) pre-IFRS adoption period (2002-2004); (2) post-IFRS adoption, but pre-enforcement changes period (2006-2010); and (3) post-enforcement changes period (2011-2012). The results show that accounting amounts were most value relevant in the post-enforcement changes period (R2, 75.5%) compared to both the pre-IFRS adoption period (adjusted R2 is 24.3%) and the period after IFRS adoption but before enforcement changes (adjusted R2 is 37.5%). Also, during the 2008 financial crisis, the equity book value per share was significantly value relevant (at 1%) but not earnings per share, whereas before the crisis, the opposite was true. We make two important contributions to the literature. First, we identify SA as an innovative setting that allows researchers to examine separately the effects of IFRS adoption and enforcement changes on capital markets and accounting quality. This is a departure from prior studies that are dominated by the European Union setting, where IFRS adoption occurred contemporaneously with enforcement and other regulatory changes. Second, we provide preliminary findings which suggest that while the adoption of IFRS seems to have improved the financial reporting quality of accounting amounts of SA listed firms, its impact appears to be limited unless combined with effective enforcement.

Keywords: international financial reporting standards (ifrs), ifrs adoption, financial reporting enforcement, value relevance, price model, equity book value, earnings per share

Procedia PDF Downloads 66