Search results for: ethical finance

Authors: Malik Imtiaz Ahmad

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The prime sources of Islamic Law or Shariah are Quran and Sunnah and is applied to the personal and public affairs of Muslims. Islamic law is deemed to be divine and furnishes a complete code of conduct based upon universal values to build honesty, trust, righteousness, piety, charity, and social justice. The primary focus of this paper was to examine the development of Islamic jurisprudence (Fiqh) over time and its relevance to the field of Islamic finance. This encompassed a comprehensive analysis of the historical context, key legal principles, and their application in contemporary financial systems adhering to Islamic principles. This study aimed to elucidate the deep-rooted connection between Islamic law and finance, offering valuable insights for practitioners and policymakers in the Islamic finance sector. Understanding the historical context and legal underpinnings is crucial for ensuring the compliance and ethicality of modern financial systems adhering to Islamic principles. Fintech solutions are developing fields to accelerate the digitalization of Islamic finance products and services for the harmonization of global investors' mandate. Through this study, we focus on institutional governance that will improve Sharia compliance, efficiency, transparency in decision-making, and Islamic finance's contribution to humanity through the SDGs program. The research paper employed an extensive literature review, historical analysis, examination of legal principles, and case studies to trace the evolution of Islamic law and its contemporary application in Islamic finance, providing a concise yet comprehensive understanding of this intricate relationship. Through these research methodologies, the aim was to provide a comprehensive and insightful exploration of the historical evolution of Islamic law and its relevance to contemporary Islamic finance, thereby contributing to a deeper understanding of this unique and growing sector of the global financial industry.

Keywords: sharia, sequencing Islamic jurisprudence, Islamic congruent marketing, social development goals of Islamic finance

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Authors: Dragana Calic

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The openness, availability and the sheer volume of big data have provided, what some regard as, an invaluable and rich dataset. Researchers, businesses, advertising agencies, medical institutions, to name only a few, collect, share, and analyze this data to enable their processes and decision making. However, there are important ethical considerations associated with the use of big data. The rapidly evolving nature of online technologies has overtaken the many legislative, privacy, and ethical frameworks and principles that exist. For example, should we obtain consent to use people’s online data, and under what circumstances can privacy considerations be overridden? Current guidance on how to appropriately and ethically handle big data is inconsistent. Consequently, this paper focuses on two quite distinct but related ethical considerations that are at the core of the use of big data for research purposes. They include empowering the producers of data and empowering researchers who want to study big data. The first consideration focuses on informed consent which is at the core of empowering producers of data. In this paper, we discuss some of the complexities associated with informed consent and consider studies of producers’ perceptions to inform research ethics guidelines and practice. The second consideration focuses on the researcher. Similarly, we explore studies that focus on researchers’ perceptions and experiences.

Keywords: big data, ethics, producers’ perceptions, researchers’ perceptions

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Authors: Ömer Akkaya, Muammer Zerenler

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Ethics is important for all shareholders and stakeholders that a firm has in its environment. Whether a firm behaves ethically or unethically has a significant influence on consumers’ decision making and buying process. This research tries to explain business ethics from consumers’ perspective. The survey includes several questions to explain how consumers react if they know a firm behave unethically or ethically. What are consumers’ expectations regarding the ethical behavior of firm? Do consumer reward or punish the firms considering the ethics? Does it really important for consumers firms behaving ethical?

Keywords: business ethics, consumer behavior, ethics, social responsibility

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Authors: Rodrigo Buaiz Boabaid

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Tokenization of Blue Bonds is an emerging Green Finance tool that has the potential to scale Blue Carbon Projects to fight climate change. This innovative solution has a huge potential to democratize the green finance market and catalyze innovations in the climate change finance sector. Switzerland has emerged as a leader in the Green Finance space and is well-positioned to drive the adoption of Tokenization of Blue & Green Bonds. This unique approach has the potential to unlock new sources of capital and enable global investors to participate in the financing of sustainable blue carbon projects. By leveraging the power of blockchain technology, Tokenization of Blue Bonds can provide greater transparency, efficiency, and security in the investment process while also reducing transaction costs. Investments are in line with the highest regulations and designed according to the stringent legal framework and compliance standards set by Switzerland. The potential benefits of Tokenization of Blue Bonds are significant and could transform the way that sustainable projects are financed. By unlocking new sources of capital, this approach has the potential to accelerate the deployment of Blue Carbon projects and create new opportunities for investors to participate in the fight against climate change.

Keywords: blue bonds, blue carbon, tokenization, green finance

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Authors: Patricia Crentsil, Alvina Oriekhova

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The aim of the study is to determine social responsibility in the theory of organisation management. The main objectives are to examine the link between accountability,transparency, and ethical onorganisation management. The study seeks to answer questions that have received inadequate attention in social responsibility literature. Specifically, how accountability, transparency of policy, and ethical aspect enhanced organisation management? The target population of the study comprises of Deans and Head of Departments of Public Universities and Technical Universities in Ghana. The study used purposive sampling technique to select the Public Universities and technical universities in Ghana and adopted simple random Technique to select 300 participants from all Technical Universities in Ghana and 500 participants from all Traditional Universities in Ghana. The sample size will be 260 using confidence level = 95%, Margin of Error = 5%. The study used both primary and secondary data. The study adopted exploratory design to address the research questions. Results indicated thataccountability, transparency, and ethical have a positive significant link with organisation management. The study suggested that management can motivate an organization to act in a socially responsible manner.

Keywords: corporate social responsibility, organisation management, organisation management theory, social responsibility

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Authors: Damanhur Munardi, Muhammad Hafiz, Dina Nurmalita Sari, Syarifah Ridani Alifa

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Purpose: This research aims to analyze the Benefits, Opportunity, Cost, and Risk aspects of applying the Green Finance concept and to obtain the right Green Finance financing strategy to be implemented within a long-term and short-term strategic framework.Methodology: This research method uses a qualitative-descriptive analysis approach. The analysis technique uses Analytical Network Process (ANP) with a BOCR network structure approach.Findings: The research results show that the most priority long-term strategic alternative based on the long-term BOCR analysis is increasing awareness among the public and industry by 52% and the importance of coordination between related institutions by 50%. Meanwhile, the most priority short-term strategic alternatives are the importance of coordination between related institutions 29%, increasing awareness among the public and industry 28%, the banking industry proactively funding environmentally friendly companies and technology 23%, the existence of Green Finance POS (Standard Operating Procedures) 20%.Implications: This research can be used as a reference for regulators and policymakers in making strategic decisions that can increase green finance financing. The novelty of this research is identifying problems that occur in green finance financing in Aceh province by analyzing opinions from experts in related fields and financial regulators in Aceh to create a strategy that can be implemented to increase green finance financing in Aceh province through BPD in Aceh, namely Bank Aceh.

Keywords: green financing, banking, sharia, islamic

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Authors: Barbora Chmelikova

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Current financial markets offer a wide range of financial products to the consumers. However, access to the financial products is not always provided or guaranteed, particularly in less developed countries. For this reason, financial inclusion is an important component in the modern society. This paper investigates financial inclusion and what financial products are held by university students majoring in finance fields. The OECD methodology was used to examine the awareness and use of financial products. The study was conducted via online questionnaire at Masaryk University in the Czech Republic among finance students. The results show that the students use current and savings accounts more than any other financial products.

Keywords: financial inclusion, financial products, personal finance, university students

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Authors: Supranee Wattanasin

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This research study was a qualitative documentary research by using an in-depth interview with many experts in the field who has both knowledge and experience to provide information to create a strategic plan to enhance the students’ ethics. The findings revealed that there were five areas that require an attention. The five areas included honesty, accurate fact, human right, speed, and responsibility. The development of the strategic plan to enhance the ethics for students who major in communication arts can be concluded as follows. First, the government, private, and religion sectors need to come up together and set up the activities to promote the ethical standard in schools, universities, and organizations. Second, it is important to cultivate the knowledge that ethics is important of the professional jobs, especially in the mass communication and media. Third, the Philosophy of Sufficiency Economy should be brought to explain to students in order for them to have some immunity to the negative attitude such as drinking alcohol, gambling, cut classes, and cheating at exams. Fourth, experts in the field of ethics should be found to provide more knowledge to students and allow students to participate in activities that will increase their experience and knowledge of the real world problem.

Keywords: communication arts, ethics, mass communication, media, strategy

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Authors: Arnaud Deshais

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The supply chain industry has integrated the need for supplier Diversity and Inclusion (D&I), mostly from an ethical and moral argument. In addition, in some countries, it is also a legal requirement for companies reaching a certain size. As a matter of fact, a lot of successful companies have developed a Corporate Social Responsibility Program that encourages diversity and inclusion in the supply chain, such as building strong relationships with minority owned businesses (women, LGBT, veterans, etc.). Outside ethical and legal perspectives, it is also worth researching the economic and financial benefits of pursuing such efforts. Through surveys of purchasing and supply chain managers in their current roles as well as review of some case studies on supplier based D&I programs, it becomes apparent that a financial return on investment is to be expected as well for companies who make a concerted effort to grow their D&I programs. The study explores the levers to increase shareholder value and business efficiencies. Finally, the research highlights the competitive advantage related to a broad minority based supplier network. The benefits manifest themselves in the areas of competitiveness, innovation, and collaboration. The economic reward ends up being at the forefront of those programs while being an opportunity for organizations to become 'a good citizen'.

Keywords: diversity, inclusion, purchasing, supplier

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Authors: Huma Sarwar, Muhammad Ishtiaq Ishaq, Junaid Aftab

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The hospitality sector contributes significantly to the global economy but it is also responsible for imposing adverse influences both environmentally and socially. The objective of this research is two-fold: (1) examining the direct impact of internal CSR and external CSR and indirect impact via organizational identification on creative performance and organizational citizenship behavior (OCB), and (2) determining the moderating role of ethical leadership in the relationships of internal- and external- CSR with organizational identification in a cross-cultural context. The data was were collected using multi-respondents and time-lagged data from 260 Pakistani and 239 UK respondents working in upscale hotels of the United Kingdom and Pakistan. The results demonstrate significant differences in both cultures as external CSR has a more substantial impact on organizational identification in the UK, whereas organizational identification has a relatively stronger influence on OCB and creative performance in collectivistic culture (i.e., Pakistan). The findings also confirmed that ethical leadership significantly moderates the relationship of internal- and external - CSR on organizational identification.

Keywords: Huma Sarwar, Muhammad Ishtiaq Ishaq, Junaid Aftab

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Authors: Pouira Askary

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Indeed, in our globalized world which is facing with various international crises, the transnational corporations and other business enterprises have the capacity to foster economic well-being, development, technological improvement and wealth, as well as causing adverse impacts on human rights. The UN Human Rights Council declared that although the primary responsibility to protect human rights lie with the State but the transnational corporations and other business enterprises have also a responsibility to respect and protect human rights in the framework of corporate social responsibility. In 2011, the Human Rights Council endorsed the Guiding Principles on Business and Human Rights, a set of guidelines that define the key duties and responsibilities of States and business enterprises with regard to business-related human rights abuses. In UN’s view, the Guiding Principles do not create new legal obligations but constitute a clarification of the implications of existing standards, including under international human rights law. In 2014 the UN Human Rights Council decided to establish a working group on transnational corporations and other business enterprises whose mandate shall be to elaborate an international legally binding instrument to regulate, in international human rights law, the activities of transnational corporations and other business enterprises. Extremely difficult task for the working group to codify a legally binding document to regulate the behavior of corporations on the basis of the norms of international law! Concentration of this paper is on the origins of those human rights applicable on business enterprises. The research will discuss that the social and ethical roots of the CSR are much more institutionalized and elaborated than the legal roots. Therefore, the first step is to determine whether and to what extent corporations, do have an ethical responsibility to respect human rights and if so, by which means this ethical and social responsibility is convertible to legal commitments.

Keywords: CSR, ethics, international law, human rights, development, sustainable business

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Authors: Farid Fahami

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This article explores the transformative role of technology in the finance, banking, and insurance sectors. It examines key technological trends such as AI, blockchain, data analytics, and digital platforms and their impact on operations, customer experiences, and business models. The article highlights the benefits of technology adoption, including improved efficiency, cost reduction, enhanced customer experiences, and expanded financial inclusion. It also addresses challenges like cybersecurity, data privacy, and the need for upskilling. Real-world case studies demonstrate successful technology integration, and recommendations for stakeholders emphasize embracing innovation and collaboration. The article concludes by emphasizing the importance of technology in shaping the future of these sectors.

Keywords: banking, finance, insurance, technology

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

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Society expects professional accountants to uphold fundamental principles of professional competence, confidentiality, and ethical behavior. Their work needs to be trusted by the public, clients and other stakeholders. However, self-interest, intimidation and even ignorance could create conditions in which accounting practitioners and their staff may act contradictory to these principles. Similarly, plagiarism and cheating occur regularly at higher education institutions, where students claim ignorance of these actions and the accompanying consequences. Teaching students ethical skills in a distance-learning environment where interaction between students and instructors is limited is a challenge for academics. This also applies to instructors who teach accounting subjects to potential professional accountants. The researchers wanted to understand the concerns of accounting practitioners regarding recently qualified accounting students’ understanding of ethics and the resulting influence on their conduct. A mixed method approach was used to obtain feedback from numerous accounting practitioners in South Africa. The research questions focused mainly on ethical conduct in the workplace and the influence of social media on the behavior of graduates. The findings of the research suggested, inter alia, that accounting practitioners are of the opinion that the ethical conduct of graduates starts at home, but higher education institutions play a pivotal role in providing students with an understanding of ethics in the workplace, including the role of social media. The paper concludes with recommendations on how academics in higher education institutions need to address these challenges.

Keywords: accounting profession, distance learning, ethics, workplace

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Authors: Timothy Akinwande, Eddie Hui, Karien Dekker

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Housing the urban poor remains a persistent challenge, despite evident research attention over many years. It is, therefore, pertinent to investigate affordable housing provision challenges with novel approaches. For innovative solutions to affordable housing constraints, it is apposite to thoroughly examine housing solutions vis a vis the key elements of the housing supply value chain (HSVC), which are housing finance, housing construction and land acquisition. A pragmatic analysis will examine affordable housing solutions from demand and supply perspectives to arrive at consolidated solutions from bilateral viewpoints. This study thoroughly examined informal housing finance strategies of the urban poor and diligently investigated expert opinion on affordable housing finance solutions. The research questions were: (1) What mutual grounds exist between informal housing finance solutions of the urban poor and housing expert solutions to affordable housing finance constraints in developing economies? (2) What are effective approaches to affordable housing finance in developing economies from an integrated demand - supply perspective? Semi-structured interviews were conducted in the 5 largest slums of Lagos, Nigeria, with 40 informal settlers for demand-oriented solutions, while focus group discussion and in-depth interviews were conducted with 12 housing experts in Nigeria for supply-oriented solutions. Following a rigorous thematic, content and descriptive analyses of data using NVivo and Excel, findings ascertained mutual solutions from both demand and supply standpoints that can be consolidated into more effective affordable housing finance solutions in Nigeria. Deliberate finance models that recognise and include the finance realities of the urban poor was found to be the most significant supply-side housing finance solution, representing 25.4% of total expert responses. Findings also show that 100% of sampled urban poor engage in vocations where they earn little irregular income or zero income, limiting their housing finance capacities and creditworthiness. Survey revealed that the urban poor are involved in community savings and employ microfinance institutions within the informal settlements to tackle their housing finance predicaments. These are informal finance models of the urban poor, revealing common grounds between demand and supply solutions for affordable housing financing. Effective, affordable housing approach will be to modify, institutionalise and incorporate the informal finance strategies of the urban poor into deliberate government policies. This consolidation of solutions from demand and supply perspectives can eliminate the persistent misalliance between affordable housing demand and affordable housing supply. This study provides insights into mutual housing solutions from demand and supply perspectives, and findings are informative for effective, affordable housing provision approaches in developing countries. This study is novel in consolidating affordable housing solutions from demand and supply viewpoints, especially in relation to housing finance as a key component of HSVC. The framework for effective, affordable housing finance in developing economies from a consolidated viewpoint generated in this study is significant for the achievement of sustainable development goals, especially goal 11 for sustainable, resilient and inclusive cities. Findings are vital for future housing studies.

Keywords: affordable housing, affordable housing finance, developing economies, effective affordable housing, housing policy, urban poor, sustainable development goal, sustainable affordable housing

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Authors: Mara Varelaki

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In response to the challenge of the environmental crisis the discipline of environmental ethics examines the relation of human beings towards the environment and the value of the non-human constituents of the surrounding world. In the face of this crisis, assumptions regarding human and nature relations ought to be traced and reexamined because they can cause difficulties in diagnosing problematic attitudes towards the environment and non-human animals. This paper presents the claims that European and the Judea-Christian cosmogonic myths place the human figure in the core of the creation of the cosmos, thus verifying a hierarchical structure where humans occupy the top, and they establish a perception of nature as a non-human other. By doing so, these narratives provide some justification to the notion of the human-nature dichotomy and the human domination over other life forms and ecosystems. These anthropocentric assumptions evolved into what Hilde Lindemann terms master narratives and their influence extents to ecocentric ethical theories which attempt, and often fail, to shed the anthropocentrism of the western ethical tradition. The goal of this paper is (1) to trace the anthropocentric assumptions embedded in western thought and (2) articulate how they maintain their grip on our contemporary understanding of the human relation to and position within the environment, thus showing the need for a method of detecting and bracketing anthropocentric assumptions in social narratives and ethical frameworks.

Keywords: cosmogonies, anthropocentrism, human/nature dichotomy, master narratives, ecocentrism

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Authors: Farida, M. Shehu, Shehu U. R. Aliyu

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Access to finance has been recognized in the literature as one of the major impediments confronting small scale businesses (SSBs). This largely arises due to high lending rate, religious inclinations, collateral, etc. Islamic mode finance operates under Profit and Loss Sharing (PLS) arrangement between a borrower (business owner) and a lender (Islamic bank). This paper empirically assesses the determinants of predisposition of small scale business operators in Fagge local government area, Kano State, Nigeria, towards the PLS. Cross-sectional data from a sample of 291 small scale business operators was analyzed using logit and probit regression models. Empirical results reveal that while awareness and religion inclination positively drive interest towards the PLS, lending rate and collateral work against it. The paper, therefore, strongly recommends more advocacy campaigns and setting up of more Islamic banks in the country to cater for the financing and religious needs of SSBs in the study area.

Keywords: Islamic finance, logit and probit models, profit and loss sharing small scale businesses, finance, commerce

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Authors: Muhamad Badri Bin Othman

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As a role model and leading country in the world that establishes and promotes Islamic banking and finance, Malaysia has set up and come up with a set of standards and frameworks to govern its Shari’ah function towards implementing the desired outcome of Islamic banking and finance as new source of wealth creation. This paper, examines and highlights, at the very minimum, the importance and application of Shari’ah governance in Islamic banking and finance in Malaysia as a leading country in Islamic banking and finance. This paper also, compares on Shari’ah governance, which is being adopted between Malaysia and other selected countries namely, Pakistan, Bahrain, Kuwait, United Arab Emirates (UAE) and Qatar. This paper also, aims at highlighting the current challenges and issues faced by the scholars in Shari’ah Supervisory Board (SSB) in deliberating their opinions and fatwa towards the implementation of new products in Islamic banking industry to promote innovation among the industry players. The author of this paper will highlight the major challenges and issues faced by the SSB members of Islamic banks in Malaysia, taking into account the complexity of the operation wise and products of Islamic banking, and how they overcome those challenges and issues identified. This will be done through a series of face-to-face interview sessions which will be conducted with a few prominent figures of Islamic banking and finance scholars in Malaysia to highlight the issues and challenges they are facing towards Islamic financial innovation and subsequently finding solutions for the identified issues and challenges.

Keywords: Shari’ah governance, Shari’ah supervisory board (SSB), Issues and challenges, Islamic financial innovation

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Authors: Muhammad Irfan

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The UN General Assembly has advocated improving energy efficiency by SDG criteria to promote global economic growth. Pakistan is confronted with financial obstacles when it comes to acquiring energy efficiency because of the COVID-19 pandemic, economic and political instability, budgetary strains, and poor financial circumstances. The study examines how cutting-edge financing approaches like FinTech, financial inclusion, and green financing affect Pakistan's energy consumption. It finds noteworthy outcomes. The study's results have demonstrated the important impact of these funding methods on energy conservation. The best and most helpful finance tool for energy efficiency is green financing; yet, because of differences in characteristics, workings, and financial institutions, FinTech, and financial inclusion play a smaller role in Pakistan. The researchers propose that to achieve energy efficiency, FinTech activities and funding criteria such as green bonds should be reviewed. It also advised authorities to create energy system-friendly regulations for green finance in Pakistan.

Keywords: green finance, FinTech, financial inclusion, energy efficiency, Pakistan

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Authors: Abidemi C. Adegboye, Samuel Iweriebor

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The primary link between financial institutions and economic performance is the provision of resources by these institutions to businesses in order to drive enterprise expansion, sustainability, and development. In this study, the role of access to finance in driving innovations and productivity in Nigerian SMEs is investigated using the World Bank Enterprise Survey (ES) dataset. Innovation is defined based on the ES analysis using five compositions including product, method, organisational, use of foreign-licensed technology, and spending on R&D. The study considers finance in terms of source in meeting investment needs and in terms of access. Moreover, finance access is categorized as external and internal to a firm with each having different implications. The research methodology adopted a survey analysis based on the 2014 World Bank Enterprise Survey of 19 states in Nigeria. The survey comprised over 10,000 manufacturing and services firms, both at the small scale and medium scale levels. The logit estimation technique is used to estimate the relationships in the study. The results from the empirical analysis show that in general, access to finance drives SME innovation in Nigeria. In particular, ease of accessing bank loans and credit is shown to be the strongest positive force in driving all types of innovation among SMEs in Nigeria. In the same vein, the type of finance source for investment matters in terms of how it affects innovation: it is shown that both internal and external sources improve investment in product, process, and organisational innovation, but only external financing has effect on R&D spending and use of foreign licensed technology. Overall spending on R&D is only driven by access to external finance by the SMEs. For productivity, the results show that while structure of financing investment improves productivity, increased access to finance may actually lead to productivity decline among SMEs in Nigeria. There is a need for the financial system to evolve structures to increase fund availability to SMEs in Nigeria, especially for the purpose of innovation investment.

Keywords: access to finance, financing investment, innovation, productivity, SMEs

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Authors: D. Osborn, L. Easthope

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The increasing threat of ‘marauding terror,' utilising improvised explosive devices and firearms, has focused the attention of policy makers and emergency responders once again on the treatment of the critically injured patient in a highly volatile scenario. Whilst there have been significant improvements made in the response and lessons learned from recent disasters in the international disaster community there still remain areas of uncertainty and a lack of clarity in the care of the critically injured. This innovative, longitudinal study has at its heart the aim of using ethnographic methods to ‘slow down’ the journey such patients will take and make visible the ethical complexities that 2017 technologies, expectations and over a decade of improved combat medicine techniques have brought. The primary researcher, previously employed in the hospital emergency management environment, has closely followed responders as they managed casualties with life-threatening injuries. Ethnographic observation of Exercise Unified Response in March 2016, exposed the ethical and legal 'vacuums' within a mass casualty and fatality setting, specifically the extrication, treatment and care of critically injured patients from crushed and overturned train carriages. This article highlights a gap in the debate, evaluation, planning and response to an incident of this nature specifically the incapacitated, unidentified patients and the ethics of submitting them to the invasive ‘Disaster Victim Identification’ process. Using a qualitative ethnographic analysis, triangulating observation, interviews and documentation, this analysis explores the gaps and highlights the next stages in the researcher’s pathway as she continues to explore with emergency practitioners some of this century’s most difficult questions in relation to the medico-legal and ethical challenges faced by emergency services in the wake of new and emerging threats and medical treatment expectations.

Keywords: ethics, disaster, Disaster Victim Identification (DVI), legality, unidentified

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Authors: Veronica Diaz Quezada

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A study and its preliminary results are presented. The research is descriptive and exploratory and it is still in process. Its objective is to develop an assessment method in the field of fostering values using competence mathematics problem solving. This is part of a more extensive research that aims at contributing to educational integration in Latin America, particularly to the development of proposals to link education for citizenship and the mathematics lessons. This is being carried out by research teams of University of Barcelona-España; University Nacional of Costa Rica; University Autónoma of Querétaro-México; Pontificia University Católica of Perú, University Nacional of Villa María- Argentina and University of Los Lagos-Chile, in the context of Andrés Bello Chair for the Association of Latin American Universities. This research was developed and implemented in Chile in 2016, using mixed research methods. It included interviews and a problem-solving math test with ethical values that was administered to students of the secondary education of the regions of Los Ríos and of the Lakes of Chile. The results show the lack of integration between the teaching of values and science discipline.

Keywords: citizenchip, ethical values, mathematics, secondary school, solving problem

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Authors: Gul Jabeen Aizza Anwar, Tadas Sudnickas

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Pakistan’s service sector undeniably assumed a significant economic position that contributed to 58% to the GPD for several years. Yet, recent statistics record a meager growth of 0.86%. Certainly, the sector relies heavily on its workforce as a share dependency and their performance plays a crucial role for sector success. Using the Social Exchange theory (SET), the present study investigated the influence of ethical leadership (EL) on employee performance (EP), employee creativity (EC), and depression among administrative employees working in different fields within the service industry. The study also examined the mediating role of PWB and hope to predict the outcomes. Based on the quantitative, cross-sectional research design, the data was collected using a self-administered questionnaire from administrative staff (n=202) within the service sector of Pakistan. The findings suggested PWB mediates the relationship between EL, EP, and EC whereas depression was found an exception. In addition, hope only mediates EC mediates EC but does not find it mediating EP and depression. This study details important insights and implications for managers and leaders to improve their interactions with employees and create a healthier work environment for long-term sustainability.

Keywords: ethical leadership, employee creativity, Depression, social exchange theory

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Authors: Luan Vardari, Dena Arapi Vardari

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The Balkan countries, known for their diverse landscapes and cultural heritage, face the dual challenge of promoting economic growth while addressing pressing environmental concerns. In recent years, the concept of green finance has emerged as a powerful tool to achieve sustainable development and mitigate the environmental impact of various sectors, including architecture. This extended abstract explores the untapped potential of green finance in architecture within the Balkan region and highlights its role in driving sustainable construction practices and fostering a greener future. The abstract begins by defining green finance and emphasizing its relevance in the context of the architectural sector in Balkan countries. It underlines the benefits of green finance, such as economic growth, environmental conservation, and social well-being. Integrating green finance into architectural projects is important as a means to achieve sustainable development goals while promoting financial viability. Also, delves into the current state of green building practices in the Balkan countries and identifies the need for financial support to further drive adoption. It explores the existing regulatory frameworks and policies that promote sustainable architecture and discusses how green finance can complement these initiatives. Unique challenges faced by Balkan countries are highlighted, along with the potential opportunities that green finance presents in overcoming these challenges. We highlight successful sustainable architectural projects in the region to showcase the practical application of green finance in the Balkans. These projects exemplify the effective utilization of green finance mechanisms, resulting in tangible economic and environmental impacts, including job creation, energy efficiency, and reduced carbon emissions. The abstract concludes by identifying replicable models and lessons learned from these projects that can serve as a blueprint for future sustainable architecture initiatives in the Balkans. The importance of collaboration and knowledge sharing among stakeholders is emphasized. Engaging architects, financial institutions, governments, and local communities is crucial to promoting green finance in architecture. The abstract suggests the establishment of knowledge exchange platforms and regional/international networks to foster collaboration and facilitate the sharing of expertise among Balkan countries.

Keywords: sustainable finance, renewable energy, Balkan region, investment opportunities, green infrastructure, ESG criteria, architecture

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Authors: Jasman Tuyon, Zamri Ahmad

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Behavioral asset pricing research has been gaining momentum since in 1990s. However, it is still incomplete and has been criticized for some philosophical, theoretical and model specification limitations. Due to these drawbacks, investors’ behaviors as a source of risk in behavioral asset pricing modeling still remains disputable. This paper aims to address these issues with an alternative perspective based on behavioral finance paradigm. Specifically, this paper proposes a theoretical linkages of both fundamental and behavioral risks on stock prices formation and an extension of the multifactor stock pricing model by combining multi-factor fundamentals and behavioral risks factors.

Keywords: behavioral finance, multifactor asset pricing, behavioral risks, fundamental risks

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Authors: Imran Mehboob Shaikh, Kamaruzaman Noordin

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Musharakah Mutanaqisah or Diminishing Partnership is a derivative of Musharakah contract, which is used by Islamic banks for housing finance facility. Most of the banks offer housing finance based on the concept of Musharakah Mutanaqisah, apart from few which still offer housing finance using BBA, Tawarruq (commodity Murabahah) and Istisna. This research attempts to compare the practice of DP housing finance offered in Malaysia. This paper will further look into challenges in Musharakah Mutanaqisah practice and its sustainability as a mortgage product. In practice there are certain issues related to Musharakah Mutanaqisah also known as Musharakah al Muntaiah bi tamlik, widely accepted and mostly used for housing finance by the Islamic banks. In Malaysia, it is in transforming stage from Bay bithamman Ajil, which is mostly used for housing finance in ASEAN region i.e., Malaysia, Indonesia and Brunei. In order to conduct this study, a discussion was carried out with few researchers who had worked on the topic previously and some Islamic bank officers attached to a full-fledged Islamic bank in Malaysia. Apart from that previous literature on Musharakah Mutanaqisah was also reviewed and various books, as well as online data, was considered for this study, and websites of different Islamic banks with information for Diminishing partnership, home financing were retrieved. This paper will highlight issues surrounding Diminishing Partnership contract and its conformity to Maqasid al Shariah (objectives of Shariah). Diminishing Partnership is widely accepted in different parts of the world and is mostly used for housing finance. The future prospect of DP is believed to be affirmative. As the product is a better substitute for BBA and most of the Islamic banks around the world have utilized their housing portfolio using the contract but at the same time, there are certain issues that need to be overcome. Even though Islamic banks are striving to sustain and compete the conventional banks but securing the customers from Gharar and other issues should be the primary objective of Islamic financial institutions.

Keywords: BBA, home financing, musharakah mutanaqisah, tawarruq

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Authors: Camila Lee Park, Mauro Fracarolli Nunes

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Understood as the preference for products and services that do not involve moral dilemmas, ethical consumption has been increasingly discussed by scholars, practitioners, and consumers. Among its diverse trends, the defense of animal rights and welfare seems to have gained particular momentum in past decades. Not surprisingly, companies, governments, ideologues, and virtually any institution or group interested in (re)shaping society invest in the building of narratives oriented to influence consumption behavior. The animal rights movement, for example, is devoted to the elimination of the use of animals in science, as well as of commercial animal agriculture and hunting activities. Although advances in ethical consumption may be observed in practice, it still seems more popular as rhetoric. Diverse scholars have addressed the disparities between self-professed ethical consumers and their actual purchase patterns, with differences being attributed to factors such as price sensitivity, lack of information, quality, cynicism, and limited availability. The gap is also linked to the 'consumer sovereignty myth', according to which consumers are only able to choose from a pre-determined range of choices made before products reach them. On the other hand, academics also debate ethical consumption behavior as more likely to occur when it assumes compliance with social norms. As sustainability becomes a permanent issue, customers may tend to adhere to ethical consumption, either because of an individual value or due to a social one. Regardless of these efforts, the actual value attributed to ethical businesses remains unclear. Likewise, the power of stakeholders’ initiatives to influence corporate strategies is dubious. In search to offer new perspectives on these matters, the present study concentrates on the following research questions: Do customers value products/companies that respect animal rights? If so, does such enhanced value convert into actions from the part of the companies? Broadly, we aim to understand if customers’ perception holds performative traits (i.e., are capable of either trigger or contribute to changes in organizational behaviour around the respect for animal rights). In addressing these issues, two preliminary behavioral vignette-based experiments were conducted, with the perspectives of 307 participants being assessed. Building on a case of the cosmetics industry, social, emotional, and functional values were hypothesized as directly impacting positive word-of-mouth, which, in turn, would carry direct effects on purchase intention. A first structural equation model was analyzed with the combined samples of studies I and II. Results suggest that emotional value strongly impacts both positive word-of-mouth and purchase intention. Data confirms initial expectations on customers valuing products and companies that comply with ethical postures concerning animals, especially if social-oriented practices are also present.

Keywords: animal rights, business ethics, emotional value, ethical consumption

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Authors: Maria Krambia-Kapardis, Andreas Kapardis

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The relevant literature has been inundated with arguments for ethics, moral values, honesty, resilience, trust in leadership as well as responsible leadership. In many countries around the globe, and as shown by some recent reports, many political leaders are not role models and do not show best practices by being ethical, responsible, compassionate, and resilient. Journalists, whistleblowers, WikiLeaks, Al Jazeera, and the International Consortium of Investigative Journalists (ICIJ) have been brought out from the shadow of political leaders who lack the virtues/attributes outlined above by the UN Global Compact. A number of political leaders who lack ethical and responsible leadership skills will continue to find loopholes to enrich themselves and their close friends and relatives. Some researchers use the Millon Inventory of Diagnostic; however, this test, while it provides helpful and useful insights into the personality of a person who leads or inspire his/her people but does not show if that person is ethical, motivating, and empowers his people with trust and honesty. Thus, it is recommended that political leaders ought to undergo training that encompasses Aristotelian Ethics by embedding the appropriate values and behaviours in their strategies, policies, and decisions, enhancing the change factors that will help in the implementation of a more sustainable development model. Finally, there is a need to develop a pedagogy and a curriculum which enables the development of responsible political leaders.

Keywords: political leaders, corruption, anti-corruption, political corruption

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Authors: M. Emmanouilidou

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The Internet of Things (IoT) is a disruptive technological paradigm that is at the center of the digital evolution by integrating physical and virtual worlds leading to the creation of extended interconnected ecosystems that are characterized as smart environments. The concept of the IoT has a broad range of applications in different industries including the healthcare sector. The Internet of Healthcare Things (IoHT), a branch of the IoT, is expected to bring promising benefits to all involved stakeholders and accelerate the revolution of the healthcare sector through a transition towards preventive and personalized medicine. The socio-economic challenges that the healthcare sector is facing further emphasize the need for a radical transformation of healthcare systems in both developed and developing countries with the role of pervasive technological innovations, such as IoHT, recognized as key to counteract the relevant challenges. Besides the number of potential opportunities that IoHT presents, there are fundamental ethical concerns that need to be considered and addressed in relation to the application of IoHT. This paper contributes to the discussion of the emerging topic of IoHT by providing an overview of the role and potential of IoHT, highlighting the characteristics of the current and future healthcare landscape, reporting on the up-to-date status of IoHT in Europe and reflecting upon existing research in the ethics of IoHT by incorporating additional ethical dimensions that have been ignored which can provide pathways for future research in the field.

Keywords: ethics, Europe, healthcare, Internet of Things

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Authors: Laura C. Solzbacher, Caja Thimm

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Journalists worldwide have been confronted with a variety of ethical challenges over the last years. Because of massive changes in media technology and the public sphere, especially online journalism has trouble to uphold the fundamental values of journalism. In particular, the increasing amount of fake news and hate speech puts journalists under more and more pressure. In order to understand better how journalists judge this development and how they adapt in their daily work, a survey with journalists in Germany was carried out. 303 professional journalists participated in an online questionnaire. Results show that 65% underline that economic pressure grows and nearly the same number describe a change in the role of journalists in society. Furthermore, 61% agree that they put more time into research to secure their work against accusations of fabricating fake news. Interestingly, over 60% see a change in the role of journalists in society. The majority (85%) confirms that print journalism has to give way for online platforms and that the influence of social media for journalism grows (75%). Half of the surveyed advocate for more personalized public activism on part of journalists, such as appearance in talk shows and public talks. The results of the study will be discussed in light of the ongoing debate on ethical standards as a condition for a sustainable and trustworthy digital public sphere.

Keywords: ethics, fake news, journalism, public sphere

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Authors: Joanne Ndirangu

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Delving into the intricate landscape of slum tourism in Kenya, this study critically evaluates its ethical implications, legal frameworks, and beneficiaries. By examining the complex interplay between tourism operators, visitors, and slum residents, it seeks to uncover the long-term consequences for the communities involved. Through an exploration of ethical considerations, legal parameters, and the distribution of benefits, this examination aims to shed light on the broader socio-economic impacts of slum tourism in Kenya, particularly on the lives of those residing in these marginalized communities. Assessing the ethical considerations surrounding slum tourism in Kenya, including the potential exploitation of residents and cultural sensitivities and examine the legal frameworks governing slum tourism in Kenya and evaluate their effectiveness in protecting the rights and well-being of slum dwellers. Identifying the primary beneficiaries of slum tourism in Kenya, including tour operators, local businesses, and residents, and analysing the distribution of economic benefits. Exploring the long-term socio-economic impacts of slum tourism on the lives of residents, including changes in living conditions, access to resources, and community development. Understanding the motivations and perceptions of tourists participating in slum tourism in Kenya and assess their role in shaping the industry's dynamics and investigate the potential for sustainable and responsible forms of slum tourism that prioritize community empowerment, cultural exchange, and mutual respect. Providing recommendations for policymakers, tourism stakeholders, and community organizations to promote ethical and sustainable practices in slum tourism in Kenya. The main contributions of researching slum tourism in Kenya would include; Ethical Awareness: By critically examining the ethical implications of slum tourism, the research can raise awareness among tourists, operators, and policymakers about the potential exploitation of marginalized communities. Beneficiary Analysis: By identifying the primary beneficiaries of slum tourism, the research can inform discussions on fair distribution of economic benefits and potential strategies for ensuring that local communities derive meaningful advantages from tourism activities. Socio-Economic Understanding: By exploring the long-term socio-economic impacts of slum tourism, the research can deepen understanding of how tourism activities affect the lives of slum residents, potentially informing policies and initiatives aimed at improving living conditions and promoting community development. Tourist Perspectives: Understanding the motivations and perceptions of tourists participating in slum tourism can provide valuable insights into consumer behaviour and preferences, informing the development of responsible tourism practices and marketing strategies. Promotion of Responsible Tourism: By providing recommendations for promoting ethical and sustainable practices in slum tourism, the research can contribute to the development of guidelines and initiatives aimed at fostering responsible tourism and minimizing negative impacts on host communities. Overall, the research can contribute to a more comprehensive understanding of slum tourism in Kenya and its broader implications, while also offering practical recommendations for promoting ethical and sustainable tourism practices.

Keywords: slum tourism, dark tourism, ethical tourism, responsible tourism

Procedia PDF Downloads 11