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Strategic Sectors Research Centre

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sadas
Do Islamic stock indices perform better than conventional counterparts? An empirical investigation of sectoral efficiency. Review of Financial Economics
Review of Financial Economics. 31 (2016) 108–114
Syed Aun Raza Rizvi
2016

Abstract

Literature is rife with studies on efficiency of stock markets and financial performance aspects. One such aspect is the measurement of sectoral efficiency amongst stock markets. While there are several studies analysing sectorial efficiency, there is no study on the efficiency of Islamic sector indexes. The rise of Islamic indices has raised the question and multiple studies have been undertaken in exploring and validating the better performance from a risk return framework for the Islamic indices. This study attempts to pioneer in this niche area by conducting a comparative analysis of 10 sectoral global indices for both conventional and Islamic counterpart spanning over 18 years. The sample time period runs from 1 January 1996 until 31 December 2014. To further validate our study, we have divided our data into four major time periods, to factor in different phases the world markets have gone through in the sample period, i.e. 1996–2000; 2001–2002; 2003–2006 and 2006 to 2014. The methodology selected in understanding the efficiency of these sectoral stock indices is the multifractal de-trended fluctuation analysis (MFDFA). Our analysis reveals that in the shorter horizon, efficiency tends to follow a similar pattern amongst the conventional and Islamic counterpart. Furthermore, Islamic sectoral indices generally tend to exhibit a higher efficiency regime across the last decade. Overall, Islamic index seems to have stayed attractive and resilient, allowing conformity with the weak form efficient market hypothesis.

Keywords

Islamic indices; Decomposed returns; Stock market efficiency; Multifractal

sadas
Do Islamic stock indices perform better than conventional counterparts? An empirical investigation of sectoral efficiency. Review of Financial Economics
Review of Financial Economics. 31 (2016) 108–114
Syed Aun Raza Rizvi
2016
Read More
sadas
A Macro‐National Level Analysis of Arab Women's Work Engagement
European Management Review
Jawad Syed
2016

Abstract

This paper reviews the macro-national level factors that influence women's work engagement in Arab countries. First, it offers an overview of the notions of work engagement and gendered work engagement. Next, the macro-national context is investigated where economic, socio-cultural, and legal factors are analyzed that may explain differences in workplace engagement between men and women. Lastly, the discussion, implications for future research and practice, and conclusion are offered.

sadas
A Macro‐National Level Analysis of Arab Women's Work Engagement
European Management Review
Jawad Syed
2016
Read More
sadas
Nation-Scale Adoption of Shorter Breast Radiation Therapy Schedules Can Increase Survival in Resource Constrained Economies: Results From a Markov Chain Analysis
International Journal of Radiation Oncology• Biology• Physics
Raza Ali Rafique
2016

Purpose

Hypofractionated whole breast irradiation and accelerated partial breast irradiation (APBI) offer women options for shorter courses of breast radiation therapy. The impact of these shorter schedules on the breast cancer populations of emerging economies with limited radiation therapy resources is unknown. We hypothesized that adoption of these schedules would improve throughput in the system and, by allowing more women access to life-saving treatments, improve patient survival within the system.

sadas
Nation-Scale Adoption of Shorter Breast Radiation Therapy Schedules Can Increase Survival in Resource Constrained Economies: Results From a Markov Chain Analysis
International Journal of Radiation Oncology• Biology• Physics
Raza Ali Rafique
2016
Read More
sadas
Rewards and Creativity: Past, Present, and Future
Applied Psychology
Muhammad Abdur Rahman Malik, Arif Nazir Butt
2016

Abstract

Research on the effects of rewards on creativity has resulted in hundreds of empirical studies and several reviews of the reward–creativity relationship (RCR). Most reviews are retrospective in nature. They have quantitatively summarised and integrated previous research findings, but have largely overlooked the need for a theoretical framework to guide future research. The current systematic review of this literature intends to bridge this gap, based on the findings of 329 papers and book chapters. Our review summarises the theoretical developments in reward–creativity (RC) research, and classifies the literature in three distinct phases, i.e. the emergence of the cognitive perspective; behavioural rebuttal, and convergence. The paper identifies three important gaps in the existing RC literature: (1) the moderating effects of individual, group, organisational, and national-level factors; (2) the mediating role of cognitive and affective states; and (3) the lack of consideration of creativity as a multidimensional construct. Based on these gaps, the paper presents a four-factor framework to guide future RC research. It identifies potential moderators and mediators of the RCR, and draws attention to creativity as a multidimensional construct.

sadas
Rewards and Creativity: Past, Present, and Future
Applied Psychology
Muhammad Abdur Rahman Malik, Arif Nazir Butt
2016
Read More
sadsa
Determinants of the Level of Informality of Informal Micro-Enterprises: Some Evidence from the City of Lahore, Pakistan
World Development. Volume 84, August 2016, Pages 312–325
Muhammad Shehryar Shahid
2016

Abstract:

Recognizing that enterprises operate at varying levels of informality, this paper evaluates the determinants of their degree of informality. Reporting a 2012 survey of 300 informal microenterprises in the city of Lahore in Pakistan, the finding is that the key predictors of their level of informality are the characteristics of the entrepreneur and enterprise, rather than their motives or the wider formal and informal institutional compliance environment. Lower degrees of informality are associated with women, older, educated, and higher income entrepreneurs and older enterprises with employees in the manufacturing sector. The paper concludes by discussing the theoretical and policy implications.

 

Keywords:

entrepreneurship; informal sector; micro-enterprise; Asia; Pakistan

sadsa
Determinants of the Level of Informality of Informal Micro-Enterprises: Some Evidence from the City of Lahore, Pakistan
World Development. Volume 84, August 2016, Pages 312–325
Muhammad Shehryar Shahid
2016
Read More
sadas
Unpacking the curvilinear relationship between negative affectivity, performance, and turnover intentions: The moderating effect of time-related work stress
Journal of Management & Organization. DOI: 10.1017/jmo.2016.10
Arif Nazir Butt
2016

Abstract:

This study explores the relationships of negative affectivity with two frequently studied outcome variables job performance and turnover intentions. Conventional wisdom holds that negative affectivity has a harmful impact on both job performance and intentions to leave; however, we propose a more nuanced perspective using empirical and theoretical arguments (e.g., self-regulation theory) to highlight the functional effects of negative affectivity. To test our hypotheses, we collected self-reported and supervisor-reported data from seven organizations in Pakistan. The findings based on data collected from 280 employees show that while negative affectivity is detrimental for job performance, this effect is mitigated as negative affectivity increases. It further shows that the linear negative main effect of negative affectivity on job performance is more pronounced when employees experience less time-related work stress. Finally, the curvilinear relationship between negative affectivity and turnover intentions is moderated by time-related work stress. The relationship has a U shape at high levels of time-related work stress, whereas at low levels it has an inverted U shape. A discussion of the limitations, future research, and implications for theory building and practice conclude the article.

sadas
Unpacking the curvilinear relationship between negative affectivity, performance, and turnover intentions: The moderating effect of time-related work stress
Journal of Management & Organization. DOI: 10.1017/jmo.2016.10
Arif Nazir Butt
2016
Read More
sadsa
Does Microfinance Enhance Gender Equity in Access to Finance? Evidence from Pakistan
Feminist Economics. Volume 23, Issue 1, Pages 160-185
Ghazal Mir Zulfiqar
2016

Abstract:

This paper descriptively analyzes longitudinal microfinance outreach numbers and interview data from 140 practitioners and borrowers in Pakistan to examine whether the claim that microfinance enhances gender equity in access to finance can be substantiated. This assertion has recently replaced the more ambitious contention that microfinance has an empowering impact on women. The paper argues that this shift has occurred because of increased commercialization at the global level and authoritative assessments against the empowerment claim. The study further considers whether the frame of competing logics from institutional theory can explain the case of the Pakistani microfinance sector, in which, as shown here, commercialized microfinance has actually led to a rise in gender inequalities in access to finance. The paper attributes this rise to the inability of the Pakistani microfinance sector to reconcile the competing logics of development and banking.

Keywords:

Microfinance, gender inequality, institutional analysis

sadsa
Does Microfinance Enhance Gender Equity in Access to Finance? Evidence from Pakistan
Feminist Economics. Volume 23, Issue 1, Pages 160-185
Ghazal Mir Zulfiqar
2016
Read More
sadas
The use and misuse of student samples: An empirical investigation of European marketing research.
Journal of Consumer Behaviour
2016

Abstract

In spite of the five decade old debate on the merits of student samples, to date, no systematic review of the practice is undertaken. The need for such a review is warranted considering the impasse in the debate and inconsistencies among scholars in their approach to student sample usage. This paper thus presents a systematic review of student sample usage in European Marketing Research (EJM, IJRM and IMR during 2005–2014, inclusive) to highlight existing reporting practices, identify sub-domains of marketing where the usage is more prevalent and to report best practices. Results demonstrate that 99 (19.96 per cent) papers making generalization claims used student samples exclusively, had inconsistent reporting practices (e.g. demographic profile, limitations) and demonstrated trivial concern (e.g. bias estimation treatment, identification of moderators) for the implications of student sample usage on their study findings. In addition, 11 clusters representing sub-domains of marketing research and where the practice is prevalent are identified. These clusters provide novel direction to the debate on student sample usage by framing it away from the broader discipline of marketing and bringing it closer to the interests of scholars, i.e. linking it to sub-domains of marketing research. Finally, best practices related to student samples usage are reported to help academicians enhance the validity of their findings. Copyright © 2016 John Wiley & Sons, Ltd.

sadas
The use and misuse of student samples: An empirical investigation of European marketing research.
Journal of Consumer Behaviour
2016
Read More
sadas
Agency and coping strategies for ethnic and gendered minorities at work
The International Journal of Human Resource Management. Pages 1-25. DOI 10.1080/09585192.2016.1166787
Faiza Ali
2016

Abstract:

This study examines the comparative workplace experiences of twenty Muslim professional women from the United Kingdom and Australia classified as minorities in terms of their ethnic, religious, gender and migration status. Diversity as exclusion remains highly topical in extant diversity studies. For instance, Muslim migrants have often been stereotyped as sexually constrained, victimized, ignorant, poor, uneducated and tradition-bound. Muslim women may be highly discouraged if Western workplaces are not conducive to their social and cultural needs. By using human agency and coping theory, this study investigates the coping strategies of Muslim professional women, how they adapt, how they react and reflect on stressful workplace events such as discriminatory behaviour. Human agency theory provides a basis by which to explore agent responses to organisational narratives in this study. Overall, this study finds that active coping and planning to deal with stressful events is important for ethnic minorities and that emotion-focused coping is used when less active planning is prevalent. The study lends support to the triple jeopardy effects of race-related ethnicity, work practices and gender. The findings pose challenges for Western feminist theory in terms of the interface between gender and religion and the freedom of expression of individual agents in the workplace.

 

Keywords: 

Coping strategies, Muslim professional women

sadas
Agency and coping strategies for ethnic and gendered minorities at work
The International Journal of Human Resource Management. Pages 1-25. DOI 10.1080/09585192.2016.1166787
Faiza Ali
2016
Read More
sadsa
Muslim Diaspora in the West and International HRM
The International Journal of Human Resource Management
Jawad Syed
2016

Interest in Islam and how Muslims organise themselves within the so-called Western world has largely stemmed from the flow of Muslim immigration since the 1960s and the 1970s (Loobuyck, Debeer, & Meier, 2013Loobuyck, P., Debeer, J., & Meier, P. (2013). Church–state regimes and their impact on the institutionalization of Islamic organizations in Western Europe: A comparative analysis. Journal of Muslim Minority Affairs, 33, 61–76.10.1080/13602004.2013.791192[Taylor & Francis Online]). Many of these immigrants have come to these new lands in the hope of making a better life for themselves economically, or to escape the political or religious pressures of their homeland (Lebl, 2014Lebl, L. S. (2014). The EU, the Muslim brotherhood and the organization of Muslim cooperation. Orbis, 57, 101–119.[CrossRef]). Initially, deeming the influx of these foreigners to be largely irrelevant, there was little interest in their presence by the different governments across many jurisdictions. Typically, scant interest was shown towards entering into dialogue with the Muslim immigrant community. Indeed, until the 1990s, it was not uncommon for Islam to be perceived as a strange, foreign religion that was best managed through outsourcing to respective consulates (Loobuyck et al., 2013Loobuyck, P., Debeer, J., & Meier, P. (2013). Church–state regimes and their impact on the institutionalization of Islamic organizations in Western Europe: A comparative analysis. Journal of Muslim Minority Affairs, 33, 61–76.10.1080/13602004.2013.791192[Taylor & Francis Online]). Yet, migration and work-based mobility has a significant influence on the world of work and societies in which organisations are embedded. Many individuals migrate for better employment perspectives, as well as due to chain migration, betterment in the quality of life and based on fleeing famine, war and terror zones globally (Sharma & Reimer-Kirkham, 2015Sharma, S., & Reimer-Kirkham, S. (2015). Faith as social capital: Diasporic women negotiating religion in secularized healthcare services. Women’s Studies International Forum, 49, 34–42.10.1016/j.wsif.2015.01.005[CrossRef], [Web of Science ®]; Valiūnienė, 2016Valiūnienė, V. K. (2016). Migration as the way for better employment perspectives: Case of European Union. International Journal of Social Science and Humanity, 6, 728–733.10.18178/ijssh.2016.6.9.741[CrossRef]). Migration could involve upward as well as downward mobility/wages, depending on the country and organisation. For example, minimum wages differ from € 184 in Bulgaria up to € 1923 in Luxembourg (Valiūnienė, 2016Valiūnienė, V. K. (2016). Migration as the way for better employment perspectives: Case of European Union. International Journal of Social Science and Humanity, 6, 728–733.10.18178/ijssh.2016.6.9.741[CrossRef]). Migration also contributes to the lived religion of diasporic communities as they navigate their faith at work (Sharma & Reimer-Kirkham, 2015Sharma, S., & Reimer-Kirkham, S. (2015). Faith as social capital: Diasporic women negotiating religion in secularized healthcare services. Women’s Studies International Forum, 49, 34–42.10.1016/j.wsif.2015.01.005[CrossRef], [Web of Science ®]).

sadsa
Muslim Diaspora in the West and International HRM
The International Journal of Human Resource Management
Jawad Syed
2016
Read More
sadas
A relational understanding of work-life balance of Muslim migrant women in the west: future research agenda
The International Journal of Human Resource Management. Pages 1-19. doi 10.1080/09585192.2016.1166784
Faiza Ali
2016

Abstract:

Increasing globalisation and work intensification has led to a blurring of roles and boundaries between work and family. Such influences are more pronounced in migrant workers who often struggle to balance their work and life in a new national context. The challenge of work-life balance (WLB) is further compounded in the case of minority migrant groups such as Muslim women living and working in a Western context, as it is unclear how, in the face of discrimination, Islamophobia, family and other sociocultural and religious pressures and the WLB issues of migrant Muslim women (MMW) are enacted. As most studies of WLB are at a singular level of analysis, this paper contributes to the WLB literature through the lens of intersectionality, by providing a multi-level relational understanding of WLB issues of MMW working in a Western context. Future research and themes identified in this paper provide a multi-level and relational understanding of WLB of MMW, and implications for managers tasked with managing WLB issues for MMW in Western contexts are also discussed.

 

Keywords:

Muslim women, relational perspective, work-life balance

sadas
A relational understanding of work-life balance of Muslim migrant women in the west: future research agenda
The International Journal of Human Resource Management. Pages 1-19. doi 10.1080/09585192.2016.1166784
Faiza Ali
2016
Read More
sadas
Leveraging Values Diversity: The Emergence and Implications of a Global Managerial Culture in Global Organizations
Management International Review. Volume 56, Issue 2, pp 227–254
Arif Nazir Butt
2016

Abstract:

The debate about divergence and convergence of managerial values has focused on the effect of macro-level influences on values. In contrast, little attention has been paid to micro-level influences, i.e., influences operating at the individual level. We therefore examine and identify micro-level influences on managerial values in global organizations and look at their impact at the group and organizational level. We start by reviewing the concepts of convergence and divergence as well as Ralston’s (e.g., 2008) notion of crossvergence. Subsequently, we identify examples in the literature where convergence has occurred for some groups of managers and not others. We argue that managers with similar values will cluster into global values and local values clusters with convergent and divergent values, respectively. We call this phenomenon groupvergence. Propositions are presented about the individual level causes of globalizing managerial values, relating it to exposure to other cultures as well as direct socialization into global values in a professional or a work setting, such as a global organization. The implications of the co-existence of global values and local values clusters in global organizations are examined, including the potential mediating boundary spanner role which members of global values clusters may play between global and local subgroups, groups and organizations. The analysis suggests that the presence of global values and local values clusters in global organizations can allow organizations to leverage value differences both inside and outside of their boundaries and can thus have a positive influence on organizational functioning and effectiveness.

 

Keywords:

Convergence, Divergence, Crossvergence, Groupvergence, Managerial values, Globalization & Global organizations

sadas
Leveraging Values Diversity: The Emergence and Implications of a Global Managerial Culture in Global Organizations
Management International Review. Volume 56, Issue 2, pp 227–254
Arif Nazir Butt
2016
Read More
sadsa
How does crisis affect efficiency? An empirical study of East Asian markets
Borsa Istanbul Review, 16(1), 1-8.
Syed Aun Raza Rizvi
2016

Abstract

Much research has been undertaken in the Efficient Market Hypothesis (EMH) over the preceding two decades. With Asian countries emerging as a global powerhouse in terms of regional economics, the interest in their stock markets has picked up recently. Asian markets traditionally comprised of many emerging markets are generally assumed to be more volatile and speculative in nature. Based on this crux, we focus specifically on the response of these markets efficiency to major crisis. In recent years, the Asian markets have experienced a phenomenal boom in attracting foreign capital inflow, with Singapore evolving into a global financial hub in terms of banking and financial services. Scepticism and cautious nature raises the question of whether these stock markets are efficient enough for further investment and development. Our study is unique in nature, as we focus on the efficiency of these market in response to crisis periods, comparing it with their pre-crisis period, both in shorter term of 1 year as well as longer term of 5 years post and pre crisis period. Taking Malaysia, Indonesia, Singapore and South Korea owing to their economic and financial development, we use MF-DFA to derive efficiency measure for comparative analysis with its own past. The findings put forth a notion of generally a deteriorating and negative impact of the Asian financial crisis, while the sub-prime crisis impact varies based on the economic structure of the economies. The findings concur with the mainstream literature and similar studies for other countries and region.

Keywords

East Asian; Efficiency; Multifractal; Stock markets

sadsa
How does crisis affect efficiency? An empirical study of East Asian markets
Borsa Istanbul Review, 16(1), 1-8.
Syed Aun Raza Rizvi
2016
Read More
asdas
Consumer Expectations: A Residual Based Approach
Review of Income and Wealth
Fahd Rehman
2016

Abstract

This paper presents an economy-wide consumer expectations indicator that reflects different degrees of optimism or pessimism with respect to consumers’ confidence in their economy. The indicator provides a useful complement to traditional economic indicators that are frequently used to compare countries, such as gross domestic product (GDP) in purchasing power parity (PPP) terms. Our indicator may be seen as representing the influence of social wealth on economic behavior–that is, of effects left out of a standard economic analysis. We use a theoretical approach to integrate the expectations measure with the International Comparison Program's (ICP) PPP GDP statistics which produces a measure we term “effective GDP.” Compared to the ICP's PPP figures, the measure of “effective GDP” differs from the ICP's PPP estimates by as much as four to five percent in the positive direction for apparently optimistic countries and as much as two percent downwards for pessimists.

asdas
Consumer Expectations: A Residual Based Approach
Review of Income and Wealth
Fahd Rehman
2016
Read More
sadsa
Investigating stock market efficiency: A look at OIC member countries
Research in International Business and Finance. Volume 36, Pages 402–413
Syed Aun Raza Rizvi
2016

Abstract:

The tremendous growth of emerging and developing markets bring forth new arenas of research. One such area is the efficiency of stock markets. In light of the Efficient Market Hypothesis (EMH) several studies have been undertaken over the past two decade, with much focus being on developed markets and certain developing countries. However, a dearth in literature is seen for this niche on Organization of Islamic Conference (OIC) member countries. Following the recent global crisis, attention on emerging and developing markets have increased tremendously, questioning whether these countries’ market are apt in withstanding influxes of capital without crashing. The OIC despite its global presence and potential has often been criticized about its stock markets, which are marred by underdevelopment and illiquidity. This paper focuses on analysing the weak-form efficiency of OIC member stock markets to determine their efficiency rankings during different business cycles. Our results are indicative of improving efficiency over the past decade.

 

Keywords:

Efficiency; MF-DFA; OIC; Stock markets; Emerging markets

sadsa
Investigating stock market efficiency: A look at OIC member countries
Research in International Business and Finance. Volume 36, Pages 402–413
Syed Aun Raza Rizvi
2016
Read More

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