Islamic business research

The Islamic finance industry, which is deeply rooted in Islamic law (Sharia), will undoubtedly have an increasingly large impact on modern finance in the years to come. Since its formal establishment in the 1970s, the industry has already grown to US$2.2 trillion, with a growth rate that outpaces that of conventional finance. The purpose of this special issue is to inspire academic researchers, regulators and standard setters, and providers and users of Islamic funding to advance the research of critical issues related to the efficiency of Islamic finance.     

Islamic business scorecard and the screening of Islamic businesses in a cross‐country setting

Screening of shari'ah compliant firms is incomplete without the inclusion of ethical and social responsibilities. The existing “activity screen” does not directly capture the ethical and social footprints of firms. The purpose of this study is to create and test an Islamic business scorecard that combines activity, ethical, and social responsibilities that Islamic businesses must comply with. This new Islamic business scorecard replaces the existing activity screens and is added to the financial screens to create an integrated business screening mechanism to identify shari'ah compliant firms. This study utilizes data from a sample of 410 shari'ah compliant companies listed with stock exchanges in Malaysia, Pakistan, and Bangladesh. Out of the five newly developed constructs of the Islamic business scorecard, the results indicate Islamic firms are less committed to social responsibilities and tend to push forward economic responsibilities that focus on profitability and growth. Of the three countries, this study reports Malaysian firms have the highest compliance scores, while Bangladesh displays characteristics of the “next‐big shari'ah destination”. Financial screens are more important than the Islamic business scorecard for firms in the construction, industrial, technology, and trading/services sectors. Because of its connection with the economic, ethical, and social dimensions, the scorecard helps to identify the true nature of shari'ah compliance as a useful decision tool for investors and policymakers.     

The one-billion-plus marginalization: Toward a scholarly understanding of Islamic consumers

Information regarding the Islamic perspective on marketing is still lacking in mainstream literature. The present work aims to assemble the theoretical foundations of Islamic marketing thought in relation to the modern marketing paradigm. The paper highlights the opportunity costs involved with marginalizing the one billion plus Muslim consumer segment and presents a conceptualization of Islamic religiosity and its marketing implications building upon the Islamic theology infrastructure in terms of its inherent broad objectives (maqasid ash-shari'ah) while putting forth multi-stakeholder research propositions for future testing. The conceptualization presented serves to establish an enlightened dialogue and foster further cross-cultural understanding of the Muslim consumer segment to benefit academics, practitioners, and policy makers.     

Conceptualization of the real economy and Islamic finance: Transformation beyond the asset‐link rhetoric

A key factor behind the chronic crises in modern economies is the growing dominance of financialization and the resulting disconnect between the real economy and the financial sector, to which conventional financial industry is a key contributor. In contrast, Islamic finance claims to be real‐economy‐oriented, as all transactions must be asset‐linked (asset‐backed or asset‐based). However, is Islamic Finance based on proper conceptualization of the real economy? What is the real economy and its dynamics? How Islamic finance is interfaced with the real economy? In this article, the claimed real‐economy‐orientation is examined by presenting a conceptualization of the real economy and then evaluating the related discourse accordingly. The analysis presented, especially for noneconomists, exposes a serious gap between the claims about Islamic finance and the real economy it is supposed to advance. Appropriate conceptualization of the real economy can help the industry to be relevant and effective for broader socioeconomic transformation.     

The Chinese business system and its authoriliberal economic model

China's position as one of the most powerful nations in the world is undisputed. However, in an evolving landscape, China's utilization of a path-dependent business system may hinder the ability of the country's institutions to undergo necessary change, which will have important implications for international business literature. Through business system theory, empirical evidence, and a mixed methods approach, we discuss China's business system explaining how the system may impair sustainable growth and the transformation required by a less dependent industrial society. Our research suggests that the Chinese business system is still very arrested due to its recent past, and the Chinese Communist Party has only partial interest in improving some of the most important bases for the development of modern enterprises, even if fostering a somewhat liberal economic approach. Since similar political (authoritarian) and economic (liberal) approaches are found elsewhere, we theorize on what we called an authoriliberal economic approach.     

网络经济与集团财务集中管理

在网络经济下传统财务管理的弊端日益突出,其管理手段比较落后,预算控制体系不建全与资金控制失灵,不利于实现资源配置最优化。网络技术为集团公司建立集中财务管理模式提供了保证,集团公司要实现集团公司整体利益的最大化,财务管理的模式就必须从分散管理向集中式管理转变,发挥监控职能作用,强化资金的集中管理和财务人员权限设置,以适应网络经济发展的要求,实现财务管理变革与创新。     

构建公共财政体制框架的对策思考

公共财政是市场经济条件下国家为市场提供公共服务而进行的分配活动,在这一分配活动中,公共支出是其完成环节,没有公共支出就没有公共服务。但我国目前正处在经济体制转轨时期,在构建公共财政体制过程中还存在一些问题。就这些问题进行深入分析,并提出对策与建议。     

The nature of entrepreneurial experience,business failure and comparative optimism

Entrepreneurial (i.e. business ownership) experience may enable some entrepreneurs to temper their comparative optimism in subsequent ventures. The nature of entrepreneurial experience can shape how entrepreneurs adapt. Using data from a representative survey of 576 entrepreneurs in Great Britain, we find that experience with business failure was associated with entrepreneurs who are less likely to report comparative optimism. Portfolio entrepreneurs are less likely to report comparative optimism following failure; however, sequential (also known as serial) entrepreneurs who have experienced failure do not appear to adjust their comparative optimism. Conclusions and implications for entrepreneurs and stakeholders are discussed.     

Intrinsic religiosity and counterproductive work behavior: The mediating role of Islamic work ethic

This research aims to examine the impact of intrinsic religiosity on counterproductive work behavior directed toward the organization (CWB-O) and the mediating role of Islamic work ethic in this impact. The data were collected from employees working in the hotel and restaurant industry (n = 684). The findings revealed that intrinsic religiosity had a positive and significant effect on Islamic work ethic. It was found that Islamic work ethic also had a negative and significant effect on CWB-O. Similarly, intrinsic religiosity had a negative and significant effect on CWB-O. In addition, it was identified that the Islamic work ethic had a mediating role in the impact of intrinsic religiosity on CWB-O. Taking into consideration that the relationship between intrinsic religiosity and CWB-O and the role of Islamic work ethic in this relationship has not yet been examined in literature, the theoretical contribution of the current research can be better understood. From the perspective of practical contribution, this research may help and guide managers to understand how intrinsic religiosity affects CWB-O.     

Twenty-five years of business systems research and lessons for international business studies

Since 1992, the national business systems (NBS) approach has been increasingly used to analyse not only firm characteristics, structures and strategies within NBS, but also the nature of international business and its interactions with both national and transnational institutions. In reviewing 25 years of NBS literature, we heed calls in IB journals urging researchers to use NBS notions and findings in IB research. Our systematic review of 96 articles analyses the patterns and contributions of NBS literature, revealing four thematic junctures: (1) comparative business systems, (2) firm internationalisation and the management/organisation inside MNCs, (3) the role of internationalisation in the development of organisational capabilities and innovation and (4) the emergence of transnational communities in and across firms and societies. Themes are described in terms of (a) the research questions (RQ) they focus on, (b) how NBS approach investigates the RQ and what are the major findings, (c) how IB frames and approaches the same RQ, (d) how does the NBS approach extend the perspectives of IB and (e) what are the problems faced by NBS in terms of developing further insights into the RQ. Our review contributes to the recent endeavour of IB research to institutionalism, encouraging a productive dialogue between IB and NBS research.     

The effect of new business formation on regional development over time: the case of Germany

We investigate the effects of new business formation on employment change in German regions. A special focus is on the lag-structure of this effect and on differences between regions. The different phases of the effects of new business formation on regional development are relatively pronounced in agglomerations as well as in regions with a high-level of labor productivity. In low-productivity regions, the overall employment effect of new business formation activity might be negative. The interregional differences indicate that regional factors play an important role.

Process in family business internationalisation: The state of the art and ways forward

Although the internationalisation of family businesses (FBs) has received increasing attention in recent years, much remains to be learned about how FB internationalisation unfolds as a process. Our review of 172 empirical studies from the period of 1991–2018 indicates that only 25 studies included both longitudinal data and strong process theorising, even though internationalisation is inherently processual, and FBs are longitudinal in nature. We acknowledge that both variance- and process-based theorising are needed to build an understanding of the FB internationalisation process. We contribute to the field by building an FB internationalisation process model based on a review analysis. Within the model, process-based internationalisation pathways are combined with variance-based capabilities (positive influences) and liabilities (negative influences) that affect internationalisation, with economic and non-economic goals viewed as driving the various internationalisation processes. On the basis of the model, we suggest that future research could adopt more longitudinal and individually focused approaches, as a means to understand the FB internationalisation process in various FBs and contexts, over various time periods, life cycles, and FB generations.     

城乡差距及其二元财政成因探析

我国城乡差距在很大程度上与我国长期推行城乡有别的二元财政政策和制度有关。歧视性农业财税政策的客观存在 ,给我国城乡的协调发展和全面建设小康社会带来了极为消极的影响 ,并使城乡二元社会结构固定化。必须按照公平原则的要求对现行财政政策进行调整 ,使之向一元财政转化 ,这是加快农村经济发展 ,缩小城乡差距和实现全面建设小康社会奋斗目标的必然选择。     

利率市场化进程中我国中小银行的经营策略选择

文章在分析中小银行与大银行实力对比的基础上,研究了利率市场化的影响,即放开存款利率上限与贷款利率下限,为中小银行提出了针对利率市场化改革的策略选择：充分利用价格手段积极竞争,在短期以量补价,拓展有自身特色的中间业务;在长期逐步转型,紧紧抓住中小企业贷款业务,与非正规金融逐利;提前建设利率风险管理体系,加强信用风险管理。     

Ethics and the Ivory Tower: The Case of Academic Departments of Finance

This study reports the results from a survey of 1,000 finance faculty members within schools of business across the U.S. concerning their knowledge of ethical transgressions as well as their attitudes towards ethics training in the curriculum. Ethical breaches appear most frequently with the unauthorized duplication of licensed software and the misuse of university resources for private consulting activity. Yet knowledge of ethical misconduct is highly segmented, with significant differences in reporting frequency between groups based upon citizenship, academic rank and school size. Contrary to the implications of Hawley (1991), we find there is a widely held belief by finance educators that business ethics has a legitimate role in business curriculums and should be included in finance course work. Further, our respondents strongly reject the notions that ethical practices are inconsistent with the principle of shareholder wealth maximization or that finance is more susceptible to ethical transgressions than other functional areas of business. We conclude that finance faculty are able to serve as legitimate ethical mentors for students and by implication may positively influence future corporate ethical behavior.     

The creation and diffusion of international business research

“W(h)ither U.S. Hegemony in International Business Research?” by Grigorios Livanis and Michael Geringer, is an excellent effort to encompass the growth of international business (IB) scholarly research worldwide. This commentary examines the implicit assumptions and models of their analysis, showing that IB models are useful in explaining the scholarly growth of IB.     

江苏省各地市商业创业环境比较及政策优化

文章以基于GEM的商业创业环境评价指标体系为分析框架,通过对江苏省各地市商业创业环境的定量分析及综合比较,揭示出各地商业创业环境的独有特征,并在此基础上给出了优化商业创业环境的政策建议。     

Board diversity and firm performance: The role of business group affiliation

There is little consensus globally on the relationship between board diversity and firm performance. Using the resource dependence and agency views, this paper examines how business group affiliation influences the relationship between board diversity and firm performance as a contextual/confounding factor. Based on data for listed firms in India, we find that board demographic diversity is positively associated with the firm performance (Tobin’s Q) of standalone firms, but this association is negative for group-affiliated firms. This negative effect of group affiliation is confirmed in a test based on a novel measure of firm performance using the stock market reaction to the announcement of mergers and acquisitions. For both measures of performance, we show that business group affiliation impairs the positive firm value effects of board demographic diversity. These findings imply that the relationship between board diversity and firm performance requires re-examination in the many countries where group affiliation is common. Our results also provide evidence of a new cost of group affiliation and show in a fresh context that cross-country studies should account for international variations in ownership and institutional structures.     

Why do self-initiated expatriates quit their jobs: The role of job embeddedness and shocks in explaining turnover intentions

Retaining self-initiated expatriates is a challenge for many organizations. Self-made expatriates tend to be mobile. They are willing to manage their own careers and to take up opportunities to live and work in countries of their own choice. Despite their importance as a source of human capital there are few studies on the work experiences of self-initiated expatriates and on the factors that affect their decisions to stay or leave their jobs. This article examined the effects of both job embeddedness and shocks on the turnover intention of self-initiated expatriates. Drawing on a sample of 204 self-initiated expatriates working in public healthcare organizations in the United Arab Emirates we found that both on-the-job embeddedness and shocks played a key role in predicting turnover intentions. The study also revealed that off-the-job embeddedness moderated the relationship between shock and turnover intentions such that self-initiated expatriates were more likely to consider leaving their organizations when they were firmly embedded in their community. We discuss the practical and theoretical implications of these findings.     

Next-generation entrepreneurial identity in family business systems: The influence of role-changing events on the understanding of legacy,individual identity,and transgenerational entrepreneurship of next-generation family business principals

The paper addresses how the understanding of family business legacy, individual identity, and transgenerational entrepreneurship of next-generation principals is affected by role changing events in family business systems. The paper uses the insights of a focus group of 38 next-generation family business principals of ultrahigh-net-worth business families from 14 countries. It corroborates that parents and role models are influencing factors on the understanding and perception of family identity, values, and transgenerational entrepreneurship. Identity inflection points during moments of expected and unexpected role changes, such as family business succession, can either positively or negatively impact the appreciation of a next-generation principal regarding legacy, identity, and transgenerational entrepreneurship. Based on the results of the qualitative interviews and peer group discussions, the findings indicate how identity inflection points affect the preservation of the next-generation family business principal's identity and family identity during a moments of role changes in family businesses and are a bottleneck for transgenerational entrepreneurship.