Islamic Corporate Governance: Risk-Sharing and Islamic Preferred Shares

The recent financial crises (including the Asian and subprime crises) indicated the need to reinforce corporate governance mechanisms in emerging and developing market economies. Corporate governance refers to all the factors that affect firm processes (including, among others, financing strategies). Firms must avoid debt financing instruments and adopt financing instruments that allow for “risk-sharing” rather than “risk-shifting” because all recent financial crises were, in essence, debt crises. The primary objective of this paper is to examine the principles of risk-sharing promoted by Islamic finance and study their implications for corporate governance. The secondary objective of this paper is to propose a pricing model for a new risk-sharing financial instrument (Islamic preferred shares, IPS) that was recently discussed by Zarka and Al-Suhaibani (Shariah-compatible preference shares: The Sharia Basis and Economic Rationale. Working paper, SABIC Chair for Islamic Financial Market Studies, 2012). We study the implications of this new instrument as a powerful tool for corporate governance in the case of Islamic markets. We explain the possible contribution of IPS to agency cost reduction, Sharia screening costs and ethical corporate governance.     

Islamic economics and Islamic finance in the world economy

This paper places the articles in this special issue in the contexts of Islamic economics and finance research. It highlights the foundations of Islamic economics, which are in practice manifested in Islamic finance. Then, the paper brings up three key issues in Islamic finance today – the Islamicity of Islamic banking, real contributions of Islamic finance, and Islamic finance in the present monetary framework. While there are some promising theoretical and empirical findings pointing to positive contributions of Islamic finance, there is still a need for Islamic finance to distinguish itself from the conventional finance and to further demonstrate its real effect.     

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.     

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传统营销、现代营销、关系营销互融的成功实践

<正> 在渤海之滨——天津塘沽,有一家企业在短短的3年内发展成为了中国北方最大的建材专业批发市场,它就是天津华北建材陶瓷批发市场(以下简称"华北陶瓷市场")。华北陶瓷市场是由天津市塘沽区华翔商贸有限公司投资1.2亿元与当地政府联合兴建的大型建材陶瓷专业批发市场。该市场主要经营建筑陶瓷系列产品及卫生洁具、进口及国产大理石和花岗岩产品等,市场内的300多家承租客商来自全国14个省市自治区,产品销售辐射河北、山西、内蒙古、山东以及东北地区。2000年该市场被天津市政府评为"先进市场",2001年被评为天津市商品交易市场20强之一。     

市场营销新理念:绿色营销

<正> 自20世纪70年代以来,全球掀起了一场绿色浪潮,人们开始关注消费中的环境代价,呼吁既无污染又有利于健康的绿色产品。中国加入WTO,企业要参与国际竞争,要开拓市场,就必须顺应环保消费的新潮流,实施绿色营销。绿色营销是一种新的营销方式:企业在营销活动中谋求消费者利益、企业利益和环境利益的统一协调,既充分满足消费者的需求,获取企业利润,又充分注意自然生态平衡和社会效益。其对产品的设计、制造、定价、促销都要以保护环境和人类长远利益,实现可持续发展为目的。     

网络整合营销的六个营销要求

汶川地震所进发的网络的自然的整合宣传效果，可谓是影响空前，非一般事件所能望其项背。本文在探讨网络整合营销的时候，之所以用四川汶川地震作为开头，是因为它跟我们要探讨的网络整合营销，有着紧密的联系。     

Leveraging firm-level marketing capabilities with marketing employee development

Using the theoretical foundations of the resource-based view of the firm, this study develops and measures marketing employee development capabilities and investigates how it moderates the relationships between brand and customer relationship management capabilities and firm performance outcomes. Based on a random sample survey of chief marketing executives from selected industries, combined with objective firm performance indicators and controls, results demonstrate that marketing employee development capabilities can leverage the relationships between firm-level marketing capabilities and customer satisfaction, market effectiveness, and objective financial performance. Further, these results show that such capabilities can be complementary and, in some cases, even substitute for each other, which improves organizational performance. Implications for researchers and marketing managers are discussed.     

Redefining social marketing with contemporary commercial marketing definitions

Social marketing is based on the adaptation of the contemporary commercial marketing theory and practice as a means of guiding and aiding social change campaigns. This paper draws on recent developments in commercial marketing theory and prior work in social marketing definitions to create a new definition of social marketing which integrates the commercial definitions of the American Marketing Association (AMA) and Chartered Instituted of Marketing (CIM) with established social marketing definitions from the past thirty years of social marketing conceptual development. The development of the definition is supported through the use of qualitative research technique of text mining which uncovered a core series of principles consistent to the historical definitions of social marketing. Finally, the new definition also introduces clarification of several key subcomponent elements as part of an expanded definition of social marketing.     

论营销流

营销流作为现代营销工程的核心,它是实现营销管理计算机化的楔入点。在分析营销流概念基础上,可以看到营销流运行的目标是流量最大化、流速最快化、增值最大化和衰减最小化。同时,分析营销流的结构和运作规律,可有效地进行科学化管理。     

体育营销与营销体育（上）

体育营销活动在某种意义上说，就是演好一曲戏，演好、看好、好看、叫好又叫座。     

Convergence marketing

The authors discuss two enduring lessons of the Internet revolution: The first is that new technologies do not replace the old. They live side by side. They converge. The second is that people are complex, combining new technology and behaviors with enduring human needs. Like the mythical centaur, they run on the fleet hooves of the new technology but still carry the same human heart. These lessons of convergence shaped the unfolding of Internet technology—contributing to the decline of dot-coms and the missed opportunities of incumbent firms—and these lessons will shape the technological revolutions to come. In this article, Jerry Wind and Vijay Mahajan examine the implications of these lessons for marketing and business strategy in five specific areas of convergence—customerization (customization of marketing and product or service offering), community, channels, competitive value and choice tools. In each of these areas the greatest opportunities may be in strategies that emphasize convergence of old and new, online and offline, traditional and revolutionary.     

Hospital marketing

This article looks at a prescribed academic framework for various criteria that serve as a checklist for marketing performance that can be applied to hospital marketing organizations. These guidelines are drawn from some of Dr. Noel Capon of Columbia University's book Marketing Management in the 21st Century and applied to actual practices of hospital marketing organizations. In many ways this checklist can act as a "marketing" balanced scorecard to verify performance effectiveness and develop opportunities for innovation.     

企业对群体市场的营销

交通与传播技术越来越发达，不论飞机、火车、汽车、公共交通，还是手机、邮件、QQ、msrl、游戏、开心网等这些方式让实体与虚拟的传播，不但更便宜而且更方便。各种与交通、通讯有关的公司在GDP所占比例的持续增长，充分证明了这种传播增加的状况（个人相信传播业一定会独立出来成为第四产业）。这种情况下，人类在天性的驱使下，参加并形成种种群体。