Examining Impact of Islamic Work Ethic on Task Performance: Mediating Effect of Psychological Capital and a Moderating Role of Ethical Leadership

The twenty-first century has seen an increase in ethical misconduct at the workplace, highlighting the need to stimulate discussion on the role of work ethics. The objective of the current study is to extend the literature on work ethics by examining the role of Islamic work ethic in enhancing the task performance of employees. The current study proposes that psychological capital mediates the relationship between Islamic work ethic and task performance. It is also proposed that ethical leadership might act as a boundary condition that boosts the positive relationship between Islamic work ethic and psychological capital. Data were collected in three-time lags from employees working in the service sector of Pakistan (N?=?218) through the questionnaire. The results supported the mediation and moderation hypothesis, confirming that psychological capital mediates the relationship between Islamic work ethic and task performance. Ethical leadership moderates the relationship between Islamic work ethic and psychological capital. The results offer implications for theory and practice. Limitations and future research directions are also discussed.

     

The symmetric and asymmetric influences of destination attributes on overall visitor satisfaction

Visitors are impressed by specific destination attributes, which are sometimes the main motivating reasons for the travel selection or sometimes they are just one of the elements of a whole destination experience. This is because tourism and travel products are generally a combination of several different supplier offerings or they are a combination of the natural and artificial attributes of a destination that cannot be fully known before the experience of travel. Moreover, the importance and influence of these attributes on overall visitor satisfaction may differ considerably, depending on the market segments. In recent years, some studies have shown that the influences of destination attributes on overall visitor satisfaction are not symmetric in every case. For the purposes of this study, the symmetric and asymmetric influences of destination attributes are investigated for three major market segments of the Side-Manavgat area, Antalya, Turkey. The results show that the importance and influences of destination attributes may change according to the analysis technique employed and the market segment examined.     

Changes in the marketing and operational capacity of retail sector firms through corporate securitization

Corporate securitization is a structured finance product that retail companies use to raise funds on the back of their operating assets. We investigate whether corporate securitization enhances the retail firm's marketing and operational capacity through a set of structural enhancements including operating covenants. Operating covenants are designed to mitigate the financial and operating risks of a securitized business and improve its marketing potential. Using the case of a retail firm's securitization, the United Kingdom's Mitchell's & Butler's, we find some support for this conjecture. We also find that corporate securitization is more successful where managers have considerable scope for making changes in the retail firm's operating and marketing environment.     

Assessing Recreational Activities’ Service Quality in Hotels: An Examination of Animation and Spa & Wellness Services

In this study, service quality perceptions of international tourists’ about the recreational activities in a five-star hotel located in Antalya, Turkey were examined by a measurement tool adapted from the ServQual model. Study 1 for animation and Study 2 for wellness & spa services, were carried out with the participation of 213 and 143 tourists, respectively. Analyses of the data show that both recreation activities’ service quality consists of three dimensions, which are: ‘Tangibility,’ ‘Competence & Courtesy,’ and ‘Credibility & Safety.’ Results show that all service dimensions of animation have almost the same effect on overall satisfaction from the hotel, while the ‘Tangibility’ dimension belong to spa & wellness have the highest.     

Ethnic Minority Enterprise in its Urban Context: South Asian Restuarants in Birmingham

The embeddedness of ethnic minority business activity is widely accepted, as researchers increasingly eschew ethno‐culturalist explanations of the phenomenon. However, despite the importance of urban processes, studies of ethnic minority enterprise are often ‘spaceless’. This article uses Rekers and van Kempen’s urban spatial framework to assess the experiences of South Asian owners in Birmingham’s restaurant industry. One taken‐for‐granted but evidently important element to which this article draws attention is location, which emerges as one of the key points of differentiation within the ethnic business community. Location is seen to influence individual access to market potential, an unevenly distributed resource largely shaped by local social geography. At the same time, entry into more lucrative market niches is heavily dependent on the possession of other resources such as capital, information and in some instances management skills. Si l’intégration d’entreprises créées par des minorités ethniques est largement admise, les chercheurs évitent de plus en plus les explications ethno‐culturalistes du phénomène. Par ailleurs, malgré l’importance des processus urbains, les études sur ces entreprises n’ont souvent pas de ‘bornes’. Cet article utilise le cadre spatial urbain de Rekers et van Kempen pour évaluer les expériences de propriétaires de restaurants sud‐asiatiques à Birmingham. Il attire l’attention sur une composante normale, quoique manifestement importante: le lieu. Celui‐ci apparaît comme l’un des points de différenciation essentiels au sein de la communautééconomique ethnique. Il influence l’accès individuel au marché potentiel, ressource inégalement répartie et largement configurée par la géographie sociale locale. Parallèlement, une pénétration de niches de marché plus lucratives dépend considérablement de la détention d’autres ressources, telles qu’un capital, des informations et, dans certains cas, des compétences de dirigeant.     

Permissibility and use of options for hedging purposes in Islamic Finance

The debate concerning permissibility and use of options in Islamic finance is ongoing, and the issue is far from settled. Current analyses on this issue appear to focus on taking of unnecessary risks ( gharar), the perceived lack of a physical asset in an options contract, and the possibility of exploitation of the ignorant. To the extent that these factors are involved, options are not permitted under Islamic teachings (the Shariah). In this article, we investigate whether options may be permitted for hedging purposes in Islamic finance. We use equity options as an example in our analysis. After providing a brief overview of options markets, we review the existing literature and critically examine other work such as the religious decrees (fatwas). We also provide two examples, one each of call and put options, to illustrate the managerial issue of use of options for hedging purposes. Our analysis shows that options may be permitted for hedging purposes in Islamic finance as long as the underlying economic activities are themselves permissible (halal) from an Islamic point of view. The analysis also indicates that one of the key issues is related to unnecessary risk taking. The avoidance or reduction of such risks in hedging situations is largely dependent on the settlement and clearing function of the exchanges trading options, which effectively provides a guarantee of delivery. Mutual consent for entering into or canceling contracts and the issue of intangible assets also play a role in determining if options are permissible under the Shariah. We conclude the article by urging experts of Islamic jurisprudence to understand the theory and mechanics of options and use group ijitihad (consensus opinion of Islamic scholars) in conjunction with academics and experts in financial markets and instruments on this vital issue in contemporary finance for the benefit of the Islamic world as well as those trading with the Islamic world. © 2006 Wiley Periodicals, Inc.     

Terrorism and its Determinants in the Sub‐Saharan Africa Region: Some New Insights

Terrorism is undesirable as it adversely affects the economic development of countries. This study explores the determinants of terrorism in 29 countries of sub‐Saharan Africa (SSA). The data is extracted from reliable sources spanning over 2005 to 2016. Econometric techniques relevant for panel data that control for unobserved heterogeneity (fixed effects) and endogeneity (generalized method of moment) are employed to estimate the specified models. The results indicated that low growth in per capita incomes along with political instability are the main driving forces responsible for terrorism. Similarly, military expenditures are influencing terrorism positively whereas corruption has impacted terrorism negatively in the SSA region. Further, the growth of both physical as well as human capital reduces terrorism. The paper suggests that the region should take appropriate steps for increasing income of the population, education and capital stock, along with ensuring political stability to eradicate terrorism from the region.     

Managing international joint ventures to improve performance: The role of structural and social mechanisms

Poor performance has been a major concern in research on international joint ventures (IJVs). This study integrates the IJV management mechanisms from transaction cost theory (TCT) and social exchange theory (SET) in order to gain insights into management mechanisms that improve IJV performance. The framework consists of three structural (i.e., symmetric dependence, symmetric equity share and resource complementarity) and three social (i.e., trust, communication and cultural adaptation) IJV management mechanisms, which are considered as potential determinants of IJV performance. Based on the analysis of data collected from 89 IJVs established by Nordic firms in Asia, Europe and the USA, results indicate that TCT-based symmetric dependence and resource complementarity on the one hand and SET-based trust, communication and cultural adaptation on another significantly improve IJV performance. However, impact of symmetric equity share on IJV performance remains negative and non-significant, explaining that IJV partners may consider it rather a safeguard to their own stake and interests in IJVs. In addition, SET-based IJV management mechanisms are found to be more effective than the TCT-based IJV mechanisms in improving IJV performance.