The idiosyncratic risks of a Shariah compliant REIT investor

This paper investigates the impact of Shariah compliant investment principles on the idiosyncratic risks of a Shariah compliant REIT investor. The importance of idiosyncratic risks in explaining cross-sectional returns of a constructed Shariah compliant REIT investor’s portfolio is further examined in this paper. In all constructed portfolios examined, there is a positive and significant relationship between expected idiosyncratic volatility and expected REIT returns of the constructed Shariah compliant portfolio (GCC Shariah compliance standards). This result is consistent and persistent after robustness tests are carried out. As such, idiosyncratic risks are an important factor to consider in the pricing of Shariah compliant REIT stock returns. On further examination, the significant relationship as seen in the constructed Shariah compliant portfolio can be explained from the firm-specific risks of the residential REIT sector which is the most dominant sector during the period of investigation. The implications of these results also point to the importance of Shariah compliance standards and screening methods which is a significant feature associated with the understanding of the relationship of idiosyncratic risks on expected REIT returns of Shariah portfolios. Results show contrasting results between a less-restrictive and restrictive Shariah compliant portfolio. We find a significant relationship between expected returns and the idiosyncratic risks specifically in the restrictive Shariah compliant portfolio.     

Consumer self‐construal and trust as determinants of the reactance to a recommender advice

Commercial recommendation agents (RAs) represent an important type of the decision support systems (DSSs) that are widely used by online retailers and firms. To date, little is known about the factors that shape the user's decision making and reactance toward the recommendations of these agents. Building on theories from psychology and information systems domains, this research proposes that a user's self‐construal and trust are two relevant factors that interact to shape the behavior toward the RA advice. Two studies, the first conducted using potential online customers and the second conducted at a behavioral laboratory, provided support to this proposition. The first study considered RA trust and showed that activating the interdependent self leads users with low (high) trust to exhibit high reactance behavior toward the RA advice. The second study variated trust using trust cues and corroborated the latter finding, while showing no important impact for the psychological reactance trait. As expected, in both studies the reactance behavior of independent users was not affected by trust. These results contribute by underscoring that social interdependence extends to RAs because the role of trust becomes salient when the interdependent self is activated for a user.     

Firm performance,corporate governance and executive compensation in Pakistan

This study examines the effects of firm performance and corporate governance on chief executive officer (CEO) compensation in an emerging market, Pakistan. Using a more robust Generalized Method of Moments (GMM) estimation approach for a sample of non-financial firms listed at Karachi Stock Exchange over the period 2005–2012, we find that both current- and previous-year accounting performances has positive influence on CEO compensation. However, stock market performance does not appear to have a positive impact on executive compensation. We further find that ownership concentration is positively related with CEO compensation, indicating some kind of collusion between management and largest shareholder to get personal benefits. Inconsistent with agency theory, CEO duality appears to have a negative influence, while board size and board independence have no convincing relationship with CEO compensation, indicating board ineffectiveness in reducing CEO entrenchment. The results of dynamic GMM model suggest that CEO pay is highly persistent and takes time to adjust to long-run equilibrium.     

Want to make me emotional? The influence of emotional advertisements on women’s consumption behavior

A wide difference of opinion exists about the content and composition of emotions. Advertising may influence an audience and their buying decisions about products and services. The objective of this study is to better conceptualize how women emotionally respond to emotional advertisements (EAs). The variant views are integrated into an ACE model, composed of subordinate levels of emotions (E), celebrity endorsements (C), and appeal drivers (A). This empirical study examines women’s emotional response using data from 240 Chinese women respondents. The study participants were invited to develop ACE mix based advertisements and fill out questionnaires. PLS-SEM analysis, a novel approach in ACE advertisement development and its applicability to consumer behavior, was used. The results show that showbiz celebrities expressing the emotion of happiness with music and color make the most effective ACE mix to influence the consumption behavior of women. The results are significantly mediated by attention levels and are widely applicable in the burgeoning advertising industry. The study also calls for further research with different ACE mixes in different contexts and on different audiences. It also opens doors for policy making and an appropriate understanding of women’s consumption behavior in the Chinese context.     

The impact of increasing non-agricultural market access on EU demand for imported fish: implications for Lake Victoria chilled fillet exports

Import demand functions for origin-specific chilled fish filletsto the EU using a Rotterdam-type production model are estimated.Results are used to project the impact of the EU expanding marketaccess to non-African countries. The preference erosion argumentsuggests that the lower tariffs will erode the competitive positionof African countries; however, when the total impact of pricesis considered, expanding preferential access may result in increasedimports from African countries. If tariffs are reduced to zero,the total EU imports are projected to increase by 4.1 per centresulting in a 2.2 per cent increase in chilled fillet importsfrom Lake Victoria.     

A Cramér-type large deviation theorem for sums of functions of higher order non-overlapping spacings

Let U ₁, U ₂, . . . , U _n–1 be an ordered sample from a Uniform [0,1] distribution. The non-overlapping uniform spacings of order s are defined as \({G_{i}^{(s)} =U_{is} -U_{(i-1)s}, i=1,2,\ldots,N^\prime, G_{N^\prime+1}^{(s)} =1-U_{N^\prime s}}\) with notation U ₀ = 0, U _n = 1, where \({N^\prime=\left\lfloor n/s\right\rfloor}\) is the integer part of n/s. Let \({ N=\left\lceil n/s\right\rceil}\) be the smallest integer greater than or equal to n/s, f _m (u), m = 1, 2, . . . , N, be a sequence of real-valued Borel-measurable functions. In this article a Cramér type large deviation theorem for the statistic \({f_{1,n} (nG_{1}^{(s)})+\cdots+f_{N,n} (nG_{N}^{(s)} )}\) is proved.     

Entrepreneurial Characteristics,Motives, and Business Challenges: Exploratory Study of Small- and Medium-Sized Hotel Businesses

ABSTRACT

The purpose of this study is to gather information about the determinants and characteristics of the owners/managers of small- and medium-sized hotels (SMSHs) and identify various issues in starting up and operating businesses in the United Arab Emirates. The results of this study reveal that the majority of the owners/managers of SMSHs in the United Arab Emirates are male, young and middle age, and relatively new to the tourism industry. The motivations for the business ventures of the entrepreneurs include wanting to be financially independent, become one’s own boss, involvement in family business and the opportunities of the hotel business. Among the key business challenges highlighted by the owners/managers of SMSHs are stiff competition in the hotel industry, increased operating costs, reduced demand, and lack of skilled employees. Several key strategies have been employed to face these challenges. These include offering competitive pricing, improving the marketing and channels of promotion, enhancing the quality of service and providing superior customer service.     

Consequences of extended work hours: A comparison of moonlighters,overtimers, and modal employees

Stringent corporate controls on employee moonlighting and/or overtime are not uncommon. But are they necessary? Even the concept of overtime may need to be rethought—what about the “normal working hours” of managers and professionals who work hours at home or on the road—hours typically uncompensated?     

Product standardisation in the food service industry: post-purchase attitudes and repurchase intentions of non-Muslims after consuming halal food

In order to satisfy the Muslim market segment, many restaurant and fast food companies in Western countries have standardised their products by switching to halal. The purpose of this research is to discover the extent to which non-Muslim consumers in non-Muslim countries experience cognitive dissonance when they think about restaurants and fast food outlets having likely served them halal-produced food, and the extent to which these consumers intend to repurchase halal food. Data came from a total sample of 1097 non-Muslim consumers in Canada, Spain and the United Kingdom. The full model, with religious identity, ethnic identification and interest in animal welfare as antecedents of cognitive dissonance, explained 35% of the variance in consumers’ repurchase intentions. Our findings suggest that many non-Muslims do not have a particular issue with consuming halal food, but they may react negatively if they unintentionally consume halal food and perceive that they have been deprived of information, or worse still, deliberately deceived. The research makes a number of contributions to marketing knowledge with regard to the negative spillover effects that can result from faith-based product standardisation, and the influences of consumer interest in animal welfare and deprivation of product information on consumer behaviour.