From Efficient Markets Theory to Behavioral Finance

To shop or not: Understanding Chinese consumers’ live-stream shopping intentions from the perspectives of uses and gratifications, perceived network size, perceptions of digital celebrities, and shopping orientations

Purpose




Because of chronic financial crises experienced during past several decades repeatedly and a failure to protect investors’ rights as a result, the world is looking for an alternative form of stock market for quite some time so that interests of all relevant stakeholders can be safeguarded. At the same time, from the perspectives of devout Muslims, the current form of stock market restricts a Muslim to make investments in the market because of several unsatisfying provisions from the viewpoint of the Islamic law known as Shariah. This study aims to provide the criteria under which conditions of the Islamic Shariah permit making investments in the stock market. Hand in hand with that primary discussion, it has been eluded briefly why the Islamic Shariah principles offer a better alternative against conventional practices of the stock market.




Design/methodology/approach




This is a descriptive study based on the literature review.




Findings




This study explores the basic Islamic principles of investment in the stock market by revisiting the norms laid down by Shariah and current global practices of Islamic stock market and indexes.




Originality/value




This study will work as a guideline for investors and market authorities to understand the original Shariah rulings and the benchmark rulings for investment or establishing full-fledged Islamic stock markets, indexes and mutual funds.

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The Islamic Shariah principles for investment in stock market

Purpose




The purpose of this study is to empirically assess the relationship between Islamic banking presence in Southeast Asian countries and the economic growth




Design/methodology/approach




The presence of Islamic banks is measured by the ratio of Islamic to conventional banking assets as well as the ratio of deposits of Islamic to conventional banking This study starts by checking the presence of cointegration using Pedroni’s and Westerlund’s specifications; short- and long-run dynamics are further analyzed with the panel autoregressive distributed lag model (ARDL)-based estimators: pooled mean group (PMG), mean group (MG) and dynamic fixed effect (DFE) Furthermore, a two-stage regression [two-stage least squares (2SLS)] was constructed to measure the sensitivity of economic growth to the Islamic banking presence Quarterly data from Southeast Asian countries cover the period between 2000Q1 and 2012Q4




Findings




A long-run relationship is evident between economic growth and the Islamic banking presence in the selected region, but not in the short run Furthermore, the Muslim population share in a given country plays a positive and statistically significant role in fueling the contribution of Islamic banking share in the financial sector on the economic growth




Social implications




The results of this study show that Sharia-compliant banks succeeded in mobilizing additional resources for the financial sector, which may increase the stability of the banking system and the efficiency of the whole banking sector The authors believe that the inclusion of Islamic banking products in the financial systems will, along with the diversification effect, stimulate financial deepening and, therefore, improve the financial stability in the countries under investigation in particular, and all countries with significant Muslim population in general




Originality/value




This study empirically assesses the contribution of Islamic banking presence on the economic growth with a focus on Southeast Asia, as this region encompasses the most developed and experienced institutions in the field of Islamic finance Error correction-based models such as PMG, MG and DFE lend itself to the analysis of the panel data This study also uses the instrument-based 2SLS to cope with the endogeneity problem between the real and financial sectors

Islamic banking presence and economic growth in Southeast Asia

The coronavirus pandemic has created a new wave of first-time online shoppers in both industrialized and emerging countries. More interestingly, scholars and practitioners expect this transition to online shopping to eventually persist in the next few years. The current research study aims to investigate the factors explaining attitudes toward online shopping. The authors propose an integrated model in which trust mediates the effects of relative advantage and electronic word of mouth (eWOM) on attitudes toward online shopping. The moderating effect of gender was also assessed using the multigroup analysis (MGA).,Based on data collected from 378 Moroccan online shoppers, the authors empirically tested the hypothesized model using a partial least squares (PLS) estimation.,First, relative advantage, eWOM and trust significantly impact consumer attitudes toward online shopping; at the same time, trust is influenced by relative advantage and eWOM. Second, results confirm that trust mediates the effects of relative advantage and eWOM on attitudes toward online shopping. Third, the MGA reveals that female consumers tend to exhibit a stronger effect of eWOM on trust and on attitudes toward online shopping.,Most relevant studies have focused on the main predictors of attitudes toward online shopping but did not suggest mediating and moderating factors that can help in explaining indirect effects. The present paper bridges a gap pertaining to antecedents of attitudes toward online shopping by incorporating the mediating effect of online trust. The authors also examine gender disparities related to the predictors of trust and consumer attitudes toward online shopping. This study is the first of its kind to investigate the antecedents of attitudes toward online shopping in an African country.

Factors influencing consumer attitudes toward online shopping: the mediating effect of trust

This study examines the impact of attitudes toward fashion influencers (FIs) on brand attitude and consumer purchase intention. It also aims to identify factors affecting consumers' attitudes toward FIs.,To achieve this goal, the authors propose a conceptual model that combines the theory of planned behavior (TPB) and theoretical outcomes of prior literature related to influencer marketing. Based on data collected from 610 Moroccan respondents, the authors empirically test the conceptual model using a partial least squares (PLS) estimation.,This study illustrates that attitudes toward FIs positively impact brand attitude and consumer purchase intention. The authors also demonstrate that perceived credibility, trust, perceived behavioral control, perceived subjective norms, perceived expertise and perceived congruence positively impact attitudes toward FIs.,The study findings help marketers and advertisers in the fashion industry to understand how influencer marketing contributes to consumer purchase intention. They also allow marketers to understand factors explaining attitudes toward FIs and therefore better select influencers capable of creating purchase intentions among existing and potential customers.,The present paper bridges a gap pertaining to antecedents and factors that impact attitudes toward FIs and consumer purchase intention. To the authors’ knowledge, this study is the first of its kind to investigate the impact of attitudes toward influencers on both brand attitude and purchase intention in the fashion industry.

How fashion influencers contribute to consumers' purchase intention

Despite a growing body of work on the impact of cultural orientation on consumers’ attitudes and behavior, research investigating the effects of individualism-collectivism in social media advertisi...

Facebook advertising, eWOM and consumer purchase intention-Evidence from a collectivistic emerging market

This paper aims to examine a model that uses customer service quality as an intervening mechanism in the relationship between customer relationship management (CRM) practices and organizational performance in two different banking structures: conventional and Islamic. The study focuses on organizational and technological practices of CRM, as both have been demonstrated to be critical to CRM success.,The analysis is based on responses from 247 managers from conventional banks and 141 managers from Islamic banks operating in Morocco using a self-administered questionnaire. The partial least squares structural equation modeling (PLS-SEM) technique is employed for data analysis.,Findings demonstrate that customer service quality plays a mediating role between CRM practices (organizational and technological) and organizational performance in both conventional and Islamic banks. Our results confirm the positive impact of CRM practices on organizational performance in the two banking structures.,This study enhances our understanding of how CRM practices contribute to improving customer service quality and organizational performance in both conventional and Islamic banks. Bank managers, who aim to deliver superior service quality and achieve customer satisfaction and retention, should capitalize on the benefits of implementing CRM organizational and technological practices.,The present paper bridges a gap pertaining to key practices and factors that impact CRM success in the banking industry. It is the first of its kind to investigate the effect of CRM practices on organizational performance with customer service quality as a mediating variable. The study also contributes to the field of CRM literature, as CRM has rarely been addressed in an Islamic banking context.

Hind Lebdaoui

Papers

How fashion influencers contribute to consumers' purchase intention

Islamic banking presence and economic growth in Southeast Asia

Factors influencing consumer attitudes toward online shopping: the mediating effect of trust

Facebook advertising, eWOM and consumer purchase intention-Evidence from a collectivistic emerging market

CRM, service quality and organizational performance in the banking industry: a comparative study of conventional and Islamic banks