Qualitative Research in Financial MarketsTable of Contents for Qualitative Research in Financial Markets. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1755-4179/vol/16/iss/2?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestQualitative Research in Financial MarketsEmerald Publishing LimitedQualitative Research in Financial MarketsQualitative Research in Financial Marketshttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/c5be5602d35b0c610f722aa466c0ef4c/urn:emeraldgroup.com:asset:id:binary:qrfm.cover.jpghttps://www.emerald.com/insight/publication/issn/1755-4179/vol/16/iss/2?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe tactician role of FinTech in the accounting and auditing field: a bibliometric analysishttps://www.emerald.com/insight/content/doi/10.1108/QRFM-11-2021-0196/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to know the tactician role of financial technology (FinTech) in the field of accounting and auditing through contextualized systematic literature review by using bibliometric analysis. The qualitative bibliometric analysis includes studies from 2017 to 2021 using the Scopus and Web of Science databases, which yielded 277 published papers with the keywords, FinTech accounting and auditing. The contextualized systematic literature review greatly helped in clarifying the content within each cluster. The study identified the tactician role of fintech primarily in the accounting and auditing professional field. Fintech is still in its inception, with continual development and implementation taking place especially, in the auditing field. The findings also confirm that FinTech can produce a confluence between various research areas, including accounting, auditing, business finance, economics, management and business field. The study describes the tactician role of FinTech and its huge possibility for future study in the accounting and auditing field among professionals, academics and regulators. This study be able to help accounting professionals, policymakers and government regulators to establish policy development, as this research emphasizes the tactician role of FinTech in the accounting and auditing field. FinTech in accounting and auditing might add to the existing field of FinTech in the IR4.0 era that give benefits to different players such as policymakers, governments, researchers, FinTech entrepreneurs and practicing professionals. To the best of the author’s knowledge, little focus has been given about FinTech in the accounting and auditing field using bibliometric analysis. The insights of systematic literature review provide researchers on FinTech among practicing professionals and offer opportunities for further scientific endeavours.The tactician role of FinTech in the accounting and auditing field: a bibliometric analysis
Mohammed Muneerali Thottoli
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.213-238

This study aims to know the tactician role of financial technology (FinTech) in the field of accounting and auditing through contextualized systematic literature review by using bibliometric analysis.

The qualitative bibliometric analysis includes studies from 2017 to 2021 using the Scopus and Web of Science databases, which yielded 277 published papers with the keywords, FinTech accounting and auditing. The contextualized systematic literature review greatly helped in clarifying the content within each cluster.

The study identified the tactician role of fintech primarily in the accounting and auditing professional field. Fintech is still in its inception, with continual development and implementation taking place especially, in the auditing field. The findings also confirm that FinTech can produce a confluence between various research areas, including accounting, auditing, business finance, economics, management and business field.

The study describes the tactician role of FinTech and its huge possibility for future study in the accounting and auditing field among professionals, academics and regulators.

This study be able to help accounting professionals, policymakers and government regulators to establish policy development, as this research emphasizes the tactician role of FinTech in the accounting and auditing field.

FinTech in accounting and auditing might add to the existing field of FinTech in the IR4.0 era that give benefits to different players such as policymakers, governments, researchers, FinTech entrepreneurs and practicing professionals.

To the best of the author’s knowledge, little focus has been given about FinTech in the accounting and auditing field using bibliometric analysis. The insights of systematic literature review provide researchers on FinTech among practicing professionals and offer opportunities for further scientific endeavours.

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The tactician role of FinTech in the accounting and auditing field: a bibliometric analysis10.1108/QRFM-11-2021-0196Qualitative Research in Financial Markets2023-05-25© 2023 Emerald Publishing LimitedMohammed Muneerali ThottoliQualitative Research in Financial Markets1622023-05-2510.1108/QRFM-11-2021-0196https://www.emerald.com/insight/content/doi/10.1108/QRFM-11-2021-0196/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Resolution and depositors’ trust empirical analysis of three resolution cases in Polandhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-06-2022-0113/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to evaluate the role of depositor-specific features in a bank resolution. As the resolution framework in the EU is rather new, there are no empirical studies referring to the efficiency of this mechanism in protecting financial stability. Thus, the authors have checked the role of societal awareness of deposit guarantee schemes and the resolution, as well as the trust in public institutions, in avoiding bank runs in the case of resolution scenarios. The study is based on telephone interviews conducted with 1,000 Poles, including bank customers whose banks have undergone resolution in recent years, and basic statistics of the resolved banks. The authors then apply two classes of models: binary probit regression and ordered probit regression. The findings have indicated that the trust in public institutions and the experience gained with age play a key role in overall depositor behaviour. However, for resolutions, declared trust is replaced by case-specific trust based on the obtained information. The survey is based on a sample of Polish citizens. In the future, international surveys may help diagnose cross-country differences among depositors. Moreover, studies on communication approaches may also support finding highly effective ways to reach various cohorts of depositors. The existing literature on depositor behaviour in bank failure scenarios has relied on an experimental approach to test various research hypotheses. The research sample is not based on an experiment but on the responses of customers whose banks have actually undergone resolution.Resolution and depositors’ trust empirical analysis of three resolution cases in Poland
Małgorzata Iwanicz-Drozdowska, Łukasz Kurowski, Bartosz Witkowski
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.239-265

This paper aims to evaluate the role of depositor-specific features in a bank resolution. As the resolution framework in the EU is rather new, there are no empirical studies referring to the efficiency of this mechanism in protecting financial stability. Thus, the authors have checked the role of societal awareness of deposit guarantee schemes and the resolution, as well as the trust in public institutions, in avoiding bank runs in the case of resolution scenarios.

The study is based on telephone interviews conducted with 1,000 Poles, including bank customers whose banks have undergone resolution in recent years, and basic statistics of the resolved banks. The authors then apply two classes of models: binary probit regression and ordered probit regression.

The findings have indicated that the trust in public institutions and the experience gained with age play a key role in overall depositor behaviour. However, for resolutions, declared trust is replaced by case-specific trust based on the obtained information.

The survey is based on a sample of Polish citizens. In the future, international surveys may help diagnose cross-country differences among depositors. Moreover, studies on communication approaches may also support finding highly effective ways to reach various cohorts of depositors.

The existing literature on depositor behaviour in bank failure scenarios has relied on an experimental approach to test various research hypotheses. The research sample is not based on an experiment but on the responses of customers whose banks have actually undergone resolution.

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Resolution and depositors’ trust empirical analysis of three resolution cases in Poland10.1108/QRFM-06-2022-0113Qualitative Research in Financial Markets2023-05-25© 2023 Małgorzata Iwanicz-Drozdowska, Łukasz Kurowski and Bartosz Witkowski.Małgorzata Iwanicz-DrozdowskaŁukasz KurowskiBartosz WitkowskiQualitative Research in Financial Markets1622023-05-2510.1108/QRFM-06-2022-0113https://www.emerald.com/insight/content/doi/10.1108/QRFM-06-2022-0113/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Małgorzata Iwanicz-Drozdowska, Łukasz Kurowski and Bartosz Witkowski.http://creativecommons.org/licences/by/4.0/legalcode
Mapping the research on sustainable stock indices: a bibliometric review from 2001 to 2022https://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2022-0149/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to provide a bibliometric review and visualisation analysis of the literature on Sustainable Stock Indices (SSI) between January 2001 and March 2022. The purpose of performing this bibliometric analysis is to empirically report the trend, intellectual structure, knowledge development directions and identify prospective research topics in the area of SSI. A total of 222 publications were selected after evaluating, identifying and synthesising the extensive publications using the Preferred Reporting Items for the Systematic Reviews and Meta-Analyses (PRISMA) approach. The articles were extracted from the databases of SCOPUS, Web of Science and Google Scholar. The study uses VOSviewer and RStudio software to answer four research questions. The results signify that there has been a considerable increase in the level of research considering SSI. Further, the study shows that SSI is among the top five trending keywords in the research related to finance and environment. Most papers considered as a sample for this study are based on Dow Jones Sustainable Indices. Noteworthy, very few economies are participating in this research domain, and the significant contribution is from the developed countries. The present review paper may assist the researchers in identifying the trending research topics in this domain. It may serve as a roadmap for several further studies in the area. This study is unique in terms of reviewing the literature based on SSI. Further, it provides a holistic view of the current trend, global position and research hotspots of SSI, which has important implications for future research.Mapping the research on sustainable stock indices: a bibliometric review from 2001 to 2022
Neha Seth, Deepti Singh
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.266-290

This paper aims to provide a bibliometric review and visualisation analysis of the literature on Sustainable Stock Indices (SSI) between January 2001 and March 2022. The purpose of performing this bibliometric analysis is to empirically report the trend, intellectual structure, knowledge development directions and identify prospective research topics in the area of SSI.

A total of 222 publications were selected after evaluating, identifying and synthesising the extensive publications using the Preferred Reporting Items for the Systematic Reviews and Meta-Analyses (PRISMA) approach. The articles were extracted from the databases of SCOPUS, Web of Science and Google Scholar. The study uses VOSviewer and RStudio software to answer four research questions.

The results signify that there has been a considerable increase in the level of research considering SSI. Further, the study shows that SSI is among the top five trending keywords in the research related to finance and environment. Most papers considered as a sample for this study are based on Dow Jones Sustainable Indices. Noteworthy, very few economies are participating in this research domain, and the significant contribution is from the developed countries.

The present review paper may assist the researchers in identifying the trending research topics in this domain. It may serve as a roadmap for several further studies in the area.

This study is unique in terms of reviewing the literature based on SSI. Further, it provides a holistic view of the current trend, global position and research hotspots of SSI, which has important implications for future research.

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Mapping the research on sustainable stock indices: a bibliometric review from 2001 to 202210.1108/QRFM-09-2022-0149Qualitative Research in Financial Markets2023-05-26© 2023 Emerald Publishing LimitedNeha SethDeepti SinghQualitative Research in Financial Markets1622023-05-2610.1108/QRFM-09-2022-0149https://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2022-0149/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Heuristic-driven biases as mental shortcuts in investment management activities: a qualitative studyhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-10-2022-0167/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to use a qualitative approach to explore and clarify the mechanism by which heuristic-driven biases influence the decisions and performance of individual investors actively trading on the Pakistan Stock Exchange (PSX). It also aims to identify how to overcome the negative effect of heuristic-driven biases, so that finance practitioners can avoid the expensive errors which they cause. This study adopts an interpretative approach. Qualitative data was collected in semistructured interviews, in which the target population was asked open-ended questions. The sample consists of five brokers and/or investment strategists/advisors who maintain investors’ accounts or provide investment advice to investors on the PSX, who were selected on a convenient basis. The researchers analyzed the interview data thematically. The results confirm that investors often use heuristics, causing several heuristic-driven biases when trading on the stock market, specifically, reliance on recognition-based heuristics, namely, alphabetical ordering of firm names, name memorability and name fluency, as well as cognitive heuristics, such as herding behavior, disposition effect, anchoring and adjustment, repetitiveness, overconfidence and availability biases. These lead investors to make suboptimal decisions relating to their investment management activities. Due to these heuristic-driven biases, investors trade excessively in the stock market, and their investment performance is adversely affected. This study provides a practical framework to explore and clarify the mechanism by which heuristic-driven biases influence investment management activities. To the best of authors’ knowledge, the current study is the first to focus on links between heuristic-driven biases, investment decisions and performance using a qualitative approach. Furthermore, with the help of a qualitative approach, the investigators also highlight some factors causing an increased use of heuristic variables by investors and discuss practical approaches to overcoming the negative effects of heuristics factors, so that finance practitioners can avoid repeating the expensive errors which they cause, which also differentiates this study from others.Heuristic-driven biases as mental shortcuts in investment management activities: a qualitative study
Maqsood Ahmad, Qiang Wu
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.291-309

This study aims to use a qualitative approach to explore and clarify the mechanism by which heuristic-driven biases influence the decisions and performance of individual investors actively trading on the Pakistan Stock Exchange (PSX). It also aims to identify how to overcome the negative effect of heuristic-driven biases, so that finance practitioners can avoid the expensive errors which they cause.

This study adopts an interpretative approach. Qualitative data was collected in semistructured interviews, in which the target population was asked open-ended questions. The sample consists of five brokers and/or investment strategists/advisors who maintain investors’ accounts or provide investment advice to investors on the PSX, who were selected on a convenient basis. The researchers analyzed the interview data thematically.

The results confirm that investors often use heuristics, causing several heuristic-driven biases when trading on the stock market, specifically, reliance on recognition-based heuristics, namely, alphabetical ordering of firm names, name memorability and name fluency, as well as cognitive heuristics, such as herding behavior, disposition effect, anchoring and adjustment, repetitiveness, overconfidence and availability biases. These lead investors to make suboptimal decisions relating to their investment management activities. Due to these heuristic-driven biases, investors trade excessively in the stock market, and their investment performance is adversely affected.

This study provides a practical framework to explore and clarify the mechanism by which heuristic-driven biases influence investment management activities. To the best of authors’ knowledge, the current study is the first to focus on links between heuristic-driven biases, investment decisions and performance using a qualitative approach. Furthermore, with the help of a qualitative approach, the investigators also highlight some factors causing an increased use of heuristic variables by investors and discuss practical approaches to overcoming the negative effects of heuristics factors, so that finance practitioners can avoid repeating the expensive errors which they cause, which also differentiates this study from others.

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Heuristic-driven biases as mental shortcuts in investment management activities: a qualitative study10.1108/QRFM-10-2022-0167Qualitative Research in Financial Markets2023-06-01© 2023 Emerald Publishing LimitedMaqsood AhmadQiang WuQualitative Research in Financial Markets1622023-06-0110.1108/QRFM-10-2022-0167https://www.emerald.com/insight/content/doi/10.1108/QRFM-10-2022-0167/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Towards a framework for the protection of citizen rights of capital market shareholders: evidence from Iranhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-01-2023-0010/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe citizen-shareholder approach in the capital market is considered a knowledge-enhancing and emerging concept in financial and accounting offerings. Its reliable background in management and human sciences makes it an essential basis for protecting the interests of shareholders and investors. Shareholders are considered a necessary part of the social platforms that are companies and regulatory institutions in the capital market; beyond being obligated to protect their material and intellectual rights, they are responsible for developing norms and facilitating investment values and gaining trust through mutual interactions based on respect for their interests. The purpose of this paper is to perform interactive qualitative analysis of the requirements for protecting the rights of citizens of capital market shareholders. The methodology of the research is mixed, so that in the qualitative part, through content screening, the dimensions related to the protection of the citizen rights of the capital market shareholders were identified through a systematic review of 10 research in the period of 2017–2022. Then, the reliability of the specified dimensions was examined through Delphi analysis; in the quantitative part of the research, the criteria identified through the pairwise comparison matrix were first determined by the level of their relationships to determine based on the pattern of systemic representation of drivers and the consequences of requirements to protect the rights of citizens of capital market shareholders. The research results in the qualitative part indicated the existence of 12 primary themes; during the two stages of Delphi analysis, three themes were removed, and a total of nine themes entered the quantitative phase. The results in a quantitative part indicate the creation of specialized and active committees of the board of directors as the primary driver and the reliability and timely disclosure of information in the long term as a systemic consequence. To the best of the authors’ knowledge, this is the first research that presents the new concept of citizen shareholders to strengthen the requirements of protecting the rights of shareholders in the capital market while developing new theoretical literature.Towards a framework for the protection of citizen rights of capital market shareholders: evidence from Iran
Mohammad Mehdi Mohammadi, Mehdi Safari Gerayli, Maryam Shahri, Hasan Valiyan, Farhad Dehdar
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.310-330

The citizen-shareholder approach in the capital market is considered a knowledge-enhancing and emerging concept in financial and accounting offerings. Its reliable background in management and human sciences makes it an essential basis for protecting the interests of shareholders and investors. Shareholders are considered a necessary part of the social platforms that are companies and regulatory institutions in the capital market; beyond being obligated to protect their material and intellectual rights, they are responsible for developing norms and facilitating investment values and gaining trust through mutual interactions based on respect for their interests. The purpose of this paper is to perform interactive qualitative analysis of the requirements for protecting the rights of citizens of capital market shareholders.

The methodology of the research is mixed, so that in the qualitative part, through content screening, the dimensions related to the protection of the citizen rights of the capital market shareholders were identified through a systematic review of 10 research in the period of 2017–2022. Then, the reliability of the specified dimensions was examined through Delphi analysis; in the quantitative part of the research, the criteria identified through the pairwise comparison matrix were first determined by the level of their relationships to determine based on the pattern of systemic representation of drivers and the consequences of requirements to protect the rights of citizens of capital market shareholders.

The research results in the qualitative part indicated the existence of 12 primary themes; during the two stages of Delphi analysis, three themes were removed, and a total of nine themes entered the quantitative phase. The results in a quantitative part indicate the creation of specialized and active committees of the board of directors as the primary driver and the reliability and timely disclosure of information in the long term as a systemic consequence.

To the best of the authors’ knowledge, this is the first research that presents the new concept of citizen shareholders to strengthen the requirements of protecting the rights of shareholders in the capital market while developing new theoretical literature.

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Towards a framework for the protection of citizen rights of capital market shareholders: evidence from Iran10.1108/QRFM-01-2023-0010Qualitative Research in Financial Markets2023-06-07© 2023 Emerald Publishing LimitedMohammad Mehdi MohammadiMehdi Safari GerayliMaryam ShahriHasan ValiyanFarhad DehdarQualitative Research in Financial Markets1622023-06-0710.1108/QRFM-01-2023-0010https://www.emerald.com/insight/content/doi/10.1108/QRFM-01-2023-0010/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Organizational learning and adaptation in participatory Islamic financehttps://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIslamic banking has undergone significant adaption since its inception. This study aims to investigate why and how Islamic banks adapt their services, using participatory financing as evidence. A qualitative study is designed, using working capital financing and commodity operations financing in Pakistan as analytical units. The data for each analytical unit is analyzed using a qualitative content analysis, while the findings are synthesized using a cross-case synthesis method. Findings suggest that participatory financing has undergone extensive adaptation in the Islamic banking industry of Pakistan, in the wake of resolving constraints to participatory financing and increasing its viability. Consequently, participatory finance has emerged as an attractive and viable option in Pakistan. These findings suggest that unlike in the past, where Islamic banks used to buffer themselves from the environment and ignore the market demands, they have learned to respond effectively to the market demands and the challenges posed by the environment. Findings suggest that the adaptation strategy is more effective than the migration strategy, because it enables the financial service systems to reduce the underlying risks by avoiding emergent threats and eradicating the inherent weaknesses. The extant literature provides a generalized view on the adaptation process that Islamic banks undergo to comply with their environment. However, it is limited in terms of conceptualizing the adaptations and innovations in their products and the underlying structural variations. The present study fills this gap.Organizational learning and adaptation in participatory Islamic finance
Muhammad Nouman, Karim Ullah, Shafiullah Jan, Farman Ullah Khan
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.331-354

Islamic banking has undergone significant adaption since its inception. This study aims to investigate why and how Islamic banks adapt their services, using participatory financing as evidence.

A qualitative study is designed, using working capital financing and commodity operations financing in Pakistan as analytical units. The data for each analytical unit is analyzed using a qualitative content analysis, while the findings are synthesized using a cross-case synthesis method.

Findings suggest that participatory financing has undergone extensive adaptation in the Islamic banking industry of Pakistan, in the wake of resolving constraints to participatory financing and increasing its viability. Consequently, participatory finance has emerged as an attractive and viable option in Pakistan. These findings suggest that unlike in the past, where Islamic banks used to buffer themselves from the environment and ignore the market demands, they have learned to respond effectively to the market demands and the challenges posed by the environment.

Findings suggest that the adaptation strategy is more effective than the migration strategy, because it enables the financial service systems to reduce the underlying risks by avoiding emergent threats and eradicating the inherent weaknesses.

The extant literature provides a generalized view on the adaptation process that Islamic banks undergo to comply with their environment. However, it is limited in terms of conceptualizing the adaptations and innovations in their products and the underlying structural variations. The present study fills this gap.

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Organizational learning and adaptation in participatory Islamic finance10.1108/QRFM-08-2022-0134Qualitative Research in Financial Markets2023-07-17© 2023 Emerald Publishing LimitedMuhammad NoumanKarim UllahShafiullah JanFarman Ullah KhanQualitative Research in Financial Markets1622023-07-1710.1108/QRFM-08-2022-0134https://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Shed old baggage and invest wisely. A bibliometric and thematic analysis of disposition effect and investmenthttps://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0141/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to review, systematize and integrate existing research on disposition effect and investments. This study conducts bibliometric analysis, including performance analysis and science mapping and thematic analysis of studies on disposition effect. This study adopted a thematic and bibliometric analysis of the papers related to the disposition effect. A total of 231 papers published from 1971 to 2021 were retrieved from the Scopus database for the study, and bibliometric analysis and thematic analysis were performed. This study’s findings demonstrate that research on the disposition effect is interdisciplinary and influences the research in the domain of both corporate and behavioral finance. This review indicates limited research on cross-country data. This study indicates a strong presence of work on investor psychology and behavioral finance when it comes to the disposition effect. The findings of thematic analysis further highlight that most of the research has focused on prospect theory, trading strategies and a few cognitive and emotional biases. The findings of this study can be used by investors to minimize their biases and losses. The study also highlights new techniques in machine learning and neurosciences, which can help investment firms better understand their clients’ behavior. Policymakers can use the study’s findings to nudge investors’ behavior, focusing on minimizing the effects of the disposition effect. This study has performed the quantitative bibliometric and thematic analysis of existing studies on the disposition effect and identified areas of future research on the phenomenon of disposition effect in investments.Shed old baggage and invest wisely. A bibliometric and thematic analysis of disposition effect and investment
Hardeep Singh Mundi, Shailja Vashisht
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.355-379

This paper aims to review, systematize and integrate existing research on disposition effect and investments. This study conducts bibliometric analysis, including performance analysis and science mapping and thematic analysis of studies on disposition effect.

This study adopted a thematic and bibliometric analysis of the papers related to the disposition effect. A total of 231 papers published from 1971 to 2021 were retrieved from the Scopus database for the study, and bibliometric analysis and thematic analysis were performed.

This study’s findings demonstrate that research on the disposition effect is interdisciplinary and influences the research in the domain of both corporate and behavioral finance. This review indicates limited research on cross-country data. This study indicates a strong presence of work on investor psychology and behavioral finance when it comes to the disposition effect. The findings of thematic analysis further highlight that most of the research has focused on prospect theory, trading strategies and a few cognitive and emotional biases.

The findings of this study can be used by investors to minimize their biases and losses. The study also highlights new techniques in machine learning and neurosciences, which can help investment firms better understand their clients’ behavior. Policymakers can use the study’s findings to nudge investors’ behavior, focusing on minimizing the effects of the disposition effect.

This study has performed the quantitative bibliometric and thematic analysis of existing studies on the disposition effect and identified areas of future research on the phenomenon of disposition effect in investments.

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Shed old baggage and invest wisely. A bibliometric and thematic analysis of disposition effect and investment10.1108/QRFM-08-2022-0141Qualitative Research in Financial Markets2023-07-07© 2023 Emerald Publishing LimitedHardeep Singh MundiShailja VashishtQualitative Research in Financial Markets1622023-07-0710.1108/QRFM-08-2022-0141https://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0141/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Is investing inherently emotionally arousing process? Fund manager perspectivehttps://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2022-0153/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to establish the factors affecting the financial investment decision-making of an investor, with specific reference to investors’ emotions and how various events such as festivals, the pandemic and sports matches affect their investors’ investment decision-making. The authors further intend to understand the role of these investor emotions in creating stock market anomalies. Twenty-nine semistructured exploratory interviews with fund managers from the top 10 asset management companies in India, who deal with individual investors regularly, were taken. The interviews were conducted to identify and describe the underlying ideas and sentiments that influence an individual’s investment behavior. Although risk and return are the primary motivators of investment decisions, fund managers’ daily interactions with individual investors are affected by unpredictability and technical ambiguity, and investing is an inherently emotionally arousing process, according to the findings of the in-depth interviews. To the best of the authors’ knowledge, this study is one of the first studies in Indian market to report the views of financial professionals about the emotional aspect of investors in making an investment decision. With most of the research conducted using quantitative methods, the current study brings in the perspective of financial professionals using primary data.Is investing inherently emotionally arousing process? Fund manager perspective
Shubhangi Verma, Purnima Rao, Satish Kumar
Qualitative Research in Financial Markets, Vol. 16, No. 2, pp.380-400

This study aims to establish the factors affecting the financial investment decision-making of an investor, with specific reference to investors’ emotions and how various events such as festivals, the pandemic and sports matches affect their investors’ investment decision-making. The authors further intend to understand the role of these investor emotions in creating stock market anomalies.

Twenty-nine semistructured exploratory interviews with fund managers from the top 10 asset management companies in India, who deal with individual investors regularly, were taken. The interviews were conducted to identify and describe the underlying ideas and sentiments that influence an individual’s investment behavior.

Although risk and return are the primary motivators of investment decisions, fund managers’ daily interactions with individual investors are affected by unpredictability and technical ambiguity, and investing is an inherently emotionally arousing process, according to the findings of the in-depth interviews.

To the best of the authors’ knowledge, this study is one of the first studies in Indian market to report the views of financial professionals about the emotional aspect of investors in making an investment decision. With most of the research conducted using quantitative methods, the current study brings in the perspective of financial professionals using primary data.

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Is investing inherently emotionally arousing process? Fund manager perspective10.1108/QRFM-09-2022-0153Qualitative Research in Financial Markets2023-09-14© 2023 Emerald Publishing LimitedShubhangi VermaPurnima RaoSatish KumarQualitative Research in Financial Markets1622023-09-1410.1108/QRFM-09-2022-0153https://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2022-0153/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A bibliometric and systematic review analysis of adopting decision intelligence analytics for rational decision-makinghttps://www.emerald.com/insight/content/doi/10.1108/QRFM-01-2023-0005/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to study and discover the unsearched area in behavioral finance in the new era of technology enhancement. The study has been done with two significant methodologies of reviews. This study also covers the whole structure of the investment decision scenario. A systematic and bibliometric analysis has been done to make this study conceptual. Data collection sources are highly indexed journals, Scopus, Web of Science and Google Scholar. The “R” package has been used to do bibliometric analysis. Start with data cleaning and import the data in biblioshiny to get and interpret the result. A total of 642 data has been finalized from 1973 to 2022. Various noticeable results have been found to accomplish the objectives and fill the gap in the study. There is a need to research both technological and psychological factors to determine the relation of these two variables with the investment decision-making of investors. This study has done a systematic literature review and a bibliometric analysis that shows the importance of technology enhancement for further research, which has been searchable throughout this study.A bibliometric and systematic review analysis of adopting decision intelligence analytics for rational decision-making
Annu , Ravindra Tripathi
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to study and discover the unsearched area in behavioral finance in the new era of technology enhancement. The study has been done with two significant methodologies of reviews. This study also covers the whole structure of the investment decision scenario.

A systematic and bibliometric analysis has been done to make this study conceptual. Data collection sources are highly indexed journals, Scopus, Web of Science and Google Scholar. The “R” package has been used to do bibliometric analysis. Start with data cleaning and import the data in biblioshiny to get and interpret the result. A total of 642 data has been finalized from 1973 to 2022.

Various noticeable results have been found to accomplish the objectives and fill the gap in the study. There is a need to research both technological and psychological factors to determine the relation of these two variables with the investment decision-making of investors.

This study has done a systematic literature review and a bibliometric analysis that shows the importance of technology enhancement for further research, which has been searchable throughout this study.

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A bibliometric and systematic review analysis of adopting decision intelligence analytics for rational decision-making10.1108/QRFM-01-2023-0005Qualitative Research in Financial Markets2023-12-25© 2023 Emerald Publishing LimitedAnnu Ravindra TripathiQualitative Research in Financial Marketsahead-of-printahead-of-print2023-12-2510.1108/QRFM-01-2023-0005https://www.emerald.com/insight/content/doi/10.1108/QRFM-01-2023-0005/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistanhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-03-2023-0053/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated with incorporating cryptocurrencies into regulatory frameworks and to explore constraints in the regulatory institutionalization of cryptocurrencies. The study methodology consists of two steps. The first step is to identify regulatory constraints in the literature review and in the next step, interviews are conducted with officials of the State Bank of Pakistan (SBP). The study used a qualitative case study methodology, in which a single case (regulatory constraint) was selected as a unit of analysis. The findings show that lack of traceability, legal status, lack of governmental control due to decentralization, difficulty enforcing laws, volatility, lack of skills with regulators and difficulty integrating cryptocurrencies into the current financial system are the main obstacles to the introduction of a regulatory framework. Thus, on a broader conceptual level, the findings can be grouped into opportunism, lack of strategic capability and fragmented global laws. This study could inform global cryptocurrency regulation discussions, sharing a developing country’s views on balancing the government, central banks, the financial sector and public interests. This could guide countries to consider cryptocurrency adoption in similar situations. This could affect the cryptocurrency market, impacting demand, supply and investor trust in Pakistan. The study has implications for policy making officials. The research aims to offer valuable insights to the SBP and other regulatory authorities, helping them identify potential risks and create an effective regulatory framework for cryptocurrencies. The study has implications for society in knowing about the volatile nature of cryptos and anonymity of their issuers, which poses regulatory constraints. This then implies its harmfullness to its traders and the huge losses that may arise from their trading due to its volatile nature. This study contributes to the literature on the constraints, responsibilities and consultation framework of cryptocurrency regulations.Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan
Rahman Ullah Khan, Karim Ullah, Muhammad Atiq
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated with incorporating cryptocurrencies into regulatory frameworks and to explore constraints in the regulatory institutionalization of cryptocurrencies.

The study methodology consists of two steps. The first step is to identify regulatory constraints in the literature review and in the next step, interviews are conducted with officials of the State Bank of Pakistan (SBP). The study used a qualitative case study methodology, in which a single case (regulatory constraint) was selected as a unit of analysis.

The findings show that lack of traceability, legal status, lack of governmental control due to decentralization, difficulty enforcing laws, volatility, lack of skills with regulators and difficulty integrating cryptocurrencies into the current financial system are the main obstacles to the introduction of a regulatory framework. Thus, on a broader conceptual level, the findings can be grouped into opportunism, lack of strategic capability and fragmented global laws.

This study could inform global cryptocurrency regulation discussions, sharing a developing country’s views on balancing the government, central banks, the financial sector and public interests. This could guide countries to consider cryptocurrency adoption in similar situations. This could affect the cryptocurrency market, impacting demand, supply and investor trust in Pakistan.

The study has implications for policy making officials. The research aims to offer valuable insights to the SBP and other regulatory authorities, helping them identify potential risks and create an effective regulatory framework for cryptocurrencies.

The study has implications for society in knowing about the volatile nature of cryptos and anonymity of their issuers, which poses regulatory constraints. This then implies its harmfullness to its traders and the huge losses that may arise from their trading due to its volatile nature.

This study contributes to the literature on the constraints, responsibilities and consultation framework of cryptocurrency regulations.

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Regulatory constraints, responsibilities and consultation (CRC) for legal institutionalization of cryptocurrencies in Pakistan10.1108/QRFM-03-2023-0053Qualitative Research in Financial Markets2023-11-21© 2023 Emerald Publishing LimitedRahman Ullah KhanKarim UllahMuhammad AtiqQualitative Research in Financial Marketsahead-of-printahead-of-print2023-11-2110.1108/QRFM-03-2023-0053https://www.emerald.com/insight/content/doi/10.1108/QRFM-03-2023-0053/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A bibliometric review of Islamic economics and finance bibliometric papers: an overview of the future of Islamic economics and financehttps://www.emerald.com/insight/content/doi/10.1108/QRFM-03-2023-0068/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestGiven the overlapping themes and periods in specific subjects within Islamic economics and finance bibliometric research, which may yield similar findings in bibliometric studies, it is essential to document the growth of Islamic economic and financial research using bibliometric methodologies. This study aims to understand better the critical bibliometric review trends and scientific advancements in Islamic economics and finance. This study uses bibliometric analysis, collecting 46 Islamic economics bibliometric papers from the Web of Science Core Collection from 1975 to 2022. The authors generated top scientific scholars, keyword analysis, citation analysis, content analysis and conclusions for journal development using R Biblioshiny, VOSviewer, ATLAS.ti and Excel. This study has established a comprehensive bibliometric framework for Islamic economics and finance bibliometric papers, encompassing all critical areas within the discipline and identifying any remaining research gaps. The major significant areas revealed were Islamic social finance and microfinance concerns, which are closely pertinent to the issues of ethics, corporate social responsibility and sustainability, respectively. The authors also identified opportunities for future bibliometric analyses in Islamic economics and finance, which include using more comprehensive databases, refining or broadening search strategies, using advanced techniques and units of analysis and suggesting themes for further exploration. The study relies merely on the Web of Science Core Collection database, which provides the most in-depth citations by source for the world’s scientific and scholarly research. Future research may consider expanding its scope to include other databases for a broader range of sources. Furthermore, due to the rise of bibliometric studies in Islamic economics and finance, this study also comments on the saturation of bibliometric studies conducted in several similar areas. While researchers bring their unique analytical perspectives to bibliometrics, this study provides a comprehensive view of existing research in Islamic economics and finance, highlighting well-explored topics and those that remain less studied. Thus, this could assist researchers in determining their future research priorities. Policymakers in Islamic financial and economic institutions, including banking institutions, social, financial institutions and halal institutions, should be impacted by this research when making policies or conducting research. The viability of the current Islamic economic and financial ecosystem will be indirectly maintained and managed by these implications. This comprehensive meta-analysis in Islamic economics and finance is expected to impact the development and sustainability of the Islamic economic and financial ecosystem, promoting societal welfare through applying Islamic economics and finance. This pioneering bibliometric analysis of Islamic economics and finance papers aims to offer insights and projections for future research in the field. This research contributes to the literature by examining various aspects, including evaluating literature on trending topics, analyzing papers related to research areas and conducting content analysis of existing bibliometric studies in Islamic economics and finance. It specifically groups these studies around fundamental topics, summarizes findings from contemporary research and identifies emerging research gaps.A bibliometric review of Islamic economics and finance bibliometric papers: an overview of the future of Islamic economics and finance
Denizar Abdurrahman Mi'raj, Salih Ulev
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Given the overlapping themes and periods in specific subjects within Islamic economics and finance bibliometric research, which may yield similar findings in bibliometric studies, it is essential to document the growth of Islamic economic and financial research using bibliometric methodologies. This study aims to understand better the critical bibliometric review trends and scientific advancements in Islamic economics and finance.

This study uses bibliometric analysis, collecting 46 Islamic economics bibliometric papers from the Web of Science Core Collection from 1975 to 2022. The authors generated top scientific scholars, keyword analysis, citation analysis, content analysis and conclusions for journal development using R Biblioshiny, VOSviewer, ATLAS.ti and Excel.

This study has established a comprehensive bibliometric framework for Islamic economics and finance bibliometric papers, encompassing all critical areas within the discipline and identifying any remaining research gaps. The major significant areas revealed were Islamic social finance and microfinance concerns, which are closely pertinent to the issues of ethics, corporate social responsibility and sustainability, respectively. The authors also identified opportunities for future bibliometric analyses in Islamic economics and finance, which include using more comprehensive databases, refining or broadening search strategies, using advanced techniques and units of analysis and suggesting themes for further exploration.

The study relies merely on the Web of Science Core Collection database, which provides the most in-depth citations by source for the world’s scientific and scholarly research. Future research may consider expanding its scope to include other databases for a broader range of sources. Furthermore, due to the rise of bibliometric studies in Islamic economics and finance, this study also comments on the saturation of bibliometric studies conducted in several similar areas. While researchers bring their unique analytical perspectives to bibliometrics, this study provides a comprehensive view of existing research in Islamic economics and finance, highlighting well-explored topics and those that remain less studied. Thus, this could assist researchers in determining their future research priorities.

Policymakers in Islamic financial and economic institutions, including banking institutions, social, financial institutions and halal institutions, should be impacted by this research when making policies or conducting research. The viability of the current Islamic economic and financial ecosystem will be indirectly maintained and managed by these implications.

This comprehensive meta-analysis in Islamic economics and finance is expected to impact the development and sustainability of the Islamic economic and financial ecosystem, promoting societal welfare through applying Islamic economics and finance.

This pioneering bibliometric analysis of Islamic economics and finance papers aims to offer insights and projections for future research in the field. This research contributes to the literature by examining various aspects, including evaluating literature on trending topics, analyzing papers related to research areas and conducting content analysis of existing bibliometric studies in Islamic economics and finance. It specifically groups these studies around fundamental topics, summarizes findings from contemporary research and identifies emerging research gaps.

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A bibliometric review of Islamic economics and finance bibliometric papers: an overview of the future of Islamic economics and finance10.1108/QRFM-03-2023-0068Qualitative Research in Financial Markets2024-03-11© 2024 Emerald Publishing LimitedDenizar Abdurrahman Mi'rajSalih UlevQualitative Research in Financial Marketsahead-of-printahead-of-print2024-03-1110.1108/QRFM-03-2023-0068https://www.emerald.com/insight/content/doi/10.1108/QRFM-03-2023-0068/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Dimensions of financial inclusion in India: a qualitative analysis of bankers perspectivehttps://www.emerald.com/insight/content/doi/10.1108/QRFM-04-2022-0072/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis qualitative study aims to examine bankers’ perspectives regarding financial inclusion, the challenges it faces and the scope for improvement. This research proposes a financial inclusion model, considering the inputs received by bankers. Financial exclusion of different sections is an issue common to emerging countries. Data for qualitative research were collected through interviews with bank officials. The information was gathered from 32 bankers from India’s several zones (North, South, West and East). The data were collected from bankers from different public and private sector banks. Thematic analysis was performed up to the point of saturation to study the response received from bankers. Bank-related issues such as frequent computer problems, network connectivity problems, costs, a shortage of bank branches, fewer transactions through automated teller machines and a shortage of banking staff affect customers’ confidence in formal banking. Banking services are disrupted by a lack of trust in banking correspondents (BCs), as they are not regular employees of banks. Limits on daily transactions discourage high-value customers from using BCs and kiosks. The time spent on administrative formalities impacts customers. Financial inclusion is affected by availability, accessibility, usage and affordability. Digital financial literacy is essential for ease of transaction, but awareness about financial products helps protect customers from cyber scams. The findings of this research would benefit financial institutions globally in developing their businesses and helping to achieve financial inclusion and the United Nation’s sustainable development goals (SDGs). This research paper undertakes a qualitative analysis of the views collected from bankers. Bankers are crucial stakeholders in the successful implementation of the National Financial Inclusion Policy of the Government of India. Bankers’ perspectives will be important not only for India and its researchers but also in the global context, as the UN’s SDGs focus on leaving no one behind.Dimensions of financial inclusion in India: a qualitative analysis of bankers perspective
Vinay Kandpal
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This qualitative study aims to examine bankers’ perspectives regarding financial inclusion, the challenges it faces and the scope for improvement. This research proposes a financial inclusion model, considering the inputs received by bankers. Financial exclusion of different sections is an issue common to emerging countries.

Data for qualitative research were collected through interviews with bank officials. The information was gathered from 32 bankers from India’s several zones (North, South, West and East). The data were collected from bankers from different public and private sector banks. Thematic analysis was performed up to the point of saturation to study the response received from bankers.

Bank-related issues such as frequent computer problems, network connectivity problems, costs, a shortage of bank branches, fewer transactions through automated teller machines and a shortage of banking staff affect customers’ confidence in formal banking. Banking services are disrupted by a lack of trust in banking correspondents (BCs), as they are not regular employees of banks. Limits on daily transactions discourage high-value customers from using BCs and kiosks. The time spent on administrative formalities impacts customers. Financial inclusion is affected by availability, accessibility, usage and affordability. Digital financial literacy is essential for ease of transaction, but awareness about financial products helps protect customers from cyber scams. The findings of this research would benefit financial institutions globally in developing their businesses and helping to achieve financial inclusion and the United Nation’s sustainable development goals (SDGs).

This research paper undertakes a qualitative analysis of the views collected from bankers. Bankers are crucial stakeholders in the successful implementation of the National Financial Inclusion Policy of the Government of India. Bankers’ perspectives will be important not only for India and its researchers but also in the global context, as the UN’s SDGs focus on leaving no one behind.

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Dimensions of financial inclusion in India: a qualitative analysis of bankers perspective10.1108/QRFM-04-2022-0072Qualitative Research in Financial Markets2023-11-10© 2023 Emerald Publishing LimitedVinay KandpalQualitative Research in Financial Marketsahead-of-printahead-of-print2023-11-1010.1108/QRFM-04-2022-0072https://www.emerald.com/insight/content/doi/10.1108/QRFM-04-2022-0072/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Dividend announcements and stock returns: a retrospective analysishttps://www.emerald.com/insight/content/doi/10.1108/QRFM-04-2023-0094/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to provide insights into different aspects of the extant literature on the effects of dividend announcements. Along with other outputs of a bibliometric study, this study provides deeper insights into the concentration of the extant literature and suggest future research agendas. This study uses the bibliometric, network and content analysis of the dividend announcement literature indexed in Scopus. This study presents the temporal analysis, the network of authors, countries, author citations and the co-occurrence of author keywords. This study provides the concentration of the extant literature in three clusters and unearth some key future research areas. This study uses the latent Dirichlet allocation method for robustness. A total of 54 documents examining the US sample have received 1,804 citations. Interestingly, the first article on emerging markets was published in 2002, when at least 34 articles on developed markets had already been published from 1982 to 2001. The content analysis of top-cited literature unveils diverse insights into dividend announcements’ effects on financial markets. Contagion effects negatively impact non-announcing banks, particularly larger ones. Dividend maintenance affects stock market momentum, influencing loser returns. While current dividend/earnings news may not predict future company performance, information content dominates bond market reactions to post-dividend announcements. Concomitantly, while financially constrained firms exhibit short-term gains but worse long-term performance following dividend increases, larger stock dividends send stronger market signals in China. This study significantly contributes to the bibliometric and content analysis literature by analyzing the sample documents based on the sample examined. To the best of the authors’ knowledge, no previous bibliometric study in this domain has been conducted to explore the markets (developed and emerging) to which the samples examined belong and the quality of publications from developed and emerging markets.Dividend announcements and stock returns: a retrospective analysis
Vineeta Kumari, Satish Kumar, Dharen Kumar Pandey, Prashant Gupta
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to provide insights into different aspects of the extant literature on the effects of dividend announcements. Along with other outputs of a bibliometric study, this study provides deeper insights into the concentration of the extant literature and suggest future research agendas.

This study uses the bibliometric, network and content analysis of the dividend announcement literature indexed in Scopus. This study presents the temporal analysis, the network of authors, countries, author citations and the co-occurrence of author keywords. This study provides the concentration of the extant literature in three clusters and unearth some key future research areas. This study uses the latent Dirichlet allocation method for robustness.

A total of 54 documents examining the US sample have received 1,804 citations. Interestingly, the first article on emerging markets was published in 2002, when at least 34 articles on developed markets had already been published from 1982 to 2001. The content analysis of top-cited literature unveils diverse insights into dividend announcements’ effects on financial markets. Contagion effects negatively impact non-announcing banks, particularly larger ones. Dividend maintenance affects stock market momentum, influencing loser returns. While current dividend/earnings news may not predict future company performance, information content dominates bond market reactions to post-dividend announcements. Concomitantly, while financially constrained firms exhibit short-term gains but worse long-term performance following dividend increases, larger stock dividends send stronger market signals in China.

This study significantly contributes to the bibliometric and content analysis literature by analyzing the sample documents based on the sample examined. To the best of the authors’ knowledge, no previous bibliometric study in this domain has been conducted to explore the markets (developed and emerging) to which the samples examined belong and the quality of publications from developed and emerging markets.

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Dividend announcements and stock returns: a retrospective analysis10.1108/QRFM-04-2023-0094Qualitative Research in Financial Markets2023-12-25© 2023 Emerald Publishing LimitedVineeta KumariSatish KumarDharen Kumar PandeyPrashant GuptaQualitative Research in Financial Marketsahead-of-printahead-of-print2023-12-2510.1108/QRFM-04-2023-0094https://www.emerald.com/insight/content/doi/10.1108/QRFM-04-2023-0094/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A bibliometric visualization of behavioral biases in investment decision-makinghttps://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0081/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to conduct a bibliometric analysis to provide a comprehensive picture and identify future research directions to enrich the existing literature on behavioral biases. The data set comprises 518 articles from the Web of Science database. Performance analysis is used to highlight the significant contributors (authors, institutions, countries and journals) and contributions (highly influential articles) in the field of behavioral biases. In addition, network analysis is used to delve into the conceptual and social structure of the research domain. The current review has identified four major themes: “Influence of behavioral biases on investment decisions,” “Determinants of home bias,” “Impact of biases on stock market variables” and “Investors’ decision-making under uncertainty.” These themes reveal that a majority of studies have focused on equity markets, and research on other asset classes remains underexplored. This study extracted data from a single database (Web of Science) to ensure standardization of results. Consequently, future research could broaden the scope of the bibliometric review by incorporating multiple databases. The novelty of this research is to provide valuable guidance by evaluating the existing literature and advancing the knowledge base on the conceptual and social structure of behavioral biases.A bibliometric visualization of behavioral biases in investment decision-making
Barkha Dhingra, Mahender Yadav, Mohit Saini, Ruhee Mittal
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to conduct a bibliometric analysis to provide a comprehensive picture and identify future research directions to enrich the existing literature on behavioral biases.

The data set comprises 518 articles from the Web of Science database. Performance analysis is used to highlight the significant contributors (authors, institutions, countries and journals) and contributions (highly influential articles) in the field of behavioral biases. In addition, network analysis is used to delve into the conceptual and social structure of the research domain.

The current review has identified four major themes: “Influence of behavioral biases on investment decisions,” “Determinants of home bias,” “Impact of biases on stock market variables” and “Investors’ decision-making under uncertainty.” These themes reveal that a majority of studies have focused on equity markets, and research on other asset classes remains underexplored.

This study extracted data from a single database (Web of Science) to ensure standardization of results. Consequently, future research could broaden the scope of the bibliometric review by incorporating multiple databases.

The novelty of this research is to provide valuable guidance by evaluating the existing literature and advancing the knowledge base on the conceptual and social structure of behavioral biases.

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A bibliometric visualization of behavioral biases in investment decision-making10.1108/QRFM-05-2022-0081Qualitative Research in Financial Markets2023-08-28© 2023 Emerald Publishing LimitedBarkha DhingraMahender YadavMohit SainiRuhee MittalQualitative Research in Financial Marketsahead-of-printahead-of-print2023-08-2810.1108/QRFM-05-2022-0081https://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0081/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Regulatory issues inhibiting the financial inclusion: a case study among Islamic banks and MSMEs in Indonesiahttps://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe primary objective of this study aims to intensively explore the environment of Indonesian regulations and laws related to the Islamic banking system and micro-, small- and medium-sized enterprises (MSME) and unveil the restrictive laws and regulatory flaws that potentially hinder the Islamic banking institution and MSME industry in achieving financial inclusion and promoting sustainable growth. This paper implements a qualitative method by implementing a multi-case study research strategy, both from the Islamic banking institutions and the MSME industries. The data were gathered primarily through an interview approach by adopting purposive uncontrolled quota sampling. The findings of this paper reveal two essential issues: First, the regulatory imbalances and restrictions could demotivate and hinder the efforts of Islamic banks in providing access to finance for the MSME segment, hence, encumbering the achievement of the financial inclusion agenda from the Islamic banking industry. Second, the flaws in MSME registration and taxation might discourage the formal MSMEs from extending their business license and prevent the informal MSME units from registering their business. This issue would potentially lower their chance of accessing external financing from the formal financial institutions and participating in supportive government programmes due to the absence of proper legality. Since this paper only observed six Islamic banks and 22 MSME units in urban and rural locations in Indonesia using a case study approach, the empirical findings and case discussions were limited to those respective Islamic banks and MSME participants. By referring to the recommendations as presented in this paper, two critical policy implications could be expected from adopting the proposed recommendations, among others: By addressing the issues of the regulatory imbalance associated with the Islamic banking industry and introduce the deregulatory policies on profit and loss sharing (PLS) scheme implementation, this approach will motivate the Islamic banking industry in serving the MSME sector better and provide greater access to financial services, particularly in using the PLS financing schemes. By resolving the problems on MSME registration and taxation, this strategy will enhance the sustainability of the formal MSMEs’ operation and encourage the informal ones to register, hence, improving their inclusion into the formal financing services and government assistance programmes. The present study attempts to address the literature shortcomings and helps to fill the gaps – both theoretical and empirical – by incorporating the multi-case study among Indonesian Islamic banks and MSMEs to extensively explore the Indonesia regulatory environment pertaining to the Islamic banking system (supply-side) and MSMEs (demand-side), and thoroughly investigates and reveals the restrictive laws and regulatory flaws that could potentially hinder the Islamic banking institutions and MSME industries in attaining financial inclusion and contributing to sustainable development.Regulatory issues inhibiting the financial inclusion: a case study among Islamic banks and MSMEs in Indonesia
Adi Saifurrahman, Salina Hj Kassim
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The primary objective of this study aims to intensively explore the environment of Indonesian regulations and laws related to the Islamic banking system and micro-, small- and medium-sized enterprises (MSME) and unveil the restrictive laws and regulatory flaws that potentially hinder the Islamic banking institution and MSME industry in achieving financial inclusion and promoting sustainable growth.

This paper implements a qualitative method by implementing a multi-case study research strategy, both from the Islamic banking institutions and the MSME industries. The data were gathered primarily through an interview approach by adopting purposive uncontrolled quota sampling.

The findings of this paper reveal two essential issues: First, the regulatory imbalances and restrictions could demotivate and hinder the efforts of Islamic banks in providing access to finance for the MSME segment, hence, encumbering the achievement of the financial inclusion agenda from the Islamic banking industry. Second, the flaws in MSME registration and taxation might discourage the formal MSMEs from extending their business license and prevent the informal MSME units from registering their business. This issue would potentially lower their chance of accessing external financing from the formal financial institutions and participating in supportive government programmes due to the absence of proper legality.

Since this paper only observed six Islamic banks and 22 MSME units in urban and rural locations in Indonesia using a case study approach, the empirical findings and case discussions were limited to those respective Islamic banks and MSME participants.

By referring to the recommendations as presented in this paper, two critical policy implications could be expected from adopting the proposed recommendations, among others: By addressing the issues of the regulatory imbalance associated with the Islamic banking industry and introduce the deregulatory policies on profit and loss sharing (PLS) scheme implementation, this approach will motivate the Islamic banking industry in serving the MSME sector better and provide greater access to financial services, particularly in using the PLS financing schemes. By resolving the problems on MSME registration and taxation, this strategy will enhance the sustainability of the formal MSMEs’ operation and encourage the informal ones to register, hence, improving their inclusion into the formal financing services and government assistance programmes.

The present study attempts to address the literature shortcomings and helps to fill the gaps – both theoretical and empirical – by incorporating the multi-case study among Indonesian Islamic banks and MSMEs to extensively explore the Indonesia regulatory environment pertaining to the Islamic banking system (supply-side) and MSMEs (demand-side), and thoroughly investigates and reveals the restrictive laws and regulatory flaws that could potentially hinder the Islamic banking institutions and MSME industries in attaining financial inclusion and contributing to sustainable development.

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Regulatory issues inhibiting the financial inclusion: a case study among Islamic banks and MSMEs in Indonesia10.1108/QRFM-05-2022-0086Qualitative Research in Financial Markets2023-10-24© 2023 Emerald Publishing LimitedAdi SaifurrahmanSalina Hj KassimQualitative Research in Financial Marketsahead-of-printahead-of-print2023-10-2410.1108/QRFM-05-2022-0086https://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Measuring behavioral biases in individual investors decision-making and sociodemographic correlations: a systematic reviewhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to identify the impacts of sociodemographic covariates on behavioural biases (BB) scores; the psychometric evidence of the BB measurement instruments; and the main BB that influences the decision-making of individual investors. Papers were retrieved through search using keywords in ten databases. This systematic review is based on 69 peer-reviewed papers, most of which were published between 2017 and 2021. The relevance of the included papers was assessed through the analysis of statistical/psychometric methods used, and content analysis of the BB literature and its sociodemographic correlations. Overconfidence is higher in men and not related to age. There was no consensus regarding the relationship between BB and other sociodemographic variables. Most measuring instruments are ad hoc, showing ≤ 4 types of psychometric evidence and assessing ≤ 9 BB. Therefore, the findings demonstrate that there is no gold standard instrument for measuring investors’ BB. Furthermore, 37 BB were cited as influencers of individual investors’ decision-making and overconfidence, herding, anchoring, representativeness and loss aversion were the most prevalent. Considering that very few systematic reviews have been published in the behavioural finance area, this paper highlights the current state-of-the-art and identifies significant gaps in the literature that can be explored by further research. To the best of the authors’ knowledge, this is the first systematic review that analyses the psychometric properties of instruments used for individual investors BB assessment.Measuring behavioral biases in individual investors decision-making and sociodemographic correlations: a systematic review
Nicolas de Oliveira Cardoso, Eduarda Zorgi Salvador, Gustavo Broch, Frederike Monika Budiner Mette, Claudia Emiko Yoshinaga, Wagner de Lara Machado
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to identify the impacts of sociodemographic covariates on behavioural biases (BB) scores; the psychometric evidence of the BB measurement instruments; and the main BB that influences the decision-making of individual investors.

Papers were retrieved through search using keywords in ten databases. This systematic review is based on 69 peer-reviewed papers, most of which were published between 2017 and 2021. The relevance of the included papers was assessed through the analysis of statistical/psychometric methods used, and content analysis of the BB literature and its sociodemographic correlations.

Overconfidence is higher in men and not related to age. There was no consensus regarding the relationship between BB and other sociodemographic variables. Most measuring instruments are ad hoc, showing ≤ 4 types of psychometric evidence and assessing ≤ 9 BB. Therefore, the findings demonstrate that there is no gold standard instrument for measuring investors’ BB. Furthermore, 37 BB were cited as influencers of individual investors’ decision-making and overconfidence, herding, anchoring, representativeness and loss aversion were the most prevalent.

Considering that very few systematic reviews have been published in the behavioural finance area, this paper highlights the current state-of-the-art and identifies significant gaps in the literature that can be explored by further research.

To the best of the authors’ knowledge, this is the first systematic review that analyses the psychometric properties of instruments used for individual investors BB assessment.

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Measuring behavioral biases in individual investors decision-making and sociodemographic correlations: a systematic review10.1108/QRFM-05-2022-0090Qualitative Research in Financial Markets2023-11-17© 2023 Emerald Publishing LimitedNicolas de Oliveira CardosoEduarda Zorgi SalvadorGustavo BrochFrederike Monika Budiner MetteClaudia Emiko YoshinagaWagner de Lara MachadoQualitative Research in Financial Marketsahead-of-printahead-of-print2023-11-1710.1108/QRFM-05-2022-0090https://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Foundations and trends in option pricing models: a 45 years global examination based on bibliometric analysishttps://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0092/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to analyse and compile the literature on various option pricing models (OPM) or methodologies. The report highlights the gaps in the existing literature review and builds recommendations for potential scholars interested in the subject area. In this study, the researchers used a systematic literature review procedure to collect data from Scopus. Bibliometric and structured network analyses were used to examine the bibliometric properties of 864 research documents. As per the findings of the study, publication in the field has been increasing at a rate of 6% on average. This study also includes a list of the most influential and productive researchers, frequently used keywords and primary publications in this subject area. In particular, Thematic map and Sankey’s diagram for conceptual structure and for intellectual structure co-citation analysis and bibliographic coupling were used. Based on the conclusion presented in this paper, there are several potential implications for research, practice and society. This study provides useful insights for future research in the area of OPM in financial derivatives. Researchers can focus on impactful authors, significant work and productive countries and identify potential collaborators. The study also highlights the commonly used OPMs and emerging themes like machine learning and deep neural network models, which can inform practitioners about new developments in the field and guide the development of new models to address existing limitations. The accurate pricing of financial derivatives has significant implications for society, as it can impact the stability of financial markets and the wider economy. The findings of this study, which identify the most commonly used OPMs and emerging themes, can help improve the accuracy of pricing and risk management in the financial derivatives sector, which can ultimately benefit society as a whole. It is possibly the initial effort to consolidate the literature on calibration on option price by evaluating and analysing alternative OPM applied by researchers to guide future research in the right direction.Foundations and trends in option pricing models: a 45 years global examination based on bibliometric analysis
Nisha , Neha Puri, Namita Rajput, Harjit Singh
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to analyse and compile the literature on various option pricing models (OPM) or methodologies. The report highlights the gaps in the existing literature review and builds recommendations for potential scholars interested in the subject area.

In this study, the researchers used a systematic literature review procedure to collect data from Scopus. Bibliometric and structured network analyses were used to examine the bibliometric properties of 864 research documents.

As per the findings of the study, publication in the field has been increasing at a rate of 6% on average. This study also includes a list of the most influential and productive researchers, frequently used keywords and primary publications in this subject area. In particular, Thematic map and Sankey’s diagram for conceptual structure and for intellectual structure co-citation analysis and bibliographic coupling were used.

Based on the conclusion presented in this paper, there are several potential implications for research, practice and society.

This study provides useful insights for future research in the area of OPM in financial derivatives. Researchers can focus on impactful authors, significant work and productive countries and identify potential collaborators. The study also highlights the commonly used OPMs and emerging themes like machine learning and deep neural network models, which can inform practitioners about new developments in the field and guide the development of new models to address existing limitations.

The accurate pricing of financial derivatives has significant implications for society, as it can impact the stability of financial markets and the wider economy. The findings of this study, which identify the most commonly used OPMs and emerging themes, can help improve the accuracy of pricing and risk management in the financial derivatives sector, which can ultimately benefit society as a whole.

It is possibly the initial effort to consolidate the literature on calibration on option price by evaluating and analysing alternative OPM applied by researchers to guide future research in the right direction.

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Foundations and trends in option pricing models: a 45 years global examination based on bibliometric analysis10.1108/QRFM-05-2022-0092Qualitative Research in Financial Markets2024-03-20© 2024 Emerald Publishing LimitedNisha Neha PuriNamita RajputHarjit SinghQualitative Research in Financial Marketsahead-of-printahead-of-print2024-03-2010.1108/QRFM-05-2022-0092https://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0092/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
A systematic review on behavioral biases affecting individual investment decisionshttps://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0095/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to systematically review various behavioral biases that impact an investor’s decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors’ behavior. Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature. This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors’ decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors’ irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework. The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services. The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor’s decision-making.A systematic review on behavioral biases affecting individual investment decisions
Sneha Badola, Aditya Kumar Sahu, Amit Adlakha
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to systematically review various behavioral biases that impact an investor’s decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors’ behavior.

Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature.

This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors’ decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors’ irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework.

The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services.

The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor’s decision-making.

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A systematic review on behavioral biases affecting individual investment decisions10.1108/QRFM-05-2022-0095Qualitative Research in Financial Markets2023-08-30© 2023 Emerald Publishing LimitedSneha BadolaAditya Kumar SahuAmit AdlakhaQualitative Research in Financial Marketsahead-of-printahead-of-print2023-08-3010.1108/QRFM-05-2022-0095https://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2022-0095/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Unravelling the board committee puzzle: a comprehensive review and future research agendahttps://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2023-0128/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the literature from the Web of Science database published on board committees between 2002 and 2023 and outline the quantitative summary, journey of board committees’ research and suggest future research directions. This study examines bibliometric-content analysis combined with a systematic literature review of articles on board committees to document the summary of the field. The authors used co-citation, co-occurrence and cluster analysis under bibliometric-content analysis to present the field summary. Board committee composition, such as their gender, independence and expertise, as well as factors affecting corporate governance, such as reporting quality, earnings management and board monitoring, all have a significant impact on board committee literature. The field is getting growing attention from authors, journals and countries. Nevertheless, there is a need for further exploration in areas like expertise, member age and tenure, the economic crisis and the nomination and remuneration committee, which have not yet received sufficient attention. This paper has both theoretical and practical contributions. From a theoretical perspective, this study substantiates the prevalence of agency theory within board committee literature, reinforcing the foundational role of agency theory in shaping discussions about board committees. On practical ground, the comprehensive overview of board committee literature offers scholars a road map for navigating this field and directing their future research journey. The identification of research gaps in certain areas serves as a catalyst for scholars to explore untapped dimensions, enabling them to strengthen the essence of the committees’ performance.Unravelling the board committee puzzle: a comprehensive review and future research agenda
Satya Prakash Mani, Shashank Bansal, Ratikant Bhaskar, Satish Kumar
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the literature from the Web of Science database published on board committees between 2002 and 2023 and outline the quantitative summary, journey of board committees’ research and suggest future research directions.

This study examines bibliometric-content analysis combined with a systematic literature review of articles on board committees to document the summary of the field. The authors used co-citation, co-occurrence and cluster analysis under bibliometric-content analysis to present the field summary.

Board committee composition, such as their gender, independence and expertise, as well as factors affecting corporate governance, such as reporting quality, earnings management and board monitoring, all have a significant impact on board committee literature. The field is getting growing attention from authors, journals and countries. Nevertheless, there is a need for further exploration in areas like expertise, member age and tenure, the economic crisis and the nomination and remuneration committee, which have not yet received sufficient attention.

This paper has both theoretical and practical contributions. From a theoretical perspective, this study substantiates the prevalence of agency theory within board committee literature, reinforcing the foundational role of agency theory in shaping discussions about board committees. On practical ground, the comprehensive overview of board committee literature offers scholars a road map for navigating this field and directing their future research journey. The identification of research gaps in certain areas serves as a catalyst for scholars to explore untapped dimensions, enabling them to strengthen the essence of the committees’ performance.

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Unravelling the board committee puzzle: a comprehensive review and future research agenda10.1108/QRFM-05-2023-0128Qualitative Research in Financial Markets2023-12-25© 2023 Emerald Publishing LimitedSatya Prakash ManiShashank BansalRatikant BhaskarSatish KumarQualitative Research in Financial Marketsahead-of-printahead-of-print2023-12-2510.1108/QRFM-05-2023-0128https://www.emerald.com/insight/content/doi/10.1108/QRFM-05-2023-0128/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The transformation of conventional microfinance into Islamic microfinance in Bangladesh: proposed based model(s)https://www.emerald.com/insight/content/doi/10.1108/QRFM-06-2022-0104/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDespite being a Muslim-dominated country, Bangladesh has widely embraced traditional microfinance since its inception in the mid-1970s. However, Islamic microfinance, which has a lot to offer to the poor, is still in its infancy and has yet to gain momentum in the country. Therefore, the purpose of this study is to analyze the importance of Islamic microfinance and propose alternative Shariah-compliant microfinance models in Bangladesh. This study is based on the desk research method, which relies on existing literature to collect secondary data on key concerns of traditional microfinance programs. In addition, institutional-level secondary data were also collected from the Microcredit Regulatory Authority (MRA) of Bangladesh. Guided by the Maqasid-al-Shariah, this study then proposes several Islamic microfinance models to overcome selected challenges faced by the microfinance industry in Bangladesh. This study suggested three composite Shariah-compliant microfinance models, which are likely to help the underprivileged and thus ensure the achievement of the sustainable development goals in Bangladesh. The first model explained how the operational strategy of incumbent microfinance institutions (MFIs) could be restructured, while the second proposed the organizational strategies for establishing a new MFI. The third model used the notion of Sadaqah (charity) to address the multiple borrowing issues of the industry. Meanwhile, the successful transformation of the conventional microfinance industry to an Islamic one is dependent on the effective collaboration between the regulatory authorities, practitioners and MFIs. Albeit the paucity of literature on the topic, the findings of this study will guide policymakers/practitioners in designing relevant microfinance models to help transform conventional microfinance into Islamic microfinance in Bangladesh.The transformation of conventional microfinance into Islamic microfinance in Bangladesh: proposed based model(s)
Md Aslam Mia
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Despite being a Muslim-dominated country, Bangladesh has widely embraced traditional microfinance since its inception in the mid-1970s. However, Islamic microfinance, which has a lot to offer to the poor, is still in its infancy and has yet to gain momentum in the country. Therefore, the purpose of this study is to analyze the importance of Islamic microfinance and propose alternative Shariah-compliant microfinance models in Bangladesh.

This study is based on the desk research method, which relies on existing literature to collect secondary data on key concerns of traditional microfinance programs. In addition, institutional-level secondary data were also collected from the Microcredit Regulatory Authority (MRA) of Bangladesh. Guided by the Maqasid-al-Shariah, this study then proposes several Islamic microfinance models to overcome selected challenges faced by the microfinance industry in Bangladesh.

This study suggested three composite Shariah-compliant microfinance models, which are likely to help the underprivileged and thus ensure the achievement of the sustainable development goals in Bangladesh. The first model explained how the operational strategy of incumbent microfinance institutions (MFIs) could be restructured, while the second proposed the organizational strategies for establishing a new MFI. The third model used the notion of Sadaqah (charity) to address the multiple borrowing issues of the industry. Meanwhile, the successful transformation of the conventional microfinance industry to an Islamic one is dependent on the effective collaboration between the regulatory authorities, practitioners and MFIs.

Albeit the paucity of literature on the topic, the findings of this study will guide policymakers/practitioners in designing relevant microfinance models to help transform conventional microfinance into Islamic microfinance in Bangladesh.

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The transformation of conventional microfinance into Islamic microfinance in Bangladesh: proposed based model(s)10.1108/QRFM-06-2022-0104Qualitative Research in Financial Markets2023-10-09© 2023 Emerald Publishing LimitedMd Aslam MiaQualitative Research in Financial Marketsahead-of-printahead-of-print2023-10-0910.1108/QRFM-06-2022-0104https://www.emerald.com/insight/content/doi/10.1108/QRFM-06-2022-0104/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Is the financial industry ready for circular economy and sustainable development goals? A case of a developing countryhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-06-2023-0135/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the role of Pakistan’s banking industry in the transition toward a circular economy (CE) and the implementation of sustainable development goals (SDGs). This study uses a qualitative content analysis technique on 75 annual reports of 25 Pakistani banks. Data has been collected from websites and annual reports of concerned banks incorporating CE practices and SDGs in their annual reports. In addition, the data collected from the annual reports of concern sample is based on three dimensions of sustainable development (environmental, social and governance) along with the leading practices of CE to reduce, reuse, recycle, redesign, restructure, and recover. The findings show that most firms have reported CE and SDGs. Also, the study explores the level and linkage of CE and SDGs practices among the sample firms. This study provides important insights for the regulators, policymakers, State Bank of Pakistan, commercial banks and stakeholders in Pakistan’s banking industry. It adds significant value to the CE and SDGs, especially in developing economies like Pakistan. The study has explored and examined the ever-investigated dimensions of SDGs and CE in the banking industry of Pakistan.Is the financial industry ready for circular economy and sustainable development goals? A case of a developing country
Muhammad Zahid, Mutahar Hayat, Haseeb Ur Rahman, Wajahat Ali
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the role of Pakistan’s banking industry in the transition toward a circular economy (CE) and the implementation of sustainable development goals (SDGs).

This study uses a qualitative content analysis technique on 75 annual reports of 25 Pakistani banks. Data has been collected from websites and annual reports of concerned banks incorporating CE practices and SDGs in their annual reports. In addition, the data collected from the annual reports of concern sample is based on three dimensions of sustainable development (environmental, social and governance) along with the leading practices of CE to reduce, reuse, recycle, redesign, restructure, and recover.

The findings show that most firms have reported CE and SDGs. Also, the study explores the level and linkage of CE and SDGs practices among the sample firms.

This study provides important insights for the regulators, policymakers, State Bank of Pakistan, commercial banks and stakeholders in Pakistan’s banking industry. It adds significant value to the CE and SDGs, especially in developing economies like Pakistan.

The study has explored and examined the ever-investigated dimensions of SDGs and CE in the banking industry of Pakistan.

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Is the financial industry ready for circular economy and sustainable development goals? A case of a developing country10.1108/QRFM-06-2023-0135Qualitative Research in Financial Markets2024-02-06© 2024 Emerald Publishing LimitedMuhammad ZahidMutahar HayatHaseeb Ur RahmanWajahat AliQualitative Research in Financial Marketsahead-of-printahead-of-print2024-02-0610.1108/QRFM-06-2023-0135https://www.emerald.com/insight/content/doi/10.1108/QRFM-06-2023-0135/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
The role of recognition-based heuristics in investment management activities: are expert investors immune? – A systematic literature reviewhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-07-2021-0109/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of this paper is to systematically review the literature published in recognized journals focused on recognition-based heuristics and their effect on investment management activities and to ascertain some substantial gaps related to them. For doing research synthesis, systematic literature review approach was applied considering research studies published within the time period, i.e. 1980–2020. This study attempted to accomplish a critical review of 59 studies out of 118 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioural finance domain-related explicitly to recognition-based heuristics and their effect on investment management activities. The survey and analysis suggest investors consistently rely on the recognition-based heuristic-driven biases when trading stocks, resulting in irrational decisions, and an investment strategy constructed by implementing the recognition-based heuristics, would not result in better returns to investors on a consistent basis. Institutional investors are less likely to be affected by these name-based behavioural biases in comparison to individual investors. However, under the context of ecological rationality, recognition-based heuristics work better and sometimes dominate the classical methods. The research scholars from the behavioural finance community have highlighted that recognition-based heuristics and their impact on investment management activities are high profile areas, needed to be explored further in the field of behavioural finance. The study of recognition-based heuristic-driven biases has been found to be insufficient in the context of emerging economies like Pakistan. The skilful understanding and knowledge of the recognition-based heuristic-driven biases will help the investors, financial institutions and policy-makers to overcome the adverse effect of these behavioural biases in the stock market. This article provides a detailed explanation of recognition-based heuristic-driven biases and their influence on investment management activities which could be very useful for finance practitioners’ such as investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/ broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making its financial management strategies. Currently, no recent study exists, which reviews and evaluates the empirical research on recognition-based heuristic-driven biases displayed by investors. The current study is original in discussing the role of recognition-based heuristic-driven biases in investment management activities by means of research synthesis. This paper is useful to researchers, academicians, and those working in the area of behavioural finance in understanding the role that recognition-based heuristics plays in investment management activities.The role of recognition-based heuristics in investment management activities: are expert investors immune? – A systematic literature review
Maqsood Ahmad
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of this paper is to systematically review the literature published in recognized journals focused on recognition-based heuristics and their effect on investment management activities and to ascertain some substantial gaps related to them.

For doing research synthesis, systematic literature review approach was applied considering research studies published within the time period, i.e. 1980–2020. This study attempted to accomplish a critical review of 59 studies out of 118 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioural finance domain-related explicitly to recognition-based heuristics and their effect on investment management activities.

The survey and analysis suggest investors consistently rely on the recognition-based heuristic-driven biases when trading stocks, resulting in irrational decisions, and an investment strategy constructed by implementing the recognition-based heuristics, would not result in better returns to investors on a consistent basis. Institutional investors are less likely to be affected by these name-based behavioural biases in comparison to individual investors. However, under the context of ecological rationality, recognition-based heuristics work better and sometimes dominate the classical methods. The research scholars from the behavioural finance community have highlighted that recognition-based heuristics and their impact on investment management activities are high profile areas, needed to be explored further in the field of behavioural finance. The study of recognition-based heuristic-driven biases has been found to be insufficient in the context of emerging economies like Pakistan.

The skilful understanding and knowledge of the recognition-based heuristic-driven biases will help the investors, financial institutions and policy-makers to overcome the adverse effect of these behavioural biases in the stock market. This article provides a detailed explanation of recognition-based heuristic-driven biases and their influence on investment management activities which could be very useful for finance practitioners’ such as investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/ broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making its financial management strategies.

Currently, no recent study exists, which reviews and evaluates the empirical research on recognition-based heuristic-driven biases displayed by investors. The current study is original in discussing the role of recognition-based heuristic-driven biases in investment management activities by means of research synthesis. This paper is useful to researchers, academicians, and those working in the area of behavioural finance in understanding the role that recognition-based heuristics plays in investment management activities.

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The role of recognition-based heuristics in investment management activities: are expert investors immune? – A systematic literature review10.1108/QRFM-07-2021-0109Qualitative Research in Financial Markets2021-10-24© 2021 Emerald Publishing LimitedMaqsood AhmadQualitative Research in Financial Marketsahead-of-printahead-of-print2021-10-2410.1108/QRFM-07-2021-0109https://www.emerald.com/insight/content/doi/10.1108/QRFM-07-2021-0109/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2021 Emerald Publishing Limited
Waqf for accelerating socioeconomic development: a proposed model with focus on Pakistanhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-07-2023-0161/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of waqf as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan. This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of waqf for community development/social inclusion in economies like that of Pakistan. As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting Waqf for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for waqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the waqf properties makes the waqf institutions sustainable and effective when compared to individual charities. This is conceptual research discussing the potential of waqf in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor. The research will provide the researchers with insight into the potential of waqf as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare. To the best of the authors’ knowledge, it is the first major research that discusses the role of waqf in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.Waqf for accelerating socioeconomic development: a proposed model with focus on Pakistan
Muhammad Ayub, Khurram Khan, Mansoor Khan, Muhammad Ismail
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The unique institution of waqf that was ignored during the colonization of the Muslim areas has to be revived to play its role in shared growth, social inclusion and cohesion in society. This research paper aims to explore the role of waqf as an instrument for a sustainable growth system and to suggest a model for socioeconomic development in an economy like that of Pakistan.

This qualitative research is based on analytical methods to arrive at the frameworks and a model that could facilitate the revival of waqf for community development/social inclusion in economies like that of Pakistan.

As most of the OIC member states like Pakistan are facing serious financial problems due to debt servicing obligations, promoting Waqf for various socioeconomic and cultural functions is a vital requirement for such economies. The inability of the state institutions in providing necessary civic, health and education facilities to the public is causing serious harm to the balance of the society. It requires promoting a formal system of charity and using FinTech for waqf-based donations and financing the micro businesses. The perpetuity complimented by the profitability of the waqf properties makes the waqf institutions sustainable and effective when compared to individual charities.

This is conceptual research discussing the potential of waqf in light of its historical role. Researchers may undertake empirical studies on awqaf operations in various jurisdictions and their role in the empowerment of the poor.

The research will provide the researchers with insight into the potential of waqf as a tool for community development. Besides, it will enable policymakers and implementation authorities to socialize charity for sustained benefits and welfare.

To the best of the authors’ knowledge, it is the first major research that discusses the role of waqf in economies facing budgetary and trade deficits in the eradication of poverty and the promotion of social and economic entrepreneurship in realizing the community development targets for the economies like that of Pakistan.

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Waqf for accelerating socioeconomic development: a proposed model with focus on Pakistan10.1108/QRFM-07-2023-0161Qualitative Research in Financial Markets2024-02-02© 2024 Emerald Publishing LimitedMuhammad AyubKhurram KhanMansoor KhanMuhammad IsmailQualitative Research in Financial Marketsahead-of-printahead-of-print2024-02-0210.1108/QRFM-07-2023-0161https://www.emerald.com/insight/content/doi/10.1108/QRFM-07-2023-0161/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
The metamorphosis of the Islamic political economy publications (1980-2021) – a bibliometric analysishttps://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0126/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to trace the contours of Islamic political economy (IPE) for last four decades with the help of bibliometric analysis. This method does not focus on in-depth literature. However, it reviews more material content of the published papers in the field, generally including the number of publications, authors, title, H-Index and authors’ affiliation. The authors use biblioshiny by R in conducting bibliometric analysis. Based on the results of analysis, the authors only found 39 relevant documents to the topic with the help of keyword of “Islamic political economy”. The authors analyse the data and visualize it into bibliometric images for the convenience of the readers. There are 39 documents on IPE in the annual scientific production. The year 1980 had the lowest productivity at 3% while the year 2007 showed an increase in scientific productivity by 13%. The most significant increase in production occurred between 2014 and 2015 by 8%, while the most significant decline occurred between 2007 and 2008 by 10%. The most significant contributors are Akan, T., Choudhury, M.A. and Asutay, M. According to the Corresponding Author’s Country, the UK has eight articles on IPE. Humanomics is the most influential Journal, with six documents. This research only examines documents sourced from Web of Science and Scopus under the title “Islamic political economy” and does not include articles from other sources. This research has implications for future researchers and suggests a shift in recent research on IPE towards exploring current realities and expanding beyond traditional economic and political aspects. The goal is to gain a comprehensive understanding of Islam’s role in shaping economic and political systems, promoting inclusive sustainable development and social justice, and exploring its relationship with broader political and economic systems. IPE has become a trendy topic in the early days, the second half of the 20th century, during the revival of the Islamic mode of finance and development. However, with time, the discussion on this topic appeared less in scientific and academic publications; this issue needs an overview of how far this discipline has evolved. This work aims to identify future research trends in this area. Scholars should investigate articles by author, institution, country, databases, data sources with high-impact factors and objective metrics to get new perspectives.The metamorphosis of the Islamic political economy publications (1980-2021) – a bibliometric analysis
Mohamad Handi Khalifah, Fatih Savaşan, Naimat U. Khan, Shabeer Khan
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to trace the contours of Islamic political economy (IPE) for last four decades with the help of bibliometric analysis. This method does not focus on in-depth literature. However, it reviews more material content of the published papers in the field, generally including the number of publications, authors, title, H-Index and authors’ affiliation.

The authors use biblioshiny by R in conducting bibliometric analysis. Based on the results of analysis, the authors only found 39 relevant documents to the topic with the help of keyword of “Islamic political economy”. The authors analyse the data and visualize it into bibliometric images for the convenience of the readers.

There are 39 documents on IPE in the annual scientific production. The year 1980 had the lowest productivity at 3% while the year 2007 showed an increase in scientific productivity by 13%. The most significant increase in production occurred between 2014 and 2015 by 8%, while the most significant decline occurred between 2007 and 2008 by 10%. The most significant contributors are Akan, T., Choudhury, M.A. and Asutay, M. According to the Corresponding Author’s Country, the UK has eight articles on IPE. Humanomics is the most influential Journal, with six documents.

This research only examines documents sourced from Web of Science and Scopus under the title “Islamic political economy” and does not include articles from other sources. This research has implications for future researchers and suggests a shift in recent research on IPE towards exploring current realities and expanding beyond traditional economic and political aspects. The goal is to gain a comprehensive understanding of Islam’s role in shaping economic and political systems, promoting inclusive sustainable development and social justice, and exploring its relationship with broader political and economic systems.

IPE has become a trendy topic in the early days, the second half of the 20th century, during the revival of the Islamic mode of finance and development. However, with time, the discussion on this topic appeared less in scientific and academic publications; this issue needs an overview of how far this discipline has evolved. This work aims to identify future research trends in this area. Scholars should investigate articles by author, institution, country, databases, data sources with high-impact factors and objective metrics to get new perspectives.

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The metamorphosis of the Islamic political economy publications (1980-2021) – a bibliometric analysis10.1108/QRFM-08-2022-0126Qualitative Research in Financial Markets2023-09-14© 2023 Emerald Publishing LimitedMohamad Handi KhalifahFatih SavaşanNaimat U. KhanShabeer KhanQualitative Research in Financial Marketsahead-of-printahead-of-print2023-09-1410.1108/QRFM-08-2022-0126https://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0126/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Transforming the nature of trust between banks and young clients: from traditional to digital bankinghttps://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to explore how the shift from traditional to digital banking transforms the nature of trust between banks and their younger clients (aged 18–35) from the perspective of bank employees. Qualitative semi-structured interviews with representatives of Ukrainian classical banks and neobanks were conducted. The interviews were analysed using the theoretical approach of institution-based and social network-based trust to identify the key distinctions between the nature of trust in traditional and digital banking. The employees of the banks reported that digitalization processes have helped to mitigate trust issues; as a result, their banks have not experienced any difficulties in this regard among young people. Furthermore, social networks, particularly social approval, were found to be significant factors for establishing trust in digital banking among young people. The results of this study could assist bank managers in adapting their strategies for cultivating trust among younger clients and aiding international law regulators and government institutions in preventing unintended circumstances in financial services. These contributions were shaped by the study’s limitations, including its focus on only two concepts of trust building: institution-based and social network-based, as well as its specific Ukrainian context. This study highlights social approval as a valuable constituent of the trust-building process that influences trust in institutions. Furthermore, while gaining social approval – particularly through digital platforms – can promote trust-building among young people, this “easy way” may have negative societal consequences by endorsing unscrupulous institutions.Transforming the nature of trust between banks and young clients: from traditional to digital banking
Valeriia Melnyk
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to explore how the shift from traditional to digital banking transforms the nature of trust between banks and their younger clients (aged 18–35) from the perspective of bank employees.

Qualitative semi-structured interviews with representatives of Ukrainian classical banks and neobanks were conducted. The interviews were analysed using the theoretical approach of institution-based and social network-based trust to identify the key distinctions between the nature of trust in traditional and digital banking.

The employees of the banks reported that digitalization processes have helped to mitigate trust issues; as a result, their banks have not experienced any difficulties in this regard among young people. Furthermore, social networks, particularly social approval, were found to be significant factors for establishing trust in digital banking among young people.

The results of this study could assist bank managers in adapting their strategies for cultivating trust among younger clients and aiding international law regulators and government institutions in preventing unintended circumstances in financial services. These contributions were shaped by the study’s limitations, including its focus on only two concepts of trust building: institution-based and social network-based, as well as its specific Ukrainian context.

This study highlights social approval as a valuable constituent of the trust-building process that influences trust in institutions. Furthermore, while gaining social approval – particularly through digital platforms – can promote trust-building among young people, this “easy way” may have negative societal consequences by endorsing unscrupulous institutions.

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Transforming the nature of trust between banks and young clients: from traditional to digital banking10.1108/QRFM-08-2022-0129Qualitative Research in Financial Markets2023-11-02© 2023 Emerald Publishing LimitedValeriia MelnykQualitative Research in Financial Marketsahead-of-printahead-of-print2023-11-0210.1108/QRFM-08-2022-0129https://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2022-0129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How the use of alternative information in risk management fintech platforms influences SME lending: a qualitative case studyhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2023-0198/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of the study is to examine the use of alternative information in bank lending to small and medium enterprises (SMEs). Understanding alternative information and its use in bank lending to SMEs is important because it has become a growing part of the future of SME finance. The results and findings of my study not only enrich the finance literature but, more importantly, also address the use of Fintech in the risk management of SME lending, a new and complex problem that is specific to both the information technology and finance field. To answer the research question, the author used a case study approach that relies upon qualitative data and analysis. By iterating between the existing literature, theoretical pieces and empirical findings, the author explain and interpret in detail how the use of alternative information impacts loan outcomes and develop insights to guide future research. The case is outlined in two time periods including the prepartnership period and the postpartnership period. It highlights the establishment of a partnership between LoanBank and FintechInc (pseudonym), aimed at SME-focused Fintech lending. The findings underscore how the partnership has enabled a mutually beneficial situation where LoanBank and FintechInc leverage each other’s strengths to provide efficient and effective lending services. The adoption of alternative information in the risk management Fintech (RMF) platform of FintechInc has transformed LoanBank’s lending processes, showcasing how technological innovations can enhance SME lending practices. The study’s originality mainly lies in the three detailed insights regarding alternative information’s impact on SME lending: information, platform properties and financial inclusion. The information part demonstrates that RMF platforms expand the information used for lending decisions, shifting from traditional hard and soft data to incorporating various alternative information sources. The platform properties part suggests that location, openness and technology also play a pivotal role in shaping lending outcomes. Finally, the financial inclusion part proposes that the use of alternative information has the potential to improve financial inclusion and offer better credit terms to previously underserved borrowers.How the use of alternative information in risk management fintech platforms influences SME lending: a qualitative case study
Jie Yan
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of the study is to examine the use of alternative information in bank lending to small and medium enterprises (SMEs). Understanding alternative information and its use in bank lending to SMEs is important because it has become a growing part of the future of SME finance. The results and findings of my study not only enrich the finance literature but, more importantly, also address the use of Fintech in the risk management of SME lending, a new and complex problem that is specific to both the information technology and finance field.

To answer the research question, the author used a case study approach that relies upon qualitative data and analysis. By iterating between the existing literature, theoretical pieces and empirical findings, the author explain and interpret in detail how the use of alternative information impacts loan outcomes and develop insights to guide future research.

The case is outlined in two time periods including the prepartnership period and the postpartnership period. It highlights the establishment of a partnership between LoanBank and FintechInc (pseudonym), aimed at SME-focused Fintech lending. The findings underscore how the partnership has enabled a mutually beneficial situation where LoanBank and FintechInc leverage each other’s strengths to provide efficient and effective lending services. The adoption of alternative information in the risk management Fintech (RMF) platform of FintechInc has transformed LoanBank’s lending processes, showcasing how technological innovations can enhance SME lending practices.

The study’s originality mainly lies in the three detailed insights regarding alternative information’s impact on SME lending: information, platform properties and financial inclusion. The information part demonstrates that RMF platforms expand the information used for lending decisions, shifting from traditional hard and soft data to incorporating various alternative information sources. The platform properties part suggests that location, openness and technology also play a pivotal role in shaping lending outcomes. Finally, the financial inclusion part proposes that the use of alternative information has the potential to improve financial inclusion and offer better credit terms to previously underserved borrowers.

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How the use of alternative information in risk management fintech platforms influences SME lending: a qualitative case study10.1108/QRFM-08-2023-0198Qualitative Research in Financial Markets2024-03-04© 2024 Emerald Publishing LimitedJie YanQualitative Research in Financial Marketsahead-of-printahead-of-print2024-03-0410.1108/QRFM-08-2023-0198https://www.emerald.com/insight/content/doi/10.1108/QRFM-08-2023-0198/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Heuristics in the wild: exploring fund manager decisions through the COVID pandemichttps://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2021-0149/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to provide a novel explorative perspective on fund managers’ decisions under uncertainty. The current COVID pandemic is used as a unique reference frame to study how heuristics are used in institutional financial practice. This study follows a grounded theory approach. A total of 282 diverse publications between October 2019 and October 2020 for 20 German mutual funds are qualitatively analyzed. A theory of adaptive heuristics for fund managers is developed. Fund managers adapt their heuristics during a crisis and this adaptive process flows through three stages. Increasing complexity in the environment leads to the adaption of simplest heuristics around investment decisions. Three distinct stages of adaption: precrisis, uncertainty and stabilization emerge from the data. This study’s data is based on publicly available information. There might be a discrepancy between publicly stated and internal reasoning. Money managers can use the provided framework to assess their decision-making in crises. The developed adaptive processes of heuristics can assist capital allocators who choose and rate fund managers. Policymakers and regulators can learn about the aspects of investor decisions that their actions and communication address. Teaching can use this study to exemplify the nature of financial markets as adaptive systems rather than static structures. To the best of the author’s/authors’ knowledge, this study is the first to systematically explore the heuristics of professional money managers because they navigate a large-scale exogenous crisis.Heuristics in the wild: exploring fund manager decisions through the COVID pandemic
Daniel Gilcher
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to provide a novel explorative perspective on fund managers’ decisions under uncertainty. The current COVID pandemic is used as a unique reference frame to study how heuristics are used in institutional financial practice.

This study follows a grounded theory approach. A total of 282 diverse publications between October 2019 and October 2020 for 20 German mutual funds are qualitatively analyzed. A theory of adaptive heuristics for fund managers is developed.

Fund managers adapt their heuristics during a crisis and this adaptive process flows through three stages. Increasing complexity in the environment leads to the adaption of simplest heuristics around investment decisions. Three distinct stages of adaption: precrisis, uncertainty and stabilization emerge from the data.

This study’s data is based on publicly available information. There might be a discrepancy between publicly stated and internal reasoning.

Money managers can use the provided framework to assess their decision-making in crises. The developed adaptive processes of heuristics can assist capital allocators who choose and rate fund managers. Policymakers and regulators can learn about the aspects of investor decisions that their actions and communication address. Teaching can use this study to exemplify the nature of financial markets as adaptive systems rather than static structures.

To the best of the author’s/authors’ knowledge, this study is the first to systematically explore the heuristics of professional money managers because they navigate a large-scale exogenous crisis.

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Heuristics in the wild: exploring fund manager decisions through the COVID pandemic10.1108/QRFM-09-2021-0149Qualitative Research in Financial Markets2022-11-30© 2022 Emerald Publishing LimitedDaniel GilcherQualitative Research in Financial Marketsahead-of-printahead-of-print2022-11-3010.1108/QRFM-09-2021-0149https://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2021-0149/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The impact of COVID-19 on the banking sector. Are we heading for the next banking crisis?https://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2021-0157/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the effect of the COVID-19 pandemic on the banking sector and to assess if COVID-19 was a trigger for the banking crisis. To achieve the main objective, the beta of the banking sector was calculated and analysed. In addition, a fixed panel regression model was applied over the period from the 30th of December 2019 until the 24th of September 2021. The results suggest that the pandemic contributed to higher volatility and risk in banking sector but did not confirm a systematic banking crisis. This paper contributes to the literature by analysing the COVID-19 pandemic as a potential trigger for a banking crisis. This paper also contributed by studying the effects of COVID-19 on the banking sector, especially the risk in the banking sector.The impact of COVID-19 on the banking sector. Are we heading for the next banking crisis?
Kamila Tomczak
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the effect of the COVID-19 pandemic on the banking sector and to assess if COVID-19 was a trigger for the banking crisis.

To achieve the main objective, the beta of the banking sector was calculated and analysed. In addition, a fixed panel regression model was applied over the period from the 30th of December 2019 until the 24th of September 2021.

The results suggest that the pandemic contributed to higher volatility and risk in banking sector but did not confirm a systematic banking crisis.

This paper contributes to the literature by analysing the COVID-19 pandemic as a potential trigger for a banking crisis. This paper also contributed by studying the effects of COVID-19 on the banking sector, especially the risk in the banking sector.

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The impact of COVID-19 on the banking sector. Are we heading for the next banking crisis?10.1108/QRFM-09-2021-0157Qualitative Research in Financial Markets2023-02-14© 2023 Emerald Publishing LimitedKamila TomczakQualitative Research in Financial Marketsahead-of-printahead-of-print2023-02-1410.1108/QRFM-09-2021-0157https://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2021-0157/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investors in the Bangladeshi stock market: issues, behavioural biases and circumvention strategieshttps://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2022-0164/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to explore the underlying issues of behavioural biases in relation to stock market participation and the challenges of individual investors in Bangladesh. The study identifies behavioural biases affecting individuals’ stock market participation, their circumvention strategies and the importance of financial knowledge in encouraging the participation of individuals in the stock market. Semi-structured interviews were used in this study to gather information from industry researchers, individual investors, brokers and institutional advisors. Twenty-two experts were contacted, and 13 agreed to participate in the interviews. The study then uses the thematic analysis method to report its findings. This research shows that investors’ behavioural biases (such as loss aversion, herding, trust, gambler’s fallacy and risk tolerance) are among Bangladesh’s primary drivers of stock market participation. Circumvention strategies (such as poor corporate governance and agency costs) also play a part in individuals’ participation. These influences are in addition to the obvious factors of investment risks, poor infrastructure, poor regulation enforcement and the need for more sufficient investment products. This study conducted 13 interviews with expert subjects, which is a small sample size. However, the findings achieved saturation and cannot be ignored. Future research should use quantitative or experimental methods with a large sample size to validate the current findings. This study is pioneering in the Bangladesh stock market, exploring the behavioural biases of investors’ participation in the market. This paper provides valuable insights into investor participation by discovering the underlying behavioural biases that have been continually ignored; these insights may also be relevant in frontier markets in Asian countries.Investors in the Bangladeshi stock market: issues, behavioural biases and circumvention strategies
Nazreen Tabassum Chowdhury, Nurul Shahnaz Mahdzan, Mahfuzur Rahman
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to explore the underlying issues of behavioural biases in relation to stock market participation and the challenges of individual investors in Bangladesh. The study identifies behavioural biases affecting individuals’ stock market participation, their circumvention strategies and the importance of financial knowledge in encouraging the participation of individuals in the stock market.

Semi-structured interviews were used in this study to gather information from industry researchers, individual investors, brokers and institutional advisors. Twenty-two experts were contacted, and 13 agreed to participate in the interviews. The study then uses the thematic analysis method to report its findings.

This research shows that investors’ behavioural biases (such as loss aversion, herding, trust, gambler’s fallacy and risk tolerance) are among Bangladesh’s primary drivers of stock market participation. Circumvention strategies (such as poor corporate governance and agency costs) also play a part in individuals’ participation. These influences are in addition to the obvious factors of investment risks, poor infrastructure, poor regulation enforcement and the need for more sufficient investment products.

This study conducted 13 interviews with expert subjects, which is a small sample size. However, the findings achieved saturation and cannot be ignored. Future research should use quantitative or experimental methods with a large sample size to validate the current findings.

This study is pioneering in the Bangladesh stock market, exploring the behavioural biases of investors’ participation in the market. This paper provides valuable insights into investor participation by discovering the underlying behavioural biases that have been continually ignored; these insights may also be relevant in frontier markets in Asian countries.

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Investors in the Bangladeshi stock market: issues, behavioural biases and circumvention strategies10.1108/QRFM-09-2022-0164Qualitative Research in Financial Markets2024-01-02© 2023 Emerald Publishing LimitedNazreen Tabassum ChowdhuryNurul Shahnaz MahdzanMahfuzur RahmanQualitative Research in Financial Marketsahead-of-printahead-of-print2024-01-0210.1108/QRFM-09-2022-0164https://www.emerald.com/insight/content/doi/10.1108/QRFM-09-2022-0164/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Studies on Indian IPO: systematic review and future research agendahttps://www.emerald.com/insight/content/doi/10.1108/QRFM-10-2021-0175/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to review, discuss and synthesize the literature focusing on the Indian initial public offering (IPO) market. Understanding the Indian IPO market can help answer broader corporate finance questions. The growing number of IPOs in the Indian context, coupled with the increasing importance of the Indian economy in the global market, makes this review an essential topic. The systematic literature review methodology was adopted to review 111 papers published between 2002 and 2021. The authors used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses approach during the review process. Additionally, the authors use a bibliometric review methodology to examine the pattern and trend of research in this area of interest. Furthermore, the authors conduct a critical review and synthesis of the top 20 papers based on citations. The authors also use a co-citation network and manual content analysis method to identify key research themes. This review helps in identifying major themes of research in this area of interest. The authors find that majority of the research has focused on IPO performance whereas post-IPO performance needs critical attention as well. The authors develop a comprehensive framework and future research agenda based on their discussion. Meta-analysis of the literature can be conducted to gain better insights into the findings of prior studies. This review paper develops a comprehensive overview on Indian IPO market which can be of interest not only to Indian scholarship. India as an economy is increasingly gaining attention at the global level. Hence, the future research objectives as illustrated in the study can be of interest for the global scholarship also. To the best of the authors’ knowledge, this is the first comprehensive review paper that examines, synthesizes and outlines the future research agenda on Indian IPO studies. This review can be useful for researchers, business policymakers, finance professionals and anyone else interested in the Indian IPO market.Studies on Indian IPO: systematic review and future research agenda
Manali Chatterjee, Titas Bhattacharjee, Bijitaswa Chakraborty
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to review, discuss and synthesize the literature focusing on the Indian initial public offering (IPO) market. Understanding the Indian IPO market can help answer broader corporate finance questions. The growing number of IPOs in the Indian context, coupled with the increasing importance of the Indian economy in the global market, makes this review an essential topic.

The systematic literature review methodology was adopted to review 111 papers published between 2002 and 2021. The authors used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses approach during the review process. Additionally, the authors use a bibliometric review methodology to examine the pattern and trend of research in this area of interest. Furthermore, the authors conduct a critical review and synthesis of the top 20 papers based on citations. The authors also use a co-citation network and manual content analysis method to identify key research themes.

This review helps in identifying major themes of research in this area of interest. The authors find that majority of the research has focused on IPO performance whereas post-IPO performance needs critical attention as well. The authors develop a comprehensive framework and future research agenda based on their discussion.

Meta-analysis of the literature can be conducted to gain better insights into the findings of prior studies.

This review paper develops a comprehensive overview on Indian IPO market which can be of interest not only to Indian scholarship. India as an economy is increasingly gaining attention at the global level. Hence, the future research objectives as illustrated in the study can be of interest for the global scholarship also.

To the best of the authors’ knowledge, this is the first comprehensive review paper that examines, synthesizes and outlines the future research agenda on Indian IPO studies. This review can be useful for researchers, business policymakers, finance professionals and anyone else interested in the Indian IPO market.

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Studies on Indian IPO: systematic review and future research agenda10.1108/QRFM-10-2021-0175Qualitative Research in Financial Markets2023-09-15© 2023 Emerald Publishing LimitedManali ChatterjeeTitas BhattacharjeeBijitaswa ChakrabortyQualitative Research in Financial Marketsahead-of-printahead-of-print2023-09-1510.1108/QRFM-10-2021-0175https://www.emerald.com/insight/content/doi/10.1108/QRFM-10-2021-0175/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Shariah non-compliance risk and its management techniques: empirical evidences in selected documents issued in Malaysia jurisdictionhttps://www.emerald.com/insight/content/doi/10.1108/QRFM-10-2022-0171/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the extent of Shariah compliance in wakalah sukuk and Shariah non-compliant risk disclosure in the sukuk documents and to analyse the risk management techniques associated with the disclosed risks. This study uses qualitative document analysis as both data collection and analysis methods. The document analysis acts as a data collection method for 23 wakalah sukuk documents selected from 32 issuances of wakalah sukuk from 2017 to 2021. These sukuk documents were selected based on their availability from relevant websites. Document analysis, both content analysis and thematic analysis, were used to analyse the data. Codes were grounded from that data through keywords search of Shariah noncompliant risk and its risk management. Besides these, interviews were also conducted with four active industry players, i.e. two legal advisors of wakalah sukuk, a wakalah sukuk trustee and a sukuk institutional issuer. These interview data were analysed based on categorical themes, on the aspects of the extent of Shariah compliance in sukuk, and the participant’s views on the risk management techniques associated with the risks or used in the sukuk documents. Overall, the findings reveal three types of Shariah non-compliant risks disclosed in the sukuk documents and seven risk management techniques associated with them. However, the disclosure and the risk management techniques can be considered minimal in contrast to the extent of Shariah compliance in a sukuk, i.e. Shariah compliance at the pre-issuance stage, ongoing stage and post-issuance stage. On top of these, it was also found from the interviews that not all risk management techniques are workable to manage Shariah non-compliant risk in sukuk. As a result, these findings suggest rigorous reviews of the existing Shariah non-compliance risk (SNCR) disclosures and risk management techniques by the relevant parties. Sukuk documents used in the study are limited to corporate wakalah sukuk issued in Malaysia. Out of 32 issuances from 2015 to 2021, only 23 documents are available in relevant website. Thus, Shariah non-compliant risk disclosure and its risk management techniques analysed in this study are only limited in those documents. The findings of this study suggest rigorous reviews on the existing Shariah non-compliance disclosures and risk management techniques. Other than these, future research in relation to uncommon risk management clauses, i.e. assurance, Shariah waiver and transfer of risk, are needed. The insights presented in the analysis are of importance to sukuk issuers and the sukuk due diligence working group in enhancing the sukuk Shariah compliance and Shariah non-compliant risks disclosure and towards sukuk investors, in capturing and assessing Shariah non-compliant risks in a sukuk and to assist them to make informed investment decisions. More importantly, this study has found few areas of future study in relation to SNCR disclosures and SNCR risk management techniques.Shariah non-compliance risk and its management techniques: empirical evidences in selected documents issued in Malaysia jurisdiction
Noor Fadhzana Mohd Noor
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the extent of Shariah compliance in wakalah sukuk and Shariah non-compliant risk disclosure in the sukuk documents and to analyse the risk management techniques associated with the disclosed risks.

This study uses qualitative document analysis as both data collection and analysis methods. The document analysis acts as a data collection method for 23 wakalah sukuk documents selected from 32 issuances of wakalah sukuk from 2017 to 2021. These sukuk documents were selected based on their availability from relevant websites. Document analysis, both content analysis and thematic analysis, were used to analyse the data. Codes were grounded from that data through keywords search of Shariah noncompliant risk and its risk management. Besides these, interviews were also conducted with four active industry players, i.e. two legal advisors of wakalah sukuk, a wakalah sukuk trustee and a sukuk institutional issuer. These interview data were analysed based on categorical themes, on the aspects of the extent of Shariah compliance in sukuk, and the participant’s views on the risk management techniques associated with the risks or used in the sukuk documents.

Overall, the findings reveal three types of Shariah non-compliant risks disclosed in the sukuk documents and seven risk management techniques associated with them. However, the disclosure and the risk management techniques can be considered minimal in contrast to the extent of Shariah compliance in a sukuk, i.e. Shariah compliance at the pre-issuance stage, ongoing stage and post-issuance stage. On top of these, it was also found from the interviews that not all risk management techniques are workable to manage Shariah non-compliant risk in sukuk. As a result, these findings suggest rigorous reviews of the existing Shariah non-compliance risk (SNCR) disclosures and risk management techniques by the relevant parties.

Sukuk documents used in the study are limited to corporate wakalah sukuk issued in Malaysia. Out of 32 issuances from 2015 to 2021, only 23 documents are available in relevant website. Thus, Shariah non-compliant risk disclosure and its risk management techniques analysed in this study are only limited in those documents.

The findings of this study suggest rigorous reviews on the existing Shariah non-compliance disclosures and risk management techniques. Other than these, future research in relation to uncommon risk management clauses, i.e. assurance, Shariah waiver and transfer of risk, are needed.

The insights presented in the analysis are of importance to sukuk issuers and the sukuk due diligence working group in enhancing the sukuk Shariah compliance and Shariah non-compliant risks disclosure and towards sukuk investors, in capturing and assessing Shariah non-compliant risks in a sukuk and to assist them to make informed investment decisions. More importantly, this study has found few areas of future study in relation to SNCR disclosures and SNCR risk management techniques.

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Shariah non-compliance risk and its management techniques: empirical evidences in selected documents issued in Malaysia jurisdiction10.1108/QRFM-10-2022-0171Qualitative Research in Financial Markets2024-02-13© 2024 Emerald Publishing LimitedNoor Fadhzana Mohd NoorQualitative Research in Financial Marketsahead-of-printahead-of-print2024-02-1310.1108/QRFM-10-2022-0171https://www.emerald.com/insight/content/doi/10.1108/QRFM-10-2022-0171/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Agency motives and the corporate diversification decision: perspectives of corporate executives in Nigeriahttps://www.emerald.com/insight/content/doi/10.1108/QRFM-11-2022-0186/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study was to explore the motives (especially the agency motives) for corporate diversification from the perspective of corporate executives who make such strategic decisions and manage the diversified firms daily. A qualitative research approach was adopted, and 12 chief executive officers (CEOs) of diversified firms in Nigeria were interviewed for their perspectives on the motives for corporate diversification. Stewardship motives – diversification to use excess capacities in assets and resources to exploit opportunities in the market and defend against adverse environmental developments – were the most cited reasons for diversification. The relevant agency problem related to corporate diversification motive in Nigeria is the principal–principal (majority shareholder-minority shareholder) one. CEOs with substantial holdings in their firms indicated that they use diversification to reduce their investment risk and retain control of their portfolio. The findings suggest that in corporate environments such as Nigeria that feature blockholding prominently, the corporate strategy-related agency problem that policymakers should pay greater attention to is the principal–principal conflict rather than the traditional agent–principal problem that has influenced corporate governance over the years. There is also a need to revise the dominant view that diversification is a value-destroying strategy motivated by the self-seeking behavior of managers who have little or no shares in the companies they manage. The few studies on motives for corporate diversification that incorporated the perspectives of corporate executives did not address the agency motives of diversification. To the best of the authors’ knowledge, this is the first study that has done so.Agency motives and the corporate diversification decision: perspectives of corporate executives in Nigeria
Ibeawuchi Ibekwe
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study was to explore the motives (especially the agency motives) for corporate diversification from the perspective of corporate executives who make such strategic decisions and manage the diversified firms daily.

A qualitative research approach was adopted, and 12 chief executive officers (CEOs) of diversified firms in Nigeria were interviewed for their perspectives on the motives for corporate diversification.

Stewardship motives – diversification to use excess capacities in assets and resources to exploit opportunities in the market and defend against adverse environmental developments – were the most cited reasons for diversification. The relevant agency problem related to corporate diversification motive in Nigeria is the principal–principal (majority shareholder-minority shareholder) one. CEOs with substantial holdings in their firms indicated that they use diversification to reduce their investment risk and retain control of their portfolio.

The findings suggest that in corporate environments such as Nigeria that feature blockholding prominently, the corporate strategy-related agency problem that policymakers should pay greater attention to is the principal–principal conflict rather than the traditional agent–principal problem that has influenced corporate governance over the years. There is also a need to revise the dominant view that diversification is a value-destroying strategy motivated by the self-seeking behavior of managers who have little or no shares in the companies they manage.

The few studies on motives for corporate diversification that incorporated the perspectives of corporate executives did not address the agency motives of diversification. To the best of the authors’ knowledge, this is the first study that has done so.

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Agency motives and the corporate diversification decision: perspectives of corporate executives in Nigeria10.1108/QRFM-11-2022-0186Qualitative Research in Financial Markets2023-12-04© 2023 Emerald Publishing LimitedIbeawuchi IbekweQualitative Research in Financial Marketsahead-of-printahead-of-print2023-12-0410.1108/QRFM-11-2022-0186https://www.emerald.com/insight/content/doi/10.1108/QRFM-11-2022-0186/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Literacy and strategic marketing to raise public awareness using Sharia pawnshops during the COVID-19 pandemichttps://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2021-0205/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to reveal empirical facts that literacy and marketing strategies effectively impact people using Sharia pawn products during the COVID-19 pandemic because of the pressure of capital needs and financial difficulties. This study used an exploratory qualitative research approach through semi-structured interviews with six partners of different productive ages and social, economic and educational backgrounds. After data reduction, presentation, description and validation, this paper develops the theory and presents it as a qualitative thematic analysis. The findings of this study revealed that those who had socialised Sharia pawnshops had a low literacy level. Nonetheless, the socialisation of Sharia pawnshops increases literacy and public understanding of pawnshop products in Sharia pawnshops. This issue arises because of the COVID-19 pandemic, which makes it impossible for Sharia pawnshops to hold an event or socialise. The authenticity of this study proves that literacy and marketing strategies can increase public awareness of Sharia pawn products during the COVID-19 pandemic.Literacy and strategic marketing to raise public awareness using Sharia pawnshops during the COVID-19 pandemic
Budi Sukardi, Novia Rachmadani Wijayanti, Fachrurazi Fachrurazi
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to reveal empirical facts that literacy and marketing strategies effectively impact people using Sharia pawn products during the COVID-19 pandemic because of the pressure of capital needs and financial difficulties.

This study used an exploratory qualitative research approach through semi-structured interviews with six partners of different productive ages and social, economic and educational backgrounds. After data reduction, presentation, description and validation, this paper develops the theory and presents it as a qualitative thematic analysis.

The findings of this study revealed that those who had socialised Sharia pawnshops had a low literacy level. Nonetheless, the socialisation of Sharia pawnshops increases literacy and public understanding of pawnshop products in Sharia pawnshops. This issue arises because of the COVID-19 pandemic, which makes it impossible for Sharia pawnshops to hold an event or socialise.

The authenticity of this study proves that literacy and marketing strategies can increase public awareness of Sharia pawn products during the COVID-19 pandemic.

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Literacy and strategic marketing to raise public awareness using Sharia pawnshops during the COVID-19 pandemic10.1108/QRFM-12-2021-0205Qualitative Research in Financial Markets2023-03-28© 2023 Emerald Publishing LimitedBudi SukardiNovia Rachmadani WijayantiFachrurazi FachruraziQualitative Research in Financial Marketsahead-of-printahead-of-print2023-03-2810.1108/QRFM-12-2021-0205https://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2021-0205/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Can cryptocurrency solve the problem of financial constraint in corporates? A literature review and theoretical perspectivehttps://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2021-0215/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to attempt to examine some of the unique features of cryptocurrency and the reasons for its growing market acceptability. Given the expanding size of cryptocurrency markets, the present study strives to identify whether it can be used as an alternative financial asset in place of traditional financial assets to meet firms' financial constraints. It also provides issues for future research in the area of cryptocurrency markets. This paper analysed 94 research papers from databases such as ScienceDirect, Proquest, EBSCO, Emerald Insight and Web of Science. Articles connected to cryptocurrency, financial assets and corporate financial constraints research were explored. VOSviewer software has been used to visualise the specified body of literature and identify eight clusters in previous literature using keyword and abstract analysis. Studies reveal that cryptocurrency markets are independent of traditional financial markets and cryptocurrency returns have less correlation with traditional financial asset classes. This can be an advantage to firms, especially during times of crisis when traditional financial assets are impacted by significantly lower returns, while cryptocurrencies can serve as an alternative. Realtime data reveals that during the pandemic, cryptocurrencies had the maximum growth in returns which also happened to be a time when firms faced severe cash constraints. While accepting cryptocurrency as a means of exchange is still under review by regulatory authorities, it can be considered an alternative asset for investment purposes. Firms can take advantage of it to overcome financial constraints and thus reap the gains from holding crypto assets for precautionary reasons. The present study investigates using cryptocurrency as an alternative financial asset to solve the financial constraint problem in corporates. The issues regarding volatility, cyber securities, gold returns, long-term and short-term returns have been some of the most prominent studies in the area of cryptocurrency. The present study uses eight theme-based clusters to identify the role of cryptocurrency as an alternative investment class and examines evidence-based research regarding the financial returns from holding cryptocurrency over certain traditional asset classes such as gold, currency or stocks. In recent years, it has been found that investors' growing interest in holding cryptocurrency as part of their financial portfolio has led to the substantial appreciation of cryptocurrency prices. To the best of the authors’ knowledge, the study will be a novel attempt to identify the role of cryptocurrency as an antidote to the companies’ financial constraints and liquidity issues.Can cryptocurrency solve the problem of financial constraint in corporates? A literature review and theoretical perspective
Neetu, Jacqueline Symss
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to attempt to examine some of the unique features of cryptocurrency and the reasons for its growing market acceptability. Given the expanding size of cryptocurrency markets, the present study strives to identify whether it can be used as an alternative financial asset in place of traditional financial assets to meet firms' financial constraints. It also provides issues for future research in the area of cryptocurrency markets.

This paper analysed 94 research papers from databases such as ScienceDirect, Proquest, EBSCO, Emerald Insight and Web of Science. Articles connected to cryptocurrency, financial assets and corporate financial constraints research were explored. VOSviewer software has been used to visualise the specified body of literature and identify eight clusters in previous literature using keyword and abstract analysis.

Studies reveal that cryptocurrency markets are independent of traditional financial markets and cryptocurrency returns have less correlation with traditional financial asset classes. This can be an advantage to firms, especially during times of crisis when traditional financial assets are impacted by significantly lower returns, while cryptocurrencies can serve as an alternative. Realtime data reveals that during the pandemic, cryptocurrencies had the maximum growth in returns which also happened to be a time when firms faced severe cash constraints. While accepting cryptocurrency as a means of exchange is still under review by regulatory authorities, it can be considered an alternative asset for investment purposes. Firms can take advantage of it to overcome financial constraints and thus reap the gains from holding crypto assets for precautionary reasons.

The present study investigates using cryptocurrency as an alternative financial asset to solve the financial constraint problem in corporates. The issues regarding volatility, cyber securities, gold returns, long-term and short-term returns have been some of the most prominent studies in the area of cryptocurrency. The present study uses eight theme-based clusters to identify the role of cryptocurrency as an alternative investment class and examines evidence-based research regarding the financial returns from holding cryptocurrency over certain traditional asset classes such as gold, currency or stocks. In recent years, it has been found that investors' growing interest in holding cryptocurrency as part of their financial portfolio has led to the substantial appreciation of cryptocurrency prices. To the best of the authors’ knowledge, the study will be a novel attempt to identify the role of cryptocurrency as an antidote to the companies’ financial constraints and liquidity issues.

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Can cryptocurrency solve the problem of financial constraint in corporates? A literature review and theoretical perspective10.1108/QRFM-12-2021-0215Qualitative Research in Financial Markets2023-02-03© 2023 Emerald Publishing Limited NeetuJacqueline SymssQualitative Research in Financial Marketsahead-of-printahead-of-print2023-02-0310.1108/QRFM-12-2021-0215https://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2021-0215/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Should I invest or not? Investigating the role of biases and status quohttps://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2022-0198/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine the behaviour of retail investors while making an investment decision and how it gets affected by the behavioural biases of the investors using a moderated-mediation framework. A mixed method approach has been used to fulfil the objectives of the study. In the first study, a qualitative analysis of the interviews with 15 retail investors was conducted. As part of the quantitative study, a total of 201 responses from Indian retail investors were collected using systematic sampling and analysed using structural equation modelling and Process Macro. The results indicate that anchoring bias, availability bias, herding bias, switching cost, sunk cost, regret avoidance and perceived threat have a significant effect on retail investors’ investing intention. The attitude of the investors towards investing decisions mediates the effects of behavioural bias and the status quo on investment intention. The results of the moderated-mediation analysis indicate that mediating effect of attitude varied at the low and high-risk aversion of investors. The findings of this study will help regulators and retail investors to understand the critical behavioural biases which affect the investors’ investing intention. The paper contributes to the literature on investors’ behaviour, status quo bias theory (SQB) and behavioural bias. This study uniquely proposes a moderated-mediation framework to understand the effects of biases on retail investors’ investment intention.Should I invest or not? Investigating the role of biases and status quo
Vasanthi Mamidala, Pooja Kumari, Dakshita Singh
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine the behaviour of retail investors while making an investment decision and how it gets affected by the behavioural biases of the investors using a moderated-mediation framework.

A mixed method approach has been used to fulfil the objectives of the study. In the first study, a qualitative analysis of the interviews with 15 retail investors was conducted. As part of the quantitative study, a total of 201 responses from Indian retail investors were collected using systematic sampling and analysed using structural equation modelling and Process Macro.

The results indicate that anchoring bias, availability bias, herding bias, switching cost, sunk cost, regret avoidance and perceived threat have a significant effect on retail investors’ investing intention. The attitude of the investors towards investing decisions mediates the effects of behavioural bias and the status quo on investment intention. The results of the moderated-mediation analysis indicate that mediating effect of attitude varied at the low and high-risk aversion of investors.

The findings of this study will help regulators and retail investors to understand the critical behavioural biases which affect the investors’ investing intention.

The paper contributes to the literature on investors’ behaviour, status quo bias theory (SQB) and behavioural bias. This study uniquely proposes a moderated-mediation framework to understand the effects of biases on retail investors’ investment intention.

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Should I invest or not? Investigating the role of biases and status quo10.1108/QRFM-12-2022-0198Qualitative Research in Financial Markets2023-07-28© 2023 Emerald Publishing LimitedVasanthi MamidalaPooja KumariDakshita SinghQualitative Research in Financial Marketsahead-of-printahead-of-print2023-07-2810.1108/QRFM-12-2022-0198https://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2022-0198/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The applicability of Islamic crowdfunding as an alternative funding for micro-entrepreneurs in Malaysiahttps://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2022-0202/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to analyse potential models of Islamic crowdfunding as an alternative financing option for micro-entrepreneurs in Malaysia. While crowdfunding has gained traction as an alternative funding source for businesses, it is unclear how far this concept can benefit a group of micro-entrepreneurs in Malaysia. This study uses a qualitative research approach by using data collected through semi-structured interviews with several experts and practitioners in crowdfunding, Shariah and entrepreneurship. Prior to discussing the facets of the findings, the data were analysed based on a thematic approach. The findings reveal that while previous works of related literature suggest crowdfunding as a viable alternative financing option for entrepreneurs and their businesses, in reality, its practical implementation presents challenges. Numerous micro-entrepreneurs need more training in the areas of management and marketing. Such concerns raise questions about their ability to attract potential project backers. With the proper selection of Shariah contracts and several approaches to risk management, Islamic crowdfunding can potentially become an alternative funding source for microbusinesses. Given the exploratory nature of this study regarding the applicability of Islamic crowdfunding as an alternative fund for micro-entrepreneurs, its findings may not fully encompass Malaysia’s context because of the limited number of participants involved. The findings of this study offer guidelines on how to implement Islamic crowdfunding for micro-entrepreneurs. Consequently, Islamic crowdfunding has the potential to alleviate the government’s burden of providing funds for micro-enterprises and enhance their skills and mentality to be more independent, creative and able to promote their products. While Islamic crowdfunding can be an alternative opportunity for business enterprises and community-based projects, it promotes the spirit of cooperation and collaboration within society. Although Islamic crowdfunding is a topic that has been discussed previously, empirical investigations in this area remain scarce, mainly through qualitative approaches. Distinguishing from prior literature, this study analyses several potential models of Islamic crowdfunding from the perspectives of experts, practitioners and related agencies for micro-entrepreneurs. Moreover, this study bridges insights from related literature so that they offer practical applications to support micro-entrepreneurs in Malaysia.The applicability of Islamic crowdfunding as an alternative funding for micro-entrepreneurs in Malaysia
Muhammad Shahrul Ifwat Ishak, Nur Syahirah Mohammad Nasir
Qualitative Research in Financial Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to analyse potential models of Islamic crowdfunding as an alternative financing option for micro-entrepreneurs in Malaysia. While crowdfunding has gained traction as an alternative funding source for businesses, it is unclear how far this concept can benefit a group of micro-entrepreneurs in Malaysia.

This study uses a qualitative research approach by using data collected through semi-structured interviews with several experts and practitioners in crowdfunding, Shariah and entrepreneurship. Prior to discussing the facets of the findings, the data were analysed based on a thematic approach.

The findings reveal that while previous works of related literature suggest crowdfunding as a viable alternative financing option for entrepreneurs and their businesses, in reality, its practical implementation presents challenges. Numerous micro-entrepreneurs need more training in the areas of management and marketing. Such concerns raise questions about their ability to attract potential project backers. With the proper selection of Shariah contracts and several approaches to risk management, Islamic crowdfunding can potentially become an alternative funding source for microbusinesses.

Given the exploratory nature of this study regarding the applicability of Islamic crowdfunding as an alternative fund for micro-entrepreneurs, its findings may not fully encompass Malaysia’s context because of the limited number of participants involved.

The findings of this study offer guidelines on how to implement Islamic crowdfunding for micro-entrepreneurs. Consequently, Islamic crowdfunding has the potential to alleviate the government’s burden of providing funds for micro-enterprises and enhance their skills and mentality to be more independent, creative and able to promote their products.

While Islamic crowdfunding can be an alternative opportunity for business enterprises and community-based projects, it promotes the spirit of cooperation and collaboration within society.

Although Islamic crowdfunding is a topic that has been discussed previously, empirical investigations in this area remain scarce, mainly through qualitative approaches. Distinguishing from prior literature, this study analyses several potential models of Islamic crowdfunding from the perspectives of experts, practitioners and related agencies for micro-entrepreneurs. Moreover, this study bridges insights from related literature so that they offer practical applications to support micro-entrepreneurs in Malaysia.

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The applicability of Islamic crowdfunding as an alternative funding for micro-entrepreneurs in Malaysia10.1108/QRFM-12-2022-0202Qualitative Research in Financial Markets2023-09-07© 2023 Emerald Publishing LimitedMuhammad Shahrul Ifwat IshakNur Syahirah Mohammad NasirQualitative Research in Financial Marketsahead-of-printahead-of-print2023-09-0710.1108/QRFM-12-2022-0202https://www.emerald.com/insight/content/doi/10.1108/QRFM-12-2022-0202/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited