bluuebunny/crossref_metadata_2025 huggingface dataset:
Choice or constraint? Tensions in female retail executives' career narratives
Authors: Broadbridge Adelina
Published: April 2010

Purpose

The purpose of this paper is to examine the usefulness of Hakim's preference theory in the understanding of the attitudes of women retail senior managers and directors towards their career and non‐work lives. It provides a critical analysis of the main tenets of preference theory and evaluates the extent to which women have “free choice” in their careers.

Design/methodology/approach

A qualitative methodology consisting of 13 in‐depth interviews with women at senior executive and director levels in retailing was adopted. The interviews examined women's career paths and uncovered the choices and constraints impacting on their career progress and other aspects of their lives.

Findings

The findings demonstrate the complexity of careers and choices. While several women talk about the choices they have made, it is apparent that these choices have been constrained by extraneous variables, both at an individual and organisational level.

Practical implications

The findings from the paper can enhance practitioners' understanding of some of the choices and constraints women make in their working lives, which in turn might lead to improved organisational policies for women to better accommodate work‐life balance issues.

Originality/value

The paper questions whether choice equates to preference and assesses the usefulness of Hakim's preference theory as a means of understanding the careers of women in contemporary organizations.
Adoption of ISO‐oriented quality management system in Greek universities
Authors: Papadimitriou Antigoni , Westerheijden Don F.
Published: April 2010

Purpose

Quality management in Greek higher education at least until 2006 was in an early and debated stage. The intent of this paper is to present the extent of use of the ISO standards in Greek universities till 2006 and simultaneously to evaluate whether adoption of ISO‐oriented quality management tools is consistent with DiMaggio and Powell's notions of isomorphism (coercive, normative, and mimetic).

Design/methodology/approach

The authors employed a mixed‐methods approach with sequential data collection with several alternations between quantitative and qualitative methods.

Findings

It is found that ISO‐oriented quality management system is fruitfully adopted in units only if all three types of neo‐institutional pressures (coercive, normative and mimetic) are present. These results and the high response rate suggest that there is a quality movement at the micro level in Greek higher education.

Research limitations/implications

Quality management (QM) research within the relatively uncharted Greek universities poses multiple challenges, e.g. in handling politically sensitive subjects, which may benefit readers in overcoming theirs.

Originality/value

The significance of the paper lies in the fact that no existing studies have investigated the adoption of ISO‐oriented quality management system in Greek universities, utilizing neo‐institutional theory and a mixed method research design. Especially relevant is that the study focuses on quality management at the micro level of units within higher education institutions. The study demonstrates how to distinguish different isomorphic pressures empirically.
Emerging concepts for implementing strategy
Authors: Cocks Graeme
Published: April 2010

Purpose

Earlier research by the author defined the practices of 11 of Australia's long‐term high performing organisations over the 25 year period from 1982 to 2007. It highlighted the importance of effective execution and leadership as key characteristics of these winning organisations. This paper aims to build on these findings by exploring the detailed concepts that organisations of all types can use to more effectively execute their strategic plans.

Design/methodology/approach

The research involved a survey of over 1,000 senior executives to identify these winning organisations followed by in‐depth research and company interviews. These investigations also exposed some of the tools and techniques being applied to effectively execute strategic plans and these insights are used as the platform for this paper.

Findings

Being a winning organisation in Australia has little to do with charismatic leaders, seeking great breakthrough ideas, rolling out precise mission statements or creating the perfect organisational structure. The key findings can be summarised in a winning framework that identifies effective execution of plans and strategies as the pivotal element. The research emphasises the need for balancing strategy formulation with strategy execution and highlights the critical dimensions of focused leadership, visible management systems and use of project management tools and techniques.

Originality/value

The paper provides leaders and leadership teams with some practical tools that will improve execution of their strategic plans and boost their organisation's productivity and business performance.
Statistical techniques for continuous improvement: a citizen's satisfaction survey
Authors: Cappelli Lucio , Guglielmetti Roberta , Mattia Giovanni , Merli Roberto , Francesca Renzi Maria
Published: April 2010

Purpose

The purpose of this paper is to propose a path analysis of data coming from a citizen's satisfaction survey to support decision makers in quality service improvement. In detail, the survey aims to measure citizen's satisfaction of an Italian local Public Administration regarding the “infant school (0‐6 years) enrollment service”.

Design/methodology/approach

The survey represents an experimentation of an original model measuring customers' satisfaction toward on‐line services. Some statistical methods to analyse a given dataset from different points of view are selected.

Findings

Outcomes of descriptive statistics as well as of multivariate data analysis to summarize information variables are presented. A new multivariate statistical technique, Probabilistic Expert Systems (PES) (Cowellet al.), is proposed to simulate corrective actions (scenarios) and to suggest the best one for the service quality improvement.

Originality/value

The paper shows that statistical methods are able to support the decisional process because they allow the development of information (gathered from survey) into know‐how. However, managers need to join together both statistical information and experience by means of a systematic method, in order to take effective decisions.
Commercial experiences from a customer perspective
Authors: Lilja Johan , Eriksson Maria , Ingelsson Pernilla
Published: April 2010

Purpose

A new type of business offering is currently gaining much attention, a type which in some aspects appears to be distinct from goods and services. These offerings are usually denoted as commercial experiences and are claimed to provide higher customer value than other types of offerings as they, for example, engage customers in an inherently memorable way. The understanding of what constitutes commercial experiences is however still scant. The purpose of this paper is to take a closer look at the commercial experience concept from a customer perspective. The paper aims specifically at elaborating and defining commercial experiences as well as distinguishing them from goods and services.

Design/methodology/approach

The paper is based on literature studies.

Findings

The authors identify memorable as the fundamental distinctive characteristic for commercial experiences. Memorable events are then shown to be strongly emotional events. Finally the two‐factor structure of affect is used to show that the factor “strong engagement” is a critical driver of commercial experiences. As a result of the elaboration the authors also propose a new definition of commercial experiences and distinguish commercial experiences from goods and services in three ways.

Originality/value

The paper increases the currently scant understanding of commercial experiences.
Integrating DEAHP and DEANP into the quality function deployment
Authors: Kamvysi Konstantina , Gotzamani Katerina , Georgiou Andreas C. , Andronikidis Andreas
Published: April 2010

Purpose

The purpose of this paper is to promote the integration of quality function deployment (QFD) with quantitative methods in an attempt to enhance its effectiveness and resolve issues like the failure of prioritizing customer requirements and determining proper importance levels.

Design/methodology/approach

This paper discusses the combination of QFD with analytic hierarchy process‐analytic network process (AHP‐ANP) and DEAHP‐DEANP methodologies to prioritize selection criteria in a service context. DEAHP is a hybrid method, developed by Ramanathan. Data envelopment analysis (DEA) is embedded in the AHP methodology and potentially replaces the eigenvalue method. In this paper DEAHP is used for completing the relationship matrix of house of quality (HOQ). Furthermore, in accordance with the DEAHP method, a methodological framework for completing the roof matrix of HOQ is developed, based on DEA and ANP techniques‐DEANP. The implementation of QFD along with the above mentioned quantitative approaches is studied utilizing data from the Greek banking sector, and a comparative analysis is conducted.

Findings

The illustrative implementation offers support to the compatibility of the two alternative approaches demonstrating both applicability and ease of use. Results suggest that the QFD‐DEAHP‐DEANP methodology provides superior information since it offers more robust sensitivity analysis outcomes.

Originality/value

The novelty of this research lies in the innovative idea to use QFD in conjunction with DEAHP and in the development of the DEANP method. The proposed methodology is a valuable tool for identifying strategic opportunities and gaining sustainable advantage since it helps service providers to capture the mix of services that customers are expecting them to offer.
Current health of quality management practices in service sector SME
Authors: Kureshi Nadeem , Qureshi Faheem , Sajid Ali
Published: April 2010

Purpose

The purpose of this paper is to assess the current quality management practices of service sector SMEs in Pakistan, and to provide an insight for policy development for SMEs.

Design/methodology/approach

A focused investigation of 100 SMEs in northern Pakistan was conducted through focused interviews and e‐mail survey. The survey is based on a list of 19 quality management techniques selected through Delphi research.

Findings

A significant gap is reported between the knowledge of quality management techniques and their usage by SME entrepreneurs. The results show strong usage of CRM related techniques while low usage of suppliers' development related and statistically extensive techniques. Significant correlation is found between the usage of TQM and other quality management techniques, particularly six sigma and 5S.

Practical implications

The results offer insight into quality management practices in Pakistani SMEs which represent the broader South Asian business culture that is host to a huge share of outsourcing from developed economies. Besides being of huge value to policy makers in the country, the results are useful for firms in developed economies that outsource their businesses to developing economies in South Asia.

Originality/value

The paper provides an insight into the quality management practices of Pakistani SMEs.
Investigating the impact of service quality and customer satisfaction on customer loyalty in mobile telephony in Greece
Authors: Santouridis Ilias , Trivellas Panagiotis
Published: April 2010

Purpose

The purpose of this paper is to investigate crucial factors that lead to customer loyalty in the mobile telephony sector in Greece, namely service quality and customer satisfaction. Furthermore, the mediation effect of customer satisfaction on the service quality and customer loyalty relationship is also to be examined.

Design/methodology/approach

Field research was conducted. The questionnaire was formed by a synthesis of existing constructs in relevant literature. The main research target sample consisted of residential non‐business mobile phone users in Greece. Reliability tests and statistical analyses were performed to both confirm scale validity and reliability and answer the research questions.

Findings

Customer service, pricing structure and billing system are the service quality dimensions that have the more significant positive influence on customer satisfaction, which in turn has a significant positive impact on customer loyalty. The mediation role of customer satisfaction on the service quality and customer loyalty relationship has also been confirmed.

Research limitations/implications

For a more holistic investigation approach of customer loyalty, a future study could examine other antecedents such as trust, inertia and attractiveness of alternatives. Moreover, the investigation of the mediation role of switching costs on the link between satisfaction and loyalty could enhance the research model.

Originality/value

It is of great importance for mobile operators in a mature market such as that of Greece, to understand what the drivers of customer loyalty are. The present study produced useful findings, which can be utilized by mobile telephony provider managers, in their effort to develop and implement successful customer loyalty strategies.
The banking and financial crisis in the UK: what is real and what is behavioural?
Authors: Gulnur Muradoglu Yaz
Published: April 2010

Purpose

The purpose of this paper is to reflect on the recent banking and financial crisis in the UK. It discusses the triggers of the crisis from a UK perspective and then examines the immediate reactions in the form of short‐term policies and concludes with a discussion on longer‐term policies.

Design/methodology/approach

This is a conceptual paper that argues that some of the triggers of the crisis are real and some are behavioural.

Findings

The crisis has its roots in the sub‐prime crisis of the USA with spillover effects for the UK due to its well‐developed and international financial sector. The systemic environment of high leverage in the financial, corporate and household sectors, the international nature of finance, and the opacity in banks' balance sheets are real triggers. In contrast, the underestimation of risks by almost all agents in the economy is behavioural.

Practical implications

The paper argues that some of the conditions that led to the crisis will not change and should now be incorporated in new banking regulations. This is particularly true in the case of behavioural factors. Optimism, greed, herding and underestimation of low‐probability high‐impact events, are all parts of human nature. Human nature will not change. Thus, it need better regulations.

Social implications

Less privileged groups, such as the poor, the uneducated, and the elderly, need better regulation to make them less vulnerable not only to others' biases but also to their own biases.

Originality/value

The paper is original in discussing behavioural side of the crisis along with the real side of it.
Did the behaviour of central banks make the credit crisis inevitable?
Authors: Trow Stuart
Published: April 2010

Purpose

The purpose of this paper is to examine the degree to which central bank policy errors made the credit crisis inevitable.

Design/methodology/approach

The paper did this by first observing the increasing tolerance shown by policymakers over time towards major structural imbalances. It then discussed three distinct behaviours or policy errors, describing their form and impact.

Findings

The first error is to hold short‐term interest rates at excessively low levels for sustained periods of time. The second is the unintended consequence of long‐term borrowing costs being kept artificially low as current account surplus countries purchased dollar‐denominated bonds with their surplus funds. The final error related to the skewed regulatory incentives which heavily favoured debt finance over equity funding, thereby encouraging excessive leverage. The paper concludes that central bank behaviour does indeed make a credit crisis inevitable, although clearly the central banks cannot be held directly responsible for policy errors outside of their remit. Nevertheless, where central banks combined a regulatory role with the conduct of monetary policy, they clearly should have been more pro‐active in their oversight of the commercial banks.

Practical implications

The implications of the findings are serious inasmuch as there is little evidence that senior central bankers have altered their behaviour as a result of the crisis. There remains an elevated tolerance of structural imbalances and there has been no acknowledgement by central bank heads of their culpability, despite more junior central bankers being increasingly vocal on the subject. Clearly commercial bankers played an important part in the crisis, but the paper questions how realistic it is to expect them to modify their behaviour without suitable regulatory incentives.

Originality/value

The paper adds insight into the credit crisis and the role of the behaviour of central banks.
George Washington Hill and the “Reach for a Lucky … ” campaign
Authors: Beard Fred , Klyueva Anna
Published: April 2010

Purpose

The purpose of this historical paper is to examine arguably the most controversial advertising campaign of all time. Critics have condemned tobacco marketer George Washington Hill's “Reach for a Lucky Instead of a Sweet” campaign in the late 1920s and early 1930s for its explicit attempt to encourage smoking among women by linking cigarettes with themes of slenderness and youth.

Design/methodology/approach

The paper relies on primary sources obtained chiefly from the important advertising trade journals Printers' Ink and Advertising and Selling. Many sources, in turn, pointed to historically significant advertisements from the “Reach for a Lucky […]” campaign, some of which are included among the findings. Tentative themes of analysis were: the strategic motives behind the “Reach for a Lucky […]” campaign and the campaign's outcomes and consequences, both positive and negative.

Findings

Hill aggressively pursued the female smoker of the 1920s, as did other cigarette marketers of the period. However, the paper's findings support a conclusion that Hill had additional motives for attacking “sweets,” other than merely encouraging women to smoke with a slenderness appeal. Hill's primary strategic concern must have been how to address the extraordinarily competitive situation he faced with the other “big four” cigarette brands.

Originality/value

Focusing on the strategic intent of the campaign and its outcomes and consequences, findings strongly suggest that prior perspectives and conclusions found in advertising history texts regarding this infamous campaign often fail to reveal its significance as an historical event.
“A virtual social H‐bomb”: the late 1950s controversy over subliminal advertising
Authors: Fullerton Ronald A.
Published: April 2010

Purpose

The purpose of this paper is to examine the beginning of the controversy over subliminal advertising in late 1957, as news of a supposedly successful commercial test of subliminal advertising became widely disseminated. The paper investigates the test and the reactions to it.

Design/methodology/approach

The paper reviews many contemporary accounts of the events described, and pieces together a coherent description and interpretation of what happened. This is of course standard historical methodology.

Findings

The primary finding is that many reactions to subliminal advertising were fearful and wildly overblown – and have continued to be so down to the present despite no proof that subliminal advertising is effective. The deep roots of the fear are best explained by the paranoid and fearful intellectual climate in the USA.

Originality/value

The originality of the paper lies in its thorough review of original sources, and in its explanation of why the fear of subliminal advertising became so intense.
Silver dollars: the development of the US elderly market segment
Authors: Branchik Blaine J.
Published: April 2010

Purpose

The purpose of this paper is to periodize the history of the US senior market segment, a large, lucrative target market.

Design/methodology/approach

The paper uses a four‐step adaptation of an existing framework, periodizing the segment's history into three phases: independence phase, mid‐nineteenth century‐1935; growing affluence phase, 1935‐1965; and maturity phase, 1965 to present.

Findings

The senior market began with urbanization resulting from the industrial revolution. The growth of private pensions, two World Wars, a variety of governmental programs such as the GI Bill and Social Security and Medicare Acts, political power resulting from the establishment of groups such as the American Association of Retired Persons, and increasing stress on inclusiveness in marketing accelerated the growth of the market. As baby boomers age, the market is sure to grow in scope and market power.

Research limitations/implications

Time and space limitations require that this paper focus on the senior market only in the USA, and analyze only broad activities, events, and trends.

Originality/value

This paper contributes to the study of marketing history and market segmentation in particular by analyzing the origins and growth of this very large and unique market segment – largely due to the fact that it currently represents about 12 percent of the US population, unique in that all Americans are or likely will be members. It illustrates the confluence of government policy, marketers' never‐ending drive to find new target markets via product differentiation, and the importance of demographic change.
A historical survey concerning marketing middlemen as producers of value
Authors: Monieson David D.
Published: April 2010

Purpose

The purpose of this paper is to trace from ancient Greek scholars to the mid‐1950s the sentiments of two schools of economic thought on the role of marketing middlemen or intermediaries. One school disclaims any addition of value through middlemen's activities; the second maintains that marketing adds value.

Design/methodology/approach

This paper was originally a chapter in the author's doctoral dissertation titled “Value added as a measure of economic contribution by marketing institutions” at Ohio State University. It is reprinted here to explore and add insight to other work by and about the author in this issue of the journal. A brief historical analysis of writings by ancient Greek scholars, mercantilists, physiocrats, classicists, neoclassicists, and twentieth century dissenters, is presented.

Findings

Marketers add value and, in so doing, are productive. However, earlier scholars did not distinguish between measures of value added and measures of productivity and efficiency.

Originality/value

While other marketing historians have covered much of this literature since the time of its original writing, it was in 1957 among the earliest such work by marketing scholars. As mentioned above, this paper explores and adds insight to other work by and about the author in this issue of the journal.
Reading Professor David D. Monieson
Authors: Tadajewski Mark
Published: April 2010

Purpose

The purpose of this paper is to present a selective survey of Professor Monieson's work, using the philosophy and sociology of science as a prism.

Design/methodology/approach

The approach taken is a historical review.

Findings

Monieson was an important figure in the development of marketing thought, whose research should be read by marketing scholars and students alike.

Practical implications

The paper introduces Monieson's advanced epistemological and axiological reflections to an audience who might be unaware of his contributions. In addition, it connects Monieson's writings with issues and debates central to the history of marketing thought, namely the first paradigm debate stimulated by the German Historicist School.

Originality/value

This paper examines and interprets Monieson's somewhat difficult work for a new audience; and connects the work of a managerially minded scholar with emerging debates in critical marketing studies.
Remembering Danny Monieson: reflections on a mentor and a friend
Authors: Shapiro Stanley J.
Published: April 2010

Purpose

The purpose of this paper is to present the author's recall of his personal and professional relationship with Danny Monieson, a relationship that lasted for almost half a century.

Design/methodology/approach

This paper is based on personal recollection, first, of the context within which the author originally worked for and with Danny Monieson, and then, of the decades of professorial interaction that subsequently followed.

Findings

David D. Monieson was a truly unique academic who, both as teacher and researcher, had a very significant influence on all his students but especially on those who subsequently pursued an academic career.

Originality/value

This brief note complements other biographical material about Monieson by spelling out the changing nature over time of his interaction with the first of the young academics he mentored.
Follow‐up empirical study of the performance of the New South Wales construction industry security of payment legislation
Authors: Brand Michael Charles , Uher Thomas
Published: April 2010

Purpose

The purpose of this paper is to report on findings of follow‐up research into the performance of the Building and Construction Industry Security of Payment Act 1999 (NSW), which was undertaken in 2007. The research aims to re‐assess the performance of the Act in the light of strong demand for adjudication of construction payment claims in New South Wales.

Design/methodology/approach

A cross‐sectional survey of member firms of The Master Plumbers & Mechanical Contractors Association of NSW and the National Electrical & Communications Association (NSW Chapter) was undertaken using a comprehensive multiple‐choice questionnaire administered by post. The questionnaire comprised 23 questions, whereby all but one question was of a multiple‐choice type. In answering the questions, the sampled claimants were required to draw on their understanding of the Act, and their experience with the adjudication process. Results were compared with a pilot study undertaken by the authors in 2004.

Findings

The results indicate that the object of the Act is generally being achieved. Whilst the culture of making late payments remains well entrenched in the construction industry, there appears to be a modest downward trend in the frequency of late payments since the 2004 study. It is now reasonably certain that the act of endorsing payment claims encourages communication between the parties, thus providing an opportunity for early dispute avoidance or resolution. However, the level of knowledge of the Act amongst subcontracting organisations overall has not improved since 2004 study, and may have even declined. It is clear that contractors and subcontractors are not taking full advantage of the Act.

Originality/value

The paper provides evidence of the performance of the Building and Construction Industry Security of Payment Act 1999 (NSW) between 2004 and 2007. The research compares key performance indicators for the purpose of determining whether or not the Act produces the expected result of increasing security of payment, and whether the results are consistent with the reason for the Act. It also provides important insights into the operation of similar legislation in other jurisdictions.
Anti‐social behaviour law and policy in the United Kingdom
Authors: Hoffman Simon , Mackie Peter K. , Pritchard John
Published: April 2010

Purpose

The purpose of this paper is to investigate the impact of enforcement action on individuals and families living in social housing as a mode of intervention for dealing with anti‐social behaviour.

Design/methodology/approach

Relevant housing legislation and policy documents are reviewed. The paper then draws on empirical data from Shelter Cymru's case file records of households in social housing who have been subject to enforcement action following an allegation of anti‐social behaviour. Evidence obtained from other studies on housing intervention projects is used to contrast the position of the households studied with those in similar situations who have been provided with support as an alternative to enforcement action.

Findings

The legislative framework favours enforcement as a means of dealing with anti‐social behaviour. A number of remedies utilise the management role of social landlords, and the framework of housing tenure, to introduce the concept of “conditionality” into housing entitlement. This approach to the management of anti‐social behaviour compounds the social disadvantage of already vulnerable households by undermining long‐term security of tenure and thereby increasing the risk of homelessness and social exclusion. These outcomes contrast with those from studies of similar households in receipt of support within housing intervention projects which have been shown to deliver reductions in anti‐social behaviour and sustainable outcomes for families, communities, and landlords.

Social implications

The findings provide important lessons for the future direction of anti‐social behaviour policy throughout the UK and beyond. In the context of devolved polity in the UK the paper argues for the Welsh Assembly Government to take a lead in developing policies and legal responses which recognize the housing rights of marginalised groups, and for the introduction of support into social housing to counter the trend toward punitive treatment of social tenants as a response to anti‐social behaviour.

Originality/value

The unique nature of the empirical data set from Shelter Cymru's case file records provides an important insight into the social impact of anti‐social behaviour law and policy on some of the most vulnerable members of society.
Building control systems of European Union countries
Authors: Branco Pedro João , Meijer Frits , Visscher Henk
Published: April 2010

Purpose

The purpose of this paper is to compare the tasks and responsibilities of public and private parties in the building control systems of the 27 European Union (EU) countries.

Design/methodology/approach

To gather the necessary information, a questionnaire on building regulatory systems was distributed to experts in each country, and the major legal documents in each jurisdiction were reviewed. The information was organized into thematic tables that describe all the countries studied. The themes within the tables are: regulatory framework, application, plan approval, site inspection, completion, and supervision.

Findings

The paper finds that there are many similarities between the building control systems of the various EU countries. Public parties in all countries set the regulatory framework, check planning applications, issue building permits, conduct final inspections, grant completion certificates, and supervise the operation of the system. The main difference between them concerns the nature of the involvement of private parties in checking technical requirements, and in site inspections. Three basic types of building control systems are identified: public, mixed, and dual. The majority of the countries have mixed systems. Although several variations are found among the mixed systems, the most common situation is for public parties to check the technical requirements and private parties to be involved in site inspections.

Originality/value

The analysis provides a global picture of the building control systems of all EU countries. The results can be useful for situating the systems of each country within the European panorama, assessing the main trends and developments and guiding strategic choices on possible improvements in each country.
The two Ws of Islamic accounting research
Authors: Haniffa Roszaini , Hudaib Mohammad
Published: April 2010

Purpose

The purpose of this paper is to introduce the new journal and articles in the first issue.

Design/methodology/approach

The paper attempts to introduce the journal by answering the two “W” questions – what is Islamic accounting and why Islamic accounting research is important. In doing so, it indirectly highlights the need for a specialist journal like Journal of Islamic Accounting and Business Research (JIABR) and the potential research areas.

Findings

Islamic accounting research is still at the infancy stage compared to Islamic banking and finance. One of the reasons is due to lack of exposure of research conducted in the area at international level, ending up with only a few issues getting attention. Similarly, the lack of a platform where researchers interested in the area could showcase the diverse range of research as well as network and get support on their research hindered the progress of research in this area. Hence, JIABR could be the leading journal in the area of Islamic accounting and business research if all papers related to it are channeled in this specialist journal. In this way, researchers in the areas of accounting and business would be more aware of the development and contemporary issues to take the research forward.

Originality/value

This paper is useful to new readers of the journal around the world who are interested but have limited knowledge in the area, and also those who wish to submit to the journal, in that it highlights some potential areas for research.
Supervisory, regulatory, and capital adequacy implications of profit‐sharing investment accounts in Islamic finance
Authors: Archer Simon , Ahmed Abdel Karim Rifaat , Sundararajan Venkataraman
Published: April 2010

Purpose

The aims of this paper are: first, to draw attention to the issues of displaced commercial risk (DCR) which arise as a result of the risk characteristics of profit‐sharing investment accounts (PSIA), the main source of funding of Islamic banks in most jurisdictions; and, second, to present a value‐at‐risk approach to the estimation of DCR and the associated adjustments in capital requirements.

Design/methodology/approach

The paper is based on empirical research into the characteristics of PSIA in practice, which vary to a greater or lesser extent from what one would expect them to be in principle, on an analysis of the capital adequacy and risk management implications that flow from this, and on an econometric formulation whereby the extent of DCR in Islamic banks may be estimated.

Findings

The findings are, first, that the characteristics of PSIA can vary from being a deposit like product (fixed return, capital certain, all risks borne by shareholders) to an investment product (variable return, bearing the risk of losses in underlying investments), depending upon the extent to which the balance sheet risks get shifted (“displaced”) from investment account holders to shareholders through various techniques available to Islamic banks' management. Second, the paper finds that this DCR has a major impact on Islamic bank's economic and regulatory capital requirements, asset‐liability management, and product pricing. Finally, it proposes an econometric approach to estimating DCR but report that individual Islamic banks generally lack the data needed to apply this approach, in the absence of which panel data for a population of Islamic banks may be used to estimate DCR for that population.

Research limitations/implications

Empirically, the paper is thus limited by the lack of data just mentioned. Furthermore, the application of the proposed panel data approach has been left for future research.

Originality/value

The analysis of the issues and the development of the econometric model represent in themselves an original research contribution of some significance.
Form versus substance: AAOIFI projects and Islamic fundamentals in the case ofsukuk
Authors: Maurer Bill
Published: April 2010

Purpose

The purpose of this paper is to investigate the role of standard‐setting bodies and rating agencies which compete for authority in Islamic finance. It does so through a consideration of a recent debate over the permissibility ofsukukfinancing.

Design/methodology/approach

The methods used are a combination of archival and bibliographic research, coupled with the author's previous research on Islamic banking and finance.

Findings

While the debate oversukukhinged on whether the structures areshari'acompliant in form only, not in substance, the role ofsukukin neoliberal reform and the privatization of state resources reveal a deeper potential conflict between Islamic standard‐setting bodies and global neoliberal projects more broadly.

Research limitations/implications

The implications are significant for other Islamic finance contractual forms and modes of finance. They are also significant in light of the global financial crisis, and the recent debt crisis in Dubai. The research limitations have to do with the fact that this is a fast‐moving field and the global financial crisis has destabilized many institutions – both conventional and Islamic – in structured finance.

Originality/value

Few scholars have consideredsukuk's legitimacy, or the competition between Islamic standard‐setting bodies and non‐Islamic global rating agencies.
Accentuating the positive: governance of Islamic investment funds
Authors: Lewis Mervyn K.
Published: April 2010

Purpose

The purpose of this paper is to examine the nature and structure of Islamic investment funds and evaluate their governance.

Design/methodology/approach

The methodology employed is the conceptual framework of Islamic economics.

Findings

It is found that Islamic investment funds have grown rapidly this decade: in Malaysia alone, the number ofshari'a‐compliant funds has grown from 17 in 2000 to 149 in 2008, and at a global level there are 650 funds in operation. However, the industry has developed in a particular way, by focusing on negative screens, and removing from investments those activities deemed to be unacceptable to Islamic precepts, rather than pursuing as well the implementation of other aspects of the Islamic ethos.

Originality/value

The conclusion reached is that, if the Islamic investment fund industry is to provide more completely for the religious and financial aspirations of investors, it needs to go beyond the negatives and to also accentuate the positive and, drawing upon Islamic governance guidelines, actively seek out investments that have a positive impact on society and the environment and promote the welfare of the community. These issues hitherto have been largely unexplored.
Initial returns of Malaysian IPOs and Shari'a‐compliant status
Authors: Abdul Rahim Ruzita , Yong Othman
Published: April 2010

Purpose

The purpose of this paper is to investigate the initial return patterns of Malaysian initial public offerings (IPOs) and whether shari'a‐compliant status would alter such patterns.

Design/methodology/approach

The effect of shari'a‐compliant status on the patterns of initial return of IPOs is analyzed using a sample of 386 IPOs issued between January 1999 and December 2007.

Findings

The preliminary results indicate that over the study period, the initial returns of Malaysian IPOs drop substantially from 94.91 percent reported from the pre‐crisis period of 1990‐1998 to 31.99 percent, a level more comparable to that reported in advanced markets. Since the initial returns do not revert to pre‐crisis levels, the new low IPO underpricing trend is more likely to be associated with the removal of pricing restraints. The results of regression analyses on the full sample, however, suggest that there is no drastic change with respect to factors that drive initial returns in Malaysian IPOs. With regards to shari'a‐compliant status, IPOs of this subsample show similar profiles to those of non‐shari'a counterparts. However, other than demand, the two subsamples are driven by different factors. Initial returns of shari'a‐compliant IPOs are driven by the size and type of offers, whereas those of the non‐shari'a IPOs are driven by risks.

Research limitations/implications

Future studies should re‐examine the issue by taking into consideration the extensiveness of a firm's compliance to shari'a rules and other predictor variables.

Originality/value

This paper is one of the first to examine the effect of shari'a‐compliant status on the performance of IPOs.
Changes in sublingual microcirculatory flow index and vessel density on ascent to altitude
Authors: Martin Daniel S. , Goedhart Peter , Vercueil Andre , Ince Can , Levett Denny Z. H. , Grocott Mike P. W. ,   for the Caudwell Xtreme Everest Research Group
Published: April 2010

We hypothesized that ascent to altitude would result in reduced sublingual microcirculatory flow index (MFI) and increased vessel density. Twenty‐four subjects were studied using sidestream dark‐field imaging, as they ascended to 5300 m; one cohort remained at this altitude (n= 10), while another ascended higher (maximum 8848 m; n= 14). The MFI, vessel density and grid crossings (GX; an alternative density measure) were calculated. Total study length was 71 days; images were recorded at sea level (SL), Namche Bazaar (3500 m), Everest base camp (5300 m), the Western Cwm (6400 m), South Col (7950 m) and departure from Everest base camp (5300 m; 5300 m‐b). Peripheral oxygen saturation 
, heart rate and blood pressure were also recorded. Compared with SL, altitude resulted in reduced sublingual MFI in small (<25 μm; P < 0.0001) and medium vessels (26–50 μm; P= 0.006). The greatest reduction in MFI from SL was seen at 5300 m‐b; from 2.8 to 2.5 in small vessels and from 2.9 to 2.4 in medium‐sized vessels. The density of vessels <25 μm did not change during ascent, but those >25 μm rose from 1.68 (± 0.43) mm mm−2 at SL to 2.27 (± 0.57) mm mm−2 at 5300 m‐b (P= 0.005); GX increased at all altitudes (P < 0.001). The reduction in MFI was greater in climbers than in those who remained at 5300 m in small and medium‐sized vessels (P= 0.017 and P= 0.002, respectively). At 7950 m, administration of supplemental oxygen resulted in a further reduction of MFI and increase in vessel density. Thus, MFI was reduced whilst GX increased in the sublingual mucosa with prolonged exposure to hypoxia and was exaggerated in those exposed to extreme altitude.
An adenosine A2A agonist injected in the nucleus of the solitary tract prolongs the laryngeal chemoreflex by a GABAergic mechanism in decerebrate piglets
Authors: Duy Philip M. , Xia Luxi , Bartlett Donald , Leiter J. C.
Published: April 2010

Hyperthermic prolongation of the laryngeal chemoreflex (LCR) in decerebrate piglets is prevented or reversed by GABAA receptor antagonists and adenosine A2A (Ad‐A2A) receptor antagonists administered in the nucleus of the solitary tract (NTS). Therefore, we tested the hypothesis that enhanced GABAA activity and administration of the Ad‐A2A agonist, CGS‐21680, would prolong the LCR in normothermic conditions. We studied 46 decerebrate piglets ranging from 3 to 8 postnatal days of age. Focal injection into the NTS of 100 nl of 0.5 m nipecotic acid, a GABA reuptake inhibitor, significantly (P < 0.05) prolonged the LCR in normothermic conditions in 10 of 11 animals tested. Injecting 100 nl of 5–12.5 μm CGS‐21680 unilaterally or bilaterally into the NTS also prolonged the LCR in normothermic conditions (n= 15), but the effect was smaller than that of unilateral injection of nipecotic acid. Systemic administration of the GABAA receptor antagonist, bicuculline, prevented the CGS‐21680‐dependent prolongation of the LCR in normothermic animals (n= 11). We conclude that thermal prolongation of the LCR depends on a thermally sensitive process or set of neurons in the NTS, which, when activated by elevated brain temperature, enhances adenosinergic and GABAergic function in the region of the NTS. These results emphasize the importance of a thermally sensitive integrative site in the dorsal medulla that, along with sites in the ventral medulla, determine the response to laryngeal chemoreflex stimulation.
Computational modelling of amino acid transfer interactions in the placenta
Authors: Sengers B. G. , Please C. P. , Lewis R. M.
Published: April 2010

Amino acid transfer from mother to fetus via the placenta plays a critical role in normal development, and restricted transfer is associated with fetal growth restriction. Placental amino acid transfer involves the interaction of 15 or more transporters and 20 amino acids. This complexity means that knowing which transporters are present is not sufficient to predict how they operate together as a system. Therefore, in order to investigate how placental amino acid transfer occurs as a system, an integrated mathematical/computational modelling framework was developed to represent the simultaneous transport of multiple amino acids. The approach was based on a compartmental model, in which separate maternal, syncytiotrophoblast and fetal volumes were distinguished, and transporters were modelled on the maternal‐ and fetal‐facing membranes of the syncytiotrophoblast using Michaelis–Menten‐type kinetics. The model was tested in comparison with placental perfusion experiments studying serine–alanine exchange and found to correspond well. The results demonstrated how the different transporters can work together as an integrated system and allowed their relative importance to be assessed. Placental–fetal serine exchange was found to be most sensitive to basal membrane transporter characteristics, but a range of secondary, less intuitive effects were also revealed. While this work only addressed a relatively simple three amino acid system, it demonstrates the feasibility of the approach and could be extended to incorporate additional experimental parameters. Ultimately, this approach will allow physiological simulations of amino acid transfer. This will enhance our understanding of these complex systems and placental function in health and disease.
Mitochondrial respiration in subcutaneous and visceral adipose tissue from patients with morbid obesity
Authors: Kraunsøe Regitze , Boushel Robert , Hansen Christina Neigaard , Schjerling Peter , Qvortrup Klaus , Støckel Mikael , Mikines Kári J. , Dela Flemming
Published: April 2010

Adipose tissue exerts important endocrine and metabolic functions in health and disease. Yet the bioenergetics of this tissue is not characterized in humans and possible regional differences are not elucidated. Using high resolution respirometry, mitochondrial respiration was quantified in human abdominal subcutaneous and intra‐abdominal visceral (omentum majus) adipose tissue from biopsies obtained in 20 obese patients undergoing bariatric surgery. Mitochondrial DNA (mtDNA) and genomic DNA (gDNA) were determined by the PCR technique for estimation of mitochondrial density. Adipose tissue samples were permeabilized and respirometric measurements were performed in duplicate at 37°C. Substrates (glutamate (G) + malate (M) + octanoyl carnitine (O) + succinate (S)) were added sequentially to provide electrons to complex I + II. ADP (D) for state 3 respiration was added after GM. Uncoupled respiration was measured after addition of FCCP. Visceral fat contained more mitochondria per milligram of tissue than subcutaneous fat, but the cells were smaller. Robust, stable oxygen fluxes were found in both tissues, and coupled state 3 (GMOSD) and uncoupled respiration were significantly (P < 0.05) higher in visceral (0.95 ± 0.05 and 1.15 ± 0.06 pmol O2 s−1 mg−1, respectively) compared with subcutaneous (0.76 ± 0.04 and 0.98 ± 0.05 pmol O2 s−1 mg−1, respectively) adipose tissue. Expressed per mtDNA, visceral adipose tissue had significantly (P < 0.05) lower mitochondrial respiration. Substrate control ratios were higher and uncoupling control ratio lower (P < 0.05) in visceral compared with subcutaneous adipose tissue. We conclude that visceral fat is bioenergetically more active and more sensitive to mitochondrial substrate supply than subcutaneous fat. Oxidative phosphorylation has a higher relative activity in visceral compared with subcutaneous adipose tissue.