Given ineffective disclosure and governance mechanisms, are there any mechanisms that can help improve performance of firms in the MENA region? This paper aims to answer the above question by documenting the effect of analyst following on firm performance during the period between 2005 and 2009. Our results show that the extent of analyst following does positively affect firm performance. However, this beneficial impact exists only at high level of analyst following. At lower levels of analysts following, our results show negative relationship between the two. We argue that high levels of analyst following, it becomes hard for insiders to evade effective disclosure of firm value. It, therefore, leads to lower agency problems and, eventually, to better performance. We also show that high levels of analyst following, partly, improve the informativeness of reported earnings. However, it does not improve the informativeness to an extent that the information contained in reported earnings is positively reflected in stock prices

Purpose This paper aims to identify the antecedents of giving charitable donations (Sadaqah) during the pandemic in a majority-Muslim country. This paper proposes and tests a theoretical framework in which attitude toward giving donations mediates the effects of perceived behavioral control, subjective norms and past behavior on giving charitable donations (Sadaqah). The authors also investigate the mediating effect of attitude toward giving donations and the moderating effect of Islamic religiosity in an emerging nation characterized by the dominance of the Islamic doctrine. Gender, age and income have been examined as control variables. Design/methodology/approach Survey data from a sample of 377 respondents from Morocco were analyzed to test the hypotheses using structural equation modeling. Findings The results indicate that past behavior, subjective norms, attitude toward giving donations and intention to donate are key predictors of giving charitable donation during the COVID-19 pandemic. This paper also confirms the mediating effect of attitude toward giving donations, e.g. subjective norms trigger positive attitude toward giving donations, which increases respondents’ donation frequency. The results also suggest a significant moderating effect of Islamic religiosity, e.g. individuals who feel themselves as highly religious are more likely to develop a favorable attitude toward giving donations and are therefore more likely to donate during the pandemic. Practical implications The findings suggest practical and social implications for both academics and practitioners. As attitude, subjective norm, past behavior and intention are found to significantly influence giving charitable donations (Sadaqah), fundraising organizations should give serious attention on these factors to improve individuals’ charitable giving (Sadaqah). Such organizations should also consider the use of faith-based messages and religious morals when planning their advertising campaigns in majority-Muslim markets. Originality/value Although preliminary studies have already attempted to provide knowledge about the factors influencing giving donations among both Muslims and nonMuslims, potential antecedents of giving donations (Sadaqah) during the COVID-19 pandemic have not been considered and are yet to be empirically investigated. This paper provides new perceptions on factors influencing giving donations on a majority-Muslim majority country where no zakat institution operates. Such findings can be useful for both academicians, fundraising organizations and policymakers in Morocco to promote charitable actions and boost its socio-economic affects.

Purpose The purpose of this paper is to document how male and female managers respond to competition posed by informal firms. Design/methodology/approach The methodology uses the ordered logistic regression and the data provided by the World Bank’s Enterprise Survey to test the arguments for firms headquartered in India. Findings The findings show that firms managed by females are more likely to consider informal competition as a bigger obstacle for their operations than firms managed by males. It also shows that this relationship is more pronounced in provinces with weak institutional infrastructure. Lastly, the paper shows that firms managed by females respond to competition from the informal sector by undertaking more innovations than firms managed by males. Originality/value This research extends the literature on gender differences in response to competition by documenting how female managers respond to external competition in emerging markets.

This paper aims to ascertain the relationship existing between the ratings of bonds and the ending cash balance of the operating section in the cash flow statement. In our study, which lasted for 18 years, 600 companies were selected from 26 countries to construct our sample. With purpose of detecting how the positive cash balance of the operating section in the cash flow statement characters the likelihood of rising the bonds ratings, we have applied a Probit regression analysis. Consequently, a robust proof stating that the bonds ratings are significantly impacted by the positive operating cash balance. That is to say, generating enough cash flow from the operating activities increases the company’s chances to have greater bonds ratings raises, meanwhile lowering the cost of debt given that higher bond ratings decreases the cost of company for raising funds (in the form of bonds). More confirmation to the creditors’ rights shields was added through our outcomes, in addition to its impact on the cost of debt.

As one of the main components of intangible assets appearing in the balance sheet, Goodwill has long been considered a as a driver of sustainable competitive business and corporate advantages. Yet, does goodwill really improve performance of firms in the MENA region? This paper documents the effect of goodwill on firm performance during the period between 2005 and 2015. The results of our analysis show that high level of goodwill has a positive impact on firm performance in large firms. Yet, at small firms, goodwill was not proved to improve performance. This can be explained by the fact that only good performing firms invest in goodwill while smaller firms simply struggle to generate tangible assets.