Zakaria Boulanouar | Umm Al-Qura University, Makkah, Saudi Arabia (original) (raw)

Papers by Zakaria Boulanouar

International Journal of Business Performance Management

MPRA Paper, 2020

This article is an open access article distributed under the terms and conditions of the Creative... more This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY

Recently, it has been identified that firms in developing economies suffer an agency conflict cal... more Recently, it has been identified that firms in developing economies suffer an agency conflict called principal-principal (PP) conflict, distinct from the traditional principal-agent (PA) conflicts. Little is known about these conflicts in the Islamic banks. Using five years panel from 37 Islamic banks across ten countries, this paper investigates the relationship of these conflicts and their impact to the banks‟ performances. Results show that PA is the main concern, with inconclusive results for PP conflicts. This cross-country study helps to establish the existence of agency conflicts in Islamic banking and adds to the growing knowledge of PP conflicts.

Pacific-Basin Finance Journal, 2017

Using a sample of 80 IPOs in the Saudi Arabian market between 2004 and 2011, in this paper we emp... more Using a sample of 80 IPOs in the Saudi Arabian market between 2004 and 2011, in this paper we empirically investigate the effect of sharia compliance status on investor (individuals and institutions) demand for new shares offered in initial public offerings (IPOs). After controlling for some pre-listing information including size, age of the firm, offer risk, offer price, block-holding, market condition and the effect of the Global Financial Crisis (GFC), we find that Sharia compliance status significantly alters the demand for new issues when measured by two different proxies, the ratio of oversubscription and the number of subscribers. We also find that market condition and block-holding, offer risk, age and size of firms can significantly explain some of the variations in the demand. Pivotally, institutional investors were found to emphasize profit-maximization over considerations of Sharia-compliance, whereas for individual investors (the majority here) the opposite was true. We conclude that sharia compliance status should be taken into account by issuers with a greater emphasis on privatization IPOs where the government aim is to distribute wealth among its citizens.

Advances in Human Resources Management and Organizational Development, 2017

Talent Management (TM) has received lots of attention of academics, practitioners, researchers, s... more Talent Management (TM) has received lots of attention of academics, practitioners, researchers, scholars and competitive firms in recent years, but there are many gaps left for further theoretical and empirical development. One of gap is lack of clarity of definition of TM, and the ongoing debate about whether it is merely re-packaging of already existing HRM practices or a new concept. In this context, this chapter concludes that TM practices are distinct from the traditional HRM practices. The authors have consolidated the existing literature on talent management for designing integrated model of talent management including its antecedents and consequences. The study calls future research to empirically test the derived propositions. The chapter includes various theoretical, economic, managerial and future research implications.

SSRN Electronic Journal, 2012

This research presents a comprehensive analysis of initial public offerings (IPOs) in Saudi Arabi... more This research presents a comprehensive analysis of initial public offerings (IPOs) in Saudi Arabia, using a sample of 72 IPOs examined during the period between 2004 and September 2010. To compute the market performance of the IPOs, we split the sample into two sub-samples: sharia-compliant and non-sharia-compliant and we use two methods of calculations which are buy and hold abnormal returns (BHAR) and cumulative abnormal returns (CAR). In contrast to the majority of reported outcomes worldwide, our results show that based on one-year after-market performance, on average, underperformance does not exist in the Saudi market. The regression analysis shows that the factors driving long-run market performance include initial return and ownership structure, firm level risk, age and sharia-compliant status. The highlight of this paper, however, underscored using T-test for equality of means that was performed on the two sub-samples aftermarket adjusted returns is that Sharia-compliant status significantly alters the level of one-year market performance. This result supports our hypothesis that sharia-compliant firms will enjoy superior nonnegative returns compared to non-sharia compliant firms, and supports the over-reaction hypothesis. Based on this result, we introduce a new factor which we call non-sharia-compliant underperformance.

International Journal of Islamic and Middle Eastern Finance and Management, 2016

Purpose The purpose of this paper is to explore the existence of underpricing in the cooperative ... more Purpose The purpose of this paper is to explore the existence of underpricing in the cooperative insurance sector in the Saudi Arabian market and to examine whether Sharia compliance requirements have an impact on the level of underpricing. Design/methodology/approach Underpricing and the effect of Sharia compliance are analysed using a comprehensive sample of 33 insurance companies with data collected between 2007 and 2013, after taking into account market movements, as well as some factors well-known in the literature. Findings The authors find that underpricing not only exists but also is among the highest in the world (455 per cent), which contradicts the literature on initial public offerings (IPOs)’ pricing in highly regulated sectors. In light of one of the other findings of the authors, namely, the small number of insurance underwriters, the authors attribute these very high levels of underpricing in part to the monopsony power of insurance underwriters in Saudi Arabia. Rega...

Marketing Intelligence & Planning, Feb 6, 2017

Purpose The purpose of this paper is to improve the quality and efficacy of data collected from M... more Purpose The purpose of this paper is to improve the quality and efficacy of data collected from Muslim respondents, particularly women, through an examination of Islamic teachings and illustrated using a “conservative” paradigm of practice. The paper is designed to be helpful to researchers in designing both their projects and their data collection methods. Design/methodology/approach The paper is conceptual, in that it provides an overview of some important, often overlooked or misunderstood areas on which studies have been based and gives frameworks and also ethical pointers to researchers. Findings Framed to explain approaches to “conservative” Muslim women in societies across the globe, what is presented herein allows insight into all varieties of Muslim practice. This is achieved by explaining the possible objections to different methodologies and techniques of research for Muslim women at the “conservative” end of the practicing spectrum – this allowing a highlighting of ideas and ideals applicable across the spectrum. Practical implications Useful for academic researchers and also commercial researchers, potentially saving both time and money by pointing out possible errors in research design while also ensuring good ethical practice. The paper is offered to assist researchers in eliciting full and frank responses from Muslim respondents based on informed and thoughtful research design and data collection and providing possibly contextualisation(s) of what is said to enhance data analysis and interpretation. Originality/value Believed to be the first paper of its kind in English, this conceptual paper provides insight for researchers aiming to get the most useful and ethically sound outcomes for those interviewed, as well as those interviewing.

International Journal of Financial Studies

Using a new panel cointegration test that considers serial correlation and cross-section dependen... more Using a new panel cointegration test that considers serial correlation and cross-section dependence on a mixed and heterogenous sample of Saudi banks, we revisit the cointegrating equation of the z-score index of banking stability. Our results show that even when we consider the cross-section dependency and serial correlation of the errors, there is a possibility of a long-run relationship, which holds in our sample of banks. Furthermore, in the medium term, we found some banks to be integrated, whereas others were non-cointegrated. We interpret this to suggest that some banks contribute to banking stability, whereas others do not. In other words, there exists at least one bank that acts as a destabilizer and the challenge for financial regulators is to identify which banks these are. However, the current version of the Hadri et al. test does not allow for the identification of the non-cointegrated banks. If the test was able to do that, the regulatory authorities would be able to d...

Pacific-Basin Finance Journal

International Journal of Islamic Marketing and Branding

Qualitative Research in Financial Markets

Purpose The purpose of this paper is to answer the increasing calls to analyse how lending relati... more Purpose The purpose of this paper is to answer the increasing calls to analyse how lending relationship between banks and their small- and medium-sized enterprises (SMEs) work. More precisely, the main aim is to investigate the lending approach(es) and criteria used by banks to assess loan applications from their relationship-managed (RM) SMEs’ clients. Other objectives include investigating the level of congruence in terms of lending practices and processes among the sample banks in New Zealand (NZ) and to discern how the assessment of the SME owner/manager is done within the relationship-banking framework. Design/methodology/approach The research objectives concern investigating processes and not variances. Thus, a qualitative research approach was used. Extensive data was collected via interviews across representative banks in NZ and thematic analysis was used to analyse the data. Findings The findings include a detailed analysis of how relationship banking actually works; how in...

Corporate Ownership and Control

In this paper, using the theory of planned behaviour, behavioural and non-behavioural factors und... more In this paper, using the theory of planned behaviour, behavioural and non-behavioural factors underpinning small business’ (SB) choice of a bank are explored. To date, we are unaware of any study that uses a behavioural approach to study bank selection by SBs owner/managers. These factors, discussed in the literature, form the basis of a questionnaire administered in New Zealand. Univariate & bivariate analyses, in addition to cluster analysis of the data, show that behavioral factors, such as knowing a person in the bank, prior personal banking experience and recommendation/referrals, are shown to be most important. Also, after controlling for size, industry, and age of business it is found that there is no statistically significant difference in choice variables. Further, inertia is strong once a bank is chosen and cost, while emphasized, does not trigger actions. A cluster analysis of SB owners/managers produced four different groups. However, all of these groups are affected by ...

Qualitative Research in Financial Markets

Purpose This paper aims to investigate small and medium enterprises’ (SMEs) owner–managers’ aware... more Purpose This paper aims to investigate small and medium enterprises’ (SMEs) owner–managers’ awareness, willingness and perceptions concerning Islamic financing instruments as an alternative sourcing decision in SMEs’ businesses. Design/methodology/approach The research employed mixed methods to gather data. A questionnaire survey was conducted via face-to-face interviews with 385 SME owner–managers operating in Muscat, Oman’s capital city, along with face-to-face discussion on Islamic finance with 86 SME owner–managers. Descriptive and thematic analysis were used to analyse the data. Findings The findings indicate that SME owner–managers are aware of Islamic banking principles and have knowledge of Islamic financial instruments, despite Islamic finance being new to Oman. Interestingly, although the majority of the participants indicated their intention to adopt this new finance method, they were motivated by special requirements other than finance. Their positive perception of Islam...

International Journal of Business Performance Management

MPRA Paper, 2020

Pacific-Basin Finance Journal, 2017

Advances in Human Resources Management and Organizational Development, 2017

SSRN Electronic Journal, 2012

International Journal of Islamic and Middle Eastern Finance and Management, 2016

Marketing Intelligence & Planning, Feb 6, 2017

International Journal of Financial Studies

Pacific-Basin Finance Journal

International Journal of Islamic Marketing and Branding

Qualitative Research in Financial Markets

Corporate Ownership and Control

Qualitative Research in Financial Markets

Managing organizational talent, of both current employees and possible recruits alike, is a key f... more Managing organizational talent, of both current employees and possible recruits alike, is a key factor of running a successful business. A company is only as good as the staff, and studying the most effective ways to cultivate these groups can allow business managers an easy way to boost efficiency within their ranks. Driving Multinational Enterprises Through Effective Global Talent Management provides a comprehensive examination of the latest strategies and methods for attracting, selecting, training, developing and promoting employees within an organization. Highlighting innovative practices and applications across a variety of areas such as expatriate staffing, talent identification, and multinational company practices, this book is an ideal reference source for company owners, organization managers, practitioners, business students, and researchers that are interested in learning more about current trends and techniques in talent management.