Islamic corporate financing : does it promote profit and loss sharing?

Islamic financing instruments can be categorised into profit and loss/risk sharing and non-participatory instruments. Although profit and loss sharing instruments such as musharakah are widely accepted as the ideal form of Islamic financing, prior studies suggest that alternative instruments such as murabahah are preferred by Islamic banks. Nevertheless, prior studies did not explore factors that influence the use of Islamic financing among non-financial firms. Our study fills this gap and contributes new knowledge in several ways. First, we find no evidence of widespread use of Islamic financing instruments across non-financial firms. This is because the instruments are mostly used by less profitable firms with higher leverage (i.e., risky firms). Second, we find that profit and loss sharing instruments are hardly used, whilst the use of murabahah is dominant. Consistent with the prediction of moral-hazard-risk avoidance theory, further analysis suggests that users with a lower asset base (to serve as collateral) are associated with murabahah financing. Third, we present a critical discourse on the contentious nature of murabahah as practised. The economic significance and ethical issues associated with murabahah as practised should trigger serious efforts to steer Islamic corporate financing towards risk-sharing more than the controversial rent-seeking practice.

A feminist trade union agenda? The continued significance of class, gender and race.

During the 1990s attempts to identify a feminist trade union agenda have focused on both the content and process of such a potential agenda. In a period in which trade unions have changed significantly, the general national agenda appears to be changing, acknowledging issues of importance to women. UNISON, Britain's largest trade union, has enshrined proportionality and fair representation in its constitution, developing national initiatives aimed at improving opportunities in work and in the union for women, black workers, manual workers, disabled workers, etc. who traditionally have been less well represented. Many issues affecting women generally have moved to centre stage, yet issues affecting women ancillary workers seem as excluded as ever. Through a study of cleaners in the National Health Service this article argues that workplace interests reflect wider social divisions, but in a variety of patterns depending on the social organization of work. Despite thewidening trade union agenda, particular interests — more specifically the workplace interests of working-class women and black women — continue to be neglected.

Job change and workplace learning in the public sector: the significance of new technology for unskilled work.

Focussing here on local authorities and health services, this paper examines the significance of new technology to unskilled work in the public sector as it is developing and the implications for workplace learning. An argument is developed that new technology is central to a minority of examples of job change, although, significantly, it is more important to staff–initiated change and to workers’ ability to fully participate in life beyond the workplace.

Festival Images: brand image and stakeholders' brand relationship types at the Edinburgh Festival Fringe.

The Edinburgh Festival Fringe (The Fringe) is the largest arts festival in the world and it has inspired the creation of similar festivals world-wide. Since its conception in 1947, the Fringe has demonstrated significant growth in visitor numbers; ticket sales; and its economic contribution. Despite this, the sustainable future of Edinburgh’s festivals is debated as Edinburgh, ‘the Festival City’, faces threats from other festival destinations. Festivals position Edinburgh creatively in contrast to the city’s traditionally perceived image as a cultural-historic centre. Despite this, little research has been undertaken into the creative and cultural significance of Edinburgh’s festivals, including the Fringe. This interdisciplinary research grounded in marketing, tourism, and festival and event management; and underpinned by constructivism, presents an understanding of types of brand relationships that exist between the Fringe and its primary stakeholders. This is achieved through defining both the Fringe brand image and its primary stakeholders; and applying these definitions to the development of a typology of Fringe-stakeholders’ brand relationships. The significance of this study is evident within its topic of inquiry and the research methods applied. In the little-considered arena of arts festivals and their stakeholders, this is the first in-depth study into the Fringe as a festival and festival brand. Within this, the definition of a Fringe brand image contributes to understanding the cultural and creative significance of the Fringe. Furthermore, this research contributes a unique understanding of the types of stakeholders that are engaged with the Fringe. The types of brand relationships that exist between these stakeholders and the Fringe are another significant contribution to knowledge and understanding. While specific to the present context, these findings may prove transferable to further festivals or events, and related areas and industries. The contribution made by this research to the methodological developments in festival and event studies is of additional significance. The application of visual research methods, including semiotic analysis and photo-elicitation within phenomenological interviews, has previously been applied in marketing, consumer, and tourism research, but not to the understanding of festival brands and stakeholders’ brand relationship types. Findings of this research illustrate that existing marketing and consumer brand frameworks and stakeholder theories are applicable to festivals. Further, it is possible to define ‘a’ Fringe brand image which is subjective and contradictory. The unique open-access and organic, operational model of the Fringe facilitates its many contributors, and consumers. Fringe stakeholders may be categorised according to their level of engagement with the Fringe (as primary or secondary) and their particular stakeholder role(s), which are varied and multiple. Fringe-stakeholder brand relationship types are overwhelmingly positive; and are based upon interpersonal relationship dimensions (including friendships, marriages, kinships and partnerships). Fringe-stakeholder brand relationship types can be classified therefore as having similar dimensions to those brand relationship types previously described for consumer products and brands.