Environmental sustainability represents nowadays a significant factor for business sector. Firms carry out many initiatives to develop environmental practices. Investors increasingly consider environmental discloser by firms and integrate this disclosure into the investment decision-making process. Using a database of Saudi listed firms, this study adds to the literature by examining the relationship between the environmental sustainability disclosure and stock return and whether this relationship is moderated by the financial constraints. We find that the environmental sustainability disclosure has significant and negative impact on stock return, indicating that investors do not consider environmental disclosure when valuing the stocks. Furthermore, our results propose that the negative impact of environmental disclosure on stock return is more evident in firms with financial constraints. This study provides managerial implications for regulatory authorities, firms and investors. The environmental practices can be value relevant. However, these practices need to be efficiently integrated into stock valuation.

Purpose Islam stresses on the practice of transparency and sufficient disclosure particularly when it concerns the ethical identity of Islamic institutions. This is to make sure that the activities conducted in business adhere to Shari’ah principles. The purpose of this paper is to examine the impact of Shari’ah-compliant status on the accuracy of initial public offering (IPO) earnings forecasts and to investigate the effect of the existence of Muslim directors on IPO companies’ board of directors on the accuracy of earnings forecasts. Design/methodology/approach This study makes use of absolute forecast error as a proxy for earnings forecast accuracy. As obtained from the list of Shari’ah-compliant securities established by the Shari’ah Advisory Council of the Malaysian Securities Commission, the study sample comprised 190 Shari’ah-compliant and non-compliant IPOs. The collected data were analyzed through univariate analysis and ordinary least squares regression. Findings The initial findings show that during the study period, the earnings forecasts of Malaysian IPOs are accurate to some level, although such level is still unsatisfactory. The findings also showed that Shari’ah-compliant status and Muslim directorship do not positively affect the accuracy of IPO earnings forecasts. Practical implications The findings of the study provide some implications for regulators, financial analysts, investors and users of financial statements, particularly those desirous of investing in Islamic capital market. Originality/value The present study provides a new and far-reaching contribution into the debate about the earnings forecasts disclosure in the context of Islamic ethical perspective. In addition, this study is considered as the first study to extend IPO literature by examining the impact of Shari’ah-compliant status and Muslim directorship on the accuracy of management earnings forecasts disclosed in the IPO prospectus.

The current study was conducted to explore the possible impact of soybean replacement with various levels of mealworm meal (MWM), Tenebrio molitor, on growth performance, carcass traits, meat quality, physiological status, and economic efficiency of broiler chickens. The study included 360 unsexed Cobb500™ commercial broiler chicks aged 1 day and weighing 46±1.5 g. Starting from the 22 nd to the 42 nd d of age, the chicks were randomly distributed according to the dietary inclusion levels of MWM into six treatment groups (6 replicate pens per group × 10 chicks per replicate, considering the equal ratio of males to females in each replicate). The first group of birds was fed a control finisher diet containing soybean-corn meal (0% MWM), while the remaining five groups of birds were provided with a finisher diet in which the soybean meal was partially replaced with 2%, 4%, 6%, 8%, and 10% MWM, respectively. Data were analyzed using the one-way analysis of variance (ANOVA) with a polynomial test to explore the linear and quadratic effects of increasing the MWM levels into the broiler diets. The results of this study showed a linear increase (p < 0.05) in the final body weight, body weight gain, carcass weight, dressing, and meat yellowness (b*) of broilers as the dietary MWM level increased. In addition, linear and quadratic increasing yields of liver, abdominal fats, and intestines were recorded with the increased levels of MWM. The carcass breast yield and the water retention capacity and the shear force of the broiler meat were linearly and quadratically (p < 0.05) increased, while the thawing and cooking loss of meat were decreased (p < 0.05) in response to the increase in the dietary MWM levels, up to 6%. Furthermore, some physiological aspects of the broilers, such as total protein, albumin, globulin, triiodothyronine hormone, triglycerides, and cholesterol profile concentrations in the serum were significantly (p < 0.05) improved by increasing the level of MWM into broiler diets up to 6%. In contrast, some traits of carcass composition and meat quality as well as physiological parameters deteriorated when adding higher levels of the MWM (8-10%) to the diets, compared to the control. Economically, there was a linear and quadratic (p < 0.05) decrease in the protein cost of the diet and a linear increase in birds' total revenue and profit margin in response to increasing MWM levels in the broiler diet. However, MWM linearly (p < 0.05) decreased the cost-benefit-ratio (CBR) and the return-on-investment outcomes (RoI) due to the restrictive production and the high prices of MWM in the global market. In conclusion, the dietary inclusion of MWM as a replacement of the soybean meal has a beneficial effect on the growth performance, carcass and meat characteristics, and physiological aspects of broiler chickens provided that it is used within the recommended levels, i.e., not exceeding 6% in the broiler diets. However, the economic feasibility of MWM inclusion into broiler diets remains at low CBR and RoI rates at the...

In the recent years, insect meals have been introduced as efficient and inexpensive sources of protein and energy in poultry nutrition. The current study was conducted to explore the possible impact of soybean-corn replacement with various levels of black soldier fly larvae Hermetia illucens (BSFL) meal on egg production, egg quality, physiological aspects and economic efficiency of laying hens. The study employed 270 commercial layers, 40-wk-old, that belonged to the W-36 Hy-Line chickens. The layers were randomly designated into five equal treatment groups (9 replicates × 6 hens per replicate for each treatment) according to the dietary inclusion levels of BSFL meal. The first group of birds were fed a basal diet of soybean-corn meals and served as a control (0% BSFL meal), while the remaining 4 groups were fed a basal diet in which the soybean-corn meals were partially replaced with 3%, 6%, 9%, and 12% BSFL meals, respectively. The experimental trial continued for 10 consecutive weeks from 40 to 50 wk of age. One-way analysis of variance (ANOVA) including a polynomial test was carried out to explore the linear and quadratic contrasts of increasing the BSFL levels on all the parameters. The results of this study showed a linear improvement (p < 0.05) in the egg production (by 3.38 percent points than control), egg weight (by 1.54 g than control), feed conversion (by 20% than control), and egg quality traits, such as Haugh unit, yolk color, shell strength, and shell thickness, with the increase in the BSFL inclusion levels into the layer diets. The BSFL treatment linearly (p < 0.05) augmented the concentration of total protein, triglycerides, cholesterol, and calcium in the plasma. Furthermore, a linear increasing effect (p < 0.05) on the T 3 and E 2 hormone concentrations and on the humoral and cellular immune response were obtained as the dietary BSFL level increased. Moreover, BSFL treatment linearly increased the profit margin, the cost benefit ratio and the return on investment per bird, recording the highest economic efficiency when employing 12% BSFL in the layer diets. Our results conclude that each 3% of the soybean meal in the laying hen's diet can be replaced by 1% of the BSFL meal to achieve favorable outcomes on the performance, the physiological mechanisms, and the economic profits of egg production.

Immunosuppression is a serious consequence of oxidative stress exposure that negatively affects the productivity and profitability of birds, as well as their well-being. Thus, the present investigation was designed to evaluate the potential of corn silk extract (CSE) supplementation to overcome the negative impacts of oxidative stress induced by corticosterone administration (CORT) in broiler chickens. A total of 280 one day old Cobb 500 male chicks were divided into four groups in 2 × 2 factorial arrangements. The experimental groups included CSE supplementation (0 or 500 mg/kg diet, from 20 to 35 days of age) and CORT administration (0 or 25 mg/kg diet, from 22 to 35 days of age) as independent factors. At the end of week five of age, production performance parameters were measured. The humoral and cell-mediated immune response parameters, redox status, and stress markers were determined. Data revealed deleterious effects of CORT administration on the broilers’ body weight, body weight gain, and feed conversion ratio. Moreover, an exponential increase in stress marker levels, in addition to immunosuppression and redox imbalance, were associated with CORT administration. However, CSE supplementation, with its high total phenols content, partially alleviated the negative impacts of CORT administration, as shown by a significant improvement in immune response parameters and antioxidant activity, as well as a reduction in stress marker levels. Furthermore, CSE supplementation to non-stressed birds even significantly improved total antioxidant activity, total white blood cells (TWBCs) count, T-lymphocyte stimulating index, and wattle thickness. It can be concluded that, under stress conditions in commercial broiler farms, dietary CSE supplementation can strongly be recommended to modulate the negative impacts of stress. Therefore, CSE can be used as an effective immunomodulator and antioxidant agent to increase commercial broiler farm productivity and profitability.

This paper aimed to provide a review of the literature concerning the effects of corporate governance and ownership structure on the devices of market microstructure. It provided a clear overview of empirical archival studies in literature regarding the way corporate governance and ownership structure mechanisms influence market liquidity, with focusing on the Saudi institutional setting. It aimed to pinpoint the differences and similarities in empirical outcomes of studies and determine the areas that call for further exploration. On the basis of the thorough review of literature and the theoretical basis, our study proposed a conceptual research framework. The framework is based on the premise that effective corporate governance can lead to enhanced disclosure quality, which in turn, lead to mitigating the information asymmetry and ultimately, enhanced market liquidity. Although theoretical studies argued the presence of the relationship between corporate governance, ownership and liquidity, we find that outcomes from empirical studies are still mixed. Majority of extant studies, with majority in the context of the U.S. firms, provide ambiguous results, making it challenging to reconcile the differences among them. Our paper provides important guidance for both new and experienced researchers, and it has implications for stock exchange authorities in terms of adopting effective regulatory policies and efficient trading systems to tackle information asymmetry.

This paper conducted an investigation into the effect of institutional factors namely, leverage, capital market assets, and firm size on the risk of profitability among Saudi insurance companies listed in the Saudi Stock market (Tadawul). The paper also determined if the institutional theory has a significant impact on the profitability risk of Saudi insurance firms. On the basis of the findings from the multiple regression analysis that was conducted on the data obtained, the study’s institutional factors namely, leverage, capital market assets, and firm size had a significant relationship with the return on assets of the Saudi insurance companies, which in turn, increased their profitability. In other words, the findings supported the contribution of leverage, capital market assets and firm size to the profitability of Saudi insurance companies and provided considerable directions as to developing a strategy of profitability among the companies.

This paper aimed to investigate the effect of corporate governance mechanism on the risk of IPO earnings forecasts errors. It focuses on the relationship between the board of directors characteristics and the risk of earnings forecasts errors. Required data was gathered from 190 Malaysian IPO prospectuses for the year 2002 to 2012, after which data was analyzed using ordinary least squares (OLS) regression. Based on the obtained findings, the earnings forecasts of Malaysian IPO reflected a pessimistic picture with unsatisfactory percentage of accuracy. In particular, the findings of multiple regression analysis of the relationships between the size, independence and CEO duality of the board of directors, and the risk of earnings forecasts errors were negative and insignificant. The study findings have several implications for relevant individuals, including regulators, investors, financial analysts and financial statements users.In the same line of argument, errors in earnings forecasts have a likelihood of mitigating the reported earnings quality, their value upon which investment decisions are made and the investor confidence on the financial reports. But management earnings forecasts that are controlled through monitoring systems generate more reliable and quality earnings forecasts. More specifically, as internal corporate governance mechanisms, board of directors are in a good position to take on an effective monitoring role of keeping the management interests consistent with those of shareholders, lessening the opportunistic behavior of the former and in effect, improving the quality of the IPO earnings forecasts.The present study has theoretical and practical contributions in the several ways. The first contribution relates to the increasing recognition of the management earnings forecasts relevance as evidenced by their inclusion in the IPO companies prospectuses -however, studies addressing them are still few and far between (Gounopoulos, ass.ccsenet.org Asian Social Science Vol. 15, No. 11 2019