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Purpose The purpose of this paper is to examine the moderating effect of religiosity on the relationship between awareness and purchase decision of halal foods. Design/methodology/approach Using a convenience sampling procedure, 200 questionnaires were distributed to various local higher education institutions with a 64% response rate. A moderated regression analysis is used to test the relationship between awareness and purchase decision, with religiosity as the moderating variable. Findings As expected, the authors find that among the sample, the level of awareness toward halal foods is high, and that the effect of awareness on purchase decision is positive and significant. Importantly, they find that religiosity acts as a moderating variable on the relationship between awareness and purchase decision. Research limitations/implications First, the sample was taken from higher institutions only and respondents were selected using convenience sampling. Hence, it may not be fully representative of the Brunei Muslim population. Second, there may also be omitted variables not considered in the study. Third, the survey instrument and conceptualization of religiosity are both issues that may require further investigation in the literature. Practical implications The results indicate that awareness is an important antecedent of Muslim students’ intention to purchase halal foods. Marketers should design their campaigns focusing on creating awareness regarding their compliance with halal products. Moreover, food manufacturers and sellers should use the reliable halal certification and logo as a way to inform their consumers that their products are truly halal. Originality/value This study adds to the current limited knowledge of halal foods research. In particular, the authors investigate the moderating effect of religiosity on the relationship between awareness and purchase decision of halal foods.

The spotlight of this study is to examine whether environmental, social, and governance performance affects the financial performance of microfinance institutions (MFIs). The topic has been of much interest to researchers and policymakers due to increased awareness among stakeholders on the adverse social and environmental impacts of business actions. Using a dataset covering 5 years for 62 MFIs across 34 countries, we find that environmental and governance performance has no impact on the financial performance of MFIs. As for the social–financial performance nexus, our results reveal a positive relationship using the depth of outreach as proxy of social performance. However, when women empowerment is used as a proxy for social performance, evidence suggest presence of negative relationship. The study contributes to the literature by providing new evidence on the relationship between environmental, social, and governance and financial performance from microfinance industry. Our results are robust to a variety of econometric specifications and have significant policy implications for donors, investors, MFIs, and regulators.

Purpose This study aims to examine the nexus between CAMELS, risk-sharing financial performance and Islamic banks' stability. It also attempts to assess the conditioning effects of institutional quality in the relationship between risk-sharing contracts and the stability of Islamic banks. Design/methodology/approach The quantitative research design was employed using secondary data from 20 Islamic banks in six countries over the period 2007–2019. The study utilized the feasible generalized least squares method for the analysis. Findings The results indicate that not all CAMELS variables support the stability of Islamic banks. The musharakah contract induced stability of the banks, whereas mudarabah financing reduced it. The interaction between risk-sharing finance and the quality of institutions suggested that the mudarabah contract via institutional quality raises the stability of Islamic banks. On the other hand, the quality of institutions encourages the banks to offer more musharakah, but it leads to an increase in their risk-taking. We show the impact of changes in risk-sharing variables on stability amplified by institutional quality. The results were robust when alternative measures of stability were used. Practical implications Various stakeholders in banking activities could learn from the results of this study. Islamic banks could improve their positions in terms of screening for risk-sharing financing. They could also leverage more on musharakah, as it promotes stability and could generate more returns for the banks. The mudarabah financing can be improved if there is a proper evaluation of entrepreneurs. Policymakers would learn more about the importance of institutional quality, as it provides a friendly environment for both mudarabah and musharakah businesses to thrive. This could increase the participation of Islamic banks in the real economy. Originality/value Previous studies concentrated on the effects of CAMELS on the profitability of Islamic banks. This study shows that CAMELS alone might not necessarily capture the financial performance of Islamic banks. Therefore, the risk-sharing financing variables are included alongside CAMELS to determine their effects on stability. Second, unlike the past research, this study used the quality of institutions to moderate the nexus between risk-sharing financing and the stability of Islamic banks.

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