Mongi Arfaoui

Purpose: The study investigates the connectedness between blockchain-digital assets, conventional assets, clean-dirty energy stocks. Design/methodology/approach: Quantile vector autoregressive (Q-VAR) modeling approach was employed, over the period spanning from November 9, 2017, to December 1, 2023. Findings: Results show that the connectedness is much higher under bullish and bearish market conditions compared to those observed during stable periods. This indicates that the connectedness is reinforced, and shocks spread more strongly during episodes of market turmoil. Dynamic analysis of connectedness shows that the degree of connectedness is time-varying and strengthened during the period of COVID-19 outbreak. The findings also reveal evidence of similarity between the assets considered. The outcomes are robust to various choices. Practical implications: Investors holding portfolios of blockchain-digital assets, conventional assets, and clean-dirty stocks should carefully monitor for changing market conditions, particularly during extreme market conditions. Originality/value: To the best of our knowledge, the interplay of those specific assets remains largely unaddressed, especially when focusing on avenues of digital assets because of eco-friendly or faith-based investors who stand up for sustainability. Also, our study may be of great interest since capital markets have already been significantly disrupted by the COVID-19 health crisis, the current geopolitical tensions, and the global uncertainty that impacted the risk-return tradeoffs and stability of capital markets.

Purpose: This paper aims to investigate the impact of financial inclusion on sustainability in Middle East and North Africa (MENA) countries. This study tests also for the moderating role of financial institution efficiency (FIE). Design/methodology/approach: The sample consists of 11 countries based on the availability of complete data for all variables over the period 2004–2022. This study uses real data from the IMF Financial Access Survey database to construct composite indices of financial inclusion (Sarma, 2015) and sustainable development goals (SDGs) index scores (Sachs et al., 2023). This study uses panel quantile regression modelling approach to set the different levels of impact of financial inclusion on sustainability. Findings: The results of this study show persistent impact of financial inclusion on sustainability at all quantile distribution of sustainability with pronounced effect at extreme quantiles. The results show N-shaped impact at normal sustainability conditions that will be inverted at extreme tails of SDG scores as well. The results remain consistent after incorporating the moderating role of FIE. The moderating role exists with pronounced negative outcomes at the median and high quantiles but weakens at extreme high quantiles. Research limitations/implications: This empirical study on financial inclusion and sustainability offers valuable insights but also has certain limitations that can be marked in future research agendas as well as should be considered by the above-mentioned relevant parties. Here are some key policy limitations: Context-specific findings: results from one region may suffer from country differences regarding financial literacy, financial development and policy agendas on the public side or the institutional side. Also, the diverse needs of various demographic groups may not be adequately addressed in generalized studies with panel data. The time frame of this study may be extended to increase the generalization power of the study and comparability with other contexts. Overreliance on metrics: This study, like other existing studies, emphasizes quantitative metrics (based on real data from the financial inclusion survey of the World Bank) without exploring qualitative aspects such as user experience on behalf of security of online transactions and internet streams at the country level and future trends, such as technological advancements and resistance from financial institutions (mentioned above as banking commitment) that could affect financial inclusion or commitment to sustainability goals. Acknowledging these limitations is crucial, as they offer valuable guidance and orientation for all subsequent research. Practical implications: Regarding policy implications, the results provide valuable insights to executives and financial regulatory authorities in making decisions related to financial inclusion and sustainability. It provides insights as well to academics either for their future research agenda or for their teaching activities that address financial literacy. It is decisive to curtail the adverse impacts of financial inclusion and management quality of banks to boost sustainability scores. Originality/value: This study offers a novel perspective by addressing gaps in existing literature. This study addresses the potential moderating role of FIE in accordance with the definition of World Bank 2018 that emphasizes the concept of affordable access. It bears in mind potential differences between countries and conducts U- and N-shaped relationships in panel quantile regression modelling approach. Unlike previous research that focused on simple associations and environmental aspects, this paper incorporates social and economic and environmental dimensions of sustainability. By extending the Environmental Kuznets Curve hypothesis to encompass all SDGs, this study highlights the interplay between management quality of banks, financial development stages and sustainability, thereby adding significant value to empirical literature.

Purpose: The main objective of this paper is to study the impact of electronic banking on customer satisfaction. Theoretical framework: This study is among the rare studies who tried to analyse the impact of electronic banking practices on the relationship between banks and their customers. All previous studies have analyzed the quality of banking services in general, although part of themfocused on the quality of banking services in different countries and the impact of this quality on improving the performance of banks, as well as identifying the level of services provided and the most important elements that customers rely on to judge the quality of these banking services Design/methodology/approach: On the basis of a survey covering 165 Iraqi Banks customers, we found that electronic banking consists one of the main determinants of customers satisfaction. Meanwhile, results have shown that for all electronic banking factors A five-point Likert scale was used to judge each item of the questionnaire,   Findings: The results were analyzed statistically, as the results of the statistical analysis of the data showed the existence of a significant relationship between electronic banking services and customer satisfaction, measured by all indicators affecting the quality of these tangible services, reliability, responsiveness, and safety. , empathy, and that there is a positive moral impact of electronic banking services on customer satisfaction. Research, Practical & Social implications: This research provides many implications and proposaql for Iraqi banks to improve their customer satisfaction and therefore their performance. In fact, the stdy shows that when using these services widely, they will lead to an increase in the custumers satisfaction. Also, the linear regression analysis showed a positive significant effect of the independent variable (electronic banking services) on the dependent variable customer satisfaction as measured by all indicators of previous quality. This supports the second hypothesis of the study. Originality/value: The value of the study consists of the use of qualitative data (Survey) to carry out regressions to identify the main leading factors of customers’ satisfaction.

This paper study the exposure of Dow Jones Islamic equity indices to global risk factors while considering both effects of speculative influence and fundamental changes. The study involves future markets according to Shari'a guidelines that ban speculative trading. Nonlinear ARDL modelling approach along with dynamic asymmetric causality tests is conducted to scrutinize long‐run and short‐run asymmetries and asymmetric causalities. The used data are crude refined oil future prices to stand for fundamental chocks in speculative trading and implied volatility index to stand for speculative pressure. Obtained results approve the presence of asymmetric cointegration between Islamic equity indices and oil‐VIX future prices. The Islamic indices are sensitive to oil‐VIX future chocks both in the long run and the short run. Asymmetric causality tests indicate the existence of asymmetric causality running from crude refined oil future prices which confirm the fundamental contagion effects but the causality from VIX to Islamic indices is not pronounced at all. Results support the absence of speculative influence on Islamic indices and prove that DJIM indices corroborate with Shari'a compliant rules. In sum, the paper confirms the asymmetric cointegration and then assumes that the asymmetry is present in Islamic equity indices inherent to changes in international futures prices. The paper shows the structure of exposure to global markets' expectations and provides faith‐based investors with insights about the attitude of Islamic indices towards the future. Our findings suggest useful highlights to policymakers, portfolio managers, faith‐based investors and scholars. We then could state that if long‐run relationship occurs it is naturally asymmetrical.

Purpose: The purpose of this paper is to investigate the global influence of crude and refined oil futures prices on Dow Jones Islamic equity indices (DJIMI) during the recent global financial crisis under structural breaks in the conditional volatility of oil futures prices.Design/methodology/approach: It aims at exploring the long-run and the short-run elasticity and causal relationships using an ARDL bound testing approach and a vector error correction model.Findings: The main findings confirm the presence of long-run relationship for DJIM emerging markets index compared to other global and sub-regional developed indexes. Speed of adjustment to the long-run equilibrium is moderate and the effect of structural breaks, produced from nonlinear volatility model with long memory (LM), is overall not pronounced for that relationship. Short-run causality is bi-directional but long-run Granger causality does not run from refined oil to the DJIMI and crude oil.Research limitations/implications: The paper demonstrates the implicit extent of international financial integration of Islamic stock markets in light of the global influence of oil prices.Practical implications: The findings offer some highlights to researchers, portfolio managers and policymakers.Originality/value: The paper gives an answer to an identified need to test the position of Islamic equity markets as booming Islamic investment and socially responsible investment areas to the global influence of the new soaring path of oil markets. It uses as well bounds testing approach and tests weak and strong causalities under structural breaks. It considers as well LM behavior in oil prices along with the asymmetry property in oil prices.

Purpose: The purpose of this paper is to investigate whether Islamic stock indexes outperform conventional stock indexes, in terms of informational efficiency and risk, during the recent financial instability period. Design/methodology/approach: The paper uses a state space model combined with a standard GARCH(1,1) specification while taking into account structural breakpoints. The authors allow for efficiency and volatility spillovers to be time-varying and consider break dates to locate periods of financial instability. Findings: Empirical results show that Islamic stock indexes are more volatile than their conventional counterparts and are not totally immune to the global financial crisis. As regards of the informational efficiency, the results show that the Islamic stock indexes are more efficient than the conventional stock indexes. Practical implications: Resulting evidence of this paper has several implications for international investors who wish to invest in Islamic and/or conventional stock markets. Policy makers and even academics and Sharias researchers should as well take preventive measures in order to ensure the stability of Islamic stock markets during turmoil periods. Overall, prudent risk management and precocious financial practices are relevant and crucial for both Islamic and conventional financial markets. Originality/value: The originality of this study is performed by the use of time-varying models for volatility spillovers and informational efficiency. It considers structural break dates that think about the dynamic effect of informational flows on stock markets. The study was developed in a global framework using international data. The global analysis allows avoiding country specific effects.

Purpose: The purpose of this paper is to examine, in a global perspective, the oil, gold, US dollar and stock prices interdependencies and to identify instantaneously direct and indirect linkages among them. Design/methodology/approach: A methodology based on simultaneous equations system was used to identify direct and indirect linkages for the period 1995-2015. The authors try initially to find theoretical answers to main question of the study by discussing causal bilateral relationships while focusing on multilateral interactions. Findings: The results show significant interactions between all markets. The authors found a negative relation between oil and stock prices but oil price is significantly and positively affected by gold and USD. Oil price is also affected by oil futures prices and by Chinese oil gross imports. Gold rate is concerned by changes in oil, USD and stock markets. The US dollar is negatively affected by stock market and significantly by oil and gold price. Indirect effects always exist which confirm the presence of global interdependencies and involve the financialization process of commodity markets. Originality/value: Motivation of this research paper is the substantial implications of price movements on real economy and financial markets. Understanding that co-movement has great value for investors, policy makers and portfolio managers. This paper differs from previous studies in several aspects. First, most of the research papers focus on bilateral linkages solely, while the authors’ investigation was implemented on all the four markets simultaneously. Second, the study was developed in a global framework using international data. The global analysis allows avoiding country specific effects.

This article investigates the interdependence of stock-forex markets in MENA (Middle East and North Africa) countries for the February 26, 1999 to June 30, 2014 period. The analysis has been performed through three competing models: the VAR-CCC-GARCH model of Bollerslev [1990]; the VAR-BEKK-GARCH model of Engle and Kroner [1995]; and the VAR-DCC-GARCH model of Engle [2002]. Our findings confirm that both markets are interdependent and corroborate the stock and flow oriented approaches. We also find that, comparing to optimal weights, hedge ratios are typically low, denoting that hedging efficiency is quite good. Our estimation of hedging efficiency suggests that incorporating foreign exchange in a full stock, unhedged portfolio increases the risk-adjusted return while reducing its variance. (We note here that the forex market is overweighted for both portfolio allocations and hedging strategies.) Moreover, this conclusion holds for all countries in all three models.