Total quality management in small and medium enterprises Prospects and challenges

تعتبر المؤسسات الصغيرة والمتوسطة المحرك الأساسي لاقتصاد أي دولة بالنظر لمساهمتها الكبيرة في تحقيق النمو الاقتصادي وزيادة الناتج الوطني والتقليل من البطالة، لكن الأمر الذي أصبح يشكل هاجساً لأصحاب ومدراء هذه المؤسسات هو المنافسة الشديدة التي تواجهها هذه المؤسسات سواءً على المستوى المحلي أو العالمي والتي أصبحت تهدد بقاءها واستمرارها في نشاطها، لذا كان لزاماً عليهم تبني مفاهيم إدارية جديدة قادرة على زيادة القدرة التنافسية لهذه المؤسسات، والتي تأتي في مقدمتها إدارة الجودة الشاملة التي تعتبر المدخل لكل عمليات التحسين والتطوير بالمؤسسة. SME’s are considered the main engine of the economy of any country, given the large contribution to economic growth and increase national output and reduce unemployment, but which has become a concern for owners and managers of these institutions is intense competition faced by these institutions, whether at the local or global level that has become threaten its survival and it continues to operate, so it was incumbent on them to adopt new management concepts able to increase the competitiveness of these institutions, which come in the forefront of the overall quality, which is the entrance of each improvement operations and development management of the institution

Do Islamic indices provide diversification to bitcoin? A time-varying copulas and value at risk application

This is an accepted manuscript of an article published by Elsevier in Pacific-Basin Finance Journal on 08/04/2020, available online: https://doi.org/10.1016/j.pacfin.2020.101326 The accepted version of the publication may differ from the final published version.© 2020 The emergence of new asset classes offers avenues to international investment community however understanding relationship between any two assets in a single portfolio is important. We investigate the risk dependence between daily Bitcoin and major Islamic equity markets spanning over from July 2010 to March 2018. We start by examining long memory properties of Bitcoin and sampled Islamic indices and report significant results. The residuals from fractionally integrated models are then used in bivariate time invariant and time varying copulas to investigate dependence structure. Among all Islamic indices, DJIUK, DJIJP and DJICA exhibit time varying dependence with Bitcoin. In addition, we apply VaR, CoVaR and ΔCoVaR as risk measure to examine spillover between Bitcoin and Islamic equity markets. VaR of Bitcoin exceeds from VaR of Islamic indices and CoVaR of both Islamic and Bitcoin exceeds their respective VaR, suggesting presence of risk spillover between each other. Our results also report asymmetry between downside and upside ΔCoVaR suggesting implications for investors with different risk preferences. Finally, the diversification benefits indicate that Islamic equity market serves as an effective hedge in a portfolio along with Bitcoin.Accepted versio