The Impact of Investors’ Perception of Risk on Portfolio Management: Evidence from the Kingdom of Bahrain

The Study of risk perception and its impact on investors’ behavior is well established in the literature of behavioral finance. Plentiful studies have been conducted to explore, investigate and measure this link. However, very few of them attempt to find this link in the context of portfolio management. Therefore, the purpose of this study is to test empirically the impact of investors’ perception of risk on portfolio management in the Kingdom of Bahrain. This study draws on 151 questionnaire surveys of investors in Bahrain. Participants were asked to assess one randomly selected portfolio type (from P (A) to P (F)) on a questionnaire consisting of 33 determents of the risk perception which were selected from the surveys of previous studies. Subsequently, a model of determinants of perceived risk and portfolio management was developed and tested. Furthermore, the data were analyzed using linear stepwise regression and factor analysis with varimax rotation. Suitability of the data was checked by calculating the Kaiser-Meyer-Olkin (KMO) value and analyzing the anti-image-covariance-matrix. The results reveal that perceived portfolio risk is not only affected by quantitative aspects of potential losses and gains but also qualitative manifestations evidence to be pertinent. Worry & anxiety, liquidity; and the level of confidence in the economy and/or the stock market load high on the factor representing the perceived risk by investors which is associated with portfolio management in the Kingdom of Bahrain. KEY WORDS: Portfolio   Management-   Risk   Perception-   Behavioral   Finance-   Investment Decisions- Kingdom of Bahrain

An Empirical Analysis of the Relationship between New Investors and the Telecommunications Stocks 'Bubble Post the Egyptian Revolution

The Egyptian Exchange (EGX) declined 6.25% following the beginning of the Egyptian Revolution of 2011 on the 25th January. The EGX was closed after the revolution for a period of 55 days, till it was reopened on Wednesday 23rd March and the market fell by a further 8.9% on reopening. Subsequently, all the market indices soared during the period from the 23rd of March till the end of May 2011. Therefore, this study shares with some existing works the objective of getting a better understanding of investor behavior during financial bubbles and aims to analyze empirically the relationship between new investors (NI) and the telecommunications stocks’ bubble that occurs after the Egyptian revolution.  A similar methodology is employed as that used in previous studies in particular, the study of Gong, Pan and Shi (2015). The empirical findings of this research effort reveal that (1) the new investors initiated the telecommunications stocks’ bubble; (2) the continuous entrance of new investors in the EGX sustained this bubble; and (3) the slow decline of the average price of telecommunications stocks over time is due to the new investors. Compared with other factors, the continuous stream of new investors was the most robust driving force of the bubble over the whole trading period. Key Words: Telecommunications Stocks- Financial Bubble- New Investors (NI)-Behavioral Finance- Egyptian Exchange (EGX) -Egyptian Revolution- EGX 30 Index- Black-Scholes value- Volatility- Market Retur

Addressing the Deficit: An Analysis of Boardroom Diversity Gaps and Progress toward Global Governance Standards in Bahrain

this study aims to identify and describe the level of board diversity in Bahraini firms listed on Bahrain Bourse, also known as the Bahrain Stock Exchange (BSE), and estimate the disparity between the employed diversity in Bahrain compared to international standards. The research seeks to answer two key questions: (1) what is the description of board diversity in Bahraini firms listed on BSE? (2) What is the gap in board diversity levels between Bahraini firms listed on Bahrain Stock Exchange (BSE) and international practices? Hence, content analysis was employed to collect the required data from the annual reports of 114 publicly listed service firms between 2018 and 2022. Through data analysis, the study assessed the representation of diverse directors on the boards of Bahraini firms, focusing on gender diversity. The analysis revealed that Bahraini boards continue to be predominantly composed of male directors. Female directors accounted for only 5 percent of the total directors, with an average of 0.35 female directors per board. Based on the findings, the study recommends a review and revision of laws and regulations pertinent to the board of directors, including corporate law and the corporate governance code in Bahrain. These revisions are necessary to promote and ensure greater board diversification within Bahraini firms. The study goes beyond mere description and estimation by addressing the practical implications of the findings. By recommending a review and revision of laws and regulations related to the board of directors, including corporate law and the corporate governance code, the study offers actionable suggestions to promote greater board diversification in Bahrain

Formulating the Cyber Security Culture in Organizations: Proposing and Arguing Insights

Purpose: This research aims to enhance practical organizational practices and academic research literature by critically investigating the latest findings in cybersecurity culture research through a systematic review of relevant literature and research.   Theoretical Framework:This work seeks to summarize key research developments in a research area that remains challenging for companies as they seek to build strong security cultures to protect their information (Tripwire, 2020). And reviewing the legal regulations that must be trained to protect institutions from cyber threats in the Kingdom of Bahrain and Saudi Arabia.   Design/Methodology/Approach: The methodology of this study implements a systematic literature review to assess the main components of cybersecurity culture and what good practice can help to build it professionally.    Findings: The main results find that current literature must move from a technical approach to information security to a socio-cultural one. Also, this study predicts that cybercrime will increase dramatically and cost the world trillions annually.    Research Practical and Social Implications: this study attempts to define human resource management's role in cybersecurity awareness training and therfore the managers can deveplo the necessary rules to secure the organizational information.   Originality/Value: The study is within the first studies  to  be  conducted  in  GCC countries.  Moreover, the  to build a cyber security culture is unique topic add on to the academic knowledge. Also, can motivate the future studies to focus on efficiently organizing security procedures and enhancing security readiness appraisal consequences by providing more perceptions of imminent threats and security hazards.

Cultural Intelligence and Diversity in Higher Education: A Case Study from Bahrain

Universities and different higher education instructions in Bahrain are multicultural in nature. In this context, cultural intelligence (CQ) is a tool that can increase an individual’s ability to interact with people outside their culture. This study aims to provide a shred of empirical evidence on the value of using a coherent organizational framework of Cultural Intelligence to pursue tasks effectively in diverse contexts. Hence, a qualitative research design was used to achieve the research objectives. The study employs in-depth Interviews with 72 participants from different higher education instructions in Bahrain Company to collect the required data for this research effort. The open-ended qualitative questions have enabled participants to provide supplementary evidence around cultural intelligence and were valid for interpretation. This study provides an understanding of how individuals perform in multicultural environments, which can be helpful to managers in formulating new motivational strategies to enhance employee performance in higher education. The results show significant characteristics that predict employees ability to function effectively in a multicultural work environment. These findings have implications for different higher education instructions in Bahrain and other companies looking for survival and growth in the global marketplace. Given the research findings, senior leaders of additional higher education instructions in Bahrain should prioritize CQ, define and develop its goals, and value employees with high CQ to improve organizational performance in international assignments

The dynamics of crowdfunding campaigns in the Middle East: Does social capital matter?

Svrha ove studije je analizirati dinamiku crowdfunding kampanja na Bliskom istoku i postaviti pitanje “je li društveni kapital važan” u tom pogledu? Studija koristi platformu Zoomaal.com kao studiju slučaja za 2019. i 2020. Potrebni podaci prikupljeni su sa Zoomaal.com i provedeni su polu-strukturirani intervjui on-line s ključnim osobama u kontroli kako bi se dalje istražila praksa crowdfundinga u odabranim zemljama Bliskog istoka (tj. u Turskoj, Egiptu, Omanu, Saudijskoj Arabiji, Bahreinu, Kuvajtu i UAE-u). OLS robusna standardna regresija pogreške i tehnike logističke regresije korištene su za testiranje modela studije. Nalazi otkrivaju da je društveni kapital u zemljama Bliskog istoka vrlo koherentan i da je i strukturna dimenzija (DS) mjerena interakcijom poduzetnika s društvenim mrežama (kao što su Facebook i Instagram) i kognitivna dimenzija (DC) mjerena brojem riječi koje su sastavili poduzetnici na platformi Zoomaal. com imaju značajan pozitivan utjecaj na uspjeh crowdfunding kampanje. Štoviše, potvrđujemo naše rezultate za Zoomaal.com i zaključujemo koji su glavni čimbenici koji utječu na uspjeh ili neuspjeh crowdfunding kampanje na Bliskom istoku.The purpose of this study is to analyze the dynamics of crowdfunding campaigns in the Middle East and raise the question of “does social capital matter” in this respect? The study uses the Zoomaal.com platform as a case study for 2019 and 2020. Required data was collected from Zoomaal.com and conducted online semistructured interviews with key people in control to further explore the crowdfunding practice in the selected Middle Eastern countries (i.e., Turkey, Egypt, Oman, Saudi Arabia, Bahrain, Kuwait, and UAE). The OLS robust standard error regression and logistic regression techniques were both utilized to test the study model. The findings reveal that social capital in the Middle East countries is very coherent and both structural dimension (DS) as measured by entrepreneurs’ interaction with the social media (such as Facebook and Instagram) and cognitive dimension (DC) as measured by the number of words that are composed by entrepreneurs in the Zoomaal.com platform has significant positive impacts on the crowdfunding campaign success. Moreover, we confirm our results to Zoomaal.com and conclude the main factors that influence the success or failure of a crowdfunding campaign in the Middle East

Investors’ herd behavior related to the pandemic-risk reflected on the GCC stock markets

Svrha ove studije je ispitati uzročno-posljedičnu povezanost između očekivanja u svezi pandemijskog rizika i masovne reakcije ponašanja prema zakonu stada. Studija je provedena u dvije faze. Prvo, smatralo se potrebnim dobiti široki pregled učinka rizika od pandemije COVID-19 na masovnu reakciju investitora u ponašanju po zakonu stada u zemljama arapskog zaljeva. To je postignuto analizom sekundarnih podataka (povijesne dnevne cijene na tržištu pet zemalja arapskog zaljeva). Analizirajući sekundarne podatke, studija slijedi Christie i Huang (1995) i koristi presijek standardne devijacije (CSSD) prinosa kako bi otkrila fenomen “stada” u ponašanju ulagača. Drugo, u pokušaju da se dobije preciznije razumijevanje utjecaja rizika povezanog s pandemijom, distribuirano je anketno istraživanje koje je prikupljeno od 318 ulagača s tržišta dionica zemalja arapskog zaljeva. Konfirmativna faktorska analiza (CFA) koristi se također kao primarna analiza između dvije varijable: tj. očekivanja od pandemijskog rizika i ponašanje stada. Rezultati potvrđuju da očekivanja od pandemijskog rizika imaju značajan pozitivan utjecaj na ponašanje stada na tržištima dionica zemalja arapskog zaljeva tijekom krize s koronavirusom u prvom tromjesečju 2020. Napokon, rezultati ove studije robusni su nizu specifikacija modela.The purpose of this study is to examine the causal association between expectations of pandemic risk and herding behavior. The study was undertaken in two stages. First, it was felt necessary to obtain a broad overview of the effect of the pandemic related risk of COVID-19 on investors’ herding in the GCC. This was achieved by analyzing secondary data (i.e. daily historic prices on five GCC country market indices). In analyzing the secondary data, the study follows Christie and Huang (1995) and employs the cross-sectional standard deviation (CSSD) of returns to detect investors’ herding behavior. Second, in an attempt to obtain a more precise understanding of the impact of pandemic related risk, a questionnaire survey was distributed and collected from 318 investors from the GCC stock markets. A confirmatory factor analysis (CFA) was also used as the primary analysis between the two variables: i.e. expectations of pandemic risk and herding behavior. The findings reveal that expectations of pandemic risk have a significant positive impact on the herding behavior in the GCC stock markets during the coronavirus crisis in the first quarter of 2020. Finally, the results of this study are robust to a range of model specifications

Elective cancer surgery in COVID-19-free surgical pathways during the SARS-CoV-2 pandemic: An international, multicenter, comparative cohort study

PURPOSE As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19–free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19–free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19–free surgical pathways. Patients who underwent surgery within COVID-19–free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19–free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score–matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19–free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION Within available resources, dedicated COVID-19–free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks

Elective Cancer Surgery in COVID-19-Free Surgical Pathways During the SARS-CoV-2 Pandemic: An International, Multicenter, Comparative Cohort Study.

PURPOSE: As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19-free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS: This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19-free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS: Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19-free surgical pathways. Patients who underwent surgery within COVID-19-free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19-free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score-matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19-free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION: Within available resources, dedicated COVID-19-free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks

An examination into the impact of the Egyptian privatisation programme : with special reference to financial and operating performance

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