1.

In comparison with developed markets, emerging markets seem to be places where

making substantial trading profits is likely to increase, alongside with weak- and quite-
strong-form market inefficiency
2. Endogeneity is a frequent problem related to accounting research; it occurs because of
simultaneous outcomes, explanatory variables and omitted variables. To control this
problem, this paper used the two-step system generalized method of moments (GMM)
approach adopted by Arellano and Bover (1995) and Blundell and Bond (1998). This
should also alleviate any concerns with unobserved heterogeneity and omitted variable
bias. This study also Roodman’s (2009) “xtabond2” module in Stata to execute the two-
step system GMM.
Managerial ownership refers to the percentage of equity owned by insiders, where insiders are
defined as the officers and directors of a firm.
a. A brand personality is something to which the consumer can relate; an effective brand
increases its brand equity by having a consistent set of traits that a specific consumer
segment enjoys.
b. Halal brand is established based on Islamic guidelines which are comprehensive
including food, cosmetics, pharmaceuticals, logistics, clothing, banking and finance.
There are five dimensions of Halal brand personality that consists of three new
dimensions’ purity, safety and righteousness and two Aaker’s (1997) existing dimensions
which are excitement and sophistication.
c. Millennials are defined as those who were born between 1977 and late 1995.