Research on Islamic Business Concepts: Proceedings of the 13th Global Islamic Marketing Conference, October 2022 (Springer Proceedings in Business and Economics) 9819951178, 9789819951178

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Springer Proceedings in Business and Economics

Veland Ramadani · Baker Alserhan · Léo-Paul Dana · Jusuf Zeqiri · Hasan Terzi · Mehmet Bayirli   Editors

Research on Islamic Business Concepts Proceedings of the 13th Global Islamic Marketing Conference, October 2022

Springer Proceedings in Business and Economics

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Veland Ramadani · Baker Alserhan · Léo-Paul Dana · Jusuf Zeqiri · Hasan Terzi · Mehmet Bayirli Editors

Research on Islamic Business Concepts Proceedings of the 13th Global Islamic Marketing Conference, October 2022

Editors Veland Ramadani South East European University Tetovo, North Macedonia Léo-Paul Dana ICD Business School Paris, France Lappeenranta University of Technology Paris, France Hasan Terzi Karabük University Karabük, Türkiye

Baker Alserhan King Talal School of Business Technology Princess Sumaya University for Technology Amman, Jordan Jusuf Zeqiri South East European University Tetovo, North Macedonia Mehmet Bayirli Alanya Alaaddin Keykubat University Antalya, Türkiye

ISSN 2198-7246 ISSN 2198-7254 (electronic) Springer Proceedings in Business and Economics ISBN 978-981-99-5117-8 ISBN 978-981-99-5118-5 (eBook) https://doi.org/10.1007/978-981-99-5118-5 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore Paper in this product is recyclable.

Preface

This is an annual book series based on the proceedings of the Global Islamic Marketing Conference, organized by The International Islamic Marketing Association (IIMA). The International Islamic Marketing Association (IIMA) has been established to liberate people from the tyranny of the marketplace and to create more humane world markets. It aims to achieve this through teaching and promoting the theory and practice of Islamic marketing to consumers, suppliers, and other stakeholders. This material is based on the 13th Global Islamic Marketing Conference papers. These papers are reviewed by editors and reviewers of the conference. Again, after receiving final (conference) versions they have undergone a review process from all book’s editors and other reviewers. To the editors from Springer, Prashanth Mahagaonkar and Nupoor Singh, and their splendid team, we are grateful for their thoughtful suggestions, support, and encouragement that were offered and well received. Finally, to our families, friends, and colleagues, we must express our affectionate thanks. They stood by us since the very first beginning when the idea of this book was launched. Their support and motivation are always irreplaceable and necessary for each of us. We dedicate our gratitude, appreciation, and love to them. Tetovo, North Macedonia Amman, Jordan Paris, France Tetovo, North Macedonia Karabük, Türkiye Antalya, Türkiye

Veland Ramadani Baker Alserhan Léo-Paul Dana Jusuf Zeqiri Hasan Terzi Mehmet Bayirli

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Contents

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Halal Healthcare Tourism in India: The Road Ahead . . . . . . . . . . . . . Asad Rehman

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Impulsivity and Entrepreneurial Fear of Failure in a Muslim Society: Some Insights from Startups During Crises in an Emerging Market Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Donard Games and Dessy Kurnia Sari

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Self-regulating Behavior in Social Media Use Among Malaysian Muslim Consumers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Siti Haslina Md Harizan Bridging Maqasid Al-Shariah, Maslow’s Hierarchy of Needs Theory to Flexible Working Arrangements (FWAs), Quality of Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sharifah Rahama Amirul and Sharija Che Shaari

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Determining Factors Affecting Muslim Customer Purchase Intention to Shop Skincare Online: A Study in Indonesia . . . . . . . . . Vanesa Hana Budiarani and Sahid Susilo Nugroho

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Perceptions of Halal: Students Reflections from a Field Trip to a Trade Show . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ghazala Khan

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Integrated Effects of Marketing Stimuli on Customer Loyalty in Palestine Grocery Supply-Chain: Does Satisfaction Perform Mediating Role? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ahasanul Haque, Arun Kumar Tarofder, Mohammad Shamsuddoha, Md. Nuruzzaman, Mohammad Moshiur Rahman, Majed M. M. Abusharar, and Cansu Tor-Kadıoglu

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Is Customer Perceived Value Impact on Bank Products Loyalty in Bangladesh? Investigate the Intervening Role of Satisfaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 Zohurul Anis, Ahasanul Haque, Nur Fariza Bt Mustofa, and Md. Asadul Islam

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Impact of Internal Marketing on Organizational Performance: The Moderating Role of Employee Commitment . . . . . . . . . . . . . . . . . 143 Mohammad M. Taamneh, Bilal Eneizan, Abdallah Taamneh, Odai Enaizan, and Fathi Alshare

10 Corporate Entrepreneurship and Organizational Success: Strategic Flexibility as a Mediator in the Jordanian Pharmaceutical Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 Belal Said and Alaeddin Ahmad 11 Organizational Justice, Employee Empowerment, and Innovative Behavior in the Post-COVID Era: Evidence from SMEs in a Majority-Muslim Country . . . . . . . . . . . . . . . . . . . . . . 187 Youssef Chetioui, Yassine Errachid, and Hind Lebdaoui 12 Mapping and Visualization of Bitcoin Future Trends . . . . . . . . . . . . . 205 Khawla Kassed Abdo 13 Understanding Attitude Towards Entrepreneurial Intention Among Asnaf Gen Z in Sabah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 Siti Nor Bayaah Ahmad and Ikmal Malik 14 Marketing Strategy and Customer Lifetime Value in Our Current Time of Uncertainty and Distress—A Dynamic Industry Equilibrium Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 Gerasimos Lianos, Igor Sloev, and Roudaina Houjeir 15 Educational and Working Status of Unorganized Sector Laborers with Special Reference to Women . . . . . . . . . . . . . . . . . . . . . . 261 M. Thenkovan, Kolachina Srinivas, Laura Nivin-Vargas, Rosario Huerta-Soto, Juan Vilchez-Carcamo, and Juan Villanueva-Calderón 16 Towards Healthy and Immunity World: Awareness and Consumption of Millets and Millet-Based Products . . . . . . . . . . . 271 Deepthi Shirahatti, C. Nagadeepa, Sumit Kumar Singh, and Bala Koteswari 17 Ta’awun and Human Resource Practices as SMEs’ Marketing Agility Enablers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 Sulhaini, Baiq Handayani Rinuastuti, and Siti Nurmayanti

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18 Hedonistic Personality Factors in Cosmetics Advertising: An Empirical Research Study on Youth in Bengaluru City . . . . . . . . 301 Syed Kazim, Ajai Abraham Thomas, M. H. Sharieff, Kotigari Reddi Swaroop, and Ravi Shankar Bhakat 19 A Study to Assess the Impact of Demographic Factors on Narcissist, Hedonistic, and Sadistic Personality Disorder on Youth Watching Cosmetics Advertisements . . . . . . . . . . . . . . . . . . . 315 Syed Kazim, K. P. Jaheer Mukthar, Antonio Huaman-Osorio, Cilenny Cayotopa-Ylatoma, and Sandra Mory-Guarnizo 20 Islamic Value and Organizational Ethics: A Systematic Literature Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 Meryem El Alaoui Amine and Laila Ouhna 21 Fibonacci Trading Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347 Nabila A. Azzam and Roque A. Batulan 22 An Empathetic Elucidating on Females Merchandising Behavioral Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 K. Jagannathan, R. Madhusudhanan, K. Opika, and G. Sridevi 23 East, West and the New World Order: Point of View . . . . . . . . . . . . . . 371 Mohamed Abdul-Sattar Jaradat

About the Editors

Veland Ramadani is a Professor of Entrepreneurship and Family Business at the Faculty of Business and Economics, South-East European University, North Macedonia. His research interests include entrepreneurship, small business management and family businesses. He authored or co-authored more than hundred twenty research articles, eighty book chapters, twelve textbooks and twenty-five edited books. He has published in Journal of Business Research, Technological Forecasting and Social Change, Review of Managerial Science, Technology in Society, International Journal of Entrepreneurial Behavior & Research, among others. He has received the Award for Excellence 2016—Outstanding Paper by Emerald Group Publishing. In 2017, he was appointed as a member of the Supervisory Board of Development Bank of North Macedonia, where for ten months served as an acting Chief Operating Officer (COO) as well. He was ranked, three times in a row, among World’s Top 2% of the most influential researchers prepared by Elsevier & Stanford University, USA. Baker Alserhan is Professor in Business Administration at Princess Sumaya University for Technology in Amman, Jordan. Dr. Alserhan is the founder of the discipline of Islamic Marketing and authored the seminal book in this discipline: ‘The Principles of Islamic Marketing’. He is also President of the International Islamic Marketing Association (IIMA) and Chair of the Annual Global Islamic Marketing Conference (GIMAC) and the Annual Halal Pharma Forum. He is founder of two academic journals—Journal of Islamic Marketing and Journal of Islamic Marketing and Branding—and three in Arabic on the same topic. Dr. Alserhan is a prolific, published researcher of peer-reviewed scientific papers, public speaker, and consultant with research interests in Islamic marketing and branding, Islamic hospitality, Islamic lifestyles, and Islamic business studies. Léo-Paul Dana is Professor at Dalhousie University, and also at ICD Business School Paris. A graduate of McGill University and HEC-Montreal, he has served as Marie Curie Fellow at Princeton University and Visiting Professor at INSEAD. He has published extensively in a variety of journals including Entrepreneurship: Theory & xi

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About the Editors

Practice, International Business Review, International Small Business Journal, Journal of Business Research, Journal of Small Business Management, Journal of World Business, Small Business Economics, and Technological Forecasting & Social Change. Jusuf Zeqiri is Associate Professor of Marketing and International Business at the Southeast European University, North Macedonia. He has more than 20 years of teaching experience at various institutions. He has been teaching for 18 years at undergraduate and graduate levels at South-East European University and has held lectures as a visiting professor at many domestic and international educational institutions in Southeast Europe. He has supervised several master’s and doctoral theses. His research interest includes marketing and international business. He has published many research papers in peer-reviewed scientific journals and is a reviewer for many international journals. Dr. Zeqiri is on the editorial board of the Business System Research Journal and is an associate editor for the International Journal of Islamic Marketing and Branding. Hasan Terzi is Assistant Professor in Marketing at Karabuk University in Turkey. He has been at Qatar University in 2015–2016 for one year as a researcher under a fellowship program granted by TÜB˙ITAK (The Scientific and Technological Research Council of Turkey). His studies address postmodernism, consumer culture, and sociocultural dimensions of consumption, especially the role of religion on consumer behaviour. Mehmet Bayirli is Assistant Professor in International Trade and Business Department at Alanya Alaaddin Keykubat University in Turkey. He received his master’s degree in international trade and business at Göteborg University, and he obtained his Ph.D. in Tourism Management at Akdeniz University. His research areas are international marketing, export marketing, brand valuation, and Islamic marketing.

Chapter 1

Halal Healthcare Tourism in India: The Road Ahead Asad Rehman

1.1 Introduction This part deals with the conceptual foundations of healthcare tourism. It looks into the details regarding the growth of healthcare tourism in the world. It also discusses the progress of medical tourism in India. Health care has become one of India’s largest sectors, both in terms of income and employment. Health care comprises hospitals, medical devices, clinical tests, subcontracting, telemedicine, medical tourism, health insurance, and medical equipment. The Indian healthcare sector is accelerating due to its coverage consolidation, services, and increasing spending by public as well private players. The government of India looks at medical tourism as a chance not to be wasted and therefore, it has taken suitable policy measures to give every possible support to encourage medical tourism in India. Halal healthcare tourism is a sub-segment of medical tourism. Almost 75% of the medical tourists in India are from Muslim-majority countries like Bangladesh, Afghanistan, Tanzania, etc. (www.halalindia.org). There is a big market potential which needs to be taken advantage of with appropriate business strategies. Indian healthcare infrastructure is one of the best in Asia, which offers world-class healthcare services at almost 10% of the cost as compared to the cost of similar treatments in the developed countries (The Chicago Tribune 2008; Aljazeera 2006). Based on the available literature and an opinion survey of experts, it appears that India is already doing well in the field of halal health care. Many private sector hospitals have obtained halal certification from appropriate agencies and many applications for the halal certification are under process. However, the future is full of many challenges which need to be tactfully dealt with.

A. Rehman (B) Faculty of Management Studies & Research, Aligarh Muslim University, Aligarh, India e-mail: [email protected]; [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 V. Ramadani et al. (eds.), Research on Islamic Business Concepts, Springer Proceedings in Business and Economics, https://doi.org/10.1007/978-981-99-5118-5_1

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1.2 Medical Tourism Medical tourism has made a relatively fresh entry into the tourism market and has shown a promise of rapid growth in the recent years. The term medical tourism is the act of traveling to other countries in order to avail better healthcare services. In the words of Goodrich and Goodrich (1987), a country promotes its medical tourism in order to deliberately attract tourists by promoting its healthcare services and facilities, in addition to its regular tourism features. According to Laws (1996), medical tourism is a traveling from home country to other places to improve one’s health as a form of relaxation. Connell (2006) calls medical tourism a common activity where people travel to foreign countries to avail better healthcare services and also get the chance to visit the tourist places of that country. Carrera and Bridges (2006) have defined medical tourism as a planned travel to maintain and improve one’s physical and mental health. According to Monica (2007), medical tourism happens when international patients in need of specialized treatment travel out of the country for cost-effective health care in collaboration with the tourism industry. Bookman and Bookman (2007) have defined medical tourism as a journey undertaken in order to regain one’s health, and also a commercial activity involving two services sectors: medicine and tourism. Even though there is no consensus regarding the definition of medical tourism, it is principally agreed upon as taking place when people travel from their home country to a foreign country to seek paid medical care (Altes 2005; Whittaker 2008) including the stay in that country for some time even after getting discharged from the healthcare center (Whittaker 2008). Cohen (2008) is of the opinion that medical tourism occurs when both tourism and medical treatment take place at the same time. During their recuperation stage, the patients may recover at some tourist options available. Typically, medical tourism used to occur when rich patients from the less developed countries used to travel to the updated medical centers in the developed countries (Chanda 2002; Wachter 2006; Alleman et al. 2010). However, a reverse trend is observed when travelers are moving from higher-income developed countries to low-cost developing countries for the purpose of medical treatment (Chanda 2002; Alleman et al. 2010; Vijaya 2010; Hall 2011; Ormond 2011), attached with possible visits to tourist places (Hall 2011). According to Harrick (2007), a majority of medical tourists come from economically advanced countries of the world especially the European nations, the UK, the Middle East, Japan, the USA, and Canada where medical treatment is prohibitively expensive and most often there are long waiting periods for treatments. Apart from India, other countries actively promoting medical tourism include Thailand, Malaysia, Singapore, South Korea, Bolivia, Brazil, Belgium, Cuba, Costa Rica, Hungary, and Jordan. The increasing acceptance of medical tourism in India can be attributed to several factors: (a) the lengthy waiting periods for treatment in developed countries, (b) the comparatively affordable cost of medical treatments in India, (c) reasonable international airfares and favorable currency exchange rates, (d) easy

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access to information, prices, and healthcare options through internet-based communication, and (e) the presence of state-of-the-art technology, international certifications, expert doctors, nurses, and para-medical staff in major hospitals and diagnostic centers in India. Additionally, India’s world-class medical education contributes to the demand for superior healthcare services throughout the country (Suthin et al. 2007).

1.3 Halal Form of Medical Tourism Halal healthcare market is a sub-segment in the medical tourism market, in which precise marketing strategies are required to target Muslim patients (Alserhan 2010; Medhekar and Haq 2010; Haq and Wong 2010). The practicing Muslim consumers despite hailing from diverse backgrounds and from different countries, given an option, would honestly prefer halal healthcare services to manage their health in another country (Medhekar and Haq 2015). The Islamic idea of modesty may cause Muslim patients to put up a demand for same-gender healthcare service providers (Padela and Del Pozo 2011). This is a challenge before the healthcare systems, and if not addressed appropriately, it may influence the health care-seeking patterns of the Muslim patients in one way or the other (Padela and Zaidi 2018). It is a common observation that Muslim women cover their head and body according to the Islamic traditions and customs of their home country. To show respect, healthcare workers should first take permission from any woman and Muslim woman, in particular, to uncover parts of her body for medical reasons like giving an injection, doing an ultrasound investigation, etc. This is a commonly done in the Arab countries as well as in relatively traditional countries like India, Pakistan, etc. Another practical thing to do is to put up a sign on female patients’ door instructing the service staff as well as the doctors to knock on the door before entering the patient’s room. This gives the female patients some time to cover themselves modestly before the doctor or hospital staff enters their room. Eating pork and consuming alcohol is not allowed in Islam and Muslims are even barred from taking medicines having alcohol or pork traces unless they are life-saving drugs and no substitute is available. Another diet-related issue occurs during the month of Ramadan when all healthy and physically able adult Muslims are required to fast and their timings of food consumption are regulated according to Islamic laws (Taheri 2009). Practicing Muslims offer prayers five times a day which needs a clean and quiet space. Clean and water-friendly toilets are also needed for the ablution before offering the prayer. Healthcare quality is influenced by the vital aspects of “cultural competence” and patient-centered care, which aim to mitigate healthcare disparities by enhancing the way patients are treated within the healthcare system (Padela et al. 2012). Cultural competence involves a combination of behaviors, attitudes, and policies that enable professionals, systems, or agencies to effectively operate in cross-cultural settings (Cross et al. 1989). An essential component of cultural competence is the ability to

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recognize, comprehend, and appreciate the values and beliefs of others (Anderson et al. 2003). Cultural competency along with patient-focused models of health care ensures that patient values are respected and the medical problems arising due to cultural differences are reduced through practical healthcare accommodations and adjustments (Anderson et al. 2003; Brach and Fraser 2000). The most common healthcare accommodations for Muslim patients are (1) Gender-concordant care, (2) Halal food, and (3) impartial space for offering prayers (Padela et al. 2012). Thus, halal medical services need to have medicines without alcohol and pork elements, serving Halal food in the hospital during treatment, and setting a space for offering five daily prayers. Internationally commended medical research centers in halal-friendly destinations such as India, Malaysia, and Singapore are targeting Muslims around the globe with halal-certified healthcare and wellness services. The concentration of Muslim travelers ranging from 50 to 75% is nourishing the halal qualified medical services comprising of medicines prepared without alcohol and other forbidden ingredients for Muslims (www.globalhalaltourism.org). Global Health City Chennai is the ground-breaking Indian hospital with a halal certification. It provides halal food, a chosen prayer hall with prayer direction towards Makkah, and the call to Muslim prayers. Female patients’ privacy is respected, and Arabic television channels and Arabic-speaking staff and patient coordinators are available for Arab patients’ convenience (source: www.halalindia.org).

1.4 A Brief About Medical Tourism in India India emerges as a favored choice for medical tourism in Asia, attracting around US$1.3 million worth of medical tourists annually (Paliwal 2015). By mid-2020, India’s medical tourism market was valued at approximately US$5–6 billion (The Hindustan Times 2020). The healthcare market was projected to grow three-fold to Rs. 8.6 trillion (US$133.44 billion) by 2022 (www.ibef.org). The majority of medical tourists visiting India in 2019 hailed from Southeast Asian countries, the Middle East, Africa, and the SAARC region (www.wikipedia.org; Mabiyan 2019). Notably, a significant number of medical tourists also come from Australia, Canada, China, Russia, the United Kingdom, and the United States (Katz 2015). To facilitate medical tourism, India expanded its e-tourism VISA regime in February 2019, allowing medical tourists to apply smoothly (www.wikipedia.org). The maximum duration of stay under this visa is 6 months (The Economic Times 2019). Furthermore, visa restrictions for tourists from Gulf countries were lifted, removing the requirement for a 2-month gap between consecutive visits (www.wik ipedia.org; The Times of India 2012). Additionally, a visa-on-arrival scheme was introduced for selected countries, permitting a 30-day stay on medical grounds (www. wikipedia.org). The key reasons for seeking medical treatment in India include cost-effectiveness, access to advanced medical technologies (www.wikipedia.org; The Hindu 2011),

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adherence to international quality standards in health care, competent doctors, and para-medical staff trained in countries like the United States and the United Kingdom, and English-speaking professionals, minimizing communication barriers for foreigners (www.wikipedia.org). In Noida, hospitals employ language translators to cater to patients from Balkan and African countries, ensuring comfort and aiding in their treatment process (The Times of India 2013). Preferred medical treatments in India encompass alternative medicine, bone marrow transplant, cardiac bypass, eye surgery, and hip replacement (source: www. wikipedia.org). Compared to the United States or the United Kingdom, treatment costs in India are approximately one-tenth of the price (source: www.wik ipedia.org; The Chicago Tribune 2008; Aljazeera 2006). When compared to other notable medical tourism destinations in Asia like Singapore, Taiwan, and Thailand, India offers more affordable options (Table 1.1). This comprehensive affordability, including low treatment costs, travel expenses, and accommodation, positions India as a highly competitive and accessible choice (Taneja et al. 2017). India’s private sector hospitals, renowned for their global standards and accreditations, play a crucial role in the healthcare sector. A total of 394 hospitals in India are accredited by “The National Accreditation Board for Hospitals and Health care providers” (NABH), an institutional member of the International Society for Quality in Health Care (ISQUA), and 31 hospitals have received accreditation from the “Joint Commission International” (JCI), instilling confidence in medical tourists (source: www.econstor.eu; Taneja et al. 2017). Cultural, ethnic, religious, and linguistic similarities, particularly with SAARC nations, are key factors attracting citizens from these countries to India for medical services (Taneja et al. 2017). Major cities like Delhi, Kolkata, Mumbai, Bengaluru, and Chennai have top-notch medical facilities and international airports, making them convenient destinations for international patients (Taneja et al. 2017; Ministry of Tourism 2021). Chennai, known as “India’s health capital,” attracts around 150 international patients daily, offering affordable treatments and minimal waiting periods (Hamid 2012; Porecha 2012). Maharashtra, Chennai, and Kerala are prominent regions receiving a significant share of medical tourists in India (www.wikipedia.org; Mabiyan 2019). Table 1.1 A country-wise comparison of medical procedure costs (in terms of thousand US Dollars) Procedure/Cost

USA

Singapore

Thailand

India

Heart bypass

130

18.5

11

7

Heart-valve replacement

160

12.5

10

9.5

Hip replacement

43

12

12

7

Knee replacement

40

13

10

9

Source KPMG-FICCI Report on Medical Value Travel in India, 2014

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India’s National Health Policy (NHP) of 2002 supports the supply of healthcare services to foreign patients, treating them as “deemed exports” and providing financial incentives (NHP 2002). The establishment of a dedicated AYUSH ministry in 2014 underscores the promotion of alternative healthcare systems like Ayurveda, Yoga, Unani, Siddha, and Homeopathy, further emphasizing wellness tourism (Taneja et al. 2017). The Ministry of Commerce has introduced a web portal to facilitate international patients seeking treatment in India, while the Ministry of Tourism offers a round-the-clock helpline in multiple languages for medical tourists (Press Information Bureau 2015; Taneja et al. 2017).

1.4.1 Cases of Halal-Certified Hospitals in India Medical tourism plays a significant role in the Halal Tourism industry, leading to an increase in Muslim-friendly hospitals, recreational areas, and specialized clinics. According to Frost and Sullivan researchers, the global market for halal-friendly medical and health tourism was valued at USD 60 billion in 2017, with a steady growth rate of 20% annually (source: www.halalindia.org). Renowned medical research centers in halal-friendly countries like India, Malaysia, and Singapore are actively catering to the global Muslim community by providing halal-certified medical, health, and fitness services. The majority of Muslim travelers visiting India, ranging from 50 to 75%, form a significant market for halal-certified medical services (source: www.halalindia.org). It is reasonable to assume that the number of halal-friendly hospitals is gradually increasing worldwide, driven by the potential of the Muslim market, which brings economic and social benefits to destinations, businesses, products, and services. Halal-certified services involve adapting daily business operations to accommodate the needs of the Muslim community, with a few modifications to existing practices (source: www.halalindia.org). Approximately 75% of India’s medical tourists come from Muslim countries, as stated on the website of Halal India, one of the country’s primary halal certifiers (source: www.halalindia.org). Global Health City, a world-class multi-super specialty hospital, became the first hospital in India to obtain Halal Certification in 2012 for its hospital services, awarded by the Halal Development Corporation (HDC). This achievement has significantly contributed to the growth of medical value travel from Muslim countries in the SAARC, MENA, and SE Asian regions, accounting for around 75% of patient traffic in India (source: www.ummeed.com). Dr. Ravindranath, Chairman and MD of Global Hospitals Group, emphasizes that Global Health City had to comply with stringent Islamic rules and hygiene and dietary protocols of global standards to receive the Halal certification (source: www.ummeed.com). Mohamed Jinna, CEO of Halal India, highlights that India’s excellent heritage in service and hospitality, coupled with state-of-the-art medical care technologies, makes it an ideal destination for overseas patients. He emphasizes the importance of understanding the culture and customs of international patients to accommodate them effectively and make them

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feel at home (source: www.halalfocus.net). Global Health City provides a special help desk for international patients, including patient managers and coordinators who are knowledgeable about the language, culture, and expectations of patients from the Islamic world. The hospital also offers prayer rooms, customized cuisine, and Arabic TV channels in the rooms, going the extra mile to meet the needs of Muslim patients from different countries (source: www.ummeed.com). According to a press release, BLK Super Specialty Hospital in Delhi achieved the distinction of being the first hospital in North India to obtain “Halal” certification from the Halal Development Authority, a recognized agency by the Government of India. Dr. Praneet Kumar, CEO of BLK Super Specialty Hospital, stated, “Recognizing the specific needs of patients from different parts of the world demonstrates our commitment to healing with compassion.” These certified facilities also contribute to the growth of medical tourism in India (www.vdocuments.mx). Leading hospital groups in the country, including Apollo Hospitals and Fortis Group of Hospitals, are currently undergoing the process of obtaining Halal certification, as per information provided by Halal India. Mehta Hospitals and Lifeline Hospitals in Chennai have also applied for Halal certification (www.ummeed.com; Narayan 2012). The number of hospitals seeking Halal certification is expected to be significantly higher than those mentioned above. Based on the researcher’s personal experience, a considerable number of hospitals voluntarily offer Halal services to accommodate the specific needs of Muslim patients and their attendants. For instance, many private sector hospitals in India provide halal meat as an option in their food services. Common prayer rooms are available for offering prayers, and gendersegregated health care is already implemented with separate wards and dedicated staff for males and females. Every effort is made to ensure patient privacy. Therefore, the fundamental aspects of halal health care are already prevalent in a large number of hospitals across India.

1.5 Opinion Survey of the Experts An opinion survey was carried out in order to gauge the response of the experts comprising five academicians in the field of travel and tourism, three professionals from the healthcare sector, and two professionals from the travel and tourism companies. The experts were contacted telephonically, through e-mail and WhatsApp. A short questionnaire was administered to the respondents having two questions on India’s strengths and weaknesses with respect to healthcare tourism, while there were three specific questions regarding the potential and problems in the way of halal healthcare tourism in India. The responses obtained have been summarized below in the question-and-answer format: Q1. What according to you are India’s strengths with respect to healthcare tourism? India has many strengths with respect to healthcare tourism.

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In fact, for countries from the Middle East, African Subcontinent, and the neighbors like Bangladesh, Afghanistan, etc., India is the favorite destination for critical healthcare tourism for the following reasons: (a) Quality and service-driven health care. (b) Technology-driven health care. (c) Quality technical human resources (doctors, paramedics, etc.) with global expertise, especially in critical care. (d) Availability of low-cost labor. (e) Cost-effective health care. (f) Alternative therapies like Yoga, Unani, Homeopathy. Q2. What according to you are India’s weak areas with respect to healthcare tourism? (a) (b) (c) (d) (e)

Supply, insurance, and legal ecosystem. There seems to be a lack of international client orientation. Visa regulations. Tourism infrastructure needs a major overhaul. Absence of a guide map for healthcare tourism.

Q3. Do you agree that India can become a hub for “halal” or Muslim-friendly healthcare tourism in the near future? (If your answer is “Yes”, please give reasons. If it is “No”, please give reasons). Most of the respondents agreed to the proposition. Nobody disagreed completely but they expressed that making India a hub for “halal healthcare” would be a journey fraught with challenges. The reasons in favor of Halal health care in India are mentioned below: (a) India is having the world’s third largest Muslim population with growing disposable income and therefore halal tourism is a good strategy for both outbound and inbound tourism (especially from within the sub-continent). (b) Muslims have been living across the length and width of India for more than six centuries now, the concept of halal in India is present by default. It may be said that it is almost a part of Indian culture. (c) There is a plethora of healthcare centers and tourism places in India, which have the potential to fulfill halal requirements for Muslim travelers. Q4. What according to you could be the potential threats to halal healthcare tourism in India? (a) A somewhat low awareness regarding the need for halal healthcare tourism. Also, most people do not understand the halal concept and have a myopic view limited to halal food only. (b) The growing Islamophobia. (c) A possible resistance from the non-halal sector.

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Q5. In what ways such threats could be dealt with? The concept of halal tourism/halal healthcare tourism can be a great opportunity for India which may be tapped by developing a halal ecosystem by educating the stakeholders on the issue of halal. The following measures may prove useful in dealing with the threats to halal health care in India: (a) (b) (c) (d)

Halal Branding/Awareness. Promoting the concept of halal as an expanded choice for the consumers. Partnering with NGOs. Removing misconceptions about the concept of halal.

The results of the expert opinion survey are in agreement with the findings of the previous researches. It reinforces that Indian hospitals are capable of delivering cost-effective global standards of health care to international patients. Availability of alternative therapies like Ayurveda, Unani, etc., is an added attraction for the international patients. However, there is a need for a renovation of the tourism infrastructure with an international client focus. A more flexible visa regime, customer-centric insurance, and legal services are the need of the hour in order to promote healthcare tourism in general. As far as the niche halal healthcare segment is concerned, there is no doubt about the promise it holds for the Indian Muslims as well as for the Muslim patients who fly down to India for health-related matters from other countries. Lack of awareness among the masses at large, Islamophobia, and resistance from the non-halal sector have been identified as the problem areas and need to be addressed in order to attract the Muslim patients from overseas. On the practical side, the private sector hospitals in India are halal compliant by default. A very seasoned professional in the indian healthcare sector having a work experience of nearly two decades across the top corporate hospitals in India, in a candid conversation agreed to the fact that most of the private sector hospitals are applying to the appropriate agencies for obtaining a halal compliance certification. It was also mentioned that in order to cater to the specific needs of clients from the Muslim-majority countries, hospitals in India are providing basic facilities like halal food on the hospital menu, space for ablution, and offering prayer. Some of them are also employing staff who can speak Arabic. The content on the hospital websites can be perused in Arabic, Persian, etc. As per the personal observation of the researcher in hospitals like Apollo, Fortis, and Max Healthcare to name a few, the toilets are water-friendly, halal meat as a food option is available and there is common prayer space for people visiting the hospital. There are patient coordinators who facilitate the international patients during their treatment and stay in India. India being a traditional country places a lot of emphasis on the privacy concerns of patients, especially the female patients. Thus, the concept of halal health care already exists in India, but it needs to be formalized by effectively creating awareness on the concept of halal, promoting the concept of halal as an expanded choice for the consumers who place a demand for halal health care. There is a urgent need for removing misconceptions about the concept of halal. The people need to be made aware that halal is a choice for those who ask for it and there is no conflict between the halal and non-halal segments.

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These are mutually exclusive segments catering to different consumer markets with different needs.

1.6 Conclusion Undoubtedly, Indian health care is world-class and cost-effective. With a pool of well-trained doctors and para-medical staff coupled with accreditations like JCI, NABH, etc., brand India stands tall in the field of healthcare tourism. With shorter waiting lines in Indian hospitals, affordable international airfares, favorable currency exchange rates, and Internet-based communications, India is all set to make waves in the area of healthcare tourism globally. Of all the medical tourists coming to India, nearly 75% are from the Muslimmajority countries. It makes a lot of business sense to understand the unique needs of this market in terms of their eating habits like what is acceptable to them and what is not acceptable to them, their need to offer daily prayers, privacy concerns of the Muslim patients, etc. It is therefore no surprise that there is a high number of halal-certified hospitals in India trying to accommodate the needs of Muslim patients. Besides, the monetary promise it holds, halal health care is all about being respectful and responsive to the needs of all the patients in general and the specific needs of the Muslim patients to be precise. By recognizing and accommodating the special needs of Muslim patients from different parts of the world, Indian hospitals can show their commitment toward health care with care and empathy. Offering halal services does not interfere with the regular healthcare services, it rather shows the ability and flexibility of the healthcare provider to be able to offer more options to Muslim patients or others who desire such services. The concept of halal is not new in the Indian context. Most of the people in India irrespective of their religion are aware of “halal” but consider halal as something related to meat/food only. There is a need to educate people about the halal as a comprehensive concept which covers almost all walks of life. This is likely to help in dispelling the misconceptions which are generally held by the people about halal and make it more appealing to the masses. Other issues like Islamophobia and resistance from the non-halal sector also need to be dealt with in a sustained manner. The NGOs may play an important role in bridging the gaps which exist in the society on the issue of halal. There is a pressing need to create awareness on the fact that anything which is halal is not against the ethos of other religions. Halal simply means “permissible” or “what is allowed”. For Muslims, observing the tenets of halal is a religious obligation and it should not be considered in conflict with the teachings of other religions. In fact, some of the features of halal health care like safeguarding the modesty of females and respecting the privacy of patients are equally relevant and acceptable among non-Muslims. The government needs to work closely with industry experts in order to arrive at a roadmap in order to encourage halal health care in India.

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As already the government of India is working in the direction of making India into a hub for healthcare tourism. Medical Tourism and promotion of wellness are high on the agenda of the government. Government’s seriousness in this regard is evident from some of the undermentioned initiatives taken by the Government of India to promote the Indian healthcare industry (www.ibef.org): ● As of May 2021, 11.9 lakh Health IDs have been generated and 3,106 doctors and 1,490 facilities have registered on the National Digital Health Mission (NDHM) platform (www.ibef.org). ● In May 2021, the then Defence Minister of India Mr. Rajnath Singh launched “Services e-Health Assistance and Tele-consultation (SeHAT)” Out Patient Department (OPD) portal to give access to telemedicine to armed forces personnel and veterans (www.ibef.org). ● By June 2021, the Health Ministry’s e-Sanjeevani telemedicine service crossed 6 million (60 lakhs) teleconsultations, allowing patient–doctor consultations and doctor-to-doctor consultations (www.ibef.org). ● In April 2021, the Ministry of AYUSH and Council of Scientific and Industrial Research achieved a milestone by completing multi-center clinical trial of AYUSH-64 (a medicine) and found it useful for the treatment of mild-to-moderate COVID-19 infections (www.ibef.org). ● In March 2021, Union Health Minister Harsh Vardhan informed the Rajya Sabha that 157 medical colleges are under various stages of implementation across India (www.ibef.org). Thus, making way for medical education to a large number of medical aspirants. ● In February 2021, the Competition Commission of India (CCI) approved the acquisition of Varian Medical Systems, Inc. by Siemens Healthineers Holding I Gmb (SHS GmbH) (www.ibef.org). All the above steps show a glimpse of the noble intentions of the government of India toward improving the overall healthcare scenario in India. Thus, it may be inferred that India is already a center of excellence for healthcare tourism and the element of “halal” is present in its services by default. However, the Indian healthcare industry needs to formally promote its range of services to the patients coming to India from Muslim-majority nations by offering healthcare services which are closely attuned to their religious and cultural values. The initiative taken by the private hospitals in getting themselves halal certified is a good indication for sure, but the government also needs to make its much-needed contribution in promoting halal healthcare tourism in India.

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National Health Policy (2002) Ministry of Family and Health Welfare. Government of India. http://mohfw.nic.in/WriteReadData/l892s/18048892912105179110National%20H ealth%20policy-2002.pdf Ormond M (2011) Medical tourism, medical exile: responding to the cross-border pursuit of healthcare in Malaysia. In: Minca C, Oakes T (eds) Real tourism: representation, practice and the ‘material’ in contemporary travel. Routledge, London Padela AI, del Pozo PR (2011) Muslim patients and cross-gender interactions in medicine: an Islamic bioethical perspective. J Med Ethics 2011(37):40–44 [PubMed: 21041237] Padela AI, Zaidi D (2018) The Islamic tradition and health inequities: a preliminary conceptual model based on a systematic literature review of Muslim health-care disparities. Avicenna J Med 8(1):1–13. https://doi.org/10.4103/ajm.AJM_134_17. PMID: 29404267; PMCID: PMC5782414 Padela AI, Gunter K, Killawi A, Heisler M (2012) Religious values and healthcare accommodations: voices from the American Muslim community. J Gen Intern Med 27:708–715. [PMCID: PMC3358400] [PubMed: 22215274] Paliwal K (2015) Medical tourism: opportunity and challenges in India. Int J Manag Soc Sci Res (IJMSSR) 4(10). ISSN: 2319-4421 Porecha M (2012) Long wait makes patients head south. Daily News & Analysis. DNAIndia.com, Mumbai. Accessed 17 Sept 2012 Press Information Bureau, Government of India, Ministry of Commerce & Industry (2015) India’s healthcare portal inaugurated at SAARC Trade Mart in GES. http://pib.nic.in/newsite/PrintRele ase.aspx?relid=118665. Accessed 24 April 2015 Suthin K, Assenov I, Tirasatayapitak A (2007) Medical tourism: can supply keep up with the demand. In: Proceedings, APac-CHRIE and Asia Pacific Tourism Association joint conference 2007, 23–27 May 2007, Beijing, China Taheri N (2009) Overview of health care in Islamic history and experience. https://ethnomed.org/ resource/overview-of-health-care-in-islamic-history-and-experience/ The Economic Times (2019) Centre liberalises e-Visa regime to make it more tourist friendly. The Economic Times, 15 February 2019 The Hindu (2011) Reason to smile. The Hindu, 24 October 2011 The Hindustan Times (2020) Medical tourism companies turn to telemedicine in wake of Covid-19. Hindustan Times, 16 May 2020 The Times of India (2012) Easing of visa norms to boost medical tourism. The Times of India, 05 December 2012 The Times of India (2013) Medical translators to aid foreign patients. The Times of India, 24 January 2013 Taneja N, Bimal S, Dayal I, Nadeem T (2017) India-Pakistan trade: opportunities for medical value travel. Working Paper No. 333, Indian Council for Research on International Economic Relations Vijaya RM (2010) Medical tourism: revenue generation or international transfer of healthcare problems? J Econ Issues 44(1):53–69 Visa-on-arrival. www.immigrationindia.nic.in. Accessed 05 Dec 2012 Wachter RM (2006) The ‘dis-location’ of U.S. medicine—the implications of medical outsourcing. N Engl J Med Whittaker A (2008) Pleasure and pain: medical travel in Asia. Glob Public Health 3(3):271–290 https://www.blkhospital.com/uploaded_files/news/pdf_324.pdf. Accessed 24 June 2021 https://www.econstor.eu/bitstream/10419/176360/1/Working_Paper_333.pdf. Accessed 26 June 21 https://globalhalaltourism.org/hospitals_health_care_centers_clinics.php. Accessed 24 June 2021 https://halalfocus.net/india-first-hospital-in-india-to-achieve-halal-certification/. Accessed 26 Aug 2021 http://halalindia.org/halal-friendly-medical-tourism/. Accessed 24 June 2021 https://www.ibef.org/industry/healthcare-india.aspx. Accessed 26 Aug 2021

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https://www.ummid.com/news/2012/may/12.05.2012/frst_halal_certified_hosp_in_india.htm. Accessed 24 June 2021 https://vdocuments.mx/doc4-good-news-for-patients-blk-super-specialty-hospital-north-indiasfirst-to.html?page=1. Accessed 25 May 2023 https://en.wikipedia.org/wiki/Medical_tourism_in_India. Accessed 24 June 2021

Asad Rehman with a teaching experience of more than twenty-four years is currently working as Associate Professor in the Department of Business Administration, Aligarh Muslim University, Aligarh. As an international assignment, he has served as Assistant Professor for five years in Dhofar University, Oman. He also served as the Chairperson of MBA program in Dhofar University. He has a keen interest in the fields of Consumer Behavior, and Islamic Marketing. Most recently, he has developed interest in the niche and nascent field of ‘Halal Tourism’ which he has been researching for the past seven years. He has presented his work in international conferences in Turkey, Oman and UAE. His research which is essentially qualitative in nature has got published in reputed Journals.

Chapter 2

Impulsivity and Entrepreneurial Fear of Failure in a Muslim Society: Some Insights from Startups During Crises in an Emerging Market Economy Donard Games and Dessy Kurnia Sari

2.1 Introduction Entrepreneurs may possess a limited understanding of the intricate workings of their psychological aspects. For instance, they may perceive their problem-solving abilities as rational, only to later discover significant shifts in their perspectives. Remarkably, the evaluation of entrepreneurial outcomes becomes considerably challenging when considering these divergent modes of thinking. Specifically, with regards to impulsivity, and more specifically, the absence of premeditation as a hallmark of impulsive behavior (Wiklund et al. 2020), uncertainty persists regarding its potential to yield positive entrepreneurial outcomes, particularly in comparison to individuals who meticulously plan their actions or those prone to excessive rumination. Furthermore, it is imperative to acknowledge the substantial influence of contextual factors on the consequences of these various cognitive approaches. Notably, during periods of crises, such as the ongoing COVID-19 pandemic, the impulsivity exhibited by entrepreneurs may be constrained, as they are compelled to engage in prolonged reflection on their circumstances and decisions, given the limited scope for immediate action. Consequently, an urgent imperative exists to conduct further research aimed at exploring the intricate psychological aspects prevalent among entrepreneurs, thereby facilitating a comprehensive understanding of these phenomena. The concept of impulsive behavior holds the potential to provide valuable insights into the fundamental nature of entrepreneurial behavior, particularly regarding the propensity for risk-taking. Whiteside and Lynam (2001) proposed four dimensions

D. Games (B) · D. K. Sari Faculty of Economics and Business, Universitas Andalas, Padang, West Sumatra, Indonesia e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 V. Ramadani et al. (eds.), Research on Islamic Business Concepts, Springer Proceedings in Business and Economics, https://doi.org/10.1007/978-981-99-5118-5_2

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of impulsive behavior: sensation seeking, lack of premeditation, lack of perseverance, and urgency. These dimensions can serve as indicators of psychological states that either encourage or discourage entrepreneurial behavior. For instance, sensationseeking can be viewed as a mechanism in which the drive to pursue business opportunities takes precedence over rational business calculations. This tendency toward sensation-seeking may manifest as a willingness to engage in risk-taking behavior (Lerner et al. 2018). Meanwhile, previous research suggests that lack of perseverance as well as urgency act as inhibitors to entrepreneurship, reflecting a tendency to avoid uncertainty. Individuals with high urgency scores exhibit an aversion to uncertainty, resulting in lower entrepreneurial preferences (Wiklund et al. 2017). They also demonstrate insufficient tolerance for distress as well as risk, as described by Adams et al. (2012). Similarly, those lacking perseverance focus intensely on relevant information as well as resist distractions (Whiteside and Lynam 2001). Fear and anxiety were experienced when faced with evaluating unsteady and difficult situations (Zermatten and Van Der Linden 2008), which further contributes to their aversion to such circumstances (Leland et al. 2006). Consequently, impulsivity appears to have a significant role in understanding entrepreneurship; however, our understanding of this relationship is limited due to insufficient research in this area. Many individuals may not recognize that their behavior is mostly impulsive. Wiklund et al. (2017, 2018) highlighted the presence of impulsive tendencies in humans, which are particularly pronounced in individuals with ADHD (attentiondeficit/hyperactivity disorder). Previous studies have indicated that impulsivity may contribute to higher entrepreneurial activities as well as preferences, even among individuals with ADHD (Wiklund et al. 2018). This is particularly evident when entrepreneurs respond to business opportunities that do not involve selected tasks (Lerner et al. 2018). Consequently, several questions arise: How does impulsivity influence entrepreneurship? What are the advantages of impulsivity for entrepreneurs, particularly during critical stages of their entrepreneurial journey? Can startups with a focus on business growth derive benefits from impulsivity? Another important construct that can be useful to provide a more comprehensive understanding of entrepreneurial psychological aspects is entrepreneurial fear of failure with aspects, such as concerns about financial security and the potential impact on social esteem (Cacciotti et al. 2020). It represents a fundamental component of entrepreneurship as it reflects the ability to navigate uncertainties and persists despite ongoing threats (Games et al. 2022). Entrepreneurs often harbor fears of failure related to various factors, including financial security, the venture’s ability to execute, self-esteem, as well as opportunity cost (Cacciotti et al. 2020). These fears significantly influence their decision-making process, as their perceptions of these fears shape their actions. Thus, this study posits a connection between impulsivity and entrepreneurial fear of failure. This specifically considers two entrepreneurial fears of failures’ dimensions, such as financial security and opportunity cost. The former represents a financial source of fear failure and the latter represents a nonfinancial one that signifies fear due to the absence of having work–life balance. These two considerations have gained immense significance during times of crisis, such as

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the aftermath of the COVID-19 pandemic. This period has witnessed a decline in consumer demand and substantial shifts in work-life balance for many individuals. The present study offers some novelty that can contribute positively to the body of knowledge. First, the present study examines the relationship between impulsivity and entrepreneurial fear of failure. While it has not been conducted previously, some researchers have suggested that there is a link between them (Zermatten and Van der Linden 2008; Berg et al. 2015; Wiklund et al. 2017, 2018) as impulsivity is concerned to negative affect such as fear as well as anxiety. A recent study by Games et al. (2022) identifies the possible links between impulsivity, fear of failure, as well as entrepreneurial well-being. Second, the present study focuses on specific types of entrepreneurs: startup owners that come from various startups’ stage that describe different challenges: discovery, validation, customer creation, and construction. They are young, well-educated, technology-savvy, and open to changes. However, there is little research on how they deal with their psychological aspects except for a hint that they tend to have impulsive behavior, especially because they are young and inexperienced risk-takers (such as sensation-seeking and a lack of premeditation). The nature of startups, more specifically technology-based startups, is that they aggressively pursue business growth, and this may represent their perception of fear as motivating rather than demotivating. Thirdly, the present study was conducted within a completely Muslim society in Indonesia, specifically among respondents from the Minangkabau society known for their piety and openness to new ideas (Games and Sari 2022). This cultural context provides a distinctive lens through which to examine the relations between impulsivity, fear of failure, and well-being among entrepreneurs. Moreover, as suggested by Pietersen and Botha (2021), the study hones in on the context of opportunity-driven entrepreneurs in Indonesia. The country offers ample opportunities for new businesses to scale, particularly targeting the growing upper-middle class. This dynamic environment further enriches the analysis of the relationships under investigation. Lastly, the present study acknowledges the significance of considering subjective vitality as an entrepreneurial outcome, in line with the suggestions put forth by Wiklund et al. (2020). Recognizing that financial performance alone may not fully capture startup performance in the post-pandemic era, subjective vitality provides a different lens through which to evaluate the well-being and success of startups. This shift in perspective allows for a more comprehensive understanding of the outcomes associated with impulsivity, fear of failure, and entrepreneurial behavior.

2.2 Literature Review The literature review in this study encompasses three key aspects. Firstly, it explores the connections between impulsivity and startup well-being, specifically subjective vitality. Secondly, it delves into the relationship between entrepreneurial fear of failure, encompassing dimensions such as financial security and opportunity cost,

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and well-being. Lastly, the review examines the association between impulsivity and the fear of failure.

2.2.1 Impulsivity and Subjective Vitality The experience of negative emotions, including the fear of failure, can lead to varied results. On one hand, the fear of failure may contribute to improved organizational performance, while on the other, it can lead to actual business failure (Cacciotti et al. 2016; Morgan and Sisak 2016). Additionally, according to Morgan and Sisak (2016), the fear of failure can serve as a motivating factor for entrepreneurs who hold high standards of business success. This implies that individuals with a business-growth orientation, such as technology-based startups, are probable to benefit from the fear of failure. Games and Sari (2020), Games et al. (2022) related to creative industry SMEs, including startups, revealed that the fear of failure did not adversely affect their business performance. These entrepreneurs remained focused on their goals rather than allowing their fear to hinder their progress. Consequently, entrepreneurs driven by opportunities tend to possess greater ambition, actively pursuing growth and innovation, and derive significant advantages from supportive entrepreneurship policies (Bárcena-Martin et al. 2021). However, the same does not appear to hold true for entrepreneurs who are not focused on business growth or necessity-driven entrepreneurs. According to Morgan and Sisak (2016), the fear of failure has a particularly strong negative impact on necessitydriven entrepreneurs, who have limited income sources besides their startup activities (Perenyi et al. 2018). It is worth noting that although most Indonesian businesses may be classified as necessity-driven, Tambunan (2019) highlighted that some business owners are striving to transform their enterprises into high-growth ventures, even in times of crises. The evaluation of business success often relies on entrepreneurial outcomes, such as firm performance (Wiklund et al. 2019). However, Sofiyabadi et al. (2016) indicated that financial aspects tend to be the primary focus for business entities when measuring success. Nonetheless, Costa et al. (2022) suggest that, when assessing startup performance, financial performance may adequately reflect business performance in low-uncertainty environments, while non-financial performance becomes crucial in high-uncertainty environments. Moreover, Wiklund et al. (2019) present that entrepreneurial well-being can serve as a valuable indicator of psychological aspects among business individuals, including employees, which may provide more informative insights than solely relying on financial indicators. Consequently, future researchers may benefit from combining these different outcomes to gain a deeper knowledge of entrepreneurial outcomes, particularly within the context of startups and scale-up companies. These types of businesses often strive for both business growth and innovation, classifying them as opportunity-driven entrepreneurs rather than necessity-driven ones.

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The eudaimonic perspective of well-being centers on the degree to which an individual experiences a state of full functionality (Deci and Ryan 2008). One frequently employed measure of eudaimonic well-being is vigor, also referred to as vitality (Ryan and Deci 2001). Possessing vigor brings individuals one step closer to achieving business success (Hahn et al. 2012). Autonomy serves as the foundation of startups (Shir et al. 2019), fostering creativity and innovation. H1. There is a negative and significant relationship between premeditation and subjective vitality. H2. There is a negative and significant relationship between urgency and subjective vitality. H3. There is a positive and significant relationship between sensation-seeking and subjective vitality. H4. There is a positive and significant relationship between perseverance and subjective vitality.

2.2.2 Entrepreneurial Fear of Failure and Entrepreneurial Outcomes Entrepreneurial success has traditionally been evaluated through measures such as firm performance (Wiklund et al. 2019), with a strong emphasis on financial indicators, as indicated by Sofiyabadi et al. (2016). However, Costa et al. (2022) argue that, while financial performance may adequately reflect business performance in low-uncertainty environments, high-uncertainty contexts necessitate the inclusion of non-financial performance measures. Moreover, Wiklund et al. (2019) demonstrate that entrepreneurial well-being, encompassing the psychological aspects of business individuals, including employees, can serve as a more comprehensive performance indicator compared to solely relying on financial metrics. Consequently, future researchers are encouraged to integrate these diverse outcomes to gain deeper insights into entrepreneurial outcomes, particularly within the context of startups and scale-up companies. These businesses, characterized by their pursuit of both business growth and innovation, can be classified as opportunity-driven entrepreneurs rather than necessity-driven entrepreneurs. Opportunity—Opportunity-driven entrepreneurs are characterized by their ambition and their pursuit of business growth and innovation, positioning them to benefit from supportive entrepreneurship policies (Bárcena-Martín et al. 2021). Essentially, these entrepreneurs may benefit from having a certain level of fear of failure, as it can enhance their business performance. While the majority of Indonesian businesses are classified as necessity-driven, Tambunan (2019) noted that some business owners strive to transform their ventures into high-growth enterprises even during times of crisis. Ratten (2020, 2021) emphasized the importance of adaptability and flexibility as critical approaches for navigating both pandemic and post-pandemic

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crises. Consequently, this presents an opportune moment for business owners to define their entrepreneurial characteristics. According to Wiklund et al. (2019), it is crucial to differentiate between entrepreneurs based on these characteristics, as they exhibit distinct behaviors that lead to varied outcomes. Incorporating both impulsivity and the entrepreneurial fear of failure becomes increasingly relevant in capturing the essence of entrepreneurship, particularly within the realm of opportunity-driven ventures. H5. There is a positive and significant relationship between financial security and subjective vitality. H6. There is a positive and significant relationship between opportunity costs and subjective vitality.

2.2.3 Impulsivity and Fear of Failure Zermatten and van der Linden (2008) discovered a relationship between impulsivity and negative emotions such as fear and anxiety. Additionally, Wiklund et al. (2018) found a positive correlation between impulsivity and the fear of failure. However, certain aspects of impulsivity, such as lack of premeditation and sensationseeking, align with uncertainty and risk-taking, which are integral to entrepreneurship (Wiklund et al. 2017). Sensation-seeking involves seeking pleasure even in challenging situations characterized by high uncertainty (Wiklund et al. 2018), while a lack of premeditation indicates a higher tolerance for uncertainty (Whiteside and Lynam 2001). These traits are more likely to be perceived as sources of positive experiences rather than fear (Berg et al. 2015). Conversely, previous examinations showed that urgency and lack of perseverance are perceived as inhibitors of entrepreneurship because they reflect a tendency to avoid uncertainty. High urgency actively avoids uncertain situations (Wiklund et al. 2017) and exhibits lower entrepreneurial preferences due to insufficient tolerance for distress as well as risk (Adams et al. 2012). Furthermore, individuals who lack perseverance tend to focus intensely on relevant information as well as refuse distractions (Whiteside and Lynam 2001). They encounter fear and anxiety regarding their ability to appropriately assess unsteady and difficult situations (Zermatten and Van Der Linden 2008), which further contributes to their aversion to such situations (Leland et al. 2006). Entrepreneurial fear of failure encompasses various factors, including financial security as well as threats to social esteem (Cacciotti et al. 2020). It includes the essence of entrepreneurship in dealing with uncertainties as well as constant threats (Games and Sari 2020). For instance, entrepreneurs often fear failure due to financial insecurity and concerns about their reputation or social standing (Cacciotti et al. 2020). How they perceive and respond to these fears significantly influences their decision-making processes. Based on these observations, we propose an urge that impulsivity has a relationship with entrepreneurial fear of failure. This study specifically focuses on two dimensions of entrepreneurial fear of failure, including financial

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security as well as threats to social esteem. These dimensions have gained particular relevance during crises such as the COVID-19 pandemic, which has significantly impacted consumer demand in many cases. H7a. There is a positive and significant relationship between premeditation and financial security. H7b. There is a positive and significant relationship between premeditation and opportunity cost. H8a. There is a positive and significant relationship between urgency and financial security. H8b. There is a positive and significant relationship between urgency and opportunity costs. H9a. There is a negative and significant relationship between sensation-seeking and financial security. H9b. There is a negative and significant relationship between sensation-seeking and opportunity costs. H10a. There is a positive and significant relationship between perseverance and financial security. H10b. There is a positive and significant relationship between perseverance and opportunity costs. Previous studies, particularly the work of Wiklund et al. (2017, 2018), proved the relationship between impulsive behavior and entrepreneurship. They found a significant relationship between impulsivity and entrepreneurial action. Understanding impulsivity is crucial and can be assessed in terms of rationality (Brown et al. 2018) or irrationality (Hunt and Lerner 2018; Wiklund 2019). Impulsivity is defined as a tendency to respond swiftly and without prior planning to internal or external stimuli, disregarding any potential negative repercussions (Moeller et al. 2001). This shows that impulsivity may strongly affect entrepreneurship, which can encompass both rational and irrational behaviors. According to the review and discussion, the model is proposed as follows (Fig. 2.1). Impulsivity

Fear of failure

Sensation seeking

Financial security

Lack of premeditation

Opportunity cost

Lack of perseverance Urgency

Fig. 2.1 Proposed research model

Entrepreneurial Well-being Subjective vitality

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D. Games and D. K. Sari

2.3 Methodology The quantitative survey method was employed in this study, and the stages of the research process are outlined below.

2.3.1 The Sample, Data Collection, and Questionnaire Development A sample of 101 startup respondents was obtained from Indonesia, specifically from the region of West Sumatra, which is predominantly inhabited by the Minangkabau, a community known for its adherence to Islam. The sample represented startups across various stages, ranging from the initial discovery of ideas to the stage of construction, where they were ready for scaling. All participants identified themselves as technology-based entrepreneurs. To collect data, an online questionnaire was administered to all participants, providing them with an overview of the study’s purpose. The questionnaire included screening questions to ensure that the participants were indeed startup owners in the relevant stage of their venture. In addition to the screening questions, participants were asked to provide demographic information, which is summarized in Table 2.1 of the study. The questionnaire used in this study was specifically designed to measure the psychological aspects of startups. The items for measuring impulsivity were adapted from Whiteside and Lynam’s (2001) work, while the fear of failure construct, encompassing aspects such as opportunity costs and financial security, was assessed using items from Cacciotti et al. (2020). Subjective vitality, a key aspect of the study, was measured using items adapted from the work of Ryan and Frederick (1997). All of the constructs in this study were measured using well-established scales that have demonstrated good measurement properties in previous research. Participants were asked to rate their responses on a 7-point Likert scale, indicating their level of agreement or disagreement with the provided statement. To analyze the model and estimate its parameters, the study employed a PLS-SEM (partial least squares structural equation modeling) approach, using the WarpPLS Table 2.1 The sample’s characteristics Characteristics Total sample size = 101 Startup’s stage: discovery = 42; validation = 31; customer = 7; construction = 21 Demographics: Indonesia: Gender—males (30.4%); females (69.6%) Age—15–24 years (72%); 25–34 years (17.3%); 35–44 years (10.7%); 45–65 years (0%) Education—high school or less (60.2%); diploma (4.5%); bachelor degree (19.3%); master degree (15.9%)

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8.0 software (available at https://scriptwarp.com/warppls/). PLS-SEM is a widely utilized method for analyzing and interpreting structural equation models, involving a sequential two-stage process. The first stage focuses on the measurement model, which involves assessing the reliability and validity of the constructs. This stage includes examining the relationships between the constructs and their associated items, evaluating their measurement properties. The second stage involves analyzing the structural model, which examines the causal relationships among the constructs. This stage investigates the direct and indirect effects between the constructs, providing insights into the relationships of interest (Amora 2021; Rasoolimanesh 2022).

2.3.2 The Sample’s Characteristics See Tables 2.2 and 2.3. Table 2.2 A comparison of mean scores between startups stage Discovery Validation Customer Construction Discovery Validation creation Premeditation

5.499

5.569

6.303

5.573

5.053

5.909

Urgency

4.122

3.665

3.783

3.240

3.263

5.500

Sensation-seeking 4.482

4.801

5.361

5.000

4.921

5.167

Perseverance

5.584

5.772

6.021

5.638

5.868

5.000

Opportunity costs

4.000

4.072

3.111

3.400

5.105

5.000

Financial security

4.631

4.435

4.333

4.133

3.965

3.333

Subjective vitality 5.263

5.460

5.381

5.143

5.338

3.429

Table 2.3 Mean scores in general

Constructs

N

Mean

Premeditation

101

5.574

Urgency

101

3.953

Sensation-seeking

101

4.699

Perseverance

101

5.623

Opportunity costs

101

3.944

Financial security

101

4.568

Subjective vitality

101

5.212

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2.4 Results 2.4.1 Common Method Bias To address the potential influence of common method bias, statistical methods were employed, specifically Harman’s single-factor test. This test examines the variance associated with the first component or factor and compares it to a threshold of 0.5. In the context of PLS-SEM, where a model with a single latent variable is created and analyzed using a composite-based or factor-based approach, the “total variance explained” corresponds to the average variance extracted (AVE) for the latent variable. If the AVE exceeds 0.5, it indicates the presence of common method bias in the dataset (Kock 2021). The results of Harman’s single-factor test showed that no single factor accounted for more than 50% of the total variance. Specifically, the first factor explained only 17.3% of the variance. Based on this finding, it can be concluded that common method bias is not a significant concern in the present study.

2.4.2 The Measurement Model The assessment of the measurement model involves evaluating the internal consistency and reliability of indicators using measures such as composite reliability and Cronbach’s alpha coefficients. A measurement model is considered to have acceptable reliability if the composite reliability and Cronbach’s alpha coefficients are 0.7 or higher (Kock 2022; Hair et al. 2014). Convergent validity is evaluated by examining the significance and strength of factor loadings as well as the average variance extracted (AVE) values. Two commonly used criteria for determining acceptable convergent validity are that factor loading P-values should be less than 0.05 and factor loadings should be 0.5 or higher (Hair et al. 2014). Due to factor loadings below 0.50, three items were removed from the premeditation construct, two items from sensation-seeking, one item from perseverance, and two items from subjective vitality. The factor loadings of the remaining constructs across the samples are presented in Table 2.4. The results indicate that all indicators/items for each latent variable (construct) are statistically significant (P-values lower than 0.05) and have high factor loadings above the threshold of 0.50. This suggests that all latent variables or constructs demonstrate good convergent validity. Table 2.5 displays the values for composite reliability (CR), Cronbach’s alpha (α), and average variance extracted (AVE). The internal consistencies of all constructs in both samples exceed the recommended minimum of 0.7. Likewise, all AVE scores in both datasets surpass the suggested minimum of 0.5. Therefore, convergent validity and consistency were established for all constructs. Discriminant validity was evaluated using the Fornell–Larcker criterion, crossloadings, and the heterotrait–monotrait (HTMT) ratio approach (Rasoolimanesh 2022). According to the Fornell–Larcker criterion, the square root of the average

2 Impulsivity and Entrepreneurial Fear of Failure in a Muslim Society … Table 2.4 Factor loadings of constructs across samples

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Constructs

Items

Sample Loading

P value

Premeditation

PRE02

0.717