Shahzad Hussain, Muhammad Akbar, Qaisar Ali Malik, Tanveer Ahmad and Nasir Abbas
The purpose of this paper is to examine the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of…
Abstract
Purpose
The purpose of this paper is to examine the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of socio-political turbulence on this relationship through static and dynamic panel estimation models.
Design/methodology/approach
The evidence is based on a sample of 230 publicly listed non-financial firms from Pakistan Stock Exchange (PSX) over the period 2008–2018. Furthermore, this study analyzes the data through Blundell and Bond (1998) technique in the full sample as well sub-samples (big and small firms).
Findings
The authors document that corporate governance mechanism reduces the downside risk, whereas investor sentiment and financial liberalization increase the investors’ exposure toward downside risk. Particularly, the results provide some new insights that the socio-political turbulence as a moderator weakens the impact of corporate governance and strengthens the effect of investor sentiment and financial liberalization on downside risk. Consistent with prior studies, the analysis of sub-samples reveals some statistical variations in large and small-size sampled firms. Theoretically, the findings mainly support agency theory, noise trader theory and the Keynesians hypothesis.
Originality/value
Stock market volatility has become a prime area of concern for investors, policymakers and regulators in emerging economies. Primarily, the existence of market volatility is attributed to weak governance, irrational behavior of market participants, the liberation of financial policies and sociopolitical turbulence. Therefore, the present study provides simultaneous empirical evidence to determine whether corporate governance, investor sentiment and financial liberalization hinder or spur downside risk in an emerging economy. Furthermore, the work relates to a small number of studies that examine the role of socio-political turbulence as a moderator on the relationship of corporate governance, investor sentiment and financial liberalization with downside systematic risk.
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Muhammad Kashif Imran, Chaudhry Abdul Rehman, Usman Aslam and Ahmad Raza Bilal
In recent times, progression of technology and growing demands of customers have substantially influenced the services sector to introduce fast real-time mechanisms for providing…
Abstract
Purpose
In recent times, progression of technology and growing demands of customers have substantially influenced the services sector to introduce fast real-time mechanisms for providing up-to-mark services. To meet these requirements, organizations are going to change their end-user operating systems but success rate of change is very low. The purpose of this paper is to address one of the practitioners’ complaint “no one tells us how to do it” and uncovers the indirect effects of knowledge management (KM) strategies: personalization and codification, toward organizational change via organizational learning and change readiness. The current study also highlights how organizational learning and change readiness are helpful to reduce the detrimental effects of organizational change cynicism toward success of a change process.
Design/methodology/approach
Temporal research design is used to get the appropriate responses from the targeted population in two stages such as pre-change (Time-1) and post-change (Time-2). In cumulative, 206 responses have been obtained from the banking sector of Pakistan.
Findings
The results of the current study are very promising as it has been stated that KM strategies have an indirect effect on successful organizational change through organizational learning and change readiness. Moreover, change cynicism has a weakening effect on a change process and can be managed through effective learning orientation of employees and developing readiness for change in organizations.
Research limitations/implications
Change agents have to use an optimal mix of personalization and codification strategies to develop learning environment and readiness for change in organizations that are beneficial for implementing a change successfully. Moreover, change readiness and organizational learning in the context of change are equally beneficial to reduce organizational change cynicism as well.
Originality/value
This study is introducing a unique model to initiate a change with the help of KM strategies, organizational learning and readiness for change.
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Waheed Ali, Jun Wen, Hadi Hussain, Nadeem Akhtar Khan, Muhammad Waleed Younas and Ihsan Jamil
In the era of knowledge economy, the significance of intellectual capital has been increasing globally. Similarly, recent studies have focused on the importance of green…
Abstract
Purpose
In the era of knowledge economy, the significance of intellectual capital has been increasing globally. Similarly, recent studies have focused on the importance of green intellectual capital in mitigating environmental degradation. However, only a few studies have analysed green intellectual capital and its impacts in the specific case of Pakistan. Hence, this study aims to investigate the effects of green intellectual capital on green innovation adoption in Pakistan’s manufacturing small and medium-size enterprises (SMEs).
Design/methodology/approach
We used a data sample of 235 SMEs, gathered from the four manufacturing sectors of Pakistan including: textile, chemical, pharmaceutical and steel and analysed using a multiple regression analysis approach.
Findings
The empirical results of this research indicate that green human capital and green structural capital significantly increase green innovation adoption. However, it must be noted that green relational capital has a positive but insignificant impact on green innovation adoption in manufacturing SMEs in Pakistan.
Originality/value
The findings and recommended policy measures of this study are important for the managers of manufacturing SMEs and policymakers to mitigate environmental destruction and achieve sustainable development through green intellectual capital.
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Hind Muhtaseb, Veronica Paz, Geoffrey Tickell and Mukesh Chaudhry
This study explores the relationship between leverage and earnings management in the context of Palestinian-listed companies, while also investigating whether audit industry…
Abstract
Purpose
This study explores the relationship between leverage and earnings management in the context of Palestinian-listed companies, while also investigating whether audit industry specialization influences this relationship.
Design/methodology/approach
The data used in this study are extracted from public financial reports of 39 firms listed on Palestine Stock Exchange (PEX), spread across the service, insurance, industry and investment sectors, for the time period 2011–2022. A model is developed to test 4 hypotheses about the relationships between long-term and short-term debts, and earnings management, and then to examine the influence of audit industry specialization on these relationships.
Findings
The results depict a significant, negative relationship between long-term debt and earnings management. Whereas the association between short-term debt and earnings management is insignificant. Audit industry specialization is proven to have no influence on the relationships between the independent and the dependent variables. Results are robust for firms that changed their accounting policies and using different audit industry specialization proxies.
Originality/value
The association between leverage and earnings management is a significant research topic, given that previous research identifies credit ratings and debt covenant violations as key factors which motivate earnings management. This paper fills a substantial research gap by examining the relationship between the two variables in the context of Palestinian-listed firms, while emphasizing the distinction between long-term and short-term debts. It also highlights key relationships that have been neglected in this particular context, which adds to the body of literature. Furthermore, the research's findings provide a solid information base that is of great interest to accounting and auditing experts and that may be seriously evaluated to support and advance the PEX sector.
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Syed Tehseen Jawaid, Aamir Hussain Siddiqui, Rabia Kanwal and Hareem Fatima
This study aims to find the determinants of internal and external customer satisfaction of Islamic banks of Pakistan through service quality indicators that are assurance…
Abstract
Purpose
This study aims to find the determinants of internal and external customer satisfaction of Islamic banks of Pakistan through service quality indicators that are assurance, reliance, empathy, tangibility, responsiveness. Compliance has also been added as a determinant of customer satisfaction. In this study, customers are divided into two groups, internal customers are those who are an employee in the Islamic bank and also an account holder. While external customers are account holders only in Islamic banks of Pakistan.
Design/methodology/approach
In this study, a quantitative research approach is used for analyzing the behavior of internal and external customers of Islamic banks in Pakistan. The instrument which is used to analyze the study’s data, is a structured five-point Likert-scale questionnaire. The structural model was analyzed with the help of the partial least squares structural equation modeling approach.
Findings
This study concluded that internal customers of Islamic banking are well aware and have full information and their level of satisfaction is positive toward the bank’s services. While external customers feel satisfied while using the Islamic banking services in Pakistan. Service quality indicators are positively and significantly related to customer satisfaction in the external customer model. On the other hand, some of the indicators are not showing a significant impact on the internal customer multi-group analysis shows a difference of coefficients are insignificant between internal and external customers.
Practical implications
This study helps policymakers, to understand the behavior of internal and external customers of Islamic banking in Pakistan for creating favorable policies for an interest-free banking service.
Originality/value
This research study provides an analysis of the customer satisfaction of Islamic banks in Pakistan by dividing Islamic bank customers into two groups (internal and external customers). The purpose for dividing Islamic bank customers into two groups is that this study wants to highlight that external customer’s perception is the same as internal customers or not? Before this study, it is difficult to find single research on this topic, whereas only one study is find-out on the factors that affect internet banking adoption among internal and external customers.
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Shahab Alam Malik, Shahzad Hassan and Muhammad Zahid Iqbal
The purpose of this paper is to report and discuss outcomes of an academic survey conducted in 12 business schools of Lahore city, the provincial capital of Punjab province of…
Abstract
Purpose
The purpose of this paper is to report and discuss outcomes of an academic survey conducted in 12 business schools of Lahore city, the provincial capital of Punjab province of Pakistan, to measure perceptions and satisfaction level of undergraduate students.
Design/methodology/approach
Here participants were BBA four‐year program students, registered in 4‐8th semesters, sharing their experiences with the services and facilities provided by their respective schools. An adopted survey instrument was used for data collection, which was earlier used in a UK university. A total sample of 1,015 students was collected from five public and seven private business schools. For analysis, multivariate stepwise regression method in degree of independent samples t test was used and ranking of services from importance and satisfaction perspective was analyzed. This allowed the authors to determine aspects of the university's service considered to be of high importance and degree to which they satisfied the students.
Findings
The most important aspects were related to academic facilities and teaching, while the least important were related to physical facilities. In regression results, lecture room facilities, facilitating goods and implicit services showed a positive relationship with overall satisfaction of students. In t tests results, a significant means scores difference between the satisfaction levels of male and female students and between the students of public and private business schools was observed.
Practical implications
Outcomes of this survey can serve as guidelines to the top management of business schools in Pakistan, when focusing their attention on areas/services that are perceived by the students to be of low satisfaction and high importance.
Originality/value
This paper attempts to make a significant contribution towards understanding students’ perceptions and expectations from business schools. Based on this, business schools can direct their efforts for improving service quality.
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Bahadur Ali Soomro, Ummi Naiemah Saraih and Tunku Salha Tunku Ahmad
This study aims to examine the direct and indirect relationships between Personality Traits (PTs) and Conflict Management Styles (CMSs) through Job Performance (JP) in Pakistan.
Abstract
Purpose
This study aims to examine the direct and indirect relationships between Personality Traits (PTs) and Conflict Management Styles (CMSs) through Job Performance (JP) in Pakistan.
Design/methodology/approach
This is a quantitative study that employed a survey questionnaire to collect cross-sectional data from academic leaders of Pakistan's Higher Education Institutes (HEIs). The researchers derived this study's findings from 320 useable responses.
Findings
The authors used a Structural Equation Model (SEM) which shows a positive and significant effect of agreeableness on Integrating Styles (IS), Avoiding Styles (AS), Obliging Styles (OS), Compromising Styles (CS) and Dominating Styles (DS). Extraversion has a positive and significant effect on IS, OS, DS and CS. Emotional Stability (ES) is the positive and significant predictor of IS, AS, OS and CS. The conscientiousness trait has a positive and significant effect in predicting IS, OS, DS, CS and AS. Likewise, openness has a positive and significant effect on IS, OS, DS and CS. On the other hand, extraversion and openness have a negative and insignificant effect on AS. Finally, amongst HEIs' academic leaders ES is the negative and insignificant predictor of DS.
Practical implications
This study's findings offer additional insights into understanding the direct and indirect connections between PTs and CMSs through JP. These support the development of effective policies and organizational arrangements to resolve and manage conflict and employee behaviours. Finally, through another contribution of empirical evidence, these findings further enrich the worth of the literature.
Originality/value
This study’s findings provide both, directly and indirectly, the original contributions of Pakistan’s HEIs’ academic leaders PTs and CMSs.
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Mohammad Nisar Khattak, Moyassar Zuhair Al-Taie, Ifzal Ahmed and Noor Muhammad
This study aims to investigate the effect of servant leadership on employee organizational identification and career satisfaction through the mediating lens of…
Abstract
Purpose
This study aims to investigate the effect of servant leadership on employee organizational identification and career satisfaction through the mediating lens of leader-member-exchange (LMX). Furthermore, this study also examines whether perceived organizational support (POS) strengthens the positive effect of servant leadership on LMX and subsequently, on employee organizational identification and career satisfaction.
Design/methodology/approach
Survey data were collected from 314 respondents working in hotels in United States of America (USA). Structural equation modeling (SEM), hierarchical moderation analysis and bootstrapping were used to test the study hypotheses.
Findings
Servant leadership was found to positively influence employee organizational identification and career satisfaction. Further, analysis revealed that LMX partially mediated the positive relationship between servant leadership and employee career satisfaction and fully mediated the positive relationship between servant leadership and organizational identification. However, although POS moderated the indirect relationship between servant leadership and employee’ career satisfaction, it did not moderate the indirect relationships between servant leadership and organizational identification.
Practical implications
This study provides insight into the nexus of servant leadership and organizational support in hospitality industry to foster the employee organizational identification and career satisfaction which are extremely needed for competitive advantage in hotel industry.
Originality/value
This study addresses recent calls for future researchers to investigate the important of servant leadership in the hospitality industry.
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A.M. Obalalu, E.O. Fatunmbi, J.K. Madhukesh, S.H.A.M. Shah, Umair Khan, Anuar Ishak and Taseer Muhammad
Recent advancements in technology have led to the exploration of solar-based thermal radiation and nanotechnology in the field of fluid dynamics. Solar energy is captured through…
Abstract
Purpose
Recent advancements in technology have led to the exploration of solar-based thermal radiation and nanotechnology in the field of fluid dynamics. Solar energy is captured through sunlight absorption, acting as the primary source of heat. Various solar technologies, such as solar water heating and photovoltaic cells, rely on solar energy for heat generation. This study focuses on investigating heat transfer mechanisms by utilizing a hybrid nanofluid within a parabolic trough solar collector (PTSC) to advance research in solar ship technology. The model incorporates multiple effects that are detailed in the formulation.
Design/methodology/approach
The mathematical model is transformed using suitable similarity transformations into a system of higher-order nonlinear differential equations. The model was solved by implementing a numerical procedure based on the Wavelets and Chebyshev wavelet method for simulating the outcome.
Findings
The velocity profile is reduced by Deborah's number and velocity slip parameter. The Ag-EG nanoparticles mixture demonstrates less smooth fluid flow compared to the significantly smoother fluid flow of the Ag-Fe3O4/EG hybrid nanofluids (HNFs). Additionally, the Ag-Ethylene Glycol nanofluids (NFs) exhibit higher radiative performance compared to the Ag-Fe3O4/Ethylene Glycol hybrid nanofluids (HNFs).
Practical implications
Additionally, the Oldroyd-B hybrid nanofluid demonstrates improved thermal conductivity compared to traditional fluids, making it suitable for use in cooling systems and energy applications in the maritime industry.
Originality/value
The originality of the study lies in the exploration of the thermal transport enhancement in sun-powered energy ships through the incorporation of silver-magnetite hybrid nanoparticles within the heat transfer fluid circulating in parabolic trough solar collectors. This particular aspect has not been thoroughly researched previously. The findings have been validated and provide a highly positive comparison with the research papers.
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Muhammad Farooq, Asrar Ahmed, Imran Khan and Muhammad Munir
This study aims to investigate the impact of dividend policy on a firm’s participation in corporate social responsibility (CSR)-related activities in the context of Pakistani…
Abstract
Purpose
This study aims to investigate the impact of dividend policy on a firm’s participation in corporate social responsibility (CSR)-related activities in the context of Pakistani firms. Furthermore, the role of the board governance mechanism in dividend policy-CSR is investigated.
Design/methodology/approach
The study’s sample consists of 115 nonfinancial Pakistan Stock Exchange-listed firms from 2010 to 2021. A multidimensional financial method is used to assess the firm’s CSR engagement, and dividend policy is assessed using the dividend payout ratio and dividend yield. The authors used the fixed effect model and the random effect model to fulfill the study’s objectives. Furthermore, the system-generalized method of moment estimation technique is used to test the robustness of the result. In addition, the authors perform reverse causality analysis and investigate the effect of financial constraints on the dividend policy–CSR relationship.
Findings
The authors find that dividend policy has a significant positive impact on CSR. The authors also find that dividend policy is significantly positively associated with components of CSR, i.e. donation, employee welfare and research and development. Furthermore, the authors find that the board governance mechanism strengthens this positive relationship between dividend policy and CSR.
Practical implications
The government and authorities must mandate or at least encourage enterprises to pay dividends as doing so not only keeps shareholders happy but also encourages firms to make CSR initiatives to balance stakeholders. Furthermore, the regulator should take steps to strengthen the board governance structure as it strengthens the positive dividend policy–CSR relationship.
Originality/value
Although little previous research has focused on the CSR-dividend policy link, the authors believe that this is the first study to look at the influence of dividend policy on CSR and the moderating impact of board governance mechanisms in an emerging country, namely, Pakistan.