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Article
Publication date: 11 February 2021

Noman Younas, Shahab UdDin, Tahira Awan and Muhammad Yar Khan

The purpose of this paper is to examine the impact of corporate governance index (PAKCGI) on firm financial distress for a sample of 152 non-financial firms listed at Pakistan…

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Abstract

Purpose

The purpose of this paper is to examine the impact of corporate governance index (PAKCGI) on firm financial distress for a sample of 152 non-financial firms listed at Pakistan Stock Exchange (PSX) over the period from 2003 to 2017.

Design/methodology/approach

To examine the impact of PAKCGI on financial distress (Altman Z-Score), random effect model is applied. The PAKCGI is a self-constructed index based on the five important factors of corporate governance practices, i.e. board of directors, audit committees, right of shareholders, disclosures and risk management. The binary coding approach is adopted for the construction of PAKCGI. Altman Z-Score model is used as a proxy for financial distress indicator. The absolute value of Altman Z-score has been taken as financial distress indicator.

Findings

The outcomes of the study indicate a positive impact of PAKCGI on risk of firms’ financial distress. The positive coefficient of PAKCGI implies that the good corporate practices work as catalyst to reduce risk of financial distress in Pakistan. A significant negative impact of block holders on financial distress suggests that the concentrated block ownership take monopolistic decision to protect their interests. It has also been observed that significant positive impact of institutional ownership on financial distress exists in the Pakistani listed firms. Furthermore, this study also reveals that significant negative association between board size, CEO duality and financial distress indicator.

Research limitations/implications

The findings may encourage the Pakistani listed companies to follow and implement good corporate governance practices, which would lead to increase the confidence of investors, regulators and stakeholders.

Originality/value

The current study extends the corporate governance literature by examining the relationship between the corporate governance attributes and the financial distress status of Pakistani listed companies. From the academic perspective, this paper adds to the knowledge concerning the association between corporate governance practices and risk of financial distress in emerging markets.

Details

Corporate Governance: The International Journal of Business in Society, vol. 21 no. 4
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 8 February 2021

Shahab Ud Din, Muhammad Arshad Khan, Majid Jamal Khan and Muhammad Yar Khan

This study examines the impact of ownership structure on firm financial performance, for 146 manufacturing firms listed at the Pakistan Stock Exchange (PSX) for the period…

3027

Abstract

Purpose

This study examines the impact of ownership structure on firm financial performance, for 146 manufacturing firms listed at the Pakistan Stock Exchange (PSX) for the period 2003–2012.

Design/methodology/approach

The theoretical background of the present study is based on the agency theory. Ownership structure is measured by institutional shareholdings, insider shareholdings, foreign shareholders and government shareholdings, while return on assets (ROA), return on equity (ROE), market-to-book ratio (MBR) and Tobin's Q (TQ) are used as proxies of corporate financial performance. The dynamic panel generalized method of moments (GMM) method is employed to cater for the issue of endogeneity.

Findings

We find that institutional ownership exerts a significant positive impact on ROE and MBR, which suggests that institutional investors play a significant role in improving the financial performance of the sample Pakistani. Furthermore, the results reveal a significant positive relationship of insider ownership with ROA, ROE, MBR and TQ, which is consistent with the prediction of agency theory that concentration of insider ownership aligns the interest of shareholders with those of the managers and hence improves performance. A significant positive association of government shareholdings with ROA and ROE was also found. Therefore, policymakers may encourage government ownership in firms, which can help to improve corporate financial performance.

Originality/value

The present study contributes to the existing literature on ownership structure and corporate financial performance in an emerging market like Pakistan. It is worth mentioning that the institutional setup and corporate governance structure in Pakistan is yet at an evolving stage. Findings of this study may provide useful insights to corporate managers and investors about the relationship between ownership structure and financial performance of firms from the manufacturing sector in Pakistan.

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Article
Publication date: 12 July 2021

Abbas Khan, Muhammad Yar Khan, Abdul Qayyum Khan, Majid Jamal Khan and Zia Ur Rahman

By testing the weak form of efficient market hypothesis (EMH) this study aims to forecast the short-term stock prices of the US Dow and Jones environmental socially responsible…

663

Abstract

Purpose

By testing the weak form of efficient market hypothesis (EMH) this study aims to forecast the short-term stock prices of the US Dow and Jones environmental socially responsible index (SRI) and Shariah compliance index (SCI).

Design/methodology/approach

This study checks the validity of the weak form of EMH for both SCI and SRI prices by using different parametric and non-parametric tests, i.e. augmented Dickey-Fuller test, Philip-Perron test, runs test and variance ratio test. If the EMH is invalid, the research further forecasts short-term stock prices by applying autoregressive integrated moving average (ARIMA) model using daily price data from 2010 to 2018.

Findings

The research confirms that a weak form of EMH is not valid in the US SRI and SCI. The historical data can predict short-term future price movements by using technical ARIMA model.

Research limitations/implications

This study provides better guidance to risk-averse national and international investors to earn higher returns in the US SRI and SCI. This study can be extended to test the EMH of Islamic equity in the Middle East and North Africa region and other top Islamic indexes in the world.

Originality/value

This study is a new addition to the existing literature of equity investment and price forecasting by comparing and investigating the market efficiency of two interrelated US SRI and SCI.

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Article
Publication date: 18 March 2020

Tahira Awan, Syed Zulfiqar Ali Shah, Muhammad Yar Khan and Anam Javeed

The capital markets witness phenomenal shifts of corporate control. With the shift of world economy into a global one, there has been a rapid increase in the volume of…

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Abstract

Purpose

The capital markets witness phenomenal shifts of corporate control. With the shift of world economy into a global one, there has been a rapid increase in the volume of acquisitions. The previous studies shed light on the motives behind acquisition and impact of acquisition on both bidding and target firms. The purpose of this study is to bridge a gap in literature by exploring the factors affecting the acquisition ability (AA) of the firms. The study has analyzed the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm.

Design/methodology/approach

Cross-sectional data has been analyzed with respect to Pakistan stock exchange for a period of 2004-2017 by using logit regression.

Findings

Analysis indicates that firm-specific variables are important determinants in firm’s decision to acquire. Chief Executive Officer duality and presence of institutional shareholders on the board contribute to this important phenomenon in the life of the acquiring firms. Bidding firm’s financial strength is also another important consideration while going for corporate control transfer transactions. The empirical results indicate the better AA for firms characterized by minimum capacity usage, lower level of intangible assets, lower debt levels and lower advertising expenses. However, the regulatory factor has no significant role in firms’ AA. The findings of the study are helpful for managers, regulators and policymakers.

Originality/value

Analyzing the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm is a rare study, especially in an emerging country such as Pakistan.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 3
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 1 November 2023

Muhammad Asim, Muhammad Yar Khan and Khuram Shafi

The study aims to investigate the presence of herding behavior in the stock market of UK with a special emphasis on news sentiment regarding the economy. The authors focus on the…

247

Abstract

Purpose

The study aims to investigate the presence of herding behavior in the stock market of UK with a special emphasis on news sentiment regarding the economy. The authors focus on the news sentiment because in the current digital era, investors take their decision making on the basis of current trends projected by news and media platforms.

Design/methodology/approach

For empirical modeling, the authors use machine learning models to investigate the presence of herding behavior in UK stock market for the period starting from 2006 to 2021. The authors use support vector regression, single layer neural network and multilayer neural network models to predict the herding behavior in the stock market of the UK. The authors estimate the herding coefficients using all the models and compare the findings with the linear regression model.

Findings

The results show a strong evidence of herding behavior in the stock market of the UK during different time regimes. Furthermore, when the authors incorporate the economic uncertainty news sentiment in the model, the results show a significant improvement. The results of support vector regression, single layer perceptron and multilayer perceptron model show the evidence of herding behavior in UK stock market during global financial crises of 2007–08 and COVID’19 period. In addition, the authors compare the findings with the linear regression which provides no evidence of herding behavior in all the regimes except COVID’19. The results also provide deep insights for both individual investors and policy makers to construct efficient portfolios and avoid market crashes, respectively.

Originality/value

In the existing literature of herding behavior, news sentiment regarding economic uncertainty has not been used before. However, in the present era this parameter is quite critical in context of market anomalies hence and needs to be investigated. In addition, the literature exhibits varying results about the existence of herding behavior when different methodologies are used. In this context, the use of machine learning models is quite rare in the herding literature. The machine learning models are quite robust and provide accurate results. Therefore, this research study uses three different models, i.e. single layer perceptron model, multilayer perceptron model and support vector regression model to investigate the herding behavior in the stock market of the UK. A comparative analysis is also presented among the results of all the models. The study sheds light on the importance of economic uncertainty news sentiment to predict the herding behavior.

Details

Review of Behavioral Finance, vol. 16 no. 3
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 17 May 2021

Anam Javeed, Muhammad Yar Khan, Mobashar Rehman and Asif Khurshid

The aim of this study is to gather and analyse the information regarding the level of awareness and commitment of the public as well as the organizations of Pakistan pertaining to…

314

Abstract

Purpose

The aim of this study is to gather and analyse the information regarding the level of awareness and commitment of the public as well as the organizations of Pakistan pertaining to sustainable development goals (SDGs).

Design/methodology/approach

A sample of 500 respondents in total including employs and general public is selected for their opinion regarding SDGs. The data was collected by personal administration of questionnaires in organizations and general public. The data has been collected from federal and provincial capitals of Pakistan. The data has been analysed using Smart PLS and the hypothesized relationships have been tested using regression analysis.

Findings

The level of awareness as well as level of commitment towards the fulfilment of SDGs varies across the cities of Pakistan according to the business volume and their affiliation with the United Nations.

Research limitations/implications

This study has been conducted in Pakistan only however a cross-country implementation of the framework and comparison would have yielded more in-depth facts.

Practical implications

This study provides the policy makers with the ground-level data regarding the awareness and commitment of Pakistani organizations and public towards SDG fulfilment. A glance towards the attitudes of the people towards the subject could also be seen through this study. It could be further utilized and referred by other researchers for comparison with their own studies regarding SDGs.

Originality/value

This a comprehensive study conducted at federal and provincial level of Pakistan which has yielded ground realities towards the implementation of SDGs. The results could be used for policy making and planning at national level.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 12 no. 4
Type: Research Article
ISSN: 2044-1266

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Article
Publication date: 11 October 2021

Muhammad Farhan Jahangir Chughtai, Saira Tanweer, Samreen Ahsan, Tariq Mehmood, Atif Liaqat, Adnan Khaliq, Tahir Zahoor, Muhammad Nadeem, Nazia Khalid, Saadia Zainab and Syed Junaid-ur-Rahman

Corona viruses have spiked structure and enveloped glycoproteins in their structure, along with specific proteins in membranes. The mode of action of COVID-19 consists of three…

176

Abstract

Purpose

Corona viruses have spiked structure and enveloped glycoproteins in their structure, along with specific proteins in membranes. The mode of action of COVID-19 consists of three phases, i.e. viral replication, immune hyperactivity and pulmonary destruction. However, angiotensin-converting enzyme is an essential receptor that causes COVID-19. After infecting any individual, COVID-19 develops in specific pattern with the following stages: replication stage and adaptive immunity stage. After adaptive immunity stage, the clinical symptoms of patient include cough, fever, runny nose, shortness of breath and many more. To cope with this COVID-19, food and nutrition played an important role. The purpose of this review article is to emphasize the significance of food and immunity to reduce COVID-19 attack among susceptibles.

Design/methodology/approach

In the present era, corona virus, a member of crown-shaped type, created a pandemic situation around the globe owing to its capability to move from human to animals and vice versa. This virus can transfer its 35% infection to the individuals. Contemporarily, this outbreak was observed in Wuhan, China in December 2019 and affected a huge number of communities by spreading like common flu. However, after investigation, it was revealed that COVID-19 is different from common flu regarding respiratory illness created by this novel coronavirus along with its taxonomy.

Findings

Over and above to all the aforementioned food safety concerns, it is suggested to use sufficient supply of green leafy vegetables along with fiber-rich foods such as legumes, beans, whole grains and vegetables. It is further good for health to get all these varieties whole and organic. The individuals should use probiotics (lactobacillus) on daily basis as a source of diary probiotic that can further bind to the virus directly and then can inhibit the viral attachment with body cells; also the probiotics are claimed to enhance the immune system of the body.

Research limitations/implications

In the case of fruits and vegetables purchased, it must be thoroughly washed with water and then disinfected; after pat drying, these fruits and vegetables can be moved to the refrigerator and stored along with other foods. During the outbreak of COVID-19, the partially cooked or ready-to-eat foods should be avoided, especially eggs, meat, meat products, milk and milk-related products. On the other side, nuts should not be consumed; if required, then it must be properly roasted at home before consumption.

Practical implications

The baked product right after coming out of oven is completely safe; however, these are contaminated during handling such as crumb in case of bread and with knives; so in the breakout of any viral attack, the individuals should avoid slicing of the bread. Moreover, it is recommended to place the baked products in personal bags instead of bulk quantity. Before the consumption, the baked products should be toasted, microwaved or heated with the help of pan (traditional) to reduce the amount of viral load.

Social implications

Dietary supplements are taken by most of the people on daily basis or sporadically especially when they are suffering from inflammation or cold. They have options while selecting these types of supplements such as probiotics, Echinacea, omega-3 fatty acids, vitamins D and E, calcium glucosamine, garlic and iron. These supplements are beneficial for the group of population who do not eat diversity of food as sufficient amount of essential nutrients is provided through this pathway.

Originality/value

This work is original in its novelty.

Details

Nutrition & Food Science , vol. 52 no. 2
Type: Research Article
ISSN: 0034-6659

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Article
Publication date: 21 August 2024

Muhammad Farooq, Imran Khan, Mariam Kainat and Adeel Mumtaz

Corporate social responsibility (CSR) has gained tremendous importance after several corporate scandals, financial crises and the rise of the hyper-competitive world. Firms must…

808

Abstract

Purpose

Corporate social responsibility (CSR) has gained tremendous importance after several corporate scandals, financial crises and the rise of the hyper-competitive world. Firms must address multiple stakeholders’ interests to increase firm value. This study aims to investigate the effect of CSR on firm value. This study also examines the mediating role of enterprise risk management (ERM) and the moderating influence of corporate governance (CG) in this CSR-firm value relationship.

Design/methodology/approach

The sample of the study comprises 119 Pakistan Stock Exchange (PSX) listed firms and the study covers the period from 2010 to 2021. The corporate social responsibility performance has been quantified across five dimensions. These aspects are product, environment, employee relations, diversity and community. Four proxies i.e. strategy, operation, reporting and compliance, have been used to measure ERM. The governance quality of the sample companies was evaluated using the governance index, which included 29 governance provisions. The authors used the dynamic panel data technique (system-GMM) is used to achieve the objectives of the study. Furthermore, a firm’s engagement in CSR activities can also be measured through a multinational financial approach to check the robustness of the result.

Findings

Based on the regression analysis, the authors discovered that CSR was positively connected with firm value, validating the stakeholder view of CSR. Furthermore, following Baron and Kenny’s (1986) mediation technique, the findings confirm that ERM mediates this association. These results are robust by using the bootstrapping tests by Preacher and Hayes (2004). Furthermore, the result shows that corporate governance (CG) is positively connected with firm performance, and this relationship is strengthened in the presence of an effective governance system in the organization.

Practical implications

This study provides useful insights to regulators, investors and policymakers to consider CSR as a value-enhancing factor and encourage the development of enterprise risk management and compliance with CG mechanisms to improve firm value.

Originality/value

The presented analysis strengthens the existing CSR–firm value relationship by analyzing the mediating and moderating roles of ERM and CG, which have not yet been tested, particularly in the context of Pakistan.

Details

Corporate Governance: The International Journal of Business in Society, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 30 August 2021

Saira Tanweer, Tariq Mehmood, Saadia Zainab, Zulfiqar Ahmad, Muhammad Ammar Khan, Aamir Shehzad, Adnan Khaliq, Farhan Jahangir Chughtai and Atif Liaqat

Innovative health-promoting approaches of the era have verified phytoceutics as one of the prime therapeutic tools to alleviate numerous health-related ailments. The purpose of…

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Abstract

Purpose

Innovative health-promoting approaches of the era have verified phytoceutics as one of the prime therapeutic tools to alleviate numerous health-related ailments. The purpose of this paper is to probe the nutraceutic potential of ginger flowers and leaves against hyperglycemia.

Design/methodology/approach

The aqueous extracts of ginger flowers and leaves were observed on Sprague Dawley rats for 8 weeks. Two parallel studies were carried out based on dietary regimes: control and hyperglycemic diets. At the end of the experimental modus, the overnight fed rats were killed to determine the concentration of glucose and insulin in serum. The insulin resistance and insulin secretions were also calculated by formulae by considering fasting glucose and fasting insulin concentrations. Furthermore, the feed and drink intakes, body weight gain and hematological analysis were also carried out.

Findings

In streptozotocin-induced hyperglycemic rats, the ginger flowers extract depicted 5.62% reduction; however, ginger leaves extract reduced the glucose concentration up to 7.11% (p = 0.001). Similarly, ginger flowers extract uplifted the insulin concentration up to 3.07%, while, by ginger leaves extract, the insulin value increased to 4.11% (p = 0.002). For the insulin resistance, the ginger flower showed 5.32% decrease; however, the insulin resistance was reduced to 6.48% by ginger leaves (p = 0.014). Moreover, the insulin secretion increased to 18.9% by flower extract and 21.8% by ginger leave extract (p = 0.001). The feed intake and body weight gain increased momentously by the addition of ginger flowers and leaves; however, the drink intake and hematological analysis remained non-significant by the addition of ginger parts.

Originality/value

Conclusively, it was revealed that leaves have more hypoglycemic potential as compared to flowers.

Details

Nutrition & Food Science , vol. 52 no. 2
Type: Research Article
ISSN: 0034-6659

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Article
Publication date: 1 October 2005

Muhammad Saeed, Muhammad Bashir Gondal and Bushra

This paper aims to focus on achievement level of primary grade students in different subjects taught at primary level and the factors affecting the student achievement in this…

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Abstract

Purpose

This paper aims to focus on achievement level of primary grade students in different subjects taught at primary level and the factors affecting the student achievement in this regard.

Design/methodology/approach

The study was carried out on a sample of 1,080 students of grade 3 and 5 drawn from randomly selected 36 primary/ elementary schools from nine districts of the Punjab province. The instruments were: the achievement tests in three subjects mathematics, Urdu (national language) and life skills (Islamyat, social studies and science); and questionnaires for teachers and students to know various possible factors affecting achievement.

Findings

Results show that the achievement was the lowest in the subject of Urdu (mean 15.2) and the highest in life skills (mean 29.9) in grade 3. While in grade 5, it was the lowest in mathematics (mean 10.8) and the highest in life skills (31.63). Overall the performance of the female students was relatively better than their male partners. Location‐wise, the rural students performed better than the urban students. District‐wise, the performance of students of Rajanpur and Rahim Yar Khan districts was relatively better than the students of district Kasur and Bahawalpur. Among the factors affecting students achievement were parental education, their occupation and guidance, teacher guidance, social status, transport facility, self study, book reading and home work – all have a positive or negative correlation with students’ achievement.

Originality/value

This paper is of use to those wishing to understand the achievement levels of students at primary grade in developing countries.

Details

International Journal of Educational Management, vol. 19 no. 6
Type: Research Article
ISSN: 0951-354X

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