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The Sustainable Development Goal (SDG) 16 outlines sustainability as associated with peace, good governance and justice. The perception of international tourists about security measures and risks is a key factor affecting destination choices, tourist flow and overall satisfaction. Thus, we investigate the impact of armed forces personnel, prices, economic stability, financial development and infrastructure on tourism.

This research used data from 130 countries from 1995 to 2019, which were divided into four income groups. This study employs a two-step generalized method of moments (GMM) technique and a novel tourism index comprising five relevant indicators of tourism.

A 1% increase in armed forces personnel expands tourism in all income groups – 0.369% High Income Countries (HICs), 0.348% Upper Middle Income Countries (UMICs), 0.247% Lower Middle Income Countries (LMICs) and 0.139% Low Income Countries (LICs). The size of the tourism-safety coefficient decreases from high to low-income groups. The impact of inflation is significantly negative in all panels, excluding LICs. The reduction in tourism was 0.033% in HICs, 0.049% in UMICs and 0.029% in LMICs for a 1% increase in prices. The increase in the global tourism index is more in LICs (0.055%), followed by LMICs (0.024%), UMICs (0.009%) and HICs (0.004%) for a 1% expansion in the gross domestic product (GDP)/capita growth. However, the magnitude of the growth-led tourism impact is greater in developing countries. A positive impact of foreign direct investment (FDI) inflow was found in all panels like 0.016% in HICs, 0.050% in UMICs and 0.119% in LMICs for a 1% increase in FDI inflow. The rise in the global tourism index is 0.097% (HICs), 0.124% (UMICs) and 0.310% (LMICs) for a 1% rise in the financial development index. The increase in the global tourism index is 0.487% (HICs), 0.420% (UMICs) and 0.136% (LICs) for a 1% rise in the infrastructure index.

Empirical analysis infers important policy implications such as (a) establishment of a peaceful environment via recruitment of security personnel, use of safe city cameras, modern technology and law enforcement; (b) provision of basic facilities to tourists like sanitation, drinking water, electricity, accommodation, quality food, fuel and communication network and (c) price stability through different tools of monetary and fiscal policy.

First, it explains the effect of security personnel on a comprehensive index of tourism instead of a single variable of tourism. Second, it captures the importance of economic stability (i.e., economic growth, financial development and FDI inflow) in the tourism–peace nexus.

Physical activity is an eminent practice for the maintenance of physical and mental health. Physical fitness always enables students to perform their various tasks efficiently specifically in academic performance. Student health is a principal factor for the performance of all kinds of activities particularly in academic performance. This study aimed to evaluate physical activity among university students and the factors for being inactive.

A questionnaire was designed and distributed among the students via WhatsApp, Skype and email, however, some responses were collected physically to maintain the quality of data. The questionnaire was categorized into demographic factors, current physical activity status and reasons for physical inactivity. Each section was further divided into questions and total 24 questions were asked from each individual for evaluation of inactiveness.

The finding of this research explored that enormous number of students are doing part time jobs and unable to find enough time for relaxation. The research was limited and evaluated limited factors and explored that 60.6% of students had less time for entertainment and this is only 2 h for this 60.6% of students. Among all factors of physical activity walking was preferable for 48.34% of the students. Students want to participate in healthy activities. Moreover, students are unable to perform physical exercise due to busy schedules of jobs (47.02%), part-time job burden (15.89%), study burden (35.10%) and poor health conditions (1.32%).

This study concluded that higher percentage of students have stress of limited resources and under this stress condition they are unable to take a balanced diet which they considered cost-effective. They did not perform maximum in their academic and daily activities and did not participate in sports activities. It was also observed that institutions did not provide a sufficient platform for physical activity for students. The research shows the factors which affect the student’s academic performance as being physically inactive. Evaluation of results explored that numerous students have limited resources during their career development and their attention remain diverted to overcome their limited resources which keep them physically unfit. The findings also explored that physically inactive students have heavy study and job burden which is not overcome and analyzed by their institutions.

Environmental protection and conservation of resources is a challenge for policymakers to attain sustainable growth and development. The current study uses the variable of inclusive growth instead of the traditional measure of growth.

The link between inclusive growth, renewable energy, industrial production, trade openness and the environment is explored by using panel data from 1995 to 2019 in Brazil, Russia, India, China and South Africa (BRICS) countries. Before applying formal techniques, unit root tests were applied to check the stationarity of each variable. The long-run relationship among factors was found by the Kao cointegration test. The panel dynamic ordinary least squares (DLOS) was employed for regression estimation.

The results verified a decrease in ecological footprint (EF) in response to a potential rise in renewable energy consumption. An upsurge in EFs was explored due to a rise in gross domestic product (GDP) per person employed and trade openness. The EF significantly decreased by 0.671% in response to a 1% rise in renewable energy consumption.

It is highly suggested to enhance renewable energy usage. To achieve this, policymakers should implement and emphasize efficient energy technologies to ensure improving the environment. Efficient use of renewable energy resources will decrease global warming effects and ensure the sustainable use of scarce resources.

It first took into account the variable of inclusive growth instead of traditional growth measures. It explored the impact of GDP per person employed as an indicator of inclusive growth.

The purpose of this paper is to examine the impact of dividend announcements on the stock return of Shariah-compliant and conventional stocks.

An event study methodology is applied to study the beta anomaly. Market-adjusted return model, mean-adjusted return model and market model have been applied to calculate excess returns. Estimation period used in this study is 130 days, and event period consists of 21 days in total, i.e. starting from the day –10 “before the cash dividend announcement” to day +10 “after the cash dividend announcements.

It has been concluded from the results that dividend plays an informational role in the Pakistan Stock Exchange. As the investors in Pakistan react favorably to the dividend increase announcements and unfavorably to the dividend decrease announcements, they consider dividend increase announcement as good news and dividend decrease announcement as bad news.

The findings of this study have several implications for different participants of the stock market, such as investors, academicians, researchers, fund managers and policymakers. They can use this information to make decisions while making efficient portfolios. Investors may get abnormal returns by focusing on the dividend announcement patterns. This can influence the attitude of investors toward efficient investments in the stock market and ultimately contribute to the betterment of society. This study is also beneficial for academicians and researchers, as it provides a comparative analysis of Shariah-compliant and conventional stocks and the anomalous effect of dividend announcements on stock return.

Limited research in the world’s context and null is available in Pakistani context on the subject matter. The comparative analysis of “Shariah-compliant” and “conventional” stocks provides insight into the asset pricing of Shariah-compliant stocks that have not been explored earlier. This study also uses three different methods (mean model, market model and market-adjusted return models) to compare Shariah-compliant and conventional stocks

In this paper the authors examine evidence on exchange rate predictability through commodity prices for a set of countries categorized as commodity import- and export-dependent developed and emerging countries.

The authors perform in-sample and out-of-sample forecasting analysis. The commodity prices are modeled to predict the exchange rate and to analyze whether this commodity price model can perform better than the random walk model (RWM) or not. These two models are compared and evaluated in terms of exchange rate forecasting abilities based on mean squared forecast error and Theil inequality coefficient.

The authors find that primary commodity prices better predict exchange rates in almost two-thirds of export-dependent developed countries. In contrast, the RWM shows superior performance in the majority of export-dependent emerging, import-dependent emerging and developed countries.

Previous studies examined the exchange rate of commodity export-dependent developed countries mainly. This study examines both developed and emerging countries and finds for which one the changes in prices of export commodities (in case of commodity export-dependent country) or prices of major importing commodities (in case of import-dependent countries) can significantly predict the exchange rate.

The purpose of the study is to systematically review the literature of indirect cost of financial distress to understand its scope, measurements, impact size and determinants to synthesis with future research agenda.

Five-step process of systematic literature review (SLR) as applied by Opoku et al. (2015) is used. SLR extracted 47 studies of indirect cost after applying specified search criteria. Data regarding measurement, impact size and determinants are presented and summarised in specified tables.

SLR showed that the study of indirect cost in developing countries is a literature gap. It is also found that opportunity loss, operating profit loss, market loss and risk premium are most studied indirect costs using legal definition or ex ante proxy of financial distress. However, future studies are recommended to use both non-linear leverage and ex ante proxy of financial distress. Future studies are also suggested to use the moderation technique while studying the determinants of indirect cost.

Literature selection is based on specific search criteria that can miss some of the other related literature.

The indirect cost of financial distress is more costly and difficult to measure due to its complex concealed effects. A detailed literature of indirect cost is needed to understand the construct that eventually will help to define the future research agenda. To the best of the authors’ knowledge, no SLR of indirect cost is provided yet. Therefore, the outcome of this research will be valuable for both academicians and practitioners.

The purpose of the study is to examine overreaction effect in the Chinese stock market after the global financial crisis (GFC) of 2007 for all the stocks listed in Shanghai Stock Exchange (SSE) Composite 50 index.

To capture overreaction effect in the stock listed at SSE 50 Index, a time series analysis of average cumulative abnormal return within a unified framework is applied for the period of January 2009 to December 2015. From these loser and winner portfolios, contrarian strategy is applied to build arbitrage portfolio, which is the difference of mean reversions between loser and winner portfolios. The portfolio construction is based on a 12-month formation period and 6-month testing period for intermediate-term analysis and. for short-term analysis, 6 month formation and 3 month testing periods. The authors also applied regression analysis to test a return reversal effect for the sampled period.

Results show that contrarian strategy yields positive excess returns for the arbitrage portfolio for most of the testing periods. The intermediate baseline case shows the arbitrage portfolio producing an average excess return of 14.1%, while even the short-term one produces 4%, which is statistically significant at the 5% level. The study finds asymmetrical overreactions in the SSE especially for loser portfolios. The biggest winner and loser portfolios follow the mean reversal effect. Moreover, before-after test for the biggest winner and loser portfolios shows that the losers recovered and beat the market immediately.

The study could benefit government, policy makers and regulators by studying how presence of more individual investors than institutional investors of China stock market leads to more irrational decisions giving rise to volatility. The regulators could build favourable policies for institutional investors to give them incentive to invest more than individual investors through which market volatility could be controlled.

This research contributes to market behaviour research, showing how working under hypotheses of overreaction; gains can be made with contrarian investment strategy through arbitrage portfolios. The authors provide specific additional support for the short and medium-term overreaction in the SSE for the period 2009–2015 using regression analysis.

This research contributes to market behaviour research, showing how working under hypotheses of overreaction; gains can be made with contrarian investment strategy through arbitrage portfolios. We provide specific additional support for the short and medium-term overreaction in the SSE for the period 2009–2015 using regression analysis.

The existing literature about return reversal effect in Chinese stock markets is inconclusive and controversial. Therefore, the purpose of this paper is to investigate the presence of return reversal effect in the Shanghai A stock market.

The authors used the late-stage contrarian strategy of Malin and Bornholt (2013) for the period March 2011‒March 2016.

The results show that there is a long-term return reversal effect in the Shanghai A stock market for the period March 2011‒March 2016. When portfolios are in the formation period (P=24 months), the excess returns are significant in the holding period, Q=6, 9, 12, 24 months. Further, there is also a significant short-term momentum effect in the Shanghai A stock market. For the robustness check, a new reversal factor was introduced into the Fama‒French three-factor model. Results show that portfolios have a smaller size and have lower book-to-market ratios; the return reversal factor explains a portion of the abnormal returns and coefficient of the reversal effect is significant.

The authors caution readers from generalizing the findings of this study, as the sample is small and the focus is only on A stocks listed on the Shanghai Stock Exchange.

The present research expands the current literature by providing a comprehensive information about the presence of the long-term and short-term return reversal effects in Shanghai A stock market. Furthermore, the Chinese stock markets have distinctive features in comparison to the developed stock markets in terms of government control, institutional structure, liquidity, cultural background, etc. Such differences affect the pattern in stock returns compared with those observed in developed stock markets. Contrary to previous studies, the present study also accounts for robustness checks. Finally, it also evaluates the possible reasons for the return reversal effect in the Shanghai market.

The purpose of this paper is to explain the multi-stage dynamic process of financial distress. An attempt is made to explore multiple adverse heterogeneous events of financial distress leading a firm closer to bankruptcy progressively.

Sample comprises 321 ongoing, 54 suspended and 91 delisted non-financial firms from Pakistan Stock Exchange. Financial distress is segregated into three stages, i.e. profit reduction, mild liquidity (ML) and severe liquidity (SL). Flow diagrams are used to explain the transition of healthy firms through proposed stages of financial distress.

Results showed that firms liquidated/winding-up by court documented SL problems and closed their operations well before the delisting year. It is found that healthy firms are more likely to face SL when faced ML problem at first stage. Distressed firms can recover to a healthy position at any stage, however after approaching to SL, recovery is less expected.

The proposed process will provide a foundation for future studies to develop more relevant, robust and accurate early warning system of corporate failure that will help stakeholders to respond potential crisis accordingly and timely.

Previously, most of the studies used the ex post definition of bankruptcy that is criticized due to the contextual application, sample bias and non-segregation by the degree of liquidity problems. The originality of the proposed ex ante model is its segregation into a three-stage process that can be generalized regardless of specific bankruptcy law.

This study aims to review the psychosocial determinants of divorce and their effects on women for a social reform in Pakistan. Enigmatic societal standards vandalize social status of divorced women and stress them to experience psychological trauma that triggers psychosocial disorders.

The study is categorized into three major determinants: the human emotional, the formal legal and societal aspect(s) in association with the deferential social status of divorced women. Rapid evidence assessment methodology was used to search the all-inclusive literature, collate the available descriptive evidences, critically analyze and evaluate it, sieve out studies of penurious quality and provide an aperçu of the evidence.

The research evinces domestic violence and abuse as an endemic cause of divorce in Pakistan; emotional and psychological consequences of domestic abuse damage women’s self-worth and well-being. Literature reported that all these determinants impacted the mental health stability of the divorced women. Divorce rates are climbing at a faster pace in the country and Punjab has been identified as a province of rocketing divorce rate. Lamentably, in various villages of other provinces, women risk face mutilation if they show courage to seek divorce.

More research needs to be carried out on the issue nationwide. Fundamentally, cultural norms around women’s roles in society need to be addressed and challenged where this research may become an impetus for further research.

The paper contributes towards the redressal of the domestic abuse, social exclusion, marginalization and vilification of divorced women in Pakistan. The rising rates indicate an urgent need for social reforms to curtail offending behaviors toward them, to safeguard their mental health and well-being and to empower them with their legal rights to enjoy deferential social status in life.