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1 – 10 of 80Saqib Amin, Waqas Mehmood, Attia Aman-Ullah and Mujahid Ameen Khan
This study aims to measure whether admittance in the quarantine ward due to COVID-19 can affect one’s mental health. Nowadays, many countries worldwide are battling with the…
Abstract
Purpose
This study aims to measure whether admittance in the quarantine ward due to COVID-19 can affect one’s mental health. Nowadays, many countries worldwide are battling with the threat of the COVID-19 contagion, and it is difficult to understand how the pandemic leaves psychological impacts on one’s well-being.
Design/methodology/approach
This research used qualitative and quantitative approaches to assess the psychological impacts of quarantine due to COVID-19. Population of the present study were 250 patients who were admitted in quarantine centres of Pakistan. The data analysis was conducted through univariate analysis using (ANVOVA) software.
Findings
This study found that patients who were quarantined due to the COVID-19 infection displayed multiple psychological symptoms such as a lack of self-control, anxiety, low general health and vitality, depression and negative well-being.
Practical implications
There is an urgency to provide psychological treatments to each afflicted person and their family members to establish a healthy community.
Originality/value
This research investigates whether admittance in the quarantine ward due to COVID-19 can affect mental health in Pakistan.
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Waqas Mehmood, Anis Ali, Rasidah Mohd-Rashid and Attia Aman-Ullah
The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The…
Abstract
Purpose
The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The Shariah-compliant status, which is seen as a method that offers a credible signal to investors, may explain the anomaly in IPO demand.
Design/methodology/approach
This research used multivariate and quantile regression models to assess data from 85 IPOs issued on the Pakistan Stock Exchange between 2000 and 2019.
Findings
Shariah-compliant status has a considerable negative association with IPO demand. Nevertheless, there is a considerable positive association among Shariah regulation and IPO demand. Furthermore, the interaction among regulatory quality and Shariah-compliant status has a considerable strong influence on IPO demand. As a consequence, the findings show that Shariah-compliant firms might possibly attract the attention of investors. Investors were found to concur on the amicability of rigorous rules and permissible Shariah-compliance aspects.
Research limitations/implications
Future studies could analyse the financial ratio benchmark (cash and debt) to determine the Shariah-compliant status and Shariah regulation to better understand the problem of IPO demand in the context of Pakistan.
Practical implications
The outcomes of this research are useful for issuers and underwriters in comprehending the characteristics that influence high and early IPO success. Such knowledge may assist issuers and underwriters in responsibly planning and managing the IPO process.
Social implications
The results may be useful to investors looking for critical information in prospectuses to make the best choice when subscribing to IPOs in Pakistan.
Originality/value
This is one of the first studies to provide empirical data on the links among Shariah-compliant status, Shariah regulation and IPO demand in Pakistan. Furthermore, this research demonstrates the interaction impact of regulatory quality and Shariah-compliant status on IPO demand.
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Waqas Mehmood, Rasidah Mohd-Rashid, Ruzita Abdul-Rahim and Attia Aman-Ullah
A critical factor to the success of IPOs is investor demand, which can be observed from the IPO subscription pattern. Therefore, the objective of this study is to review the…
Abstract
Purpose
A critical factor to the success of IPOs is investor demand, which can be observed from the IPO subscription pattern. Therefore, the objective of this study is to review the studies on the demand of IPOs, including empirical and theoretical literature, due to the substantial growth of IPOs over the last two decades.
Design/methodology/approach
This study extracted secondary data regarding IPO demand published from 1988 to 2022 from the Scopus database. We conducted a meta-literature review for qualitative and quantitative methods on the resulting 284 articles using citation analysis (Harzing’s Publish or Perish and VOS viewer software) and content analysis.
Findings
The findings revealed significant elements of the literature, including countries, institutions, journals, authors, articles and topics. Based on the IPO literature review and analyses, this paper developed future research questions to facilitate an extension of the research. Additionally, this paper developed a dual perspective of the present state of IPO research. First, it asserts that the demand for IPOs is not limited to certain countries, jurisdictions or vintages. Second, there are very few studies on demand for IPOs available despite IPOs’ economic worth.
Originality/value
To the best of the authors’ knowledge, this is the first study of its kind to present an empirical evaluation of demand for IPOs using inclusive mapping.
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Waqas Mehmood, Rasidah Mohd-Rashid, Norliza Che-Yahya and Chui Zi Ong
This study investigated the effect of pricing mechanism and oversubscription on the heterogeneity of investors' opinions on initial public offering (IPO) valuation.
Abstract
Purpose
This study investigated the effect of pricing mechanism and oversubscription on the heterogeneity of investors' opinions on initial public offering (IPO) valuation.
Design/methodology/approach
Besides the ordinary least square method, this study incorporated robust least square, stepwise least square and quantile regression methods to investigate the aftermarket behaviour of investors using the price range on the first day of trading of 82 IPOs listed on the Pakistan stock exchange.
Findings
The aftermarket behaviour of investors was found to be significantly influenced by the pricing mechanism, oversubscription, financial leverage, political stability and the risk of IPO, whereas control of corruption showed an insignificant impact. Concurrently, the findings showed that pricing mechanism and oversubscription played a crucial role in determining the intensity of investors' heterogeneous opinions at high levels of significance.
Originality/value
Pricing mechanism and oversubscription not only signal the quality of IPOs but also provide an important means for reducing the information asymmetry associated with new listings. Based on the literature review, it was found that both the pricing mechanism and oversubscription have yet to be explored in investigating the aftermarket behaviour of investors using the price range in the Pakistan IPO market. This study suggests that book building pricing mechanism and oversubscription are associated with lower heterogeneity in investors’ opinions at a high level of significance.
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Waqas Mehmood, Rasidah Mohd-Rashid, Ahmad Hakimi Tajuddin and Hassan Mujtaba Nawaz Saleem
This study aims to investigate the effect of Shariah-compliant status and Shariah regulation on initial public offering (IPO) underpricing in Pakistan.
Abstract
Purpose
This study aims to investigate the effect of Shariah-compliant status and Shariah regulation on initial public offering (IPO) underpricing in Pakistan.
Design/methodology/approach
Besides the ordinary least square’s method, this study used quantile least squares as a robust approach and stepwise regression for further analysis to investigate the underpricing phenomenon in Pakistan. Data of 84 IPOs listed on Pakistan Stock Exchange from January 2000 to December 2018 were collected to determine the impact of Shariah-compliant status and Shariah regulation on IPO underpricing.
Findings
Results of the study show that Shariah-compliant status has a negative relationship but Shariah regulation has a positive relationship with IPO underpricing. Hence, it is contended that Shariah-compliant firms have lower asset volatility and uncertainty than non-Shariah-compliant firms because of less information asymmetry, resulting in lower underpricing. These Shariah-compliant firms provide signals of high-quality IPOs as they must comply with the strict guidelines issued by the Securities Exchange Commission of Pakistan in addition to being considered as amicable by investors. Further, this study suggests that investors are more attracted to Shariah-compliant firms than non-Shariah-compliant ones.
Research limitations/implications
This study’s offers limited consideration of nonfinancial and financial characteristics that could influence the decision of investors to subscribe to IPOs. Besides, future studies could consider the screening benchmarks; for instance, debt and cash may explain the intensity of IPO initial return in Pakistan.
Originality/value
The present work empirically investigated the influence of Shariah-compliant status and Shariah regulation on IPO underpricing in Pakistan’s IPO market, which has been scarcely covered in the existing literature.
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Waqas Mehmood, Rasidah Mohd-Rashid, Chui Zi Ong and Yasir Abdullah Abbas
The objectives of this study are twofold. First, it intends to investigate the symmetric link between initial public offering (IPO) variability and the determinants of the stock…
Abstract
Purpose
The objectives of this study are twofold. First, it intends to investigate the symmetric link between initial public offering (IPO) variability and the determinants of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment. Second, this study intends to examine the asymmetric link between IPO variability and the aforementioned determinants, namely the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment.
Design/methodology/approach
Data from 1992 to 2018 were gathered from the country of Pakistan in order to achieve the above objectives. Augmented Dickey–Fuller (ADF) and Phillips Perron (PP) unit root tests were employed to determine the data's stationarity properties. The Auto Regressive Distributive Lags (ARDL) model was utilized to examine the symmetric links, and the Non-Linear Auto Regressive Distributive Lag Model (NARDL) was employed to determine the asymmetric links. While the long-run co-integration was examined using the ARDL bound test, the short-run dynamics were tested using the error correction method (ECM).
Findings
The macroeconomic variables of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment are found to pose significant short-run and long-run symmetric and asymmetric effects on IPO variability. These results indicate the significance of the aforementioned variables in enhancing IPO variability. The findings also demonstrate the typical reactions of inflation, GDP and FDI towards negative and positive shocks in IPO variability and inflation. This evidence implies that Pakistan's poor capital market development is reflected in the country's weak macroeconomic factors. At the same time, the reduced IPO variability in the country also reflects the lack of confidence among prospective issuers and investors due to Pakistan's weak macroeconomic indicators.
Originality/value
This is the first study of its kind to properly investigate the symmetric and asymmetric effects of the macroeconomic variables on Pakistan's IPO variability.
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Waqas Mehmood, Rasidah Mohd-Rashid, Abd Halim Ahmad and Atia Hussain
This study investigates the variables that impact initial public offerings (IPO) initial returns witnessed in Pakistan from 1996 to 2019 using pre-listing information variables…
Abstract
Purpose
This study investigates the variables that impact initial public offerings (IPO) initial returns witnessed in Pakistan from 1996 to 2019 using pre-listing information variables, namely country-level institutional quality, sponsor ownership and pricing mechanism. IPO oversubscription is included as a moderating variable.
Design/methodology/approach
This research is motivated by the premise that the Pakistani IPO market is characterised by a broad range of institutional and regulatory frameworks. Multiple regression studies, i.e. ordinary least square (OLS) and quantile least square (QLS), were performed on 102 IPOs issued on the Pakistan stock market.
Findings
The present study findings suggest that the quality of public service, the independence of civil service from political influences and the legitimacy of government increase investors’ confidence in the prospects of companies, hence increasing the demand for IPO and initial returns. In addition, good regulatory quality enhances market transparency and lowers uncertainty, hence signalling high-quality IPOs and leading in substantial initial returns. The negative effect of the lock-up ratio on the initial return of an IPO is consistent with the risk-return trade-off theory, which asserts that the lock-up ratio indicates the quality of the IPO.
Practical implications
The results provide market regulators, policymakers, investors and underwriters with useful data for assuring proper subscriptions of issued shares, as these variables are crucial for company transparency and market efficiency. The findings will also help investors make better IPO subscription decisions.
Originality/value
The present study explains the important influencing factors of IPO initial return in the Pakistani market.
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Waqas Mehmood, Arshian Sharif and Attia Aman-Ullah
The purpose of the present study is to test the effect of financial development and environmental degradation on the control of corruption.
Abstract
Purpose
The purpose of the present study is to test the effect of financial development and environmental degradation on the control of corruption.
Design/methodology/approach
This study used a dynamic approach known as system GMM to analyze annual data from 90 developed and developing countries over 24 years, from 1996 to 2020.
Findings
The present study shows a significantly negative relationship between financial development and control of corruption and a significantly positive relationship between environmental degradation and control of corruption. The result suggests that improvement in financial development may reduce control of corruption; however, reduction in environmental degradation may reduce control of corruption. The results are consistent across both developed and developing countries.
Practical implications
The study’s findings have significant implications for financial institutions, governmental policy departments and environmental regulatory agencies. The policy outcomes are closely linked to the economic prosperity of countries. In general, developing countries can implement strategies to promote financial development and environmental regulations, even though they may temporarily tolerate corrupt activities. Conversely, developed nations may have differing implications from developing countries.
Originality/value
This study is different from the past literature as none of the studies have been conducted previously focusing on developed and developing countries’ financial development, environmental degradation and control of corruption.
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Attia Aman-Ullah, Azelin Aziz, Waqas Mehmood, Aidar Vafin and Mohammad Hassan
The present study aims to investigate the relationship between innovative leadership and sustainable performance in the education sector. The present study also tested the…
Abstract
Purpose
The present study aims to investigate the relationship between innovative leadership and sustainable performance in the education sector. The present study also tested the moderation role of personality traits agreeableness, extraversion, emotional stability, conscientiousness and openness in the relationship.
Design/methodology/approach
Data for the present study were collected from 209 university teachers. The employed sampling technique was convenience, and the sample size was calculated through the Kerjis–Morgan method. Furthermore, a survey method using a questionnaire was used in this study. For the data analysis, SPSS and SmartPLS were used.
Findings
The present study found that innovative leadership has a significantly positive relationship with sustainable performance. Results also confirmed the moderating effects of personality traits such as agreeableness, extraversion, emotional stability, conscientiousness and openness.
Originality/value
The relationship between innovative leadership and sustainable performance for the first time in the education sector’s context. Secondly, this study contributed to the moderating role of personality traits such as agreeableness, extraversion, emotional stability, conscientiousness and openness between innovative leadership and sustainable performance, which was a yet-to-explored phenomenon. The study model was tested through the combination of the big five-factor model and the theory of planned behaviour, which is another novelty of the study.
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Attia Aman-Ullah, Azelin Aziz, Hadziroh Ibrahim, Waqas Mehmood and Yasir Abdullah Abbas
The purpose of this study is to determine the impact of job security on doctors’ retention, with job satisfaction and job embeddedness as the mediators. In doing so, the authors…
Abstract
Purpose
The purpose of this study is to determine the impact of job security on doctors’ retention, with job satisfaction and job embeddedness as the mediators. In doing so, the authors seek to contribute to the existing literature by providing additional empirical evidence on the links between job security, job satisfaction, job embeddedness and employee retention by using social exchange theory.
Design/methodology/approach
An empirical study was conducted on doctors working in public hospitals in Pakistan. Data from selected public hospitals were collected using semi-structured questionnaires. The simple random sampling method was applied for participant selection and partial least squares-structural equation modelling was used for data analysis purposes.
Findings
The findings confirmed the direct and mediation relationships. Thus, all of this study’s hypotheses are supported. The results indicate that job security can improve doctors’ retention. Further, job satisfaction and job embeddedness play crucial roles in mediating the direct relationship.
Originality/value
This study elaborates job security in health-care sector of Pakistan and also provides empirical evidence of the antecedents and mediators of doctors’ intention to continue working in the health-care industry.
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