Yasir Bin Tariq, Amir Ejaz and Malik Fahim Bashir
The purpose of this paper is twofold. The first is to explore the convergence of corporate governance (CG) codes of 11 Asian emerging economies with the United Nations (UN) CG…
Abstract
Purpose
The purpose of this paper is twofold. The first is to explore the convergence of corporate governance (CG) codes of 11 Asian emerging economies with the United Nations (UN) CG guidelines (United Nations Conference on Trade and Development ISAR benchmark). The second is to find the compliance level of firms in each country with the UN CG guidelines.
Design/methodology/approach
Based on the 2017 GDP growth rate, the top 11 emerging economies were selected. CG codes of each country were then analyzed by using content analysis to find the convergence level with the UN CG guidelines. To find the compliance level of individual firms in each sample country, a sample of the top 15 non-financial listed firms were selected from each country, and their annual reports were analyzed. The binary scoring method was used.
Findings
After analyzing the 11 national CG codes, 1 UN CG guidelines and 150 annual reports, this study found that Pakistan and Philippines CG codes have the highest level of convergence toward the outsider model recommended by UN CG guidelines, whereas China and India have the lowest compliance score. The Indian, Chinese, Malaysian and Indonesian listed firms showed more compliance toward the UN CG guidelines than their respective national CG codes.
Originality/value
By analyzing the top 11 emerging economies, and top 15 listed enterprises in each country, this study offered a combined convergence and compliance evidence at two different levels, i.e. country and firm-level. This study’s findings would be equally helpful for regulators, policymakers and investors in assessing their country’s CG codes against the international recommended best practices.
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Afeera Mubashar and Yasir Bin Tariq
The purpose of this paper is to examine the current trends of capital budgeting practices (analysis techniques, discount rate estimations and risk assessment methods) among…
Abstract
Purpose
The purpose of this paper is to examine the current trends of capital budgeting practices (analysis techniques, discount rate estimations and risk assessment methods) among Pakistani listed firms and analyze the responses conditional on firms’ demographics and executive characteristics.
Design/methodology/approach
An online questionnaire was sent via e-mail to top 200 non-financial firms (in terms of market capitalization) listed on Pakistan Stock Exchange.
Findings
With a response rate of 35 percent, it is concluded that the theory–practice gap is low as Pakistani listed firms are using discounted cash flow methods of capital budgeting and preferring net present value over internal rate of return. Similarly, weighted average cost of capital is estimated using target value weights, and capital asset pricing model (with extra risk factors) is used to determine the cost of equity capital. For risk assessment, sensitivity analysis and scenario analysis are the dominant approaches; however despite the theoretical superiority, the use of real options is very low. Overall, investment decision responses significantly differ across firm’s demographics and executive characteristics.
Practical implications
Pakistani business schools need to address the low usage of advanced methods such as modified internal rate of return and real options among Pakistani listed firms.
Originality/value
This is the first comprehensive study on the topic in Pakistan and have highlighted the areas of capital budgeting where Pakistani firms’ practices deviates from finance theory.
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Muhammad Tahir, Ahmad Ali Jan, Syed Quaid Ali Shah, Md Badrul Alam, Muhammad Asim Afridi, Yasir Bin Tariq and Malik Fahim Bashir
The purpose of this paper is to explore the contending role of important external inflows on the economic growth of Pakistan economy. The main purpose behind focusing on Pakistan…
Abstract
Purpose
The purpose of this paper is to explore the contending role of important external inflows on the economic growth of Pakistan economy. The main purpose behind focusing on Pakistan is that it is receiving significant inflows from different international sources such as International Monetary Fund, World Bank and Asian Development Bank.
Design/methodology/approach
The study adopted the autoregressive distributed lag cointegration approach for the purpose of exploring the long-run cointegrating relationship among the variables. As Pakistan Government had been implementing some major liberalization policies during 1990s, data from 1976 to 2018 is used to estimate the specified models to reflect the impact of the surge of foreign inflows occurring from that time. In addition, error correction model is estimated for examining the short-run relationships.
Findings
The findings revealed the significant role played by different inflows in accelerating the economic growth. According to results, in the long run, all inflows, for example, Foreign direct investment (FDI), debt, official developdment assistance and remittances, have influenced significantly and positively the economic growth. The two control variables such as inflation and employment level included in the model have also played their expected role in the growth process. In the short run, some of the variables such as remittances, FDI and inflation rate have lost their significance level while for debt, aid and employment level, the signs of their coefficients become reversed.
Practical implications
Based on the findings, the study suggests the policymakers of Pakistan economy to liberalize the economy and attract more inflows from the external sources to accelerate economic growth.
Originality/value
To the best of the authors’ knowledge, this is the first comprehensive empirical study on the role of foreign inflows in the process of economic growth in the context of Pakistan economy.
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Muhammad Tahir, Arshad Hayat, Kashif Rashid, Muhammad Asim Afridi and Yasir Bin Tariq
The new growth literature in general is very optimistic about the positive impact that human capital has on the economic growth of countries. Based on this argument, the current…
Abstract
Purpose
The new growth literature in general is very optimistic about the positive impact that human capital has on the economic growth of countries. Based on this argument, the current paper focusses to investigate the impact of different types of human capital on economic growth.
Design/methodology/approach
The paper utilizes data for the period 1998 to 2017 and employs suitable econometric techniques.
Findings
It is found that it is not the stock of human capital rather its utilization in terms of average working hours that matters for higher growth. Other than human capital, trade openness and investment are positively associated with growth. On the other hand, inflation has an insignificant impact while employment level has a negative impact on growth. Moreover, for developing countries, the study also revealed that stock of human capital has negatively and average working hours has positively impacted economic growth. Finally, domestic investment and employment level appeared to be the main growth determinants in developing countries.
Research limitations/implications
Policymakers are suggested to ensure the maximum utilization of working hours, trade openness and domestic investment in improving economic growth in OECD countries.
Originality/value
This study has visualized the impact of human capital on economic growth from a new perspective and hence would be useful for policymakers.
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Malik Fahim Bashir, Taimur Khan, Yasir Bin Tariq and Muhammad Akram
This study aims to estimate the magnitude of capital flight from Pakistan. Furthermore, it analyzes the impact of capital flight on the economic growth of Pakistan in the short…
Abstract
Purpose
This study aims to estimate the magnitude of capital flight from Pakistan. Furthermore, it analyzes the impact of capital flight on the economic growth of Pakistan in the short and long run.
Design/methodology/approach
This study uses the World Bank’s residual method to estimate the magnitude of capital flight from Pakistan during 1976–2018. This study used the autoregressive distributed lag (ARDL) approach to estimate the effect of capital flight on the economic growth of Pakistan.
Findings
ARDL results revealed a negative and statistically significant relationship between different measures of capital flight and economic growth in the long run. However, this relationship is not statistically significant in the short run. After correction for external borrowing and trade misinvoicing, this study finds that the total capital flight from Pakistan during the study period amounted to US$333bn (in 2010 dollars). With accrued interest earnings, the stock of capital amounted to US$124,768bn, significantly higher than the accumulated stock of long-term debt, which amounted to US$1,231bn during the study period indicating that Pakistan faces a severe challenge of capital flight.
Originality/value
This study calculates the magnitude of capital flight from Pakistan for the first time. Furthermore, this study also calculates the magnitude of capital flight for military and democratic regimes. This study suggests many policy proposals to deal with the challenge of capital flight.
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Kashif Rashid, Yasir Bin Tariq and Mamoon Ur Rehman
This study examines the role of behavioural factors, such as confidence, optimism, pessimism and rational expectation, in affecting investment decisions in the Pakistani stock…
Abstract
Purpose
This study examines the role of behavioural factors, such as confidence, optimism, pessimism and rational expectation, in affecting investment decisions in the Pakistani stock market.
Design/methodology/approach
Using daily trading data of Karachi Stock Exchange-100 index from January 2012 to December 2015, different regression models, including descriptive statistics and stationarity tests, are performed.
Findings
Results indicate that stock market trading has suffered from pessimistic behaviour of investors. In the first model, the authors find a positive sign of confidence and negative sign of optimism with the trading volume. The second model shows a positive role of confidence and rational expectations in affecting the trading volume in daily, Monday and Friday samples. The results of the third model show a negative sign of both optimism and rational expectation with the trading volume. Furthermore, the next model shows a negative sign of confidence combined with pessimism while testing their relationship with the trading volume. Finally, results of the final model suggest that optimism negatively affects the trading volume, and on the other hand, pessimism has a positive impact on the trading volume.
Research limitations/implications
The method and empirical testing of behavioural biases and their relationship with economic variable used in this study seem to be a promising way to better understand the role of psychology in deriving financial decisions for academics and policymakers.
Originality/value
This study uses secondary data for measuring behavioural biases and decomposes the effect between rational expectation and behavioural biases.
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Wang Zhizhong, Han Chao, Guosheng Huang, Han Bin and Han Bin
The deposition of particles onto a substrate during the cold spraying (CS) process relies on severe plastic deformation, so there are various micro-defects induced by insufficient…
Abstract
Purpose
The deposition of particles onto a substrate during the cold spraying (CS) process relies on severe plastic deformation, so there are various micro-defects induced by insufficient deformation and severe crushing. To solve the problems, many post-treat techniques have been used to improving the quality by eliminating the micro-defects. This paper aims to help scholars and engineers in this field a better and systematic understand of CS technology by summarizing the post-treatment technologies that have been investigated recently years.
Design/methodology/approach
This review summarizes the types of micro-defects and introduces the effect of micro-defects on the properties of CS coating/additive manufactured, illustrates the post-treatment technologies and its effect on the microstructure and performances, and finally outlooks the future development trends of post-treatments for CS.
Findings
There are significant discoveries in post-treatment technology to change the performance of cold spray deposits. There are also many limitations for post-treatment methods, including improved performance and limitations of use. Thus, there is still a strong requirement for further improvement. Hybrid post-treatment may be a more ideal method, as it can eliminate more defects than a single method. The proposed ultrasonic impact treatment could be an alternative method, as it can densify and flatten the CS deposits.
Originality/value
It is the first time to reveal the influence factors on the performances of CS deposits from the perspective of microdefects, and proposed corresponding well targeted post-treatment methods, which is more instructive for improving the performances of CS deposits.
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Talat Islam, Areela Khatoon, Amna Umer Cheema and Yasir Ashraf
Employee work engagement has become a major concern for managers as hardly 21% of employees are engaged in their work. Therefore, this study aims to unveil the association between…
Abstract
Purpose
Employee work engagement has become a major concern for managers as hardly 21% of employees are engaged in their work. Therefore, this study aims to unveil the association between ethical leadership and employee engagement. Specifically, the study explores the mediating role of trust in leader between ethical leadership and employee work engagement and moderating role of harmonious work passion in the association between trust in leader and employee work engagement.
Design/methodology/approach
This study collected data from 491 employees and their immediate supervisors working in various organizations (in Pakistan) through “Google Forms”. The data were analyzed through analysis of moment structure (AMOS) and structural equation modeling (SEM) was applied to examine measurement model (for unidimensionality) and structural model (for hypotheses testing).
Findings
The study noted that ethical leaders positively influence their subordinates to engage in their work. In addition, employees' trust in leader was noted to mediate the association between ethical leadership and employee work engagement. Finally, employees high in harmonious work passion are more likely to engage in their work when perceived their leaders ethical style.
Practical implications
The study suggests to management that fair dealing and involvement in decision-making (ethical leadership) improve employee work engagement as such practices build employees' level of trust in their leaders. In addition, management is suggested to give freedom to employees while selecting their tasks as it positively contributes to their harmonious work passion which ultimately benefits the organization.
Originality/value
Drawing upon social exchange and self-determination theory, this study is the first of its kind that explored the moderating role of harmonious work passion and mediating role of trust in leader between ethical leadership and employee work engagement.
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Rabiu Saminu Jibril, Muhammad Aminu Isa, Zaharaddeen Salisu Maigoshi and Kabir Tahir Hamid
This study aims to examine how audit committee (AC) attributes influence quality and quantity disclosure of energy consumed by the listed nonfinancial firms for the period of…
Abstract
Purpose
This study aims to examine how audit committee (AC) attributes influence quality and quantity disclosure of energy consumed by the listed nonfinancial firms for the period of five years (2016–2020). The study aims at providing empirical evidence on how board of director’s independence influences the relationship between AC attributes and firms’ energy in achieving sustainable development goals (SDGs) on world climate policy.
Design/methodology/approach
The study obtained data from a sample of 83 listed nonfinancial firms, content analysis technique was used to compute energy disclosure indexes using global reporting initiative standards, while regression analysis was conducted to test the relationship among research variables.
Findings
The study revealed that AC independence, diversity and meetings were significantly related with energy disclosure. Also, the study found that other variables were insignificantly related with energy disclosure.
Research limitations/implications
The study is constrained for not considering all listed firms in the country. Furthermore, the study considered selected attributes, other important audit-committee size attributes such as audit-committee size, audit-committee size tenure could be study in by the future study.
Practical implications
The study’s findings would have practical implications for corporations and other business organizations seeking to actively involve the energy-related SDGs 7 and 13 in their business models and successfully communicate these efforts to stakeholders.
Originality/value
To the best of author’s knowledge, this is the first study that provides empirical evidence on the effect of AC attributes on the energy disclosure using effect of board independence as moderator in Nigeria.
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Qazi Muhammad Ali and Qasim Ali Nisar
This study examined the role of green human resource management (GHRM) in the environmental performance of higher education institutes (HEIs). The study also examined the…
Abstract
Purpose
This study examined the role of green human resource management (GHRM) in the environmental performance of higher education institutes (HEIs). The study also examined the mediating effect of green commitment and green behaviour. Furthermore, the study explored if green self-efficacy (GSE) moderated the relationship between green commitment and green behaviour. The ability, motivation, and opportunity (AMO) theory were employed to explain the relationship between the study's variables.
Design/methodology/approach
The study opted for a descriptive study using the convenience sampling technique by collecting data through a survey questionnaire administered to 208 individuals currently employed in Pakistani HEIs. Data collection was undertaken among senior, middle, and top management of the HEIs. The statistical software, partial least square structural equation modelling (PLS-SEM), was used for data analysis.
Findings
The results provide empirical insights indicating the positive relation of GHRM practices with environmental performance in HEIs. Changes in employees' behaviour through human resource management practices can ultimately affect the organisations' environmental performance. Besides, the results also demonstrated that GSE moderates the relationship between green commitment and green behaviour. The findings highlight the role of commitment level and GSE in enhancing the environmental performance of HEIs.
Practical implications
The study proposes that HEIs' management take adequate initiatives to implement GHRM practices.
Originality/value
The current study contributes to the literature by empirically examining the indirect double mediation effect of green commitment and green behaviour on GHRM and environmental performance. Furthermore, the moderating effect of GSE, which is an under-explored area, was also studied.