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| Title | Abstract | Action(s) |
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| Impact of Brand Image, Service Quality and Trust on Customer Loyalty, Moderating Effect of Perceived Price Fairness and Mediating Effect of Customer Satisfaction: Case Study on Telecommunication Sector of Bahawalpur city | Customers are considered as a decisive factor in any business organization, their loyalty and satisfaction is more important than making new ones. Loyal and satisfied customers are the great assets of any business organization that's way customer satisfaction and loyalty has become the top priority of all organizations, and they spend a lot of attention on the factors that affect the client's decision. Customer retention is the most important concern of the companies which payback in the form of long term profitable relationship. Marketing managers primarily focus on the satisfaction of customers. The prime motive of the marketing manager is to increase loyalty by creating a strong bond between customers and company. Present study is conducted to investigate the impact of brand image, service quality and trust on customer loyalty. The study also investigates the mediating role of customer satisfaction and moderating role of perceived price fairness between factors and customer satisfaction. For this purpose the data was obtained from the target population that is telecom users. Total 250 respondents completed the questionnaire containing 30 questions related to study. SPSS 20.0 software was used to verify the validity of the instrument, while reliability was confirmed with Cronbach,s alphas. For the purpose of analysis statistical techniques were used such as descriptive, correlation, linear and multiple regression analysis is used in this research. Four sub models have been used to investigate the impact of brand image, service quality and trust on customer loyalty, mediating effect of customer satisfaction and moderating effect of perceived price fairness. The results of the study support the hypothesis and results indicated that selected three factors that are brand image, service quality and trust has a positive and significant impact on customer loyalty. Customer satisfaction significantly mediates between factors and customer loyalty. This study support moderating effect of perceived price fairness. The results identify the significant relationship of perceive price fairness between service quality, brand image and customer satisfaction. In Pakistan the future of telecom is very bright that's way it needs to maintain their service quality for the customer satisfaction and loyalty. Telecom sector should focus to improve their brand image through advertisement and other market strategies and try to get the trust of their customer. |
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| Investigation Relationship between Dividend Policy and Stock Prices: An Analysis of Pakistani Banking Sector | ABSTRACT Title: Effect of Financial Reporting Quality on Investment Efficiency: Evidence from Listed Textile Sector Firms on Pakistan Stock Exchange. This study examines the effect of financial reporting quality on investment efficiency on the textile sector firms in Pakistan. The textile sector companies listed at Pakistan Stock Exchange were taken as population of the study. The size of the sample comprises 100 firms listed on Pakistan stock exchange were selected on the basis of Simple Random Sampling techniques. Investment efficiency was taken as dependent variable whereas financial reporting quality used as independent variable and return on assets, annual cash holding and assets tangibility taken as control variables. Panel data were used to examine the relationship of financial reporting quality with investment efficiency. The findings of this study indicated: 1) Investigations reveal that there is positive significant relationship between financial reporting quality and investment efficiency 2) Financial reporting quality can enhance investment efficiency with regard to two ways: reducing asymmetry of information between the investors and company, and therefore, reducing the financing costs, and reducing asymmetries of information between managers and investors, and therefore, reducing the monitoring costs and enhancing project selection. Keywords: Financial reporting quality, Investment efficiency, Return on assets, Cash holding, Assets tangibility. |
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| Investigating the Relationship between Intellectual Capital, Financial Performance and Market Capitalization. | ABSTRACT Title: Investigating the Relationship between Intellectual Capital, Financial Performance and Market Capitalization. This study examines the effects of intellectual capital and financial performance on the market capitalization of cement sector firms listed in Pakistan stock exchange. The study covers the gap in respect to Pakistan as these three variables have not been simultaneously explored and investigated in the context of Pakistani firms. The study analyzed the data of twenty cement sector firms listed on Pakistan stock exchange for the period 2007 to 2016. Correlations and regression analysis are applied to document the results of the study. This study also demonstrated that intellectual capital has positive effect on the market capitalization of cement sector firms listed on Pakistan stock exchange. The results are as per the findings of previous researchers who also predicted similar results for the relationship of these variables, intellectual capital and financial performance with market capitalization. The results reported a positive effect of human capital on market capitalization in these selected firms of the cement sector. Which are very similar to the findings of previous studies, who argued that human capital is positively correlated with market capitalization. The results showed a positive significant effect of structural capital and relational capital on market capitalization. Similarly, financial performance and its different proxies, i.e. ROA and ROE have also positive and statistically significant impact on market capitalization of theses selected cement sector firms of Pakistan. The results support the findings of previous studies which also found similar positive relationship between financial performance and market capitalization. Keywords: Intellectual Capital, Financial Performance, Market Capitalization, cement sector Firms. |
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| Empirical study of CSR and overall service quality on customer satisfaction with mediating role of corporate reputation in commercial banking sector of Peshawar region | ABSTRACT The aim of this study is to investigate the impact of corporate social responsibility and overall service quality on customer satisfaction with mediating role played by corporate reputation. With this aim, a causal model has been tested that explains the influence of corporate social responsibility and overall service quality on customer satisfaction through the role played by corporate reputation. Causal research design on quantitative collected data provided support for the hypotheses from a sample of 300 banks customers in Peshawar region KP, Pakistan.This research gives a lot of knowledge to the existing body of literature. The first purpose of this research is to test and confirm thatcorporate reputation play a mediating role between CSR, OSQ and customer satisfaction. More specifically, this research expands the traditional view of CSR and OSQ impact on customers and suggests that corporate social responsibility & overall service qualities do not only affect corporate reputation, but also customer satisfaction. This research adds further empirical evidence to the recent observations of the positive influence of corporate social responsibility on corporate reputation (Doney et al., 1997; Turban et al., 1997) and customer satisfaction (Sharyn R. 2008). Moreover up to my knowledge this research first time test and support that overall service quality has an influence on customer’s satisfaction in KP Pakistan. Keywords: Corporate social responsibility, overall service quality, corporate reputation and customer satisfaction |
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| The empirical study of emotional labor on customer loyalty intentions with mediating role of perceived service quality, Commercial Banking sector, KP, Pakistan; mediating role of perceived service quality, Commercial Banking sector, KP, Pakistan | Abstract Purpose: The purpose of this research was to examine the role of emotional labor in customer loyalty intentions. Furthermore, another objective of the study was to investigate mediation role of perceived service quality on the relationship between emotional labor and customer loyalty intentions. That is why atheoretical model of the effect of employee emotional labor on customer loyalty intentions having mediating role of perceived service quality has been developed and tested. Design/methodology/approach: Causal research design on quantitative collected data provided support for the hypotheses from a sample of 350 banks customers in Malakand division KP, Pakistan. Findings: The results showed that employee emotional labor dimensions such as deep acting and Surface acting differentially effect customers' loyalty intentions. Furthermore, the effect of Deep acting on customer loyalty intentions is more than effect of Surface acting. Researcher also investigate the potential mediating effect of perceived service quality on the relationship between emotional labor and customer loyalty intentions and find good support for such an effort from results. Keywords: Emotional labor, Employees deep and surface acting, Perceived service quality and Customer loyalty intentions. |
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| The Impact of Good Governance on Volunteer Job Performance: Case of Zakat &Ushr Department, FATA | ABSTRACT Title: The Impact of Good Governance on Volunteer Job Performance: Case of Zakat &Ushr Department, FATA This purpose of this study to test the relationship between the factors/characteristics associated with good governance (i.e. transparency, accountability and participation) and its impact on volunteer job performance. In this research study Zakat &Ushr department, FATA secretariat and all the Zakat Offices and Local Zakat Committees in agencies and F. R was selected as population of the study as researcher is working in Zakat Department FATA so it is more convenient and accessible.This study is quantitative in nature, primary data techniques are used to collect the data. The sample of 351 respondents is be selected for this study. The sample is mainly drawn from 4000 total population of Local Zakat Committees (LZCs) members. Overall the independent variables explaining the 38% the dependent value and the model is highly significant. Results shows that Participation is insignificant and it has no relationship with the Volunteer Job Performance. However, Transparency and Accountability has a positive and significant relationship with Volunteer Job Performance. Keywords: Good Governance, 3 Factors of Good Governance i.e. (Participation, Transparency, Accountability),Volunteer Job Satisfaction,Zakat &Ushr Department FATA, Correlation, Multiple Regression. |
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| The impact of liquidity and capital structure on financial performance of banks in Pakistan (Comparative study of Conventional and Islamic banks) | ABSTRACT This research examines the impact of firm capital structure and liquidity on the financial performance of banking sector firms in Pakistan. The study used the secondary data of 20 banks, ie conventional as well as Islamic randomly selected for the period 2005 to 2015. The data was analyzed through statistical tools like correlation and regression. The results revealed that the capital structure proxies have negative correlation with financial performance proxies of the cement sector firms. The results indicated that debts to equity ratio and funded capital ratio has negative insignificant impact however the debts ratio and Funded debts ratio were found having negative significant impact on the financial proxies of these conventional and Islamic banks. The results indicated a positive correlation of the liquidity with the financial performance of these banks. The results found that both quick ratio and current ratio have positive significant impact on the financial performance of both conventional as well as Islamic banks. The study has some meaningful insights for the financial managers and decision makers in these banks. |
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| An Empirical Test of Weak Form Efficiency in Pakistan Stock Exchange Using Wright Rank and Sign Test | ABSTRACT An Empirical Test of Weak Form Efficiency in Pakistan Stock Exchange Using Wright Rank and Sign Test This paper focuses on the existence of weak from efficiency whether the Pakistan Stock Exchange (PSE) is efficient market or not. The sample includes the daily and monthly closing prices of PSX- 100 indexes for the period from7th march 2000 to 28thjune 2015. Several different parametric approaches: Wright Rank and Sign tests are used to test the certainty of the PSE market. Heteroscadastitcity based variance ratio test showed statistically significant results based on Joint test as well as the individual test. While the Wright Rank variance based ratio test having homoscedasticity also showed statistically significant result. All parametric methods tell us that both return series do not follow the random walk model and the significance autocorrelation reject the hypothesis of weak from efficiency. Generally, results from the observed analysis strongly recommend that the Pakistan Stock Market is efficient in weak from. Keywords: Market Efficiency, Technical Analysis, Pakistan Stock Exchange, Random Walk |
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| Impact of Financial Intermediation on Micro and Macro Level Growth in an Emerging Economy: An Analytical Study From Pakistan | The study has been performed to analyze the influence of financial intermediation on micro and macro growth in emerging economy of Pakistan. This study testifies the impact the financial intermediation functions on growth at three levels: Firm Level, Industry Level and the Macro Economic Level. Literature identifies a variety of functions performed by financial intermediaries beyond savings and pooling of funds. These functions include transaction cost function, liquidity assurance function, delegated monitoring function and information sharing function. Several proxies have been used to quantify the utilization of the financial intermediation functions while the growth has been measured as of firm size. In the first tier, a total of 130 Pakistani companies were investigated for the impact of functions of financial intermediation for the period 2004-2013 using Panel Data Analysis. Common Effect Model with Fixed Effects has been tested at the firm level panel data. According to the Fixed Effect Model in firm level panel, the proxies for the variable of Transaction Cost, Liquidity Assurance and Information Sharing Coalitions are found to have a significant impact on firm level growth while the proxies for the variable of Delegated Monitoring function have an insignificant impact on firm growth in the Pakistani sample. This is a reflection that the Delegated Monitoring function does not statistically influence firm growth. This can be attributed to inefficient corporate governance mechanism. The other variables show a statistically significant impact which reflects that firms utilizing these functions has been positively benefitted. The results reflect that firms with higher level of financial inclusion i.e. access to financial services have a positive influence on firm growth. In the second tier, the firms were grouped into 15 industries and industry wise panel data analysis is conducted to study the impact of financial intermediation functions on growth across the different industries. A fixed effect is found across the industries which show that the impact of financial intermediation functions is different for each industry. According to the Fixed Effect Model in industry wise panel, the proxies for the variable of Transaction Cost, Delegated Monitoring and Information Sharing Coalitions are found to have a significant impact on industry level growth. Further, each industry is then taken as a reference industry and the impact of financial intermediation is observed in each industry being similar or different from other industries. The industry wise panel data is done for exploring the moderating effect of the industry-variable interactive term to see whether a particular function moderates the impact of financial intermediation functions in a specific industry or not. All the functions are examined with relevance to the reference industry to empirically test the moderating impact of financial intermediation in each industry. The results report that several proxies of the financial intermediation functions moderate the impact on growth in different industries. In the third tier, macroeconomic data is examined to appraise the influence of financial intermediation on macro level economic growth. In Pakistan, the results reflect that there exists significant co-integration between financial intermediation and economic growth. However, there is no difference in the impact of financial liberalization on economic growth before and after the financial liberalization. The evidence concludes that the linkage between financial intermediation and economic growth is present as a significant interaction in the emerging economy of Pakistan. |
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| The Role of Political Intelligence In Effective Change Management In Universities of Pakistan | The purpose of this research was to empirically examine the role the role that Political Intelligence plays in effectively managing organizational change, where the change studied were those changes that are introduced by the Higher Education Commission Pakistan for its recognized universities from time to time. Since organizational change is top-driven, the role of Political Intelligence is used by the upper management of universities was investigated. The research was conducted in two phases: Study I that involved development of the scales of the two conceptual variables of Effective Change Management and Political Intelligence. Study II followed, which was the main study and involved testing the research hypothesis that Political Intelligence has a role in Effective Change Management. The self-developed survey questionnaire was used to collect data from 98 persons working as vice chancellors, rectors, pro-rectors, deans, registrars, directors, heads of departments in nine universities of Islamabad. Multiple regression analyses revealed that PI has a significant role in managing organizational change that supported the research hypothesis. Further analysis revealed that of the five dimensions of Political Intelligence, two were found to be significant in explaining Effective Change Management. Value and limitations of the study, as well as implications and venue for future research are provided |
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| Remodeling Corporate Social Responsibility: Development & Reporting of Theory, Scale and Index of Corporate Life Sustainability | Remodeling Corporate Social Responsibility: Development & Reporting of Theory, Scale and Index of Corporate Life Sustainability The dominant approach developed in academy and industry has largely focused on the development of internationally recognized perspectives, frameworks and instruments. And there are different methods (scales, indices, databases and content analysis) to measure several corporate social responsibility (CSR) perspectives (including unidimensional concept, stakeholder theory, triple bottom line, Carroll’s CSR pyramid, and corporate sustainability) but all of them have some limitations. An instrument measuring different dimensions and factors of CSR that incorporates almost all major perspectives through theoretically and industrially viable method is still missing. Therefore, the study explores and measures the broader, applicable and viable perspective of corporate (life) sustainability through scale based index by providing theoretical base to industry practice. 300 senior managers and directors of 90 companies from Petroleum, Telecom, Banking, Media and Fertilizers & Chemicals industries are surveyed. CLS index is developed through identification of three major dimensions which include business sustainability, environment sustainability and humane sustainability. Constituents of business sustainability include marketing practices, business code of conduct, corruption & bribery, sustainable business performance and corporate governance. Environmental sustainability comprises of eco-efficiency, environmental priorities, health & safety and environmental reporting. Whereas, community welfare, employee rights, work-life balance, human capital development, discrimination & grievance are constructs of humane sustainability. Exploratory factor analysis is applied and 53 items are extracted in scale development process. Furthermore, principal component analysis is also applied for assigning weights to 14 factors in index development. This scale based index is used to rank companies and track their multi-facet performance in various industries. It also provides relief to industry from academic criticism on one side and provides alternative to being measured on several indices for different aspects of CSR on the other. This study serves as paradigm shift in consolidating CSR contemporary theories, perspectives and measurements with its global viability and ubiquitous applicability through establishing theory, scale and index of corporate life sustainability. Key words: Corporate Social Responsibility, Corporate Life Sustainability, Corporate Sustainability, Business Sustainability, Environment Sustainability, Humane Sustainability, Theory Development, Scale Development, Index Development |
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| Impact of Leader's Motivating Language on Employees' Job Performance with Mediation of Job Satisfaction and Affective Commitment | Leadership communication plays a pivotal role in the effectiveness and efficiency of an organization. Successful organizations always remain concerned about every aspect of their leadership and the verbal communication being used by the leaders remains the top agenda of these organizations. This research study endeavours to investigate the model based on Sullivan`s (1988) Motivating Language Theory. This study investigates the relationship and impact that the three components, i-e; 1) Direction-Giving Language,2) Empathetic Language, and 3) Meaning-Making Language use on job performance. It also analyse the mediating role of job satisfaction, and affective commitment between the use of all three components of motivating language and job performance. A sample of all levels of teaching staff from all public and private universities in Pakistan was drawn based on the non-probability sampling technique. A total 770 questionnaires were administered to the target respondents; in return, 633 questionnaires were received and then 577 complete questionnaires in every aspect were considered for data analysis. At the dyadic level, the teachers were asked to tap their perception regarding the use of all three components of motivating language by their Deans/HoDs and also to provide information regarding their own level of job satisfaction and affective commitment. In response, to a six-item scale of job performance, the Deans/HoDs provided the perceived evaluation of the performance of their teaching staff members. The Correlation Coefficient Test was applied to ascertain the relationship between the studied variables. The use of direction-giving and empathetic language by Deans/HoDs has a positive significant relationship with the teachers` affective commitment, but the less significant negative relationship was found with meaning-making language. Direction-giving and empathetic language used by the Deans/HoDs has a positive significant relationship with the teachers` job satisfaction, but negative relationship with the use of meaning-making language. The results of CFA and SEM indicate that job satisfaction and affective commitment mediate the relationship between the use of direction-giving language and job performance and also between the use of empathetic language and job performance. However, job satisfaction and affective commitment do not mediate the relationship between the use of meaning-making language and job performance. The finding generates more interest in enhancing communication patterns used in the context of the university environment that develop more job satisfaction and job performance of the faculty members. This also added to the literature of leadership communication in another cultural environment. The study recommends that additional testing to be carried out with the longitudinal approach in order to check its further generalization. This study also recommends more leadership-development programmes to be imparted for enhancing the dynamics of verbal communication used by institutional leaders. Keywords: motivating language, direction-giving, empathetic, meaning-making, job satisfaction, affective commitment, job performance. |
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| Impact of Macroeconomic Variables on Stock Retuns | The study has investigated the risk return relationship of microeconomic variables and stock returns of 50 listed firms on Karachi stock exchange for the period of July 1998 to December 2008. The study comprises of five namely macroeconomic indicators: inflation rate, exchange rate, interest growth of industrial production, money supply M2 and term structure and the stock exchange returns have been represented by the general price index of the Karachi Stock returns ,as sample is time series in nature, they are being checked as stationary by applying first order augmented Dick fuller test, the return for each stock is calculated by taking the difference of natural log of current closing price (pt) previous day closing price (pt-1). This study employ GARCH model to demonstrate the behavior of variance of microeconomic variables in relation with stock returns. The results find significant relationship between the macroeconomic indicators and stock returns, and show that macroeconomic as risk factors influencing the movement of returns. The results show that sensitivity coefficient of industrial production is negative indication that real sector risk unfavorably effects stock returns. The money supply risk positively effects stock returns and the inflationary shock and exchange rate shock negatively effects stock returns, similarly the sensitivity coefficient of term structure is negative implying that stock term structure adversely affects stock returns. |
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| Dynamics of Current Account in Developing Asian Countries | This study empirically investigates the impact of macroeconomic and institutional variables on the current account balances of nine selected developing Asian countries over the period of 1984-2012. The Fixed Effect (FE) technique has been used to observe the effect of macroeconomic variables on current account. The results indicate that trade openness; domestic relative income and real effective exchange rate are the variables which are significant and positively associated with the current account balances of developing Asian countries. However, when the institutional variables are included i.e. higher corruption, law &order and bureaucratic quality has turned out to have the significant effect on current account. Key Words: Current account; Developing Asian Countries; trade openness; real effective exchange rate; fixed effect; institutional variables |
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