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Transformational Leadership and Ocb Mediating role of procedural justice and moderating impact of conflict and work environment Purpose: The objective of this study is to examine the mediating impact of procedural justice between transformational leadership and OCB. The moderating impact of conflict (role and normative conflict) and work environment over procedural justice and OCB has also been checked. Methodology: Sample size includes the employees from telecom sector and FMCG’s industry. Mediation analysis through regression has been used to check the mediating role of procedural justice between transformational leadership and OCB. Moderating analysis used to check the impact of conflict and work environment over procedural justice and OCB. Findings: Procedural justice mediates the relationship between transformational leadership and OCB in telecom, FMCG’s and after controlling the effect of industry. Conflict and work environment strongly moderates the relationship between procedural justice and OCB in FMCG’s. On the other hand conflict and work environment has a very weak moderating impact over procedural justice and OCB in telecom sector. After controlling the effect of industry conflict and work environment does not show any moderating impact. Limitations/Implications: There is a need of huge sample size in order check the mediating and moderating impact of variables. The sample size taken in the study was not enough. Practical Implications: The study will help managers of both telecom and FMCG’s to improve the areas in which they lack and to make procedures which are in favor of both company and employees and give employees non-controlling and friendly environment. Managers should work on employee roles and norms in order to avoid conflict. Key Words: Procedural justice, transformational leadership, OCB, conflict, work environment.
Does Downside Beta Matter in Asset Pricing? Evidence from Emerging Markets This study provide the comparison between traditional capital asset pricing model (CAPM) and downside risk-based CAPM (D-CAPM) developed by Estrada (2002) to assess whether downside beta better explains expected stock returns. For the application of CAPM model, one of the assumption is that expected returns follow the normal distribution, which usually not in case of emerging markets which are usually attributed as more volatile economies. In this case, semi-variance methodology seems more suitable and produce results that may be robust than traditional CAPM. For this purpose, study use monthly data of all listed stocks on BRICS and Pakistani stock markets, ranging from 2000 to 2017. Fama-Macbeth methodology has been used to drive the risk and returns relationship on all the stocks for both traditional CAPM and Semi-Variance CAPM. The results of study provides the evidence about the presence of positive relationship between the systematic risk (both traditional beta and downside beta) with expected return but downside beta is statistically more significant in most countries than traditional beta. Study recommend to apply downside CAPM for the estimation of cost of equity for these emerging countries but with more care as these models has still low prediction power and significant of residuals highlighted the importance of more factors than only beta.
Impact of IPO activity on competing firms and stock market performance This study has examined the relationship between IPO events with its competing firms in long run within the same industry and overall stock exchange. For this purpose, the study has been conducted on Karachi Stock Exchange. A sample of 77 listed firms out of 79 firms has been taken from Karachi Stock Exchange, which is 97% of total data. The study has covered a time span of thirteen years from 2000 to 2012, both years being included. Predominantly, the IPO event has been analyzed from three perspectives including initial returns, IPO proceeds and Lead time between IPO subscription and IPO listing date. In order to measure the impact of IPO on rival portfolios and overall stock market, abnormal returns of IPO stock prices has been calculated through buy and hold abnormal returns BHAR. In order to find any significance of IPO event on rivals and market correlation has been applied and multiple regression analysis has been applied for hypotheses testing. The findings of the research revealed that IPO abnormal returns and IPO proceeds has a significant negative relationship with rival’s stock returns in long run. Whereas, IPO lead time has no significant impact on rival’s portfolios in long run. Moreover, the study reveals a significant relationship between IPO stock returns and overall stock market performance in short run but found no relationship between IPO event and overall stock market performance in long run. This study is important from prospective of a stock market of a developing economy. Keywords: IPO event, Rival portfolios, BHAR, IPO proceed, Lead time.
Uniformity of Syllabus: An Evaluation of English Textbooks For Class V of Different Pakistani School Systems Syllabus is the sub- part of the curriculum which is concerned with the specifications of what will be taught and how it will be taught. Language learning makes an essential part of a school’s curriculum. Different social and political reasons make English language learning an essential part of school curriculum in Pakistan. Pakistani education system is characterized by the multiplicity of schools systems. There is much diversity in these schools but one such variation is the fee structure thereby indicating the socio- economic status of the students attending these schools. There exist different syllabi in these schools which lead to a number of problems like language based distinction, discrimination based on the financial status of the students, and commercialization of education. Many sociologists and educationists believe that implementation of a uniform syllabus would improve the situation and would finally lead to bridging the gaps between different classes pf the society. The aim of this research is to analyze the possibility of implementation of uniform syllabus for English (compulsory) Course at the primary level. Education system of Malaysia being a practical example of implementation of uniform syllabus at the school level in a south- east Asian country which enjoys many similarities with Pakistani societal, cultural, and linguistic make- up. Also, in this research a comparative evaluation of the textbooks prescribed for English (Compulsory) Course for Class V in the different school systems of Pakistan is done. In the light of this evaluation of the textbooks for English (Compulsory) course for Class V, the researcher aims to give some suggestions to improve the present Pakistani educational scenario.
Evaluating the Impact of Workplace Spirituality, Intellectual Capital, Human Resource Management, Work Environment, Organizational Culture and Organization Mission on Competitive Advantage of Universities This research document is about significance of those critical factors which are crucial for gaining the competitive advantage. The purpose of this research is to analyze the impact of workplace spirituality, intellectual capital, human resource management, work environment, organization culture, organization mission on competitive advantage of universities of twin cities of Rawalpindi and Islamabad. 400 questionnaire consists of 49 questions was distributed among the employees (academic and non-academic) of the universities. The questionnaire is based on Likert scale (five-point), items of the questionnaire were adapted from the different researchers. SPSS 16.00 was used for computation of multiple regression and correlation, results shows that the human resource management brings 0.195 variation in competitive advantage where as one unit variation in intellectual capital brings 0.212 variation in competitive advantage workplace spirituality brings 0.125 variation in competitive advantage and however organization mission contributed to only 0.12 work environment are brings 0.142 variation in competitive advantage and organization culture regression coefficient is 0.139 reflect it changes competitive advantage by 0.139.intellectual capital, human resource management, work environment, organization culture, organization mission have positive impact on competitive advantage of universities as correlation result are showing a positive relationship among the variables . Sample size and generalization is the limitation of study. This study may conduct in banking sector and telecom sector and other organization with greater sample size in order to generalize, and for future research technology and interfaith harmony role can see as moderating variables.
Effect of Newly-Fangled Organizational Structures with Knowledge Management as Moderator on Employee Performance Organizational structure plays an important role in knowledge management as well as on performance. This study tried to find the effect of organizational structure on employee performance and knowledge management as moderating effect on the relationship. The research data was obtained by survey method from five major sectors, i.e. Banking sector, educational sector, Textile exporters, IT sector and Research in Pakistan. The questionnaire based survey was taken from 3 Banks, 3 academic institutions, 3 IT sector organizations, 3 public sector universities and 3 research institutes. The sample was based on 90 employees of banks, 90 employees from government based educational organizations, 90 from textile sector , 90 employees from software houses and 90 from research institutions in February 2013. Total sample size was 450, out of which 352 employees responded correctly. The main data analysis methodology in this study was hierarchical regression. The research model includes knowledge management capability, job performance, and organizational structure with an interactive term OSKM. With the result of the study, knowledge management capability was positive with job performance, and organizational structure was positive with the relationship of knowledge management capability and job performance. Keywords: knowledge management competence, Employee’s job performance, informal organizational structure formal organization structure, centralization, complexity, formalization
Statistical Analysis of the Paired Comparison Model using Bayesian Paradigm This study contains paired comparison analysis suggested by Barren using informative priors. Dirichlet-gamma-gamma and conjugate are used as prior distributions for the analysis. The posterior distribution for the parameters of the model is derived and used to estimate means, modes and standard deviations. Elicitation of hyper parameters is performed by using the prior predictive distribution. Graphs of the marginal posterior densities of the parameters are also presented. Preference probabilities for the confirmation of the ranking are obtained. The predictive probabilities of the treatments for the future single comparison are also calculated. Hypothesis testing of the parameters is done along with the appropriateness of the model that has been checked using - test. This analysis is performed for two, three and four treatments. The results of Dirichlet-gamma-gamma and conjugate are also compared and most of the calculated values agree up to two significant digits. It is observed that ranking of the treatments remains the same under both priors.
Performance Evaluation of Closed-Ended Mutual Funds in Comparison with KSE 100 Index The study investigates the performance of closed ended mutual funds in Pakistan as compare to stock market. The sample consists of sixteen closed-ended mutual funds having minimum of 24 months life-span. Karachi Stock Exchange 100 index was used for benchmark and twelve-month Treasury Bills rate was used for risk free rate (RFR). Sharpe, Treynor, Sartino, Jensen’s alpha and Appraisal Ratio was used along with diversification and net selectivity for performance measurement. Overall performance of mutual funds was compared with the stock market. Furthermore, the mutual funds were ranked on the basis of risk adjustment according to their respective models. Overall performance of mutual funds was observed better than the market. It was further observed that Asian Stock Fund an PICIC Energy Fund have a positive net selectivity and performed better than other funds in the market. All other funds have a negative net selectivity which means a weaker performance in the market. This weak performance is a result of low stock selection ability of fund manager. The results also show that all funds have positive diversification except Asian Stock Fund which represents the extra return the portfolio is not earning well. It shows that portfolio is not completely diversified, and it contains unsystematic risk.
Impact of Capital Structure and Working Capital Management on Firm Performance Capital Structure is the combination of various financing options. Business entities choose different combinations of equity, debts and other options for financing of their assets. Some businesses choose more financing from the equity and less from debts, while others rely more on debts and less on equity financing depending upon their nature of business, industry and risk. Firms mostly go for that combination of debt and equity that optimizes their cost of capital and risk. Perfect combination of capital structure and working capital can enhance the profitability and financial performance of the firms. This study is conducted to examine the impact of capital structure and working capital management on the financial performance of firms listed on Karachi Stock Exchange. For this purpose, 130 non-financial firms have been selected for the period of six years from 2005 to 2010. The data is obtained from the financial statements analysis published by the statistics department of State Bank of Pakistan. Descriptive statistics, correlation and regression analysis are done in this research. Nine regression models have been used to investigate the impact of capital structure and working capital management on financial performance of the firms. In these models three proxies are used as independent variables to measure the capital structure i.e. total debts to total assets, long term debts to total assets and short-term debts to total assets. Three proxies are used as independent variables to measure the management of the working capital i.e. accounts receivables turnover ratio, inventory turnover ratio and current ratio, while the natural logarithm of sales is used as control variable to measure the size of the firms. In these regression models return on assets, net profitability and return on assets are used as dependent variables to measure the financial performance of the firms listed on Karachi Stock Exchange. The results of the analysis showed that debts lead to decrease in the financial performance of the firms. The results also showed that good combination of capital structure and working capital has significant impact on the financial performance of the firms listed on Karachi Stock Exchange. So, these firms have to give due consideration to the financing options and management of working capital to increase their financial performance and profitability. Keyword: Working capital, Capital Structure, Financial Performance, Short-term Debts, Long-term Debts
Leverage Adjustment in Manufacturing Companies: Evidence from Pakistan This study examined the leverage behavior and speed of adjustment in context with the firm performance indicators (profitability, tangibility, growth & size) in manufacturing industry of Pakistan across the different sectors. The leverage behavior is predicted through OLS by using the firm performance indicators as predictors. Speed of adjustment in leverage is tested with the help of General Linear Model (GLM) and Autoregressive Distributed Lag (ARDL) model. It is found that the profitability, tangibility and growth plays a significant role in adjusting the leverage, and moreover the adjustment speed of the leverage found different across the sectors. We have learned that the leverage targets can be adjusted on the basis of three variables i.e. profitability, tangibility and growth. Moreover, it is found that exponential leverage adjustment is better than linear leverage adjustment. Keywords: Liquidation, Firm Value and Leverage.
Asset Pricing in Asian Emerging Markets This study examines the relationship between market premium, size premium, illiquidity premium and stock returns in Pakistani, Indian and Chinese equity market for the period of June 2001 to June 2016 by using Fama and French (1992, 1993) methodology. This is the first study in three Asian emerging markets i.e Pakistan, India and China that explores the relationship among stated variables in combined form by employing a large sample of 60 companies from each stock exchange i.e Karachi Stock Exchange, Bombay Stock Exchange and Shenzhen Stock Exchange on the basis of market capitalization. An analysis of the results reveals that there is no significant difference in Pakistani, Indian and Chinese market with reference to asset pricing. Market premium has significant positive impact on equity returns in all three markets. Inconsistency is observed in case of size premium because SMB is significantly partially influencing portfolio returns of S, S/LL, S/HL and P portfolios. But, it is found negative in case of big portfolios. Illiquidity premium is found significantly influencing portfolio returns. Its influence is found positive for low liquid stocks and negative for high liquid stocks. Therefore, Liquidity factor is priced by all three markets (Pakistan, China and India). The explanatory power of liquidity-augmented asset pricing model is higher than traditional CAPM for all three equity markets i.e Pakistan, China and India. So, this liquidity based asset pricing model can facilitate investors in making stylized portfolios and also helpful in making resource allocation decisions. Therefore, it can be hypothesized that illiquidity premium has also positive and significant impact on equity returns in Pakistan, China and India. Key Words: Asset Pricing, Illiquidity Premium, Market Premium, Size Premium
Effect of Emotional Intelligence on Job Performance with moderating role of Organizational Commitment (With special reference to selected hanks of Faisalabad City) Emotional intelligence is one of the most important and most commonly used concepts introduced to psychology and management now a day. The objective of this research was to find out the effect of Emotional Intelligence on Job Performance with moderating role of Organizational Commitment. For this purpose banks were chosen as population. Banks from Faisalabad city were considered as universe. Few banks from the Faisalabad city were selected for this purpose by using random and convenient sampling. A well-structured questionnaire consisting on close ended questions was used to collect the data. The questions were mostly extracted from the tested scales already used by the researchers for the same purpose. Hence the reliability of the scales (variable wise) were proven. One hundred and eighty respondents were selected by using simple random and convenient sampling. The data was not only described with reference to enteral tendencies of the respondents and their deviations but also tested on certain statistical tests for selection or rejection of hypothesis. Results revealed that Emotional Intelligence has strong and significant effect on Job Performance and organizational behavior being a moderator plays a vital role between them. Key Words Emotional Intelligence. Organizational Commitment, Job Performance.
Impact of Work Family Conflict on Career Success mediating role of stress among pharmaceutical sector employees of Pakistan. The purpose of this research study is to examine the association between work family conflict and career success of the employees with mediating role of stress. This research study has been carried out in pharmaceutical sector of Pakistan. The study sample was comprised of 257 professional of pharmaceutical sector and survey questionnaire technique was used for data collection. Different statistical tools like Pearson correlation and regressions were applied for hypothesis testing. The result of the present study proves that there is significant positive effect of work family conflict on stress of employees and ultimately this increased stress has a negative effect on career success of the employees. The research study has also demonstrated that there is strong mediation of stress between work family conflict and career success of the employees. This study also provides insights to understand the phenomenon of work family conflict that how it affects the mental stability of the employees and affects the performance of the employees which deteriorates the career of those employees. Finally study limitation along with directions for future researchers has been discussed. Key Words: Work Family Conflict, Career Success, Stress, Pharmaceutical sector.
Impact of Internal Marketing on Employees` In-role and Extra-role Behavior in Services Sector of Pakistan: Mediating Role of Employee Satisfaction and Moderating Role of Personality. Due to globalization, advancement in technology and specialized knowledge of the workforce, business environment has become profoundly dynamic. To cope with this challenge, human resources are the only non-imitable resources that can increase the productivity and bring competitive advantage to a firm. In services industry, front-line employees play a critical role to get competitive advantage to their firm by providing excellent services to their customers. Because of this paramount importance of front line employees in service providing organizations, there is need to study the factors that can enhance and drive employees behaviors in the desired direction so that overall productivity of the organization may be improved. Therefore, the purpose of present research is to investigate the relationship between internal marketing and selected employee attitudes (i.e., employee job satisfaction & organizational commitment), and employee behaviors (i.e., employee performance, organizational citizenship behavior, creative performance & counterproductive work behavior). In addition to this, mediating role of employee job attitudes among the relationship between internal marketing and selected employee behaviors and moderating role of big five personality traits among the relationship between internal marketing and employee attitudes were also checked. Two sourced, time lagged primary data was collected from frontline employees and their respective supervisors of five major telecom cellular service providing organizations in Pakistan with the help of structured questionnaires adapted from previous literature. Descriptive analysis, correlation, and simple linear regression analysis were used to analyze data. Mediation analysis was performed with the help of process macros developed by Preacher and Hayes and moderation analysis were performed with the help of step wise regression following the guidelines of Baron and Kenny and were confirmed with the help of interactions test for significant differences between the slopes proposed by Aiken and West. Results indicate that employee job satisfaction and organizational commitment partially mediate the relationship between internal marketing and selected employee behaviors. Among big five personality traits, only trait conscientiousness slightly moderated the relationship between internal marketing with organizational commitment while trait conscientiousness, neuroticism and extroversion slightly moderates the relationship between internal marketing and employee job satisfaction. In sum, internal marketing is found as a tool, if applied properly, can mold employee behaviors in desired directions. Managerial implications, limitations of the research and recommendations for future research are presented the end of the dissertation.