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Determinants of Risk Perception and Portfolio Management of Brokers in Pakistan Title: Determinants of Risk Perception and Portfolio Management of Brokers in Pakistan The purpose of the study is to find out the risk-taking behavior of the brokers with respect to the demographic factors namely age, education and experience while making investment decisions. In this study three demographic factors/variables namely Age, Education and Experience of broker’s and their risk-taking behavior has been used while making investment. The population of the study is 305 brokers registered in Pakistan Stock Exchange in which sample size of 170 brokers filled up questionnaires. Questionnaire was shared via Google doc with all 305 brokers and time to time reminders were given to them, so they could response soon. Survey methodology has been used in this study. Questionnaire used for primary data collection. Each respondent (Broker) had been given a questionnaire to be filled up in which 170 questionnaire forms received back. The survey forms contained 16 questions related to age, education, and experience and risk behavior of the brokers while making investment. Descriptive statistics and multiple regressions used for the purpose of analysis. The study concluded that brokers risk taking behavior has a relationship with the demographic factors (age, education and experience) while making investment decisions so the brokers have not been completely rational individuals as assumed by the traditional theory of finance.
Liquidity augmented capital asset pricing model This study examines the effect of an overall market factor and liquidity risk factor on expected returns of an asset in emerging market of Pakistan. Traditional CAPM alone was unable to explain the variations in returns in Pakistan as proved from many past researches. The liquidity risk, which is the main problem of emerging markets, is added to CAPM to increase its explaining power. Monthly data for the period of 2008-2017 was taken for PSX 100-index. Turnover proxy was used for liquidity which has significant impact on excess stock returns. The results of this study suggests that LCAPM performs better than single factor model.
The Impact of Free Cash Flows and Agency Cost on Firm Performance Title: The impact of Free Cash Flow and Agency Cost on Firm Performance The firm performance plays an important role in an organization value. The recent study examined the impact of free cash flows and agency cost on firm performance. The objectives of the study to investigate the impact of free cash flow and agency cost on firm performance and investigate the relationship between free cash flow, agency cost and firm performance. The study was selected chemical sector firms listed at Pakistan stock exchange (PSX). The study was selected chemical sector as a population which comprises 29 companies listed at Pakistan stock exchange (PSX) but 19 companies selected as a sample because of unavailability of data. Secondary data was used and collected from the official website of state bank of Pakistan. Panel data was used for 2008 to 2017. Regression and pooled OLS model was used to determine the relationship between dependent and independent variables. Firm size and leverage were used as control variables in this study. In this study dependent variable was firm performance and the independent variables of the study were agency cost and free cash flow. The findings of this study indicated that free cash flow and agency cost have positive and significant impact on firm performance.
SOCIAL MEDIA MARKETING AND CONSUMER RESPONSE: MEDIATING ROLE OF BRAND EQUITY AND MODERATING ROLE OF TRUST (AN EMPIRICAL INVESTIGATION OF APPAREL BRANDS IN FAISALABAD) Social media paly a very important role in building brand equity worldwide. The study aims to explore the impact of social media marketing on consumer responses. Trust moderates the relationship between social media marketing and brand equity in apparel industry of Pakistan. The brand equity mediates the relationship between social media marketing and consumer responses. The nature of study is quantitative in nature, while type of study is non-contrives and cross-sectional. The convenient sampling technique was used to collect data from consumers following Apparel brands at social media in Faisalabad, Pakistan. The data was collected form 204 respondents through survey questionnaires. The study use cause and effect approach by which hypothesis were developed and tested. Descriptive Statistic and Structural Equation Modeling (SEM) were used for the data analysis purpose. Scale validity and reliability is tested through Confirmatory Factor Analyses (CFA), Factor Loadings, Average Variance Extracted and Cronbach's alpha. The results found that social media marketing had positive and significant impact on brand equity. Brand equity significantly and positively impact the consumer attitudes. However, the social media marketing has direct positive but insignificant impact on consumer attitudes. Brand equity significantly mediated the relationship between social media marketing and consumer responses. Trust significantly moderated the relationship between social media marketing and brand equity, and also moderated the mediating effect of brand equity on consumer response.
ROLE OF CHILDCARE DEMANDS IN PREDICTING JOB BOREDOM AND LIFE SATISFACTION: MEDIATING ROLE OF JOB STRESS AND MODERATING ROLE OF PERCEIVED ORGANIZATIONAL SUPPORT This study is totally based in nursing sector of Pakistan. Nursing is a profession within the health care sector, which is focused on Individual’s care, families as well as the communities so they may attain, maintain, or recover optimal health and quality of life. The main focus of this study is to investigate the impact of childcare demands in predicting job boredom and life satisfaction among working mothers i.e. Nurses working in various Govt. Hospital in Faisalabad and Lahore. The study also examines the mediating role of Job Stress and moderating role of Perceived Organizational Support. Data for this study were collected using a questionnaire from the nurses working in different Government Hospitals. Results indicate that childcare demand is positively associated with job boredom and negatively associated with life satisfaction. In addition, mediating role of job stress, it is negatively associated with life satisfaction with positive associated with job boredom among nurses. It has also been found that received Organizational support has the low impact on childcare demand and job stress. Implications and future research directions are also discussed.
IMPACT OF FOOD SAFETY PRACTICES ON CUSTOMERS’ PERCEPTION: A CASE OF PUNJAB RESTAURANTS This research study examines impact of food safety practices on customers’ perception in restaurants of five major cities of Punjab, Pakistan. Result of the study indicates significant impact of food safety practices on customers’ perception. Positive relation has been found between food safety practices and customers’ perception. Customers are lifeline for a business and their perception toward any business determines its success or failure. In the current competitive environment, the role of customers and their perception about a business is much significant. This study is quantitative in nature and primary data sources are extracted for data collection. The convenience sampling technique is used in this study. A sample of 250 customers was selected whom received services from medium and large restaurants in five major cities of Punjab and their feedback is measured against a questionnaire. For data analysis descriptive, correlation and regression were applied with the help of SPSS. Findings show that all food safety practices which food quality, internal environment, Hygienic condition, personal hygiene of staff and facilities have positive effect on customers’ perception. Results are in congruence with previous research studies mentioned in literature review section of this study. This research study provides various beneficial implications for food business operators and restaurant’ managers if they implement food safety practices in their businesses.
ACCESS TO FINANCE AND SMEs GROWTH IN EMERGING ECONOIES: MODERATING ROLE OF FINANCIAL LITERACY (A COMPERATIVE STUDY OF MANUFACTURING AND SERVICE SECTOR) The objective of the study was to investigate the impact of financial literacy on the relationship between access to finance and SMEs growth in district Faisalabad. For this purpose, two hypothesis were formulated. First hypothesis was to check direct impact of access to finance on SMEs growth and second hypothesis was to assess the moderating effect of financial literacy on relationship between access to finance and growth of SMEs. The study followed a descriptive research method for obtaining necessary primary data to provide a clear understanding of the research objectives. The study involved samples drawn from SMEs of two sectors that were manufacturing and service. For this purpose primary data was gathered through the issuing of a set of structured questionnaires to a sample of 204 SMEs. The conceptual model consisted on three variables. First was access to finance as independent variable which was measured using three dimensions of accessibility, usage and quality and this measure was contained of seven items. Second was financial literacy as moderating variable, which was measured by four dimensions knowledge, skills, attitude and behavior. This measure was consisted of thirteen items. Third was growth of SMEs as dependent variable, which was measured by dimension of sale and assets. This measure was consisted of ten items. The data was collected from owners and top managers of SMEs. Convenient sampling was used to collect data. A descriptive statistics, Structural Equation Modeling, (SEM) was used to analyze the moderating effect of financial literacy on the relationship between access to finance and growth of SMEs. These analyses were carried out using Statistical Package for the Social Sciences (IBM SPSS), Smart PLS 3.0 version software. The finding of this study supports the hypothesis, which argued that financial literacy is important enhancer in relationship between access to finance and SME growth. The results of the study show positive and significant moderating effect of financial literacy in the relationship between access to finance and SME growth in district Faisalabad. In addition, access to finance also has a significant and positive impact on SMEs growth in district Faisalabad
IMPACT OF MULTIFACTOR ASSET PRICING MODEL ON STOCK RETURNS UNDER THE FRAMEWORK OF DOWNSIDE RISK IN PAKISTAN STOCK EXCHANGE This research examined the relationship between portfolio return and multifactor asset pricing model such as downside risk, size, value, profitability, investment and momentum. The data for the companies is collected from website of Pakistan Stock Exchange, Data Stream and Financial reports of the listed companies from the period 2000-2015. Fama-MacBeth (1973) methodology is used to test the hypothesis. Portfolios of returns made for better results. The results show that all factors have insignificant outcomes mostly which lead towards in favor of null hypothesis i.e factors considered having impact on stock returns either positive or negative. The Downside market Risk gives overall insignificant results show their impact on portfolio stocks return. Which means this variable have importance for investors while doing investment. DRM will represent the relationship between risk and expected return in better way. The results of the study for the factor of SMB (small minus big) supported null hypothesis which means the SMB have impact on the portfolio returns. The result showed that small companies outperform big companies. Insignificance of the factor HML supported the null hypothesis that HML has impact on stock portfolio returns. . The finding for CMA is also in the favor of null hypothesis which shows the impact on stock portfolio return. The findings regarding the momentum (WML) factor in this study supported the null hypothesis for all generated pool. The results of profitability (RMW) have insignificant results supported null hypothesis that has impact on portfolio returns.
IMPACT OF OWNERSHIP STRUCTURE AND FREE CASH FLOW ON DIVIDEND POLICY: A CROSS COUNTRY ANALYSIS OF EMERGING COUNTRIES' MANUFACTURING FIRMS The purpose of the study is to investigate the relationship of the ownership structure and free cash flows on firm’s dividend policy. The corporate ownership structure represents the pattern of shareholding exercised by the stakeholders in firm while free cash flows are the corporation’s cash that can be distributed to creditors or stockholders which is not applied as working capital or for investments in fixed assets and dividend policy is the ratio of distributed earnings with respect to total earnings. Business entities possess different mixes of shareholdings in their ownership structure. Some business firms are management oriented while some are institution oriented regarding ownership structure. Firms mostly go for that proportion of shareholding that optimizes the firm’s performance as well as payouts. Perfect and balanced mix of ownership structure and free cash flows impact the dividend policy of the firms. This study is conducted to examine the impact of ownership structure and free cash flows on the dividend policy of listed manufacturing firms from non-financial sector in Pakistan, Bangladesh and India. In this study the geographical dimensions with comparative aspects are established. For this purpose 210 manufacturing firms listed at Pakistan Stock Exchange, Dhaka Stock Exchange and National Stock Exchange of India have been selected for the period of ten years from 2006 to 2015. The 70 firms out of 378 listed manufacturing firms are selected in Pakistan Stock Exchange perspective. The 70 firms out of 200 listed manufacturing firms are selected in Dhaka Stock Exchange perspective. The 70 firms out of 651 listed manufacturing firms are selected in National Stock Exchange of India perspective. The data is obtained from the firm’s web financials and financial statements analysis published by the statistics department of central banks. For the purpose of analysis, descriptive, correlation and panel data-based analysis is used in this research. The four panel data (fixed effect) models have been used to investigate the impact of corporate ownership structure and free cash flows on dividend policy of the firms. The country wise mechanism is employed to create different dimensions for the study. In these models two proxies are used to measure the corporate ownership structure i.e. managerial ownership and institutional ownership while single 5 proxy is used for free cash flows i.e. operating profit after tax and depreciation as independent variables. In these panel data (fixed effect) models dividend payout is used as dependent variables to quantify the dividend policy of the firms. The results of the analysis showed that corporate ownership and free cash flows have significant impact on the firm’s dividend policy in overall perspective of the study. The institutional ownership and free cash flows has positive and significant impact on firm’s dividend policy in overall & Pakistan Stock Exchange perspective. The managerial ownership has positive and significant impact on firm’s dividend policy while institutional ownership negative & insignificant impact on dividend policy in Dhaka Stock Exchange perspective. The only free cash flows have positive and significant impact on firm’s dividend policy in National Stock Exchange of India perspective. The free cash flows have significant relationship with firm’s dividend policy in all perspectives of study. The firms are institution oriented in Pakistan Stock Exchange while management oriented in Dhaka Stock Exchange perspective. The results of the study for paying dividends showed that most of the firms are in agreement with the bird in the hand theory, catering theory of dividend and theory of free cash flows as well as agency theory and thus it is the one explanation used in paying of dividends in developing countries. The results also showed that dividends act as a signaling mechanism to investors. The free cash flows enable firms to provide signaling effect for investors that cause the relationship among the incorporated variables.
HISTORICAL ANALYSIS OF RECRUITMENT PRACTICES IN TEXTILE INDUSTRY OF PAKISTAN This research examines the evolution of recruitment practices in textile industry of Pakistan. Specifically this research intends to bring to the fore the recruitment practices within realm of centralized structure. This is an ethnographic study following based on single case method. Data were collected through semi structured interviews, company manuals and Unobtrusive observations. Data includes HR staff‟s views about the recruitment practices of the firm historically and presently and some of top manager‟s views about the evolution of recruitment practices in a large size textile firm in Faisalabad. A total of nine semi structured interviews were conducted with HR staff including a long in depth discussion with HR heads of the firms. The findings from this study shows that recruitment practices evolve in large organizations where merit based system replaced the reference based recruitment, the underline study organization developed HR departments about a decade before and later on centralized recruitment center was established which controls all recruitment of all its offices situated in different provinces and cities. It also established an assessment center and recruitment wing for new candidates where complete screening is being performed including tests, series of interviews and psychological testing etc. Majority of organizations in this industry have hierarchal structure came from institutionalization. Recruitment sources also evolved, previously used sources like advertisement in newspapers, in educational institutes and words of mouth have been changed to web based. Organization has been using information technology; they developed their websites, web portal and pages on social media which have been using for advertisement in recruitment. So far it can be concluded that although the firms have established HR departments but due to centralization it not had been authorized to perform recruitment and other HR functions except some large groups.
Drivers influencing customers' switching intentions: an empirical study on mobile telecommunication market
The impact of past association with brand on brand relationship quality through mediation of brand authenticity in garments industry
The Impact of Corporate Cash Holdings, Liquidity and Firm Size on Firm Profitability with Mediating Effects of Leverage: A Case Study Textile Industry of Pakistan
ON THE ANTECEDENCE OF BRAND COMMUNITY: AN EMPIRICAL EVIDENCE