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AN EVALUATION OF STOCK MARKET RESPONSE FOR LEVERAGED FIRMS The traditional theories like MM theory in finance believe that the proportion of debt in the capital structure of the firms may not improve the shareholders’ wealth as the firm’s value remains the same due to certain costs of debt keeping other variables constant. Hence, the benefits of leverage may not be realized to the desired extent. Whereas, the tradeoff theory states that the suboptimal level of debt in the company increases the cost of debt than its benefit. The situation may create an adverse impact on shareholders’ value. This study aims to examine the association and influence of financial leverage on stock market response with the control effect of firm size, firm growth, industry, cash flows and corporate earnings in all non-financial sector firms listed at Pakistan Stock Exchange. The stock market response is measured by employing two important factors of the stock market reaction and stock market returns. The research provides a deep insight of investors’ perceptions, their expectation, and fears while making an investment decision in leveraged companies compared and contrasted with the company management’s financing decisions and the ground realities happening at Pakistan Stock Market. The effect of demographic traits of financial and investment decision makers is also measured. At the same time, research contrasts the human perceptions about the influence of leverage on stock market response determined by market reaction and returns, with the historical happenings in reality over the period of time. The study overcomes the gap in the literature by adding a different dimension to view and compare the human perceptions of decision making with the results of the fact sheet and set guidelines for the managers and investors for their
ANTECEDENTS OF GREEN BEHAVIOR AT WORK PLACE
Factors influencing use of technical management accounting practice (MAP) in Pakistani SMEs
Impact of Service Quality on Patient Satisfaction and Loyalty, Testing a Moderated -Mediation Model with Price, Communication and Access as Moderators and Patient Satisfaction as Mediator. ( An empirical study in the Private Sector Hospitals of Faisalabad) The research was conducted to evaluate the impact of service quality on patient satisfaction and loyalty. The research was also intended to explore the mediating role of patient satisfaction and the moderating role of price, communication and access between the relationship of the service quality and patient satisfaction. The data was collected from the patients of the private hospitals located in Faisalabad. About 650 questionnaires were distributed out of which, 551 questionnaires were retrieved back. A conveniencesampling technique was used to collect the data. The findings of the research suggested that the patient satisfaction significantly mediates the relationship between service quality and patient loyalty while, price (negatively significant), communication and access (positively significant) moderates the relationship existing between service quality and patient satisfaction. This study is a significant contribution in the domain of healthcare management and it has multiple implications at the managerial level, organizational level and academic level. The research also suggested the future directions for further research and can also be utilized for the future study for enhancement objective of service quality with the patient satisfaction with the mediating and moderating impact of some other factors to study the existing relationships between them. Keywords: Service quality, Patient satisfaction, Patient loyalty, Price, Communication, Access to the healthcare facility
Self-evaluation of Corporate Social Responsibility practices and Perceived Reviewed Performance: Mediating Effect of Innovation Performance and Moderating role of Industry Competitive Intensity in Small and Medium Enterprises The objective of the study was to investigate the impact of CSR on the perceived reviewed performance with the mediating effect of innovation performance and moderating role of industry competitive intensity in Small and Medium Enterprises at Faisalabad district. Relationship between Corporate Social Responsibility (CSR) and business value has already been empirically examined and in many contexts. However, association between Corporate Social Responsibility (CSR) and perceived firm performance using mediation of innovation performance and moderation of industry competitive intensity has been investigated rarely. Contribution of this study lies in developing an integrative model by employing Stakeholder Theory. Therefore, purpose of the study was to determine relationship between CSR practices and perceived firm performance along with mediation of innovation performance and moderation of industry competitive intensity. Quantitative approach was used to collect cross sectional primary data. Statistical Package for Social Sciences (SPSS) was utilized for descriptive statistics like frequency table and Partial Least Square Structural Equation Modeling (PLS-SEM) for analyzing measurement and structural model of the study. Population for this study were Small and Medium Enterprises (SMEs) of Faisalabad. Sample size of 287 was taken into consideration after determining through Morgan’s table and simple random sampling was used as sampling frame was available for this study. Sampling framework was obtained from Faisalabad Chamber of Commerce and Industry (FCCI) which contained list of all registered Small and Medium Enterprises (SMEs) of Faisalabad belonging to different sectors. Mediation analysis was done using Preacher and Hayes approach. Findings of the study showed that CSR directly had effect on perceived firm performance, innovation performance mediated the relationship between CSR and perceived firm performance whereas industry competitive intensity had no moderating effect between this relationships as shown by p value of 0.629. CSR had positive and significant effect on perceived firm performance showed by p value of 0.000 and beta of 0.211. Similarly, CSR had positive and significant impact on perceived innovation performance showed by p value of 0.001 and beta of 0.197. Lastly, Innovation performance had strong positive and significant effect on perceived firm performance as shown by p value of 0.000 and beta of 0.327. Implications of the study suggests that innovation is the driving mechanism that can enhance firm performance of the SMEs in Faisalabad. Key Words: SMEs, Innovation Performance, Firm Performance, Industry Competitive Intensity, CSR
Examining the financial factor affecting the decision of demutualization of exchanges Purpose of this study is examining the financial factor affecting the decision of demutualization of exchanges. Sample of 24 stock Exchanges that are the member world federation exchange have been taken to find out the actual factors and forces that influence demutualization 12 of them are mutual and 12 of them are demutualized. Probit Extreme Bound Analysis is used to produce results and it shows. In the case demutualization of stock exchange international alliances, market integration unfold flourishing and growth avenues can be done and thus potential synergies can be enhanced. In Probit Extreme Bound Analysis (PEBA) Debt on Assets emerged as robust factor affecting the propensity to demutualize. The Value of Debt on Assets (-0.043, P< 0.05) that depicts negative. Impact of Debt on Assists ratio on the propensity of Exchange to demutualize. This shows that that if the level of debt increases then the financial burden on exchanges has been increased. Due to this exchange could not justify their existence as mutual firm in globalized competitive marked. They converted their status from mutual to demutualize.
AN EMPIRICAL STUDY ON ENTREPRENURIAL ORIENTATION AND SMES PERCIEVED PERFORMANCE: MODERATING ROLE OF TRANSFERMATIONAL LEADERSHIP, ENVIRONMENTAL FACTORS AND ACCESS TO FINANCIAL CAPITAL The present study examined the relationship between entrepreneurial orientation and firm performance in Small and Medium Enterprises (SMEs) of Pakistan. Entrepreneurial orientation (EO) was evaluated on three dimensions, i.e. innovativeness, risk attitude and pro-activeness. Firm performance was measured through two dimensions, i.e. growth and profitability. The moderating effects of transformational leadership, access to financial capital and environmental factors were checked on the relationship between EO and firm performance. The population of the current study consists of all SMEs operated in Khyber Pakhtoonkhwa. The sampling framework of the current study consists of Peshawar division, which includesthree districts of Khyber Pakhtoonkhwa including Peshawar, Charsadda and Nowshera. The study used multistage cluster sampling technique; first, the study selected Peshawar division (Peshawar, Charsadda and Nowshera) on simple random sampling technique. Secondly, through proportionate stratified random sampling technique, the study selected 254 organizations. Respondents of the study include top level managers of the selected organizations. The respondents’ responses were gathered through a structured questionnaire having a five pointLikert scale. The study found that EO is positively and significantly related to firm performance. Besides, the study also found that each dimension of EO namely innovativeness, risk attitude and pro-activeness were significantly related to firm performance and its dimensions growth and profitability. Moreover, the study also found that transformational leadership moderates the relationship between EO and firm performance. Similarly, the study also found that access to financial capital moderates the significant relationship between EO and firm performance, but environmental factor does not moderate the relationship between EO and firm performance. The study finally concluded that EO had significant impact on firm performance. Based on the findings, it is recommended that SMEs should enhance entrepreneurial orientation in their respective organizations in order to improve their performance. Furthermore, the study also recommended that SMEs may improve their performance through accessibility to financial capital and the leader leadership style, i.e. transformational leadership style as it impacts organizational performance.Limitations, practical implications, recommendations and directions for future research are also highlighted.
Investigating Motivational Factors of Knowledge Sharing Attitude with Moderating Effect of Organizational Culture For Knowledge Sharing
ISLAMIC RISK FACTOR IN EXPECTED STOCK RETURN : EVIDENCE FROM LISTED COMPANIES ON PAKISTAN STOCK EXCHANGE (PSX) Increase in the wealth of Muslims increases the demand for Shariah-compliant products. However, wide acceptance of Shariah-compliant products stimulates the somber question that whether Islamic-products (Shariah-compliant) are alike to Conventional-products or not. So, this study is a first attempt in Pakistan to observe the presence of Islamic-Effect (IE) in cross-sectional stock returns data of Pakistani market i.e. (PSX). Monthly data of 112 listed companies with an equal number of Shariah-compliant and Non-Shariah compliant from July 2011 to June 2017 are used for investigation. Fundamentally, two methods Portfolio performance and time-series regression are used to achieve the desired objectives. The first method, Portfolio performance analysis along with risk-adjusted performance parameters Jensen’s alpha, Treynor and Sharpe are used to check the difference (Islamic-effect) between two portfolios. In the second method, time-series regression along with Four-Factor-Model (FFM) like Fama and French (1993) is used to check whether Islamic-Effect is a systematic risk-factor or not. The results derived from the first method indicate the presence of Islamic-Effect. The second method, evident that IE is a negative and significant systematic risk factor for Islamic companies and positive factor for Conventional companies. The inclusion of new risk factor (Islamic factor), while composing portfolio strategy may help investors to devise a suitable strategy. The magnitude of Islamic risk factor (CMI) is high for small companies and low or even insignificant for big companies. This indicates that small Islamic companies are more affected than big Islamic companies by this factor. A lenient Shariah screening criteria for small Islamic companies enabled them to mitigate this effect while remained under the roof of Shariah-Compliant. Additional analysis also evident that Four-Factor-Model is the best fit than both Single-Factor-Model (SFM) and Three-Factor-Model (FFM) while expressing stock return variations. Thus, the identification of new risk factor ‘Islamic-risk’ in Pakistan Stock Exchange (PSX) has important contribution for regulators, industry, investors and new researchers.
Determinants of Account Receivable: Evidence from Non-Financial Firms of Pakistan
RELATIONSHIP BETWEEN CRITICAL PSYCHOLOGICAL STATES AND WORK ENGAGMENT MEDIATED BY JOB CRAFTING AMONG UNIVERSITY TEACHERS- A COMPARATIVE STUDY BETWEEN BRANCH CAMPUSES AND MAIN CAMPUSES IN PUNJAB, PAKISTAN
Retirement Planning Behavior of Working Individuals: Evidence from Public Sector of Pakistan
Purchase Intensions towards Fast Food Restaurants: Mediating Role of Attitude towards Fast Food
Impact of Financial Literacy and Financial Self-Efficacy on Financial Decisions of the Individual Investors, Exploring the Moderating Role of Extraversion and Neuroticism Personality Traits: An Evidence from Pakistan Stock Exchange