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| Title | Abstract | Action(s) |
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| Impact of CSR Reporting, R & D Outlay and Corporate Tax Avoidance on Firm’s Financial Performance: Analysis of Firms Listed in Pakistan Stock Exchange |
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| The impact of Switching Costs, Product Returns and Service Quality on Repurchase Intent: A perspective from Pakistan’s B2B Textile Industry |
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| Effect of Corporate Governance on Financial Reporting Quality: Evidence from Listed Textile Sector Firms on Pakistan Stock Exchange | ABSTRACT Title: Effect of Corporate Governance on Financial Reporting Quality: Evidence from Listed Textile Sector Firms on Pakistan Stock Exchange This study examines the effect of Corporate Governance on Financial Reporting Quality 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. Financial Reporting Quality was taken as dependent variable whereas Audit Committee Independence, Board Independence, Institutional Shareholders Ownership and CEO Duality used as independent variables. Panel data were used to examine the relationship of financial reporting quality with corporate governance. The findings of this study indicated that Audit Committee Independence and Board Independence have positive and significant effect on financial reporting quality. Whereas Institutional Shareholders Ownership and CEO duality have positive and insignificant effect on financial reporting quality. The study has some implications for the management as well as investors. Keywords: Financial reporting quality, Audit Committee Independence, Board Independence, Institutional Shareholders Ownership, CEO Duality. |
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| Factors Determining Performance of Banks: A Comparative of Islamic and Conventional Banking Firms in Pakistan | Title: Factors Determining Performance of Banks. A Comparative Analysis of Islamic and Conventional Banking Firms In Pakistan Islamic Banking (IB) industry is considered as an attractive substitute to the Conventional Banking (CB) system. The sustainability promised by the IBs and the recent experience of the economies with the conventional banking system has placed the Islamic Bank industry in a more substantial position to penetrate and consolidate in the industry. The IBs have presented new business techniques, product lines, risk mitigation tools and ways of business that are different from techniques prevailing in conventional Banking system. There is much debate on the comparative advantages of IBs over the CBs yet to mark a clear line between the two. This study conducted to compare and analyze the performance of CBs and IBs in Pakistan in order to determine the different performance measures of these banks in Pakistan. In order to examine the factors, determine the profitability of banking sector in Pakistan, the study collected data for 10 different banks which included 5 banks each from IB sector and CB sector of Pakistan. Data for all the variables under analysis was collected for a period of 7 years from 2010 to 2016. The data was then analyzed using multiple regression analysis technique and Independent Sample T test. The results of the regression model suggest that Assets Quality, Management Quality, Capital Adequacy and earning quality are important determinates of performance of the banking firms in Pakistan. All these variables have significant association with the ROE, ROA and NIM as used by the study as the dependent variables in the analysis. The overall results of the test implies that in terms of the earning or performance, the CBs has an edge over the IBs and all the performance measures i.e. ROA and ROE are higher for CBs as compared to IBs. The IBs has performed well in terms of the Profit, Management Quality, Assets Quality and Capital Adequacy as compared to the CBs in the analysis. The CBs however have a higher Liquidity and Earning quality as compared to IBs. Key Words: Islamic Banking, Conventional Banking, Return on Equity, State Bank of Pakistan |
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| The Impact of Sit-in Protests on Pakistan Stock Exchange | ABSTRACT Title: The Impact of Sit-In Protests on Pakistan Stock Exchange The purchasing and selling out of the securities that are owned publicly takes place in the stock market. The international as well as domestic stability of the country is connected with the stock market. If there is any kind of local, worldwide or countrywide uncertainty then the stock exchange market is effected directly. If there is an unstable political environment, then the market consistency and veracity is negatively affected. The share prices are being effected by inflation, price movement and recession. The main purpose of this study was to investigate the impact of Sit In Protests on Pakistan Stock Exchange. All listed non-financial companies on the Pakistani stock exchange participated in this study. An example of a PSE 100 company index from a non-financial component were selected as the target group for the analysis. In this study, stock returns were used daily to calculate cell proliferation and to evaluate the gains in each company on the PSE 100 index. SPSS was used for data analysis. This method includes sequential analysis, repeated measures analysis and oneway ANOVA. The association between reliability and independent variables were obtained by the control method. Results of the study showed that as a result of the PTI protest of 2014, the PPP protest of 2017 and the Tehreek e Labaik protest of 2017, Pakistan clearly created an uncertain environment that led to fluctuations in Pakistan's capital investment during the event (Dharna). The demand for the resignation of the elected prime minister caused a stalemate in the political resolution of the Pakistani political elite conference, which could have devastating consequences for the economy. The study therefore recommends that financial vi planners should take steps to sell themselves before investing in stock markets. That is why investors do not want to handle political instability to address the increased risks of political instability. Further investigations suggest that investors should be careful before acting in an uncertain political environment. Because of unclear economic conditions or economic instability, large numbers of states, governments and other sources of power and financial resources should also be taken care of. |
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| How good employees turn bad; Effect of Forced OCB on Interpersonal Deviance of employees with Mediating role of Psychological Entitlement | ABSTRACT The aim of this study is to investigate the effect of Forced Organization Citizenship Behavior on Interpersonal Deviance of employees with mediating role of Psychological Entitlement. With this aim, a causal model has been tested that explains the influence of Forced Organization Citizenship Behavior on Interpersonal Deviance of employees through the role of Psychological Entitlement. Causal research design on quantitative collected data provided support for the hypothesis from a sample of 350 employees of banking sector in Peshawar Region KPK, 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 that Psychological Entitlement plays a mediating role between Forced OCB and Interpersonal Deviance. More specifically, this research expands the traditional view of Forced OCB and Interpersonal Deviance impact on employees and suggests that Forced OCB and Interpersonal Deviance do not only effect Psychological Entitlement, but also employee’s commitment and motivation. Keywords: Forced Organization Citizenship Behavior, Interpersonal Deviance and Psychological Entitlement. |
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| Acceptance of Islamic Banking A critical Review of Advertisement and Awareness, Religious Beliefs, Convenience and Availability towards Acceptance of Islamic Banks | ABSTRACT Islamic banking is relatively a new trend in the present world and has achieved a significant growth in the last two decades. Islamic banking has been emerged as a close substitute to conventional banking which allows the banking customers to make choice between these two banking system. Policy makers around the world are greatly concerned with factors influencing customer’s attitude toward a particular bank, especially in the case where customer has to choose between Islamic bank and conventional bank. This study is primarily focused on determining factors which have a significant influence on customer acceptance and selection of Islamic banks in Pakistan. The study used primary data to analyze the relationship between the explanatory variables and dependent variable. Primary data was collected through questionnaire of the study. Regression analysis technique was used by the study to analyze the collected data. The results of the study suggest that Religious beliefs, Convenience & Availability, Personal Interest and Awareness and Advertisement are found to have positive association with the acceptability of Islamic Banking in Pakistan and are thus considered important determinants of Islamic banking. The result however, shows an insignificant association between Sharia Board and acceptability of Islamic banking. The overall results of the study are in line with the previous results from other study setting in different parts of the world |
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| WORKING CAPITAL MANAGEMENT AND CORPORATE CASH HOLDING, A COMPARATIVE ANALYSIS OF CONVENTIONAL AND ISLAMIC BANKS IN PAKISTAN | ABSTRACT This study was conducted in order to understand the impact of Working capital management on corporate Cash Holding in the context of conventional and Islamic banks in Pakistan. Working capital is the life blood for all types of businesses. In this study the panel data is used for 31 banks, in which 24 banks are conventional and 7 banks are Islamic banks. In this study the data was collected from the annual reports of both conventional and Islamic banks for the period of 2011 to 2017. The data was analyzed through various statistical techniques such as correlation, Fixed effect model, Random effect model. The results of all the above statistical techniques demonstrated that the proxy of Working capital management such as cash Flow ratio (CFL) has positive insignificant effect on the corporate Cash Holding of conventional banks in Pakistan. The study also confirmed positive significant effect of both firm Size and firm leverages on the corporate Cash Holding of conventional banks. The study has also predicted very similar results for Islamic banks portfolio. In this regards, the results have shown positive, but insignificant effect of cash flow ratio (CFR) on the corporate Cash Holding of the Islamic banks. The results have also confirmed the positive significance effect of control variables such that firm Leverages and firm size on the corporate Cash Holding of the Islamic banks portfolios. The study has also certain managerial implications for both policy makers and investors. The study has highlighted the importance of Working capital management in managing corporate Cash Holding for the management of both conventional and Islamic banks in Pakistan. Keywords: Working capital management, Cash holding, Cash Flow Ratio. |
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| FORECASTING FUTURE CASH FLOWS BY USING EARNINGS, SHORT TERM AND LONG TERM DISAGGREGATED ACCRUALS | ABSTRACT Title: FORECASTING FUTURE CASH FLOWS BY USING EARNINGS, SHORT TERM AND LONG TERM DISAGGREGATED ACCRUALS This research investigated the predictive ability of earning along with short term accruals and long term accruals to forecast future cash flows by using model developed by Barth in 2001. The main aim of this research is to forecast the future cash flow by using earnings and disaggregated accruals both short and term accruals and to find out that which one of them is the best predictor of future cash flow. Four prediction models are used for the forecasting of future cash flow by using the regression. In order to achieve this aim, data of 50 firms listed on Pakistan stock exchange PSX for the period of January 2008 to December 2017 is utilized as a sample. The insight of this study is that current earning alone is not a better forecaster of future cash flows. The predictive ability of current earning is increased when it is used in a model along with accruals. The findings also suggest that the predictive capability of long term accruals is better than short term accruals. Two models Fixed effect and random effect, is used for the panel data, are tested. After that other tests are organized to find out that which model is suitable for the analysis. Three independent variables (Earnings, Short Term Accruals and Long Term Accruals) and one dependent variable (Cash Flows) are used in the study. Keywords: Future Cash Flows, Non-financial companies, short term accruals, earnings, long term accruals. |
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| EMPLOYEE PERCEPTION OF CAREER DEVELOPMENT AND ORGANIZATIONAL COMMITMENT: MEDIATING ROLE OF EMPLOYEE JOB SATISFACTION (Case of contractual employees FATA Secretariat, Peshawar) | ABSTRACT In today tough competitive environment between organizations all over the world, the employee career development is considers as the most important issue for the employer to compete with other organizations in the long run, and this issue cause base for the employee turnover and less intention toward job satisfaction and commitment. Therefore in this study career development play an important role to bring increase in job satisfaction and commitment of the employee. Considering, this vital issue in mind, the researcher in this study focus to investigate the impact of career development on organizational commitment, using job satisfaction as a mediator between these two variables. Target population for this study was all contractual employees working in FATA Secretariat and various tribal districts. Questionnaires were distributed in the respondent (Contractual employees working inside Fata Secretariat Peshawar) for the collection of data. A total 300 questionnaires were distributed in the respondents in which 276 were recollected with high positive response rate from the respondents. The collected questionnaires were put in the SPSS 21 software for the analysis. The finding of the study shows that there present positive and significant relation between the employee career development, organizational commitment and job satisfaction. The job satisfaction of the employee has positive impact on the organizational commitment. The finding also reported that job satisfaction has a partial mediating effect between the employee career development and organizational commitment. This research study was cross sectional type due to time limitation, and other researcher in future case use longitudinal type. This research was limited to Fata Secretariat Peshawar only and other researcher can use it in other organization as well to work further on it. Key variables: Career development, Job satisfaction and Organizational commitment |
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| THE IMPACT OF COMPENSATION ON EMPLOYEE'S PERFORMANCE WITH A MEDIATING ROLE OF MOTIVATION | ABSTRACT Title: The Impact of Compensation on Employee's Performance with a Mediating Role of Motivation Compensation is extremely essential for the employee performance. For that reason it is highly essential for the company too. The main purpose of this study is to investigate the effect of compensation on employee performance. A questionnaire was prepared to gather the data associated to compensation, employee performance and motivation. The data was collected from different Pakistan Telecommunication Company Limited (PTCL) sectors of Pakistan. Total 300 questionnaires were circulated out of which two hundred ninety two questionnaires were backed. The rate of response was 97%. The collected data were examined in SPSS 21 version. For the analysis of data various analytical and descriptive methods were used. We used correlation analysis for the purpose to test the relationship between and among the variables. We used regression analysis to know the impact of independent variable upon the dependent variable. For the purpose to examine the consistency of the data we used descriptive statistics. For mediation analysis we used Preacher and Hayes model. It is originated from various outcomes that compensation has positive effect on the performance of employee. Results from current study investigate that compensation plays a very important role toward the employee's performance in Pakistan Telecommunication Company Limited (PTCL) sectors of Pakistan. Future directions and limitations are also discussed in the study. Keywords: Compensation, Employee Performance and Motivation |
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| Impact of Psychological Biases on Perceived investment Performance of Individual Investors: Mediating role of Financial Risk Tolerance | Thesis Title: Impact of Psychological Biases on Perceived Investment Performance of Individual Investors: Mediating role of Financial Risk Tolerance This study examines the Impact of Psychological Biases on Perceived Investment Performance of Individual Investors: Mediating role of Financial Risk Tolerance. Psychological biases use as independent variable, perceived investment performance as dependent variable and financial risk tolerance as mediating variable. Psychological biased including overconfidence bias, over optimistic bias, regret aversion bias, herding bias, anchoring bias and representativeness bias. A self-administrative questionnaire was distributed to the stock investors of Faisalabad and Lahore city. The sample size of present study is 275, And 275 questionnaires were distributed among investors and in which 243 are the respondents. Convenient sampling (Snow ball) sampling technique was used to collect data. According the results of, Psychological biases has no direct relation with investment performance but with the help of mediating effect of financial risk tolerance full mediation effect on investment performance. There is no mediation effect of financial risk tolerance between over confidence bias and investment performance. There is partial mediation between Over optimistic bias and investment performance. Regret aversion bias and investment performance is also linked with full mediation effect of financial risk tolerance. Representativeness bias and investment performance also linked with partial mediation of financial risk tolerance. Herding bias also shows mediation effect of financial risk tolerance. Keywords: Psychological Biases, Financial Risk Tolerance & Perceived Investment Performance. |
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| Impact of Institutional Ownership and Insider Holding on Stock Return under the Framework of Downside Risk: Empirical Evidence from Pakistan | Thesis Title: Impact of Institutional Ownership and Insider Holding on Stock Returns under the Framework of Downside Risk: Empirical Evidence from Pakistan. This study examines the impact of institutional ownership and insider holding on equity returns under the framework of downside risk and presents a six factor assets pricing model. In addition to existing literature, this study aims to explore non-conventional anomalies in asset pricing domain such as institutional ownership and insider holding which are considered as important aspects of corporate governance and the part of ownership structure, and there is need to identify the impact of such factors on equity returns in Pakistan stock market. D.CAPM of Estrada and value at risk is used in this study to measure the downside risk. The sample size is 160 nonfinancial firms that are registered on the Pakistan stock exchange and data is collected for the period of 2011 to 2017. Multivariate regression, Estrada approach is used for incorporating market premiums (downside risk), size premium, value premium Institutional ownership and insider holding to measure the risk return relationship in Pakistan stock exchange. An analysis of results reveal that market premium (downside beta) in the presence of all other factors i.e SMB, HML, INS, Inisder holing and VAR is found insignificant. On the contrary, Value at risk is somehow significant and positive but partially, not for all portfolios. It enlighten the fact that Pakistan stock market partially pricing the value at risk. Furthermore, size premium is significant positive and institutional ownership also significant positive for most of the portfolios but insider holding is partially priced. Therefore, this six factor model facilitates investors in making valuable decisions about investments and resource allocation in emerging economy like Pakistan. Key words: Downside Risk, D-CAPM, Value at risk, Corporate governance factors |
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| Impact of Institutional Ownership and Insider Holding on Stock Return under the Framework of Downside Risk: Empirical Evidence from Pakistan | Thesis Title: Impact of Institutional Ownership and Insider Holding on Stock Returns under the Framework of Downside Risk: Empirical Evidence from Pakistan. This study examines the impact of institutional ownership and insider holding on equity returns under the framework of downside risk and presents a six factor assets pricing model. In addition to existing literature, this study aims to explore non-conventional anomalies in asset pricing domain such as institutional ownership and insider holding which are considered as important aspects of corporate governance and the part of ownership structure, and there is need to identify the impact of such factors on equity returns in Pakistan stock market. D.CAPM of Estrada and value at risk is used in this study to measure the downside risk. The sample size is 160 nonfinancial firms that are registered on the Pakistan stock exchange and data is collected for the period of 2011 to 2017. Multivariate regression, Estrada approach is used for incorporating market premiums (downside risk), size premium, value premium Institutional ownership and insider holding to measure the risk return relationship in Pakistan stock exchange. An analysis of results reveal that market premium (downside beta) in the presence of all other factors i.e SMB, HML, INS, Inisder holing and VAR is found insignificant. On the contrary, Value at risk is somehow significant and positive but partially, not for all portfolios. It enlighten the fact that Pakistan stock market partially pricing the value at risk. Furthermore, size premium is significant positive and institutional ownership also significant positive for most of the portfolios but insider holding is partially priced. Therefore, this six factor model facilitates investors in making valuable decisions about investments and resource allocation in emerging economy like Pakistan. Key words: Downside Risk, D-CAPM, Value at risk, Corporate governance factors |
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