Technological advancements not only bolstered almost all activities, but also accelerated the spread of information in blinks. Thus, announcements about market volatilities along with subpar financial instruments’ performance have led investors to search for alternative assets to cope with amplified uncertainties. Investors in politically unstable economies, like Pakistan, are more prone to the risks of uncertainties so require some safe investments. Previously gold has been investigated as a hedge and safe haven during various economic and market conditions but literature lacks investigation of gold during political uncertainties. So by investigating the role of gold as a hedge and safe haven during political uncertainties against sectors of Pakistan Stock Exchange (PSX), the current study not only contributes to literature, but also contributes to the knowledge of Pakistani investors and asset managers that whether they should consider gold as a diversifier or not. The study incorporates daily gold prices (gold bullion Pkr. per Tola), daily stock prices of PSX sectors and political events of Pakistan for a time span of 2009 to 2019. Appling EGARCH with quantile dummies and event dummies, findings indicate that gold acts as a hedge and safe haven against the stock market and most of its sectors in normal as well as politically uncertain situations. Thus, Pakistani investors must consider gold in asset allocation strategies for having an optimal portfolio that can cope with the risk of acute market conditions and political uncertainties. Finings of current study facilitate Pakistani investors, investment advisors and asset managers to make healthy investment decisions and enjoying the benefits of diversification through inclusion of gold in their portfolios.
{"title":"Is Gold a Hedge and Safe Haven during Political Uncertainties?","authors":"Hafsa Rasheed, H. Ahmad, A. Y. Javid","doi":"10.22547/ber/13.2.1","DOIUrl":"https://doi.org/10.22547/ber/13.2.1","url":null,"abstract":"Technological advancements not only bolstered almost all activities, but also accelerated the spread of information in blinks. Thus, announcements about market volatilities along with subpar financial instruments’ performance have led investors to search for alternative assets to cope with amplified uncertainties. Investors in politically unstable economies, like Pakistan, are more prone to the risks of uncertainties so require some safe investments. Previously gold has been investigated as a hedge and safe haven during various economic and market conditions but literature lacks investigation of gold during political uncertainties. So by investigating the role of gold as a hedge and safe haven during political uncertainties against sectors of Pakistan Stock Exchange (PSX), the current study not only contributes to literature, but also contributes to the knowledge of Pakistani investors and asset managers that whether they should consider gold as a diversifier or not. The study incorporates daily gold prices (gold bullion Pkr. per Tola), daily stock prices of PSX sectors and political events of Pakistan for a time span of 2009 to 2019. Appling EGARCH with quantile dummies and event dummies, findings indicate that gold acts as a hedge and safe haven against the stock market and most of its sectors in normal as well as politically uncertain situations. Thus, Pakistani investors must consider gold in asset allocation strategies for having an optimal portfolio that can cope with the risk of acute market conditions and political uncertainties. Finings of current study facilitate Pakistani investors, investment advisors and asset managers to make healthy investment decisions and enjoying the benefits of diversification through inclusion of gold in their portfolios.","PeriodicalId":210967,"journal":{"name":"Business & Economic Review","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128105042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This research has emphasized on the effects of perceived narcissistic supervision and workplace bullying on employee’s silence. It also investigates the role of psychological contract violation as a mediating variable among workplace bullying, perceived narcissistic supervision, and employee silence. Data of 395 employees who are working in the Banking and Telecommunication sector has been tested by Using SMART PLS 3.2.2 Software to assess a mediation model. The results of the study support to our hypothesis. The obtained results show the direct positive relation of perceived narcissistic supervision and workplace bullying with employee silence. These further elaborate the significant positive mediation relation of psychological contract violations among all above mentioned variables. Drawing upon the fairness heuristic theory and conservation of resources theory, the current study added in the literature that psychological contract violation and employee silence have been characterized by stressful working conditions .i.e. perceived narcissistic supervision and workplace bullying. Practical implications and recommendations for future studies for researchers are discussed.
{"title":"The Effects of Perceived Narcissistic Supervision and Workplace Bullying on Employee Silence: The Mediating Role of Psychological Contracts Violation","authors":"Kamran Alam Khan, Tahira Nazir, K. Shafi","doi":"10.22547/ber/13.2.4","DOIUrl":"https://doi.org/10.22547/ber/13.2.4","url":null,"abstract":"This research has emphasized on the effects of perceived narcissistic supervision and workplace bullying on employee’s silence. It also investigates the role of psychological contract violation as a mediating variable among workplace bullying, perceived narcissistic supervision, and employee silence. Data of 395 employees who are working in the Banking and Telecommunication sector has been tested by Using SMART PLS 3.2.2 Software to assess a mediation model. The results of the study support to our hypothesis. The obtained results show the direct positive relation of perceived narcissistic supervision and workplace bullying with employee silence. These further elaborate the significant positive mediation relation of psychological contract violations among all above mentioned variables. Drawing upon the fairness heuristic theory and conservation of resources theory, the current study added in the literature that psychological contract violation and employee silence have been characterized by stressful working conditions .i.e. perceived narcissistic supervision and workplace bullying. Practical implications and recommendations for future studies for researchers are discussed.","PeriodicalId":210967,"journal":{"name":"Business & Economic Review","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125866960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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