This study empirically examines the motivations of going public decision. This study used pre-IPO characteristics and ex-post consequences of IPO firms to address the exceeding research objective. This study used a sample of 70 newly listed firms during 2000 to 2014 on Karachi Stock Exchange (KSE). In this study, a panel probit regression model is used to estimate the impact of fundamental factors on going public decision. The results of this analysis reveal that larger-size firms, carrying high sales growth, more profitable, industry MTB ratio, and firms related general trade industry come into sight are significant determinants. Furthermore, this study also examined ex-post consequences of IPO firms by comparing with the same pre-IPO characteristics by using ‘Wilcoxon two-sample signed rank’ test. The results of this investigation reveal that: Going public decision is used (i) to dilute ownership, risk diversification, and reduction in external monitoring (ii) to finance their future investments and expansions, and (iii) to rebalance their capital structure
{"title":"Why Do Firms Decide To Go Public? A Case Study of Karachi Stock Exchange","authors":"Abdul Rasheed, K. Sohail","doi":"10.22555/PBR.V20I3.993","DOIUrl":"https://doi.org/10.22555/PBR.V20I3.993","url":null,"abstract":"This study empirically examines the motivations of going public decision. This study used pre-IPO characteristics and ex-post consequences of IPO firms to address the exceeding research objective. This study used a sample of 70 newly listed firms during 2000 to 2014 on Karachi Stock Exchange (KSE). In this study, a panel probit regression model is used to estimate the impact of fundamental factors on going public decision. The results of this analysis reveal that larger-size firms, carrying high sales growth, more profitable, industry MTB ratio, and firms related general trade industry come into sight are significant determinants. Furthermore, this study also examined ex-post consequences of IPO firms by comparing with the same pre-IPO characteristics by using ‘Wilcoxon two-sample signed rank’ test. The results of this investigation reveal that: Going public decision is used (i) to dilute ownership, risk diversification, and reduction in external monitoring (ii) to finance their future investments and expansions, and (iii) to rebalance their capital structure","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114912769","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}
The study focuses on the financial distress of different mutual funds on their return and risk level by the help of historical simulation method that trade in volatile market environment. Value at risk explains that how a financial institution can estimate their risk level to mitigate their financial loss. With mutual fund application in mind, this paper proposes the Historical Simulation method and Value at risk analysis, with emerging funds performing better than old ones. In addition, statistical tests show that the larger potential loss the mutual fund currently is undertaking, the lower return of mutual fund will be.
{"title":"Historical simulation of risk and return in Mutual funds through Value at risk Analysis","authors":"Sana Ellahi","doi":"10.22555/PBR.V20I3.573","DOIUrl":"https://doi.org/10.22555/PBR.V20I3.573","url":null,"abstract":"The study focuses on the financial distress of different mutual funds on their return and risk level by the help of historical simulation method that trade in volatile market environment. Value at risk explains that how a financial institution can estimate their risk level to mitigate their financial loss. With mutual fund application in mind, this paper proposes the Historical Simulation method and Value at risk analysis, with emerging funds performing better than old ones. In addition, statistical tests show that the larger potential loss the mutual fund currently is undertaking, the lower return of mutual fund will be.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126753748","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 study investigates the evidence of existence of market discipline through Operational risk disclosures under Basle Accord-II among commercial banks of Pakistan during years 2006 to 2014. Content Analysis of operational risk disclosure words is conducted to ascertain extent of market discipline. The findings indicate that the banks have growing awareness about operational risk and its disclosures. The results reveal that most of disclosures are narrative and of voluntary nature, showing existence of market discipline over study period. The results have given useful implications for risk managers to exploit risk information as risk management tool and for regulators as to how market discipline may be used in supervisory review.
{"title":"Evidence of Market Discipline Through Operational Risk Disclosures in Commercial Banking Sector of Pakistan","authors":"Fareeha Khalil, H. Alam","doi":"10.22555/PBR.V20I3.394","DOIUrl":"https://doi.org/10.22555/PBR.V20I3.394","url":null,"abstract":"This study investigates the evidence of existence of market discipline through Operational risk disclosures under Basle Accord-II among commercial banks of Pakistan during years 2006 to 2014. Content Analysis of operational risk disclosure words is conducted to ascertain extent of market discipline. The findings indicate that the banks have growing awareness about operational risk and its disclosures. The results reveal that most of disclosures are narrative and of voluntary nature, showing existence of market discipline over study period. The results have given useful implications for risk managers to exploit risk information as risk management tool and for regulators as to how market discipline may be used in supervisory review.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116199902","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}
There is debate in the literature that whether firms should adapt consistent or flexible strategy for competitive advantage? The proponents of both arguments provide substantial evidence in their favour. This study aims to investigate the strategy-performance relationship in this context using financial data of joint stock firms from textile sector of Pakistan applying Miles and Snow typology. The results show that majority of the firms are adapting strategic consistency. Firms with consistency in their strategies produced better results than firms following flexible strategies. Both consistent and flexible strategies outperformed reactors. Although, there is variation in the performance of the strategic types due to the variation in firm size, the effect of firm size is not significant.
{"title":"Strategic Consistency, Flexibility and Reactors: A Comparative Analysis","authors":"J. Anwar","doi":"10.22555/PBR.V20I3.508","DOIUrl":"https://doi.org/10.22555/PBR.V20I3.508","url":null,"abstract":"There is debate in the literature that whether firms should adapt consistent or flexible strategy for competitive advantage? The proponents of both arguments provide substantial evidence in their favour. This study aims to investigate the strategy-performance relationship in this context using financial data of joint stock firms from textile sector of Pakistan applying Miles and Snow typology. The results show that majority of the firms are adapting strategic consistency. Firms with consistency in their strategies produced better results than firms following flexible strategies. Both consistent and flexible strategies outperformed reactors. Although, there is variation in the performance of the strategic types due to the variation in firm size, the effect of firm size is not significant.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132181415","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}
To avoid debt burdens and to meet budgetary expenditure within internal resources leads to introduction of bank withdrawal taxation in Pakistan. The research has been carried out to empirically investigate the impact of bank withdrawal taxation on cash holdings, bank deposits, inflation, borrowing and lending rates. The withdrawal taxation was imposed in 2006 therefore the study analysis period has been from 2006 to 2014. The complex relationship among variables leads to analyze the data through VAR. The empirical findings through Vector auto regression (VAR) and impulse response suggests the presence of disintermediation in Pakistani economy. The disintermediation in the economy is captured through the study findings that there is increase in the cash holdings during the study period and reduction in bank deposits. The monetary variables such as inflation, borrowing and lending rates are reduced due to imposition of bank withdrawal taxation.
{"title":"Impact of bank withdrawals taxation on cash holdings, interest rates, inflation and bank deposits: Empirical evidence from Pakistan","authors":"Aysha Noor, Z. Ali","doi":"10.22555/PBR.V20I1.193","DOIUrl":"https://doi.org/10.22555/PBR.V20I1.193","url":null,"abstract":"To avoid debt burdens and to meet budgetary expenditure within internal resources leads to introduction of bank withdrawal taxation in Pakistan. The research has been carried out to empirically investigate the impact of bank withdrawal taxation on cash holdings, bank deposits, inflation, borrowing and lending rates. The withdrawal taxation was imposed in 2006 therefore the study analysis period has been from 2006 to 2014. The complex relationship among variables leads to analyze the data through VAR. The empirical findings through Vector auto regression (VAR) and impulse response suggests the presence of disintermediation in Pakistani economy. The disintermediation in the economy is captured through the study findings that there is increase in the cash holdings during the study period and reduction in bank deposits. The monetary variables such as inflation, borrowing and lending rates are reduced due to imposition of bank withdrawal taxation.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123127512","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}
The current study attempts to explore the skills that are valued by service sector HR professionals (public listed) and to identify the top four needed skills by service sector HR professionals. Based on the literature review two objectives were formulated that seventeen skills are the anticipated attributes for employability and the most preferred skills preferred by HR professionals are adaptability, leadership, team work and work ethics. To assess employability,” Employer Perspective of the Business School Graduate” scale was adapted from Jackson (2013) study. The sample of the study consisted of 126 HR professionals from public listed companies in service sector. Rotated Component Matrix was used to calculate the top four preferred skills. The findings of the study suggest that four skills were preferred by HR professionals i.e. 1) adaptability, 2) leadership, 3) teamwork, and 4) work ethics. The implication of the findings is discussed in the study.
{"title":"HR Professionals’ Preferred Skill for Business Graduates in Service Sector","authors":"Shagufta Ghauri, Nadia Ayub","doi":"10.22555/pbr.v20i1.2061","DOIUrl":"https://doi.org/10.22555/pbr.v20i1.2061","url":null,"abstract":"The current study attempts to explore the skills that are valued by service sector HR professionals (public listed) and to identify the top four needed skills by service sector HR professionals. Based on the literature review two objectives were formulated that seventeen skills are the anticipated attributes for employability and the most preferred skills preferred by HR professionals are adaptability, leadership, team work and work ethics. To assess employability,” Employer Perspective of the Business School Graduate” scale was adapted from Jackson (2013) study. The sample of the study consisted of 126 HR professionals from public listed companies in service sector. Rotated Component Matrix was used to calculate the top four preferred skills. The findings of the study suggest that four skills were preferred by HR professionals i.e. 1) adaptability, 2) leadership, 3) teamwork, and 4) work ethics. The implication of the findings is discussed in the study.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115197420","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}
Tehzeeb Sakina Amir, Muhammad Hanif, Maheen Yusuf Bandhani, Muhammad Affan Khan
The study investigated the myriad of psychological and physical stress factors affecting traffic wardens in Karachi. It was hypothesized that traffic wardens do not feel satisfied or stressed with their jobs and also that job tenure has no relation to their job satisfaction and stress. A mixed method approach with 15 semi-structured interviews and 50 survey form was adopted using convenient sampling. Job stress and satisfaction was measured using a self-made questionnaire ( a =.797 & .582). Analysis indicated that traffic wardens were satisfied with their jobs and employment duration was not found to be associated with job satisfaction and stress.
{"title":"Human Dynamics of Street Administration: A Study on Traffic Wardens in Karachi","authors":"Tehzeeb Sakina Amir, Muhammad Hanif, Maheen Yusuf Bandhani, Muhammad Affan Khan","doi":"10.22555/PBR.V20I1.1182","DOIUrl":"https://doi.org/10.22555/PBR.V20I1.1182","url":null,"abstract":"The study investigated the myriad of psychological and physical stress factors affecting traffic wardens in Karachi. It was hypothesized that traffic wardens do not feel satisfied or stressed with their jobs and also that job tenure has no relation to their job satisfaction and stress. A mixed method approach with 15 semi-structured interviews and 50 survey form was adopted using convenient sampling. Job stress and satisfaction was measured using a self-made questionnaire ( a =.797 & .582). Analysis indicated that traffic wardens were satisfied with their jobs and employment duration was not found to be associated with job satisfaction and stress.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130388207","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}
muhammad ahtisham-ul-haq, M. Ilyas, Kashir Mahmood
This research study intended to examine the relationship between HR practices and organizational performance of pharmaceutical industries of Pakistan. For this research, primary data were collected from 200 respondents from pharmaceutical industries of Pakistan using structure questionnaire sent to employees of different departments having different job status, asked the questions about training, payroll for performance, participation in decision making, organization commitment and organizational performance. The correlation and regression analysis is used in this paper to measure the impact of HR practices on organizational performance. The correlation results shows significant relationship between the HR practices and organizational performance and Regression results shows that independent variables significantly affect the dependent variable. It is found that human resource practices enhance the pharmaceutical industries of Pakistan. I also found, by increasing the practices of training, payroll performance, participation in decision making and organization commitment raised the organizational performance. In order to ensure the organizational performance, the pharmaceutical industries may pay special focus and attention to these four HR practices. Key Words: Human Resource Practices, training, participation in decision making, organization commitment, payroll for performance and organizational performance.
{"title":"Human Resource Practices and Organizational Performance in Pakistan: An Empirical Study on Pharmaceutical Industries","authors":"muhammad ahtisham-ul-haq, M. Ilyas, Kashir Mahmood","doi":"10.22555/PBR.V20I1.1271","DOIUrl":"https://doi.org/10.22555/PBR.V20I1.1271","url":null,"abstract":"This research study intended to examine the relationship between HR practices and organizational performance of pharmaceutical industries of Pakistan. For this research, primary data were collected from 200 respondents from pharmaceutical industries of Pakistan using structure questionnaire sent to employees of different departments having different job status, asked the questions about training, payroll for performance, participation in decision making, organization commitment and organizational performance. The correlation and regression analysis is used in this paper to measure the impact of HR practices on organizational performance. The correlation results shows significant relationship between the HR practices and organizational performance and Regression results shows that independent variables significantly affect the dependent variable. It is found that human resource practices enhance the pharmaceutical industries of Pakistan. I also found, by increasing the practices of training, payroll performance, participation in decision making and organization commitment raised the organizational performance. In order to ensure the organizational performance, the pharmaceutical industries may pay special focus and attention to these four HR practices. Key Words: Human Resource Practices, training, participation in decision making, organization commitment, payroll for performance and organizational performance.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130746949","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}
Y. Arfat, Chaudhary Abdul Rahman, Muqqadas Rahman, Kashif Mahmood
The study comprehensively tested and analyzed the perceived usefulness of e-Government and computer self-efficacy as parameters to improve continuous intention to use e-Government services. It also quantifies moderation effect of user’s satisfaction with e-government with the help of randomly selected sample of 250 students from upper Punjab. The study contributes in the context of future of e-Government in the perspective of developing country like Pakistan as well as in Information and Communication Technologies (ICT). The results prove that perceived usefulness of e-Government and computer self-efficacy significantly associated with continuous intention to use e-government services. It also established that user’s satisfaction with e-government moderates this relationship in a positive manner. The study is novel because it provides a food of though regarding a moderating model of user’s satisfaction in relationship in the proposed linear relationship. It has wide scope for its application in the context of public administration domain.
{"title":"Perceived usefulness of E-government and Computer self- efficacy to improve continuous intention to use E-Government Services","authors":"Y. Arfat, Chaudhary Abdul Rahman, Muqqadas Rahman, Kashif Mahmood","doi":"10.22555/pbr.v20i1.1320","DOIUrl":"https://doi.org/10.22555/pbr.v20i1.1320","url":null,"abstract":"The study comprehensively tested and analyzed the perceived usefulness of e-Government and computer self-efficacy as parameters to improve continuous intention to use e-Government services. It also quantifies moderation effect of user’s satisfaction with e-government with the help of randomly selected sample of 250 students from upper Punjab. The study contributes in the context of future of e-Government in the perspective of developing country like Pakistan as well as in Information and Communication Technologies (ICT). The results prove that perceived usefulness of e-Government and computer self-efficacy significantly associated with continuous intention to use e-government services. It also established that user’s satisfaction with e-government moderates this relationship in a positive manner. The study is novel because it provides a food of though regarding a moderating model of user’s satisfaction in relationship in the proposed linear relationship. It has wide scope for its application in the context of public administration domain.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129022728","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}
Muhammad Imran, Syed Muhammad Javed Iqbal, U. Aslam, Farwa Muqqadas
In current study, it was theorized that perceived fairness reduces the detrimental effects of perception of organizational politics on performance outcomes of organizations i.e. organizational commitment, managerial effectiveness and organizational performance. To test this exposition, data of 243 managerial employees of banking sector have been obtained and used to find out the moderating effect of organizational justice on perception of organizational politics and performance outcomes. The findings reached at the conclusion that distributive and procedural dimensions of the organizational justice safeguard the damaging effects of perception of organizational politics on performance but interactional justice has not verified as moderator. This study extends the fairness theory and recommends management to flourish fairness culture in organizations to reduce the injurious effects of organizational politics in the workplace.
{"title":"ORGANIZATIONAL POLITICS AND PERFORMANCE OUTCOMES: INVESTIGATING THE BUFFERING EFFECT OF ORGANIZATIONAL JUSTICE","authors":"Muhammad Imran, Syed Muhammad Javed Iqbal, U. Aslam, Farwa Muqqadas","doi":"10.22555/PBR.V20I1.472","DOIUrl":"https://doi.org/10.22555/PBR.V20I1.472","url":null,"abstract":"In current study, it was theorized that perceived fairness reduces the detrimental effects of perception of organizational politics on performance outcomes of organizations i.e. organizational commitment, managerial effectiveness and organizational performance. To test this exposition, data of 243 managerial employees of banking sector have been obtained and used to find out the moderating effect of organizational justice on perception of organizational politics and performance outcomes. The findings reached at the conclusion that distributive and procedural dimensions of the organizational justice safeguard the damaging effects of perception of organizational politics on performance but interactional justice has not verified as moderator. This study extends the fairness theory and recommends management to flourish fairness culture in organizations to reduce the injurious effects of organizational politics in the workplace.","PeriodicalId":255789,"journal":{"name":"Pakistan Business Review","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123875496","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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