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Ownership Structure and Business Firm Value: A Study of Non-financial Sector of Pakistan 股权结构与企业价值:巴基斯坦非金融部门的实证研究
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020141.04
M. Usman, H. Alam
: The basic purpose of this study is to examine the association of ownership structure (OS) with value of business firms (VBF). By using panel date techniques, the relationship between OS and VBF has been statistically tested. OS is used as an explanatory variable, whereas, for mea-suring VBF, accounting base performance measures (short term performance) includes return on assets (ROA) and return on equity (ROE) and market base performance (long term performance) has been measured through Tobin’s Q. The study also emphasizes the firm age as an interactive variable. Ownership role is examined from the perspective of agency theory (AT) and by using resource dependence theory (RDT). The sample consists of 135 companies and having 1890 obser-vations of non-financial sector listed on Pakistan Stock Exchange (PSX) for the time period 2004 to 2017. Researchers has applied descriptive and inferential statistics techniques to analyze the gathered data. Findings reveal that some dimensions of OS significantly influence the short term and long run firm performance (FP) under interactive role of age. The study aims at contributing useful knowledge generally for the financial community, and specifically for investors, researchers, and regulators.
本研究的基本目的是探讨股权结构与企业价值之间的关系。通过面板数据技术,对OS和VBF之间的关系进行了统计检验。OS被用作解释变量,而对于度量VBF,会计基础绩效指标(短期绩效)包括资产收益率(ROA)和股本收益率(ROE),市场基础绩效(长期绩效)通过托宾q来衡量。研究还强调公司年龄是一个交互变量。本文从代理理论和资源依赖理论的角度考察了企业的所有权角色。该样本由135家公司组成,对2004年至2017年期间在巴基斯坦证券交易所(PSX)上市的非金融部门进行了1890次观察。研究人员运用描述性和推断性统计技术来分析收集到的数据。研究发现,在年龄交互作用下,企业绩效的某些维度显著影响企业短期和长期绩效。本研究旨在为金融界,特别是投资者、研究人员和监管机构提供有用的知识。
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引用次数: 2
Effect of Teamwork on Employee Performance in High-Tech Engineering SMEs of Pakistan: A Moderating Role of Supervisor Support 巴基斯坦高新技术工程中小企业团队合作对员工绩效的影响:主管支持的调节作用
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020141.07
M. Adil, K. Hamid
Measuring employee performance of high-tech engineering small and medium-sized enterprises (SMEs) of a developing country is meagre in the literature of organizational studies. Therefore, this paper analyzes a) the effect of teamwork on employee performance; and b) how supervisor support moderates the relationship between teamwork and employee performance. Using a cross-sectional survey in a non-contrived field-study setting, a useable sample of 273 responses is drawn from different high-tech engineering SMEs of Karachi (Pakistan). Common method variance bias is tested using Harman single factor and common latent factor methods. The measurement model demonstrates good internal consistency reliability, convergent and discriminant validity. Hypotheses are tested using variance-based partial least square structural equation modeling technique. PLS predict algorithm suggests high out-of-the sample predictive validity of the structural model. The results show that teamwork has a significant effect on employee performance and supervisor support moderates the positive relationship between teamwork and employee performance such that an increase in supervisor support strengthens the positive relationship between teamwork and employee performance. The findings suggest that the management of SMEs should institutionalize such working practices which could reinforce the culture of teamwork for the managerial employees. Moreover, it is also essential for the management to emphasize more on providing meaningful supervisor support to all managerial employees because it would certainly strengthen the relationship between teamwork and employee performance. This study extends generalizability of the positive relationship between teamwork and employee performance to the high-tech engineering SMEs of Pakistan. Limitations and directions for future studies are also discussed.
在组织研究的文献中,对发展中国家高新技术工程中小企业的员工绩效进行测量的文献很少。因此,本文分析a)团队合作对员工绩效的影响;b)主管支持如何调节团队合作与员工绩效之间的关系。采用非人为的实地研究设置的横断面调查,从卡拉奇(巴基斯坦)不同的高科技工程中小企业中抽取了273个可用样本。用哈曼单因素法和共同潜在因素法检验了共同方法方差偏差。该测量模型具有良好的内部一致性、信度、收敛效度和判别效度。使用基于方差的偏最小二乘结构方程建模技术对假设进行检验。PLS预测算法表明结构模型具有较高的样本外预测有效性。结果表明,团队合作对员工绩效有显著影响,主管支持调节了团队合作与员工绩效之间的正相关关系,主管支持的增加增强了团队合作与员工绩效之间的正相关关系。研究结果表明,中小企业的管理层应该将这种工作实践制度化,从而加强管理员工的团队合作文化。此外,管理层也必须更多地强调为所有管理员工提供有意义的主管支持,因为这肯定会加强团队合作与员工绩效之间的关系。本研究将团队合作与员工绩效之间的正向关系推广至巴基斯坦的高科技工程中小企业。并讨论了今后研究的局限性和方向。
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引用次数: 9
Perceived Compensation Fairness, Job Design, and Employee Motivation: The Mediating Role of Working Environment 薪酬公平感、工作设计与员工动机:工作环境的中介作用
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020142.05
Muhammad Imran Rasheed, Warda Najeeb Jamad, Abdul Hameed Pitaf, Syed Muhammad Javed Iqbal
: The purpose of this research is to investigate different factors of employee’s job motivation in the public sector commercial banks of Pakistan. Using a mixed method approach primary data were collected through survey questionnaires and interviews from 263 employees working in 4 large sized commercial banks of Pakistan. Findings reveal that perceived compensation fairness and job design are positively associated with the job motivation of bank employees. Moreover, the working environment plays a significant mediating role in the relationships between (i) compensation fairness and job motivation, and (ii) job design and job motivation. The statements derived from the interviews of employees working in the public sector commercial banks have further validated our results. The study also discusses the Policy guidelines, theoretical and practical implications, and limitations. As such, important implications have been accentuated for the top management and policy makers of the public sector commercial banks to ponder over the issues raised in the study.
本研究的目的是调查巴基斯坦公共部门商业银行员工工作动机的不同因素。本文采用混合方法对巴基斯坦4家大型商业银行的263名员工进行问卷调查和访谈,收集了初步数据。结果表明,薪酬公平感和职位设计与银行员工的工作动机呈正相关。此外,工作环境在薪酬公平与工作动机、工作设计与工作动机的关系中起着显著的中介作用。来自公共部门商业银行员工访谈的陈述进一步验证了我们的结果。本文还讨论了政策指导、理论和实践意义以及局限性。因此,对公共部门商业银行的高层管理人员和决策者来说,研究报告提出的问题具有重要的意义。
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引用次数: 9
Career Counselling: Medical And Healthcare Students Perspective in Deciding their Career Preferences 职业咨询:医疗保健专业学生决定职业偏好的视角
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020142.04
H. Ali, S. Rafi, H. Rehman, A. Tariq, F. Zafar, S. Naeem, Amber Nawab
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引用次数: 0
Interpersonal Relationship Marketing: Reciprocity in Buyer-Seller Dyad with Customer Gratitude as Mediator 人际关系营销:以顾客感激为中介的买卖双方互惠
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020142.03
Muhammad Ahmad, M. Ahmed, M. A. U. Haq
This research examines relationships among customer focal antecedents, seller focal antecedents, customers feeling of gratitude, and norms of reciprocity. The two-fold objectives of this research are; 1.To investigate role of customer focal and seller focal antecedents in development of reciprocity; 2.To analyze mediating role of customers feelings of gratitude in development of norms of reciprocity. The proposed hypotheses are tested with dyadic data set. The data is collected from both parties (buyer and seller) in the relationship from multiple sectors e.g., Food, Apparel, Financial, Medical and Travel agents. The dyadic data is analyzed with Partial least square structural equation modeling (PLS-SEM), because the nature of the data supports this analysis technique. The results highlight that both customer focal and seller focal antecedents have positive impact on customers’ feelings of gratitude; additionally, customer focal antecedents directly leads to norms of reciprocity whereas seller focal antecedents leads to norms of reciprocity via feelings of gratitude as mediator. The research results provide fundamental support to interpersonal relationship marketing model. Theoretically this research validates and extends the interpersonal relationship marketing model by incorporating reinforcement theories of interpersonal attraction, and both buyer and seller perspective with dyadic data set; moreover, this research validate the thought that seller focal antecedents in relationship stimulate the customers emotions which is paid in form of reciprocal behavior and long-term relationship chain starts. From managerial perspective this research helps managers to understand the importance of seller customer focal and seller focal antecedents in relationships for reciprocal customers’ behavior.
本研究探讨顾客焦点前因、卖家焦点前因、顾客感激感与互惠准则之间的关系。本研究的双重目标是;1.探讨顾客焦点和卖家焦点前因在互惠发展中的作用;2.分析顾客感恩感受在互惠规范发展中的中介作用。用二进数据集对所提出的假设进行了验证。这些数据是从关系中的双方(买方和卖方)收集的,来自多个行业,如食品、服装、金融、医疗和旅游代理商。由于数据的性质支持这种分析技术,因此采用偏最小二乘结构方程模型(PLS-SEM)对二元数据进行分析。结果表明,顾客焦点前因和卖家焦点前因对顾客感激感均有正向影响;此外,顾客焦点前因直接导致互惠规范,而卖方焦点前因通过感恩感作为中介导致互惠规范。研究结果为人际关系营销模型提供了基础支持。在理论上,本研究结合人际吸引强化理论、买卖双方视角与二元数据集对人际关系营销模型进行了验证与拓展;此外,本研究还验证了关系中的卖方焦点前因刺激顾客情绪以互惠行为的形式支付,从而开启长期关系链的观点。本研究从管理角度帮助管理者理解卖方顾客焦点和卖方焦点前因在互惠顾客行为关系中的重要性。
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引用次数: 1
Trade Liberalization Effects on Import Demand: The Pakistan Experience using Bilateral Trade Data 贸易自由化对进口需求的影响:利用双边贸易数据的巴基斯坦经验
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020141.02
Saleem Khan, Sher Ali, M. Kamal
: The fundamental objective of this study is to estimate for basic trade elasticity and assess the impact of trade liberalization on Pakistan’s import demand in bilateral case for a sample of selected countries. In sample, countries are selected from both the developed and developing world on account of their greater share in Pakistan’s total imports. The method of autoregressive distributed lag model with a new strategy is performed using annual data for the time period of 1982-2016. Results indicate that co-integration exist in all bilateral cases. The domestic income is statistically significant determinants both in short and long run with expected positive signs and their estimates are highly elastic. The estimates of income coefficient range from 1.54 to 7.42 which indicate that as the economy grows, Pakistan, imports from trading partners also surge with greater velocity. The price is according to the expected signs i.e. negative and insignificant in most cases, except in the case for Japan and Indonesia where it is significant but inelastic i.e. the coefficient value is looking less than 0.6 in all cases. In nutshell the trade liberalization impact is looking positive and statistically significant in many country cases. However, these effects are different for each era of trade liberalization and vary from country to country level. This is indeed the case, where different import policies need to implement rather than a single trade policy to supervise excessive imports of the country.
本研究的基本目的是估计基本贸易弹性,并评估贸易自由化对双边情况下巴基斯坦进口需求的影响。在样本中,由于发达国家和发展中国家在巴基斯坦进口总额中所占的份额较大,因此选择了发达国家和发展中国家。利用1982-2016年的年度数据,采用一种新的策略对自回归分布滞后模型进行了分析。结果表明,所有双边情况下均存在协整。国内收入在短期和长期都是统计上显著的决定因素,具有预期的积极信号,其估计具有高度弹性。收入系数的估计范围为1.54至7.42,这表明随着经济的增长,巴基斯坦从贸易伙伴的进口也以更快的速度激增。价格是根据预期的迹象,即负的和不显著的,在大多数情况下,除了日本和印度尼西亚的情况下,它是显著的,但没有弹性,即系数值看起来小于0.6在所有情况下。简而言之,贸易自由化的影响在许多国家看来是积极的,在统计上是显著的。然而,这些影响在贸易自由化的每个时代都是不同的,并且在各国之间也有所不同。事实确实如此,需要实施不同的进口政策,而不是单一的贸易政策来监管一国的过度进口。
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引用次数: 0
Export Diversification and Competitiveness Level of Pakistan in South Asian Region 巴基斯坦在南亚地区的出口多元化与竞争力水平
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020142.08
A. Siddiqui
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引用次数: 0
An Empirical Analysis of Behavioral Flexibility, Relationship Integration and Strategic Flexibility in Supply Chain Agility: Insights from SMEs Sector of Pakistan 供应链敏捷性中行为柔性、关系整合与战略柔性的实证分析——来自巴基斯坦中小企业的洞察
Pub Date : 2020-01-01 DOI: 10.21621/sajms.2020141.06
M. Haq, I. Hameed, A. Raheem
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引用次数: 11
Factors Affecting Delay in Agricultural Loan Recovery among Small Scale Farmers in Sahiwal Region Pakistan 影响巴基斯坦Sahiwal地区小农农业贷款回收延迟的因素
Pub Date : 2019-10-01 DOI: 10.20547/JMS.2014.1906204
Ali Ijaz, Sulaman Hafeez Siddiqui, R. Rasheed, M. Nawaz
Effective utilization of agricultural credit effects repaying behavior of farmers and in turn leads towards non-performing loans (NPLs). The NPLs decrease profitability of banks and decrease financial credibility and motivation of farmers. This paper aims to determine the factors which may influence delay in loan repayment among small scale farmers in Sahiwal zone, Pakistan. Proportionate random sampling technique has been adopted by which 110 defaulters were randomly selected from 11 branches of Zarai Taraqiati Bank (ZTBL), which is a leading agriculture development bank of Pakistan. In addition, 30 credit officers were selected from each branch of ZTBL. The primary data was collected through survey of credit officers and small-scale borrowers using structured questionnaires. Finally, the data was summarized using descriptive statistics. The results indicate that input prices, non-farm expenses, high interest rate, loan beneficiary is different, Bank’s SAM policy are major reasons of bank default among small scale farmers. The findings are important for banks management and those involved in policy making related to effective utilization of agriculture credit and reduction in NPLs in agriculture sector in Pakistan.
农业信贷的有效利用影响农民的还款行为,进而导致不良贷款的产生。不良贷款降低了银行的盈利能力,降低了金融信誉和农民的积极性。本文旨在确定可能影响巴基斯坦Sahiwal地区小农贷款偿还延迟的因素。采用比例随机抽样的方法,从巴基斯坦主要农业发展银行Zarai Taraqiati银行(ZTBL)的11个分行中随机抽取110名违约者。此外,还从中泰银行各分行选拔了30名信贷员。主要数据是通过对信贷人员和小额借款人使用结构化问卷调查收集的。最后,采用描述性统计对数据进行汇总。结果表明,投入价格、非农支出、高利率、贷款受益人不同、银行资产管理政策是导致小农银行违约的主要原因。研究结果对巴基斯坦银行管理层和参与有效利用农业信贷和减少农业部门不良贷款相关政策制定的人员具有重要意义。
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引用次数: 2
National Culture, Employee’s Engagement and Employee’s CSR Perceptions in Technology Based Firms of Pakistan 巴基斯坦技术型企业的民族文化、员工敬业度与员工社会责任认知
Pub Date : 2019-10-01 DOI: 10.20547/jms.2014.1906205
Farah Ameer, N. Khan
This research analyses the importance of recognizing cultural factors in order to shape CSR Perceptions of employees to derive higher levels of employee's engagement. Hofstede's five cultural dimensions were explored in Pakistani context through a thorough review of the literature on the relationship between national culture, CSR Perceptions and employee's engagement, which were then contextually presented in the form of a hypothesized model. Primary data collection was done by administering questionnaires to 192 employees from technological industry of Pakistan. Partial least squares structural equation modeling (PLS-SEM) using latest ADANCO Software was employed to statistically validate the relationship between the variables. This paper provides conceptual contribution by focusing on the identification of the most significant and relevant cultural dimensions affecting employee's CSR Perceptions and engagement in the context of Pakistan and countries with similar cultural context. Findings of this paper indicate that understanding cultural context of a particular country is crucial for enhancing the perceptions of employees regarding the CSR initiatives being practiced by the organization. This generates employees who are more engaged and productive in their work; hence, it turns advantageous for the employer and employee alike. These findings provide guidelines for the practitioners and managers so that they can capitalize their efforts in a more efficient way by making employees aware of the CSR activities taking forward by them according to the cultural orientations of workforce and reap the desired benefits out of it.
本研究分析了认识文化因素的重要性,以塑造员工的企业社会责任观念,从而获得更高水平的员工敬业度。Hofstede的五个文化维度在巴基斯坦的背景下进行了探索,通过对国家文化、企业社会责任认知和员工敬业度之间关系的文献进行了全面的回顾,然后以假设模型的形式在语境中呈现。通过对巴基斯坦科技行业192名员工进行问卷调查,收集了初步数据。采用最新的ADANCO软件进行偏最小二乘结构方程建模(PLS-SEM),对变量之间的关系进行统计验证。本文通过在巴基斯坦和具有类似文化背景的国家的背景下,重点确定影响员工CSR感知和参与的最重要和相关的文化维度,提供了概念性贡献。本文的研究结果表明,了解特定国家的文化背景对于提高员工对组织正在实施的企业社会责任计划的看法至关重要。这会让员工在工作中更投入、更有效率;因此,这对雇主和雇员都有利。这些发现为实践者和管理者提供了指导,使他们能够更有效地利用他们的努力,使员工意识到他们根据员工的文化取向正在开展的企业社会责任活动,并从中获得预期的利益。
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引用次数: 4
期刊
South Asian Journal of Management Sciences
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