Pub Date : 2021-06-30DOI: 10.31384/jisrmsse/2021.19.1.8
The western hype over Abraham Accords is evident from their exploitation of the overused phrase “historical moment” in international relations. A shift in Arab-Israeli relations has been stamped with the signing of Abraham Accords, whereby the Arab veto over the recognition of the Palestinian state, in return for Israeli recognition, is practically over. The unexpected shift of alliances in Middle East have defined new battle lines. Israel has joined forces with UAE, Bahrain, and Saudi Arabia – against perhaps Iran and Turkey. Despite the commitment to halt further settlements, Palestine is the ultimate victim. The two-state solution, in spirit, is all but buried. Comprehensive peace processes are multi-level and multi-layered and involve pragmatic efforts to build the widest consensus possible around a shared future. However, Abraham Accords lacks just that; it is both elitist and imposed. The paper is an attempt to explore the changing ground realities by exploring both history and the contemporary scenario. It examines both long-term and short-term impact of the accords on the stakeholders and the regional players.
{"title":"Abraham Accords: A Journey from Arab-Israeli to Palestinian-Israeli Conflict","authors":"","doi":"10.31384/jisrmsse/2021.19.1.8","DOIUrl":"https://doi.org/10.31384/jisrmsse/2021.19.1.8","url":null,"abstract":"The western hype over Abraham Accords is evident from their exploitation of the overused phrase “historical moment” in international relations. A shift in Arab-Israeli relations has been stamped with the signing of Abraham Accords, whereby the Arab veto over the recognition of the Palestinian state, in return for Israeli recognition, is practically over. The unexpected shift of alliances in Middle East have defined new battle lines. Israel has joined forces with UAE, Bahrain, and Saudi Arabia – against perhaps Iran and Turkey. Despite the commitment to halt further settlements, Palestine is the ultimate victim. The two-state solution, in spirit, is all but buried. Comprehensive peace processes are multi-level and multi-layered and involve pragmatic efforts to build the widest consensus possible around a shared future. However, Abraham Accords lacks just that; it is both elitist and imposed. The paper is an attempt to explore the changing ground realities by exploring both history and the contemporary scenario. It examines both long-term and short-term impact of the accords on the stakeholders and the regional players.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129185435","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}
Pub Date : 2021-06-30DOI: 10.31384/jisrmsse/2021.19.1.4
This paper empirically investigates the impact of liquidity risk on stock returns in Pakistan and determines investors' attitude under bull and bear market conditions. Specifically, the liquidity adjusted capital asset pricing model(CAPM) is modified by including the interaction between the liquidity risk and the indicators of bull- and bear-market periods to investigate whether the pricing of liquidity risk differs in both upward and downward market trends. The analysis is carried out for a large panel of Pakistani manufacturing firms listed at the Pakistan Stock Exchange for the period January 2000 – December 2015. We use alternative liquidity risk measures to check the robustness of the liquidity risk effect. We observe that higher liquidity risk yields higher excess stock returns, implying pricing of liquidity risk during the examined period. The results also reveal that the liquidity risk is positively and significantly related to excess returns in the high-liquidity-risk beta portfolios, whereas it is negatively or insignificantly related to excess returns of low-liquidity-risk beta portfolios. The results also provide evidence that stocks affected by liquidity risk yield positive expected returns in both bull and bear market conditions. However, we find significant differences in the pricing of liquidity risk under upward and downward market trends. The robustness check confirms that the findings on the pricing of liquidity risk are not driven by any specific measure of liquidity.
{"title":"Liquidity Risk and Asset Pricing in Pakistan Stock Exchange","authors":"","doi":"10.31384/jisrmsse/2021.19.1.4","DOIUrl":"https://doi.org/10.31384/jisrmsse/2021.19.1.4","url":null,"abstract":"This paper empirically investigates the impact of liquidity risk on stock returns in Pakistan and determines investors' attitude under bull and bear market conditions. Specifically, the liquidity adjusted capital asset pricing model(CAPM) is modified by including the interaction between the liquidity risk and the indicators of bull- and bear-market periods to investigate whether the pricing of liquidity risk differs in both upward and downward market trends. The analysis is carried out for a large panel of Pakistani manufacturing firms listed at the Pakistan Stock Exchange for the period January 2000 – December 2015. We use alternative liquidity risk measures to check the robustness of the liquidity risk effect. We observe that higher liquidity risk yields higher excess stock returns, implying pricing of liquidity risk during the examined period. The results also reveal that the liquidity risk is positively and significantly related to excess returns in the high-liquidity-risk beta portfolios, whereas it is negatively or insignificantly related to excess returns of low-liquidity-risk beta portfolios. The results also provide evidence that stocks affected by liquidity risk yield positive expected returns in both bull and bear market conditions. However, we find significant differences in the pricing of liquidity risk under upward and downward market trends. The robustness check confirms that the findings on the pricing of liquidity risk are not driven by any specific measure of liquidity.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133624916","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}
Pub Date : 2021-06-30DOI: 10.31384/jisrmsse/2021.19.1.10
The aim of this study was to find out the impact of perceived organizational support and psychological capital on organizational commitment among university’s employees. The target population for this study was the employees of the Muhammad Nawaz Sharif University of Agriculture Multan, Pakistan (MNSUAM). The study was based on a correlational research design, and total of 128 employees were sampled through a simple random sampling technique. Survey method was used for data collection. The instruments used for data collection included the Perceived Organizational Support Scale (POSS) Psychological Capital Questionnaire and Organizational Commitment Questionnaire The data was collected from 128 employees analyzed through Statistical Package for Social Sciences (SPSS). The results of this study revealed a significant correlation between dependent and independent variables. The regression analysis indicated significant impact of perceived organizational support on organizational commitment. Further, it was also indicated a significant impact of psychological capital on organizational commitment among university employees. No significant gender differences were found in terms of perceived organizational support and psychological capital and organizational commitment. However, the results indicated a difference in Job status in terms of perceived organizational support. The findings of this study suggest a significant role of study variables which would be helpful to conduct future studies in the area of public management, psychology, and more particularly, organizational psychology. Moreover, this study is also useful for designing an encouraging and supportive organizational environment for employees.
本研究旨在探讨大学员工组织支持感和心理资本对组织承诺的影响。本研究的目标人群是巴基斯坦木尔坦穆罕默德·纳瓦兹·谢里夫农业大学(MNSUAM)的雇员。本研究采用相关研究设计，采用简单的随机抽样方法对128名员工进行抽样。数据收集采用调查法。数据收集工具包括组织支持感知量表(POSS)、心理资本问卷(Psychological Capital Questionnaire)和组织承诺问卷(Organizational Commitment Questionnaire)。本研究结果揭示了因变量和自变量之间的显著相关性。回归分析显示组织支持感对组织承诺有显著影响。此外，本研究还发现心理资本对大学员工组织承诺有显著影响。在组织支持感、心理资本和组织承诺方面，性别差异不显著。然而，结果显示工作状态在感知组织支持方面存在差异。本研究的结果表明，研究变量的重要作用，将有助于开展公共管理，心理学，尤其是组织心理学领域的未来研究。此外，本研究也有助于设计一个鼓励和支持员工的组织环境。
{"title":"Impact of Perceived Organizational Support and Psychological Capital on Organizational Commitment among University’s Employees","authors":"","doi":"10.31384/jisrmsse/2021.19.1.10","DOIUrl":"https://doi.org/10.31384/jisrmsse/2021.19.1.10","url":null,"abstract":"The aim of this study was to find out the impact of perceived organizational support and psychological capital on organizational commitment among university’s employees. The target population for this study was the employees of the Muhammad Nawaz Sharif University of Agriculture Multan, Pakistan (MNSUAM). The study was based on a correlational research design, and total of 128 employees were sampled through a simple random sampling technique. Survey method was used for data collection. The instruments used for data collection included the Perceived Organizational Support Scale (POSS) Psychological Capital Questionnaire and Organizational Commitment Questionnaire The data was collected from 128 employees analyzed through Statistical Package for Social Sciences (SPSS). The results of this study revealed a significant correlation between dependent and independent variables. The regression analysis indicated significant impact of perceived organizational support on organizational commitment. Further, it was also indicated a significant impact of psychological capital on organizational commitment among university employees. No significant gender differences were found in terms of perceived organizational support and psychological capital and organizational commitment. However, the results indicated a difference in Job status in terms of perceived organizational support. The findings of this study suggest a significant role of study variables which would be helpful to conduct future studies in the area of public management, psychology, and more particularly, organizational psychology. Moreover, this study is also useful for designing an encouraging and supportive organizational environment for employees.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115487600","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}
Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.3
Javeria Tariq, K. Khan, Syed Karamatullah Hussainy, Shaista Tariq
In the intense competition and financial uncertainty for higher educational institutions, student loyalty is an imperative and most essential factor for their ultimate survival and success. Student loyalty is a crucial measure for the success of institutions that are offering higher education with the sole aim of retaining students until their all educational necessities are met. The motivation of this research paper was lack of literature evidence when the antecedents and the consequences of student loyalty are being scrutinized, all on one single platform. Therefore, through this research paper, an attempt has been made to examine the causing roots that provoke loyalty in a student and to what extent it can be prolonged and at what point student loyalty is achieved completely. This study examined the existence of student loyalty derived from antecedents (perceived value, trust, corporate and brand image, student satisfaction and service quality) and consequences (word of mouth, retention, recommendation and commitment) in the context of higher education in Pakistan. A total of six business schools were selected, the data was collected using survey method. Several recommendations are made to the management of the higher educational institutions to ensure student loyalty among their students.
{"title":"Antecedents and Consequences of Student Loyalty in Higher Education","authors":"Javeria Tariq, K. Khan, Syed Karamatullah Hussainy, Shaista Tariq","doi":"10.31384/JISRMSSE/2020.18.2.3","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.3","url":null,"abstract":"In the intense competition and financial uncertainty for higher educational institutions, student loyalty is an imperative and most essential factor for their ultimate survival and success. Student loyalty is a crucial measure for the success of institutions that are offering higher education with the sole aim of retaining students until their all educational necessities are met. The motivation of this research paper was lack of literature evidence when the antecedents and the consequences of student loyalty are being scrutinized, all on one single platform. Therefore, through this research paper, an attempt has been made to examine the causing roots that provoke loyalty in a student and to what extent it can be prolonged and at what point student loyalty is achieved completely. This study examined the existence of student loyalty derived from antecedents (perceived value, trust, corporate and brand image, student satisfaction and service quality) and consequences (word of mouth, retention, recommendation and commitment) in the context of higher education in Pakistan. A total of six business schools were selected, the data was collected using survey method. Several recommendations are made to the management of the higher educational institutions to ensure student loyalty among their students.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121556797","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}
Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.9
Muhammad Faisal Sultan, Karachi Pakistan Kasbit, M. Asim, Sadia Shaikh
Corporate Entrepreneurship (CE) is the form of entrepreneurship which has been experienced by firms for almost the past five decades, but there is a lack of empirical studies on this contemporary concept relating to Pakistan. A few studies have been conducted on CE in private sector organizations however it pertains to a unique significance in the public sector domain which has its own importance in economy and growth. Previous research has also indicated a dearth of CE studies relating to public limited companies in eastern countries. Therefore, the major purpose of this study is to check the impact of Corporate Entrepreneurship in municipal organizations of Karachi, Pakistan. Besides, this study has also incorporated a moderating variable, Organizational Culture, in an attempt to devise a robust model relationship. Nevertheless, due to the limitations of data collection from government employees, especially from municipal corporations, the study has adopted the quota sampling technique and a sample of one hundred respondents was selected. The data was analyzed through SMART-PLS software and results highlighted that the changing organizational dynamics require Corporate Entrepreneurship to be adopted by municipal organizations and it has transpired as a dominant element for the growth and performance of firms.
{"title":"Perceived Impact of Corporate Entrepreneurship on Operational Performance: Evidence from Municipal Organizations","authors":"Muhammad Faisal Sultan, Karachi Pakistan Kasbit, M. Asim, Sadia Shaikh","doi":"10.31384/JISRMSSE/2020.18.2.9","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.9","url":null,"abstract":"Corporate Entrepreneurship (CE) is the form of entrepreneurship which has been experienced by firms for almost the past five decades, but there is a lack of empirical studies on this contemporary concept relating to Pakistan. A few studies have been conducted on CE in private sector organizations however it pertains to a unique significance in the public sector domain which has its own importance in economy and growth. Previous research has also indicated a dearth of CE studies relating to public limited companies in eastern countries. Therefore, the major purpose of this study is to check the impact of Corporate Entrepreneurship in municipal organizations of Karachi, Pakistan. Besides, this study has also incorporated a moderating variable, Organizational Culture, in an attempt to devise a robust model relationship. Nevertheless, due to the limitations of data collection from government employees, especially from municipal corporations, the study has adopted the quota sampling technique and a sample of one hundred respondents was selected. The data was analyzed through SMART-PLS software and results highlighted that the changing organizational dynamics require Corporate Entrepreneurship to be adopted by municipal organizations and it has transpired as a dominant element for the growth and performance of firms.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114941612","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}
Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.12
S. T. Rizvi, Abdul Wajid
The study aims to examine the relationship between Core self-evaluation on employee’s outcomes (Work engagement, Work Success and Intention to leave) with moderation role of mentorship. The study investigates the relationship in Pakistani environment, particularly the employees in public sector universities of twin cities (Rawalpindi & Islamabad) of Pakistan. Data was collected through the questionnaire distributed among the 440 employees of different universities in capital city (Rawalpindi and Islamabad) of Pakistan. The responses obtained, their assessment done, passed through the statistical programs by using SPSS (23 version) to obtain the findings. Descriptive statistical methods (e.g. frequency, average, standard deviation) have been utilized during the appraisal of the data. The consequences explored that CSA is intensely linked to employee’s outcomes, the current research also empirically investigated that mentorship has moderating effect in the relationship between CSA and employee’s outcomes. This research is amongst those rare studies conducted in Pakistani environment that have inspected effect of CSA on employee’s outcome and also inspected the moderating effect of mentorship between the relationship of core self-evaluation and employee’s outcomes.
{"title":"Effect of Core Self-Evaluation on Employee's Outcomes: The Role of Mentorship","authors":"S. T. Rizvi, Abdul Wajid","doi":"10.31384/JISRMSSE/2020.18.2.12","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.12","url":null,"abstract":"The study aims to examine the relationship between Core self-evaluation on employee’s outcomes (Work engagement, Work Success and Intention to leave) with moderation role of mentorship. The study investigates the relationship in Pakistani environment, particularly the employees in public sector universities of twin cities (Rawalpindi & Islamabad) of Pakistan. Data was collected through the questionnaire distributed among the 440 employees of different universities in capital city (Rawalpindi and Islamabad) of Pakistan. The responses obtained, their assessment done, passed through the statistical programs by using SPSS (23 version) to obtain the findings. Descriptive statistical methods (e.g. frequency, average, standard deviation) have been utilized during the appraisal of the data. The consequences explored that CSA is intensely linked to employee’s outcomes, the current research also empirically investigated that mentorship has moderating effect in the relationship between CSA and employee’s outcomes. This research is amongst those rare studies conducted in Pakistani environment that have inspected effect of CSA on employee’s outcome and also inspected the moderating effect of mentorship between the relationship of core self-evaluation and employee’s outcomes.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125086664","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}
Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.11
Muhammad Siddique
This study aims to test the relationship between dividend policy decisions on the share price Volatility of Modaraba Companies quoted in the Pakistan stock exchange. The data for empirical analysis was collected from the Pakistan stock exchange, Recorder archive, and Ksestocks.com. By using the sampling technique, a sample of 19 Modaraba Companies was taken from 2010 to 2018. The empirical analysis was conducted using multiple regression techniques by employing a fixed effect model on panel data. This study also incorporated four control variables (size, growth, operating earning & level of debt) in empirical analysis to avoid multicollinearity problems between dividend policy measures and spurious regression. The results of the study validate the theory of relevance of dividend policy decisions on share price Volatility. Dividend policy has a negative and significant bearing on Stock price volatility. Higher leverage (debt level) leads to higher instability in stock prices. Firm earning volatility is positively associated with share price volatility. Firm size and firm's growth in terms of assets also has a negative but insignificant impact on share price Volatility
{"title":"Effect of Dividend Policy Decision on Share Price Volatility (SPV) of Modaraba Companies Listed in Pakistan Stock Exchange (PSX)","authors":"Muhammad Siddique","doi":"10.31384/JISRMSSE/2020.18.2.11","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.11","url":null,"abstract":"This study aims to test the relationship between dividend policy decisions on the share price Volatility of Modaraba Companies quoted in the Pakistan stock exchange. The data for empirical analysis was collected from the Pakistan stock exchange, Recorder archive, and Ksestocks.com. By using the sampling technique, a sample of 19 Modaraba Companies was taken from 2010 to 2018. The empirical analysis was conducted using multiple regression techniques by employing a fixed effect model on panel data. This study also incorporated four control variables (size, growth, operating earning & level of debt) in empirical analysis to avoid multicollinearity problems between dividend policy measures and spurious regression. The results of the study validate the theory of relevance of dividend policy decisions on share price Volatility. Dividend policy has a negative and significant bearing on Stock price volatility. Higher leverage (debt level) leads to higher instability in stock prices. Firm earning volatility is positively associated with share price volatility. Firm size and firm's growth in terms of assets also has a negative but insignificant impact on share price Volatility","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126980678","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}
Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.2
Ijaz Hussain Bokhari, M. Shahzadi, Nazline Zakaria, Armanurah Mohammad
Corporate social responsibility (CSR) is a theme of the decade. A few laws concerning corporate social responsibility have been formulated and promulgated the world, particularly in developing countries like Pakistan. The previous studies also illustrated many CSR issues among Pakistani firms. The present study test the association between CSR and cost of capital with moderating role of political instability. The present study contains corporate social responsibility (tax expenses, cost rate, asset liability ratio, dividend per share, interest coverage ratio) and cost of capital . Data were collected from the annual reports throughout 2013-2017 and 21 firms from the cement sector listed in the Pakistan stock exchange, out of which ten firms based on market capitalization rate have been selected. The theoretical framework of the current study is based on stakeholder and agency theories. CSR was measured as second order construct based on six dimensions; tax expenses, cost rate, asset liability ratio, dividend per share, interest coverage ratio. Cost of Capital was used as a proxy as a measure of the cost of capital. Political instability was used as a moderator, and data were gathered from “the World Bank indicators”. The current study utilized regression with the fixed and random model to meet the research goals. All the dimensions of CSR indicate a significant association with cost of capital. Political instability shows perfect moderation in the presence of political instability; all dimensions of corporate social responsibility suggest an insignificant relationship with.
{"title":"Does Political Instability Moderate the relationship between Corporate Social Responsibility (CSR) and Cost of Capital?","authors":"Ijaz Hussain Bokhari, M. Shahzadi, Nazline Zakaria, Armanurah Mohammad","doi":"10.31384/JISRMSSE/2020.18.2.2","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.2","url":null,"abstract":"Corporate social responsibility (CSR) is a theme of the decade. A few laws concerning corporate social responsibility have been formulated and promulgated the world, particularly in developing countries like Pakistan. The previous studies also illustrated many CSR issues among Pakistani firms. The present study test the association between CSR and cost of capital with moderating role of political instability. The present study contains corporate social responsibility (tax expenses, cost rate, asset liability ratio, dividend per share, interest coverage ratio) and cost of capital . Data were collected from the annual reports throughout 2013-2017 and 21 firms from the cement sector listed in the Pakistan stock exchange, out of which ten firms based on market capitalization rate have been selected. The theoretical framework of the current study is based on stakeholder and agency theories. CSR was measured as second order construct based on six dimensions; tax expenses, cost rate, asset liability ratio, dividend per share, interest coverage ratio. Cost of Capital was used as a proxy as a measure of the cost of capital. Political instability was used as a moderator, and data were gathered from “the World Bank indicators”. The current study utilized regression with the fixed and random model to meet the research goals. All the dimensions of CSR indicate a significant association with cost of capital. Political instability shows perfect moderation in the presence of political instability; all dimensions of corporate social responsibility suggest an insignificant relationship with.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132982476","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}
Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.5
Sadia Saeed, Saif-ul-Mujahid Shah, Saadullah Shah
The study examines the liquidity adjusted capital asset pricing model in developed and emerging markets. Amihud measure is used to compute market liquidity. Innovations in Amihud ratio are generated through the autoregressive process to avoid autocorrelation in illiquidity data series. Decile portfolios based on illiquidity cost are formulated for each stock market. Liquidity adjusted betas are calculated at the portfolio level and then stocks as test assets have been used in the regression stage. Panel regression with fixed effect has been employed on LCAPM specifications for explaining the excess stock returns of developed and emerging markets during a period July 2005- June 2017. The findings of the study support that individual and aggregate liquidity risk price in stock markets except for Pakistan. The results of the study suggest that investors institutional or individual should consider liquidity risks for assessing the worth of assets.
{"title":"Liquidity Risks and Asset Pricing: Evidence from Developed and Emerging Markets","authors":"Sadia Saeed, Saif-ul-Mujahid Shah, Saadullah Shah","doi":"10.31384/JISRMSSE/2020.18.2.5","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.5","url":null,"abstract":"The study examines the liquidity adjusted capital asset pricing model in developed and emerging markets. Amihud measure is used to compute market liquidity. Innovations in Amihud ratio are generated through the autoregressive process to avoid autocorrelation in illiquidity data series. Decile portfolios based on illiquidity cost are formulated for each stock market. Liquidity adjusted betas are calculated at the portfolio level and then stocks as test assets have been used in the regression stage. Panel regression with fixed effect has been employed on LCAPM specifications for explaining the excess stock returns of developed and emerging markets during a period July 2005- June 2017. The findings of the study support that individual and aggregate liquidity risk price in stock markets except for Pakistan. The results of the study suggest that investors institutional or individual should consider liquidity risks for assessing the worth of assets.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125590235","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}
Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.8
S. Ramakrishnan, Hamad Raza, S. Gillani, Humara Ahmad
One of the most critical problems faced by companies in today's corporate universe world is financial sustainability, which can influence firms' overall profitability, efficiency and performance. Financial growth is thought to be one of the most important value drivers of equity shares, requiring adequate control. Since the issues of sustainable financial growth in the contemporary market are gradually becoming severe, i.e., if businesses have unrestrained income growth, this can lead businesses to major financial difficulties. Therefore, this research aims to determine the effect of financial sustainability on the share price. While financial sustainability is a less developed and new topic in the subject of corporate finance, but it is now becoming increasingly important. The present study explores systematically the relationship between financial sustainability and share price in 16 related articles published between 2011 to 2020. The findings reveal that the interest in the subject of financial sustainability and its impact on shareholder wealth is growing. This paper attempts to classify and cover the systematic review by critically evaluating the findings through analyzing the selected articles, which highlights the emerging business-related theories of financial sustainability and sets out a range of directions for future studies
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