Pub Date : 2020-12-31DOI: 10.31384/JISRMSSE/2020.18.2.1
M. Waseem, Naveed Hasan
Cultural intelligence, does it come naturally, or one has to learn it. The answer is a bit of both. Adaptation of a culture in a new environment is pertinent for the newcomers in society. Collaborations among different countries for different purposes (i.e. economic, commercial, social, etc.) also require an understanding of home-country and host-country cultures i.e. China Pakistan Economic Corridor (CPEC). Just like countries and societies, organizations also enjoy different cultures and the need for adaptation increases when it involves some organizational scenario. The focus of this study is mainly on the pertinence and utilization of cultural adaptation in settings that are novel to the new-comers. The current study has generated a conceptual discussion on cultural intelligence while understanding its role and significance in settings where cross-cultural learning is adopted. A thorough discussion is generated on the standing of cultural learning and the importance of cultural intelligence along with the theoretical developments in the area. A practical example of Australian investment in the Chinese market is shared followed by concluding the study. Findings of this study are significant for organizations as well as countries with workforce serving from various countries having diverse cultures.
{"title":"When in Rome do as the Romans do or not? Cultural Intelligence and Cross-Cultural Learning","authors":"M. Waseem, Naveed Hasan","doi":"10.31384/JISRMSSE/2020.18.2.1","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.1","url":null,"abstract":"Cultural intelligence, does it come naturally, or one has to learn it. The answer is a bit of both. Adaptation of a culture in a new environment is pertinent for the newcomers in society. Collaborations among different countries for different purposes (i.e. economic, commercial, social, etc.) also require an understanding of home-country and host-country cultures i.e. China Pakistan Economic Corridor (CPEC). Just like countries and societies, organizations also enjoy different cultures and the need for adaptation increases when it involves some organizational scenario. The focus of this study is mainly on the pertinence and utilization of cultural adaptation in settings that are novel to the new-comers. The current study has generated a conceptual discussion on cultural intelligence while understanding its role and significance in settings where cross-cultural learning is adopted. A thorough discussion is generated on the standing of cultural learning and the importance of cultural intelligence along with the theoretical developments in the area. A practical example of Australian investment in the Chinese market is shared followed by concluding the study. Findings of this study are significant for organizations as well as countries with workforce serving from various countries having diverse cultures.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"226 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":"132029260","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/2020.18.2.4
M. Meo, Noman Arshed, M. Shahid, Wasiu Oluwaseun Bello
Tourism is important in bringing a positive socioeconomic change in the form of creating jobs, increasing income and welfare. The study at hand employs the generalized method of moments approach in the course of investigating the dynamic relationship of tourism expenditures, GDP, globalization, CO2 emissions, and exchange rate with tourism demand during 1995-2014. A total of 50 countries are included in this research study, which is divided into two categories, i.e. 25 developed economies and 25 developing countries. Based on the Panel GMM estimates, for both economies and overall sample, the findings reveal a positive and a significant association between tourism expenditures, world income, globalization and GDP per capita, while there are mixed results for the real exchange rate, environment quality and government effectiveness. It can be suggested that the governance, growth, environment protection and exchange rate management policies can be tapped to boost the tourism receipts.
{"title":"Differences in Tourism Demand: A Comparison Between Developed And Developing Economies","authors":"M. Meo, Noman Arshed, M. Shahid, Wasiu Oluwaseun Bello","doi":"10.31384/JISRMSSE/2020.18.2.4","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.4","url":null,"abstract":"Tourism is important in bringing a positive socioeconomic change in the form of creating jobs, increasing income and welfare. The study at hand employs the generalized method of moments approach in the course of investigating the dynamic relationship of tourism expenditures, GDP, globalization, CO2 emissions, and exchange rate with tourism demand during 1995-2014. A total of 50 countries are included in this research study, which is divided into two categories, i.e. 25 developed economies and 25 developing countries. Based on the Panel GMM estimates, for both economies and overall sample, the findings reveal a positive and a significant association between tourism expenditures, world income, globalization and GDP per capita, while there are mixed results for the real exchange rate, environment quality and government effectiveness. It can be suggested that the governance, growth, environment protection and exchange rate management policies can be tapped to boost the tourism receipts.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"148 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":"133731520","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/2020.18.2.10
Vijay Kumar, Abdur Rahman Aleemi
This paper aims to find out the effects of financial leverage on firms’ investment decisions in the Banking Sector of Pakistan. Utilizing panel data techniques along with common effects, fixed effects, and random effects for listed banks from 2006 to 2013, the results indicate that leverage is having no significant effect on the investment decision of banks in Pakistan and hence we support Modigliani and Miller (1958) proposition of Irrelevance theory. To current study is going to provide useful insights to banks and investors that investment decision is irrelevant to the way company is financed, rather banks must focus on other factors such as interest rates, available cash flow, profitability which are found to be relevant to the investment decision. It will also serve as basic literature for future research.
{"title":"Financial Leverage And Firms’ Investment Decisions: Evidence from Banking Sector of Pakistan","authors":"Vijay Kumar, Abdur Rahman Aleemi","doi":"10.31384/JISRMSSE/2020.18.2.10","DOIUrl":"https://doi.org/10.31384/JISRMSSE/2020.18.2.10","url":null,"abstract":"This paper aims to find out the effects of financial leverage on firms’ investment decisions in the Banking Sector of Pakistan. Utilizing panel data techniques along with common effects, fixed effects, and random effects for listed banks from 2006 to 2013, the results indicate that leverage is having no significant effect on the investment decision of banks in Pakistan and hence we support Modigliani and Miller (1958) proposition of Irrelevance theory. To current study is going to provide useful insights to banks and investors that investment decision is irrelevant to the way company is financed, rather banks must focus on other factors such as interest rates, available cash flow, profitability which are found to be relevant to the investment decision. It will also serve as basic literature for future research.","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"55 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":"129899662","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 : 2019-07-01DOI: 10.31384/jisrmsse/2019.17.1.7
Amina Haider
INTRODUCTION Amina Haider1 Wisal Ahmad2 Usman Ghani3 1&2 Institute of Business Studies, Kohat University of Science and Technology. Email: wisalkust@hotmail.com 3Institute of Management Sciences, Peshawar. The production and creation of creative advertisementshave long been a concern for both the advertising agencies and advertisers. Advertising has got a fundamental position in the organizations and for the same reason, the creativity of advertisements is considered very important for the success of advertisement as well as the advertising agencies developing such ads (Ang & Low, 2000). Designing creative ads is assumed to be the most fundamental task of an agency since it affects the client of ad-agencies (Tellis, 1997). With an increasing number of products entering the market, the competition gets more intensified. But just producing a good product is usually not considered sufficient to contest particularly in a highly competitive market (Alsmadi, 2006; Kumar & Reinartz, 2006). Consumers are increasingly becoming highly sophisticated, educated, choosy, and savvier in their buying decisions. Further with so many substitute consumer goods flowing into the market providing more or less the same functions, the only tool used to differentiate them is through the use of creative advertisements. Thus, advertisers and marketers realize the vital role of creativity in making advertisements as they believe that creative advertisements are comparatively more effective 109 Januay-June 2019 JISR-MSSE Number 1 Volume 17 10.31384/jisrmsse/2019.17.1.7 JEL Classification: M3, M37, M39 in capturing viewers’ attention that will really put the brand in their mind for a fairly good span of time. For this reason, nowadays most of the companies strive hard to make their advertisement campaigns more unique, successful and striking (Barry, 2012). In Pakistan, the advertising industry is flourishing over time. Initially, the local businesses were mostly utilizing the available medium that was commonly magazines, newspapers and digests. As the new businesses began to grow and expand, the competing efforts turned more intensified. The new players entering into the market realized the fact that to stay alive and to gaina competitive edge, the industry thus needs to be more creative and professional for it (Ahmad & Mahmood, 2011). Television is the medium of choice, and in Pakistan, the television enjoys a high attractiveness that is almost matchless by any other medium in the country. This particular medium breaks through the barriers of literacy and reaches out to the masses irrespective of education level and therefore enjoys probably a more heterogeneous audience. Notably, earlier research on advertising creativity has either looked into the effectiveness of creative ads (Marthak, 2013; Shirkhodaee & Rezaee, 2014, Till & Baack, 2005) or mere conceptualization of advertising creativity (Ang, Leong & Lee, 2007). For instance, Kover, Goldberg and James (1995) found that
{"title":"\"Content Analysis of Award Winning Television Advertisements: Implications for Advertising Creativity in Pakistan \"","authors":"Amina Haider","doi":"10.31384/jisrmsse/2019.17.1.7","DOIUrl":"https://doi.org/10.31384/jisrmsse/2019.17.1.7","url":null,"abstract":"INTRODUCTION Amina Haider1 Wisal Ahmad2 Usman Ghani3 1&2 Institute of Business Studies, Kohat University of Science and Technology. Email: wisalkust@hotmail.com 3Institute of Management Sciences, Peshawar. The production and creation of creative advertisementshave long been a concern for both the advertising agencies and advertisers. Advertising has got a fundamental position in the organizations and for the same reason, the creativity of advertisements is considered very important for the success of advertisement as well as the advertising agencies developing such ads (Ang & Low, 2000). Designing creative ads is assumed to be the most fundamental task of an agency since it affects the client of ad-agencies (Tellis, 1997). With an increasing number of products entering the market, the competition gets more intensified. But just producing a good product is usually not considered sufficient to contest particularly in a highly competitive market (Alsmadi, 2006; Kumar & Reinartz, 2006). Consumers are increasingly becoming highly sophisticated, educated, choosy, and savvier in their buying decisions. Further with so many substitute consumer goods flowing into the market providing more or less the same functions, the only tool used to differentiate them is through the use of creative advertisements. Thus, advertisers and marketers realize the vital role of creativity in making advertisements as they believe that creative advertisements are comparatively more effective 109 Januay-June 2019 JISR-MSSE Number 1 Volume 17 10.31384/jisrmsse/2019.17.1.7 JEL Classification: M3, M37, M39 in capturing viewers’ attention that will really put the brand in their mind for a fairly good span of time. For this reason, nowadays most of the companies strive hard to make their advertisement campaigns more unique, successful and striking (Barry, 2012). In Pakistan, the advertising industry is flourishing over time. Initially, the local businesses were mostly utilizing the available medium that was commonly magazines, newspapers and digests. As the new businesses began to grow and expand, the competing efforts turned more intensified. The new players entering into the market realized the fact that to stay alive and to gaina competitive edge, the industry thus needs to be more creative and professional for it (Ahmad & Mahmood, 2011). Television is the medium of choice, and in Pakistan, the television enjoys a high attractiveness that is almost matchless by any other medium in the country. This particular medium breaks through the barriers of literacy and reaches out to the masses irrespective of education level and therefore enjoys probably a more heterogeneous audience. Notably, earlier research on advertising creativity has either looked into the effectiveness of creative ads (Marthak, 2013; Shirkhodaee & Rezaee, 2014, Till & Baack, 2005) or mere conceptualization of advertising creativity (Ang, Leong & Lee, 2007). For instance, Kover, Goldberg and James (1995) found that","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127943113","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 : 2019-07-01DOI: 10.31384/jisrmsse/2019.17.1.3
Faid Gul
INTRODUCTION Rabia Umar1 Faid Gul2 1Bahria University, Islamabad, 2National University of Modern Languages, Islamabad, E-mail: fgul@numl.edu.pk, faidgul@gmail.com SMEs play a vital role in the development of any developing economy like Pakistan as they offer employment generation source and thus help in poverty alleviation by making improvement in people living standards. SMEs also offer job opportunities to minorities like women that are helpful in offering support to their family’s financial burden. SMEs sector is contributing 40% to Pakistan GDP and they are a major source of job creation as more than 82% of enterprises of Pakistan are falling under the category of SMEs (Economic Survey of Pakistan, 2016-2017). SMEs sector was considered to be one of the fastest growing export sub-sectors of Pakistan before the energy as well as the financial crisis of 2007-2008 but the crisis leads to decline in the growth of this sector. SMEs play an important role in the economy of Pakistan but still, it is facing many constraints for its growth as well as the establishment (Hossain, 1998). Some of the main barriers being faced by SMEs include lack of finance (Beck, Demirgüç-Kunt & Maksimovic, 2005) policy issues (Hossain, 1998), lack of support by Government (Kureshi, Qureshi, & Sajid, 2010) and interest rate ceiling (Mohsin, 1995). SMEs are facing the financial obstacles due to banks reluctance in offering credit to them for their growth and development due to lack of financial records being maintained by SMEs, lack of collateral and low credit scoring. According to State bank of Pakistan (2016), 67% of the finance being extended to SMEs was used to fulfill their working capital requirement in the
{"title":"Perception of SME’s Management Regarding Islamic Banking: A Users vs. Non-users Comparative Analysis","authors":"Faid Gul","doi":"10.31384/jisrmsse/2019.17.1.3","DOIUrl":"https://doi.org/10.31384/jisrmsse/2019.17.1.3","url":null,"abstract":"INTRODUCTION Rabia Umar1 Faid Gul2 1Bahria University, Islamabad, 2National University of Modern Languages, Islamabad, E-mail: fgul@numl.edu.pk, faidgul@gmail.com SMEs play a vital role in the development of any developing economy like Pakistan as they offer employment generation source and thus help in poverty alleviation by making improvement in people living standards. SMEs also offer job opportunities to minorities like women that are helpful in offering support to their family’s financial burden. SMEs sector is contributing 40% to Pakistan GDP and they are a major source of job creation as more than 82% of enterprises of Pakistan are falling under the category of SMEs (Economic Survey of Pakistan, 2016-2017). SMEs sector was considered to be one of the fastest growing export sub-sectors of Pakistan before the energy as well as the financial crisis of 2007-2008 but the crisis leads to decline in the growth of this sector. SMEs play an important role in the economy of Pakistan but still, it is facing many constraints for its growth as well as the establishment (Hossain, 1998). Some of the main barriers being faced by SMEs include lack of finance (Beck, Demirgüç-Kunt & Maksimovic, 2005) policy issues (Hossain, 1998), lack of support by Government (Kureshi, Qureshi, & Sajid, 2010) and interest rate ceiling (Mohsin, 1995). SMEs are facing the financial obstacles due to banks reluctance in offering credit to them for their growth and development due to lack of financial records being maintained by SMEs, lack of collateral and low credit scoring. According to State bank of Pakistan (2016), 67% of the finance being extended to SMEs was used to fulfill their working capital requirement in the","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123298261","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 : 2019-07-01DOI: 10.31384/jisrmsse/2019.17.1.12
Salman Sarwat
INTRODUCTION Salman Sarwat1 Syed Shabib ul Hasan2 1Faculty of Management Sciences, Barrett Hodgson University. Email: salman.sarwat@bhu.edu.pk, salmansarwat@hotmail.com) 2Department of Public Administration, University of Karachi. Economic or financial crises have become a recurrent feature of the contemporary economy. When we look back into the recent past, the wave of crises can be traced with the deregulation of financial markets in the 1970s. From the US stock market crash of 1973 to Global Financial Meltdown in 2008, financial innovations seemed to have been the most critical aspect to investigate. These financial innovations include financial integration, financial derivatives, and securitization, etc. For example, Ghysels and Seon (2005) have pointed out financial derivatives as the main culprit for the US stock market crash in the 1980s. Okina, et al. (2001) exhibited the involvement of hybrid instruments in fuelling the bubble of Japanese Asset
Salman Sarwat1 Syed Shabib ul Hasan2巴雷特霍奇森大学管理科学学院邮箱:salman.sarwat@bhu.edu.pk, salmansarwat@hotmail.com) 2卡拉奇大学公共行政学系。经济或金融危机已成为当代经济的一个反复出现的特征。当我们回顾最近的历史时，危机的浪潮可以追溯到20世纪70年代金融市场的放松管制。从1973年的美国股市崩盘到2008年的全球金融危机，金融创新似乎一直是需要调查的最关键方面。这些金融创新包括金融一体化、金融衍生品、证券化等。例如，Ghysels和Seon(2005)指出，金融衍生品是上世纪80年代美国股市崩盘的罪魁祸首。Okina等人(2001)展示了混合工具在助长日本资产泡沫中的作用
{"title":"Global Financial Meltdown – Systematic Literature Review","authors":"Salman Sarwat","doi":"10.31384/jisrmsse/2019.17.1.12","DOIUrl":"https://doi.org/10.31384/jisrmsse/2019.17.1.12","url":null,"abstract":"INTRODUCTION Salman Sarwat1 Syed Shabib ul Hasan2 1Faculty of Management Sciences, Barrett Hodgson University. Email: salman.sarwat@bhu.edu.pk, salmansarwat@hotmail.com) 2Department of Public Administration, University of Karachi. Economic or financial crises have become a recurrent feature of the contemporary economy. When we look back into the recent past, the wave of crises can be traced with the deregulation of financial markets in the 1970s. From the US stock market crash of 1973 to Global Financial Meltdown in 2008, financial innovations seemed to have been the most critical aspect to investigate. These financial innovations include financial integration, financial derivatives, and securitization, etc. For example, Ghysels and Seon (2005) have pointed out financial derivatives as the main culprit for the US stock market crash in the 1980s. Okina, et al. (2001) exhibited the involvement of hybrid instruments in fuelling the bubble of Japanese Asset","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114216425","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 : 2019-07-01DOI: 10.31384/jisrmsse/2019.17.1.10
S. Sharif
INTRODUCTION Saqib Sharif 1 1Department of Finance, Institute of Business Administration (IBA), Main Campus, Karachi. Email: ssharif@iba.edu.pk Researchers have investigated the stock market calendar anomaly of Weekend Effect for more than four decades. The literature comprises, for example, French (1980), Gibbons & Hess (1981), Jaffe & Westerfield (1985), Lakonishok & Maberly (1990), Abraham & Ikenberry (1994), and Caporale, Gil-Alana, & Plastun (2016). The difference between the Friday returns and the next week Monday returns is called the Weekend Effect. Evidence from abovementioned papers concludes that security returns on Friday are positively significant and larger compared with the rest of trading days of the week, whereas security’s Monday returns are substantially negative and lesser, compared to rest of trading days of the week. Conversely, Connolly (1989) claim that the Weekend Effect anomaly is unsustainable over the extended period, it exists in certain time periods, fades in some periods and re-emerge again. Moreover, the study of Brusa, Liu, & Schulman (2000) finds a significantly ‘reverse’ or negative Weekend Effect – that is, security returns on Monday are considerably positive and greater than the rest of trading days of the week, especially from the early nineties in medium and large-cap stocks. This study extends the boundaries of existing literature in numerous ways. Firstly, the paper investigates whether the Weekend Effect anomaly observed in the extant literature subsists in the Australian exchange. Secondly, this paper documents the association between the Weekend effect and firm size. Thirdly, this research utilizes recent data to explore the Weekend effect anomaly in one of the developing markets, since recent studies mainly focus
{"title":"Impact of firm size on the Weekend effect: Evidence from the Australian Stock Exchange","authors":"S. Sharif","doi":"10.31384/jisrmsse/2019.17.1.10","DOIUrl":"https://doi.org/10.31384/jisrmsse/2019.17.1.10","url":null,"abstract":"INTRODUCTION Saqib Sharif 1 1Department of Finance, Institute of Business Administration (IBA), Main Campus, Karachi. Email: ssharif@iba.edu.pk Researchers have investigated the stock market calendar anomaly of Weekend Effect for more than four decades. The literature comprises, for example, French (1980), Gibbons & Hess (1981), Jaffe & Westerfield (1985), Lakonishok & Maberly (1990), Abraham & Ikenberry (1994), and Caporale, Gil-Alana, & Plastun (2016). The difference between the Friday returns and the next week Monday returns is called the Weekend Effect. Evidence from abovementioned papers concludes that security returns on Friday are positively significant and larger compared with the rest of trading days of the week, whereas security’s Monday returns are substantially negative and lesser, compared to rest of trading days of the week. Conversely, Connolly (1989) claim that the Weekend Effect anomaly is unsustainable over the extended period, it exists in certain time periods, fades in some periods and re-emerge again. Moreover, the study of Brusa, Liu, & Schulman (2000) finds a significantly ‘reverse’ or negative Weekend Effect – that is, security returns on Monday are considerably positive and greater than the rest of trading days of the week, especially from the early nineties in medium and large-cap stocks. This study extends the boundaries of existing literature in numerous ways. Firstly, the paper investigates whether the Weekend Effect anomaly observed in the extant literature subsists in the Australian exchange. Secondly, this paper documents the association between the Weekend effect and firm size. Thirdly, this research utilizes recent data to explore the Weekend effect anomaly in one of the developing markets, since recent studies mainly focus","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123929297","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 : 2019-07-01DOI: 10.31384/jisrmsse/2019.17.1.8
Salman Bahoo
INTRODUCTION Salman Bahoo1 Farhan Ahmed2 Ayesha Shoukat3 Mumtaz Ahmad4 1,3,4Department of Commerce, The Islamia University Bahawalpur – Pakistan Email: agm.ird@yahoo.com 2Department of Economics & Management Sciences, NED University of Engineering & Technology, Karachi Pakistan Significant foreign direct investment through multinational corporates is a result of the globalization. Corporates are key players around the world and deal with several countries and currencies. The strong corporate governance and risk management mechanism is essential for national and multinational corporates to survive and improve financial performance (Prevost, Rose, & Miller, 2000). The corporate governance has gain attention after considerable losses to big corporates such as Enron, Harris Scarfe, One. Tel, WorldCom, and Andersen. In the United States of America, the corporate governance became famous after the scandal of Watergate (the 1970s). As a result, the Sarbanes –Oxley Act 2002 and Dodd-Frank Act 2010 is passed in the US. The association between the corporate governance and corporates financial performance is studied by several researchers (Jiang & Zhang, 2018; Nawaz & Ahmad, 2017; Paniagua, Rivelles, & Sapena, 2018; Yilmaz, 2018; Shahwan, 2015). Most researchers found that corporate governance is essential and impacts positively towards the financial performance of the national and multinational corporates. Further, the multinational corporates face a different type of risk, such as commodity prices, foreign currency, and interest rate risk while doing operations around the world. It is essential for the multinational corporates to have a sound risk management system to overcome these risks. The derivatives have a positive impact on financial performance (Erez-gonz, 2013; Donohoe, 2015; Kim, Papanastassiou, & Nguyen, 2017; Bae, Kim, & Kwon, 2018; Bahoo,
{"title":"\"Impact of Corporate Governance on American Corporates' Financial Performance: The Mediating Role of Derivatives \"","authors":"Salman Bahoo","doi":"10.31384/jisrmsse/2019.17.1.8","DOIUrl":"https://doi.org/10.31384/jisrmsse/2019.17.1.8","url":null,"abstract":"INTRODUCTION Salman Bahoo1 Farhan Ahmed2 Ayesha Shoukat3 Mumtaz Ahmad4 1,3,4Department of Commerce, The Islamia University Bahawalpur – Pakistan Email: agm.ird@yahoo.com 2Department of Economics & Management Sciences, NED University of Engineering & Technology, Karachi Pakistan Significant foreign direct investment through multinational corporates is a result of the globalization. Corporates are key players around the world and deal with several countries and currencies. The strong corporate governance and risk management mechanism is essential for national and multinational corporates to survive and improve financial performance (Prevost, Rose, & Miller, 2000). The corporate governance has gain attention after considerable losses to big corporates such as Enron, Harris Scarfe, One. Tel, WorldCom, and Andersen. In the United States of America, the corporate governance became famous after the scandal of Watergate (the 1970s). As a result, the Sarbanes –Oxley Act 2002 and Dodd-Frank Act 2010 is passed in the US. The association between the corporate governance and corporates financial performance is studied by several researchers (Jiang & Zhang, 2018; Nawaz & Ahmad, 2017; Paniagua, Rivelles, & Sapena, 2018; Yilmaz, 2018; Shahwan, 2015). Most researchers found that corporate governance is essential and impacts positively towards the financial performance of the national and multinational corporates. Further, the multinational corporates face a different type of risk, such as commodity prices, foreign currency, and interest rate risk while doing operations around the world. It is essential for the multinational corporates to have a sound risk management system to overcome these risks. The derivatives have a positive impact on financial performance (Erez-gonz, 2013; Donohoe, 2015; Kim, Papanastassiou, & Nguyen, 2017; Bae, Kim, & Kwon, 2018; Bahoo,","PeriodicalId":375599,"journal":{"name":"Journal of Independent Studies and Research-Management, Social Sciences and Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125405408","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 : 2019-07-01DOI: 10.31384/jisrmsse/2019.17.1.6
Sadia Shaikh
INTRODUCTION Sadia Shaikh1 Imam Uddin Khoso2 1Department of Business Administration, Greenwich University Karachi. Email: sadiakhurram@live.com 2IBA, University of Sindh, Jamshoro. SMEs are critical in delivering sustainable and inclusive globalization. In developed as well as developing countries, SMEs are central to the policies for achieving employment targets, value-added exports, higher income levels, and contributing to enhanced innovation. The existence of vibrant SME-sector has been empirically linked with more inclusive growth and environmental sustainability. According to the SMEDA (2018), in Pakistan, 99 percent of the business units are micro, small & medium enterprises and their contribution to the GDP of the country is 40 percent. The contribution of SMEs to employment generation is 78 percent which is above average among the South Asian Countries. The globalization has increased the access of firms to world markets, resulting in rapid economic growth. However, the fast-paced growth has resulted in a highly unequal distribution of wealth and the creation of economically imbalanced societies. SMEs have been widely viewed as the economic apparatuses that spur the growth which results in a more inclusive and equitable distribution of incomes. SMEs' contributions vary widely across the countries, highly dependable upon the business environment they operate in.
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Pub Date : 2019-07-01DOI: 10.31384/jisrmsse/2019.17.1.1
Shazia Kauser
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