European Online Journal of Natural and Social Sciences (ES)
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Role of Family Firms to Uplift the Financial Performance and Investment Opportunities of Listed Manufacturing Firms of Pakistan
Get PDFThis study is conducted to analyse the relationship of Ownership Structure with Firm Performance in non-financial companies listed at Pakistan Stock Exchange during the period 2008 to 2013. The basic focus of this study was related to the performance of family firms as compared to non-family firms. The distinction between both types has been explained in literature with the help of definitions given by different authors and scholars. Keeping in view the research aims and objectives the non-financial sector of Pakistan is taken as population. Simple random sampling technique is used in accordance to research requirements and extracted a sample of 120 firms for the purpose of analysis. All these firms are listed at Pakistan Stock Exchange (PSX). Investment Opportunities (Tobin’s Q), Return on Assets (ROA) and Return on Equity (ROE) have been used as a proxy variable to explore the firm value and firm’s financial performance. Sophisticated data analysis techniques such as descriptive, correlational, panel data regression analysis have been used. Results showed that Family firms are negatively correlated and Non-Family firms give better performance. On the basis of results obtained through data analysis it is concluded that Firm Performance critically depends on Managerial Ownership. Panel data analysis has shown that firm leverage and size has no relationship with proxy variables while remaining independent variables have significant relationship with performance variables. Agency problems arise due to increase in Managerial Shareholdings in Pakistani context, which ultimately affects the performance of the firms
Dynamics Shaking Total Factor Productivity in Manufacturing Sector of Pakistan: A Panel Data Analysis
Get PDFThis research article investigates how explanatory variables are responsible for change in total factor productivity in manufacturing sector of Pakistan. Panel data of selected fifteen manufacturing firms of Pakistan from 2005 to 2013 are used to capture time and space affects. Considering data set of fifteen selected manufacturing firms consistently, it was found that explanatory variables (like size of firm, leverage, cash flows and Ownership) were responsible for changed in TFP growth. Empirical results suggest that explanatory variables appear to be most dominating factors in order to influence the TFP growth over a period of time and over a firm also. Research study further will provide a guide for Pakistan policy makers to set priorities to improve TFP growth for their manufacturing firms especially in Punjab
Impact Analysis of Remittance Flow on Import Demand of Pakistan
Get PDFThe purpose of this study is to analyze the impact of remittances on import demand of Pakistan, by keeping the effect of population. This study has used time series data set from 1975 to 2015 and the result has shown that there is a significant and positive effect of remittances and population on import demand. The results of this study have also shown that the model of this study takes account of the direct effects of imported inputs on exports and availability of official foreign exchange reserves on the level of imports. Real exchange rate shock has shown 10 percent reduction in the volume of imports which in turn lowers the volume of exports in our model by about 2% point in short run and 5% point in long run. So, it is recommended that developing countries should follow the policy of import compression. The result has shown that over the next decade rising global protectionist pressures, higher energy prices, increased world interest rates and augmented political uncertainty could seriously undermine the debt-servicing capacities for most heavily-indebted, low-growth, low-income countries in the Asia Pacific region. The policy implication of this study is that economy should spend precious foreign exchange only to fund vital imports only to successfully overcome foreign exchange shortages and this would enable many underdeveloped countries to support rapid economic growth
Competitiveness, Diversification and Pakistan's Export Performance of Leather and Leather Products; A Constant Market Share Analysis
Get PDFThe present study focuses on measuring the competitiveness, diversifications and export performance of Pakistan`s selected leather and leather products in the global economy from 2003-2014. The study employs Constant Market Share Analysis to measure the competitiveness and suggests some policy measures that might be helpful to enhance the export volume which leads to a considerable increase in the foreign exchange that is indispensible for achieving desired economy. The findings of the study of the product group (4202) illustrate that average total effect, structural effect, specific competitive effect were positive, whereas average competitive effect, commodity effect, general competitive effect and market effect were negative from 2003-08. Furthermore, the results indicate that the average total effect, structural effect, commodity effect, competitive effect and specific competitive effect were positive, while market effect and general competitive effect were negative from 2009-14. Moreover, the analysis of the product group (4203) highlights that average total effect, structural effect, competitive effect, specific competitive effect, commodity effect were positive, whereas average general competitive effect and market effect were negative from 2003-08. In addition, the findings indicate that the average total effect, structural effect, competitive effect and specific competitive effect were positive, while average commodity effect, market effect, general competitive effect were negative from 2009-14. The findings of the analysis illustrate that Pakistan has the potential to enhance its exports to the world, but some diversifications are required to be competitive in the world market
A SEM Analysis of Work Preferences, Motivations and Earnings in Informal Market
Get PDFThe study aims at investigating the effects of earnings and improvement in human capital on the work satisfaction considering the mediating role of motivational factors for a unique sample of female workers involved in informal market in Punjab, Pakistan. The survival analysis based upon structural equation modeling has been used to draw empirical evidences. Consistent with the backward-bending labor supply curve, higher earnings appears to be a negative determinant of work satisfaction for female employed in informal sector. An important insight of such results is the cost (labor-leisure tradeoff) and work conditions, which are avoided with higher earnings of female workers in informal market. Besides, results drawn from structural equation modeling (SEM) indicated that female workers in informal market are penalized by health hazards (injuries), domestic responsibilities (opportunity cost) and restrictions to spend their earnings (lack of independence), which further adds miseries to their lives. Motivational factors such as rewards, education, advance payments and awareness (information regarding labor laws) can have positive associations with their earnings. Conversely, as female workers draw themselves out of informal market, they acquires more education, which is the very reason that education has a negative relationship with work satisfaction of female workers derived from the informal market. All of the factors mentioned above call for the attention of policy makers to make substantial investment towards the development of human capital particularly in the informal sector
A Study of Knowledge Creation in the Field of School Violence: Vision & Practices
Get PDFThe study explored the vision and practices of those researchers/professionals on creation of knowledge in the field of school violence who are working on school violence or have experiences in their professional life while teaching to school students. The main objective of the study is to find out the in-depth understanding and level of satisfaction on knowledge creation of researchers/professionals working in the field of school violence. The scientific contributions of the study include addition of imperial knowledge on the theoretical and practical ground realities of school violence in Pakistan. Convergent parallel design has been used for the analysis of collected data. The study concluded that both researchers and professionals are not satisfied with the ongoing training programs, discussions and research work in the field of school violence
Impact of Training and Supervisor Support on Organizational Commitment with mediating role of Job Satisfaction
Get PDFTraining and Supervisor support shows a very important role in growing organizational commitment. The purpose of this research is to give a hypothetical justification of: a) impact of supervisor support on organizational commitment, mediating part of job satisfaction for the positive connection between supervisor support and organizational commitment, b) direct impact of training on organizational commitment and job satisfaction for the positive association among training, organizational commitment too. Self-administered questionnaires were distributed. The population which is targeted for this study was employees of the textile firms in Lahore. Data were collected from 320 employees. The study uses the SPSS and Structural Equation Modelling to test the hypotheses among 320 respondents. The results indicate that there is a significant relationship between training and organizational commitment, supervisor support and organizational commitment, training and job satisfaction. Supervisor support is significantly related with job satisfaction and there is a significant relationship between job satisfaction and organizational commitment
The Effect of Perceived Abusive Supervision on Employee Performance: Mediating Role of Employee State Paranoia
Get PDFThe aim of this study is to provide the management of private schools an insight into the complexity of psychological processes induced by abusive supervision hindering the performance of private school teachers. Teachers play an important role in the development of a child in particular and the society in general. With performance dependent on multiple internal and external factors, the internal psychological factors are critical as they serve as the building block of performance. However, in the employment relation scenario, these psychological factors are directly affected by the immediate supervisor’s behavior, therefore, implying the necessity to inform management strategies on monitor of supervisory behavior. Accordingly, the sample was selected from private sector schools in Rawalpindi and Islamabad Pakistan. Based on a total of 253 respondents, the results indicated that abusive supervision and employee task and contextual performances were affected by psychological process of paranoia. However, the relationship is more salient at the contextual performance level than at the task performance level. The study also provides implications and possible future directions for further empirical research in relation to contextualization
Impact of External Monitoring Mechanism on Deal Amounts in Corporate Mergers and Acquisitions: Evidence from Pakistan
Get PDFThe studies regarding the deal amount paid in mergers and acquisitions (M&As) become especially important, as reduction of profits in such deals might be due to large amounts paid in acquisitions. The methodology of this study is novel as it takes into account the external governance mechanism by considering both the institutional ownership and external block-holders along with bidder and targeted firm characteristics on deal prices involved in M&As in case of Pakistan during period of 2005-12. The results of study show the existence of external monitoring in form of institutional ownership in both sectors. The study proves that the aim of acquisitions is to achieve a big size instead of value maximization and the managers who exaggerated their confidence attempt to overemphasize their capability to handle the target company, which leads to high amounts paid to acquire target. The nonfinancial sector proves the absence of agency conflicts, however agency hypothesis is not proved significant in financial sector case. The financial sector result shows that cash financed deals are associated with lower price that depends on presence of asymmetric information about acquiring firm, as management (i.e. managers of firm) possess more information as compared to other stakeholders
Impact of Cultural Factors on Earnings of Working Women in Khyber Pakhtunkhwa, Pakistan
Get PDFThere has been a substantial increase in women’ work participation in the recent years. As a result, their contribution to house hold income has increased. But there are several cultural factors which are considered to be operational in explaining earnings of working women across countries and regions. For gaining knowledge of these factors, the current study used human capital variables (schooling and experience) along with some important cultural factors like family size, number of children, marital status of working woman and restrictions of permission for doing job as explanatory variables. Primary data were collected from ten (10) randomly selected districts of Khyber Pakhtunkhwa (KP) province of Pakistan from 789 respondents in the year 2017 through a comprehensive questionnaire. After conducting the diagnostic tests, the Mincer wage function was estimated through Ordinary Least Squares (OLS) regression technique. Results of regression analysis showed that earnings, on average, rise 9.6 percent with each additional year of education and 6.1 percent with each additional year of experience. The working women earnings showed an increase of 5.9 percent annually if there are no restrictions of permission for doing job. Family size showed a significant negative impact (1.9 percent) on working women earnings. Marital status and number of working women own children have an insignificant negative impact (1.5 and 1.6 percent respectively) on female earnings. It is concluded that cultural factors have an important impact on earnings of working women in KP province of Pakistan