Journals of UMT (University of Management and Technology, Lahore)
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Impact of Financial Development, Energy Consumption, Trade Openness, and Population on CO2 Emissions in Pakistan: Application of STIRPAT Model
Full text linkEnvironmental degradation is one of the contemporary issues faced by people across the globe. Carbon dioxide (CO 2 ) emissions resulting from increased economic activities have been observed as the major contributortowards current environmental deterioration. Efforts have been made to reduce CO 2 emissions through various mitigations and adaptations at various levels. Financial sector interventions are considered as one of the effective ways to reduce this menace. Therefore, the current study applied modified version of the STIRPAT model to examine the nexus between financial sector expansion and CO 2 emissions in Pakistan using yearly data from 1980-2023. The Augmented Autoregressive Distributed Lag (ARDL) bounds testing corroborated the long-run co-integration with CO 2 emissions when variables of energy consumption, trade openness, GrossDomestic Product (GDP), and population were included as control variables in the analysis. The empirical results showed that the financial sector development, energy consumption, and GDP had a positive and significant association with CO 2 emissions. However, trade openness was observed to be inversely associated with CO 2 emissions in the country. Moreover, the population had a negligible and inverse association by CO 2 emissions. The study concluded that financial sector reforms were instrumental to lower the CO 2 emissions in Pakistan. Therefore, economic policy with embedded environmental approach should be implemented to encourage clean production and diminish CO 2 emissions in the country
Unravelling the Interplay between Personality Traits and Financial Behaviour among Young Adults in Pakistan
Full text linkThe current study aimed to explore the intricate relationship between personality traits and financial satisfaction among young adults in Pakistan, emphasizing the mediating role of financial behaviour. Analyzing the data collected from 470 respondents through Partial Least Squares Structural Equation Modelling (PLS-SEM), the study investigated the associations between personality traits (neuroticism, openness to experience, conscientiousness, agreeableness, and extraversion), financial behaviour, and financial satisfaction. The findings revealed significant relationships: openness, extraversion, and conscientiousness positively impact the financial satisfaction, while neuroticism and agreeableness negatively influence it. Moreover, the study also highlighted that financial behaviour mediates the connection between personality traits and financial satisfaction. Additionally, this study elucidated how personality traits affect financial contentment through financial behaviour mediation. The focus on Pakistani young adults added originality and relevance to the study, since their financial behaviours impact education, policy-making, and government efforts to enhance the financial skills. Practical implications extend to educators, policymakers, and government bodies, enabling tailored interventions to improve financial literacy and well-being. Acknowledging the influence of personality traits on financial behaviours and satisfaction may enhance financial education programs and strategies, ultimately promoting better financial decision-making among young adults in Pakistan and beyond
Performance of PC and Modified PC Algorithms of Graph Theoretic Approach: A Monte Carlo Simulation Study
Full text linkKeeping in view the work of Swanson and Granger (1997) among others, the performance of PC algorithm and Modified PC algorithm of graph theoretic approach in term of size and power properties are evaluated using Monte Carlo simulation. The study recommends modified PC algorithm as the dominant approach to causality as it successfully expose the correct causal relationship between variables and best to differentiate between correct and spurious causality
Nexus among Entrepreneurial Activities, Human Capital, and Economic Growth to achieve Sustainable Development Goals (SDGs): Moderating Role of Financial Development
Full text linkEvery economy invests heavily to achieve Sustainable Development Goals (SDGs). SDGs attempt to provide everyone with an access to a high-quality education. The more access to schooling individuals have, the more likely they are to think creatively and take entrepreneurial initiatives. It is vital to invest in personnel to generate economic activities that are suitable for the intricacies of a sustainable economy. The current study attempted to examine the effects of human capital and economic growth on entrepreneurial activities, considering the moderating impact of financial development. The study employed a fixed effects estimation technique to unbalance panel data in various economies using the time period from 2011-2019. The results indicated that human capital, through secondary and tertiary education, significantly and positively stimulates the entrepreneurial activities to achieve SDGs worldwide. In contrast, human capital acquired through primary education doesn't affect entrepreneurial activities positively. Financial development has a positive and statistically significant effect as an explanatory variable, however, the moderating effects of financial development remain poorly grasped. The current study provided policymakers, researchers, and academia with valuable information to foster an environment conducive to entrepreneurial activities in order to achieve the SDGs
Role of Narcissism in Entrepreneurial Traits Mediated by Entrepreneurial Intention and Entrepreneurial Motivation among University Students
Full text linkThis study investigates the influence of narcissism and entrepreneurial ambition on entrepreneurial intention and self-efficacy in students studying entrepreneurship. This study employed an intricate relationship between narcissistic tendencies, entrepreneurial drive, entrepreneurial intention, and self-efficacy among students. The study also applied a positivist ideology and a deductive approach in quantitative research. A total of (N-766) responses were collected for inquiry from entrepreneurship students in Pakistan, a South Asian country. Data was analyzed through SPSS 24.0 and AMOS 26, while utilizing multiple linear regression models and commonly employed mediation procedures. The findings suggested that the relationship between entrepreneurial motivation and entrepreneurial intention is such that entrepreneurial motivation positively influences entrepreneurial intention. The study made a valuable contribution to the existing body of knowledge on the extended model of the Theory of Planned Behavior. It has important implications for university administration and teachers who are responsible for students displaying high levels of narcissism or psychopathy. These individuals should be given proper care, education, and targeted interventions aimed at reducing their narcissistic and psychopathic tendencies to enhance their entrepreneurial intentions. According to the knowledge, this is the first study of this context which contributed to the literature on of narcissism, entrepreneurial intention and self-efficacy. Second, the study used (Entrepreneurial Motivation) as Moderator (Exogenous force) in this study as the study was conducted in Pakistan. So, the study has a great contribution to this perspective as well
Impact of Job Stress on Job Performance and Innovative Work Behavior in the Construction Industry of Pakistan: Role of Psychological Capital (PsyCap) as a Mediator
Full text linkThe current research explores the relationship between job stress, job performance and innovative work behaviour, as mediated by psychological capital (PsyCap), in the construction sector in Pakistan. More specifically, it investigates as to whether PsyCap indeed helps to mediate the interaction between job stress and job performance. For this purpose, cross-sectional survey research design was adopted and questionnaires were administered on one hundred (100) construction workers. The results revealed that high levels of PsyCap have a positive relationship with job performance and innovative work behaviour, as well as a negative relationship with job stress. The study also examined how PsyCap mediates the negative impact of job stress, as well as the need to reduce it and improve employees’ productivity and creativity in stressful areas. The findings enhance the knowledge base of PsyCap as an organizational asset that may effectively minimize the effects of job stress and provide suggestions to enhance the management of employees’ outcomes. In light of these findings, organizations in the construction sector should promote PsyCap to boost the performance and resistance of workers to stress in the demanding environment that characterizes the industry
Impact of MBA Programs in Fostering the Development of Professionals: The Case of Bangladesh
Full text linkThe human capital theory suggests that individuals can significantly enhance their knowledge, skills, and marketability by participating in education and training programs relevant to their job. Many professionals in Bangladesh are returning to academia, since they consider the MBA degree as an advanced managerial degree for their professional development. Enrolling in an MBA program represents a strategic investment in one's human capital. The impact of the MBA degree on the development of employability and the factors contributing to it remains undetermined. Thus, this study aims to evaluate how managerial education enhances employability and shapes attitudes in Bangladeshi professionals. An explanatory sequential approach based on mixed methods research design was followed for collecting and analyzing data. The study population consisted of the alumni of evening MBA programs conducted in public universities in Bangladesh and their employers. The analysis was based on 390 valid questionnaire responses and 10 comprehensive interviews with employers. The alumni of MBA programs acknowledged substantial improvement in managerial knowledge, skills, and attitudes, a viewpoint endorsed by their employers. These results may inspire individuals without an MBA to consider pursuing the degree, aiming to improve their understanding and abilities in management with the purpose of developing their future careers. The results present a persuasive case for employers to support their employees in pursuing managerial education. It is important to recognize that the growth of the knowledge and skills of professionals is closely linked to organizational development. An employee with proper managerial capabilities is considered as a valuable resource for any organization and also contributes to national development
Good Governance, Public Health Expenditure and Economic Growth in Africa Nations: A Panel Data Approach
Full text linkThe study investigates the good governance, public health expenditure and economic growth in eight countries (Algeria, Cameroon, Egypt, Ghana, Kenya, Morocco, Nigeria and South Africa) in Africa, using panel data which spans between 1996-2020. The study data gathered are real gross domestic product which is dependent variable while, export, import, total health expenditure, education and governance proxied government effectiveness which were sourced from WDI and WGI database, 2021. The study adopted Hausman and Wald, Pedroni residual cointegration, fixed and random effects and Dumitrescu Hurlin panel causality tests as an estimating technique. It was revealed from outcome that cointegration test indicates long run nexus among the variables during the periods under review. Also, Hausman and Wald findings that fixed effects as an estimating technique proved to be appropriate for the analysis. Thus, the result revealed from fixed effects findings that public health expenditure is inversely significant affect economic growth in each country. While it was revealed that both public health expenditure and government effectiveness exert negative significant effect on economic growth. Meanwhile lagged of public health expenditure, government effectiveness and population exert positive effect on economic growth. From panel causality findings revealed that there is bidirectional causal nexus among the variables. In light of this, the study ends with policy suggestions that will undoubtedly, go beyond the sustainable development objectives, which are not even close to being realistic in the chosen nations. Furthermore, the health sector has to be improved immediately, particularly in the areas of timely delivery and high-quality investment. Low performance is a result of insufficient transparency and unproductive targets for total health spending. Thus, in order to enhance health condition via investing in health care, investments in the health sector, particularly those related to healthcare quality, should be closely scrutinised and managed
Behavioral Finance: Impact of Psychology, Market Forces, and Social Influence on Portfolio Returns
Full text linkTraditional finance assumes rational decision-making in the stock market. This is challenged by behavioural finance, which postulates that cognitive biases, market dynamics, and social persuasion influence investors. Hence, this study on 300 retail investors at the Pakistan Stock Exchange (PSX) explores the impact of these factors on portfolio returns. The results indicate that cognitive biases, such as anchoring and overconfidence, lead to suboptimal decisions. Conversely, investors attuned to market dynamics make more successful choices, while resistance to social persuasion enhances decision quality. The findings highlight the need for investor awareness and mitigation of cognitive biases. Fund managers should incorporate these insights into strategies and regulators should educate investors on biases, while implementing policies against market manipulation
Effects of IMF Funding Announcement on Pakistan’s Stock Market Performance
Full text linkWhen the International Monetary Fund (IMF) announces loans to different economies, stock markets often respond differently. These loans are usually drawn with strict terms that may conflict with the political and economic goals of the country borrowing the money. It leads stock market participants to frequently view IMF announcements unfavorably. The current study aimed to investigate how the stock market in Pakistan's heavily indebted economy has performed in relation to the IMF's announcements about funding the country. To conduct this research, a quantitative approach was utilized to collect the data and determine the results. Secondary data was acquired from several websites dealing with IMF loaning as well as its effects on the performance of Pakistani stock market. The researcher subsequently employed descriptive statistics and regression analysis for data analysis. Additionally, secondary information regarding the impact of IMF lending announcement on Pakistan’s share market positions was obtained from the IMF platform and other relevant sources. IMF has been one of the main lenders to Pakistan since the late eighties. Therefore, this research sought to help understand the dynamics of how IMF loan announcements have affected Pakistan's stock prices from the time period (2015-2022). The results were established through acquired time series quantitative data. Findings indicate a strong positive correlation between IMF loan announcements and equity security performance indicators in Pakistan. Generally, when the IMF announces loans for Pakistan, the stock market tends to rise, suggesting that investors have confidence in the country's economy. Nevertheless, it must be noted that this relationship is not always consistent; there are instances where stock prices may decline following an IMF announcement. Hence, one may realize that IMF alone cannot account for variations in equity prices. Many other factors, such as political stability and global economic situation also play significant roles in stock market performance