Institute of Business Management, Karachi, Pakistan: Journal Management System
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EFFECTS OF REMITTANCES ON PER CAPITA ECONOMIC GROWTH OF PAKISTAN
Get PDFThis study investigates the effects of remittances on per capita economicgrowth of Pakistan for the period 1976 to 2013. The Auto RegressiveDistributed Lag (ARDL) Bounds testing model was employed toexplore short run and long run liaison of remittances with per capitaeconomic growth. The analyses evidence statistically significantpositive long run and short run impacts of remittances on per capitaeconomic growth. Based upon the empirical results, this study suggeststhat government should formulate and adopt policies which canfurther motivate and enhance remittances inflow, and hence a morepromising economic growth
Bloom’s Taxonomy: Improving Assessment and Teaching-Learning Process
Get PDFThis research study critically analyzes the scope and contribution of Bloom’s Taxonomy in both assessment and teaching-learning process. Bloom’s Taxonomy consists of six stages, namely;remembering, understanding, applying, analyzing, evaluating and creating and moves from lower degree to the higher degree. The study applies Bloom’s Taxonomy to the prevailing assessment system at the level of secondary education in Sindh. The data are collected from the last five years’ question papers used by the Board of Intermediate and Secondary Education (BISE), Karachi, Hyderabad Sukkur at secondary level for the subject of English. The questions asked in these papers are classified and analyzed from the vintage point of Bloom’s Taxonomy to determine whether the present assessment system focuses on the lower degrees of learning like remembering, understanding, applying or it transcends to the higher degrees such as analyzing, evaluating and creating. The data are quantitative hence SPSS. 20 is used to analyze and draw conclusions and results. The findings of this study will help to improve both assessment and teaching-learning process, which will hopefully uplift the learner from the sheer practices of description, rote-learning and memorization to the profound level of analysis, evaluation and creativity
Application of Stochastic Volatility Model to KSE-100
Get PDFThe paper examines the implementation of stochastic volatility (SV)model to the data of Karachi Stock Exchange 100 index during theperiod of January 2007 to December 2011. The Stochastic Volatilitymodel is compared with the GARCH (1,1) model for forecastingvolatility. The stochastic volatility model is basically a parametricapproach to observe volatility that includes two noise terms, tends tocapture volatility better than GARCH (1,1) model. Thus this exercisedemonstrates the capability of stochastic volatility model to forecastvolatility more efficiently for emerging markets such as KS
PREDICTION OF FUTURE CASH FLOWS USING DISAGGREGATED ACCRUALS AND CASH FLOWS OF SMALL-SIZED FIRMS LISTED AT THE PAKISTAN STOCK EXCHANGE (PSE)
Get PDFThe prediction of future cash flows is vital for the investmentdecisions of individuals as well as institutions.This research tests the prediction of future cash flows by various variables for instance current earnings, accrued accounts, operating cash flow and variables’ higher predictive ability. The findings suggest that current earnings do not reveal better prediction power as compared to the prediction ability of current operating cash flow for small sized firms in Pakistan.The results support the result of model specified by Barth et.al (2001), that improved predictability is resulted if cash flows and aggregate accrued accounts are used as an independent variable rather than current earnings. Additionally, disaggregation of accrued accounts provides superior explanatory-power than using aggregate accrued accounts. Separate current earnings or current operating cash flow variables are not sufficient to predict the future cash flow; more parts are to be added in order to enhance the ability to predict future cash flowsin the context of small firms in Pakistan.
UNEXPECTED QUARTERLY EARNINGS ANNOUNCEMENTS, FIRM SIZE, AND STOCK PRICE REACTION
Get PDFThis study exami nes the stock price react ion to theunexpected quarterly earnings announcements made by listed firmsin Pakistan using the data of 433 announcements made by 264 firmsfor a 2-year period from 2010 to 2011.Empirical results show that theunexpected quarterly earnings announcements do not have anysignificant price reaction in the Pakistani market. Positive andnegative abnormal returns are observed for firms making favorableand unfavorable earning announcements, respectively; but thesereturns are not statistically significant. Moreover, the study finds thatt he pri c e re act i on t o t he une x pe c t e d quart e rl y e arni ngsannouncement is not related to the size of the fir
BRAND EQUITY AND PURCHASE INTENTION: THE INDIAN AUTOMOBILE INDUSTRY
Get PDFThis study utilized the Aaker’s model of brand equity todevelop a model of consumer purchase intention in Indian automobile industry. The model sought to analyze the effect of various dimensions of brand equity on consumer purchase intention. A structural equation model was developed using the data collected from a sample of Indian consumers. Findings of the study reveal that perceived quality have a direct and significant impact on consumers’ purchase intention. These findings have significant implications for marketing managers who would need to carefully adapt their branding approaches to enhance equity of their brands and reduce consumer brand switching
ENTREPRENEURIAL LEADERSHIP IN THE UNIVERSITY CONTEXT: REALITY OR MYTH? EVIDENCE FROM PAKISTAN
Get PDFThe purpose of thi s paper is t o ex amine the phenomena ofentrepreneurial leadership in the context of Pakistani universities inan attempt to justify its role, value and applicability. In general,entrepreneurial leaders are vital to successful transformation oftraditional universities into entrepreneurial ones. A comparative casestudy approach was adopted whereby 30 semi-structured interviewswere conducted in six public and private universities. This studyreveals that entrepreneurial leadership (EL) works at the operationallevel of university hierarchy instead of a top down approach. A‘university push model’ is found more effective than a ‘governmentpull model’ whereby we propose a conceptual model indicatinge nt re pre ne uri al ori e nt at i on as pre re qui si te f or c re at i ngentrepreneurial culture for the development of EL. Challenges areaddressed to the implementation of EL in different sectors. Theresearch contributes to our knowledge of entrepreneurial leadership,especially in the Pakistani context, where little real effort has beenmade so fa
LIQUIDITY RISK VS. UNDERINVESTMENT PROBLEM : AN EMPIRICAL STUDY OF THE TEXTILE SECTOR OF PAKISTAN
Get PDFThis research study tests the underinvestment hypothesis andthe liquidity risk hypothesis in the textile sector of Pakistan. A paneldata set of 105 textile companies has been employed over eight yearsextending from 2004-2011. Using 2-Stage Least Square Estimationprocedure (2SLS) and the Generalized Method of Moments (GMM),the empirical findings reveal that textile firms in Pakistan use highlevel of long term debt to shrink the liquidity risk which allows thefirms to use more debt. Moreover growing firms use less leverage thanthe non growing firms when exposed to high growth opportunities.The growth opportunities exhibited a negative relationship with debtmaturity but no significant economic relationship with leverage. Inthe textile sector of Pakistan leverage and short term debt maturitystructure tends to complement each other to hedge the firms againstthe liquidity risk
ROLE AND SIGNIFICANCE OF INTERNATIONAL BUSINESS ON THE INDIAN ECONOMY
Get PDFInternational Business in today’s world has occupied a vitalplace among the economies of the world, particularly among thefastest growing economies like the BRICS nations. The annual rate ofgrowth in the international business sector in India is more than8%.With rich resources available in India, it has a huge advantageover other nations and is regarded as the right nation for exploringbusiness opportunities, Like highly skilled and semiskilled manpower,technologies available within the country, rich natural resources,willingness on part of government to take the world along with andbudding middle class segment. The findings of the paper are expectedto help in boosting the econom
LINKAGE BETWEEN ECONOMIC AND GOVERNMENT ACTIVITIES: EVIDENCE FOR WAGNER’S LAW FROM PAKISTAN
Get PDFThis paper seeks to find the causal relationship betweengovernment size and economic growth and attempts to find outwhether there is evidence in support of Wagner’s Law or not inPakistan. For this purpose, the annual time series data are used to study the relationship between the economic growth and government size. Cointegration, Error Correction Mechanism and Causality methodologies are used to explore the relationship. The five versions of Wagner’s hypothesis are estimated in this study. The results give strong insights that Wagner’s Law does not hold in the short run, however, weak evidence is found of its existence in the long run.Therefore, policy makers should work for provision of better andsecure environment for investors and reduction of currentexpenditures and raise of development expenditures