International Journal of Management Research and Emerging Sciences
Not a member yet
330 research outputs found
Sort by
IMPACT OF DIVIDEND POLICY ON STOCK PRICES BEFORE AND AFTER CAPITAL GAIN TAX IMPOSITION: THE CASE OF MANUFACTURING SECTOR OF PAKISTAN
Full text linkThe aim of the study is to find the impact of dividend policy on stock prices before the capital gains tax imposition (2006-2010) and after the capital gains tax imposition (2011-2015). This study uses Descriptive statistics, Correlation, and Panel Regression Analysis to investigate the impact of Dividend Policy on Stock Prices. The study is covering 10 years’ time period from 2006-15. This study investigated that before the imposition of capital gain tax there is no effect of Dividend Policy on Stock Prices. The reason whythe benefit in the said time period is greater is that there was no tax on capital gains. Investors were buying shares at low price and sell it at a higher price to earn capital gains. The first theory which is a dividend irrelevance theory supports the results of before capital gain tax imposition and the theory were presented by Miller and Modigliani (1961). The study also investigated thatafter the imposition of capital gain tax, Dividend Policy became the main tool of fluctuation in the prices of shares. The reason why people were unbiased to capital gains is that the tax on capital gains became higher than the tax imposed on dividend. So stockholders started to opt for those shares which yield a high dividend. This result of after capital gain tax imposition period is supported by “Bird in Hand” were presented by Lintner (1962) and Gorden (1963). The management of firms needs to follow a stable dividend policy to gain the confidence of investors for a long period of time. Investors may prefer stocks of those firms, which yield high dividend. Because high dividend payout ratio may indicate that the future of the firm is bright and its earnings may rise in the future. For the investor’s point of view, this research work recommends that investors need to opt for shares of those firms which pay high and stable dividend payout ratio. Because the stock prices of those firms affect much which follow a fluctuating dividend payout
Saving-Investment or Foreign Exchange Gap: What Hinders Fiscal Stability in Pakistan?
Full text linkMacroeconomic stability is a major objective to be achieved for sustainable economic growth. However, fiscal stability has been prone to instability in dual-gaps in a developing country like Pakistan. This study examines the impact of the saving-investment gap (SI), foreign exchange gap (XM), and the mediating impact of output on fiscal deficit using the time-series data from 1973 to 2018 in Pakistan using Autoregressive Distributed Lag (ARDL). The results show that an increase in the saving-investment gap and output lower the fiscal deficit. However, an increase in the foreign exchange gap increases the fiscal deficit. While considering the interaction effect, SI and output negatively but XM and output interaction positively affect the fiscal deficit. Since SI and output stabilize the fiscal position while the XM destabilizes the latter, the government should strategize to increase savings, investment, exports, and national output and reduce unnecessary imports
Woman’s Traits and Birth Services Of Child: A Systematic Qualitative Review of Multan District
Full text linkThe existing study purposes to empirically observe the relationship between women’s traits and healthcare utilization services, including Media, Antenatal care and postnatal care of a child. Reproductive ages of 21 to 49 years of married women with a sample size of 322 were used. The Binary Logistic regression technique was used to evaluate the impact of women’s attributes (i.e., age, marriage age, education, paid job, and personal income) on Antenatal care and postnatal care of a child. The result indicates that chronological age and age at marriage appeared as significant predictors of antenatal care and postnatal care of the child. While personal income significantly influenced antenatal and postnatal care. Education appeared as a significant determinant of postnatal care of the child. Findings bring to light the considerable relationship between women’s traits and child’s health care services awareness. To address children\u27s undernutrition should also focus on antenatal care as well as postnatal car
Examining the Bank-Specific and Macro-Economic Factors that Influence Capital Adequacy in Pakistan
Full text linkThe capital adequacy ratio is a dominant factor in the banking system because it identifies its strength against riskiness. This study empirically investigates the relationship of bank-specific and macro-economic factors on CAR using 26 Pakistani banks for the 2006 to 2018 period. This study applies a fixed-effect model to examine the bank-specific and macro-economic factors that influence capital adequacy. We find that a bank’s size, loan loss reserves, and leverage significantly influence capital adequacy. At the same time, interest rate appears to be a significant macro-economic variable that affects the banks\u27 capital adequacy. When we include bank-specific and macro-economic factors, liquidity risk significantly impacts CAR. Based on the classification of bank ownership, we find that NPLs of public banks negatively affect CAR; however, foreign and local banks\u27 net interest margin is a significant factor in increasing the banks\u27 capital base and positively affecting CAR. Furthermore, the leverage of local banks is a significant determinant that illustrates that investment in risky assets reduces the CAR. This study also reports that a financial crisis impacts capital to risk-weighted assets of the local banks. Large banks are more diversified than small banks, and ROA, NPL, leverage, loan loss reserve, and crisis are essential factors that cause large banks\u27 CAR. To test the robustness of the results, the equity to assets ratio (ETA) is used as a dependent variable and finds that ROE and market capitalization are the robust predictors
Optimal Cash Holding and Firms Profitability: A Case of Pakistan
Full text linkThe study enhances the existing literature in corporate finance by estimating the maximum threshold effect of a cash holding ratio on a company\u27s profitability. The panel data of 201 Pakistani publicly traded businesses were taken from the Osiris database between 2009 and 2018 to implement a panel threshold regression model. The findings suggest a two-threshold relationship between the optimal cash holding ratio and corporate profitability, and cash holding rates below 4.3% can potentially increase a company\u27s efficiency. The coefficient is positive until the cash-on-hand ratio hits 4.3%, which becomes negative. Therefore, there is a nonlinear relation between the cash holding ratio and the business\u27s profitability. The most important aspects of the predictors were cash flow and the size of the companies. Businesses should analyze the optimal ratio of holding cash and balance the expenses of storing cash against its potential advantages. Previous studies solely concentrated on the reasons and elements of cash holding but never addressed the question of what percentage of cash a company should keep on hand to attain cash sustainabilit
Contribution of Islamic Debt Financing in Entrepreneurship Promoting Financial Sector Transformation
Full text linkEmpirically conventional financial development theories provided mixed results in motivating entrepreneurship. The risk transferring and fixed returns based lending may harm the new venture if the borrower is not financial literate. In comparison, Islamic finance provides a juristic, participative, and equitable alternative for new ventures, which empirically shows growth promoting effects. This study explores the holistic curvilinear effect of financial development on entrepreneurship while allowing the moderating role of rising Islamic debt financing in the economy. This study selected the unbalanced panel data of all Islamic banks of 16 countries and used panel quantile regression to estimate the quadratic financial development effects and moderation of the Islamic debt financing. The results showed that Islamic debt financing provides entrepreneurship support coverage in countries where the financial sector is not fully developed. Central Banks and Islamic advisory councils can follow the outcomes to integrate increasing Islamic financing in the national financial development policy in developing a facilitative environment for new businesses
Domestic Private Investment, and Export on Output Growth of Large-Scale Manufacturing Sector in Pakistan: An Application of Bound Tests to Cointegration Approach
Full text linkThe goal of this analysis is to explore the impact of domestic private investment in large-scale manufacturing sector on the output growth of the large-scale manufacturing in Pakistan. The investigation utilized yearly data for the year 1973-2020. By applying the autoregressive distributed lag (ARDL) technique, the study examines both short-term and long-run effects of domestic private investment (DPI) on output growth in large-scale manufacturing.However, the study affirms a positive and significant relationship among domestic private investment, exports and value-added, large-scale manufacturing (VAL) in both short-and long-run, while market size and inflation also have a negatively and significantly influence on the value-added, large-scale manufacturing sector. It is also confirmed that domestic private investment, export, inflation have a bidirectional causal relationships with large-scale manufacturing, value-added. Moreover, findings also implies that unidirectional causality is running between employment (EMP), market size (MS), and large-scale manufacturing growth output growth (VAL). Hence, numerous incentives with tax cuts or subsidizations must be sponsored by the supervision of government in a direction to foster private investment. Provided that political stability, better infrastructure, and management in industrial manufacturing zones empowers to attract transnational exports by improving law and order conditions in Pakistan.
Keywords: Domestic private investment, value-added, large scale manufacturing, export, Pakistan
Supply Chain Resilience in VUCA World: Towards a Holistic Approach of Quality Assurance and Risk Management
Full text linkSupply chain management is often associated with disruptions and chaos. This paper intends to explore the factors causing supply chain disruptions and develop a framework for supply chain resilience, thereby highlighting the significance of integrating quality assurance and risk management. With the help of in-depth interviews of management officials involved in the pharmaceutical supply chains in Pakistan, the study finds that a holistic approach towards quality assurance function is indispensable in the supply chain of pharmaceuticals. Drawing on the theoretical framework of chaos theory and complexity theory, the results of this study show that supply chain resilience can be achieved effectively by implementing a proper risk management system identifying the possibilities, and quantifying and mitigating the risks before they emerge. The study also highlights the differences between the supply chain resilience capability of large and small-scale pharmaceutical firms in Pakista
Doctors’ Attitude Toward Patient Demand and Direct-To-Consumer Pharmaceutical Advertisements in Pakistan
Full text linkSince the COVID-19 phenomenon has emerged, e-patient attitudes have created a new normal for abnormal situations. This study sees how the patient demands will affect physician persistence habits from the perspective of physician-patient relationship, which is reinforced by increased digital health advertisements such as direct to consumer pharmaceutical advertisements. In this respect, primary data was collected from 300 doctors of Peshawar, using cluster random sampling through an adapted questionnaire and applied Creswell (2014) mixed method. SPSS-AMOs was utilized to evaluate the data from the first phase. In the second phase, Atlas.ti was applied to validate the first phase results. Patient demands backed by direct to consumer advertisements are more likely to be considered by physicians. Escalated physician patient relationship can also serve as a partial mediator between patient demand and physician persistence habits. Moreover, DTCPA has a direct effect on physician persistence habits and moderates the mediation of physician-patient relationship between patient demand and physician persistence habits. Consequently, majority of physicians advocate the use of DTCPA to raise patient awareness and allow them to express unspoken concerns to physicians. However, self-medication and unnecessary patient interventions may increase healthcare risks. The study contributes to the substantial body of knowledge about DTCPA\u27s impact on Pakistani physicians and physician–patient relationship by modifying the behavioral theories
Impact of Strategic Human Resource Management on Rule Breaking and Job Satisfaction: Moderating Role of Servant Leadership and Mediating Role of Rules Control
Full text linkAlthough all forms of resources are necessary for organizational success, the literature seems to agree that human capital and its management have a substantial influence on the performance of corporations. In today\u27s dynamic world, where communication and technologies continually grow, the actions and behavior of employees in their organizations are gaining importance with regard to the workers’ performance, SHRM, and servant leadership positions. In this study, the impact of SHRM, servant leadership, and rule control on Job Satisfaction and rule-breaking behavior of employees have been analyzed. Our study consists of a sample population of 287 white collar employees in the public and private sectors of Pakistan. Analysis was carried out using SPSS and AMO programs. Hypotheses were tested by the structural equation model. Finding reveals that SHRM has a positive and significant influence on job satisfaction but an insignificant impact on the rule-breaking behavior of employees. Servant leadership positively influenced job satisfaction and significantly moderates the association between SHRM and job satisfaction indicating that the servant attitude of the manager increases the satisfaction of the personnel. Rules control plays a significant mediating role. The current study contributed that employee exhibit greater levels of persistence, competence, and competitiveness while they are motivated by servant leaders. Managing workers from different backgrounds and with different work ethics require proactive leadership that disciplines organizational life according to predetermined guidelines for job involvement