Pakistan Journal of Commerce and Social Sciences (ISSN 1997-8553)
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Narcissistic Leadership and Team Creativity: Assessing the Mediating Role of Information Searching Effort and Moderating Role of Environmental Uncertainty
Get PDFThe aim of this research is to assess impact of narcissistic trait of leadership on team creativity. Focus of our research will be to analyze the mediating effect of information searching effort along with the moderating effect of environmental uncertainty between narcissistic leadership and team creativity under the concept of attention-based theory and social information processing (SIP) theory. Data collection was carried out through self administrative questionnaires from a total of 300 respondents from IT departments and higher educational institutions that are based in the twin cities (Rawalpindi and Islamabad) of Pakistan by using simple random sampling. For testing the mediation and moderation, structural equation modeling and Preacher & Hayes regression analysis was used. Findings of this study confirm that information searching effort positively mediates between narcissistic leadership with team creativity. Also, environmental uncertainty moderates between narcissistic leadership and team creativity. This research expands the application of attention theory for enhancing the creativity of team members
The Impact of Renewable and Non-Renewable Energy Consumption on Economic Growth: A Global Perspective with Developed and Developing Economies
Get PDFThis paper investigates the impacts of renewable and non-renewable energy consumption on economic growth employing a global panel data of 174 economies including the subsamples of developed and developing countries over the time 1980-2019. The renewable energy sources are disaggregated according to their source of production (biomass, solar, wind, and hydro) and their separate impacts on economic growth are estimated. The empirical exercise is based on the fixed effects, random effects, and two-step system GMM estimation approaches. The results reveal that renewable energy consumption exerts a positive influence on global economic prosperity including developed and developing countries. However, non-renewable energy boosts economic growth only in developing countries, while it retards growth in the developed world. The results reveal that alternative renewable energy sources have diverse implications for global growth management policies. On the one hand, biomass and solar energy resources stimulate global growth robustly while, on the other hand, hydro and wind energy sources exert mixed influences on economic growth. The gross capital formation increases while population growth reduces economic growth. Inflation boosts growth in developed economies while reduces in developing economies. For sustainable growth, the use of renewables should be promoted to preserve the environment
Corporate Social Responsibility and Institutional Investors: Evidence from Emerging Markets
Get PDFThis study investigates whether foreign institutional investors consider corporate social responsibility (CSR) while making investment decisions. Drawing on a sample from 21 countries, the study took 8756 firm-year observations from 650 non-financial firms over the 2002-2018 period. The study used generalized least square (GLS) regression along with other statistical techniques to analyse the data. The findings show a negative association of poor environmental and social performance with foreign institutional ownership (FIO). The findings also reveal that foreign institutional investors invest even less in poor CSR performing firms when these firms are located in countries with low disclosure requirements. The findings reveal that FIO has positive association with market turnover, economic development, free float, and firm size while negative association with financial leverage. The findings of the study have important implications for investors, regulators, and corporate managers in emerging and developing economies (EMDEs). The research is limited on CSR and institutional investors in emerging and developing economies. Therefore, this study contributes to existing CSR literature, aiming its importance for both foreign institutional investors and emerging and developing economies
Overconfidence Bias, Self-attribution Bias and Investor Decisions: Moderating Role of Information Acquisition
Get PDFThe purpose of this paper is to empirically test the association of behavioral biases like overconfidence bias and self-attribution bias, and information acquisition with individual investors decisions. This study also extends its contributions in understanding the role of information acquisition in moderating the relationship of behavioral biases with investors decisions. SmartPLS 3.0 is used to analyze the structural equation model which is applied on the cross-sectional data collected from 390 individual investors of Pakistan Stock Exchange using cluster sampling technique. Findings of this study confirm that behavioral biases (overconfidence bias and self-attribution bias) distort the rationality of individual investors’ decision, and information acquisition significantly moderates the relationship of overconfidence bias with investor decisions. This study contributes to the existing behavioral finance literature by unleashing less attended potential of information acquisition in managing irrationality caused by overconfidence bias. Individual investors can use this study to better understand the adverse impact of behavioral biases as well as the usefulness of information acquisition in handling the irrationality resulted from overconfidence bias. The fruits of this study can be extended to the policy makers so that they can better steer their policies concerning the provision of information to the individual investors. Authors attempt to combine the literature of behavioral finance and information acquisition with a notion to extend new theoretical understandings relating to investor decisions.
How Change Leadership affects Change Adaptability? Investigating the moderated mediation effect of Cognitive Resistance and Change Efficacy
Get PDFDrawing on the social cognitive theory, this research examines the relationship between organizational change leadership and change adaptability with mediating effect of change efficacy and moderating role of cognitive resistance. A longitudinal research design with a three-waved data collection procedure was followed to obtain responses from 246 employees working in services sector organizations operating in the province of Punjab, Pakistan. The obtained data were analyzed through Process Macro technique introduced by Hayes (2017) using SPSS 25. The results demonstrated that change leadership has a significant positive impact on change adaptability and change efficacy partially mediated the stated relationship. Further, cognitive resistance to change moderated the mediated relationship between change leadership and change adaptability through change efficacy. This research introduced an innovative model to initiate and implement an organizational change initiative with the help of organizational change leadership. Further, findings also highlighted the importance of developing change efficacy and managing cognitive resistance to change to increase the success ratio of any organizational change process. This research offered implications for the practice side to deploy the services of change leaders to manage the affairs related to organizational change. Furthermore, the key task of the change leaders is to increase the change efficacy and reduce the cognitive resistance to implement an organizational change successfully. This research adopted a novel approach to link a specialized branch of leadership (i.e., change leadership) with change adaptability by addressing the cognitive patterns of employees during change.
Factors Influencing the Acceptance of Islamic Crowdfunding in Malaysia: A Study of Youth Entrepreneurs
Get PDFYouth entrepreneurs in Malaysia are getting very little financial assistance despite the various funding options available for small and medium enterprises (SMEs). While financial institutions are the main source of external finance to SMEs, this financing option is often not readily accessible to youth entrepreneurs due to the latter’s high-risk profile. Islamic crowdfunding, which offers access to financing that conforms to Shari’ah principles, has the potential to significantly change the financing landscape for youth entrepreneurs. To enable this, it is crucial to examine factors influencing an entrepreneur’s intention to accept the Islamic crowdfunding as an alternative financing mechanism. This research aims to identify factors influencing the intention to accept Islamic crowdfunding among youth entrepreneurs in Malaysia. The data were collected based on a sample of 260 youth entrepreneurs in Malaysia through adopted questionnaires. The data were analysed using the Partial Least Squares-based Structural Equation Modelling (PLS-SEM). The results revealed that perceived usefulness, perceived ease of use, self-efficacy, Islamic platform, and financial accessibility have positive influences on youth entrepreneurs’ intention to accept the Islamic crowdfunding, but it was not the case for social influence. The findings for perceived risk, however, show a positive influence on intention instead of negative influence. Perceived usefulness significantly mediates the relationship between perceived ease of use and intention as suggested by the Technology of Acceptance Model (TAM). The findings of this study will help crowdfunding platform providers and policymakers have a better understanding of Islamic crowdfunding acceptance by youth entrepreneurs thus enhancing the growth of the crowdfunding sector in Malaysia
Role of Foreign Remittances in Poverty Reduction: A Case of Poverty-Ridden Kyrgyzstan
Get PDFRemittances have always been an important source of external finance for the low-income and middle-income developing countries. In Kyrgyzstan, remittances have provided a phenomenal support to the economy. The remittances from Russia to Kyrgyzstan accounted to 29 % of their GDP in 2020. There is a strong need to investigate the impact of foreign remittances upon poverty reduction for Kyrgyzstan, which is the second leading recipient country of the foreign remittances in the Central Asian region. This study has empirically investigated the impact of remittances on poverty in Kyrgyzstan by taking the variables like remittances, poverty size, capital formation, per capita GDP, savings, and unemployment for the period of 2008-2019. Ordinary least square regression was applied, and the results show an insignificant relationship between foreign remittances and poverty reduction. The reason is that remittances in Kyrgyzstan are not pro-poor as mostly the workers from the rich families have migrated to Russia
Human Capital, Trade Openness and CO2 Emissions: Evidence from Heterogeneous Income Groups
Get PDFThis study examines the impact of trade openness, urbanization, and human capital on environmental degradation using the panel data of 126 economies for the years 1971-2020. The study also extends the analysis for four sub-panels namely, high-income economies (HIC), upper-middle-income economies (UMIC), lower-middle-income economies (LMIC), and low-income economies (LIC) by using fully modified least squares (FMOLS), dynamic ordinary least squares (DOLS), fixed effects (FEM), random effects (REM), and system GMM. This study uses the environmental impact of the population, affluence, and technology (IPAT) model. The main result of the study reveals that openness to trade has a harmful impact on the environment in the global, upper-middle- and low-income economies, although it shows a benign effect on the environment in high-income economies. Moreover, trade has an insignificant influence on the environment in lower middle-income countries, but a negative significant impact in high-income economies. Urbanization degrades the environment in all economies except in low-income economies where it improves environmental quality. Meanwhile, results also show that enhancement in human capital will lessen emissions in all economies. Human capital has the potential to curb the level of emissions in almost all income economies. Therefore, economies should invest in human capital to combat emissions
Role of Social Capital and Social Value Creation in Augmenting Sustainable Performance of Social Enterprises: Moderating Role of Social Innovation
Get PDFThe last two decades represented the scarce discussion of the organizational social capital (SC) and its impact upon the social enterprises’ sustainable performance in the developing economies like Pakistan. The main objective of this research is to analyze the impact of social capital on sustainable performance (SP) of social enterprises working in the context of developing economies. This research also tested the mediating role of the social value creation in the relationship of social capital and sustainable performance of social enterprises. Moreover, the contingent effects of social innovation (SI) were also evaluated upon the association of social capital and social enterprises’ sustainable performance. Study utilized the deductive reasoning by applying the quantitative method. Data was gathered from the 171 managerial level employees of the 57 social enterprises working in Pakistan. Correlation analysis, regression analysis and Normal test theory was used as statistical test utilizing SPSS v.23. The statistical results confirmed that all the predictor constructs significantly elucidate the consequence constructs. Mediation analysis results also confirm that social value creation mediates the association of social capital and sustainable performance. Similarly, moderation analysis also confirms the moderating role of the social innovation upon the association of social capital and social enterprises’ sustainable performance. This study enriches the available theory through evaluating the mediating role of social value creation and moderating role of social innovation on social capital-sustainable performance link, thus makes a significant contribution to prevailing theory contextualizing the social enterprises of developing economies by emphasizing upon the associations among social capital, social value creation, social innovation and sustainable performance
Contagion Effect of COVID-19 on Stock Market Returns: Role of Gold Prices, Real Estate Prices, and US Dollar Exchange Rate
Get PDFThe purpose of this study is to empirically analyze the contagion effects of the COVID-19 pandemic on stock returns of the Pakistan Stock Exchange (PSX). In this context, the causal changes of three major macroeconomic indicators i.e. gold prices, prices of real estate, and the US exchange rate on the stock market returns were assessed. The daily indices of stock returns, house prices index, plot price index, daily prices of gold, and the daily US dollar exchange rate are analyzed. The data spanning six months, including three months of pre-COVID-19 and three months of post-COVID-19, was analyzed using Eviews software. The event study methodology is used, and the GARCH model is applied to test the relations. The findings highlight the impact of the COVID-19 pandemic on stock returns and reveal a significant change in the relationship between prices of gold and the stock market returns. Similarly, the change in the relations between stock market returns and real estate prices got significant support. However, the change in the relations between the US dollar exchange rate and stock market returns was found insignificant. The study contributes by providing evidence that explains the changes in dynamics of the capital market during the pandemic. The study also helps the investors to understand how macroeconomic variables behave during periods of stress