Pakistan Journal of Commerce and Social Sciences (ISSN 1997-8553)
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Crude Oil Prices, Financial Stability, and Stock Market Crashes: Evidence from MENA Countries
Get PDFEnergy is one of the most basic requirements of modern economic life in the world. The international oil prices and stock markets have important relationships with each other. This paper examines the impact of crude oil price growth on stock market crashes at different levels of financial stability. This paper uses logistic regression and STATA to conduct analysis of data. Using a sample of MENA region countries from 1988 to 2017, we find that crude oil price growth negatively impacts stock market crashes only during the average level of financial stability. The impact is insignificant at either a higher or lower level of financial stability. These results are also robust to controlling for a financial crisis period
Does Country Level Sustainability Reporting Affect Sustainable Development of a Country? Evidence from Developed and Developing Countries
Get PDFThe role of accounting and reporting in sustainable development has been gaining prominence over the last few decades. There is advocacy by the sustainability network associations (especially Global Reporting Initiative) that corporate sustainability reporting enables the sustainable development of a country. This study aims to find an empirical connection between corporate sustainability reporting of the country and the sustainable development of the country. A 6-year data set, ranging from 2014 to 2019 relevant to sustainability reporting and sustainable development, was used to test the hypothesis by controlling the effect of countries\u27 governance index and countries\u27 global competitive index. E-views-9 software was used for data analysis. Panel regression techniques were applied to find out a relationship between sustainability reporting and sustainable development. Empirical results revealed that there is a positive and significant relationship between sustainability reporting of the country and sustainable development of the country. Results also showed that the impact of country-level sustainability reporting on sustainable development is stronger in developed countries as compared to developing countries. This paper contributes both theoretically and empirically and informs policymakers, regulators, and companies for promoting sustainability reporting to achieve sustainable development
CEO Power Dynamics and Firms Reported Earnings Quality in Egypt: Moderating Role of Corporate Governance
Get PDFThis study aims to explore the factors that influence the firm’s reported earnings quality (FREQ) for a sample of Egyptian firms from 2008 to 2019 by using panel data. The findings show that CEO power dynamics (CEO duality, CEO ownership, CEO tenure and CEO political connections) as negative determinants of FREQ in Egypt. Further, we investigate the role of corporate governance as weakening or substitution mechanism. We find that board independence serves as weakening mechanism for negative association between CEO ownership and CEO tenure, and FREQ. In contrast, the findings do not hold for weakening or substitution role of board independence between CEO duality and CEO political connection, FREQ. The findings also support maxim of tokenism as role of gender diversity is insignificant. Importantly, we find the presence of gender critical mass serves as substitution mechanism for negative association between CEO power dynamics (CEO duality, CEO ownership, CEO tenure and CEO political connections) and FREQ. Finally, we observed robustness in our main analyses for propensity matching score and difference in-difference techniques. The study has a novel contribution in existing research since it highlights the role of CEO power dynamic in an emerging economy and further provides an insight to the role of corporate governance
Leveraging Luxury Brands Purchase Intention through Cultural Congruent Assertive Advertising: A Cross-Cultural Experimental Evidence from Malaysia and Pakistan
Get PDFRecently, scholars suggested that brands can leverage their sales by developing advertisements through identifying the particular cultural orientation associated with consumer behavior in question. However, little effort has been made in understanding this phenomenon that how presentation and message manifested with cultural orientation in luxury brand advertisement can provide better action cues to consumers. Henceforth, this study presents a hypothetical model by integrating assertiveness appeals that have been frequently used in luxury brands to compare their effectiveness across cultures. To that end, the study underscores the fundamental query that whether the usage of culturally congruent assertiveness in the advertisement is an effective strategy for luxury brand promotion in emerging markets. The study has employed a quasi-experimental survey using luxury brand advertisement manifesting assertiveness appeal. Data was collected from 340 individuals of Pakistan and Malaysia after exposure to ad stimuli. The findings of structural equation modeling using AMOS 24 validate the effectiveness of the assertive advertising appeal usage across both nations. This implies that using assertive presentation and message in luxury brands advertisement could leverage the buying behavior in emerging markets.
Testing the Moderating Role of Environmental Audits in the Relationship Between the Carbon Taxand Renewable Energy Consumption: Evidencefrom Japanese Manufacturing Firms
Get PDFGlobal warming and climate change are the outcomes of excessive carbon emissions (CO2) from the consumption of fossil fuels. To reduce the volume of CO2 and to overcome this challenging environmental problem, it is imperative to encourage renewable energy consumption (REC). Furthermore, environmental regulations can also play a crucial role in promoting sustainable business practices. Thus, the primary aim of this research is to examine the impact of the carbon tax on REC. The random-effects regression model is applied through STATA 16 by using a panel of 1080 manufacturing firm-year observations from Japan for the period 2004-2019. We find a significant positive relationship between the carbon tax and REC. Due to the carbon taxation, businesses shift to renewable energy as it reduces CO2 and improves corporate environmental performance (CEP). Further, the secondary objective of this research is to examine the moderating role of environmental audits between the carbon tax and REC relationship. The empirical results confirm that environmental audits positively moderate the relationship between the carbon tax and REC. The findings of this study are in line with the stakeholder theory because mainly the environmental protection is an outcome of stakeholders’ pressure. Furthermore, the results and implications of this study are helpful for regulators, environment policymakers, environment managers, investors, and environmentalists. This research study is unique because it is among the very few studies that have explored the impact of the carbon tax on REC in the corporate sector
Leaders’ Core Self-Evaluation and Team Performance via Serial Mediation of Relational Identification and Team Potency
Get PDFTeam performance has been the theme of scientific inquiry for a long time. However, researchers have recently diverted their attention to relational approaches to understanding highly congruent teams better. Unfolding the antecedents of team performance requires a nuanced display of leaders’ traits like core self-evaluations (CSE), relational dynamics, and team beliefs in terms of potency to achieve performance excellence. The essence of congruence lies in how much the leader-follower relationship array complements each other in terms of leaders’ trait-display as per expectations of the team members. So, the current study aims to substantiate the direction and magnitude of leaders’ CSE influencing team performance via relational identification and team potency beliefs. A time-lagged data is collected from 400 employees’ members and 80 immediate leaders working in a multinational bank from Pakistan. The obtained data is analyzed using SPSS and MPlus. Findings validated the indirect effects of leaders’ CSE on team performance via relational identification and team potency path. The study endorsed the realization of team performance precisely through leaders’ CSE, and leader-members relationship analogy that establishes relationship congruence elicits team potency and consequently augments team performance. Implications of the study and limitations and future directions are summarized for a thoughtful solicitation.
Impact of Health Information Technology Adoption and its Drivers on Quality of Care & Patient Safety in the Health Care Sector of Pakistan
Get PDFThis research aims to examine the impact of IT launch, technical support regarding IT, and the length of IT usage on healthcare outcomes including patient safety and quality of care. This study examines health information technology adoption as a mediator in this research model. To accomplish this purpose, the researchers collected data through a self administered questionnaire from people working in the health sector of Pakistan. Data was analyzed by using two statistical software SPSS and AMOS covering descriptive analysis, confirmatory factor analysis, and structural equation modeling. Results of the study impose that IT launch has a positive and significant impact on patient safety and quality of care. Length of IT usage also has a positive and significant impact on patient safety and quality of care. The technical support regarding IT has a positive and significant impact on patient safety but an insignificant impact on the quality of care. Moreover, results indicate that health IT adoption plays a significant mediating role in this research model.
Spatial Econometric Model of the Spillover Effects of Financial Development on Carbon Emissions: A Global Analysis
Get PDFThis study investigates the impact of financial development (FD) on CO2 emissions in the presence of economic growth, industrial growth, and renewable energy consumption. The sample size consists of panel of 89 countries for the period 1992-2014. The empirical analysis has been done by applying spatial econometrics techniques for exploring the spillover effects from the neighboring countries. The results demonstrate that spatial dependency exists among the sample economies. The spatial segregation analysis reveals that both local (direct) and spillover (indirect) financial development effects significantly lower local carbon emissions. Furthermore, the results demonstrate that in developed countries FD lowers the CO2 emissions whereas in developing countries FD increases the carbon emissions. The findings are useful for economic policy makers for devising economic and environment related policies by considering the intensity of FD spatial effects in the local economy’s pollution level. The findings of this study are also useful for highlighting the fact that whether local economy’s environment improved (or deteriorated) because of its own initiatives (pressure) for (on) environment or due to other country’s initiatives (pressure) regarding FD.
Education for Women Entrepreneurial Attitudes and Intentions: The Role of Perceptions on Gender Equality and Empowerment
Get PDFWithin the patriarchal society of Pakistan, the current study has modeled one research question: Does university-based entrepreneurship education (EE) raise university students’ self-employment attitudes and intention through nurturing their perceptions of gender equality and empowering women?
To address this question, the current study uses partial least square structural equation modeling (PLS-SEM), with the hypotheses grounded in the theory of planned behavior (TPB) and Sustainable Development Goals (SDGs, 4&5) to provide the complementary explanations of the female students’ intention to become self-employed. Based on reliable and valid constructs, the PLS structural model significantly explains about 54% of the variance in female students’ intention to become self-employed.
However, the most relevant result to be considered is the confirmation that female students’ positive perceptions of gender equality can lead them to their perceptions of women empowerment. Likewise, through it, to attitudes about and intention to participate in self-employment.
Apart from its limitations, the current study presents some theoretical and practical implications in the Pakistani context. Particularly that through discussion and persuasion, entrepreneurial education-based gendered supportive activities can reshape especially female students’ gender attitudes and stereotypes. That, in turn, may enhance their self employment career attitudes and intention
The Chinese Inward FDI and Economic Prospects amid COVID-19 Crisis
Get PDFNovel coronavirus (COVID- 19) is not only a public health threat, but it is also a serious economic threat to the whole world. This article is to analyze economic impact of COVID-19 upon Chinese economy. COVID-19 has plunged the world into deepest recession with unprecedented levels of poverty, deprivation, and unemployment. Some political economists are calling the initial mishandling of COVID- 19 as a monumental failure of Chinese governance and institutions. However, as the time passes by, the Western economies have not done better than China in constraining the pandemic. The COVID-19 has negatively affected the global foreign direct investment (FDI) flows. This article contributes on the possible policy routes for the global economy and for the Chinese economic prospects