Pakistan Journal of Commerce and Social Sciences (ISSN 1997-8553)
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Portfolio Diversification in Global Equity Markets and the Role of Global Financial Crisis
Get PDFThe main focus of the current study was to investigate 33 major stock indices on a weekly basis to fill the void concerning fresh information in the context of co-movement of markets as a result of the Global Financial Crisis. Factor analysis was applied through two methods, principle component (PC) and maximum likelihood (ML), as both of these methods are widely accepted. The assumption of normality is not required in the PC method, whereas ML demands data normality. To check normality, KolmogorovSmirnov Test was applied. All the markets except a few Asian markets (e.g. Hong Kong, China, Japan and Philippine) have significant values which indicate the abnormality of data; therefore, principal component analysis was applied.
Global stock markets were divided into three groups and affects of the crisis on their comovements were judged by applying rotated factor analysis. Results of the analysis revealed that American and Asian equity markets demonstrated a linear interaction. However, European markets were prone to the financial crisis of 2007.
Findings of this study are of great value for investors, as they can develop their future investment plans to optimize the benefits of diversification. American, Asian, and European regional investors can spread their investment portfolios by adding new investment proportions of all regions. This study is conducted on global data taking the financial crisis of 2007 as the main event that could affect stock markets. This study is new in nature, as none of the previous researchers have conducted study in this domain
Testing the Mediating Role of Perceived Organizational Support between Leadership Styles, Organizational Justice and Employees Behavioral Outcomes
Get PDFThe current study was conducted to investigate the impact of Leader Member Exchange (LMX), Organizational Justice (OJ) and Empowering Leadership (EL) on Job Performance (JP), Organizational Citizenship Behavior (OCB) and Reduced Withdrawal Behavior (RWB) of employees working in the manufacturing sector of Pakistan. On the basis of theoretical support which provides the linkage between these variables, conceptual model and hypotheses were drawn. The data was collected through the adopted survey instrument, from the sample of 358 employees representing the manufacturing sector of Pakistan. Statistical software SPSS version 17 was used for factor analysis, correlation and regression analysis. The positive and significant results showed that EL, OJ and LMX impact on the Behavioral Outcomes of Employees directly and indirectly through the mediation of Perceived Organizational Support (POS). Finally, managerial & theoretical implications along with limitations and future recommendations have also been discussed in this study
Rural Urban Food Consumption Analysis in Pakistan: Expenditure Elasticities Approach
Get PDFThe rural urban food consumption patterns are estimated and compared in Pakistan in the present study. The Household Integrated Economic Survey (HIEs), 1998-99 data published by the Federal Bureau of Statistics, Islamabad is used. The rural urban food consumption analysis at household level is carried out by dividing the households into five income groups at national and provincial levels. The expenditure elasticities of different food groups are estimated across the different income levels to know the differences among the rural urban household food consumption. The results of the study indicate that rural and urban households have different food consumption patterns. However, households in the low level income groups spend a larger fraction of their income on wheat, pulses and vegetable while high income groups on rice, meat and fish, milk and milk products both in rural and urban areas
Perceptions of Academicians Regarding Assessment Process of Distance Teacher Education Courses in Pakistan
Get PDFThis study aimed to analyze the assessment process of distance education. The study involved academicians working under distance education system as the faculty of education. It used a questionnaire depending on five point Likert scale. Its content validity and face validity was determined by expert opinion method. Reliability of tool was determined through Cronbach’s alpha that was 0.83. It concluded that assignment questions were well prepared. They covered entire courses. Question papers were well balanced but validity of question papers was not determined. Furthermore, marking of assignments was not satisfactory and the institutions did not ensure accuracy of marking of assignments and answer scripts. Tutors marked assignments but did not write comments on assignments to guide students about weak portions of their responses. Results were announced late but were communicated to students just after the result declaration. This suggested that all persons involved in the assessment process should perform responsibility seriously
Impact of Career Success on Organizational Performance: A Study of Health Care Sector
Get PDFManagement and organizational studies consider career success and organizational performance as imperative constructs. However, there has been dearth of literature with respect to its practice in healthcare field. Purpose of current study is to determine impact of career success on organizational performance of public health care hospitals, and to investigate possible dimensions of included variables. Preliminary snooping incorporated focused group and semi-structured interviews of medical practitioners who are currently working in the public hospitals in Lahore. In addition a questionnaire was distributed through convenience sampling technique. Out of total 300 distributed questionnaires, 200 were received back. EFA reveals four dimensions of career success and three dimensions of organizational performance. SEM results prove that career success of medical practitioners is important for improving performance of public hospitals in Lahore, Pakistan. This research is helpful for policy making and strategic development in health care field. However, the findings are limited to the local setting of Pakistan
Role of Board and Firm Performance in Determination of CEO Compensation: Evidence from Islamic Republic of Pakistan
Get PDFThe current research aims to investigate the influence of board effectiveness and firm performance on CEO compensation within the context of developing economy of Islamic Republic of Pakistan. The study uses Partial Least Square (PLS) based Structural Equation Modeling (SEM) Technique to draw the inference using PLS Graph Version 3.0. It uses Karachi Stock Exchange (KSE)-100 index companies as a sample for the period of five years 2007-2011. Before analyzing the structural model the validity and reliability of the model is confirmed through bootstrapping technique and variance inflationary factor respectively. The structural model results reveal that board effectiveness has negative influence on CEO compensation. Opposite to agency theory and current studies from developed countries, we have found a negative association between the firm performance (firm value and firm profitability) and CEO compensation. These results are due to different business environment of Pakistan and poor corporate governance structure. So, it is concluded that board of directors of Pakistani companies are not that much effective to facilitate the objective determination of CEO compensation and failed to design such contracts which can link the CEO pay with firm performance. Our results also support the international literature that firm size is the major determinant of CEO compensation. Most of the previous studies have been conducted with reference to developed economies so we need to know the procedure through which the corporate managers in developing economies are compensated. The unique characteristics of Pakistani business environment like concentrated ownership, family owned businesses and poor governance structure make it interesting to study this issue. Moreover, unlike developed economies the CEO compensation does not include stock options as a part of the total compensation representing the difference in CEO compensation contracts with respect to developed economies and developing economies. So, current study makes a valuable addition to the available literature by investigating the issue within the context of unique business environment of Pakistan
Injustice, Counterproductive Work Behavior and mediating role of Work Stress
Get PDFIn this study impact of injustice on work stress and counterproductive work behavior (CWB’s) was examined. The mediating role of work stress in the relationship of injustice and both active and passive CWB’s has been explored. Injustice contains three dimensional construct (distributive, procedural and interactional) while CWB’s were analyzed through production deviance as active CWB and withdrawal as passive CWB. Data were collected from 249 middle level managers from five different banks through a structured questionnaire. The purposed model was analyzed using Structural Equation Modeling (SEM) technique. Results revealed that all three dimensions of injustice have direct impact on work stress and indirect impact on production deviance and withdrawal behavior. Injustice creates stress and can have negative impact on behaviors of employees. Hence, employers should focus on providing justice not only for stress less work environment but also for positive behavior of employees
Determinants of Female Employment Status in Pakistan: A Case of Sahiwal District
Get PDFThe leading intention of this research work is to determine the various factors that determine female employment status (engagement of females in different employment activities). The data have been collected through field survey which consists of 402 females. We have used binominal and multinominal logistic regression model for the analysis. We have concluded that age, educational attainment, marital status and presence of children above 10 years have a positive impact on female employment. Presence of children below 10 years, assets, major disease and household size negatively and significantly related to female employment. Total working in family and number of dependents positively affect female decision as an active earner while have a negative effect on self-employment and underemployment. The study suggests that huge investment should be made for the provision of educational facilities. To improve the health condition of workers health facilities should be provided to everyone
Firm Size, Exchange Rate and Exports Performance: A Firm Level Study of Pakistani Manufacturing Sector
Get PDFMost of the countries are now focusing on changing its exports structure, concentration and direction. Among many other factors, firm-size and exchange rate are the vital factors that influence the export performance of a country. This study has attempted to investigate the effects of firm size and exchange rate on domestic and exports sales. The study has used panel data technique for the period of 1998-2010 focusing 205 manufacturing firms representing fourteen different industries. Two models are specified to explore the impact of firm size and exchange rate. First model examines the effects on export sales while the second model explored the effects on domestic sales. The findings of the first model suggest positive link among firm size, exchange rate and export sales. The second model exposed positive effect of firm size on domestic sales ratio while real effective exchange rate and domestic sales ratio are found negative
Organizational Cynicism, Work Related Quality of Life and Organizational Commitment in Employees
Get PDFThe research intended to explore relationship between organizational cynicism, work related quality of life and organization commitment in employees. The literature on organizational cynicism and organizational commitment revealed that cynicism has intense effects on organizational commitment. Moreover the effect of work related quality of life as a mediating variable was also inspected. The data was collected through questionnaires and sample comprised of 150 male employees between the age range of 28- 50 years (M age=32.11, SD= 5.36) working at managerial position of different companies of Lahore with a minimum experience of 3 years. The results of the study concluded that three of the dimensions of organizational cynicism had significant negative relationship with five of the dimensions of work related quality of life and two of the dimensions of organizational commitment. Moreover two of the dimensions of work related quality of life had significant negative relationship with two of the dimensions of organizational commitment. Structural Equation Modeling through AMOS revealed that working conditions mediated the relationship between affective cynicism and affective commitment. The main limitation of the study is the sample used, that it includes only males and from the private companies of Lahore. Implications for present study in organizations will be to lessen the negative attitudes in employees so they can work effectively and increase their productivity in respective companies and the work efficiency, quality of work life and commitment should be improved. This study aims to add to the knowledge in this area by exploring how cynicism affects quality of working life and organizational commitment that is almost under-research in Pakistan