Pakistan Journal of Commerce and Social Sciences (ISSN 1997-8553)
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Market Efficiency and Asymmetric Relationship between South Asian Stock Markets: An Empirical Analysis
Get PDFThis paper examines market efficiency and asymmetric cointegration among the South Asian stock markets using monthly data from January 1998 to December 2013. The structural breaks and wavelet based unit root tests indicate that the markets are efficient at least in the weak form. We use asymmetric cointegration and asymmetric error correction models to examine the dynamic relationship between the selected stock markets. Results suggest that Indian stock market impacts Pakistani stock market in long run. Bangladesh stock market impacts Sri Lankan stock market and the speed of adjustment to the positive shocks is higher and thus stock prices adjust quickly to the good news in comparison to the bad ones. The asymmetric error correction model shows unidirectional causality running from Indian stock market (Sri Lankan stock market) to Pakistani stock market (Bangladeshi stock market). The analysis provides implications for the investors while assigning the optimal weight of assets during portfolio formulation
Innovative Workplace Behavior, Motivation Level, and Perceived Stress among Healthcare Employees
Get PDFThe current study aims to explain innovative workplace behavior, motivation level, and perceived stress among healthcare employees. The sample of one hundred (N =100) doctors from Sheikh Zaid Hospital Rahim Yar Khan were recruited conveniently (M 50; F 50). Three highly valid instruments were employed; Perceived Stress Scale (PSS), Motivation Questionnaire (MQ), and Innovative Work Scale (IWS). Quantitative crosssectional research design was applied. Data were tabulated through SPSS (21.0.). Statistical techniques; mean, standard deviation, regression, and chi-square were used to test the hypotheses. The results depict there is a significant inverse relationship between perceived stress and motivation. Likewise, significant but inverse relationship exists between perceived stress and innovative workplace behavior of doctors. Conclusively, study proves the potential negative effect of perceived stress on motivation and innovative work behavior among health care employees. Future avenues and limitations of current study are also cordoned off
Analyzing the Sustainable Behavioral Intentions: Role of Norms, Beliefs and Values on Behavioral Intentions
Get PDFThe purpose of the study is to examine the contributing factors (norms, beliefs and values) as a proxy of sustainable behavior. To achieve the research objective a survey method was adopted by using convenience sampling. From the results of the study it is evident that normative influence is a key predictor of behavioral intention. This study provides valuable insight and sound ground for academicians who are interested in studying sustainable consumer behavior in concerned emerging markets. It also presents valuable insights for practitioners and policy makers and it has revealed important findings and implications for aforementioned context
Gendered Perspective of Informal Sector of the Economy in Pakistan
Get PDFThis research paper examined gendered perspective of informal economy of Pakistan and has tried to highlight the gender discriminatory practices which home based women workers are facing. The paper mainly focuses on the gendered ideology of work prevailing in the society and other disparities which these women workers face due to being female. The mixed mode methodology was used to collect primary data from the four different sectors. The respondents of the study were home based women workers who were selected through purposive sampling process. The findings of the primary research revealed the worst condition of gender discriminatory practices, such as, exploitation (93.3%), behavioral problems (67%) and restricted mobility (73%), against home based women workers due to specific socio-cultural build-up of the society. On the basis of the study findings, a comprehensive table exhibiting life cycle risks of home based women workers was presented to identify the gendered perceptions existing in the society. Finally, the paper concludes that while designing interventions and formulating policies, gender dimensions and gender norms must not be ignored, in order to attain fruitful results and material and social welfare of the society
Socio-Economic Stability of People through Social Development Projects with Special Focus on Rural Areas of Sindh: A Vision for Prosperity
Get PDFIt is unavoidable fact that our country is blessed with immeasurable natural resources but only there is dire need of proper utilization of those resources. It is a matter of great grievance that our matchless natural resources are being squandered owing to lack of expert strategies. If proper planning and special focus is paid towards the social development of rural areas it would not be big boast to claim that the fate of poverty stricken people living in the rural areas can be changed within finger tips. There have been best precedents in our country in the socio-economic stability of people whenever social and economic projects have been launched to address the poverty of people living in backwards areas of Pakistan. This present research intends to amylase the positive impact of social and economic projects on the social well-being of people through economic generation opportunities. SPSS software has been applied to verify the obtained data collected from rural areas. Chi-square test obtained through SPSS is greater with P-value 0.000 which indicates that our obtained data is valid and socio-economic stability of people is greatly boosted through social development projects if implemented through well-planned manner. The present research will help the engineers and technician regarding the effect utilization of social development projects
Conceptualizing Vitality at Work: Bridging the Gap between Individual and Organizational Health
Get PDFBased on the emerging literature on positivity in behavioral and organizational sciences, this study conceptualizes the phenomenon of Vitality at Work (VAW). VAW is an integrative, multi-dimensional framework which combines personal health with positive work attitudes and an energizing work environment. The article proposes that VAW is a state in which individuals feel healthy and committed to their work and organizations in the presence of positive and energizing work connections. Moreover, these three dimensions exist in a symbiotic relationship with each other. By demonstrating this coexistence, VAW confirms the interdependence of individual and organizational health. Five factors were identified from literature as the underlying dimensions of VAW which are; Sense of Coherence (SoC); Perceived Health and Energy (PHE); Energizing Connections (EC); Organizational Commitment (OC); and Goal Commitment (GC). For the first time, these elements have been brought together in a single empirical model, which applies exploratory factor analysis and confirmatory factor analysis to survey data on academics employed in top-ranking United Kingdom’s (UK) universities. Results from 365 responses on a structured questionnaire demonstrate the robustness of the proposed construct, and provide evidence that healthy employees are committed to their work and organizations when energized by positive work connections
Factors of Perceived Organizational Politics: An Analysis of What Contributes the Most?
Get PDFThis study explores the contributions of four factors altogether from (1) individual, (2) dispositional, (3) organizational, and (4) job characteristics in organizational politics. A sample of college teachers (n=423) taken from Multan provided data on the measures of individual attributes, perceived organizational politics, Type-A behavior pattern, basic psychological needs at work, organizational structure, and job characteristics. The series of ordinary least squares regression model was employed to analyze the role played from four groups of factors. Results indicated that Findings revealed that age and job tenure from personal factors, Type-A behavior and need of autonomy from dispositional factors, centralization, formalization, and hierarchical level from organization factors, and skill variety, job autonomy, and feedback from job-related factors were found highly significant predictors of perceived organizational politics. Findings support the consideration of personal, dispositional, organizational, and job-related factors to perception of politics. These findings have the implications for institutes and organizations to derogate the political environment at workplace through providing skill variety, autonomy, feedback, and formalization
Inflation Welfare Cost Analysis for Pakistan: An ARDL Approach
Get PDFSubstantial changes in price inflation rate have serious economic consequences on the welfare of consumers in an economy but the issue has not, thoroughly, been reckoned in Pakistan. The study aims at assessing the nature and extent of welfare cost of inflation (WCI), employing well-established theory of money demand for the purpose. To address the issue more deeply, high frequency biannual series of gross domestic product (GDP) have been constructed and used benefitting from earlier works, a la Arby (2008). Biannual Divisia monetary aggregate (DMA) M2 series has, specifically, been constructed along with simple sum monetary aggregate (SSMA) M2 to establish the adequacy of DMA over SSMA in measuring the WCI in the long run based on versatile money demand specifications estimated using autoregressive distributed lag model (ARDL) framework. Short-term interest rates are regressed on money income ratios for Pakistan as implied by the theory. Based on information criteria, it is shown that DMAs rendered better fit and reliable estimates and log-log specification better approximate money demand than theirs counterparts. It is found that a decrease in inflation rate from 15 to 5 percent amounts to an annual welfare gain in the range of rupees 105 to 118 billion with log-log specification entailing one of the DMA or SSMA. These estimates of WCI are actually much less than the true inflation costs borne by an economy as moral inflation costs such as corruption, suicide attempts due to joblessness, political instability, currency devaluations etc. cannot be accounted for due no concrete measurability for these attributes. The study concludes that price stability on lower prices inflation rate must be the prime goal in monetary policy, and if the government spends a few billion rupees on price stability, it will gain too much not only in lowering the rampant corruption but also in gain political, moral, and financial stability. The study recommends the construction, publication, and use of high frequency DMAs and GDP series by the SBP that will opens many avenues for further improvements in evaluating WCI
International Students Mobility: A Case of Pakistan
Get PDFIn the current century, it is becoming more and more critical and important for every individual to have a global perspective in pursuing and shaping his/her future. Through studying abroad people can realize their full potential to benefit the community and nation. International students are an important source of additional financial resources for academic institutions. The academic mobility is mainly for the rich class and it continues to be a privilege of economic elite. Since the establishment of Higher Education Commission (HEC) of Pakistan in 2002, the students from average and poor families of Pakistan have also been abroad for higher studies. The selection of these students is done via a Graduate Record Examination (GRE).Their entire expenses of the successful candidates are born by HEC, Pakistan. In this paper, we would thoroughly discuss and analyze the trends of outbound Pakistani students by taking statistical data from Higher Education Commission of Pakistan and other secondary sources. The top host countries for Pakistani students and the academic achievements of these students abroad would also be analyzed
Mediating and Moderating Role of Financial Signaling, Information Asymmetries of Corporate Governance in Debt vs. Equity and Market Value Behavior
Get PDFThis particular study is regarded to the static trade off theory, pecking order theory, signaling theory and agency theory, life stage theory, transaction cost economics theory, market timing theory. This paper also estimates the results by an interactive structural equation modeling, depends on different theories to associate Debt versus Equity, corporate governance, and value of firm. The relationship of financial structure - Debt versus Equity, corporate governance, and firm value is tried to justify. In this particular study, 70 Non financial listed firms on Equity Market - Karachi Stock Exchange (KSE) are taken. The data is collected for the period of 2006 - 2010. The results presented that corporate governance has significant effect on firm performance under transaction cost economics theory and good corporate governance theory. It is noticeable of the results of corporate governance has significant effect of the value of firm. In addition, it is also shown that does have mediating effect in between the corporate financial structure and firm value. The negative relationship shows an agency problem. Therefore, the investors do not have the equal information’s of the particular firm as the manager holds. Furthermore, the financial singling and asymmetries of information’s hypothesis reflected that choice of debt or equity should impact the behavior of the investor due to information asymmetries, it is negative to increase threaten of bankruptcy. This research also concludes the basic premise to examine the structure equation modeling of impact of corporate governance and firm performance in the construction of portfolio for best alignment of cost of signaling and asymmetric risk