1,721,094 research outputs found
Sustainable environment, energy and finance in China: Evidence from dynamic modelling using carbon emissions and ecological footprints
No full textThis study investigates sustainable finance along with sustainable economic factors on both carbon emissions and ecological footprints in China. A novel Dynamic Autoregressive Distributed Lag technique is applied; results revealed sustainable finance exerts positive/negative influence on carbon emissions in the long and short run, respectively. Results are robust with ecological footprints that sustainable finance placed a lucrative cause to preserve the environment. Sustainable economic factors show a positive impact on carbon emissions in the long run, whilst economic growth, energy consumption and exports improve environmental quality. Conversely, in the short run, urbanisation supports the environment whilst economic development, energy use and exports exert a positive impact. In addition, this study suggests useful policy implications for the stakeholders.</p
Does gender diversity on the board reduce agency cost? Evidence from Pakistan
No full textPurpose: This study aims to examine the effects of board gender diversity on agency costs in non-financial firms listed on the Pakistan Stock Exchange (PSX). Design/methodology/approach: Multiple regression analysis is used to determine the impact of board gender diversity on agency cost. The research used panel data consisting of 2,062 firm-year observations of 226 non-financial firms listed on the PSX from 2008 to 2019 to test the proposed hypothesis. In addition, the Blau and the Shannon indices were used to checking for robustness. Findings: The results indicate that female presence on the board significantly reduces the agency cost and, hence, mitigates the principal-agent conflict. Moreover, consistent with the critical mass theory, it was found that boards with three or more female directors have a stronger impact on reducing the agency cost, as compared to two or fewer female directors on the board. Research limitations/implications: The sample was restricted to non-financial firms listed on the PSX only; therefore, the results reflect the attributes of Pakistan’s business environment. A similar analysis in the context of other countries may generate different results. Practical implications: The findings imply that female directors play an important role in reducing agency conflicts between shareholders and managers by enhancing monitoring through effective governance mechanisms. The policymakers, therefore, should focus on female career development and encourage professional training programmes to generate a fair, competitive environment for senior female management. Originality/value: This study attempts to fill the literature gap in that no similar study covers the non-financial firms’ listed firms in Pakistan. The paper supports the reforms made by the code of corporate governance by making the placement of female directors mandatory on Pakistani corporate boards. Overall, support is provided for the view that regulators should favour gender quotas regarding the composition of the board management team of listed firms to reduce agency conflicts and gain shareholder confidence.</p
Lone founder, family ownership and post-succession financial distress: the moderating effect of owners’ companions
No full textPurpose: the characteristics of the family businesses change after the transition of a firm to the next generation. We examine the effects of post-succession behavior of lone founder firms and family firms on the level of financial distress. Moreover, we investigate the moderating role of owners’ companions on these relationships. Design/methodology/approach: we used a sample of 3971 firm-year observations of non-financial firms listed on Pakistan Stock Exchange over the period 2012 to 2024. To test the hypotheses, we employed ordinary least squares regression analysis and further applied generalized method of moments estimation, two-stage least squares analysis and Heckman two-stage model to check the robustness of the results.Findings: drawing on agency theory and social identity theory, we find that lone founder firms experience higher levels of financial distress both during the founder’s tenure and in the post-succession period. In contrast, family firms exhibit lower levels of financial distress, a pattern that continues after the business is passed on to the next generation. Additionally, we highlight the beneficial role of owners’ companions in mitigating financial distress during the post-succession period in both lone founder and family-owned firms.Originality/value: overall, our study provides unique evidence on the transition of lone-founder firms and family-owned firms to the next generation, as well as the moderating influence of the owner’s companions on the likelihood of financial distress in the context of an emerging economy. Keywords: family owners, family business succession, financial distress, social identity theory<br/
CEO attributes, investment decisions and firm performance: new insights from upper echelons theory
No full textThe study examines the role of a CEO in enhancing a firm's performance through the mediating effect of investment decisions in the emerging economy of Pakistan. Distinctly, fixed-effects panel regression method is employed to examine the said nexus of nonfinancial firms listed at the Pakistan Stock Exchange. It is empirically unearthed that CEO attributes, namely, age, tenure, ownership, financial education, and career experience, are positively related to firm performance in general and capital investment decisions in particular. Second, capital investment decisions partially and significantly mediate the nexus between CEO attributes and firm performance with few exceptions that confirm the theoretical implications of upper echelons theory in an emerging economy context.</p
Corporate governance, working capital management, and firm performance: some new insights from agency theory
No full textThe role of corporate governance in performance of firms has been widely discussed in the extant literature. In contrast to examining direct relationships, this study investigates the mediating role of working capital management within these connections. Employing a large sample of nonfinancial firms listed on Pakistan Stock Exchange from 2009 to 2018, findings suggest that a corporate governance quality index and efficiency of working capital management are positively related to firm performance. Additionally, the results indicate that working capital management partially mediates the relationship between corporate governance and firm performance. These findings extend existing literature by offering new empirical and theoretical insights.</p
CEO personal characteristics and firms’ risk-taking behaviour: the moderating role of family ownership
No full textPurpose: This study aims to examine the impact of chief executive officers’ (CEOs’) personal characteristics on firms’ risk taking and the moderating role of family ownership on this relationship. Design/methodology/approach: This study used 2,647 firm-year observations of non-financial firms listed on Pakistan Stock Exchange over the period 2013–2021. To test the hypotheses, the authors used ordinary least squares regression and, to resolve the possible endogeneity problem, the authors used system generalized method of moments technique. Findings: Drawing insights first from upper echelons theory, the authors report that CEOs with business, economics, finance and/or management educational background and female CEOs reduce firms’ risk-taking behaviour. Further, using insights from social and organizational identity theoretical perspectives, the results indicate that due to strong family affiliation and organizational identity, family owners exhibit risk aversion behaviour and moderate this relationship. Originality/value: This study provides novel evidence of risk averse behaviour of CEOs with business, economics, finance and/or management educational background and female CEOs along with moderating impact of family ownership on this relationship in an emerging economy. Overall, the results extend empirical support for upper echelons and social identity theories in an emerging market context.</p
Gender diversity, intellectual capital, and family ownership: an empirical test of Kanter's hypothesis
No full textThis study examines the relationship between gender diversity and intellectual capital performance, and moderating role of family ownership on this relationship. The study used 3730 firm-year observations of 307 non-financial firms listed on Pakistan Stock Exchange over the period 2008-2020 and employed ordinary least squares regression analysis to test the hypotheses. More specifically, the study used Kanter’s (1977) framework of group composition (skewed board, tilted board, and balanced board) to examine multiple significance levels of gender diversity on boards, and used five measures (modified value-added intellectual coefficient, human capital efficiency, structural capital efficiency, relational capital efficiency, and capital employed efficiency) of intellectual capital performance. Using lens of agency theory and resource dependence theory, we found that gender diversity positively influences intellectual capital performance, however, the strongest impact is apparent in case of balanced board. Moreover, family ownership positively influences this relationship. Our study complements the efforts of policy makers by providing empirical support for the mandatory placement of females on boards and urge them to increase number of females on corporate boards to derive maximum benefits of female directors. In addition, our results recommend the enhancement of the professional skills of women work force to ensure their maximum participation in the corporate sector
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Commentaire sur le cinquième livre du Kanoun d'Avicenne, traitant des préparations pharmaceutiques ; d'après une note.
No full textAl-Kanoun fil-tibb li Ibn SinaCanon (le), par AvicenneNumérisation effectuée à partir d'un document de substitution.djild khamis min al-Kanoun sharh hakim Ali Rizwan Allah taʿala, qui se lit à la fin de la copie de cet exemplaire, qui est incomplet du commencement, et auquel manquent les cinq premières makala avec le début de la sixième, ce commentaire est l'œuvre d'un médecin nommé Ali Rizwan
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