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- Karachi Stock Exchange (6)
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Articles 1 - 30 of 89
Full-Text Articles in Social and Behavioral Sciences
The Economic Costs Of Political Instability: Evidence From Pakistan, Shahid Hussain, Falik Shear
The Economic Costs Of Political Instability: Evidence From Pakistan, Shahid Hussain, Falik Shear
Business Review
This study analyses the impact of Political Instability (PI) on economic growth. PI is referred as the frequent regime or government changes in a country. PI affects economic growth due to inconsistent and uncertain government policies regarding investment and trade, tax system, government spending and fiscal balance, debt structure, monetary policy, exchange rates and inflation. PI coupled with these factors affects internal and external investments and ultimately future economic growth rates. Employing data from Pakistan for the period of 1984-2018, a country with a long history of various episodes of political instability under various democratic and non-democratic regimes, this study …
Time Allocation Pattern For Household And Expenditure Saving Market Activities By Using Economic Value Of Time: A Gender-Based Analysis In Pakistan, Hamna Nasir, Ambreen Fatima, Gulrukh Zahid
Time Allocation Pattern For Household And Expenditure Saving Market Activities By Using Economic Value Of Time: A Gender-Based Analysis In Pakistan, Hamna Nasir, Ambreen Fatima, Gulrukh Zahid
Business Review
The objective of this study is to estimate the opportunity cost of time spent on household work and expenditure saving market work performed by individuals by taking into account their personal and socio-demographic characteristics. Data is gathered from Labour Force Survey of Pakistan for different years. Pseudo panel technique is used by making cohorts of household and expenditure saving market activities, region and province. Increase in the opportunity cost of time increases female household work hours and expenditure saving market hours by 6.2 and 7.001 hours/week respectively, whereas increase in the opportunity cost of time increases male household hours and …
Educational Requirements Of Pakistan: A Normed Planning Approach, Faiza Hassan, Hafsa Hina, Arshad Ali
Educational Requirements Of Pakistan: A Normed Planning Approach, Faiza Hassan, Hafsa Hina, Arshad Ali
Business Review
The study assesses the performance of a developing economy's educational sector by comparing some fundamental educational statistics from Pakistan to those of ten better-performing nations, and it outlines the required levels of education for the following decade. It presents a road map for the educational sector in Pakistan for the next ten years after identifying the gap between the existing and required levels of educational statistics. For each level of education, projections for the following variables are created. The required levels of Gross enrolment ratios, student-teacher ratios, the number of enrolments and the number of teachers. The required distribution of …
Food Price Volatility And Household Welfare: A Case Study Of Major Cities Of Pakistan, Nigar Zehra, Ambreen Fatima
Food Price Volatility And Household Welfare: A Case Study Of Major Cities Of Pakistan, Nigar Zehra, Ambreen Fatima
Business Review
The purpose of this paper is to find the impact of food price volatility on the welfare of urban households of Pakistan. Food price volatility in monthly prices of major food commodities for main cities of Pakistan is calculated through standard deviation method. Moreover, the study adopts the methodology provided by Alkire and Foster 2007, and Alkire and Santos 2010 to develop Household Deprived Welfare Index (DWI) for major cities of Pakistan. Following Deaton 1985, the study uses pseudo panel approach. Fixed Effect technique is applied to estimate the impact of volatility on household welfare. The results generated from pseudo …
The Impact Of Covid-19 On Stock Market And Exchange Rate Uncertainty In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Mannan Zaheer
The Impact Of Covid-19 On Stock Market And Exchange Rate Uncertainty In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Mannan Zaheer
Business Review
This paper examines the impact of coronavirus (COVID-19) on exchange rate (EXU) and stock market uncertainty (SMU) in Pakistan while controlling for the effects of interest rate and policy interventions by the Government and the Central bank to combat the pandemic. We employ the vector autoregressive (VAR) model over a sample period ranging from February 25, 2020 to May 6, 2021. We find that a shock to total daily coronavirus cases in Pakistan has a positive and significant impact on both the EXU and SMU. However, this impact is short-lived which may be attributed to a timely policy response and …
The Macroeconomic Impacts Of Government Debt In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Junaid Kamal
The Macroeconomic Impacts Of Government Debt In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Junaid Kamal
Business Review
This paper examines the Ricardian equivalence hypothesis for Pakistan using a vector error-correction model. The sample period extends from June 2002 to January 2020. The results are reported using variance decompositions and impulse response functions. The base model contains six variables and is estimated with 4 lags. We find support for the idea that wealth does not increase as government debt increases; Hence, it proves the fact that economic agents are rational actors and foresee current expansionary actions of the government that result in accumulation of debt as the present value of future taxation that they have to pay and …
Taxation Of Agricultural Incomes In Pakistan: Conceptual Issues, Data Challenges And Empirical Estimates, Abdul Salam
Taxation Of Agricultural Incomes In Pakistan: Conceptual Issues, Data Challenges And Empirical Estimates, Abdul Salam
Business Review
There is considerable diversity and variation in the land-based and agricultural income tax rates across the provinces in Pakistan. The annual land-based tax revenues from the cultivated land, including orchards, are estimated at Rs. 5 billion in Punjab, 2.5 billion in Sindh, one billion in KP, and less than half a billion in Baluchistan. Based on the 2017-18 GDP estimates from crops, two sets of income tax revenues were estimated: one at the provincial rates and the other at the FBR tax rates for non-salaried persons. Tax revenues from crop income, at the current provincial rates, work out to Rs. …
The Socio-Economic Factors Of Poverty: Empirical Evidence From District Lasbela, Balochistan, Fida Muhammad, Parvez Ahmed Shaikh, Hazrat Yousaf
The Socio-Economic Factors Of Poverty: Empirical Evidence From District Lasbela, Balochistan, Fida Muhammad, Parvez Ahmed Shaikh, Hazrat Yousaf
Business Review
Poverty is defined as a lack of basic necessities for survival. The current study examines the socio-economic factors that contribute to poverty in five of the district of Lasbela's nine tehsils, namely (Bela, Dureji, Hub, Sonmiani, and Uthal. Lasbela is Balochistan's tenth most deprived district, located near Karachi. The data for this study is cross-sectional and contributed from the project's 2014 Base Line Survey (BLS, 2014). The Logit model was used to evaluate the variables under study in order to achieve the study goal. According to our empirical findings, the average daily income in this district was less than $1.50. …
Empirical Evidences On Pricing Mechanism In Pakistan: A Duration Analysis, Fauzia Sohail, Ambreen Fatima
Empirical Evidences On Pricing Mechanism In Pakistan: A Duration Analysis, Fauzia Sohail, Ambreen Fatima
Business Review
This study evaluates the price setting behavior across main cities of Pakistan by employing the micro data from retail price survey. The most contemporary research technique of Duration Analysis is employed where survivor functions are estimated by most illustrious nonparametric Kaplan-Meier and Nelson-Aalen Estimators. Hazard Functions for various product groups are also estimated by employing parametric Weibull Hazard Model. Results confirm that perishable food items have shortest duration of one week for most of the spells, where government regulation caused prices to change more frequently. It is found that on average small cities faced lower hazard and thus comparably lesser …
Quality Minus Junk Factor: A Study On Asset Pricing Dynamics In The Equity Market Of Pakistan, Shahrbano ., Sumayya Chughtai, Tahira Awan
Quality Minus Junk Factor: A Study On Asset Pricing Dynamics In The Equity Market Of Pakistan, Shahrbano ., Sumayya Chughtai, Tahira Awan
Business Review
This study examines the role of quality minus junk factor in explaining cross-sectional differences in stock returns for the equity market of Pakistan. A new factor quality minus junk has been added to the existing Fama & French three factor model (1993) as a fourth factor to check whether it is priced as a risk factor. The study also compares the explanatory power of the newly proposed model with the existing single-factor Capital Asset Pricing Model (CAPM) and Fama & French three factor model (1993). A high quality data set of 70 non-financial firms listed on the PSX is employed …
Extreme Tails Behavior In Asian Currency Markets, Sumaira Zia, Arshad Hassan, Ayesha Zia
Extreme Tails Behavior In Asian Currency Markets, Sumaira Zia, Arshad Hassan, Ayesha Zia
Business Review
This study examines extreme tail behavior in Asian currency markets for the period of 2005-2018. Value-at-Risk (VaR) is estimated through Extreme Value Theory (EVT) approach to forecast losses incurred in a day in Asian currencies. Initially EVT approach is used to estimate extreme losses on the left tail of the distribution. Then, the VaR estimation of this approach is back tested through traditional and advance back testing methods to ascertain the accuracy of the models used. Results indicate that the estimation of GPD static model is relevant for extreme risk forecasting in EVT approach at both 95% and 99% confidence …
Education And Life Satisfaction: A Marginal Mediation Analysis, Faiza Hassan, Hafsa Hina, Abdul Qayyum
Education And Life Satisfaction: A Marginal Mediation Analysis, Faiza Hassan, Hafsa Hina, Abdul Qayyum
Business Review
The current micro-level study explores the impact of education on life satisfaction of individuals in Pakistan via six mediating factors that are health, employment status, marital status, number of children, the scale of income and freedom of choice. The differences based on gender, marital status and the scale of income are also analyzed by using data from Wave 6 (2010-2014) of the World Values Survey. The marginal mediation technique by Barrett (2018) is used. It is observed that education plays a significant role in affecting life satisfaction. The channels of health, freedom and scale of income are found significant in …
Equity Liquidity, Firm Investment And Financial Performance: An Assessment Of The Role Of Financial Development, Maria Karim, Abdul Rashid
Equity Liquidity, Firm Investment And Financial Performance: An Assessment Of The Role Of Financial Development, Maria Karim, Abdul Rashid
Business Review
This paper examines the impact of equity liquidity (EQLQ) on firm performance (FPER) and firm investment (FINV) decisions. It also examines whether financial sector development (FSD) decreases the importance of EQLQ for firms' financial performance and investment policy. An unbalanced panel dataset for 360 non-financial Pakistani firms covering the period 2001-2018 is used. The results suggest that increased EQLQ has significant positive impact on firms' investment decisions and financial performance. However, we find that enhanced FSD significantly reduces the investment-favoring and performance enhancing role of EQLQ. The findings on the effects of EQLQ on both FINV and FPER are consistent …
Speculation And Returns' Volatility: Evidence From Pakistan Mercantile Exchange, Falik Shear
Speculation And Returns' Volatility: Evidence From Pakistan Mercantile Exchange, Falik Shear
Business Review
The debate about the role of speculators in commodity markets has been intensified after the financialization. The current study augments the empirical evidence related to speculators and their impact on volatility of commodity markets. In doing so, the study uses daily data between 12th November 2009 to 30th April 2020 for oil and gold future contracts from Pakistan Mercantile Exchange. The findings suggest that speculative activity positively and significantly affects the returns' volatility. These findings support the destabilizing hypothesis, which argues that speculators create distortions in commodity markets. The findings have important implication for market participants (e.g., absence of welfare …
Volatility Spillover Between Stock Market And Currency Market Of Pakistan In The Presence Of Structural Breaks, Muhammad Jamil, Hifsa Mobeen
Volatility Spillover Between Stock Market And Currency Market Of Pakistan In The Presence Of Structural Breaks, Muhammad Jamil, Hifsa Mobeen
Business Review
This study examines the volatility transmission between the currency market and the stock market of Pakistan in the presence of structural breaks. For this purpose, daily data from the stock market and currency market is analyzed. An empirical investigation is conducted using the bivariate EGARCH model and the test for multiple structural breaks developed by Bai and Perron (2003). This study analyses these markets with the inclusion of sudden changes. Results of the EGARCH model suggest that volatility spillover is positive and bidirectional between these markets of Pakistan.
Deciphering Brand Loyalty Through Brand Association And Emotional Confidence, Amber Gul Rashid, Wajid Hussain Rizvi, Huma Amir
Deciphering Brand Loyalty Through Brand Association And Emotional Confidence, Amber Gul Rashid, Wajid Hussain Rizvi, Huma Amir
Business Review
This paper investigates the influence of emotional confidence and brand association on brand loyalty and whether there is a statistically significant difference in the brand loyalty of consumers having low or high emotional confidence. Data was collected outside fast food restaurants across Karachi using systematic sampling. Every fourth person exiting the restaurant was approached to fill a questionnaire. The data was analyzed using structural equation modelling. The results suggest that both brand association and emotional confidence have a statistically significant influence on brand loyalty. The variance explained in brand loyalty was higher when emotional confidence was included in the model. …
Corporate Governance And Capital Structure As Driving Force For Financial Performance: Evidence From Non-Financial Listed Companies In Pakistan, Zahid Bashir, Ghulam Ali Bhatti, Asad Javed
Corporate Governance And Capital Structure As Driving Force For Financial Performance: Evidence From Non-Financial Listed Companies In Pakistan, Zahid Bashir, Ghulam Ali Bhatti, Asad Javed
Business Review
This research examines the intervention of capital structure with different characteristics of corporate governance and different measures of financial performance. Data was collected from 113 PSX listed firms ranging from 2013-2018. The study uses multiple regression approach for testing the required set of hypotheses. The results reveal that insider shareholding, and board size significantly but negatively affect financial performance whereas, audit committee’s size positively, and significantly affects financial performance. Furthermore, about 20% of CEOs hold dual positions in listed firms, which also has a positive impact on financial performance. The results also reveal that capital structure positively influences financial performance. …
An Analysis Of The Asymmetric Effect Of Fiscal Policy On Economic Growth In Pakistan: Insights From Non-Linear Ardl, Ibrar Hussain, Muhammad Rafiq, Zahoor Khan
An Analysis Of The Asymmetric Effect Of Fiscal Policy On Economic Growth In Pakistan: Insights From Non-Linear Ardl, Ibrar Hussain, Muhammad Rafiq, Zahoor Khan
Business Review
This paper evaluates the current state of monetary and non-monetary rewards systems in place in the UK banking sector in an attempt to identify reasons for the preference of monetary rewards over non-monetary rewards. Data was collected from two banks, LLOYDS TSB and Royal Bank of Scotland. The selection of these two banks emanates from their recent bonus crises and the fact that they are both part nationalised, hence the need for a prudent reward system. Questionnaires were used to obtain data and the Evidence Based Reward Management (EBRM) methodology was used to highlight the effectiveness as well as the …
Fiscal Policy Transmission Mechanism In Pakistan: A General Equilibrium Analysis, Muhammad Raashid, Abdul Saboor, Shahzad Ahmad
Fiscal Policy Transmission Mechanism In Pakistan: A General Equilibrium Analysis, Muhammad Raashid, Abdul Saboor, Shahzad Ahmad
Business Review
This paper explores the impact of fiscal spending on key macroeconomic indicators for Pakistan economy using an estimated open economy new Keynesian dynamic stochastic general equilibrium (DSGE) model. Results show that a positive shock to government consumption leads to fall in private consumption, private investment and exports owing to negative wealth effect, rise in interest rate and domestic currency appreciation, respectively. Imports and inflation also rise. Estimated values of present value fiscal multipliers are 0.54, 0.29 and 0.18 after 1 year, 5 years and 10 years, respectively. These results show that although positive in the short run, yet the magnitude …
Project Management Maturity In Pakistan: An Empirical Investigation, Syed Ahsan Mustaqeem, Rameez Khalid, Syed Irfan Nabi
Project Management Maturity In Pakistan: An Empirical Investigation, Syed Ahsan Mustaqeem, Rameez Khalid, Syed Irfan Nabi
Business Review
This research assesses the current level of PMM in Pakistan, evaluates the gaps in the prevalent project management practices and formulates a framework to improve PMM level in Pakistan. 123 Pakistani organizations were assessed for their levels of PMM and project performance using standard project management maturity models. The average PMM level in Pakistan was found to be 2.32 (on the scale of 1 to 5) and only 24% of the projects carried out were found to be successful. This means that the prevalent project management practices are not yet fully institutionalized. Furthermore, project management training, use of project management …
Optimization Of Non-Monetary Reward Provisions: Evidence From The Uk Banking Sector, Ese Okpebholo, Abdullah Zafar Sheikh
Optimization Of Non-Monetary Reward Provisions: Evidence From The Uk Banking Sector, Ese Okpebholo, Abdullah Zafar Sheikh
Business Review
This paper evaluates the current state of monetary and non-monetary rewards systems in place in the UK banking sector in an attempt to identify reasons for the preference of monetary rewards over non-monetary rewards. Data was collected from two banks, LLOYDS TSB and Royal Bank of Scotland. The selection of these two banks emanates from their recent bonus crises and the fact that they are both part nationalised, hence the need for a prudent reward system. Questionnaires were used to obtain data and the Evidence Based Reward Management (EBRM) methodology was used to highlight the effectiveness as well as the …
General Emotional Labor Scale: Development And Establishing Psychometric Properties, Falak Zehra Mohsin, Nadia Ayub
General Emotional Labor Scale: Development And Establishing Psychometric Properties, Falak Zehra Mohsin, Nadia Ayub
Business Review
This study outlines the process followed in the development of the General Emotional Labor Scale-English (GELS-E). The scale construction process was divided into different phases. The first phase entailed the item generation and the second phase was the pilot study. Phase three and four dealt with developing the norms and establishing the psychometric properties (reliability and validity) of the final 30 items. It can be concluded that the GELS-E was developed as a measure that can be used by researchers to assess emotional labor in professionals. Such a measure of emotional labor can prove to be beneficial for researchers and …
Estimating Proportion Of Noise Traders And Asset Prices, Mirza Faizan Ahmed
Estimating Proportion Of Noise Traders And Asset Prices, Mirza Faizan Ahmed
Business Review
This paper provides empirical evidence of the presence, proportion and trading behavior of noise traders in the U.S. equity market (S&P500 index). A simple methodology is used to estimate the heterogeneous agent asset pricing model involving noise traders’ risk, through GMM. Departing from previous estimations of heterogeneous agent models, it estimates fundamental price using the consumption-based asset pricing model and noise traders’ misperception as deviation from this price. It concludes that noise traders exist in the S&P500, they exaggerate price expectations as compared to fundamental traders, and traders (or investors) are rational, on average.
Board Structure And Dividend Smoothing: A Case Of Pakistani Listed Firms, Zahid Ali, Assad Ullah, Arshad Ali
Board Structure And Dividend Smoothing: A Case Of Pakistani Listed Firms, Zahid Ali, Assad Ullah, Arshad Ali
Business Review
The purpose of this study is to empirically examine the effects of ownership and board structure on dividend smoothing for listed non-financial firms for the period 2005-2015 on the Pakistan Stock Exchange (PSX) in the light of agency and information asymmetry theory. Two measures, speed of adjustment and relative volatility are used to estimate dividend smoothing. Tobit regression is used for analyzing the effects of board structure on dividend smoothing measured via speed of adjustment while OLS is used for relative volatility. Additionally, the study applies the technique of principal component analysis (PCA) for board index. The results reveal that …
Examining The Impact Of Personalization On Online Advertising Engagement: Moderating Role Of Privacy Concerns Of Online Users, Uzma Noor, Tahira Awan, Muhammad Zahid
Examining The Impact Of Personalization On Online Advertising Engagement: Moderating Role Of Privacy Concerns Of Online Users, Uzma Noor, Tahira Awan, Muhammad Zahid
Business Review
This study examines online advertising engagement as a potential consequence of perceived personalization in online behavioral advertising (OBA) context. Internet users’ privacy concerns were analyzed as a moderator on perceived personalization and online advertising engagement relationship. Scenario based activity design was used and 409 usable questionnaires were incorporated in the statistical analysis. The collected data was analyzed using (SPSS) 21 and AMOS 23. Hayes method was used to perform moderation analysis. The moderation analysis showed a significant result but in the opposite direction as hypothesized i.e., high level of privacy concerns made the relationship between perceived personalization and online advertising …
Testing Asset Pricing Models On The Pakistan Stock Exchange, Kiran Lohano, Muhammad Kashif
Testing Asset Pricing Models On The Pakistan Stock Exchange, Kiran Lohano, Muhammad Kashif
Business Review
This study investigates the performance of CAPM, three-factor and five-factor asset pricing models on the Pakistan Stock Exchange using monthly data of 896 companies from November 2000 to December 2016. The results from the time-series approach show that the three-factor model performs relatively better than the CAPM and the five-factor model, whereas the cross-sectional approach establishes the superiority of the five-factor model. It can thus be concluded that it is important to incorporate factors, such as size, value, profitability and investment when predicting returns on securities in the Pakistan Stock Exchange.
Inflation Targeting And Exchange Rate Pass Through In Pakistan: Markov Switching Approach, Safia Minhaj, Muhammad Nishat
Inflation Targeting And Exchange Rate Pass Through In Pakistan: Markov Switching Approach, Safia Minhaj, Muhammad Nishat
Business Review
This study uses Markov switching model to empirically track the existence of exchange rate pass through and inflation trends in Pakistan from 1982 to 2016. The results reveal a direct relationship between pass through and inflation. Furthermore, interest rate and trade variables have a significant impact on inflation. According to the smoothed probabilities, switches between regimes were sudden and sporadic till 1990, after which long spells were observed during high and low inflation regimes.
Socioeconomic Determinants Of Child Mortality: Evidence From Pakistan Demographic And Health Survey, Rana Ejaz Ali Khan, Khadija Malik Bari, Muhammad Ali Raza
Socioeconomic Determinants Of Child Mortality: Evidence From Pakistan Demographic And Health Survey, Rana Ejaz Ali Khan, Khadija Malik Bari, Muhammad Ali Raza
Business Review
This paper attempts to highlight socioeconomic determinants of child mortality in Pakistan. Binary logistic regression is applied to 7297 observations from the Pakistan Demographic and Health Survey 2012-13. The results reveal that probability of child mortality decreases with greater birth-interval, child’s large size at birth, more family members, mother’s education, mother’s ownership of assets and mother’s decision-making at the household level. Policy makers can work to improve mothers’ characteristics such as fertility behavior, education, empowerment and decision-making at the household level, to reduce child mortality.
Providing Protection For Better Outcomes: The Need For Boundary Walls At Schools In Pakistan, Abbas Ali Gillani
Providing Protection For Better Outcomes: The Need For Boundary Walls At Schools In Pakistan, Abbas Ali Gillani
Business Review
This paper explores the importance of a boundary wall at school as a measure of protection and safety, by testing the correlation between a school having a boundary wall and its total enrolment. By using panel data estimation with year and district fixed effects we find that across all levels of schooling, having a boundary wall was correlated with higher total enrolment. Enrolment at primary, middle and high school was 4.0 per cent, 2.3 per cent and 3.0 per cent higher. Gender-wise breakup of the results shows similar correlation for both boys and girls at primary level. However, at middle …
Earnings Response Coefficient As A Determinant Of Dividend Policy: Testing Free Cash Flow Theory On Non-Financial Dividend Paying Firms In The Pakistan Stock Exchange, Hamid Ullah, Anjum Ihsan
Earnings Response Coefficient As A Determinant Of Dividend Policy: Testing Free Cash Flow Theory On Non-Financial Dividend Paying Firms In The Pakistan Stock Exchange, Hamid Ullah, Anjum Ihsan
Business Review
This study tests Jensen’s free cash flow theory which states that managers overinvest retained earnings in negative NPV projects. A data set of 238 firms listed on the Pakistan Stock Exchange for the period 1999 to 2016 is used. The results of the panel regression model show a significant positive association of the earnings response coefficient and dividend payout ratio, which supports the free cash flow theory in listed Pakistani firms. Moreover, the imposition of the capital gains tax and the financial crisis has further strengthened the positive relationship between ERC and dividend payout ratio.