Economics Commons^™

Kerala’S International Tourism Demand: An Inquiry Into The Validity Of The Standard And Regular Determinants, Muhammed Salim Anappattath

CBER Conference

The present study aims to identify the role of standard factors and other regular potential determinants in influencing the tourist arrivals in Indian state of Kerala. We used month-wise data of the foreign tourist arrivals in Kerala from January 2002 to December 2019 and applied auto-regressive distributed lagged (ARDL) approach, with the seasonality-adjusted data, for the same.

Financial Integration And Exchange Market Pressure, Kate Phylaktis, Muhammad Aftab

CBER Conference

This study examines the role of financial integration on exchange market pressure (EMP) across a representative group of forty-two advanced and emerging markets over the period 2000-2019, which covers the global financial crisis, which has heightened monetary and economic policy uncertainty. We use a novel measure of financial integration, namely the uncovered equity return differential versus the US, which is based on the Uncovered Equity Parity and is available at a monthly frequency.

The Relationship Between Labor Market Institutions And Innovation In 177 European Regions Over The Period 2000-2015, Gaetano Perone

CBER Conference

The main goal of this paper was to investigate the relationship between a set of labor market institutions (LMIs) and innovation (proxied by patent density) in 174 NUT-1 and NUT-2 European regions, over the period 2000-2015. Fixed effects with Driscoll and Kraay's (1998) standard errors (FE-DK), ordinary least squares (OLS), the generalized method of moments estimation of the fixed effects (FE-GMM), and a multilevel model (MLM) were employed.

G3 Cpec Summit ‘21 - Cpec: Emerging Geo-Political And Geo-Economic Landscape Opportunities And Challenges, China Study Centre, Institute Of Business Administration, Nasir A. Afghan, Huma Naz Baqai, Ans Dahr

China Study Centre - Research and Reports

In the wake of recent developments in the region, specifically US withdrawal from Afghanistan and the role of new Afghan government in regional connectivity and economic integration, IBA China Study Centre commenced one-day day hybrid summit on “CPEC: Emerging Geo-political & Geo-economic Landscape Opportunities and Challenges”

The aim of this one day summit was to explore and identify the future opportunities and challenges for China Pakistan, and Afghanistan’s economic, information, and trade corridor. Our objective was first to understand the challenges faced by the Afghan government in Afghanistan. Also, to brainstorm and find the common and shared areas for future …

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 …

Conference Program Schedule, Institute Of Business Administration

CBER Conference

No abstract provided.

Conference Program Schedule, Institute Of Business Administration

CBER Conference

No abstract provided.

Conference Program Schedule, Institute Of Business Administration

CBER Conference

No abstract provided.

1st International Conference On Economics And Sustainable Development Conference Proceedings, Iba School Of Economics And Social Sciences (Sess), Center For Business And Economic Research (Cber)

Conference Proceedings

The IBA School of Economics and Social Sciences (SESS) and the Center for Business and Economic Research (CBER) organized the 1st International Conference themed "Economics and Sustainable Development", in the month of April, 2021. The conference brought together academics, practitioners and advocates to have a dialogue on creative ideas, local and global best practices, and evidence-based solutions for sustainable development.

Iba Newsletter [February 2021], Communications Department, Office Of The Registrar

IBA News

No abstract provided.

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.

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. …

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 …

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

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 …

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 …

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 …

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. …

An Evaluation Of The Forecast Performance Of Dsge And Var Models: The Case Of A Developing Country, Shahzad Ahmad, Adnan Haider

Business Review

This paper estimates a DSGE model and three versions of VAR models (VARX, BVARX and BVAR) to analyze forecasting performance of these models in context of Pakistan. VAR models and a medium-scale DSGE model are estimated using quarterly data (1980Q4-2017Q2). Expanding window recursive out-of-sample forecasts for GDP growth, call money rate, CPI inflation and percent change in exchange rate are generated and compared over the period 2009Q1-2017Q2. Forecasting performance is analyzed by the comparison of bias and root mean squared errors (RMSE). Analysis of forecasting performance over 1-8 quarters forecast horizon reveals that BVAR model provides relatively better forecast in …

Emotional Intensity: An Additional Dimension To Understand Emotional Confidence And Purchase Intentions, Wajid Hussain Rizvi

Business Review

This paper explores the role of emotional intensity as a determinant of emotional confidence and purchase intentions. It analyzes the difference between low and high emotional confidence and emotional intensity groups in terms of their purchase intentions in the car buying context. Only valence and combined valence-intensity structural models were used to assess respective influences on emotional confidence. The results reveal that the combined impact of valence and intensity has a greater positive and significant influence on emotional confidence. Furthermore, groups with higher emotional confidence and higher emotional intensity show higher purchase intentions. This study contributes to a better understanding …

Role Of Organizational Culture In Psychological Needs Satisfaction And Work Engagement, Quddsia Sadaf, Mudassar Aziz, Gulnaz Anjum

Business Review

This paper explores the role of organizational culture in the satisfaction of basic psychological needs and yielding work engagement among public and private sector managers. Results reveal that organizational culture confers employees with a sense of relatedness which promotes work engagement. Additionally, the study suggests that female managers have a higher need for relatedness, the satisfaction of all basic psychological needs is significantly higher among private sector employees and work satisfaction increases with increasing job level. This study can be used for the development of organizational culture to improve relatedness among employees with respect to gender and the type of …

The Reversal Strategy: A Test Case For An Emerging Market, Hilal Anwar Butt, Mohsin Sadaqat

Business Review

The reversal strategy in the Pakistan Stock Market has shown significant profits for the time period January 1993 - September 2017. The available asset pricing models are unable to link these returns with the risk premium. This paper explores an alternative channel of predicting risk premium. It suggests that reversal profits can be considered as compensation for providing liquidity to the market during times of high volatility. Results reveal that reversal is stronger for illiquid and volatile stocks. Furthermore, firms that show reversal, are cash constrained, have lower return on asset (ROA) and equity (ROE), lesser operating profitability (OP), investment …

The Economy Of Modern Sindh: Opportunities Lost And Lessons For The Future, Ishrat Husain, Aijaz A. Qureshi, Nadeem Hussain

Faculty Research - Books

The Economy of Modern Sindh delves into the different aspects of Sindh’s economy—from geography, topography, climate, administrative history, and demographics, to the political landscape, education, health, labour force and employment, poverty and inequality, agriculture and water issues, infrastructure, industries, energy resources, and public finances—each is covered in a separate chapter. The book highlights the socioeconomic problems that have beset Sindh, arresting the province’s economic potential, and proposes a multi-pronged strategy to address these challenges. It offers an incisive and objective assessment of the various policies enacted and pursued by the Sindh government over the years. It also attempts to identify …

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

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.

Pakistan's Institutions: We Know They Matter, But How Can They Work Better?, Michael Kugelman, Ishrat Husain

Faculty Research - Books

Back in 2012, a Pakistani professor named Farakh A. Khan issued a dire warning about the state of his country’s public institutions. “Pakistan suffers from institutional failure,” he declared in an essay published about a year before his death. “Failed institutions are unable to correct the problems faced by the society and eventually lead to economic failure… If our leaders are sincere for change in Pakistan then they have to first get the institutions working again. But do they know how or have the will to do it?

Us Policy Of Technology Transfer To China, Amna Mehmood, Sadaf Farooq

Business Review

Hans Morgenthau defined international politics as the struggle for power among nations. Initially power was understood in terms of security and military supremacy only. But time has proved that military power is only effective when it is supported by a strong economy. Especially in post-Cold War era when the world is transforming from uni-polar to multi-polar world on the basis of competing economic centres, political economy has attained equal importance at par with the international security studies, if not more. One of the most important and sensitive area of international political economy is technology transfer, a life bloodfor modernization of …

The Nexus Of Financial Deepening, Economic Growth, And Poverty: The Case Of Pakistan, Abdur Rehman Aleemi, Muhammad Azam

Business Review

This study investigates the nexus of financial development, economic growth, and poverty for Pakistan over a prolonged period of time, 1960- 2012. Autoregressive Distributed Lag (ARDL)-Bounds testing approach to co integration and Unrestricted Error Correction Model (UECM)along with VECM Granger causality have been applied to examine the long-run dynamic relationship among financial development, economic development and poverty. For that purpose, we have developed two models and adopted a new and relatively strong proxy for financial development. The results suggest that financial development negatively affects both long-run and short-run economic growth. However, financial development is found to be positively affecting per …

Global Dominance Potential Of Chinese Corporations, Javed A. Ansari

Business Review

Thispaper assesses the corporate strength of Chinese firms in the global market and addresses the question: does China's growing corporate strength indicate a rise in its global influence, or, in other words, what are the prospects for the emergence of capitalism with Chinese characteristics as the new dominant paradigm. It finds that Chinese corporations have significantly improved their global profit share in several sectors during 2007-2013. Many of these corporations are Chinese state-owned enterprises (SOEs) that play a dominant role. Summarizing a recent case study of Chinese SOE strategy in the Zambian copper belt it provides evidence for close interaction …

Impact Of Board Characteristics And Audit Committee On Financial Performance: A Study Of Manufacturing Sector Of Pakistan, Arfan Ali, Saad Bin Nasir

Business Review

The research will examine the role of corporate governance (CG) practices on firm’s financial performance. Population of this research will be manufacture sector of Pakistan. For the purposes of measurement of impact of corporate governance practices such as board size, board independence, CEO/chairman duality and audit committee will take as independent variables and for the measurement of firm’s performance return on assets and return on equity will take as dependent variables. Panel data regression model will used to estimate the impact of CG on firm performance.